hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors.
(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.
(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (“ASU”) 2016-02, Leases (codified as “ASC 842”) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements.
(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as “ASC 606”), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.
(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (“BHMI”) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements.
(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.
Table:
 |  |  | Years Ended December 31, |  | 
 | 2019 (1)(2) | 2018 (3) | 2017 (4) | 2016 (5) | 2015
Income Statement Data: |  |  |  |  | 
Total revenues | $ 1,258,294 | $ 1,009,780 | $ 1,024,191 | $ 1,005,701 | $ 1,045,977
Net income | 67,062 | 68,921 | 5,135 | 129,535 | 85,436
Earnings per share: |  |  |  |  | 
Basic | $ 0.58 | $ 0.59 | $ 0.04 | $ 1.10 | $ 0.73
Diluted | $ 0.57 | $ 0.59 | $ 0.04 | $ 1.09 | $ 0.72
Weighted average common shares outstanding: |  |  |  |  | 
Basic | 116,175 | 116,057 | 118,059 | 117,533 | 117,465
Diluted | 118,571 | 117,632 | 119,444 | 118,847 | 118,919


Question: What was the total revenues in 2019?
Answer: $ 1,258,294
4. Segmental information
IFRS 8 ‘Operating segments’ requires the Group to determine its operating segments based on information which is provided internally. Based on the internal reporting information and management structures within the Group, it has been determined that there is only one operating segment, being the Group, as the information reported includes operating results at a consolidated Group level only. This reflects the nature of the business, where the major cost is to support the IT platforms upon which all of the Group’s customers are serviced. These costs are borne centrally and are not attributable to any specific customer type or revenue stream. There is also considered to be only one reporting segment, which is the Group, the results of which are shown in the Consolidated income statement.
Management has determined that there is one operating and reporting segment based on the reports reviewed by the Operational Leadership Team (‘OLT’) which is the chief operating decision-maker (‘CODM’). The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic decision-making of the Group.
The OLT primarily uses the statutory measures of Revenue and Operating profit to assess the performance of the one operating segment. To assist in the analysis of the Group’s revenue-generating trends, the OLT reviews revenue at a disaggregated level as detailed within note 5. The revenue from external parties reported to the OLT is measured in a manner consistent with that in the income statement.
A reconciliation of the one segment’s Operating profit to Profit before tax is shown below.
Following the application of IFRS 16, profit before tax for the year ended 31 March 2018 has been restated (note 2).
Table:
 | 2019 | (Restated) 2018
 | £m | £m
Total segment Revenue | 355.1 | 330.1
Total segment Operating profit | 243.7 | 221.3
Finance costs – net | (10.2) | (10.6)
Profit on the sale of subsidiary | 8.7 | –
Profit before tax | 242.2 | 210.7


Question: What was the change in Total segment Operating profit in 2019 from 2018?
Answer: 22.4
Calculation: 243.7-221.3
NOTE 8—OTHER ASSETS
Deposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements.
Deferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 "Revenues").
Capitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 "Revenues").
Investments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 — $6.0 million and $6.0 million, respectively).
Long-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.
Table:
 | As of June 30, 2019 | As of June 30, 2018
Deposits and restricted cash | $13,671 | $9,479
Deferred implementation costs | — | 13,740
Capitalized costs to obtain a contract | 35,593 | 13,027
Investments | 67,002 | 49,635
Long-term prepaid expenses and other long-term assets | 32,711 | 25,386
Total | $148,977 | $111,267


Question: What are the Fiscal years included in the table?
Answer: 2019, 2018
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following:
Of the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively.
As of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Deferred tax assets |  | 
Stock based compensation | $1,757 | $1,337
Net operating loss and tax credit carryforwards | 86,879 | 38,622
Interest expense limitation | 7,620 | —
Pension obligation | 13,473 | 3,302
Excess and obsolete inventory | 3,217 | 2,161
Deferred revenue | 3,305 | 6,903
Employee bonuses and commissions | 2,537 | 1,874
Depreciation and amortization | 29,015 | 29,525
Operating lease liabilities | 23,451 | —
Other | 9,685 | 9,961
Deferred tax assets | 180,939 | 93,685
Less: Valuation allowance | (76,206) | (30,924)
Net deferred tax assets | 104,733 | 62,761
Deferred tax liabilities |  | 
Depreciation and amortization | 41,549 | 17,723
Unremitted earnings | 4,740 | 3,529
Operating lease right-of-use assets | 22,774 | —
Other | 2,966 | 1,267
Deferred tax liabilities | 72,029 | 22,519
Net deferred tax assets | $32,704 | $40,242


Question: How much was reflected as a long-term liability in 2018?
Answer: $7.0 million
Comparison of Fiscal Year Ended September 27, 2019 to Fiscal Year Ended September 28, 2018
Revenue. In fiscal year 2019, our revenue decreased by $70.7 million, or 12.4%, to $499.7 million from $570.4 million for fiscal year 2018. Revenue from our primary markets, the percentage of change between the years and revenue by primary markets expressed as a percentage of total revenue were (in thousands, except percentages):
In fiscal year 2019, our Telecom market revenue decreased by $42.0 million, or 18.8%, compared to fiscal year 2018. The decrease was primarily due to the full year effect of our May 2018 sale of the Japan-based long-range optical subassembly business (the "LR4 Business"), lower sales of carrier-based optical semiconductor products to our Asia customer base, as well as lower sales of products targeting fiber to the home applications.
In fiscal year 2019, our Data Center market revenue decreased by $48.0 million, or 29.6%, compared to fiscal year 2018. The decrease was primarily due to lower revenue related to sales of legacy optical products and lasers, partially offset by the recognition of $7.0 million of licensing revenue during the fiscal year ended September 27, 2019.
In fiscal year 2019, our I&D market revenues increased by $19.3 million, or 10.4%, compared to fiscal year 2018. The increase was related to higher revenue from sales across the product portfolio.
Table:
 | Fiscal Years |  | 
 | 2019 | 2018 | % Change
Telecom | $180,938 | $ 222,940 | (18.8)%
Data Center | 114,132 | 162,098 | (29.6)%
Industrial & Defense | 204,638 | 185,360 | 10.4 %
Total | $499,708 | $ 570,398 | (12.4)%
Telecom | 36.2% | 39.1% | 
Data Center | 22.8% | 28.4% | 
Industrial & Defense | 41.0% | 32.5% | 
 Total | 100.0% | 100.0% | 


Question: What is the average Telecom for fiscal year 2018 and 2019?
Answer: 201939
Calculation: (180,938+222,940) / 2
(23) Dividends
Our Board of Directors declared the following dividends payable in 2019 and 2018:
The declaration of dividends is solely at the discretion of our Board of Directors, which may change or terminate our dividend practice at any time for any reason without prior notice. On February 27, 2020, our Board of Directors declared a quarterly cash dividend of $0.25 per share.
Table:
Date Declared | Record Date | Dividend per Share | Total Amount | Payment Date
 |  |  | (in millions) | 
November 21, 2019 | 12/2/2019 | $0.250 | $273 | 12/13/2019
August 22, 2019 | 9/2/2019 | 0.250 | 273 | 9/13/2019
May 23, 2019 | 6/3/2019 | 0.250 | 274 | 6/14/2019
March 1, 2019 | 3/12/2019 | 0.250 | 273 | 3/22/2019
November 14, 2018 | 11/26/2018 | 0.540 | 586 | 12/7/2018
August 21, 2018 | 8/31/2018 | 0.540 | 584 | 9/14/2018
May 23, 2018 | 6/4/2018 | 0.540 | 588 | 6/15/2018
February 21, 2018 | 3/5/2018 | 0.540 | 586 | 3/16/2018


Question: What were the dates where the Board of Directors declared the dividends payable in the table?
Answer: November 21, 2019, August 22, 2019, May 23, 2019, March 1, 2019, November 14, 2018, August 21, 2018, May 23, 2018, February 21, 2018
16. SHARE-BASED PAYMENTS continued
c. Employee Share Option Plan
The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011.The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011. Under the Option Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Option Plan awards are delivered in the form of options over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each option is to subscribe for one ordinary share when the option is exercised and, when issued, the shares will rank equally with other shares.
Unless the terms on which an option was offered specified otherwise, an option may be exercised at any time after the vesting date on satisfaction of the relevant performance criteria.
Options issued under the Employee Share Option Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).
There were no new options issued under the Option Plan during the 30 June 2019 and 30 June 2018 financial years, as the Option Plan was replaced with the Rights Plan as described in Note 16(b).
Movement of options during the year ended 30 June 2019:
1. The original expiry date for this tranche of options was 2 July 2018. However, due to extraordinary circumstances, the remaining 75,000 options could not be exercised during the prior financial year. Therefore, the Board had exercised its discretion during the year to extend the expiry date for the remaining options to 30 September 2018.
2. Options associated with an EPS hurdle are not expected to vest on 31 August 2019 as the minimum performance target will not be met. Options associated with a TSR hurdle will vest on 31 August 2019 in accordance with accounting standards. However, because the minimum target was not met, these options will be restricted and unexercisable. Refer to Section 3b) of the audited Remuneration Report for further details.
Table:
Grant Date | Vesting Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year
2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 75,000 | (75,000) | -
2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 470,000 | (205,000) | 265,000
2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | (75,000) | 925,000
22 Dec 2016 | 31 Aug 2019 2 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730
Total |  |  |  | 2,868,730 | (355,000) | 2,513,730
Weighted average exercise price |  |  |  |  | $1.51 | $3.01


Question: What was the total weighted exercise cost for all options that were exercised or lapsed?
Answer: 536050
Calculation: 355,000 * $1.51
Note 19—Earnings Per Share ("EPS")
Basic EPS is computed by dividing net income attributable to Leidos common stockholders by the basic weighted average number of shares outstanding. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted EPS by application of the treasury stock method, only in periods in which such effect would have been dilutive for the period.
The Company issues unvested stock awards that have forfeitable rights to dividends or dividend equivalents. These stock awards are dilutive common share equivalents subject to the treasury stock method.
The weighted average number of shares used to compute basic and diluted EPS attributable to Leidos stockholders were:
Anti-dilutive stock-based awards are excluded from the weighted average number of shares outstanding used to compute diluted EPS. For fiscal 2019 and 2017, there were no significant anti-diluted equity awards. For fiscal 2018, there was 1 million of outstanding stock options and vesting stock awards that were anti-dilutive.
Table:
 |  | Year Ended | 
 | January 3, 2020 | December 28, 2018 | December 29, 2017
 |  | (in millions) | 
Basic weighted average number of shares outstanding | 143 | 151 | 152
Dilutive common share equivalents—stock options and other stock awards | 2 | 2 | 2
Diluted weighted average number of shares outstanding | 145 | 153 | 154


Question: In which year was Diluted weighted average number of shares outstanding less than 150 million?
Answer: 2020
Calculation: locate and analyze Diluted weighted average number of shares outstanding in row 6
2019 Compared to 2018
Net Sales. Net sales increased 9%, or $651 million, in 2019 compared to 2018. Net sales of products (hardware and software) increased 8% and net sales of services increased 20% in 2019 compared to 2018. Our net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):
Table:
 | 2019 | 2018 | %Change
NorthAmerica | $6,024,305 | $5,362,981 | 12%
EMEA | 1,526,644 | 1,530,241 | —
APAC | 180,241 | 186,914 | (4%)
Consolidated | $7,731,190 | $7,080,136 | 9%


Question: What is the change in Net Sales of EMEA between 2018 and 2019?
Answer: -3597
Calculation: 1,526,644-1,530,241
The following table presents summary results for each of our three businesses for each of fiscal 2019 , 2018 and 2017 :
(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and the table below for a reconciliation of our total operating segment revenues to our total consolidated revenues as reported in our consolidated statements of operations
(2) The margins reported reflect only the direct controllable costs of each line of business and do not include allocations of product development, general and administrative and certain other allocable expenses, net. Additionally, the margins reported above do not reflect amortization of intangible assets, acquisition related and other expenses, restructuring expenses, stock-based compensation, interest expense or non-operating income, net. refer to the table below for a reconciliation of our total margin for operating segments to our income before provision for income taxes as reported per our consolidated statements of operations.
Table:
Year Ended May 31, |  |  | 
(in millions) | 2019 | 2018 | 2017
Cloud and license: |  |  | 
revenues (1) | $32,582 | $32,041 | $30,452
Cloud services and license support expenses | 3,597 | 3,441 | 2,881
Sales and marketing expenses | 7,398 | 7,213 | 6,770
Margin (2) | $21,587 | $21,387 | $20,801
Hardware: |  |  | 
revenues | $3,704 | $3,994 | $4,152
Hardware products and support expenses | 1,327 | 1,547 | 1,618
Sales and marketing expenses | 520 | 643 | 825
Margin (2) | $1,857 | $1,804 | $1,709
Services: |  |  | 
revenues | $3,240 | $3,395 | $3,359
Services expenses | 2,703 | 2,729 | 2,661
Margin (2) | $537 | $666 | $698
Totals: |  |  | 
revenues (1) | $39,526 | $39,430 | $37,963
Expenses | 15,545 | 15,573 | 14,755
Margin (2) | $23,981 | $23,857 | $23,208


Question: Do the margins reported reflect amortization of intangible assets?
Answer: Additionally, the margins reported above do not reflect amortization of intangible assets
Interest in associates
*Included within share of profit from associates is $1,917,000 representing NSR’s share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).
The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade selfstorage centres in select cities around Australia.
During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).
As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.
Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.
As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.
The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking.
Table:
 | 2019 | 2018
 | $'000 | $'000
Opening balance at 1 July | 10,693 | 8,611
Capital contribution / acquisition of shareholding in associates | - | 2,048
Share of profit from associates* | 1,695 | 1,282
Distributions from associate | - | (1,248)
Closing balance at 30 June | 12,388 | 10,693


Question: In which year was the Closing balance at 30 June less than 11,000 thousands?
Answer: 2018
Calculation: locate and analyze closing balance at 30 June in row 7
The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands):
The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.
Table:
 | 2019 | 2018 | 2017
Balance at beginning of fiscal year  | $5,841 | $3,115 | $2,799
Gross increases for tax positions of prior years | 62 | 21 | 184
Gross increases for tax positions of the current year | 39 | 2,893 | 163
Gross decreases for tax positions of prior years  | (3,672) | (188) | (31)
Balance at end of fiscal year | 2,270 | 5,841 | 3,115


Question: Which years does the table provide information for the beginning and ending amounts of unrecognized income tax benefits?
Answer: 2019, 2018, 2017