hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Segment Results of Operations
In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii)
asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating
segments and compares the amount of the change between the periods presented (in millions).                                Marine Services Segment
Net revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects.
Cost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated.
Selling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events.
Depreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year.
Other operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | Increase / (Decrease)
Net revenue | $172.5 | $194.3 | $(21.8)
Cost of revenue | 127.1 | 163.0 | (35.9)
Selling, general and administrative | 25.8 | 20.2 | 5.6
Depreciation and amortization | 25.7 | 27.2 | (1.5)
Other operating income | — | (0.7) | 0.7
Income (loss) from operations | $(6.1) | $(15.4) | $9.3


Question: What was the average cost of revenue?
Answer: 145.05
Calculation: (127.1 + 163.0) / 2
Employee Share Purchase Plan (ESPP)
The Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months.
The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company’s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares.
The grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017.
The fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:
The weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.
Table:
 | Year ended March 31, | 
 | 2019 | 2018
Expected term (in years) | 0.5 | 0.5
Risk-free interest rate | 2.3% | 1.4%
Expected volatility | 39.1% | 29.9%
Expected dividend yield   | —% | —%
Grant date fair value per ordinary share | $36.69 | $27.15


Question: What is the average Expected volatility for 2018 and 2019?
Answer: 34.5
Calculation: (39.1 + 29.9) / 2
Uncertain Tax Positions
As of December 31, 2019, 2018 and 2017, we had gross unrecognized tax benefits of $4.4 million, $4.2 million
and $3.8 million, respectively. Accrued interest expense related to unrecognized tax benefits is recognized as part of
our income tax provision in our consolidated statements of operations and is immaterial for the years ended
December 31, 2019 and 2018. Our policy for classifying interest and penalties associated with unrecognized income
tax benefits is to include such items in income tax expense.
The activity related to the unrecognized tax benefits is as follows (in thousands):
These amounts are related to certain deferred tax assets with a corresponding valuation allowance. As ofDecember 31, 2019, the total amount of unrecognized tax benefits, if recognized, that would affect the effective taxrate is $1.0 million. We do not anticipate a material change to our unrecognized tax benefits over the next twelvemonths. Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinarycourse of business.
We are subject to taxation in the United States, various states, and several foreign jurisdictions. Because we havenet operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreigntaxing authorities may examine our tax returns for all years from 2005 through the current period. We are notcurrently under examination by any taxing authorities.
Table:
 | Years Ended December 31, |  | 
 | 2019 | 2018 | 2017
Gross unrecognized tax benefits —beginning balance | $4,191 | $3,782 | $3,360
Increases (decrease) related to tax positions from prior years | (280) | (266) | (151)
Increases related to tax positions taken during current year | 530 | 675 | 573
Decreases related to tax positions taken during the current year | — | — | —
Gross unrecognized tax benefits —ending balance | $4,441 | $4,191 | $3,782


Question: What is the company's gross unrecognized tax benefits - ending balance in 2016?
Answer: 12414
Calculation: $4,441 + $4,191 + $3,782
xvi. Equity shares in the suspense account:
In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details of equity shares in the suspense account are as follows:
*Pursuant to allotment of 1:1 bonus equity shares.
The voting rights on the shares outstanding in the suspense account as on March 31, 2019 shall remain frozen till the rightful owner of such shares claims the shares.
Table:
Particulars | Number of shareholders | Number of equity shares
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on April 1, 2018 | 26 | 820
Shareholders who approached the Company for transfer of shares from suspense account during the year | - | -
Shareholders to whom shares were transferred from the suspense account during the year | - | -
Shareholders whose shares are transferred to the demat account of the IEPF Authority as per Section 124 of the Act | - | -
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on March 31, 2019 | 26 | 1,640*


Question: How many equity shares are there to one shareholder as on April 1, 2018?
Answer: 31.54
Calculation: 820/26
Contract Balances
A contract asset will be recorded if we have recognized revenue but do not have an unconditional right to the related consideration from the customer. For example, this will be the case if implementation services offered in a cloud arrangement are identified as a separate performance obligation and are provided to a customer prior to us being able to bill the customer. In addition, a contract asset may arise in relation to subscription licenses if the license revenue that is recognized upfront exceeds the amount that we are able to invoice the customer at that time. Contract assets are reclassified to accounts receivable when the rights become unconditional.
The balance for our contract assets and contract liabilities (i.e. deferred revenues) for the periods indicated below were as follows:
The difference in the opening and closing balances of our contract assets and deferred revenues primarily results from the timing difference between our performance and the customer’s payments. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. During the year ended June 30, 2019, we reclassified $19.2 million of contract assets to receivables as a result of the right to the transaction consideration becoming unconditional. During the year ended June 30, 2019, there was no significant impairment loss recognized related to contract assets.
We recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer for future obligations to transfer products or services. Our deferred revenues primarily relate to customer support agreements which have been paid for by customers prior to the performance of those services. The amount of revenue that was recognized during the year ended June 30, 2019 that was included in the deferred revenue balances at July 1, 2018 was approximately $617 million.
Table:
 | As of June 30, 2019 | As of July 1, 2018
Short-term contract assets | $20,956 | $5,474
Long-term contract assets | $15,386 | $12,382
Short-term deferred revenue | $641,656 | $618,197
Long-term deferred revenue | $46,974 | $64,743


Question: What is the total deferred revenue as of June 30, 2019?
Answer: 688630
Calculation: 641,656+46,974
Note 7 – Inventory
As of December 31, 2019 and 2018, inventory was comprised of the following:
Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of December 31, 2019 and 2018, our inventory reserve was $34.1 million and $30.0 million, respectively.
Table:
(In thousands) | 2019 | 2018
Raw materials | $36,987 | $45,333
Work in process | 1,085 | 1,638
Finished goods | 60,233 | 52,877
Total Inventory, net | $98,305 | $99,848


Question: What was the change in finished goods between 2018 and 2019?
Answer: 7356
Calculation: 60,233-52,877
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)
Contractual Obligations
Our principal commitments consisted of obligations under our outstanding term loan and operating leases for office facilities. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019.
(1) The principal balance of the term loan is repaid on a quarterly basis at an amortization rate of 0.25% per quarter, with the balance due at maturity
(2) Variable interest payments on our term loan are calculated based on the interest rate as of December 31, 2019 and the scheduled maturity of the underlying term loan.
(3) Amounts presented reflect a quarterly commitment fee rate of 0.375% per annum, and assume that the entire $100 million revolving loan facility is unused (the conditions that existed as of period end) for the duration of the agreement, which matures on March 29, 2023.
(4) Our operating leases are for office space. Certain of these leases contain provisions for rent escalations and/or lease concessions. Rental payments, as well as any step rent provisions specified in the lease agreements, are aggregated and charged evenly to expense over the lease term. However, amounts included herein do not reflect this accounting treatment, as they represent the future contractual lease cash obligations.
The payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A "Risk Factors–Risks Related to Our Organizational Structure" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.
The payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A "Risk Factors–Risks Related to Our Organizational Structure" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.
Table:
 | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years
Term loan(1) | $393,000 | $4,000 | $8,000 | $8,000 | $373,000
Interest payments on term loan(2) | 100,382 | 19,575 | 38,550 | 37,750 | 4,507
Revolving loan facility fees(3) | 1,310 | 375 | 750 | 185 | —
Operating leases(4) | 15,398 | 4,491 | 8,596 | 2,311 | —
Total contractual obligations | $510,090 | $28,441 | $55,896 | $48,246 | $377,507


Question: What were the total revolving loan facilities fees?
Answer: 1,310
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: In which year was the amount of Non-current trade and other receivables larger?
Answer: 2019
Calculation: 5.7>3.5
Executive Director Fixed Pay increases
The Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020. This is in line with the average increase awarded to the wider Unilever workforce in 2019 of 3.6%. These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope’s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly’s seniority in his role, coming into his 5th year as CFO.
When our CEO Alan Jope was appointed on 1 January 2019 he was appointed with Fixed Pay 14% below that of what the Committee proposed for his predecessor and at the lower quartile of our remuneration benchmarking peer group, despite Unilever being one of the largest companies in this peer group. This positioning was intentional, given Alan’s internal promotion on appointment. However, subject to Alan’s continuing good performance the Committee will, over time, continue to review his Fixed Pay positioning and progress this towards the market median benchmark.
* MCIP at maximum (67%) investment of bonus.
Table:
 | Alan Jope CEO €'000 p.a. |  | Graeme Pitkethly CFO €'000 p.a. | 
 | 2019 | 2020 | 2019 | 2020
Fixed Pay | 1,450 | 1,508 | 1,103 | 1,136
Annual Bonus | 2,175 | 2,262 | 1,323 | 1,363
MCIP* Match share award | 2,186 | 2,273 | 1,330 | 1,370
Target Total Pay | 5,811 | 6,043 | 3,756 | 3,869
Personal MCIP* Investment in | 67% | 67% | 67% | 67%
Unilever shares | 1,457 | 1,516 | 886 | 913


Question: Who were these increases awarded to?
Answer: These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope’s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly’s seniority in his role, coming into his 5th year as CFO.
Research and Development
Research and development expenses increased $24.2 million, or 31%, in 2019 as compared to 2018. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $16.3 million and increased overhead costs of $3.4 million.
Research and development expenses increased $15.0 million, or 24%, in 2018 as compared to 2017. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $12.1 million.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
 |  | (dollars in thousands) | 
Research and development | $101,151 | $76,981 | $61,975
Percent of revenue | 17.5% | 14.3% | 12.9%


Question: Why did research and development expenses increase between 2018 and 2019?
Answer: The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments
Item 10. Directors, Executive Officers and Corporate Governance.
Executive Officers and Directors
The following sets forth certain information with respect to our executive officers and directors..
Garo H. Armen, PhD, Executive Chairman, is one of our founders and joined us in September 2004. Garo H. Armen is Chairman and Chief Executive Officer of Agenus
Inc., a biotechnology company he co-founded in 1994. From mid-2002 through 2004, he also served as Chairman of the Board of the biopharmaceutical company Elan
Corporation, plc, which he successfully restructured. Prior to Agenus Inc., Dr. Armen established Armen Partners, a money management firm specializing in biotechnology and
pharmaceutical companies and was the architect of the widely publicized creation of the Immunex Lederle oncology business in 1993. Earlier, he was a senior vice president of
research at Dean Witter Reynolds, having begun his career on Wall Street as an analyst and investment banker at EF Hutton. In 2002, Dr. Armen founded the Children of
Armenia Fund, a nonprofit organization dedicated to significantly rebuilding and revitalizing impoverished rural Armenian towns to provide immediate and sustainable benefits
to children and youth. He received the Ellis Island Medal of Honor in 2004 for his humanitarian efforts, and received the Sabin Humanitarian Award from the Sabin Vaccine
Institute in 2006 for his achievements in biotechnology and progressing medical research. Dr. Armen was also the Ernst & Young 2002 New York City Biotechnology
Entrepreneur of the Year, and received a Wings of Hope Award in 2005 from The Melanoma Research Foundation for his ongoing commitment to the melanoma community. Dr.
Armen received a PhD in physical chemistry from the Graduate Center, City University of New York, after which he worked as a research fellow at Brookhaven National
Laboratories in Long Island, NY. Dr. Armen brings to our Board a deep historical and practical knowledge of the business of the Company and its technologies, as well as
years of expertise in the financial and biopharmaceutical arenas.
Table:
Name | Age | Position (s)
Garo H. Armen | 67 | Executive Chairman of the Board of Directors
Alexander K. Arrow | 49 | Chief Financial Officer
Robert B. Stein | 69 | Director
Khalil Barrage | 55 | Director
Brian J. Corvese | 62 | Director
Josh Silverman | 49 | Director


Question: Who is the oldest director within the company's Board of Directors?
Answer: Robert B. Stein
Calculation: Obtained from the table
12. Earnings per share How are earnings per share calculated?
Basic earnings per share is calculated by dividing the profit after tax attributable to equity shareholders by the weighted average number of shares in issue after deducting the own shares held by employee share ownership trusts and treasury shares.
In calculating the diluted earnings per share, share options outstanding and other potential shares have been taken into account where the impact of these is dilutive. Options over 36m shares (2017/18: 23m shares, 2016/17: 27m shares) were excluded from the calculation of the total diluted number of shares as the impact of these is antidilutive.
The earnings per share calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests. Profit after tax was £2,159m (2017/18: £2,032m, 2016/17: £1,908m) and profit after tax attributable to non-controlling interests was £3m (2017/18: £4m, 2016/17: £1m). Profit attributable to non-controlling interests is not presented separately in the financial statements as it is not material.
Table:
Year ended 31 March | 2019 | 2018 | 2017
Basic weighted average number of shares (millions) | 9,912 | 9,911 | 9,938
Dilutive shares from share options (millions) | 6 | 2 | 27
Dilutive shares from executive share awards (millions) | 57 | 48 | 29
Diluted weighted average number of shares (millions) | 9,975 | 9,961 | 9,994
Basic earnings per share | 21.8p | 20.5p | 19.2p
Diluted earnings per share | 21.6p | 20.4p | 19.1p


Question: What is the average Dilutive shares from share options (millions) in 2017-2019?
Answer: 11.67
Calculation: (6 + 2 + 27) / 3