Source document: mimecast-limited_2019

Question: What was the net change in the other income (expense) in 2018?
Facts: $9.9 million
Answer: $9.9 million

Question: What caused the increase in interest income?
Facts: primarily due to interest on investments.
Answer: primarily due to interest on investments.

Question: What was the interest income in 2018 and 2017 respectively?
Facts: $1,310; $510
Answer: $1,310; $510 thousand

Question: What was the average interest income for 2017 and 2018?
Facts: 1,310; 510
Derivation: (1,310 + 510) / 2
Answer: 910 thousand

Question: What is the average Interest expense for 2017 and 2018?
Facts: 268; 598
Derivation: -(598 + 268) / 2
Answer: -433 thousand

Question: In which year was Interest income less than 1,000 thousands?
Facts: 2017
Derivation: locate and analyze Interest income in row 5
Answer: 2017

Question: What was the increase in interest income?
Facts: $1.2 million
Answer: $1.2 million

Question: What caused the interest expense to increase?
Facts: result of interest expense of $3.3 million associated with our long-term debt and our financing lease obligation of $2.0 million in connection with the construction of our Lexington, MA – U.S. headquarters
Answer: result of interest expense of $3.3 million associated with our long-term debt and our financing lease obligation of $2.0 million in connection with the construction of our Lexington, MA – U.S. headquarters

Question: What was the interest income in 2019 and 2018 respectively?
Facts: $ 1,310; $ 2,515
Answer: $ 2,515; $ 1,310 thousand

Question: What was the average interest income for 2018 and 2019?
Facts: 1,310; 2,515
Derivation: (2,515 + 1,310) / 2
Answer: 1912.5 thousand

Question: What was the average interest expense for 2018 and 2019?
Facts: 5,940; 598
Derivation: -(5,940 + 598) / 2
Answer: -3269 thousand

Question: In which year was Total other income (expense), net less than -3,000 thousands?
Facts: 2018
Derivation: locate and analyze Total other income (expense), net in row 8
Answer: 2018

Question: How is the basic and diluted net loss per ordinary share calculated?
Facts: dividing net loss by the weighted-average number of ordinary shares outstanding during the period.
Answer: dividing net loss by the weighted-average number of ordinary shares outstanding during the period.

Question: What was the Unvested RSUs in 2019, 2018 and 2017 respectively?
Facts: 28; 33; 550
Answer: 550; 33; 28 thousand

Question: What was the Share options outstanding in 2019, 2018 and 2017 respectively?
Facts: 6,209; 6,230; 8,681
Answer: 6,209; 6,230; 8,681 thousand

Question: What was the change in Share options outstanding from 2018 to 2019?
Facts: 6,209; 6,230
Derivation: 6,209 - 6,230
Answer: -21 thousand

Question: What was the average Unvested RSUs between 2017-2019?
Facts: 28; 33; 550
Derivation: (550 + 33 + 28) / 3
Answer: 203.67 thousand

Question: In which year was Unvested RSUs less than 100 thousands?
Facts: 2017; 2018
Derivation: locate and analyze Unvested RSUs in row 4
Answer: 2018; 2017

Question: What is the Adjusted EBITDA in 2019?
Facts: $54,008
Answer: $54,008 thousand

Question: What is the Adjusted EBITDA in 2018?
Facts: $25,752
Answer: $25,752 thousand

Question: What was the Net (loss) income in 2019, 2018 and 2017 respectively?
Facts: (12,386); (5,441); (7,001)
Answer: (7,001); (12,386); (5,441) thousand

Question: What was the change in the Depreciation, amortization and disposals of long-lived assets from 2018 to 2019?
Facts: 19,141; 29,960
Derivation: 29,960 - 19,141
Answer: 10819 thousand

Question: What is the average Rent expense related to build-to-suit facilities between 2015-2019?
Facts: 0; 4,482; 785
Derivation: -(4,482 + 785 + 0 + 0 + 0) / 5
Answer: -1053.4 thousand

Question: In which year was Adjusted EBITDA less than 20,000 thousands?
Facts: 2015; 2016; 2017
Derivation: locate and analyze Adjusted EBITDA in row 17
Answer: 2017; 2016; 2015

Question: What was the increase in Research and development expense in 2018?
Facts: $15.8 million
Answer: $15.8 million

Question: What was the Sales and marketing expenses in 2018 and 2017 respectively?
Facts: 121,246; 96,154
Answer: 121,246; 96,154 thousand

Question: What was the Research and development expenses in 2018 and 2017 respectively?
Facts: $22,593; $38,373
Answer: $38,373; $22,593 thousand

Question: What was the average Research and development expenses in 2017 and 2018?
Facts: 22,593; 38,373
Derivation: (38,373 + 22,593) / 2
Answer: 30483 thousand

Question: What was the average Sales and marketing expenses in 2017 and 2018?
Facts: 121,246; 96,154
Derivation: (121,246 + 96,154) / 2
Answer: 108700 thousand

Question: In which year was General and administrative expenses less than 30,000 thousands?
Facts: 2017
Derivation: locate and analyze General and administrative in row 7
Answer: 2017

Question: What was the increase in the valuation allowance from 2018 to 2019?
Facts: $4.3 million
Answer: $4.3 million

Question: What was the tax benefit recognized by the company?
Facts: $1.0 million
Answer: $1.0 million

Question: What was the Net operating loss carryforwards in 2019 and 2018 respectively?
Facts: $24,159; $35,120
Answer: $35,120; $24,159

Question: What was the change in the Net operating loss carryforwards from 2018 to 2019?
Facts: 24,159; 35,120
Derivation: 35,120 - 24,159
Answer: 10961

Question: What is the average Share-based compensation for 2018 and 2019?
Facts: 2,760; 5,687
Derivation: (5,687 + 2,760) / 2
Answer: 4223.5

Question: In which year was Deferred revenue less than 2,000?
Facts: 2019
Derivation: locate and analyze Deferred revenue in row 6
Answer: 2019

Question: How much was the company-funded building improvements as of March 31, 2019?
Facts: $5.2 million
Answer: $5.2 million

Question: How much was the company-funded building improvements as of March 31, 2018?
Facts: $4.5 million
Answer: $4.5 million

Question: When did the Company derecognized the U.K. build-to-suit facility upon substantial completion of construction?
Facts: March 2019
Answer: March 2019

Question: What is the change in U.S. build-to-suit facility from March 31, 2018 to March 31, 2019?
Facts: 43,925; 47,001
Derivation: 47,001-43,925
Answer: 3076

Question: What is the change in Accumulated depreciation from March 31, 2018 to March 31, 2019?
Facts: 5,164; 753
Derivation: 5,164-753
Answer: 4411

Question: What is the average U.S. build-to-suit facility for March 31, 2018 to March 31, 2019?
Facts: 43,925; 47,001
Derivation: (47,001+43,925) / 2
Answer: 45463

Question: What was the increase in the General and administrative expenses in 2019?
Facts: $16.8 million
Answer: $16.8 million

Question: What caused the share-based compensation expense to increase?
Facts: primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications.
Answer: primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications.

Question: What was the Research and development expense in 2019 and 2018 respectively?
Facts: $38,373; $57,939
Answer: $57,939; $38,373 thousand

Question: What was the average Sales and marketing expense for 2018 and 2019?
Facts: 121,246; 139,194
Derivation: 139,194 - 121,246
Answer: 17948 thousand

Question: What percentage of total operating expenses was General and administrative in 2019?
Facts: 250,722; 53,759
Derivation: 53,759 / 250,722
Answer: 21.44 percent

Question: In which year was Total operating expenses less than 200,000 thousands?
Facts: 2018
Derivation: locate and analyze Total operating expenses in row 10
Answer: 2018

Question: Which country controls the company's affairs?
Facts: United Kingdom
Answer: United Kingdom

Question: What is the reason for the company's effective tax to differ from the statutory rate?
Facts: primarily due to windfall tax benefits on equity award exercises, the valuation allowance maintained against the Company’s net deferred tax assets, the jurisdictional earnings mix, tax credits, withholding taxes, and other permanent differences primarily related to non-deductible expenses.
Answer: primarily due to windfall tax benefits on equity award exercises, the valuation allowance maintained against the Company’s net deferred tax assets, the jurisdictional earnings mix, tax credits, withholding taxes, and other permanent differences primarily related to non-deductible expenses.

Question: What was the Tax at statutory rate in 2019, 2018 and 2017 respectively?
Facts: 19.0%; 20.0%
Answer: 19.0%; 19.0%; 20.0%

Question: What was the change in the U.S. state taxes, net of federal from 2018 to 2019?
Facts: 14.1; 31.1
Derivation: 31.1 - 14.1
Answer: 17 percent

Question: What was the average Share-based compensation between 2017-2019?
Facts: 105.3; 172.3; 4.0
Derivation: (172.3 + 105.3 - 4.0) / 3
Answer: 91.2 percent

Question: In which year was Tax credits less than 10.0?
Facts: 2018; 2019
Derivation: locate and analyze Tax credits in row 11
Answer: 2019; 2018

Question: What was the Total share-based compensation expense in 2019?
Facts: $25,954
Answer: $25,954

Question: What became effective upon the closing of the IPO?
Facts: the Mimecast Limited 2015 Share Option and Incentive Plan (the 2015 Plan) and the 2015 Employee Share Purchase Plan (the ESPP)
Answer: the Mimecast Limited 2015 Share Option and Incentive Plan (the 2015 Plan) and the 2015 Employee Share Purchase Plan (the ESPP)

Question: How much was the total modification expense in the years ended March 31, 2019, 2018 and 2017 respectively?
Facts: $0.5 million; $3.0 million; $3.2 million
Answer: $3.2 million; $0.5 million; $3.0 million

Question: What is the change in Cost of revenue from Year Ending March 31, 2018 to 2019?
Facts: 1,053; 1,684
Derivation: 1,684-1,053
Answer: 631

Question: What is the change in Research and development expense from Year Ending March 31, 2018 to 2019?
Facts: 2,555; 6,199
Derivation: 6,199-2,555
Answer: 3644

Question: What is the change in Sales and marketing expense from Year Ending March 31, 2018 to 2019?
Facts: 4,477; 7,856
Derivation: 7,856-4,477
Answer: 3379

Question: What was the Beginning balance in 2019 and 2018 respectively?
Facts: $4,931; $6,164
Answer: $6,164; $4,931

Question: What was the ending balance in 2019 and 2018 respectively?
Facts: $6,016; $6,164
Answer: $6,016; $6,164

Question: What was the Additions based on tax positions related to current year in 2019 and 2018 respectively?
Facts: 142; 164
Answer: 164; 142

Question: What was the change in the Beginning balance from 2018 to 2019?
Facts: 4,931; 6,164
Derivation: 6,164 - 4,931
Answer: 1233

Question: What was the average Additions for tax positions of prior years for 2018 and 2019?
Facts: 1,444; 231
Derivation: (231 + 1,444) / 2
Answer: 837.5

Question: In which year was Expiration of statutes of limitation less than 0?
Facts: 2019
Derivation: locate and analyze Expiration of statutes of limitation in row 7
Answer: 2019

Question: How much did the Company recorded amortization expense for the year ended March 31, 2019?
Facts: $4.8 million
Answer: $4.8 million

Question: How much did the Company recorded amortization expense for the year ended March 31, 2018?
Facts: $1.5 million
Answer: $1.5 million

Question: How much did the Company recorded amortization expense for the year ended March 31, 2017?
Facts: $0.1 million
Answer: $0.1 million

Question: What is the change in Capitalized Software from 2020 to 2021?
Facts: 2,790; 3,522
Derivation: 2,790-3,522
Answer: -732

Question: What is the change in Capitalized Software from 2021 to 2022?
Facts: 1,420; 2,790
Derivation: 1,420-2,790
Answer: -1370

Question: What is the change in Capitalized Software from 2022 to 2023?
Facts: 1,420; 528
Derivation: 528-1,420
Answer: -892

Question: What are the principal sources of liquidity?
Facts: cash and cash equivalents, investments and accounts receivable.
Answer: cash and cash equivalents, investments and accounts receivable.

Question: What was the net proceeds raised in 2015?
Facts: $68.3 million
Answer: $68.3 million

Question: What was the Net cash provided by operating activities in 2019, 2018 and 2017 respectively?
Facts: $32,514; $46,412; $66,235
Answer: $66,235; $46,412; $32,514 thousand

Question: What was the change in the Net cash provided by operating activities from 2018 to 2019?
Facts: 46,412; 66,235
Derivation: 66,235 - 46,412
Answer: 19823 thousand

Question: What was the average Net cash used in investing activities between 2017 to 2019?
Facts: 121,324; 35,019; 84,615
Derivation: -(121,324 + 35,019 + 84,615) / 3
Answer: -80319.33 thousand

Question: In which year was Net cash provided by (used in) financing activities less than 25,000 thousands?
Facts: 2017; 2018
Derivation: locate and analyze Net cash provided by (used in) financing activities in row 6
Answer: 2018; 2017

Question: How much was the outstanding letters of credit related to certain operating leases as of March 31, 2019?
Facts: $3.9 million
Answer: $3.9 million

Question: How much was the outstanding letters of credit related to certain operating leases as of March 31, 2018?
Facts: $3.8 million
Answer: $3.8 million

Question: How much was the Rent expense related to the Company’s office facilities for the years ended March 31, 2019, 2018 and 2017 respectively?
Facts: $3.2 million; $4.8 million; $5.3 million
Answer: $5.3 million; $4.8 million; $3.2 million

Question: What is the change in Facility Leases from Year Ending March 31, 2021 to 2022?
Facts: 14,111; 15,186
Derivation: 14,111-15,186
Answer: -1075

Question: What is the change in Facility Leases from Year Ending March 31, 2022 to 2023?
Facts: 13,825; 14,111
Derivation: 13,825-14,111
Answer: -286

Question: What is the change in Facility Leases from Year Ending March 31, 2023 to 2024?
Facts: 13,686; 13,825
Derivation: 13,686-13,825
Answer: -139

Question: How is Adjusted EBITDA defined?
Facts: net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense).
Answer: net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense).

Question: What was the Revenue constant currency growth rate in 2019, 2018 and 2017 respectively?
Facts: 32%; 38%; 39%
Answer: 32%; 38%; 39%

Question: What was the Revenue retention rate in 2019, 2018 and 2017 respectively?
Facts: 110%; 111%
Answer: 111%; 110%; 111%

Question: What is the change in the Revenue constant currency growth rate from 2018 to 2019?
Facts: 32; 38
Derivation: 32 - 38
Answer: -6 percent

Question: What is the average Total customers between 2017-2019?
Facts: 26,400; 30,400; 34,400
Derivation: (34,400 + 30,400 + 26,400) / 3
Answer: 30400

Question: In which year was Adjusted EBITDA less than 20,000 thousands?
Facts: 2017
Derivation: locate and analyze Adjusted EBITDA in row 8
Answer: 2017

Question: How much was Depreciation and amortization expense for the years ended March 31, 2019?
Facts: $25.2 million
Answer: $25.2 million

Question: How much was Depreciation and amortization expense for the years ended March 31, 2018?
Facts: $17.5 million
Answer: $17.5 million

Question: How much was Depreciation and amortization expense for the years ended March 31, 2017?
Facts: $11.8 million
Answer: $11.8 million

Question: What is the change in Computer equipment from March 31, 2018 to March 31, 2019?
Facts: 4,713; 4,754
Derivation: 4,754-4,713
Answer: 41

Question: What is the change in Accumulated amortization from March 31, 2018 to March 31, 2019?
Facts: 2,228; 990
Derivation: 2,228-990
Answer: 1238

Question: What is the average Computer equipment for March 31, 2018 to March 31, 2019?
Facts: 4,713; 4,754
Derivation: (4,754+4,713) / 2
Answer: 4733.5

Question: Which model is used to estimate the fair value of employee share option?
Facts: Black-Scholes option-pricing model
Answer: Black-Scholes option-pricing model

Question: What is the risk free rate based on?
Facts: treasury instrument whose term is consistent with the expected life of the share option.
Answer: treasury instrument whose term is consistent with the expected life of the share option.

Question: What was the Expected term (in years) in 2019, 2018 and 2017 respectively?
Facts: 6.1
Answer: 6.1; 6.1; 6.1

Question: What was the change in the Risk-free interest rate from 2018 to 2019?
Facts: 2.2; 2.7
Derivation: 2.7 - 2.2
Answer: 0.5 percent

Question: What was the average Expected volatility between 2017-2019?
Facts: 39.8; 41.0; 41.5
Derivation: (41.5 + 39.8 + 41.0) / 3
Answer: 40.77 percent

Question: In which year was Estimated grant date fair value per ordinary share less than 30?
Facts: 2017; 2018
Derivation: locate and analyze Estimated grant date fair value per ordinary share in row 7
Answer: 2018; 2017

Question: Which model is used to estimate fair value of its ESPP share options on the date of grant ?
Facts: Black-Scholes option-pricing model
Answer: Black-Scholes option-pricing model

Question: What is the risk free interest rate based on?
Facts: a treasury instrument whose term is consistent with the expected life of the ESPP share option.
Answer: a treasury instrument whose term is consistent with the expected life of the ESPP share option.

Question: What was the Expected term (in years) in 2019 and 2018 respectively?
Facts: 0.5
Answer: 0.5; 0.5

Question: What was the change in the Risk-free interest rate from 2018 to 2019?
Facts: 1.4; 2.3
Derivation: 2.3 - 1.4
Answer: 0.9 percent

Question: What is the average Expected volatility for 2018 and 2019?
Facts: 29.9; 39.1
Derivation: (39.1 + 29.9) / 2
Answer: 34.5 percent

Question: In which year was the Grant date fair value per ordinary share less than 30.0?
Facts: 2018
Derivation: locate and analyze Grant date fair value per ordinary share in row 7
Answer: 2018