hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
4. Debt, Capital Lease Obligations and Other Financing
Debt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands):
On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA.
In connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes.
On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the "Prior Credit Facility") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.
Table:
 | 2019 | 2018
4.05% Senior Notes, due June 15, 2025 | $100,000 | $100,000
4.22% Senior Notes, due June 15, 2028  | 50,000 | 50,000
Borrowings under the credit facility | 95,000 | —
Capital lease and other financing obligations | 44,492 | 39,857
Unamortized deferred financing fees | (1,512) | (1,240)
Total obligations | 287,980 | 188,617
Less: current portion  | (100,702) | (5,532)
Long-term debt and capital lease obligations, net of current portion | 187,278 | 183,085


Question: Which years does the table provide information for the company's Debt and capital lease obligations?
Answer: 2019, 2018
Cost of Revenue, Gross Profit, and Gross Margin
Cost of revenue increased $4.9 million, or 3%, in 2019 as compared to 2018. The increase in cost of revenue was primarily due to $12.1 million in increased personnel expenses, stock-based compensation, and overhead costs, $3.9 million in increased content costs, $3.6 million in increased amortization of acquired intangible assets, and $1.6 million in increased capitalized software amortization. These increased costs were partially offset by $16.4 million in decreased external implementation professional service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.
Cost of revenue increased $1.5 million, or 1%, in 2018 as compared to 2017. The increase in cost of revenue was primarily due to $6.0 million in increased capitalized software amortization and $4.5 million in increased content costs. These increased costs were partially offset by $6.6 million in decreased amortization of acquired intangible assets and $2.9 million in external implementation service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
 |  | (dollars in thousands) | 
Cost of revenue | $149,215 | $144,349 | $142,867
Gross profit | $427,308 | $393,542 | $339,118
Gross margin | 74.1% | 73.2% | 70.4%


Question: What was the change in cost of revenue between 2017 and 2018?
Answer: 1482
Calculation: ($144,349-$142,867)
Non-GAAP Financial Measures
To complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity.
The following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands):
(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.
(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from “Plant start-up costs” to “Restructuring charges” during fiscal year 2019.
Table:
 |  | Fiscal Years Ended March 31, | 
 | 2019 | 2018 | 2017
Net sales (1) | $1,382,818 | $1,200,181 | $757,338
Cost of sales (1) | 924,276 | 860,744 | 571,944
Gross Margin (GAAP) (1) | 458,542 | 339,437 | 185,394
Gross margin as a % of net sales | 33.2% | 28.3% | 24.5%
Non-GAAP adjustments: |  |  | 
Plant start-up costs (2) | (927) | 929 | 427
Stock-based compensation expense | 2,756 | 1,519 | 1,384
Adjusted gross margin (non-GAAP) (1) | $460,371 | $341,885 | $187,205
Adjusted gross margin as a % of net sales | 33.3% | 28.5% | 24.7%


Question: What was the change in net sales between 2017 and 2019?
Answer: 625480
Calculation: 1,382,818-757,338
The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Table:
 | Amortized Cost | Fair Value
Within 1 year | $6,322 | $6,324
After 1 year through 5 years | 12,191 | 12,218
After 5 years through 10 years | 1,643 | 1,687
After 10 years | 9 | 10
Mortgage-backed securities with no single maturity | 1,425 | 1,421
Total | $21,590 | $21,660


Question: What was the difference between the amortized cost of debt investments that were within 1 year and after 1 year through 5 years?
Answer: 5869
Calculation: 12,191-6,322
Liability Insurance
The Company carries property, general liability, vehicle liability, directors’ and officers’ liability and workers’ compensation insurance. Additionally, the Company carries an umbrella liability policy to provide excess coverage over the underlying limits of the aforementioned primary policies.
The Company’s insurance programs for workers’ compensation, general liability, and employee related health care benefits are provided through high deductible or self-insured programs. Claims in excess of self-insurance levels are fully insured subject to policy limits. Accruals are based on historical claims experience, actual claims filed, and estimates of claims incurred but not reported.
The Company’s liabilities for unpaid and incurred, but not reported claims, for workers’ compensation, general liability, and health insurance at September 2019 and September 2018 was $1.5 million and $1.6 million, respectively. These amounts are included in accrued expenses in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in the Company’s opinion, recorded reserves are adequate to cover the future payment of claims previously incurred. However, it is possible that recorded reserves may not be adequate to cover the future payment of claims.
Adjustments, if any, to claims estimates previously recorded, resulting from actual claim payments, are reflected in operations in the periods in which such adjustments are known.
A summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions):
Table:
 | 2019 | 2018
Beginning balance | $1.6 | $1.5
Charged to expense | 5.4 | 5.8
Payments | (5.5) | (5.7)
Ending balance | $ 1.5 | $ 1.6


Question: What is the percentage change in the charged to expense value of the company's liability insurance between 2018 and 2019?
Answer: -6.9
Calculation: (5.4 - 5.8)/5.8
Current assets of continuing operations decreased by €569 million compared to the previous year's figures to €7.8 billion (30/9/2018: €8.3 billion). Cash and cash equivalents in particular contributed to this development with a decrease of €407 million to €0.5 billion (30/9/2018: €0.9 billion).
1 Adjusted for effects of the discontinued business segment.
For more information about the development of current assets, see the notes to the consolidated financial statements in the numbers listed in the table.
Table:
€ million | Note no. | 30/9/2018 | 30/9/2018 adjusted1 | 30/9/2019
Current assets |  | 7,703 | 8,329 | 7,761
Inventories | 26 | 2,108 | 1,905 | 1,946
Trade receivables | 27 | 571 | 496 | 482
Financial assets |  | 1 | 1 | 4
Other financial and other non-financial assets | 24 | 913 | 796 | 881
Entitlements to income tax refunds |  | 206 | 202 | 190
Cash and cash equivalents | 29 | 1,298 | 906 | 500
Assets held for sale | 30,43 | 2,605 | 4,024 | 3,758


Question: What was the amount of current assets of continuing operations in FY2019?
Answer: 7,761
Changes in the amounts of unrecognized tax benefits were as follows:
We had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively.
We believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.
Table:
 |  | Year Ended December 31, | 
(In thousands) | 2019 | 2018 | 2017
Beginning balance as of January 1 | $ 19,821 | $ 10,939 | $ 10,616
Increases for tax positions related to the current year | 1,240 | 8,977 | 640
Decreases for tax positions related to prior years | 0 | 0 | (146)
Increases for tax positions related to prior years | 95 | 367 | 153
Decreases relating to settlements with taxing authorities | 0 | 0 | 0
Increases acquired in business acquisitions | 0 | 540 | 0
Foreign currency translation | 3 | (5) | 10
Reductions due to lapsed statute of limitations | (555) | (997) | (334)
Ending balance as of December 31 | $ 20,604 | $ 19,821 | $ 10,939


Question: What is the change in Beginning balance as of January 1 between 2019 and 2018?
Answer: 8882
Calculation: 19,821-10,939
3.2 Capital risk management
The Group’s objectives on managing capital are to safeguard the Group’s ability to continue as a going concern and support the sustainable growth of the Group in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders’ value in the long term.
Capital refers to equity and external debts (including borrowings and notes payable). In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase the Company’s shares or raise/repay debts.
The Group monitors capital by regularly reviewing debts to adjusted earnings before interest, tax, depreciation and amortisation (“EBITDA”) (Note) ratio, being the measure of the Group’s ability to pay off all debts that reflects financial health and liquidity position. The total debts/adjusted EBITDA ratio calculated by dividing the total debts by adjusted EBITDA is as follows:
Note: Adjusted EBITDA represents operating profit less interest income and other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, amortisation of intangible assets and equitysettled share-based compensation expenses.
Table:
 | As at 31 December | 
 | 2019 | 2018
 | RMB’Million | RMB’Million
Borrowings (Note 35) | 126,952 | 114,271
Notes payable (Note 36) | 93,861 | 65,018
Total debts | 220,813 | 179,289
Adjusted EBITDA (Note) | 147,395 | 118,273
Total debts/Adjusted EBITDA ratio | 1.50 | 1.52


Question: How much did notes payable change from 2018 year end to 2019 year end?
Answer: 28843
Calculation: 93,861-65,018
Note 9: Long-Term Debt
The Company's long-term debt consists of the following (annualized interest rates, dollars in millions):
(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually. (2) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (3) Consists of U.S. real estate mortgages, term loans, revolving lines of credit, notes payable and other facilities at certain international locations where interest is payable weekly, monthly or quarterly, with interest rates between 1.00% and 4.00% and maturity dates between 2019 and 2022.
(4) Debt discount of $20.4 million and $41.6 million for the 1.00% Notes, $71.8 million and $88.5 million for the 1.625% Notes and $10.5 million and $9.3 million for the Term Loan "B" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively. (5) Debt issuance costs of $2.8 million and $5.8 million for the 1.00% Notes, $6.9 million and $8.5 million for the 1.625% Notes and $24.3 million and $19.2 million for the Term Loan "B" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively.
Table:
 | As of | 
 | December 31, 2019 | December 31, 2018
Amended Credit Agreement:   |  | 
Revolving Credit Facility due 2024, interest payable monthly at3 .30% and 3.77%, respectively | $800.0 | $400.0
Term Loan “B” Facility due 2026, interest payable monthly at3 .80% and 4.27%, respectively | 1,630.9 | 1,134.5
1.00% Notes due 2020 (1) | 690.0 | 690.0
1.625% Notes due 2023 (2) | 575.0 | 575.0
Other long-term debt (3) | 53.3 | 139.5
Gross long-term debt, including current maturities | 3,749.2 | 2,939.0
Less: Debt discount (4) | (102.7) | (139.4)
Less: Debt issuance costs (5) | (34.0) | (33.5)
Net long-term debt, including current maturities | 3,612.5 | 2,766.1
Less: Current maturities | (736.0) | (138.5)
 Net long-term debt | $2,876.5 | $2,627.6


Question: What is the change in Gross long-term debt, including current maturities from December 31, 2018 to 2019?
Answer: 810.2
Calculation: 3,749.2-2,939.0
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 percentage change in the backlog for Cubic Mission Solutions in 2019?
Answer: 34.68
Calculation: (103.7-77)/77
Sources and Uses of Cash
Historically, our primary source of cash has been provided by operations. Other sources of cash in the past three fiscal years include proceeds from our Euro Term Loan used to finance our acquisition of Rofin, proceeds received from the sale of our stock through our employee stock purchase plan as well as borrowings under our revolving credit facility (‘‘Revolving Credit Facility’’). Our historical uses of cash have primarily been for acquisitions of businesses and technologies, the repurchase of our common stock, capital expenditures and debt issuance costs. Supplemental information pertaining to our historical sources and uses of cash is presented as follows and should be read in conjunction with our Consolidated Statements of Cash Flows and notes thereto (in thousands):
Net cash provided by operating activities decreased by $54.7 million in fiscal 2019 compared to fiscal 2018. The decrease in cash provided by operating activities in fiscal 2019 was primarily due to lower net income and lower cash flows from income taxes payable and deferred taxes, partially offset by higher cash flows from accounts receivable, inventories, deferred revenue and accrued payroll. We believe that our existing cash, cash equivalents and short term investments combined with cash to be provided by operating activities and amounts available under our Revolving Credit Facility will be adequate to cover our working capital needs and planned capital expenditures for at least the next 12 months to the extent such items are known or are reasonably determinable based on current business and market conditions. However, we may elect to finance certain of our capital expenditure requirements through other sources of capital. We continue to follow our strategy to further strengthen our financial position by using available cash flow to fund operations.
Table:
 | Fiscal | 
 | 2019 | 2018
Net cash provided by operating activities | $181,401 | $236,111
Purchases of property and equipment | (83,283) | (90,757)
Acquisition of businesses, net of cash acquired | (18,881) | (45,448)
Proceeds from sale of discontinued operation (the Hull Business) | — | 25,000
Proceeds from sales of other entities | — | 6,250
Borrowings, net of repayments | 263 | (173,252)
Issuance of shares under employee stock plans | 11,811 | 10,574
Repurchase of common stock | (77,410) | (100,000)
Net settlement of restricted common stock | (15,179) | (36,320)


Question: What was the change in Issuance of shares under employee stock plans in 2019 from 2018?
Answer: 1237
Calculation: 11,811-10,574
Lease liabilities regarding right-of-use assets are included on the balance sheet under “Borrowings”.
Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the noncancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised.
Table:
USDm | 2019 | 2018
Maturity analysis - contractual undiscounted cash flow |  | 
Less than one year | 7.5 | 5.2
One to five years | 27.6 | 25.6
More than five years | 0.1 | -
Total undiscounted lease liabilities as of 31 December | 35.2 | 30.8
Lease liabilities included under "Borrowings" as of 31 December | 30.6 | 25.3
Non-current | 10.2 | 3.2
Current | 20.4 | 22.1


Question: What was the change in non-current lease liabilities?
Answer: 7
Calculation: 10.2-3.2
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.
The following table represents a disaggregation of revenue by customer type from contracts with customers for the years ended December 31, 2019 and 2018:
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
Agricultural, Commercial, and Industrial (ACI) | $28,940 | $33,193
Public Works | 12,128 | 17,986
Residential | 18,762 | 19,786
Total | 59,830 | 70,965


Question: What is the percentage change in the revenue from public works from 2018 to 2019?
Answer: -32.57
Calculation: (12,128-17,986)/17,986
Contract Assets and Liabilities
Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered.
At the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less.
Contract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer.
The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers.
The increase in the contract assets balance during the period was primarily due to $203 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2019, offset by $193 million of contract assets included in the December 31, 2018 balance that were invoiced to Nielsen’s clients and therefore transferred to trade receivables.
The decrease in the contract liability balance during the period was primarily due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance.
Table:
(IN MILLIONS) | Year Ended December 31, | 
 | 2019 | 2018
Contract assets | $218 | $210
Contract liabilities | $346 | $359


Question: What is the contract assets for the year ended December 31, 2019?
Answer: 218