next-tat/TAT-QA huggingface dataset:
2015 Grant
2016 Grant
2017 Grant
2018 Grant
2019 Grant
Grant date
1st October
1st October
1st October
1st October
1st October
Exercise price
2,797.0p
4,477.3p
5,496.7p
7,240.0p
7,835.0p
Number of employees
1,038
1,040
1,229
1,294
1,318
Shares under scheme
34,449
22,173
22,411
16,687
16,820
Vesting period
3 years
3 years
3 years
3 years
3 years
Expected volatility
21%
21%
21%
19%
21%
Risk free interest rate
0.4%
0.1%
0.4%
0.8%
0.5%
Expected dividend yield
2.5%
2.5%
2.3%
2.0%
1.8%
Fair value
2,931.3p
4,696.7p
5,799.0p
7,623.7p
8,305.1p

text: Employee Share Ownership Plan
text: UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.
text: Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.
text: The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.

Questions:
question: What is the aim of the ESOP?
answer: to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions
question: When does the accumulation period for the 2019 ESOP end?
answer: September 2020
question: For which years of share issuance are the relevant disclosures in respect of the Employee Share Ownership Plans analysed?
answer: 2015
2016
2017
2018
2019
question: In which grant year was the risk free interest rate the highest?
answer: 2018
derivation: 0.8%>0.5%>0.4%>0.1%
question: What was the change in the number of employees in 2019 from 2018?
answer: 24
derivation: 1,318-1,294
question: What was the percentage change in the number of employees in 2019 from 2018?
answer: 1.85
derivation: (1,318-1,294)/1,294
scale: percent
Upon 2018 Expiration
December 31, 2017
Assumptions:
Risk-free interest rate
2.3% - 2.5%
1.5% - 2.0%
Expected life
1.8 - 2.2 Years
2.5 - 3 Years
Expected volatility
65% - 70%
50% - 60%
Dividends
0%
0%

text: DERIVATIVE LIABILITIES
text: In connection with the issuance of Series A-1 Preferred Stock in June 2017, the Company issued a warrant with variable consideration through September 2018. The Company determined that this instrument is an embedded derivative pursuant to ASC 815, “Derivatives and Hedging.” The accounting treatment of derivative financial instruments requires that the Company record the warrant, at its fair value as of the inception date of the agreement and at fair value as of each subsequent balance sheet date through the expiration of the variable consideration. Any change in fair value is recorded as a change in the fair value of derivative liabilities for each reporting period at each balance sheet date. The Company reassesses the classification at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. On September 19, 2018, upon expiration of the variable consideration, the warrant liability of $4.5 million was reclassified to equity.
text: The Monte Carlo Valuation model is used to estimate the fair value of the warrant. The model was developed for use in estimating the fair value of traded options or warrants. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the instrument granted.
text: The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company’s share price has fluctuated or is expected to fluctuate. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its warrant awards by using the contractual term.
text: The principal assumptions used in applying the model were as follows:

Questions:
question: What is the expected life upon 2018 expiration?
answer: 1.8 - 2.2 Years
question: What is the expected life as at December 31, 2017?
answer: 2.5 - 3 Years
question: What is the percentage dividends of the derivative liabilities?
answer: 0%
question: What is the average expected life upon 2018 expiration?
answer: 2
derivation: (1.8 + 2.2)/2 
question: What is the average expected life as at December 31, 2017?
answer: 2.75
derivation: (2.5 + 3)/2 
question: What is the average expected volatility of derivative liabilities due on December 31, 2017?
answer: 55
derivation: ( 50 + 60)/2 
scale: percent
September 30, 2019
October 1, 2018
Contract assets, current
$2,350
$169
Contract assets, non-current
581
507
Contract liabilities, current
5,612
4,281
Contract liabilities, non-current
736
485

text: Contract Balances
text: The following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):
text: Contract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.

Questions:
question: What are the balances of current contract assets and liabilities as of September 30, 2019, respectively?
answer: $2,350
5,612
scale: thousand
question: What do contract liabilities primarily relate to?
answer: advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided
question: How are contract balances being reported?
answer: in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period
question: What is the percentage change of total balances of contract assets, including current and non-current, from 2018 to 2019?
answer: 333.58
derivation: ((2,350+581)-(169+507))/(169+507) 
scale: percent
question: What is the total balance of contract assets and liabilities in 2019?
answer: 9279
derivation: 2,350+581+5,612+736 
scale: thousand
question: What is the ratio of contract liabilities to contract assets in 2018?
answer: 7.05
derivation: (4,281+485)/(169+507)
Authorized
Shares
Issued and Out-
standing Shares
Common Stock
Balance as of January 1, 2017  
180,000,000
101,969,666
1,020
Common Shares Issued in Follow-on Offering
-
40,000,000
400
Balance as of December 31, 2017  
180,000,000
141,969,666
1,420
Authorization of additional authorized shares  
180,000,000
-
-
Balance as of December 31, 2018  
360,000,000
141,969,666
1,420
At-the-Market Offering  
-
5,260,968
52
Balance as of December 31, 2019  
360,000,000
147,230,634
1,472

text: 14. SHAREHOLDERS’ EQUITY
text: Authorized, issued and outstanding common shares roll-forward is as follows:
text: In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.
text: In December 2018, the Annual General Meeting of the Company approved to increase the Company’s authorized share capital from $1.8 million to $3.6 million.
text: During 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.

Questions:
question: In December 2017, what was the increase in equity from the Company's underwritten public offering?
answer: $103.7 million
question: How many shares did the company issue in 2019 through the ATM program?
answer: 5,260,968 shares
question: What are the respective number of authorised shares as of December 31, 2018 and 2019?
answer: 360,000,000
360,000,000
question: What is the value of the number of shares issued by the company in 2017 as a percentage of its total issued and outstanding shares as at December 31, 2017?
answer: 28.18
derivation: 40,000,000/141,969,666 
scale: percent
question: What is the value of the number of issued shares in 2019 as a percentage of the company's total issued and outstanding shares as at December 31, 2019?
answer: 3.57
derivation: 5,260,968/147,230,634 
scale: percent
question: What is the average number of authorised shares as at December 31, 2018 and 2019?
answer: 360000000
derivation: (360,000,000 + 360,000,000)/2
USDm
2019
2018
2017
Borrowings
863.4
754.7
753.9
Loans receivables
-4.6
-
-
Cash and cash equivalents, including restricted cash
-72.5
-127.4
-134.2
Net interest-bearing debt
786.3
627.3
619.7

text: ALTERNATIVE PERFORMANCE MEASURES
text: Net interest-bearing debt:
text: Net interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:

Questions:
question: How is net interest-bearing debt defined?
answer: borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash
question: What does TORM believe net interest-bearing debt to be?
answer: a relevant measure which Management uses to measure the overall development of the use of financing, other than equity
question: What are the components used to calculate net interest-bearing debt in the table?
answer: Borrowings
Loans receivables
Cash and cash equivalents, including restricted cash
question: In which year was the amount of Borrowings the lowest?
answer: 2017
derivation: 753.9<754.7<863.4
question: What was the change in Net interest-bearing debt in 2019 from 2018?
answer: 159
derivation: 786.3-627.3
scale: million
question: What was the percentage change in Net interest-bearing debt in 2019 from 2018?
answer: 25.35
derivation: (786.3-627.3)/627.3
scale: percent
Years Ended September 30,
2019
2018
2017
United States
$  956.6
$  627.8
$  522.8
United Kingdom
218.2
240.7
219.4
Australia
163.5
166.7
175.6
Far East/Middle East
74.0
86.4
112.7
Other
84.2
81.3
77.2
Total sales
$1,496.5
$1,202.9
$1,107.7

text: Disaggregation of Total Net Sales: We disaggregate our sales from contracts with customers by end customer, contract type, deliverable type and revenue recognition method for each of our segments, as we believe these factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows.
text: Sales by Geographic Region (in millions):

Questions:
question: How does the company disaggregate its sales from contracts with customers?
answer: by end customer, contract type, deliverable type and revenue recognition method for each of our segments
question: What is the amount of total sales in 2017?
answer: $1,107.7
scale: million
question: What are the different geographic regions in the table?
answer: United States
United Kingdom
Australia
Far East/Middle East
Other
question: In which year was the amount of sales in Other the largest?
answer: 2019
derivation: 84.2>81.3>77.2
question: What is the change in the amount of Other in 2019 from 2018?
answer: 2.9
derivation: 84.2-81.3
scale: million
question: What is the percentage change in the amount of Other in 2019 from 2018?
answer: 3.57
derivation: (84.2-81.3)/81.3
scale: percent
Number of Shares
Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2018
651,045
$23.82
Granted
742,579
33.28
Vested
-259,634
24.16
Forfeited
-124,586
29.79
Nonvested as of December 31, 2019
1,009,404
$ 29.96

text: Restricted Share Units
text: During the year ended December 31, 2019, pursuant to the 2016 Incentive Plan, the Company granted restricted share unit awards (“RSUs”). RSUs generally have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. RSUs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. Under each arrangement, RSUs are issued without direct cost to the employee on the vesting date. The Company estimates the fair value of the RSUs based upon the market price of the Company’s stock at the date of grant. The Company recognizes compensation expense for RSUs on a straight-line basis over the requisite service period.
text: A summary of nonvested RSUs is as follows:
text: During the year ended December 31, 2019, a total of 259,634 RSUs vested. The Company withheld 57,802 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.
text: As of December 31, 2019, there was unrecognized compensation expense of $20.5 million related to RSUs, $15.0 million related to TSRs, $0.5 million related to LTIP performance shares, $0.3 million related to nonvested RSAs, and $0.2 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 1.9 years, 1.9 years, 0.1 years, 0.2 years, and 0.3 years, respectively.
text: The Company recorded stock-based compensation expense recognized under ASC 718 during the years ended December 31, 2019, 2018, and 2017, of $36.8 million, $20.4 million, and $13.7 million, respectively, with corresponding tax benefits of $5.9 million, $3.9 million, and $1.7 million, respectively. The Company recognizes compensation expense for stock option awards that vest with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation expense for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition.

Questions:
question: How many shares did the company withhold pay the employees’ portion of the minimum payroll withholding taxes in 2019? 
answer: 57,802
question: What was the number of granted shares in 2019?
answer: 742,579
question: What was the number of vested shares in 2019?
answer: 259,634
question: What was the percentage of vested RSUs that the company withheld to pay the employees’ portion of the minimum payroll withholding taxes in 2019?
answer: 22.26
derivation: 57,802/259,634
scale: percent
question: What was the change in nonvested RSUs between 2018 and 2019?
answer: 358359
derivation: 1,009,404-651,045
question: What was the percentage change in nonvested RSUs between 2018 and 2019?
answer: 55.04
derivation: (1,009,404-651,045)/651,045
scale: percent
December 31, 2019
Level 1
Level 2
Level 3
Total
Assets:
Money market funds
$107,708
$—
$—
$107,708
U.S. government agencies
—
77,364
—
77,364
Corporate debt securities
—
207,137
—
207,137
Total
$107,708
$284,501
$—
$392,209
Liabilities:
Contingent consideration
$—
$—
$1,889
$1,889
Derivative liabilities
—
748
—
748
Total
$—
$748
$1,889
$2,637
December 31, 2018
Level 1
Level 2
Level 3
Total
Assets:
Money market funds
$273,546
$—
$—
$273,546
U.S. government agencies
—
72,840
—
72,840
Corporate debt securities
—
228,953
—
228,953
Derivative assets
—
623
—
623
Total
$273,546
$302,416
$—
$575,962
Liabilities:
Derivative liabilities
$—
$549
$—
$549
Stock warrant liability
—
—
410
410
Total
$—
$549
$410
$959

text: Fair Value Measurement of Financial Assets and Liabilities
text: The carrying values of the Company’s accounts receivable and accounts payable, approximated their fair values due to the short period of time to maturity or repayment.
text: The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
text: The fair value of the Company’s Level 1 financial instruments is based on quoted market prices in active markets for identical instruments. The fair value of the Company’s Level 2 financial instruments is based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data.
text: In addition, Level 2 assets and liabilities include derivative financial instruments associated with hedging activity, which are further discussed in Note 4. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date using inputs such as spot rates, forward rates, and discount rates. There is not an active market for each hedge contract, but the inputs used to calculate the value of the instruments are tied to active markets.

Questions:
question: What is the fair value of the Company's Level 1 financial instruments based on?
answer: Quoted market prices in active markets for identical instruments
question: What inputs are used to remeasure derivative financial instruments at each reporting date?
answer: Spot rates, forward rates, and discount rates.
question: What is the total liabilities for all levels as of December 31, 2018?
answer: $959
scale: thousand
question: What is the difference in the total assets between Level 1 and Level 2 as of December 31, 2019?
answer: 176793
derivation: $284,501- $107,708
scale: thousand
question: What is the percentage constitution of money market funds among the total assets as of December 31, 2019?
answer: 27.46
derivation: 107,708/392,209
scale: percent
question: What is the average total liabilities for 2018 and 2019?
answer: 1798
derivation: (2,637+959)/2
scale: thousand
Fiscal Year Ended March 31,
2017
2018
2019
Net income
$125,785
$4,910
$271,813
Computation of Basic EPS:
Weighted Average Shares Outstanding used in Computing Basic EPS
167,506
168,262
168,713
Basic earnings per share
$0.75
$0.03
$1.61
Computation of Diluted EPS:
Weighted Average Shares Outstanding used in Computing Basic EPS
167,506
168,262
168,713
Effect of stock options
311
663
609
Weighted Average Shares Outstanding used in Computing Diluted EPS (1)
167,837
168,925
169,322
Diluted earnings per share
$0.75
$0.03
$1.61

text: 2. Earnings Per Share:
text: Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted
earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and
(b) the dilutive effect of potential common stock equivalents during the period. Stock options and unvested service-based RSU awards make up the common stock
equivalents and are computed using the treasury stock method.
text: The table below represents the basic and diluted earnings per share, calculated using the weighted average number of shares of common stock and potential
common stock equivalents outstanding for the years ended March 31, 2017, 2018, and 2019:
text: (1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 1,381 shares, 1,733
shares, and 4,375 shares for the fiscal years ended March 31, 2017, 2018, and 2019, respectively.

Questions:
question: What is the net income in the fiscal year ended March 31, 2017?
answer: $125,785
question: What is the net income in the fiscal year ended March 31, 2018?
answer: $4,910
question: What is the net income in the fiscal year ended March 31, 2019?
answer: $271,813
question: What is the total number of weighted average shares outstanding used in computing diluted EPS in 2017 and 2018?
answer: 336762
derivation: 167,837 + 168,925 
question: What is the percentage of common stock equivalents not included in the computation of diluted earnings as a percentage of the weighted average shares outstanding used in computing diluted EPS in 2019?
answer: 2.58
derivation: 4,375/169,322 
scale: percent
question: What is the sum of the weighted average shares outstanding used in computing diluted EPS and the common stock equivalents not included in 2018?
answer: 170658
derivation: 168,925 + 1,733
($ in millions)
For the year ended December 31:
2019
2018*
Yr.-to-Yr. Percent/ Margin Change
Global Business Services
External gross profit
$4,606
$4,448
3.5%
External gross profit margin
27.7%
26.8%
0.9 pts.
Pre-tax income
$1,666
$1,629
2.2%
Pre-tax margin
9.9%
9.6%
0.2 pts.

text: The GBS profit margin increased 0.9 points to 27.7 percent and pre-tax income of $1,666 million increased 2.2 percent year to year. The pre-tax margin of 9.9 percent increased slightly year to year. The year-to-year improvements in margins and pre-tax income were driven by the continued mix shift to higher-value offerings, the yield from delivery productivity improvements and a currency benefit from leveraging the global delivery resource model. We continued to invest in our services offerings and skills necessary to assist our clients on their cloud journey.
text: * Recast to reflect segment changes.

Questions:
question: What caused the decrease in the pre-tax income in 2019?
answer: The year-to-year improvements in margins and pre-tax income were driven by the continued mix shift to higher-value offerings, the yield from delivery productivity improvements and a currency benefit from leveraging the global delivery resource model.
question: What was the pre-tax margin of 2019?
answer: 9.9%
question: What was the External gross profit margin in 2019?
answer: 27.7%
question: What were the average External total gross profit?
answer: 4527
derivation: (4,606+4,448) / 2
scale: million
question: What was the increase / (decrease) in the Pre-tax income from 2018 to 2019?
answer: 37
derivation: 1,666 - 1,629
scale: million
question: What was the increase / (decrease) in the Pre-tax margin from 2018 to 2019?
answer: 0.3
derivation: 9.9% - 9.6%
scale: percent