hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Operating Results – Teekay Tankers
The following table compares Teekay Tankers’ operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018.
(1) Calendar-ship-days presented relate to owned and in-chartered consolidated vessels.
Teekay Tankers' income from vessel operations increased to $123.9 million in 2019 compared to $7.2 million in 2018, primarily as a result of: • an increase of $129.3 million due to higher overall average realized spot tanker rates earned by Teekay Tankers' Suezmax, Aframax and LR2 product tankers; • an increase of $3.5 million due to improved net results from Teekay Tankers' full service lightering (or FSL) activities from more voyage days and higher realized spot rates earned;
• an increase of $3.4 million resulting from lower general and administrative expenses primarily due to non-recurring project expenses incurred in 2018; • a net increase of $2.3 million primarily due to the delivery of three Aframax and two LR2 chartered-in tankers in late 2018 and throughout 2019, partially offset by the redeliveries of various in-chartered tankers to their owners in the second and third quarters of 2018; and • an increase of $1.2 million as a result of restructuring charge incurred in the prior year;
partially offset by
• a decrease of $10.2 million due to a higher number of off-hire days in 2019 resulting from dry dockings and higher off-hire bunker expenses compared to the prior year; • a decrease of $6.9 million due to lower revenues and loss on the sale of one Suezmax tanker in 2019 and the write-down of two Suezmax tankers that were classified as held for sale at December 31, 2019; and • a decrease of $6.4 million due to the amortization of first dry dockings for various former Tanker Investments Ltd. (or TIL) vessels subsequent to Teekay Tankers' acquisition of TIL in late 2017.
Equity income increased to $2.3 million in 2019 from $1.2 million in 2018 primarily due to higher earnings recognized in 2019 from the High-Q Investment Ltd. joint venture as a result of higher spot rates earned in 2019.
Table:
 | Year Ended December 31, | 
(in thousands of U.S. dollars, except calendar-ship-days) | 2019 | 2018
Revenues | 943,917 | 776,493
Voyage expenses | (402,294) | (381,306)
Vessel operating expenses | (208,601) | (209,131)
Time-charter hire expense | (43,189) | (19,538)
Depreciation and amortization | (124,002) | (118,514)
General and administrative expenses | (36,404) | (39,775)
Write-down and loss on sale of vessels | (5,544) | 170
Restructuring charges | — | (1,195)
Income from vessel operations | 123,883 | 7,204
Equity income | 2,345 | 1,220
Calendar-Ship-Days (1) |  | 
Conventional Tankers | 22,350 | 21,226


Question: What was the increase in Teekay Tankers' income from vessel operations in 2019?
Answer: $123.9 million
The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:
The Group’s most significant customer accounts for £0.5m (2018: £0.6m) of net trade receivables as at 31 March 2019.
Table:
 | 2019 | 2018
 | £m | £m
Retailers | 20.4 | 21.7
Manufacturer and Agency | 3.2 | 3.0
Other | 1.3 | 0.7
Total | 24.9 | 25.4


Question: What was the percentage change in Other in 2019 from 2018?
Answer: 85.71
Calculation: (1.3-0.7)/0.7
ALTERNATIVE PERFORMANCE MEASURES
Net interest-bearing debt:
Net interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:
Table:
USDm | 2019 | 2018 | 2017
Borrowings | 863.4 | 754.7 | 753.9
Loans receivables | -4.6 | - | -
Cash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2
Net interest-bearing debt | 786.3 | 627.3 | 619.7


Question: What was the percentage change in Net interest-bearing debt in 2019 from 2018?
Answer: 25.35
Calculation: (786.3-627.3)/627.3
Contract Balances
Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete.
The following table shows the components of our contract balances as of December 31, 2019 and 2018:
Table:
 | December 31, | 
 | 2019 | 2018
Contract assets | $3,208,206 | $2,759,315
Contract liabilities | (3,887,685) | (2,486,111)
   Net contract assets | $(679,479) | $273,204


Question: What was the contract liabilities in 2019 and 2018 respectively?
Answer: (3,887,685), (2,486,111)
Backlog
As reflected in the table above, total backlog decreased $663.5 million from September 30, 2018 to September 30, 2019. The decrease in backlog is primarily due to progression of work in 2019 on four large contracts awarded to CTS in fiscal 2018. In addition, we recorded a net decrease to backlog of $104.5 million on October 1, 2018 for the impact of the adoption of ASC 606. Changes in exchange rates between the prevailing currency in our foreign operations and the U.S. dollar as of September 30, 2019 decreased backlog by $79.7 million compared to September 30, 2018.
Table:
 | September 30,    | September 30,    
 | 2019 | 2018
 |  | (in millions)   
Total backlog     |  | 
Cubic Transportation Systems | $  2,953.3 | $  3,544.9
Cubic Mission Solutions | 103.7 | 77.0
Cubic Global Defense | 344.0 | 442.6
Total   | $  3,401.0 | $  4,064.5


Question: What is the change in total backlog in 2019?
Answer: decreased $663.5 million
Restricted Stock Awards
We present below a summary of changes in unvested units of restricted stock during 2019:
The Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur.
awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted
stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8
million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48,
$51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5
million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to
recognize forfeitures of equity-based payments as they occur.
Included in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The
performance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation
expense has been recognized for the portion of the award attributable to the 2019 performance criteria.
Table:
 | Number of Units | Grant Date Fair Value
Outstanding at January 1, 2019    | 997,173 | $52.22
Granted    | 945,159 | 49.48
Vested    | (386,060) | 51.79
Forfeited    | (59,579) | 50.56
Outstanding at December 31, 2019    | 1,496,693 | $50.67


Question: What is the change in the outstanding number of shares between the beginning and end of the year 2019?
Answer: 499520
Calculation: 1,496,693-997,173
The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:
The majority of the increase in our effective tax rate in 2019 compared to 2018 was driven by one-time benefits that occurred in 2018.
The majority of the decrease in our effective tax rate in 2018 compared to 2017 resulted from initial tax expense from Tax Reform and the tax impacts from the ISecG divestiture that we had in 2017, but not in 2018. The reduction of the U.S. statutory rate, combined with the net impact of the enactment or repeal of specific tax law provisions through Tax Reform, drove the remaining decrease in our effective tax rate in 2018.
We derive the effective tax rate benefit attributed to non-U.S. income taxed at different rates primarily from our operations in China, Hong Kong, Ireland, and Israel. The statutory tax rates in these jurisdictions range from 12.5% to 25.0%. In addition, we are subject to reduced tax rates in China and Israel as long as we conduct certain eligible activities and make certain capital investments. These conditional reduced tax rates expire at various dates through 2026 and we expect to apply for renewals upon expiration.
Table:
Years Ended | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017
Statutory federal income tax rate | 21.0% | 21.0% | 35.0%
Increase (reduction) in rate resulting from: |  |  | 
Non-U.S. income taxed at different rates | (3.7) | (3.6) | (7.6)
Research and development tax credits | (2.3) | (2.7) | (2.3)
Domestic manufacturing deduction benefit | — | — | (1.3)
Foreign derived intangible income benefit | (3.2) | (3.7) | —
Tax Reform | — | (1.3) | 26.8
ISecG divestiture | — | — | 3.3
Other | 0.7 | (0.1) | (1.1)
Effective tax rate | 12.5% | 9.7% | 52.8%


Question: What is the change of the tax expenses of Tax Reform from 2017 to 2018?
Answer: -28.1
Calculation: (-1.3)-26.8
11. Segment Information and Geographic Area Information
The following table sets forth certain geographic financial information for fiscal 2019, fiscal 2018 and fiscal 2017. Geographic net sales are determined based on our sales from our various operational locations.
Table:
 |  | Fiscal Year Ended | 
(Dollars in Millions) | April 27, 2019 | April 28, 2018 | April 29, 2017
Net Sales: |  |  | 
U.S. | $540.5 | $487.5 | $506.9
Malta | 148.5 | 184.0 | 155.5
China | 113.7 | 117.3 | 127.7
Canada | 101.6 | 54.4 | —
Other | 96.0 | 65.1 | 26.4
Total Net Sales | $1,000.3 | $908.3 | $816.5
Property, Plant and Equipment, Net: |  |  | 
U.S. | $83.9 | $63.3 | $44.9
Malta | 33.0 | 36.8 | 26.4
Belgium | 22.1 | 25.0 | —
China | 18.6 | 7.2 | 5.9
Other | 34.3 | 29.9 | 13.4
Total Property, Plant and Equipment, Net | $191.9 | $162.2 | $90.6


Question: What were the net sales in U.S. in 2019?
Answer: $540.5
Capital structure
The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure. The capital of the Group consists of equity, debt and a compound financial instrument. The Group aims to access both debt and equity capital markets with maximum efficiency and flexibility.
The key metrics used to monitor the capital structure of the Group are net external debt, debt to assets ratio and interest cover. The Group’s stated medium to long-term preference is for the debt to assets ratio to be within the 40–50 per cent range and interest cover to be greater than 1.60x. The debt to assets ratio has increased to 67.8 per cent in the year due to the deficit on property revaluation. As part of the revised strategy, the Group is looking to reduce net external debt as well as reduce the debt to assets ratio to below 50 per cent. Additional information on the Group’s revised strategy is provided in the chief executive’s review on pages 6 to 8. The interest cover ratio continues to be above the preferred level.
As the Group’s debt is sometimes secured on its interests in joint ventures, these metrics are monitored for the Group including share of joint ventures. Additional information including reconciliations from the relevant IFRS amounts to those including the Group’s share of joint ventures as presented below is provided in presentation of information on pages 157 to 161.
– net external debt
Table:
£m – including Group’s share of joint ventures | Group 2019 | Group 2018
Total borrowings | 4,916.8 | 5,331.0
Cash and cash equivalents | (223.0) | (274.3)
Net debt | 4,693.8 | 5,056.7
Less Metrocentre compound financial instrument | (195.4) | (189.5)
Net external debt | 4,498.4 | 4,867.2
Analysed as: |  | 
Debt including Group’s share of joint ventures | 4,721.4 | 5,141.5
Cash including Group’s share of joint ventures | (223.0) | (274.3)
Net external debt | 4,498.4 | 4,867.2


Question: What is the percentage change in the net external debt from 2018 to 2019?
Answer: -7.58
Calculation: (4,498.4-4,867.2)/ 4,867.2
FREE CASH FLOW AND DIVIDEND PAYOUT RATIO
The terms free cash flow and dividend payout ratio do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
We define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
We consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most comparable IFRS financial measure is cash flows from operating activities.
We define dividend payout ratio as dividends paid on common shares divided by free cash flow. We consider dividend payout ratio to be an important indicator of the financial strength and performance of our businesses because it shows the sustainability of the company’s dividend payments.
The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.
Table:
 | 2019 | 2018
Cash flows from operating activities | 7,958 | 7,384
Capital expenditures | (3,988) | (3,971)
Cash dividends paid on preferred shares | (147) | (149)
Cash dividends paid by subsidiaries to NCI | (65) | (16)
Acquisition and other costs paid | 60 | 79
Voluntary DB pension plan contribution | – | 240
Free cash flow | 3,818 | 3,567


Question: What is the percentage change in free cash flow in 2019?
Answer: 7.04
Calculation: (3,818-3,567)/3,567
ITEM 2. PROPERTIES
The Company leases the following real property:
The Company executed a three-year lease beginning in October 2017 for approximately 83,000 square feet for our Aurora, Illinois headquarters facility.
During fiscal year 2019, the Company executed a two-year lease beginning in September 2018 for approximately 2,300 square feet for our Manchester, New Hampshire IBW office space.
The Company is currently evaluating a replacement lease for the ISM design center in Ohio.
On April 1, 2013, as a result of the Kentrox acquisition, the Company acquired a sixteen acre parcel of land in Dublin, Ohio. The Company sold four acres in April 2015 and is marketing the remaining twelve acres for sale.
Table:
Location | Purpose | Square footage  | Termination calendar year | Segment
Aurora, IL | Corporate headquarters, office, distribution and manufacturing | 83,000 | 2020 | 
Dublin, OH | Design center | 9,465 | 2019 | ISM
Manchester, NH | IBW office | 2,287 | 2020 | IBW


Question: What is the square footage of the real property in Aurora, IL?
Answer: 83,000
4.2 Equity (continued)
Share buy-back
A buy-back is the purchase by a company of its existing shares. Refer to note 4.3 for further details.
Share-based payment reserve
This reserve records the value of shares under the Long Term Incentive Plan, and historical Employee and CEO Share Option plans offered to the CEO, Executives and employees as part of their remuneration. Refer to note 5.2 for further details of these plans.
Business combination reserve
The internal group restructure performed in the 2007 financial year, which interposed the holding company, iSelect Limited, into the consolidated group was exempted by AASB 3 Business Combinations as it precludes entities or businesses under common control. The carry-over basis method of accounting was used for the restructuring of the iSelect Group. As such, the assets and liabilities were reflected at their carrying amounts. No adjustments were made to reflect fair values, or recognise any new assets or liabilities. No goodwill was recognised as a result of the combination and any difference between the consideration paid and the ‘equity’ acquired was reflected within equity as an equity reserve titled “Business Combination Reserve”.
Foreign currency translation reserve
Refer to Note 1.5 for further details.
Table:
 | CONSOLIDATED | 
 | 2019 $’000 | 2018 $’000
Reserves |  | 
Share-based payment reserve | 3,960 | 3,198
Business combination reserve | 5,571 | 5,571
Foreign currency translation reserve | (12) | (24)
 | 9,519 | 8,745


Question: What is a buy-back?
Answer: the purchase by a company of its existing shares
A tax credit of £8.9m in the year compared to a £13.7m charge in the prior year. This included a deferred tax credit in the current year of £6.1m, largely reflecting the loss before tax reported of £42.7m and a credit of £1.7m relating to the adjustment of prior period losses and capital allowances. A current year tax credit of £1.1m was in respect of overseas tax.
A deferred tax liability at 30 March 2019 of £13.5m compared to a liability of £12.1m at 31 March 2018. This movement is primarily due to a slightly higher pensions surplus reported at 30 March 2019 compared to 31 March 2018 reflecting the allowability for tax on pensions contribution payments. Recognised and unrecognised deferred tax assets relating to brought forward losses were approximately £44m at 30 March 2019 and equate to around £250m of future taxable profits.
The corporation tax rate and deferred tax rate applied in calculations are 19.0% and 17.0% respectively.
Table:
£m | 2018/19 | 2017/18 | Change
Overseas current tax |  |  | 
Current year | 1.1 | 0.8 | 0.3
Deferred tax |  |  | 
Current period | 6.1 | (4.1) | 10.2
Prior periods | 1.7 | (8.1) | 9.8
– Adjustment to restate opening deferred tax at 17.0% | – | (2.3) | 2.3
Income tax credit/ (charge) | 8.9 | (13.7) | 22.6


Question: What was the average deferred tax for 2017/18 and 2018/19?
Answer: 1
Calculation: (6.1 - 4.1) / 2
Item 6. Selected Consolidated Financial Data
The following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.
Consolidated Statement of Operations Data:
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands, except per share data) |  | 
Revenues | $111,412 | $111,322 | $106,524 | $114,263 | $123,961
Income from operations | 9,464 | 8,238 | 4,545 | 10,186 | 3,820
Income from continuing operations, net of taxes | 4,155 | 4,661 | 1,592 | 6,007 | 8,523
Income from discontinued operations, net of taxes | — | — | 1,938 | 624 | 2,341
Net income | $4,155 | $4,661 | $3,530 | $6,631 | $10,864
Income per share—basic: |  |  |  |  | 
Continuing operations | $0.35 | $0.38 | $0.12 | $0.43 | $0.58
Discontinued operations | — | — | 0.15 | 0.04 | 0.16
Net income per share | $0.35 | $0.38 | $0.27 | $0.47 | $0.74
Income per share—diluted: |  |  |  |  | 
Continuing operations | $0.35 | $0.37 | $0.12 | $0.43 | $0.58
Discontinued operations | — | — | 0.15 | 0.04 | 0.16
Net income per share | $0.35 | $0.37 | $0.27 | $0.47 | $0.74
Shares used in per share calculation from continuing operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722
Shares used in per share calculation from discontinued operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722
Shares used in per share calculation from continuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722
Shares used in per share calculation from discontinuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722


Question: What are the values of income from operations for years ended December 31, 2019 to 2015 respectively?
Answer: 9,464, 8,238, 4,545, 10,186, 3,820