hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Segments
We are organized into two reportable operating segments: OLS and ILS. While both segments deliver cost-effective, highly reliable photonics solutions, OLS is focused on high performance laser sources and complex optical sub-systems, typically used in microelectronics manufacturing, medical diagnostics and therapeutic applications, as well as in scientific research. ILS delivers high performance laser sources, sub-systems and tools primarily used for industrial laser materials processing, serving important end markets like automotive, machine tool, consumer goods and medical device manufacturing.
The following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by segment (dollars in thousands):
Net sales for fiscal 2019 decreased $471.9 million, or 25%, compared to fiscal 2018, with decreases of $372.8 million, or 30%, in our OLS segment and decreases of $99.1 million, or 15%, in our ILS segment. The fiscal 2019 decreases in both OLS and ILS segment sales included decreases due to the unfavorable impact of foreign exchange rates.
The decrease in our OLS segment sales in fiscal 2019 was primarily due to weaker demand resulting in lower shipments of ELA tools used in the flat panel display market and lower revenues from consumable service parts.
The decrease in our ILS segment sales from fiscal 2018 to fiscal 2019 was primarily due to lower sales for materials processing and microelectronics applications, partially offset by higher sales for medical and military applications within the OEM components and instrumentation market.
Table:
 | Fiscal 2019 |  | Fiscal 2018 | 
 | Amount | Percentage of total net sales | Amount | Percentage of total net sales
OEM Laser Sources (OLS) | $886,676 | 62.0% | $1,259,477 | 66.2%
Industrial Lasers & Systems (ILS) | 543,964 | 38.0% | 643,096 | 33.8%
Total | $1,430,640 | 100.0% | $1,902,573 | 100.0%


Question: What was the average amount of net sales for OLS in 2018 and 2019?
Answer: 1073076.5
Calculation: (886,676+1,259,477)/2
Equity, liabilities and net debt in the consolidated financial statements
Equity amounts to €2,735 million (30/9/2018: €3,074 million), while liabilities amounts to €11,762 million (30/9/2018: €12,132 million). Net debt related to continuing operations decreased by €0.2 billion in the adjusted year-on-year comparison and amounted to €2.9 billion as of 30 September 2019 (30/09/2018: €3.1 billion).
1 Adjustment of previous year according to explanation in notes
2 Shown in the balance sheet under other financial assets (current).
3 Adjusted for the effects of discontinued operations.
Table:
€ million | 30/9/2018 1 | 30/9/2018 adjusted3 | 30/9/2019
Equity | 3,074 | 3,074 | 2,735
Liabilities | 12,132 | 12,132 | 11,762
Net debt | 2,710 | 3,102 | 2,858
Financial liabilities (incl. finance leases) | 4,010 | 4,010 | 3,369
Cash and cash equivalents | 1,298 | 906 | 500
Short-term financial investments2 | 2 | 2 | 11


Question: What was the amount of equity in FY2019?
Answer: €2,735 million
The Company’s estimated future benefit payments as of December 31, 2019 are as follows:
The Company has certain defined contribution plans, which accrue benefits for employees on a pro-rata basis during their employment period based on their individual salaries. The Company’s accrued benefits related to defined contribution pension plans of $20 million as of December 31, 2019 and $18 million as of December 31, 2018. The annual cost of these plans amounted to approximately $86 million in 2019, $84 million in 2018 and $77 million in 2017.
Table:
Years | Pension Benefits | Other Long Term Benefits
2020 | 32 | 7
2021 | 29 | 7
2022 | 32 | 5
2023 | 41 | 6
2024 | 51 | 9
From 2025 to 2029 | 272 | 35


Question: What is the average benefit payments for 2020 to 2021?
Answer: 30.5
Calculation: (32+29) / 2
Derivative Instruments
Derivative Instruments with Hedge Accounting Designation
We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes.
Cash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material.
(1) Included in receivables – other.
(2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations.
(3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.
Table:
 |  | Fair Value of | 
 | Gross National Amount | Current Assets(1) | Current Liabilities(2)
As of August 29, 2019 |  |  | 
Derivative instruments with hedge accounting designation |  |  | 
Cash flow currency hedges | $146 | $1 | $—
Derivative instruments without hedge accounting designation |  |  | 
Non-designated currency hedges | 1,871 | 1 | (9)
Convertible notes settlement obligation(3) |  | — | (179)
 |  | 1 | (188)
 |  | $2 | $(188)
As of August 30, 2018 |  |  | 
Derivative instruments with hedge accounting designation |  |  | 
Cash flow currency hedges | $538 | $— | $(13)
Derivative instruments without hedge accounting designation |  |  | 
Non-designated currency hedges | 1,919 | 14 | (10)
Convertible notes settlement obligation(3) |  | — | (167)
 |  | 14 | (177)
 |  | $14 | $(190)


Question: What is the change of the gross national amount of cash flow currency hedges from 2018 to 2019?
Answer: -392
Calculation: 146 - 538
11. Taxation
The taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below:
Taxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments.
The tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).
Table:
 | 2019 | (Restated) 2018
 | £m | £m
Profit before taxation | 242.2 | 210.7
Tax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%) | 46.0 | 40.0
Expenses not deductible for taxation purposes | 0.3 | 0.8
Income not taxable | (1.7) | –
Adjustments in respect of foreign tax rates | (0.1) | (0.1)
Adjustments in respect of prior years | – | (1.1)
Total taxation charge | 44.5 | 39.6


Question: In which year was Expenses not deductible for taxation purposes larger?
Answer: 2018
Calculation: 0.8>0.3
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
16. Voyage Expenses and Commissions
An analysis of voyage expenses and commissions is as follows:
Bunkers’ consumption and other voyage expenses represents mainly bunkers consumed during vessels’ unemployment and off-hire.
Table:
 |  | For the year ended December 31, | 
 | 2017 | 2018 | 2019
Brokers’ commissions on revenue | 6,456 | 7,555 | 7,527
Bunkers’ consumption and other voyage expenses | 8,948 | 12,819 | 16,245
Total | 15,404 | 20,374 | 23,772


Question: In which year was the voyage expenses and commissions recorded for?
Answer: 2017, 2018, 2019
Results of Operations
The following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues. The historical results presented below are not necessarily indicative of the results that may be expected for any future period (in thousands):
Table:
 |  | Year ended December 31, | 
 | 2019 | 2018 | 2017
Revenues |  |  | 
Subscriptions | $817,811 | $612,888 | $465,254
Other | 85,047 | 60,736 | 38,363
Total revenues | 902,858 | 673,624 | 503,617
Cost of revenues |  |  | 
Subscriptions | 160,320 | 109,454 | 89,193
Other | 70,723 | 47,675 | 32,078
Total cost of revenues | 231,043 | 157,129 | 121,271
Gross profit | 671,815 | 516,495 | 382,346
Operating expenses |  |  | 
Research and development | 136,363 | 101,042 | 75,148
Sales and marketing | 439,100 | 329,116 | 240,223
General and administrative | 142,027 | 102,773 | 72,313
Total operating expenses | 717,490 | 532,931 | 387,684
Loss from operations | (45,675) | (16,436) | (5,338)
Other income (expense), net |  |  | 
Interest expense | (20,512) | (16,102) | (99)
Other income, net | 9,247 | 6,475 | 1,491
Other income (expense), net | (11,265) | (9,627) | 1,392
Loss before income taxes | (56,940) | (26,063) | (3,946)
Provision for (benefit from) income taxes | (3,333) | 140 | 258
Net loss | $(53,607) | $(26,203) | $(4,204)


Question: What are the respective other revenue in 2017, 2018 and 2019?
Answer: 38,363, 60,736, 85,047
Free Cash Flow
The following provides a reconciliation of free cash flow, as used in this annual report, to its most directly comparable U.S. GAAP financial measures:
Management believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management’s current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.
Table:
 |  | Fiscal Year | 
($ in millions) | 2019 | 2018 | 2017
Net cash provided from operating activities | $232.4 | $209.2 | $130.3
Purchases of property, plant, equipment and software | (180.3) | (135.0) | (98.5)
Acquisition of businesses, net of cash acquired | (79.0) | (13.3) | (35.3)
Proceeds from divestiture of business | — | — | 12.0
Proceeds from disposals of property, plant and equipment and assets held for sale | 0.4 | 1.9 | 2.5
Proceeds from note receivable from sale of equity method investment | — | 6.3 | 6.3
Proceeds from insurance recovery | 11.4 | — | —
Dividends paid | (38.6) | (34.4) | (34.1)
Free cash flow | $(53.7) | $34.7 | $(16.8)


Question: What does management believe the free cash flow measure provides?
Answer: useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
8. Cash and Cash Equivalents
Cash and cash equivalents consist of the following:
Ship management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability.
Table:
 | As of December 31, | 
 | 2018 | 2019
Current accounts | 220,089 | 113,655
Time deposits (with original maturities of three months or less). | 121,925 | 149,491
Ship management client accounts | 580 | 601
Total | 342,594 | 263,747


Question: In which years was the cash and cash equivalents recorded for?
Answer: 2018, 2019
Restricted Share Units
During the year ended December 31, 2019, pursuant to the 2016 Incentive Plan, the Company granted restricted share unit awards (“RSUs”). RSUs generally have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. RSUs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. Under each arrangement, RSUs are issued without direct cost to the employee on the vesting date. The Company estimates the fair value of the RSUs based upon the market price of the Company’s stock at the date of grant. The Company recognizes compensation expense for RSUs on a straight-line basis over the requisite service period.
A summary of nonvested RSUs is as follows:
During the year ended December 31, 2019, a total of 259,634 RSUs vested. The Company withheld 57,802 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.
As of December 31, 2019, there was unrecognized compensation expense of $20.5 million related to RSUs, $15.0 million related to TSRs, $0.5 million related to LTIP performance shares, $0.3 million related to nonvested RSAs, and $0.2 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 1.9 years, 1.9 years, 0.1 years, 0.2 years, and 0.3 years, respectively.
The Company recorded stock-based compensation expense recognized under ASC 718 during the years ended December 31, 2019, 2018, and 2017, of $36.8 million, $20.4 million, and $13.7 million, respectively, with corresponding tax benefits of $5.9 million, $3.9 million, and $1.7 million, respectively. The Company recognizes compensation expense for stock option awards that vest with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation expense for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition.
Table:
 | Number of Shares | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2018 | 651,045 | $23.82
Granted | 742,579 | 33.28
Vested | -259,634 | 24.16
Forfeited | -124,586 | 29.79
Nonvested as of December 31, 2019 | 1,009,404 | $ 29.96


Question: What was the number of vested shares in 2019?
Answer: 259,634
Reconciliation of net voyage revenues to voyage revenues:
(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.
(2) Time Charter Equivalent ("TCE") Rate, results from Net Voyage Revenue divided by total TCE days.
Table:
 |  | Years Ended December 31,     | 
All figures in USD '000, except TCE rate per day  | 2018 | 2017 | Variance 
Voyage Revenue   | 289,016 | 297,141 | (2.7%)
Less Voyage expenses   | (165,012) | (142,465) | 15.8%
Net Voyage Revenue   | 124,004 | 154,676 | (19.8%)
Vessel Calendar Days (1)   | 9,747 | 10,892 | (10.5%)
Less off-hire days   | 277 | 867 | (68.1%)
Total TCE days   | 9,470 | 10,025 | (5.5%)
TCE Rate per day (2)  | $13,095 | $15,428 | (15.1%)
Total Days for vessel operating expenses   | 9,747 | 10,892 | (10.5%)


Question: What are the respective voyage expenses in 2017 and 2018?
Answer: 142,465, 165,012
30. Financial instruments and financial risk management
The main purpose of the Group’s financial instruments, other than trade and other receivables, trade and other payables, contractual provisions and lease liabilities, is to fund the Group’s liquidity requirements.
All of the Group’s financial assets and liabilities are categorised as financial assets/liabilities stated at amortised cost, except for forward foreign currency exchange contracts, included within current other financial assets, that are designated as financial assets at fair value through profit or loss and corporate owned life insurance, amounting to $3.0 million (2018 $2.4 million), included within non-current trade and other receivables, that is designated as financial assets at fair value through profit or loss. These are shown in the below table:
The Group enters into derivative transactions, forward foreign currency exchange contracts, for the management of the Group’s foreign currency exposures when deemed appropriate.
The key objective of the Group’s treasury department is to manage the financial risks of the business and to ensure that sufficient liquidity is available to the Group. All treasury activity operates within a formal control framework. The Board has approved treasury policies and guidelines and periodically reviews treasury activities. Additionally, it is the Group’s policy that speculative treasury transactions are expressly forbidden.
Table:
 |  | 2019 | 2018
 | Notes | $ million | $ million
Non-current trade and other receivables | 20 | 5.7 | 3.5
Cash and cash equivalents | 22 | 183.2 | 121.6
Current trade and other receivables | 20 | 133.2 | 126.9
Current other financial assets | 20 | 0.1 | –
Financial assets |  | 322.2 | 252.0
Non-current other payables, excluding government grants | 23 | 0.8 | 4.4
Current trade payables, other payables and accruals | 23 | 75.4 | 57.1
Lease liabilities, current and non-current | 26 | 33.0 | –
Contractual provisions | 28 | 3.6 | 3.6
Financial liabilities |  | 112.8 | 65.1


Question: What was the percentage change in Non-current trade and other receivables?
Answer: 62.86
Calculation: (5.7-3.5)/3.5
Remaining Performance Obligation Associated with Non-Lease Arrangements
A majority of the Company’s revenue is provided over a contract term. When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price relates to performance obligations that are yet to be satisfied or are partially satisfied as of the end of the reporting period.
In determining the transaction price allocated to remaining performance obligations, the Company does not include non- recurring charges and estimates for usage.
Remaining performance obligations associated with the Company’s contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments.
The table below reflects an estimate of the remaining transaction price of fixed fee, non-lease revenue arrangements to be recognized in the future periods presented. The table below does not include estimated amounts to be recognized in future periods associated with variable usage-based consideration.
Table:
 | Year Ended June 30, |  |  |  |  |  | 
 | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total
 | (in millions) |  |  |  |  |  | 
Reportable Segment |  |  |  |  |  |  | 
Zayo Networks | 621.4 | 295.9 | 117.4 | 36.7 | 14.1 | 17.5 | 1,103.0
zColo | 21.7 | 11.0 | 6.2 | 3.5 | 2.5 | 2.0 | 46.9
Allstream | 110.3 | 26.7 | 11.8 | 1.6 | 0.3 | — | 150.7
Total | $753.4 | $333.6 | $135.4 | $41.8 | $16.9 | $19.5 | $1,300.6


Question: What do remaining performance obligations associated with the Company’s contracts reflect?
Answer: recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments
Other income and expenses, net consisted of the following:
The Company receives significant public funding from governmental agencies in several jurisdictions. Public funding for research and development is recognized ratably as the related costs are incurred once the agreement with the respective governmental agency has been signed and all applicable conditions have been met.
R&D funding received in the year ended December 31, 2017 from the Nano2017 program with the French government is subject to a financial return in the year 2024 and depends on the future cumulative sales of a certain product group from 2019 to 2024. As such, an accrual amounting to $47 million was recorded as of December 31, 2019 compared to $42 million as of December 31, 2018.
Phase-out costs are costs incurred during the closing stage of a Company’s manufacturing facility. They are treated in the same manner as start-up costs. Start-up costs represent costs incurred in the start-up and testing of the Company’s new manufacturing facilities, before reaching the earlier of a minimum level of production or six months after the fabrication line’s quality certification.
Exchange gains and losses, net represent the portion of exchange rate changes on transactions denominated in currencies other than an entity’s functional currency and the changes in fair value of trading derivative instruments which are not designated as hedge and which have a cash flow effect related to operating transactions, as described in Note 27.
Patent costs include legal and attorney fees and payment for claims, patent pre-litigation consultancy and legal fees. They are reported net of settlements, if any, which primarily include reimbursements of prior patent litigation costs.
In 2019, gain on sale of businesses and non-current assets was related to the sale of one of our non-strategic assets. In 2018, it was related to the sale of one of the Company’s non-strategic investments while in 2017, it
was related to the sale of assets.
Table:
 | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017
Research and development funding | 132 | 52 | 65
Phase-out and start-up costs | (38) | (1) | (8)
Exchange gain (loss), net | — | 4 | 4
Patent costs | (1) | (8) | (9)
Gain on sale of businesses and non-current assets | 7 | 8 | 4
Other, net | 3 | (2) | (1)
Total | 103 | 53 | 55


Question: What is the average Patent costs?
Answer: 6
Calculation: (1+8+9) / 3
Issuer Purchases of Equity Securities
The following shares of the Company were repurchased during the quarter ended June 30, 2019:
(1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards.
(2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
Table:
 | Total Number of Shares Purchased (1) | Average Price of Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)
April 1 - April 30, 2019 | — | $— | — | 3,732,713
May 1 - May 31, 2019 | 250,000 | $134.35 | 250,000 | 3,482,713
June 1 - June 30, 2019 | — | $— | — | 3,482,713
Total | 250,000 | $134.35 | 250,000 | 3,482,713


Question: What is the total number of shares purchased?
Answer: 250,000