hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Details of the Company’s deferred tax assets and liabilities are as follows:
As of December 31, 2019, the Company had net operating loss carryforwards (“NOLs”) of $4.7 million, of which approximately $3.9 million have an indefinite life. NOLs of $0.8 million will begin to expire in 2030. As of December 31, 2019, the Company had federal and state tax credit carryforwards of $0.2 million and $0.5 million, respectively, which will begin to expire in 2028 and 2038. The Company believes as of December 31, 2019, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the NOLs and tax credits and, as such, no valuation allowance was recorded.
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
Deferred tax assets: |  | 
Investment in partnership | $358,024 | $299,466
Net operating loss carryforwards and tax credits | 5,160 | 5,634
Other | 1,657 | 1,879
Total | 364,841 | 306,979
Valuation allowance | — | —
Total deferred tax assets | 364,841 | 306,979
Total deferred tax liabilities | — | —
Deferred tax assets, net | $364,841 | $306,979


Question: How many years did Investment in partnership exceed $300,000 thousand?
Answer: 1
Calculation: 2019
9 Profit / (loss) on Ordinary Activities
The profit (2018: loss) on ordinary activities before taxation is stated after charging:
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2
 | $M | $M
Depreciation of property, plant and equipment | 11.8 | 11.6
Amortisation of intangible assets | 16.9 | 25.2
Research and development expenditure | (143.9) | (140.3)
Operating lease rentals: |  | 
Property | 14.0 | 12.5
Other | 1.6 | 1.6
Pension scheme contributions | 8.9 | 8.4
Impairment of trade receivables | 0.6 | 0.6
Net foreign currency differences | (1.5) | 6.9


Question: What was the percentage change in the amount of Property in 2019 from 2018?
Answer: 12
Calculation: (14.0-12.5)/12.5
The director compensation policies summarized above resulted in the following total compensation for our non-management directors in fiscal year 2019:
Director Compensation Table
(1) Oleg Khaykin, President and Chief Executive Officer, is not included in this table as he was an employee of the Company and as such received no compensation for his services as a director. His compensation is disclosed in the Summary Compensation Table.
(2) The amounts shown in this column represent the grant date fair values of RSUs issued pursuant to the Company’s 2003 Equity Incentive Plan, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”), excluding the effect of estimated forfeitures. There can be no assurance that these grant date fair values will ever be realized by the non-employee directors. For information regarding the number of unvested RSUs held by each non-employee director as of the end of fiscal year 2019, see the column “Unvested Restricted Stock Units Outstanding” in the table below
Table:
DIRECTOR COMPENSATION |  |  | 
Name (1) | Fees Earned or Paid in Cash ($) | Stock Awards ($) (2) | Total ($)
Keith Barnes | 102,500 | 178,317 | 280,817
Richard E. Belluzzo | 160,000 | 178,317 | 338,317
Laura Black | 67,500 | 178,317 | 245,817
Tor Braham | 67,500 | 178,317 | 245,817
Timothy Campos | 77,500 | 178,317 | 255,817
Donald Colvin | 97,500 | 178,317 | 275,817
Masood A. Jabbar | 90,000 | 178,317 | 268,317


Question: Why was Oleg Khaykin not included in the table?
Answer: he was an employee of the Company and as such received no compensation for his services as a director.
Note 10. EQUITY INVESTMENTS
Our equity investments consist of equity investments with readily determinable fair value, investments without readily determinable fair value, equity investments accounted for using the fair value option, and equity method investments.
Our share of earnings (losses) from equity investments accounted for under the equity method is reflected as ‘‘Equity in earnings (losses) of unconsolidated investees’’ in our consolidated statements of operations. Mark-to-market gains and losses on equity investments with readily determinable fair value are reflected as ‘‘other, net’’ under other income (expense), net in our consolidated statements of operations. The carrying value of our equity investments, classified as ‘‘other long-term assets’’ on our consolidated balance sheets, are as follows:
Table:
 | As of | 
(In thousands) | December 29, 2019 | December 30, 2018
Equity investments with readily determinable fair value: |  | 
Enphase Energy, Inc | $173,908 | $36,225
Total equity investments with readily determinable fair value | 173,908 | 36,225
Equity investments without readily determinable fair value: |  | 
Project entities | 2,677 | 2,951
Other equity investments without readily determinable fair value | 5,859 | 5,859
Total equity investments without readily determinable fair value | 8,536 | 8,810
Equity investments with fair value option: |  | 
SunStrong Capital Holdings, LLC | 8,000 | 8,831
SunStrong Partners, LLC | 9,500 | —
8point3 Solar Investco 3 Holdings, LLC | — | —
Total equity investment with fair value option | 17,500 | 8,831
Equity method investments |  | 
Huansheng Corporation | 26,533 | 32,784
Project entities | 125 | 2,044
Total equity method investments | 26,658 | 34,828
Total equity investments | $226,602 | $88,694


Question: In which years is equity investments recorded for?
Answer: 2019, 2018
A.9.1 Results of operations
Statement of Income of Siemens AG in accordance with German Commercial Code (condensed)
Beginning of August 2018, Siemens AG carved out its mobility business to Siemens Mobility GmbH by way of singular succession. The decreases in revenue, cost of sales, gross profit and research and development (R & D) expenses were mainly driven by this carve-out.
On a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region. Exports from Germany accounted for 62 % of overall revenue. In fiscal 2019, orders for Siemens AG amounted to € 21.6 billion. Within Siemens AG, the development of revenue depends strongly on the completion of contracts, primarily in connection with large orders.
The R & D intensity (R & D as a percentage of revenue) increased by 0.8 percentage points year-over-year. The research and development activities of Siemens AG are fundamentally the same as for its fields of business activities within the Siemens Group, respectively. On an average basis, we employed 9,000 people in R & D in fiscal 2019.
The decrease in Financial income, net was primarily attributable to lower income from investments, net. The main factor for this decrease was a significant income from the profit transfer agreement with Siemens Beteiligungen Inland GmbH, Germany, in
fiscal 2018.
Table:
 |  | Fiscal year | 
(in millions of €) | 2019 | 2018 | % Change
Revenue | 22,104 | 28,185 | (22) %
Cost of Sales | (15,825) | (21,074) | 25 %
Gross profit | 6,279 | 7,111 | (12) %
as percentage of revenue | 28 % | 25 % | 
Research and development expenses | (2,362) | (2,788) | 15 %
Selling and general administrative expenses | (3,979) | (3,767) | (6) %
Other operating income (expenses), net | 9,469 | 1 | n / a
Financial income, net thereof Income from investments, net 3,754 (prior year 5,381) | 3,188 | 4,643 | (31) %
Income from business activity | 12,596 | 5,199 | 142 %
Income taxes | (1,377) | (653) | (111) %
Net income | 11,219 | 4,547 | 147 %
Profit carried forward | 170 | 134 | 27 %
Allocation to other retained earnings | (6,005) | (1,451) | > (200) %
Unappropriated net income | 5,384 | 3,230 | 67 %


Question: On an average how many people are employed in R&D in fiscal in 2019?
Answer: 9,000
For the periods indicated, the weighted-average fair value of options and weighted-average assumptions were as follows:
*Options valued using Monte Carlo Valuation Method
As of June 30, 2019, the total compensation cost related to the unvested stock option awards not yet recognized was approximately $24.1 million, which will be recognized over a weighted-average period of approximately 3.0 years.
No cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented.
We have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.
For the year ended June 30, 2019, cash in the amount of $35.6 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2019 from the exercise of options eligible for a tax deduction was $2.9 million.
For the year ended June 30, 2018, cash in the amount of $54.4 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2018 from the exercise of options eligible for a tax deduction was $1.5 million.
For the year ended June 30, 2017, cash in the amount of $20.8 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2017 from the exercise of options eligible for a tax deduction was $2.2 million.
Table:
 |  | Year Ended June 30, | 
 | 2019 | 2018 | 2017
Weighted–average fair value of options granted | $8.39 | $7.58 | $7.06
Weighted-average assumptions used: |  |  | 
Expected volatility | 25.72% | 26.95% | 28.32%
Risk–free interest rate | 2.57% | 2.18% | 1.46%
Expected dividend yield | 1.54% | 1.50% | 1.43%
Expected life (in years) | 4.44 | 4.38 | 4.51
Forfeiture rate (based on historical rates) | 6% | 6% | 5%
Average exercise share price | $38.81 | $34.60 | $31.75
Derived service period (in years)* | N/A | N/A | 1.79


Question: What is the average annual expected dividend yield?
Answer: 1.49
Calculation: (1.54+1.50+1.43)/3
Dividend Policy
Our policy is to declare quarterly dividends to shareholders as decided by the Board of Directors. The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our other cash needs and the requirements of Bermuda law.
Total dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:
* Includes $0.05 per share distributed as dividend-in-kind.
The Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.
Table:
Period  | 2019 | 2018 | 2017 | 2016 | 2015
1st Quarter  | $0.04 | $0.03 | $0.20 | $0.43 | $0.22
2nd Quarter  | $0.03 | $0.01 | $0.20 | $0.43 | $0.38
3rd Quarter  | $0.01 | $0.02 | $0.15*  | $0.25 | $0.40
4th Quarter  | $0.02 | $0.01 | $0.03 | $0.26 | $0.38
Total | $0.10 | $0.07 | $0.58 | $1.37 | $1.38


Question: What is the average quarterly dividend payments per share in the second quarter of 2018 and 2019?
Answer: 0.02
Calculation: (0.03 + 0.01)/2
Key Operating Metrics and Non-GAAP Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business, allocate our

resources, and assess our performance. In addition to revenue, net loss, and other results under  generally accepted accounting principles (GAAP), the following table sets forth key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these metrics and measures are useful to facilitate period-to-period comparisons of our business, and to facilitate comparisons of our performance to that of other payment processors. Each of these metrics and measures excludes the effect of our processing agreement with Starbucks which transitioned to another payments solutions provider in the fourth quarter of 2016. As we do not expect transactions with Starbucks to recur, we believe it is useful to exclude Starbucks activity to clearly show the impact Starbucks has had on our financial results historically. Our agreements with other sellers generally provide both those sellers and us the unilateral right to terminate such agreements at any time, without fine or

penalty.
Gross Payment Volume (GPV)
We define GPV as the total dollar amount of all card payments processed by sellers using Square, net of refunds. Additionally, GPV includes Cash App activity related to peer-to-peer payments sent from a credit card and Cash for Business. As described above, GPV excludes card payments processed for Starbucks
Adjusted Revenue
Adjusted Revenue is a non-GAAP financial measure that we define as our total net revenue less transaction-based costs and bitcoin costs, and we add back the impact of the acquired deferred revenue adjustment, which was written down to fair value in purchase. This measure is also adjusted to eliminate the effect of activity with Starbucks, which ceased using our payments solutions altogether in the fourth quarter of 2016, and we believe that providing Adjusted Revenue metrics that exclude the impact of our agreement with Starbucks is useful to investors.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2018 | 2017 | 2016 | 2015 | 2014
 |  |  | (in thousands, except for GPV and per share data) |  | 
Gross Payment Volume (GPV)(in millions) | $84,654 | $65,343 | $49,683 | $35,643 | $23,780
Adjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310
Adjusted EBITDA | $256,523 | $139,009 | $44,887 | $(41,115) | $(67,741)
Adjusted Net Income (Loss) Per Share: |  |  |  |  | 
Basic | $0.55 | $0.30 | $0.04 | $(0.39) | $(0.62)
Diluted | $0.47 | $0.27 | $0.04 | $(0.39) | $(0.62)


Question: What does GAAP stand for?
Answer: generally accepted accounting principles
Contractual Obligations
Our principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):
Table:
 |  |  | Payment Due by period |  | 
 | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years
Long-term debt obligations including interest | $334,500 | $17,250 | $317,250 | $— | $—
Operating lease obligations | 82,895 | 9,434 | 47,410 | 15,226 | 10,825
Software subscription and other contractual obligations | 18,726 | 12,371 | 6,355 | — | —
 | $436,121 | $39,055 | $371,015 | $15,226 | $10,825


Question: What were the operating lease obligations for periods more than 5 years?
Answer: 10,825
CTS CORPORATION AND SUBSIDIARIES Consolidated Statements of Comprehensive Earnings (in thousands)
The accompanying notes are an integral part of the consolidated financial statements.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Net earnings | $36,146 | $46,532 | $14,448
Other comprehensive earnings (loss): |  |  | 
Changes in fair market value of derivatives, net of tax | (509) | 795 | 110
Changes in unrealized pension cost, net of tax | 6,439 | (1,830) | 13,687
Cumulative translation adjustment, net of tax | 83 | (311) | 437
Other comprehensive earnings (loss) | $6,013 | $(1,346) | $14,234
Comprehensive earnings | $42,159 | $45,186 | $28,682


Question: How many years did net earnings exceed $30,000 thousand?
Answer: 2
Calculation: 2019##2018
Benefit for Income Taxes
Our benefit for income taxes includes U.S. federal, state and foreign income taxes. The domestic and foreign components of our income from continuing operations before income taxes were as follows:
Table:
 | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017
U.S. | $176.4 | $138.9 | $180.6
Foreign | (50.0) | (65.9) | (73.8)
Incomefromcontinuingoperationsbeforeincometaxes | $126.4 | $73.0 | $106.8


Question: What is the average U.S. income from continuing operations before income taxes for 2017 and 2018?
Answer: 159.75
Calculation: (138.9+180.6)/2
Total assets for the Company decreased $76.4 million as of December 31, 2019 as compared to December 31, 2018.  Entertainment and Communications assets decreased $58.8 million due to a decrease in property, plant and equipment primarily as a result of the increased depreciation in 2019 related to Hawaiian Telcom property, plant and equipment exceeding capital expenditures. IT Services and Hardware assets increased by $32.6 million primarily due to the Company’s recognition of operating lease right-of-use assets in the Consolidated Balance Sheets upon adoption of ASU 2016-02.
Corporate assets decreased $50.2 million primarily due to decreased receivables. Lower receivables is partially due to timing of sales in the fourth quarter as well as additional sales of certain receivables under the factoring arrangement as of December 31, 2019 compared to December 31, 2018. Deferred tax assets and liabilities totaled $59.3 million and $11.7 million as of December 31, 2019, respectively. Deferred tax assets and liabilities totaled $47.5 million and $11.4 million as of December 31, 2018, respectively. The increase in deferred tax assets in 2019, as compared to 2018, is due to increased net operating losses in 2019.
Table:
 |  | As of December 31,
(dollars in millions) | 2019 | 2018
Assets |  | 
Entertainment and Communications | $1,840.0 | $1,898.8
IT Services and Hardware | 500.7 | 468.1
Corporate and eliminations | 313.1 | 363.3
Total assets | $2,653.8 | $2,730.2


Question: What is the company's total assets as at December 31, 2018?
Answer: $2,730.2
14. Earnings per share
1 Adjustment of previous year according to explanation in notes.
Earnings per share are determined by dividing profit or loss for the period attributable to the shareholders of METRO AG by the weighted number of no-par-value shares. In the calculation of earnings per ordinary share, an additional dividend for preference shares is generally deducted from profit or loss for the period attributable to the shareholders of METRO AG. There was no dilution in the reporting period or the year before from so-called potential shares.
Earnings per preference share correspond to earnings per share.
Table:
 | 2017/2018 | 2018/2019
Weighted number of no-par-value shares | 363,097,253 | 363,097,253
Profit or loss for the period attributable to the shareholders of METROAG (€million) | 333 | −126
Earnings per share in € (basic = diluted) | 0.92 | −0.35
from continuing operations | (0.98) | (1.12)
from discontinued operations | (−0.06) | (−1.46)


Question: From what operations is the earnings per share calculated for?
Answer: from continuing operations, from discontinued operations
Capital and financial risk management
13 Capital risk management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns to its shareholders and benefits to its stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In the future, the Directors may pursue funding options such as debt, sale and leaseback of assets, additional equity and various other funding mechanisms as appropriate in order to undertake its projects and deliver optimum shareholders’ return.
The Group intends to maintain a gearing ratio appropriate for a company of its size and growth.
The Group manages its capital structure by regularly reviewing its gearing ratio to ensure it maintains an appropriate level of gearing within facility covenants. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total interest bearing financial liabilities, less cash and cash equivalents. Total capital is calculated as equity, as shown in the Consolidated Balance Sheet, plus net debt.
Table:
 | 30 June 2019 | 30 June 2018
 | $'000 | $'000
Total borrowings and lease | 867,177 | 302,954
Less: cash and cash equivalents | (398,999) | (417,982)
Net debt (surplus cash) | 468,178 | (115,028)
Total equity | 875,303 | 893,977
Total capital | 1,343,481 | 778,949
Gearing ratio | 35.0% | -%


Question: How much was the total capital in 2018?
Answer: 778,949
Key Balance Sheet Information
Total assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the "Critical Accounting Policies and Estimates" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.
Table:
 | December 31, 2019 | December 31, 2018
 | (in thousands) | 
Cash, cash equivalents and marketable securities | $2,455,194 | $1,969,670
Total assets | 3,489,479 | 2,254,785
Total liabilities | 473,745 | 164,017
Total non-current liabilities | 157,363 | 25,329


Question: What is the average total assets for 2018 and 2019?
Answer: 2872132
Calculation: (3,489,479+2,254,785)/2