hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS
The following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1).
(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised.
(3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN.
For further details on the Corporation's operating results, please refer to the "Operating and financial results", the "Segmented operating and financial results" and the "Cash flow analysis" sections.
Table:
(in millions of dollars, except percentages) | Actual Fiscal 2018 (1) $ | Revised projections (2) Fiscal 2019 (constant currency) (3) | Actual Fiscal 2019 (constant currency) (3) $ | Actual Fiscal 2019 (constant currency) (3) % | Achievement of the projections Fiscal 2019
Financial guidelines |  |  |  |  | 
Revenue | 2,147 | Increase of 6% to 8% | 2,294 | 6.8 | Achieved
Adjusted EBITDA | 1,007 | Increase of 8% to 10% | 1,092 | 8.5 | Achieved
Acquisitions of property, plant and equipment | 458 | $450 to $470 | 425 | (7.1) | Surpassed
Capital intensity | 21.3% | 20% to 21% | 18.5% | - | Surpassed
Free cash flow | 302 | Increase of 38% to 45% | 453 | 50.0 | Surpassed


Question: What was the average Adjusted EBITDA between 2018 to 2019?
Answer: 1049.5
Calculation: (1,007 + 1,092) / 2
2 Alternative performance measures continued
Cash generation
Cash generation is one of the Group’s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors’ variable remuneration is based.
Cash generation is adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes.
Table:
 | 2019 | 2018
 | £m | £m
Adjusted operating profit | 282.7 | 264.9
Depreciation and amortisation (excluding IFRS16 depreciation) | 34.3 | 32.9
Cash payments to pension schemes in excess of charge to P&L | (5.2) | (4.6)
Equity settled share plans | 6.2 | 5.7
Working capital changes | (21.4) | (22.5)
Cash generation | 296.6 | 276.4


Question: What was the percentage change in equity settled share plans in 2019 from 2018?
Answer: 8.77
Calculation: (6.2-5.7)/5.7
Note 23 Provisions
(1) Other includes environmental, vacant space and legal provisions
AROs reflect management’s best estimates of expected future costs to restore current leased premises to their original condition prior to lease inception. Cash outflows associated with our ARO liabilities are generally expected to occur at the restoration dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will be ultimately required for these sites is uncertain.
Table:
FOR THE YEAR ENDED DECEMBER 31 | NOTE | AROs | OTHER (1) | TOTAL
January 1, 2019 |  | 199 | 172 | 371
Additions |  | 21 | 24 | 45
Usage |  | (4) | (52) | (56)
Reversals |  | (17) | (1) | (18)
Adoption of IFRS 16 |  | – | (11) | (11)
December 31, 2019 |  | 199 | 132 | 331
Current | 20 | 16 | 17 | 33
Non-current | 25 | 183 | 115 | 298
December 31, 2019 |  | 199 | 132 | 331


Question: What is the ratio of non-current provisions for AROs over that of Other?
Answer: 1.59
Calculation: 183/115
ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT
The acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows:
(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the "Accounting policies" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.
Table:
Three months ended August 31, | 2019 | 2018 | Change | Change in constant currency(2)
(in thousands of dollars, except percentages) | $ | $ | % | %
Canadian broadband services | 79,132 | 89,405 | (11.5) | (11.7)
Capital intensity | 24.7% | 28.0% |  | 
American broadband services | 65,967 | 72,914 | (9.5) | (10.5)
Capital intensity | 25.0% | 29.6% |  | 
Consolidated | 145,099 | 162,319 | (10.6) | (11.2)
Capital intensity | 24.9% | 28.7% |  | 


Question: What led to Fiscal 2019 fourth-quarter capital intensity reach 24.9%?
Answer: lower capital capital expenditures combined with higher revenue.
The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations:
For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
Table:
As at December 31, | Pension 2019 | Other 2019 | Pension 2018 | Other 2018
Actuarial benefit obligation |  |  |  | 
Discount rate | 3.20% | 2.95% to 3.20% | 3.80% | 3.80% to 4.00%
Benefit costs for the year ended |  |  |  | 
Discount rate | 3.90% | 3.90% to 4.00% | 3.60% | 3.25% to 3.60%
Future salary growth | 2.50% | N/A | 2.50% | N/A
Health care cost trend rate | N/A | 3.49% to 5.49% | N/A | 4.50%
Other medical trend rates | N/A | 4.00% to 4.56% | N/A | 4.50%


Question: What are the respective pension discount rates for benefit costs in 2019 and 2018 respectively?
Answer: 3.90%, 3.60%
The pre-tax discount rate used within the recoverable amount calculations was 8.5% (2018: 8.0%) and is based upon the weighted average cost of capital reflecting specific principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta factor reflecting the average beta for the Group and comparator companies which are used in deriving the cost of equity.
The same discount rate has been applied to both CGUs as the principal risks and uncertainties associated with the Group, as highlighted on pages 30 to 33, would also impact each CGU in a similar manner. The Board acknowledges that there are additional factors that could impact the risk profile of each CGU, which have been considered by way of sensitivity analysis performed as part of the annual impairment tests.
Key drivers to future growth rates are dependent on the Group’s ability to maintain and grow income streams whilst effectively managing operating costs. The level of headroom may change if different growth rate assumptions or a different pre-tax discount rate were used in the cash flow projections. Where the value-in-use calculations suggest an impairment, the Board would consider alternative use values prior to realising any impairment, being the fair value less costs to dispose.
The key assumptions used for value-in-use calculations are as follows:
Having completed the 2019 impairment review, no impairment has been recognised in relation to the CGUs (2018: no impairment). Sensitivity
analysis has been performed in assessing the recoverable amounts of goodwill. There are no changes to the key assumptions of growth rate or
discount rate that are considered by the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to the CGUs.
Table:
 | 2019 | 2018
Annual growth rate (after plan period) | 3.0% | 3.0%
Risk free rate of return | 3.0% | 3.0%
Market risk premium | 5.0% | 4.9%
Beta factor | 0.83 | 0.79
Cost of debt | 3.3% | 3.3%


Question: What was the percentage change in the Beta factor in 2019 from 2018?
Answer: 5.06
Calculation: (0.83-0.79)/0.79
Opening Balance Sheet Adjustment on January 1, 2018
As a result of applying the modified retrospective method to adopt ASC 606, the following amounts on our Consolidated Balance Sheet were adjusted as of January 1, 2018 to reflect the cumulative effect adjustment to the opening balance of Retained earnings (in millions):
Table:
 | As reported December 31, 2017 | Adjustments for ASC 606 adoption | Adjusted January 1, 2018
Trade receivables, net | $201.8 | $(6.2) | $195.6
Prepaid expenses and other current assets | 44.6 | 11.8 | 56.4
Receivables from related parties | 18.1 | (3.7) | 14.4
Computer software, net | 416.8 | 1.8 | 418.6
Deferred contract costs, net | 136.1 | 13.3 | 149.4
Other non-current assets | 104.0 | 3.3 | 107.3
Total assets | 3,655.9 | 20.3 | 3,676.2
Deferred revenues (current) | 59.6 | (1.9) | 57.7
Deferred revenues (non-current) | 100.7 | 6.8 | 107.5
Deferred income taxes | 224.6 | 4.2 | 228.8
Total liabilities | 1,947.1 | 9.1 | 1,956.2
Retained earnings | 201.4 | 11.2 | 212.6
Total equity | 1,708.8 | 11.2 | 1,720.0
Total liabilities and equity | 3,655.9 | 20.3 | 3,676.2


Question: What was the difference in amount as reported in 2017 between Total assets and Total liabilities?
Answer: 1708.8
Calculation: 3,655.9-1,947.1
Long-lived assets by geographic area, which primarily include property and equipment, net, as of the periods presented were as follows (table in millions):
No individual country other than the U.S. accounted for 10% or more of these assets as of January 31, 2020 and February 1, 2019
VMware’s product and service solutions are organized into three main product groups:
• Software-Defined Data Center
• Hybrid and Multi-Cloud Computing
• Digital Workspace—End-User Computing
VMware develops and markets product and service offerings within each of these three product groups. Additionally, synergies are leveraged across these three product areas. VMware’s products and service solutions from each of its product groups may also be bundled as part of an enterprise agreement arrangement or packaged together and sold as a suite. Accordingly, it is not practicable to determine revenue by each of the three product groups described above.
Table:
 | January 1, 2020 | February 1, 2019
United States | $860 | $849
International | 209 | 113
Total | $1,069 | $962


Question: What was the change in the international net property and equipment between 2019 and 2020?
Answer: 96
Calculation: 209-113
As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2019 and 2018 were based on actual forfeitures.
No cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2019.
The following tables provide summary data of stock option award activity:
Table:
 | Number of shares | Weighted average exercise price | Weighted average remaining contractual term | Aggregate Intrinsic Value (in thousands)
Outstanding at September 30, 2017 | 9,376 | 4.49 | - | -
Granted | - | - | - | -
Expired | (1,250) | 6.82 | - | -
Forfeited | - | - | - | -
Exercised | (4,626) | 4.67 | - | -
Outstanding at September 30, 2018 | 3,500 | $3.42 | - | -
Granted | - | - | - | -
Expired | (500) | $2.99 | - | -
Forfeited | - | - | - | -
Exercised | (1,000) | 2.99 | - | -
Outstanding at September 30, 2019 | 2,000 | $3.75 | .98 years | $19
Exercisable at September 30, 2019 | 2,000 | $3.75 | .98 years | $19
Vested and expected to vest at September 30, 2019 | 2,000 | $3.75 | .98 years | $19


Question: What is the number of shares vested and expected to vest at September 30, 2019
Answer: 2,000
2019 financial year guidance
The adjusted EBITDA and free cash flow guidance measures for the year ended 31 March 2019 were forward-looking alternative performance measures based on the Group’s assessment of the global macroeconomic outlook and foreign exchange rates of €1:£0.87, €1:ZAR 15.1, €1:TRY 5.1 and €1:EGP 22.1. These guidance measures exclude the impact of licence and spectrum payments, material one-off tax-related payments, restructuring payments, changes in shareholder recharges from India and any fundamental structural change to the Eurozone. They also assume no material change to the current structure of the Group. We believe it is both useful and necessary to report these guidance measures to give investors an indication of the Group’s expected future performance, the Group’s sensitivity to foreign exchange movements and to report actual performance against these guidance measures.
Reconciliations of adjusted EBITDA and free cash flow to the 2019 financial year guidance basis is shown below.
Table:
 |  | Adjusted EBITDA |  | Free cash flow (pre-spectrum)
 | 2019 €m | 2018 €m | Growth | 2019 €m
Reported (IAS 18 basis) | 14,139 | 14,737 | (4.1)% | 5,443
Other activity (including M&A) | (95) | (341) |  | –
Foreign exchange | – | (288) |  | –
Handset financing and settlements | (198) | (674) |  | –
Guidance basis | 13,846 | 13,434 | 3.1% | 5,443


Question: What does the table show?
Answer: Reconciliations of adjusted EBITDA and free cash flow to the 2019 financial year guidance basis
3. EARNINGS PER SHARE:
Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.
Table:
 | For Fiscal Years | 
 | 2019 Basic | 2018 Basic
Weighted average common shares outstanding | 597,961 | 660,925
Net income available to common shareholders | $3,202,943 | $3,614,610
Net earnings per share available to common shareholders | $5.36 | $5.47


Question: What are the respective weighted average basic common shares outstanding for fiscal years 2018 and 2019?
Answer: 660,925, 597,961
24. Cash and cash equivalents
Significant accounting policies that apply to cash and cash equivalents Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions, which are readily convertible to cash and are subject to insignificant risk of changes in value and have an original maturity of three months or less. All are held at amortised cost on the balance sheet, equating to fair value. For the purpose of the consolidated cash flow statement, cash and cash equivalents are as defined above net of outstanding bank overdrafts. Bank overdrafts are included within the current element of loans and other borrowings (note 25).
IFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments. Cash and cash equivalents were classified as loans and receivables under IAS 39, and are now classified as financial assets held at amortised cost under IFRS 9. This has not had an impact on the accounting for these instruments, or on their carrying amounts.
Cash and cash equivalents include restricted cash of £44m (2017/18: £32m, 2016/17: £43m), of which £40m (2017/18: £29m, 2016/17: £41m) was held in countries where local capital or exchange controls currently prevent us from accessing cash balances. The remaining balance of £4m (2017/18: £3m, 2016/17: £2m) was held in escrow accounts, or in commercial arrangements akin to escrow.
Table:
 | 2019 | 2018 | 2017
At 31 March | £m | £m | £m
Cash at bank and in hand | 495 | 446 | 469
Cash equivalents |  |  | 
US deposits | 3 | 26 | 32
UK deposits | 1,132 | 31 | 1
Other deposits | 36 | 25 | 26
Total cash equivalents | 1,171 | 82 | 59
Total cash and cash equivalents | 1,666 | 528 | 528
Bank overdrafts (note25) | (72) | (29) | (17)
Cash and cash equivalents per the cash flow statement | 1,594 | 499 | 511


Question: What is the change in the Cash at bank and in hand from 2018 to 2019?
Answer: 49
Calculation: 495 - 446
Stock options
The following tables summarize our stock option activities and related information:
(1) The aggregate intrinsic value represents the excess of the closing price of our common stock of $6.87 as of December 31, 2019 over theexercise price of the outstanding in-the-money options.
Table:
 | Number of Shares (thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value(1) (thousands)
Outstanding as of December 31, 2018 | 4,674 | $5.19 |  | 
Granted | — | $ — |  | 
Exercised | (842) | $2.84 |  | 
Canceled | (130) | $9.41 |  | 
Outstanding as of December 31, 2019 | 3,702 | $5.57 | 3.52 | $6,395
Vested and exercisable as of December 31, 2019 | 3,427 | $5.49 | 3.56 | $6,210


Question: What is the number of shares canceled as of December 31, 2018? 
Answer: (130)
table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases . the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases or refined product sales at existing market prices that we deem favorable . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .

Table:
derivative instrument | notional contract volumes by year of maturity 2012
crude oil and refined products: | 
swaps 2013 long | 5961
swaps 2013 short | 5961
futures 2013 long | 38201
futures 2013 short | 36637
physical contracts 2013 short | 1564
.

Question: how many more long future notional contracts mature by 2012 than short futures?
Answer: 1564
Calculation: subtract(38201, 36637)
Discontinued Operations
In December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the "inverter business"). Accordingly, the results of our inverter business have been reflected as “Income (loss) from discontinued operations, net of income taxes” on our Consolidated Statements of Operations for all periods presented herein.
The effect of our sales of the remaining extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.
In May 2019, we divested our grid-tied central solar inverter repair and service operation. In conjunction with the divesture, the initial product warranty for the previously sold grid-tied central solar inverters was transferred to the buyer. Accordingly, a gain of $8.6 million net of tax expense of $2.4 million was recognized in Other income (expense) and Provision (benefit) for income taxes, respectively, in our discontinued operations for the year December 31, 2019. Operating income from discontinued operations for the year ended December 31, 2019 and 2018, also includes the impacts of changes in our estimated product warranty liability, the recovery of accounts receivable and foreign exchange gain or (losses).
Income (loss) from discontinued operations, net of income taxes (in thousands):
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Sales | $  — | $  —
Cost of sales | (901) | (88)
Total operating expense | 1,022 | 96
Operating income (loss) from discontinued operations | (121) | (8)
Other income (expense) | 10,895 | (24)
Income (loss) from discontinued operations before income taxes | 10,774 | (32)
Provision (benefit) for income taxes | 2,294 | 6
Income (loss) from discontinued operations, net of income taxes | $ 8,480 | $  (38)


Question: What was the percentage change in total operating expense between 2018 and 2019?
Answer: 964.58
Calculation: (1,022-96)/96
DEBT DERIVATIVES
We use cross-currency interest rate agreements (debt derivatives) to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings. We designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.
1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.
Settlement of debt derivatives related to senior notes We did not settle any debt derivatives related to senior notes during 2019.
In April 2018, we settled the debt derivatives related to the repayment of the entire outstanding principal amount of our US$1.4 billion ($1.8 billion) 6.8% senior notes otherwise due in August 2018. See “Sources and Uses of Cash” for more information.
Table:
 |  | US$ |  | Hedging effect | 
(In millions of dollars, except interest rates) Effective date | Principal/ Notional amount (US$) | Maturity date | Coupon rate | Fixed hedged (Cdn$) interest rate 1 | Equivalent (Cdn$)
2019 issuances |  |  |  |  | 
April 30, 2019 | 1,250 | 2049 | 4.350% | 4.173% | 1,676
November 12, 2019 | 1,000 | 2049 | 3.700% | 3.996% | 1,308
2018 issuances |  |  |  |  | 
February 8, 2018 | 750 | 2048 | 4.300% | 4.193% | 938


Question: What was the increase / (decrease) in the coupon rate from November 12, 2019 to April 30, 2019?
Answer: -0.18
Calculation: 3.996% - 4.173%