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)
Note 18. Quarterly Consolidated Results of Operations Data (Unaudited)
The following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.
(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.
Table:
 |  |  | Year Ended December 31, 2018 |  | 
 | First
Quarter | Second
Quarter | Third Quarter | Fourth
Quarter | Total
Total revenue | $85,326 | $105,704 | $113,912 | $109,731 | $414,673
Cost of revenue (exclusive of depreciation
and amortization) | 36,130 | 33,765 | 35,374 | 55,170 | 160,439
Total costs and expenses | 61,749 | 58,896 | 59,655 | 81,583 | 261,883
Operating profit | 23,577 | 46,808 | 54,257 | 28,148 | 152,790
Total other income (expense), net | (4,973) | (4,398) | (5,170) | (4,735) | (19,276)
Income before income tax expense (benefit) | 18,604 | 42,410 | 49,087 | 23,413 | 133,514
Net income | 18,604 | 40,816 | 45,712 | 22,848 | 127,980
Less: Net income attributable to
noncontrolling interests | 18,604 | 35,266 | 33,711 | 16,143 | 103,724
Net income attributable to GreenSky, Inc. | N/A | 5,550 | 12,001 | 6,705 | 24,256
Earnings per share of Class A common stock: |  |  |  |  | 
Basic | N/A | $0.10 | $0.21 | $0.12 | $0.43
Diluted(1) | N/A | $0.09 | $0.20 | $0.11 | $0.41


Question: What was the percentage change in the net income between the third and fourth quarter?
Answer: -50.02
Calculation: (22,848-45,712)/45,712
Summarized financial information of Hilli LLC
The assets and liabilities of Hilli LLC(1) that most significantly impacted our consolidated balance sheet as of December 31, 2019 and 2018, are as follows:
(1) As Hilli LLC is the primary beneficiary of the Hilli Lessor VIE (see above) the Hilli LLC balances include the Hilli Lessor VIE.
Table:
(in thousands of $) | 2019 | 2018
Balance sheet |  | 
Current assets | 64,507 | 172,554
Non-current assets | 1,300,065 | 1,392,710
Current liabilities | (496,029) | (278,728)
Non-current liabilities | (418,578) | (842,786)


Question: What was the change in current assets between 2018 and 2019?
Answer: -108047
Calculation: 64,507 - 172,554
Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.
Movements in provisions for impairment of freight receivables during the year are as follows:
Allowance for expected credit loss of freight receivables have been recognized in the income statement under "Port expenses, bunkers and commissions".
Allowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.
Table:
USDm | 2019 | 2018 | 2017
Allowance for expected credit loss |  |  | 
Balance as of 1 January | 1.7 | 1.3 | 2.6
Adjustment to prior years | 1.5 | - | -
Provisions for the year | 2.4 | 1.7 | 0.6
Provisions reversed during the year | -1.9 | -1.0 | -1.9
Provisions utilized during the year | - | -0.3 | -
Balance as of 31 December | 3.7 | 1.7 | 1.3


Question: What was the percentage change in the Balance as of 31 December in 2019 from 2018?
Answer: 117.65
Calculation: (3.7-1.7)/1.7
Net Income (Loss) Per Share: Basic net income (loss) per share (EPS) is computed by dividing the net income (loss) attributable to Cubic for the period by the weighted average number of common shares outstanding during the period, including vested RSUs.
In periods with a net income from continuing operations attributable to Cubic, diluted EPS is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of dilutive RSUs. Dilutive RSUs are calculated based on the average share price for each fiscal period using the treasury stock method. For RSUs with performance-based vesting, no common equivalent shares are included in the computation of diluted EPS until the related performance criteria have been met. For RSUs with performance and market-based vesting, no common equivalent shares are included in the computation of diluted EPS until the performance criteria have been met, and once the criteria are met the dilutive restricted stock units are calculated using the treasury stock method, modified by the multiplier that is calculated at the end of the accounting period as if the vesting date was at the end of the accounting period. The multiplier on RSUs with performance and market-based vesting is further described in Note 16.
In periods with a net loss from continuing operations attributable to Cubic, common equivalent shares are not included in the computation of diluted EPS, because to do so would be anti-dilutive.
The weighted-average number of shares outstanding used to compute net income (loss) per common share were as follows (in thousands):
Table:
 |  | Years Ended September 30, | 
 | 2019 | 2018 | 2017
Weighted average shares - basic | 30,495 | 27,229 | 27,106
Effect of dilutive securities | 111 | 122 | —
Weighted average shares - diluted | 30,606 | 27,351 | 27,106
Number of anti-dilutive securities | — | — | 967


Question: How are dilutive RSUs calculated?
Answer: based on the average share price for each fiscal period using the treasury stock method
Stock-based compensation expense is recognized in the Company’s consolidated statements of operations and includes compensation expense for the stock-based compensation awards granted or modified subsequent to January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of the amended authoritative guidance. The impact on the Company’s results of operations of recording stock-based compensation expense for fiscal years 2019, 2018, and 2017 was as follows (in thousands):
No stock-based compensation was capitalized or included in inventories at the end of 2019, 2018 and 2017.
Table:
 |  | Fiscal Years | 
 | 2019 | 2018 | 2017
Cost of revenue | $78 | $129 | $121
Research and development | 2,242 | 760 | 614
Selling, general and administrative | 824 | 1,012 | 706
Total costs and expenses | $3,144 | $1,901 | $1,441


Question: What is the average stock-based compensation for research and development in 2018 and 2019?
Answer: 1501
Calculation: (760 +  2,242)/2
Financial and Operating Highlights
CONTINUING OPERATIONS
(1) See reconciliation of GAAP to non-GAAP financial measures tables in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Form 10-K.
Table:
(Amounts in thousands, except per share data and percentages) | 2019 | 2018 | 2017
Bookings | $1,002,320 | $2,779,782 | $1,234,013
Backlog | $3,400,952 | $4,064,451 | $2,536,499
Sales | $1,496,475 | $1,202,898 | $1,107,709
Sales growth % | 24% | 9% | 
Research & development | $50,132 | $52,398 | $52,652
Operating income | $86,237 | $24,382 | $2,628
Net income (loss) per share, continuing operations attributable to Cubic | $1.67 | $0.29 | $(0.95)
Adjusted EBITDA (1) | $146,594 | $104,561 | $87,470
Adjusted EBITDA growth % | 40% | 20% | 
Adjusted earnings per share (1) | $3.13 | $2.19 | $1.62
Adjusted earnings per share growth % | 43% | 35% | 
Cash dividend per share | $0.27 | $0.27 | $0.27
Long-term debt, inclusive of current portion | $199,824 | $199,793 | $199,761


Question: What is the change in the adjusted EBITDA growth % from 2018 to 2019?
Answer: 20
Calculation: 40%-20%
apple inc . | 2018 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend-reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s . technology supersector index for the five years ended september 29 , 2018 . the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s . technology supersector index as of the market close on september 27 , 2013 . note that historic stock price performance is not necessarily indicative of future stock price performance . * $ 100 invested on september 27 , 2013 in stock or index , including reinvestment of dividends . data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes . copyright a9 2018 standard & poor 2019s , a division of s&p global . all rights reserved . copyright a9 2018 s&p dow jones indices llc , a division of s&p global . all rights reserved . september september september september september september .

Table:
 | september2013 | september2014 | september2015 | september2016 | september2017 | september2018
apple inc . | $ 100 | $ 149 | $ 173 | $ 174 | $ 242 | $ 359
s&p 500 index | $ 100 | $ 120 | $ 119 | $ 137 | $ 163 | $ 192
s&p information technology index | $ 100 | $ 129 | $ 132 | $ 162 | $ 209 | $ 275
dow jones u.s . technology supersector index | $ 100 | $ 130 | $ 130 | $ 159 | $ 203 | $ 266
.

Question: what is the difference in percentage cumulative total return between apple inc . and the s&p 500 index for the five year period ended september 2018?
Answer: 167%
Calculation: subtract(359, 100), divide(#0, 100), subtract(192, 100), divide(#2, 100), subtract(#1, #3)
Assets and Liabilities Measured at Fair Value
The following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands):
The carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments.
The Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.
Table:
 | December 31, 2019 |  |  | December 31, 2018 |  | 
 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
Assets |  |  |  |  |  | 
Cash and cash equivalents |  |  |  |  |  | 
Money market funds | $256,915 | $ - | $ - | $254,552 | $ - | $ -
Other current assets: |  |  |  |  |  | 
Indemnification - Sale of SSL | $ - | $ - | $598 | $ - | $ - | $2,410
Liabilities |  |  |  |  |  | 
Long term liabilities |  |  |  |  |  | 
Indemnification - Globalstar do Brasil S.A. | $ - | $ - | $145 | $ - | $ - | $184


Question: What are the respective values of the Level 1 money market funds in 2018 and 2019 respectively?
Answer: $254,552, $256,915
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: For which years was the total taxation charge calculated in?
Answer: 2019, 2018
Accrued expenses and other consist of the following (in thousands):
At December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.
Table:
December 31, |  | 
 | 2019 | 2018
Accrued advertising expense | $1,774 | $1,875
Accrued compensation expense | 2,955 | 2,813
Reserve for member refunds | 293 | 382
Other accrued expenses | 2,455 | 2,266
Deferred rent | — | 517
Total accrued expenses and other | $7,477 | 7,853


Question: What is the change in accrued compensation expense between 2018 and 2019?
Answer: 142
Calculation: 2,955-2,813
Supplemental balance sheet information related to operating and finance leases as of the period presented was as follows (table in millions):
(1) ROU assets for operating leases are included in other assets and ROU assets for finance leases are included in property and equipment, net on the consolidated balance sheets
(2) Current lease liabilities are included primarily in accrued expenses and other on the consolidated balance sheets. An immaterial amount is presented in due from related parties, net on the consolidated balance sheets.
(3) Operating lease liabilities are presented as operating lease liabilities on the consolidated balance sheets. Finance lease liabilities are included in other liabilities on the consolidated balance sheets.
Table:
 | January 31, 2020 | 
 | Operating Leases | Finance Leases
ROU assets, non-current (1) | $886 | $58
Lease liabilities, current (2) | $109 | $4
Lease liabilities, non-current (3) | 746 | 55
Total lease liabilities | $855 | $59


Question: How many lease liabilities for operating leases exceeded $500 million?
Answer: 1
Calculation: Lease liabilities, non-current
The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.
The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
As of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.
Table:
 |  | YearEnded | 
 | June 30, 2019 | June 24, 2018 | June 25, 2017
Expected volatility | 32.65% | 34.07% | 27.48%
Risk-free interest rate | 2.52% | 2.35% | 1.55%
Expected term (years) | 2.92 | 2.92 | 2.92
Dividend yield | 2.49% | 1.05% | 1.50%


Question: What is the change in the risk-free interest rate from 2018 to 2019?
Answer: 0.17
Calculation: 2.52-2.35
Uncertain Tax Positions
As of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits.
The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows:
We settled a portion of the Internal Revenue Service (“IRS”) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months.
As of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months.
We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.
Table:
(In millions) |  |  | 
Year Ended June 30, | 2019 | 2018 | 2017
Beginning unrecognized tax benefits | $ 11,961 | $ 11,737 | $ 10,164
Decreases related to settlements | (316) | (193) | (4)
Increases for tax positions related to the current year | 2,106 | 1,445 | 1,277
Increases for tax positions related to prior years | 508 | 151 | 397
Decreases for tax positions related to prior years | (1,113) | (1,176) | (49)
Decreases due to lapsed statutes of limitations | 0 | (3) | (48)
Ending unrecognized tax benefits | $  13,146 | $  11,961 | $  11,737


Question: When does the company expect the IRS to begin an examination of tax years 2014 to 2017?
Answer: We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months.
Americas 2019 Exit Plan
During the first quarter of 2019, the Company initiated a restructuring plan to simplify and refine its operating model in the U.S. (the “Americas 2019 Exit Plan”), in part to improve agent attrition and absenteeism. The Americas 2019 Exit Plan included closing customer engagement centers, consolidating leased space in various locations in the U.S. and management reorganization. The Company finalized the actions as of September 30, 2019.
Americas 2018 Exit Plan
During the second quarter of 2018, the Company initiated a restructuring plan to manage and optimize capacity utilization, which included closing customer engagement centers and consolidating leased space in various locations in the U.S. and Canada (the “Americas 2018 Exit Plan”). The Company finalized the site closures under the Americas 2018 Exit Plan as of December 31, 2018, resulting in a reduction of 5,000 seats.
The Company’s actions under both the Americas 2018 and 2019 Exit Plans resulted in general and administrative cost savings and lower depreciation expense.
The cumulative costs incurred to date related to cash and non-cash expenditures resulting from the Americas 2018 and 2019 Exit Plans are outlined below as of December 31, 2019 (in thousands):
(1) Included in “General and administrative” costs in the accompanying Consolidated Statements of Operations.
(2) Included in “Direct salaries and related costs” in the accompanying Consolidated Statements of Operations.
The Company has paid a total of $12.3 million in cash through December 31, 2019, of which $10.4 million related to the Americas 2018 Exit Plan and $1.9 million related to the Americas 2019 Exit Plan.
Table:
 | Americas 2018 Exit Plan | Americas 2019 Exit Plan
Lease obligations and facility exit costs (1) | $7,073 | $—
Severance and related costs (2) | 3,426 | 191
Severance and related costs (1) | 1,037 | 2,155
Non-cash impairment charges | 5,875 | 1,582
Other non-cash charges | — | 244
 | $17,411 | $4,172


Question: In which year was Non-cash impairment charges larger?
Answer: 2018
Calculation: 5,875>1,582
Item 6. Selected Financial Data
The following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Table:
 |  |  | Years Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands, except per share amounts) |  | 
Net sales . | $3,063,117 | $2,244,044 | $2,941,324 | $2,904,563 | $4,112,650
Gross profit | 549,212 | 392,177 | 548,947 | 638,418 | 1,132,762
Operating (loss) income . | (161,785) | 40,113 | 177,851 | (568,151) | 730,159
Net (loss) income | (114,933) | 144,326 | (165,615) | (416,112) | 593,406
Net (loss) income per share: |  |  |  |  | 
Basic . | $(1.09) | $1.38 | $(1.59) | $(4.05) | $5.88
Diluted . | $(1.09) | $1.36 | $(1.59) | $(4.05) | $5.83
Cash dividends declared per common share. | $— | $— | $— | $— | $—
Net cash provided by (used in) operating |  |  |  |  | 
activities | $174,201 | $(326,809) | $1,340,677 | $206,753 | $(325,209)
Net cash (used in) provided by investing |  |  |  |  | 
activities | (362,298) | (682,714) | (626,802) | 144,520 | (156,177)
Net cash provided by (used in) financing |  |  |  |  | 
activities | 74,943 | 255,228 | 192,045 | (136,393) | 101,207
 |  |  | December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands) |  | 
Cash and cash equivalents . | $1,352,741 | $1,403,562 | $2,268,534 | $1,347,155 | $1,126,826
Marketable securities . | 811,506 | 1,143,704 | 720,379 | 607,991 | 703,454
Total assets . | 7,515,689 | 7,121,362 | 6,864,501 | 6,824,368 | 7,360,392
Total long-term debt | 471,697 | 466,791 | 393,540 | 188,388 | 289,415
Total liabilities | 2,418,922 | 1,908,959 | 1,765,804 | 1,606,019 | 1,741,996
Total stockholders’ equity . | 5,096,767 | 5,212,403 | 5,098,697 | 5,218,349 | 5,618,396


Question: What was the net cash provided by (used in) operating activities in 2018 and 2019 respectively?
Answer: $(326,809), $174,201