hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
EBITDA: TORM defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortization and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to “interest” for purposes of presenting EBITDA. Financial expenses consist of interest on borrowings, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions.
EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements. TORM believes that EBITDA assists Management and investors by increasing comparability of the Company's performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure and which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives.
EBITDA excludes some, but not all, items that affect profit/(loss), and these measures may vary among other companies and not be directly comparable. The following table reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for the periods presented:
Table:
USDm | 2019 | 2018 | 2017
Reconciliation to net profit/(loss) |  |  | 
Net profit/(loss) for the year | 166.0 | -34.8 | 2.4
Tax | 0.8 | 1.6 | 0.8
Financial expenses | 41.9 | 39.3 | 40.6
Financial income | -2.8 | -3.3 | -4.3
Depreciation | 110.1 | 114.5 | 114.5
Impairment (reversal)/losses on tangible assets | -114.0 | 3.2 | 3.6
EBITDA | 202.0 | 120.5 | 157.6


Question: What purpose is the EBITDA used for by Management and external users of financial statements, such as lenders?
Answer: EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements.
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards")
As of August 29, 2019, there were 16 million shares of Restricted Stock Awards outstanding, 14 million of which contained only service conditions. For service-based Restricted Stock Awards, restrictions generally lapse in one-fourth or one-third increments during each year of employment after the grant date. Restrictions lapse on Restricted Stock granted in 2019 with performance or market conditions over a three-year period if conditions are met. At the end of the performance period, the number of actual shares to be awarded will vary between 0% and 200% of target amounts, depending upon the achievement level. Restricted Stock Awards activity for 2019 is summarized as follows:
Table:
 | Number of Shares | Weighted-Average Grant Date Fair Value Per Share
Outstanding as of August 30, 2018 | 15 | $25.18
Granted | 9 | 41.11
Restrictions lapsed | (6) | 24.22
Canceled | (2) | 24.79
Outstanding as of August 29, 2019 | 16 | 34.72


Question: What is the Weighted-Average Grant Date Fair Value Per Share for Granted stocks?
Answer: 41.11
Revenue Disaggregation
Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements ("EBAs"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations.
Information regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows:
(1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.
Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date.
As of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter.
We expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations
Table:
 |  | Fiscal Year ended January 31, | 
 | 2019 | 2018 | 2017
Net revenue by product family (1): |  |  | 
Architecture, Engineering and Construction | $1,021.6 | $787.5 | $810.4
Manufacturing | 616.2 | 528.8 | 575.2
AutoCAD and AutoCAD LT | 731.8 | 561.4 | 472.7
Media and Entertainment | 182 | 152.1 | 138.8
Other | 18.2 | 26.8 | 33.9
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0
Net revenue by geographic area: |  |  | 
Americas |  |  | 
U.S. | $874.6 | $740.4 | $742.1
Other Americas | 175.3 | 130.7 | 129.8
Total Americas | 1,049.9 | 871.1 | 871.9
Europe, Middle East and Africa | 1,034.3 | 815.4 | 800.4
Asia Pacific | 485.6 | 370.1 | 358.7
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0
Net revenue by sales channel: |  |  | 
Indirect | $1,830.8 | $1,443.8 | $1,468.9
Direct | 739.0 | 612.8 | 562.1
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0


Question: What percentage of total net revenue in 2019 came from the US?
Answer: 34.03
Calculation: 874.6/2,569.8
Note 23 Other (Expense) Income, net
The following table provides details of other (expense) income, net:
(1) Cryovac Brasil Ltda., a Sealed Air subsidiary, received a final decision from the Brazilian court regarding a claim in which Sealed Air contended that certain indirect taxes paid were calculated on an incorrect amount. As a result, for the year ended December 31, 2019, we recorded income of $4.8 million to Other, net for a claim of overpaid taxes related to 2015 through 2018.
Table:
 |  | Year Ended December 31, | 
(In millions) | 2019 | 2018 | 2017
Net foreign exchange transaction loss | $ (7.7) | $ (16.7) | $ (5.9)
Bank fee expense | (5.0) | (4.4 ) | (5.8)
Pension income other than service costs | 1.0 | 3.9 | 16.7
Loss on debt redemption and refinancing activities | (16.1) | (1.9 ) | —
Other, net(1) | 8.3 | 1.0 | 1.2
Other (expense) income, net | $ (19.5) | $ (18.1) | $ 6.2


Question: What is the average annual Other expense, net for the 3 years?
Answer: 10.47
Calculation: (19.5+18.1-6.2)/3
Gross Profit. Gross profit increased 15%, or $144.4 million, in 2019 compared to 2018, with gross margin increasing approximately 70 basis points to 14.7% of net sales. Our gross profit and gross profit as a percent of net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):
North America’s gross profit in 2019 increased 19% compared to 2018, and as a percentage of net sales, gross margin increased by approximately 80 basis points year over year. The year over year net increase in gross margin was primarily attributable to the following:
• A net increase in product margin, which includes partner funding and freight, of 30 basis points year over year. This increase was due primarily to improvements in hardware and software product margin partially as a result of improvements in core business margins on product net sales and also as a result of PCM.
• Services margin improvement year over year of 50 basis points was generated from increased vendor funding, cloud solution offerings and referral fees. In addition, there was a 21 basis point improvement in margins from Insight delivered services.
EMEA’s gross profit in 2019 increased 3% (increased 8% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018. As a percentage of net sales, gross margin increased by approximately 40 basis points year over year.
APAC’s gross profit in 2019 increased 1% (increased 6% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018, with gross margin increasing to 22.1% in 2019 from 21.2% in 2018. The improvement in gross margin for both EMEA and APAC in 2019 compared to 2018 was due primarily to changes in sales mix to higher margin products and services.
Table:
 | 2019 | % of Net
Sales | 2018 | % of Net Sales
NorthAmerica | $ 871,114 | 14.5% | $732,695 | 13.7%
EMEA | $227,083 | 14.9% | $221,467 | 14.5%
APAC | $39,901 | 22.1% | $39,556 | 21.2%
Consolidated | $1,138,098 | 14.7% | $993,718 | 14.0%


Question: How much did Gross profit increased in 2019 compared to 2018?
Answer: $144.4 million
Hardware
Hardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below.
The majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.
Table:
 |  |  |  | Year Ended December 31, | 
 |  |  |  | % Change vs.Prior Year | 
2019 | 2019 | 2018 | 2017 | 2019 | 2018
Hardware Revenue (Pre ASC 606 Adoption) | $44,972 | $49,914 | $43,190 | -10% | 16%
Cost of hardware | -32,455 | -35,947 | - 32,205 | -10% | 12%
Hardware Revenue, net (Post ASC 606 Adoption) | $12,517 | $13,967 | $ 10,985 | -10% | 27%


Question: What is the change in hardware revenue (Pre ASC 606 Adoption) in 2019 and 2018?
Answer: -4942
Calculation: $44,972-$49,914
Foreign Currency Exchange Risk
Our foreign exchange forward contracts outstanding at fiscal year-end are summarized in U.S. dollar equivalents as follows (in millions):
At July 27, 2019 and July 28, 2018, we had no option contracts outstanding.
We conduct business globally in numerous currencies. The direct effect of foreign currency fluctuations on revenue has not been material because our revenue is primarily denominated in U.S. dollars. However, if the U.S. dollar strengthens relative to other currencies, such strengthening could have an indirect effect on our revenue to the extent it raises the cost of our products to non-U.S. customers and thereby reduces demand. A weaker U.S. dollar could have the opposite effect. However, the precise indirect effect of currency fluctuations is difficult to measure or predict because our revenue is influenced by many factors in addition to the impact of such currency fluctuations
Approximately 70% of our operating expenses are U.S.-dollar denominated. In fiscal 2019, foreign currency fluctuations, net of hedging, decreased our combined R&D, sales and marketing, and G&A expenses by approximately $233 million, or 1.3%, as compared with fiscal 2018. In fiscal 2018, foreign currency fluctuations, net of hedging, increased our combined R&D, sales and marketing, and G&A expenses by approximately $93 million, or 0.5%, as compared with fiscal 2017. To reduce variability in operating expenses and service cost of sales caused by non-U.S.-dollar denominated operating expenses and costs, we may hedge certain forecasted foreign currency transactions with currency options and forward contracts. These hedging programs are not designed to provide foreign currency protection over long time horizons. In designing a specific hedging approach, we consider several factors, including offsetting exposures, significance of exposures, costs associated with entering into a particular hedge instrument, and potential effectiveness of the hedge. The gains and losses on foreign exchange contracts mitigate the effect of currency movements on our operating expenses and service cost of sales.
We also enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on receivables and payables that are denominated in currencies other than the functional currencies of the entities. The market risks associated with these foreign currency receivables, investments, and payables relate primarily to variances from our forecasted foreign currency transactions and balances. We do not enter into foreign exchange forward or option contracts for speculative purposes
Table:
 | July 27, 2019 |  | July 28, 2018 | 
 | Notional Amount | Fair Value | Notional Amount | Fair Value
Forward contracts: |  |  |  | 
Purchased | $2,239 | $14 | $1,850 | $(2)
Sold | $1,441 | $(14) | $845 | $2


Question: What was the percentage change in the notional amount of sold forward contracts between 2018 and 2019?
Answer: 70.53
Calculation: (1,441-845)/845
net unfunded credit commitments .

Table:
december 31 - in millions | 2007 | 2006
commercial | $ 39171 | $ 31009
consumer | 10875 | 10495
commercial real estate | 2734 | 2752
other | 567 | 579
total | $ 53347 | $ 44835
commitments to extend credit represent arrangements to lend funds subject to specified contractual conditions .
at december 31 , 2007 , commercial commitments are reported net of $ 8.9 billion of participations , assignments and syndications , primarily to financial services companies .
the comparable amount at december 31 , 2006 was $ 8.3 billion .
commitments generally have fixed expiration dates , may require payment of a fee , and contain termination clauses in the event the customer 2019s credit quality deteriorates .
based on our historical experience , most commitments expire unfunded , and therefore cash requirements are substantially less than the total commitment .
consumer home equity lines of credit accounted for 80% ( 80 % ) of consumer unfunded credit commitments .
unfunded credit commitments related to market street totaled $ 8.8 billion at december 31 , 2007 and $ 5.6 billion at december 31 , 2006 and are included in the preceding table primarily within the 201ccommercial 201d and 201cconsumer 201d categories .
note 24 commitments and guarantees includes information regarding standby letters of credit and bankers 2019 acceptances .
at december 31 , 2007 , the largest industry concentration was for general medical and surgical hospitals , which accounted for approximately 5% ( 5 % ) of the total letters of credit and bankers 2019 acceptances .
at december 31 , 2007 , we pledged $ 1.6 billion of loans to the federal reserve bank ( 201cfrb 201d ) and $ 33.5 billion of loans to the federal home loan bank ( 201cfhlb 201d ) as collateral for the contingent ability to borrow , if necessary .
certain directors and executive officers of pnc and its subsidiaries , as well as certain affiliated companies of these directors and officers , were customers of and had loans with subsidiary banks in the ordinary course of business .
all such loans were on substantially the same terms , including interest rates and collateral , as those prevailing at the time for comparable transactions with other customers and did not involve more than a normal risk of collectibility or present other unfavorable features .
the aggregate principal amounts of these loans were $ 13 million at december 31 , 2007 and $ 18 million at december 31 , 2006 .
during 2007 , new loans of $ 48 million were funded and repayments totaled $ 53 million. .

Question: what was the change in commercial commitments net of participations , assignments and syndications , primarily to financial services companies in 2007 compared to 2006 in billions?
Answer: 0.6
Calculation: subtract(8.9, 8.3)
the grand gulf recovery variance is primarily due to increased recovery of higher costs resulting from the grand gulf uprate . the volume/weather variance is primarily due to the effects of more favorable weather on residential sales and an increase in industrial sales primarily due to growth in the refining segment . the fuel recovery variance is primarily due to : 2022 the deferral of increased capacity costs that will be recovered through fuel adjustment clauses ; 2022 the expiration of the evangeline gas contract on january 1 , 2013 ; and 2022 an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the puct issued in september 2012 . see note 2 to the financial statements for further discussion of this puct order issued in entergy texas's 2011 rate case . the miso deferral variance is primarily due to the deferral in april 2013 , as approved by the apsc , of costs incurred since march 2010 related to the transition and implementation of joining the miso rto . the decommissioning trusts variance is primarily due to lower regulatory credits resulting from higher realized income on decommissioning trust fund investments . there is no effect on net income as the credits are offset by interest and investment income . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2013 to 2012 . amount ( in millions ) .

Table:
 | amount ( in millions )
2012 net revenue | $ 1854
mark-to-market | -58 ( 58 )
nuclear volume | -24 ( 24 )
nuclear fuel expenses | -20 ( 20 )
nuclear realized price changes | 58
other | -8 ( 8 )
2013 net revenue | $ 1802
as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 52 million in 2013 primarily due to : 2022 the effect of rising forward power prices on electricity derivative instruments that are not designated as hedges , including additional financial power sales conducted in the fourth quarter 2013 to offset the planned exercise of in-the-money protective call options and to lock in margins .
these additional sales did not qualify for hedge accounting treatment , and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance .
it is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle .
see note 16 to the financial statements for discussion of derivative instruments ; 2022 the decrease in net revenue compared to prior year resulting from the exercise of resupply options provided for in purchase power agreements where entergy wholesale commodities may elect to supply power from another source when the plant is not running .
amounts related to the exercise of resupply options are included in the gwh billed in the table below ; and entergy corporation and subsidiaries management's financial discussion and analysis .

Question: what is the mark-to-market as a percentage of the decrease in net revenue from 2012 to 2013?
Answer: 112%
Calculation: subtract(1854, 1802), divide(58, #0)
Cubic Transportation Systems
Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017.
Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017.
Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.
Table:
 | Fiscal 2018 | Fiscal 2017 | % Change
 |  | (in millions) | 
Sales | $ 670.7 | $  578.6 | 16 %
Operating income | 60.4 | 39.8 | 52
Adjusted EBITDA | 73.3 | 48.8 | 50


Question: What is the percentage increase in CTS sales in 2018?
Answer: 16%