aveni-ai/aveni-bench-tat-qa huggingface dataset:
Expected Future Rate Over the medium-term the tax rate is likely to stabilise as the integration of acquisitions in higher rate jurisdictions are completed. However, the tax rate may fluctuate if business changes are implemented in response to legislation arising from the OECD’s Base Erosion & Profit Shifting Project. Legislative change in key territories is being monitored and acted upon. The Group does not anticipate any significant impact on the future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union, but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK’s future relationship with the European Union, could have an impact on such matters. The European Commission has concluded its investigation into the UK’s controlled foreign company (“CFC”) rules. The CFC rules levy a charge on foreign entities controlled by the UK that are subject to a lower rate of tax, however there is currently an exemption available for 75% of this charge if the activities being undertaken by the CFC relate to financing. The EC concluded that this exemption is in breach of EU State Aid rules. However, whilst we are awaiting further detail from HMRC, the position has not changed from a tax accounting perspective. The risk is possible, but not probable. UK ministers have yet to decide on whether to pursue an appeal. No provision for this potential liability of $3.6M has been provided in these Consolidated Financial Statements as it is not clear what, if any, the ultimate financial result will be. Deferred tax assets and liabilities are attributable to the following: As at 31 March 2019 the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have been recognised was $Nil (2018: $Nil). No liability has been recognised because the Group is in a position to control the reversal of temporary differences and it is probable that such differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability settled, based on tax rates that have been enacted or substantively enacted at the reporting date.

31 March 2019	31 March 2018 Restated See note 2

$M	$M

Deferred income tax assets in relation to:

Deferred revenue	40.9	40.0

Tax value of carry forward losses of UK subsidiaries	37.0	24.2

Tax value of carry forward losses of overseas subsidiaries	6.2	6.4

Advanced capital allowances	7.5	7.7

Share-based payments	11.6	27.7

Other temporary differences	11.8	14.7

Total	115.0	120.7

Deferred income tax liabilities in relation to:

Intangible assets	6.1	5.9

Deferred selling cost	8.5	8.5

Other temporary differences	-	0.1

Total	14.6	14.5

Question: What was the change in deferred value in 2019 from 2018?
Answer: 0.9
Expected Future Rate Over the medium-term the tax rate is likely to stabilise as the integration of acquisitions in higher rate jurisdictions are completed. However, the tax rate may fluctuate if business changes are implemented in response to legislation arising from the OECD’s Base Erosion & Profit Shifting Project. Legislative change in key territories is being monitored and acted upon. The Group does not anticipate any significant impact on the future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union, but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK’s future relationship with the European Union, could have an impact on such matters. The European Commission has concluded its investigation into the UK’s controlled foreign company (“CFC”) rules. The CFC rules levy a charge on foreign entities controlled by the UK that are subject to a lower rate of tax, however there is currently an exemption available for 75% of this charge if the activities being undertaken by the CFC relate to financing. The EC concluded that this exemption is in breach of EU State Aid rules. However, whilst we are awaiting further detail from HMRC, the position has not changed from a tax accounting perspective. The risk is possible, but not probable. UK ministers have yet to decide on whether to pursue an appeal. No provision for this potential liability of $3.6M has been provided in these Consolidated Financial Statements as it is not clear what, if any, the ultimate financial result will be. Deferred tax assets and liabilities are attributable to the following: As at 31 March 2019 the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have been recognised was $Nil (2018: $Nil). No liability has been recognised because the Group is in a position to control the reversal of temporary differences and it is probable that such differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability settled, based on tax rates that have been enacted or substantively enacted at the reporting date.

31 March 2019	31 March 2018 Restated See note 2

$M	$M

Deferred income tax assets in relation to:

Deferred revenue	40.9	40.0

Tax value of carry forward losses of UK subsidiaries	37.0	24.2

Tax value of carry forward losses of overseas subsidiaries	6.2	6.4

Advanced capital allowances	7.5	7.7

Share-based payments	11.6	27.7

Other temporary differences	11.8	14.7

Total	115.0	120.7

Deferred income tax liabilities in relation to:

Intangible assets	6.1	5.9

Deferred selling cost	8.5	8.5

Other temporary differences	-	0.1

Total	14.6	14.5

Question: What was the percentage change in deferred value in 2019 from 2018?
Answer: 2.25
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: Which model is used for estimating the fair value of SSARs?
Answer: Black-Scholes-Merton
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: What was the risk free interest rate in 2019?
Answer: 2.68%
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: What was the risk free interest rate in 2018?
Answer: 1.74%-1.94%
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: What is the average year-on-year change in Weighted average grant date fair value from 2017 to 2019? 
Answer: 15.77
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: What was the percentage increase / (decrease) in Weighted average grant date fair value from 2018 to 2019?
Answer: 40.48
Stock-Settled Stock Appreciation Rights Stock-Settled Appreciation Rights (“SSARs”) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys. We use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017: The risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.

2019	2018	2017

Risk-free interest rate	2.68%	1.74%-1.94%	0.94%-2.14%

Expected life (in years)	5	5	5

Expected volatility	32.42%	32.42% - 32.84%	35.25%-40.22%

Weighted average grant date fair value	$4.72	$3.36	$3.69

Question: What was the increase / (decrease) in the Weighted average grant date fair value from 2018 to 2019?
Answer: 1.36
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: Which years does the table provide information for activity related to the purchase rights issued under the ESPP?
Answer: 2019; 2018; 2017
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: What were the shares issued under the ESPP in 2019?
Answer: 3
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: What were the Proceeds from issuance of shares in 2017?
Answer: 80
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: What was the change in the Proceeds from issuance of shares between 2017 and 2018?
Answer: 5
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: How many years did Shares issued under the ESPP exceed $2 million?
Answer: 3
Employee Stock Purchase Plan Eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

Year Ended

April 26, 2019	April 27, 2018	April 28, 2017

Shares issued under the ESPP	3	4	4

Proceeds from issuance of shares	$ 96	$ 85	$ 80

Question: What was the percentage change in the Proceeds from issuance of shares between 2018 and 2019?
Answer: 12.94
Item 6. Selected Financial Data The selected financial data presented for each of the five years ended December 31, 2019 is derived from our audited consolidated financial statements. The selected financial data presented should be read in conjunction with our consolidated financial statements, the notes to our consolidated financial statements and Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations.” (1) On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases, using the modified retrospective method at the beginning of the period of adoption, January 1, 2019, through the recognition of a lease obligation and corresponding right of use asset. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior periods amount were not adjusted and continue to be reported in accordance with ASC 840, Leases. (2) On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts that were not substantially complete as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with ASC 605, Revenue Recognition. (3) The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduces the U.S. corporate tax rate from 35% to 21% beginning in 2018. Due to the enactment of the Tax Cuts and Jobs Act, our income tax expense was reduced by $50.6 million for the year ended December 31, 2017 from the re-measurement of our existing deferred tax assets and liabilities. (4) Over the past five years, we completed 7 acquisitions. In aggregate, these acquisitions have added $343.6 million in goodwill. For additional information on our recent acquisitions, see Note 5 to our consolidated financial statements in Item 8.

Year Ended December 31,

2019 (1)	2018 (2)	2017 (3)	2016	2015

(in thousands, except per share amounts)

Statement of Income Data:

Revenues	$2,222,559	$1,958,557	$1,717,018	$1,601,596	$1,550,117

Operating income	$138,325	$112,742	$98,194	$90,963	$84,886

Net income	$113,890	$82,097	$114,141	$56,391	$51,127

Basic earnings per share (Class A and B)	$2.85	$2.08	$2.94	$1.48	$1.36

Diluted earnings per share (Class A and B)	$2.83	$2.06	$2.91	$1.47	$1.36

Dividend per share	$1.08	$1.00	$0.84	$0.84	$0.84

Balance Sheet Data:

Working capital	$154,753	$196,652	$138,879	$229,659	$189,276

Goodwill (4)	$1,191,259	$1,085,806	$1,084,560	$955,874	$919,591

Total assets	$2,107,914	$1,803,871	$1,744,475	$1,598,464	$1,506,424

Long-term debt	$36,500	$7,500	$31,000	$—	$—

Question: Where was the selected financial data for each of the five years ended December 31, 2019 derived from?
Answer: our audited consolidated financial statements