hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Openreach has a UK-wide presence which is overlapped by our competitors in around half the country. This overlap is expected to grow as alternative network providers build-out new fibre footprint. Our volume discount deal, signed with the majority of our major communications provider customers, has led to another record quarter for fibre sales. We are also rapidly expanding our fibre-to-the-premises network to provide the next generation of services for our customers. We have experienced strong demand from businesses for Ethernet circuits for the second consecutive quarter.
Adjusteda revenue decline of 4% for the year was driven by regulated price reductions predominantly on FTTC and Ethernet products, non-regulated price reductions (mainly driven by communications providers signing up for fibre volume discounts), a small decline in our physical line base and a reclassification of costs to revenue. This was partly offset by 25% growth in our fibre rental base, a 9% increase in our Ethernet rental base and the impact of adopting IFRS 15.
Adjusteda operating costs were broadly flat, with higher costs from recruiting and training engineers to support our ‘Fibre First’ programme and help improve customer experience, as well as pay inflation and business rates, offset by efficiency savings and a reclassification of costs to revenue. Adjusteda EBITDA was down 7% for the year.
Capital expenditure was £2.1bn, up 22%, driven by investment in our FTTP and Gfast network build and higher year-on-year BDUK net grant funding deferrals, partly offset by efficiency savings.
Normalised free cash flowb was down 38% due to the EBITDA decline, higher underlying capital expenditure (excluding BDUK grant funding deferrals) and timing of customer receipts.
a Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.
Table:
Openreachc |  |  |  | 
Adjusteda revenue £5,075m |  |  | Adjusteda operating profit £955m | 
 | 2019 (IFRS 15) | 2018 (IAS 18) | Change | 
Year to 31 March | £m | £m | £m | %
Adjusted a revenue | 5,075 | 5,278 | (203) | (4)
Adjusted a operating costs | 2,652 | 2,663 | (11) | –
Adjusted a EBITDA | 2,423 | 2,615 | (192) | (7)
Depreciation & amortisation | 1,468 | 1,401 | 67 | 5
Adjusted a operating profit | 955 | 1,214 | (259) | (21)
Capital expenditure | 2,081 | 1,699 | 382 | 22
Normalised free cash flowb | 685 | 1,100 | (415) | (38)


Question: What  was the EBITDA margin in 2019?
Answer: 0.48
Calculation: 2,423 / 5,075
Operating expenses
Sales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions.
Research and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense.
General and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense.
Amortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions.
Restructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.
Table:
Fiscal Year |  |  | Variance in | 
 | 2019 | 2018 | Dollars | Percent
(In millions, except for percentages) |  |  |  | 
Sales and marketing | $1,493 | $1,593 | $(100) | (6)%
Research and development | 913 | 956 | (43) | (4)%
General and administrative | 447 | 574 | (127) | (22)%
Amortization of intangible assets | 207 | 220 | (13) | (6)%
Restructuring, transition and other costs | 241 | 410 | (169) | (41)%
Total | $3,301 | $3,753 | $(452) | (12)%


Question: What is the total operating expense of fiscal years 2018 and 2019?
Answer: 7054
Calculation: 3,301+3,753
Note 6 Segments
The Company’s segment reporting structure consists of two reportable segments and a Corporate category as follows: • Food Care; and • Product Care.
The Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to or monitored by the reportable segments' management. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.
We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment. However, restructuring charges and goodwill are not included in the segment performance metric Adjusted EBITDA since they are categorized as certain specified items (“Special Items”), in addition to certain transaction and other charges and gains related to acquisitions and divestitures and certain other specific items excluded from the calculation of Adjusted EBITDA. The accounting policies of the reportable segments and Corporate are the same as those applied to the Consolidated Financial Statements.
The following tables show Net Sales and Adjusted EBITDA by reportable segment:
Table:
 |  | Year Ended December 31, | 
(In millions) | 2019 | 2018 | 2017
Net Sales |  |  | 
Food Care | $ 2,880.5 | $ 2,908.1 | $ 2,815.2
As a % of Total Company net sales | 60.1% | 61.4% | 63.1%
Product Care | 1,910.6 | 1,824.6 | 1,646.4
As a % of Total Company net sales | 39.9% | 38.6% | 36.9%
Total Company Net Sales | $ 4,791.1 | $ 4,732.7 | $ 4,461.6
 |  |  | 
 |  | Year Ended December 31, | 
(In millions) | 2019 | 2018 | 2017
Adjusted EBITDA from continuing operations |  |  | 
Food Care | $ 629.3 | $ 577.8 | $ 538.1
Adjusted EBITDA Margin | 21.8% | 19.9% | 19.1%
Product Care | 349.9 | 318.6 | 292.2
Adjusted EBITDA Margin | 18.3% | 17.5% | 17.7%
Corporate | (14.4) | (6.9) | 3.0
Total Company Adjusted EBITDA from continuing operations | $ 964.8 | $ 889.5 | $ 833.3
Adjusted EBITDA Margin | 20.1% | 18.8% | 18.7%


Question: What is the average EBITDA Margin for years 2017-2019 for the whole company?
Answer: 19.2
Calculation: (20.1+18.8+18.7)/3
Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets.
Table:
($ in millions) | Pension Benefits | Other Benefits
2020 | $83.0 | $14.7
2021 | $82.4 | $15.1
2022 | $82.6 | $15.1
2023 | $82.4 | $15.1
2024 | $81.8 | $15.1
2025-2029 | $395.5 | $73.1


Question: How are pension benefits currently paid?
Answer: currently paid from plan assets and other benefits are currently paid from corporate assets.
9. Debt
Silicon Valley Bank Facility
We maintained a Loan and Security Agreement with SVB (the "Credit Facility") under which we had a term loan with an original borrowing amount of $6.0 million (the “Original Term Loan”). The Original Term Loan carried a floating annual interest rate equal to SVB’s prime rate then in effect plus 2%. The Original Term Loan matured and was repaid in May 2019.
On October 10, 2019, we entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with SVB, which amended and restated in its entirety our previous Credit Facility. Under the Loan Agreement, SVB agreed to make advances available up to $10.0 million (the “Revolving Line”). If we borrow from the Revolving Line, such borrowing would carry a floating annual interest rate equal to the greater of (i) the Prime Rate (as defined in the Loan Agreement) then in effect plus 1% or (ii) 6%. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date (defined below), reborrowed. The Revolving Line terminates on October 10, 2020 (the “Revolving Line Maturity Date”), unless earlier terminated by us. No amounts have been borrowed under this Loan Agreement.
Amounts due under the Loan Agreement are secured by our assets, including all personal property, inventory and bank accounts; however, intellectual property is not secured under the Loan Agreement. The inventory used to secure the amount due does not include demo or loaner equipment with an aggregate book value up to $1.0 million. The Loan Agreement requires us to observe a number of financial and operational covenants, including maintenance of a specified Liquidity Coverage Ratio (as defined in the Loan Agreement), protection and registration of intellectual property rights and customary negative covenants. If any event of default occurs SVB may declare due immediately all borrowings under the Credit Facility and foreclose on the collateral. Furthermore, an event of default under the Credit Facility would result in an increase in the interest rate on any amounts outstanding. As of December 31, 2019, there were no events of default on the Credit Facility.
Interest expense, net for the years ended December 31, 2019 and 2018 consisted of the following:
Table:
 | Years ended December 31, | 
 | 2019 | 2018
Interest expense on Term Loans | $8,073 | $101,087
Amortization of debt issuance costs | 5,685 | 16,308
Other interest expense  | 2,120 | 6,949
Total interest expense, net | $15,878 | $124,344


Question: What is the average Interest expense on Term Loans for December 31, 2018 and 2019?
Answer: 54580
Calculation: (8,073+101,087) / 2
17 Inventories
The write-down of inventories recognised as an expense during the year in respect of continuing operations was £0.7m (2018: £3.5m). This comprises a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand.
The value of inventories expected to be recovered after more than 12 months is £13.4m (2018: £11.2m).
There is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security.
Table:
 | 2019 | 2018
 | £m | £m
Raw materials, consumables and components | 72.2 | 53.0
Work in progress | 25.5 | 25.7
Finished goods and goods for resale | 88.2 | 81.9
Total inventories | 185.9 | 160.6


Question: What did the write-down of inventories recognised as an expense during the year in respect of continuing operations comprise of?
Answer: a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand
Veradigm
Our Veradigm segment derives its revenue from the provision of data-driven clinical insights with actionable tools for clinical workflow, research, analytics and media. Its solutions, targeted at key healthcare stakeholders, help improve the quality, efficiency and value of healthcare delivery – from biopharma to health plans, healthcare providers and patients, and health technology partners, among others.
Year Ended December 31, 2019 Compared with the Year Ended December 31, 2018
Veradigm revenue increased during the year ended December 31, 2019 compared with the prior year comparable period due to an increase in organic sales. Gross profit and income from operations increased for during the year ended December 31, 2019 due to an increase in organic sales and cost reductions partially offset with headcount growth and hosting migration costs. The acquisition of Practice Fusion during the first quarter of 2018 also contributed to the increases.
Gross margin and operating margin decreased during the year ended December 31, 2019, compared with the prior year comparable period, primarily due to (i) an increase in hosting migration costs, (ii) costs associated with recent acquisitions, (iii) headcount growth and (iv) partially offset with other cost reductions.
Year Ended December 31, 2018 Compared with the Year Ended December 31, 2017
Veradigm revenue, gross profit, gross margin and income from operations increased during the year ended December 31, 2018 compared with the prior year comparable period primarily due to the acquisition of Practice Fusion during the first quarter of 2018. Operating margin decreased during 2018 primarily due to higher personnel costs related to incremental resources from the Practice Fusion acquisition and to support anticipated new hosting client golives.
Table:
 |  |  | Year Ended December 31, |  | 
(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017
Revenue | $161,216 | $140,326 | $69,879 | 14.9% | 100.8%
Gross profit | $104,896 | $100,708 | $43,817 | 4.2% | 129.8%
Gross margin % | 65.1% | 71.8% | 62.7% |  | 
Income from operations | $43,996 | $43,641 | $23,816 | 0.8% | 83.2%
Operating margin % | 27.3% | 31.1% | 34.1% |  | 


Question: What led to decrease in Gross margin and operating margin during the year ended December 31, 2019?
Answer: (i) an increase in hosting migration costs, (ii) costs associated with recent acquisitions, (iii) headcount growth and (iv) partially offset with other cost reductions.
Property and Equipment
Property and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in “Depreciation and amortization” in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial.
Property and equipment, at cost, consist of the following (in thousands):
Table:
 | December 31 | 
 | 2019 | 2018
Office equipment | $ 38,373 | $ 39,633
Furniture and fixtures | 5,017 | 4,610
Leasehold improvement | 23,534 | 19,430
Property and equipment, gross | 66,924 | 63,673
Less accumulated depreciation | (44,199 ) | (49,355 )
Property and equipment, net | $ 22,725 | $ 14,318


Question: How is the leasehold improvement depreciated?
Answer: over the lesser of their useful lives or the term of the lease
Equity Method We own 20.51%of GTE Mobilnet of Texas RSA #17 Limited Partnership (“RSA #17”), 16.67% of Pennsylvania RSA 6(I) Limited Partnership (“RSA 6(I)”) and 23.67% of Pennsylvania RSA 6(II) Limited Partnership (“RSA 6(II)”). RSA #17 provides cellular service to a limited rural area in Texas.
RSA 6(I) and RSA 6(II) provide cellular service in and around our Pennsylvania service territory. Because we have significant influence over the operating and financial policies of these three entities, we account for the investments using the equity method. In connection with the adoption of ASC 606 by our equity method partnerships, the value of our combined partnership interests increased $1.8 million, which is reflected in the cumulative effect adjustment to retained earnings during the year ended December 31, 2018.
In 2019, 2018 and 2017, we received cash distributions from these partnerships totaling $19.0 million, $21.8 million and $17.2 million, respectively. The carrying value of the investments exceeds the underlying equity in net assets of the partnerships by $32.8 million as of December 31, 2019 and 2018.
The combined results of operations and financial position of our three equity investments in the cellular limited partnerships are summarized below:
Table:
(In thousands) | 2019 | 2018 | 2017
Total revenues | $ 349,640 | $ 346,251 | $ 350,611
Income from operations | 100,182 | 100,571 | 104,973
Net income before taxes | 99,146 | 99,408 | 103,497
Net income | 99,146 | 99,408 | 103,497
Current assets | $ 80,655 | $ 75,040 | $ 78,782
Non-current assets | 156,672 | 103,996 | 95,959
Current liabilities | 33,292 | 24,719 | 22,472
Non-current liabilities | 92,477 | 51,840 | 51,463
Partnership equity | 111,558 | 102,478 | 100,806


Question: What was the cash distribution received in 2019 from partnerships?
Answer: $19.0 million
3. VOYAGE REVENUES
Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:
*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.
Table:
All amounts in USD ‘000  | 2019 | 2018 | 2017
Spot charter revenues* | 283,007 | 259,978 | 257,495
Time charter revenues   | 34,213 | 29,038 | 39,646
Total Voyage Revenues   | 317,220 | 289,016 | 297,141


Question: What are the respective time charter revenues in 2018 and 2019?
Answer: 29,038, 34,213
Subscription Revenue by Segment
Our subscription revenue is comprised primarily of fees we charge for our subscription and hosted service offerings including Creative Cloud and certain of our Digital Experience and Document Cloud services. We recognize subscription revenue ratably over the term of agreements with our customers, beginning with commencement of service.
We have the following reportable segments: Digital Media, Digital Experience and Publishing. Subscription revenue by reportable segment for fiscal 2019, 2018 and 2017 is as follows:
(*) Percentage is less than 1%
Our product revenue is primarily comprised of revenue from distinct on-premise software licenses recognized at a point in time and certain of our OEM and royalty agreements. Our services and support revenue is comprised of consulting, training and maintenance and support, primarily related to the licensing of our enterprise offerings and the sale of our hosted Digital Experience services. Our support revenue also includes technical support and developer support to partners and developer organizations related to our desktop products. Our maintenance and support offerings, which entitle customers to receive desktop product upgrades and enhancements or technical support, depending on the offering, are generally recognized ratably over the term of the arrangement.
Table:
(dollars in millions) | 2019 | 2018 | 2017 | % Change 2019 - 2018
Digital Media | $7,208.3 | $5,857.7 | $4,480.8 | 23%
Digital Experience | 2,670.7 | 1,949.3 | 1,552.5 | 37%
Publishing | 115.5 | 115.2 | 100.6 | *
Total subscription revenue | $9,994.5 | $7,922.2 | $6,133.9 | 26%


Question: What is the sum of digital media and digital experience revenue in 2017?
Answer: 6033.3
Calculation: $4,480.8+$1,552.5
2019 vs 2018
SMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our
network storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA.
Contribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns.
2018 vs 2017
SMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue.
Contribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | % Change | 2018 | % Change | 2017
 |  |  | (in thousands, except percentage data) |  | 
Net revenue | $287,372 | (0.1)% | $287,756 | 6.2% | $270,908
Percentage of net revenue | 28.8% |  | 27.2% |  | 26.1%
Contribution income | $67,282 | (4.1)% | $70,142 | 9.8% | $63,865
Contribution margin | 23.4% |  | 24.4% |  | 23.6%


Question: What accounts for the decrease in contribution income in 2019?
Answer: Lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue.
Expected realisation of remaining performance obligations at year end
The Company applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
For contracts that exceed one year, deferred income that relates to unsatisfied or partially satisfied performance obligations at year end is expected to be recognised as revenue in the future as follows:
The above information represents the revenue the Company will recognise when it satisfies the remaining performance obligations in the contracts. The amounts presented do not include orders for which neither party has performed.
Revenue from the sale of hardware and software generally arises from contracts less than one year in length. Consequently, the above amounts predominantly relate to the sale of maintenance and support services.
Virtually all of the revenue will be recognised within three years.
The Company provides standard warranties on its products and services. The nature of these warranties is considered to provide customers with assurance that the related product or service will function as intended in accordance with the agreed specification, and does not contain or imply any additional service obligation to the customer. Warranty obligations are estimated and recognised as liabilities based on the probable outflow of resources.
Table:
 | 2019 | 2018
 | £ million | £ million
Within one year | 1.0 | 1.2
Greater than one year | 0.8 | 0.9
 | 1.8 | 2.1


Question: What was the percentage change in the amount within one year?
Answer: -16.67
Calculation: (1.0-1.2)/1.2