hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Capital management
The following table summarises the capital of the Group at 31 March:
Note: 1 Financial liabilities under put option arrangements comprise liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement; the amounts at 31 March 2018 were previously presented within short-term borrowings
The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s.
Table:
 | 2019 | 2018
 | €m | €m
Net debt | 27,033 | 29,631
Financial liabilities under put option arrangements1 | 1,844 | 1,838
Equity | 63,445 | 68,607
Capital | 92,322 | 100,076


Question: Between 2018 and 2019, which year had higher net debt?
Answer: 2018
Calculation: 29,631>27,033
NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS & PATENTS AND INTANGIBLE ASSETS
Prepaid Expenses and Other Current Assets
The components of prepaid expenses and other current assets are as presented below:
During 2019, tax refunds from the Internal Revenue Service of $5.0 million were received for the prepayment made during 2018.
Table:
 | As of December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Prepaid income taxes | $— | $5,429
Other prepaid expenses and other current assets | 288 | 1,151
 | $288 | $6,580


Question: What is the average value of total paid expenses and other current assets in 2018 and 2019?
Answer: 3434
Calculation: (288 + 6,580)/2
8. Other income, net
Other income, net consists of the following (in millions):
Table:
 |  | Year Ended | 
 | April 26, 2019 | April 27, 2018 | April 28, 2017
Interest income | $ 88 | $ 79 | $ 44
Interest expense | (58) | (62) | (52)
Other income, net | 17 | 24 | 8
Other income, net | $ 47 | $ 41 | $ —


Question: What was the interest income in 2019?
Answer: 88
For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands):
The difference between the statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company’s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Income tax at federal statutory rate | $(10,883) | $(9,811) | $(6,659)
Increase (decrease) in tax resulting from: |  |  | 
State income tax expense, net of federal tax effect | (3,657) | (2,749) | (421)
Nondeductible permanent items | 3,522 | (1,522) | 1,506
Foreign rate differential | (367) | 552 | 599
Tax rate change | — | 134 | 7,226
Adjustment to deferred taxes | (1,904) | 307 | 37
Change in valuation allowance | 22,481 | 15,805 | (2,291)
Uncertain tax positions | 128 | 143 | 76
Nonqualified stock option and performance award windfall upon exercise | (9,128) | (1,983) | —
Other | 233 | (80) | (26)
Total | $425 | $796 | $47


Question: What was the reason for difference between he statutory federal income tax rate and the Company’s effective tax rate in 2019, 2018 and 2017?
Answer: the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance.
Cash flows
The following table summarizes our cash flow activities in fiscal 2019 compared to fiscal 2018.
Our cash flow activities in fiscal 2018 compared to fiscal 2017 were discussed under Liquidity, Capital Resources and Cash Requirement in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2018.
Table:
 | Fiscal Year | 
(In millions) | 2019 | 2018
Net cash provided by (used in): |  | 
Operating activities | $1,495 | $957
Investing activities | $(241) | $(21)
Financing activities | $(1,209) | $(3,475)
Increase (decrease) in cash and cash equivalents | $17 | $(2,473)


Question: What is the Net cash provided by operating activities in fiscal 2019?
Answer: $1,495
As of December 31, 2019, exercisable options had an intrinsic value of less than $0.1 million. The intrinsic value of options exercised was $0.4 million in 2019 and $0.1 million in 2018. The following are the assumptions used in valuing the 2019 and 2018 stock option grants:
In January 2020, we issued options to employees for the purchase of up to 591,004 shares of common stock, at an exercise price of $1.23 per share which vest and become exercisable in four annual installments ending in January 2024. The options have a grant date fair value per share of $1.26.
Table:
Year Ended December 31 |  | 
 | 2019 | 2018
Assumed volatility | 64% - 69% | 75% - 81%
 | (67% weighted average) | (78% weighted average)
Assumed risk free interest rate | 1.8% - 2.7% | 2.2% - 2.8%
 | (2.4% weighted average) | (2.5% weighted average)
Average expected life of options (in years) | 6.1 - 6.3 | 6.2
 | (6.2 weighted average) | (6.2 weighted average)
Expected dividends | - | -


Question: What are the respective assumed volatility in 2018 and 2019 respectively?
Answer: 75% - 81%, 64% - 69%
21 Share-based payments
(a) Performance rights
The performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively.
Performance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights.
The fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
Table:
 | 30 June 2019 | 30 June 2019 | 30 June 2018 | 30 June 2018
 | Number of Rights | Average Fair Value | Number of Rights | Average Fair Value
Opening balance | 2,948,960 | $1.87 | 3,460,195 | $1.26
Granted during the year | 828,285 | $3.07 | 762,577 | $3.32
Vested during the year | (1,307,885) | $1.19 | (1,273,812) | $1.09
Forfeited during the year | - | $0.00 | - | $0.00
Closing balance | 2,469,360 | $2.64 | 2,948,960 | $1.87


Question: How was the fair value of the rights at the date of valuation determined?
Answer: using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment.
Both hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.
Table:
($ in millions) |  |  |  | 
For the year ended December 31: | 2018 |  | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency
Systems external revenue | $8,034 | $8,194 | (2.0)% | (2.3)%
Systems Hardware | $6,363 | $6,494 | (2.0)% | (2.3)%
IBM Z |  |  | (5.4) | (5.6)
Power Systems |  |  | 8.8 | 8.7
Storage Systems |  |  | (5.5) | (5.9)
Operating Systems Software | 1,671 | 1,701 | (1.7) | (2.4)


Question: What is the increase/ (decrease) in the value of Operating Systems Software from 2017 to 2018
Answer: -30
Calculation: 1,671-1,701
Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:
Table:
 | 2019 | 2018 | 2017
Weighted-average fair value ($) | 68.05 | 57.75 | 40.87
Risk-free interest rate (%) | 2.37 | 2.65 | 2.03
Average expected option life (years) | 5.42 | 5.32 | 5.26
Expected volatility (%) | 19.22 | 18.05 | 18.74
Expected dividend yield (%) | 0.58 | 0.59 | 0.67


Question: What were the compensation expenses relating to outstanding options as a component of general and administrative expenses during 2018 and 2019, respectively?
Answer: $23.2, $32.0
11. Income Taxes
The geographical breakdown of loss before income taxes is as follows (in thousands):
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Domestic loss | $(20,345) | $(29,658) | $(13,752)
Foreign income | 3,933 | 3,123 | 4,207
Loss before income taxes | $(16,412) | $(26,535) | $(9,545)


Question: What is the company's change in foreign income between 2018 and 2019?
Answer: 25.94
Calculation: (3,933 - 3,123)/3,123
Key Operating Metrics and Non-GAAP Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business, allocate our

resources, and assess our performance. In addition to revenue, net loss, and other results under  generally accepted accounting principles (GAAP), the following table sets forth key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these metrics and measures are useful to facilitate period-to-period comparisons of our business, and to facilitate comparisons of our performance to that of other payment processors. Each of these metrics and measures excludes the effect of our processing agreement with Starbucks which transitioned to another payments solutions provider in the fourth quarter of 2016. As we do not expect transactions with Starbucks to recur, we believe it is useful to exclude Starbucks activity to clearly show the impact Starbucks has had on our financial results historically. Our agreements with other sellers generally provide both those sellers and us the unilateral right to terminate such agreements at any time, without fine or

penalty.
Gross Payment Volume (GPV)
We define GPV as the total dollar amount of all card payments processed by sellers using Square, net of refunds. Additionally, GPV includes Cash App activity related to peer-to-peer payments sent from a credit card and Cash for Business. As described above, GPV excludes card payments processed for Starbucks
Adjusted Revenue
Adjusted Revenue is a non-GAAP financial measure that we define as our total net revenue less transaction-based costs and bitcoin costs, and we add back the impact of the acquired deferred revenue adjustment, which was written down to fair value in purchase. This measure is also adjusted to eliminate the effect of activity with Starbucks, which ceased using our payments solutions altogether in the fourth quarter of 2016, and we believe that providing Adjusted Revenue metrics that exclude the impact of our agreement with Starbucks is useful to investors.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2018 | 2017 | 2016 | 2015 | 2014
 |  |  | (in thousands, except for GPV and per share data) |  | 
Gross Payment Volume (GPV)(in millions) | $84,654 | $65,343 | $49,683 | $35,643 | $23,780
Adjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310
Adjusted EBITDA | $256,523 | $139,009 | $44,887 | $(41,115) | $(67,741)
Adjusted Net Income (Loss) Per Share: |  |  |  |  | 
Basic | $0.55 | $0.30 | $0.04 | $(0.39) | $(0.62)
Diluted | $0.47 | $0.27 | $0.04 | $(0.39) | $(0.62)


Question: What does GPV include?
Answer: Cash App activity related to peer-to-peer payments sent from a credit card and Cash for Business
A.3.10 Reconciliation to Consolidated Financial Statements
The negative swing in Corporate items was mainly due to large positive effects in fiscal 2018 – the gain of € 900 million resulting from the transfer of Siemens’ shares in Atos SE to Siemens Pension- Trust e. V. and the gain of € 655 million from the sale of OSRAM Licht AG shares. These effects substantially outweighed a positive result in fiscal 2019 from the measurement of a major asset retirement obligation, which was previously reported in Centrally managed portfolio activities. Severance charges within Corporate items were € 99 million (€ 159 million in fiscal 2018).
Table:
 |  | Fiscal year
(in millions of €) | 2019 | 2018
Real Estate Services | 145 | 140
Corporate items | (562) | 631
Centrally carried pension expense | (264) | (423)
Amortization of intangible assets acquired in business combinations | (1,133) | (1,164)
Eliminations, Corporate Treasury and other reconciling items | (215) | (318)
Reconciliation to Consolidated financial Statements | (2,028) | (1,135)


Question: What is the increase / (decrease) in Amortization of intangible assets acquired in business combinations from 2018 to 2019?
Answer: -31
Calculation: 1,133 - 1,164
Note 3 − Property and Equipment
Our major classes of property and equipment were as follows:
Depreciation expense for the years ended December 31, 2019 and 2018 was $7, and $18, respectively.
Table:
 | December 31 | December 31
 | 2019 | 2018
Office furniture | $79 | $79
Computer equipment | 81 | 67
Total | 160 | 146
Less accumulated depreciation | (144) | (137)
Total property and equipment, net | $16 | $9


Question: What is the percentage change for depreciation expense in 2019?
Answer: -61.11
Calculation: (7-18)/18
Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue
Infrastructure and Defense Products
IDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products.
IDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization).
See Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.
Table:
Fiscal Year |  | 
(In thousands, except percentages) | 2019 | 2018
Revenue | $892,665 | $788,495
Operating income | $267,304 | $235,719
Operating income as a % of revenue | 29.9% | 29.9%


Question: What are the respective revenue in 2018 and 2019?
Answer: $788,495, $892,665
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31,
2019, 2018 and 2017 (in thousands):
Our unrecognized tax benefits totaled $11.2 million and $7.1 million as of December 31, 2019 and 2018, respectively. Included in these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively, which, if recognized, would affect the effective tax rate.
these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively,
which, if recognized, would affect the effective tax rate.
We recognize potential accrued interest and penalties related to unrecognized tax benefits within our global operations in income tax expense. For the years ended December 31, 2019, 2018 and 2017, the Company recognized the following income tax expense: $0.5 million, $0.5 million, and $0.3 million, respectively, for the potential payment of interest and penalties. Accrued interest and penalties were $1.7 million and $2.1 million for the years ended December 31, 2019 and 2018. We conduct business globally and, as a result, files income tax returns in the United State federal jurisdiction and in many state and foreign jurisdictions. We are generally no longer subject to U.S. federal, state, and local, or non-US income tax examinations for the years before 2012. Due to the expiration of statutes of limitations in multiple jurisdictions globally during 2020, the Company anticipates it is reasonably possible that unrecognized tax benefits may decrease by $3.1 million.
Table:
 | December 31, |  | 
 | 2019 | 2018 | 2017
Unrecognized tax benefits at January 1,    | (7,113 )    | (7,419 )    | (6,938 ) 
Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during a prior period | (2,428 )      | (873 )      | (789 ) 
Gross amount of decreases in unrecognized tax benefits as a Gross amount of decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | 445 | 233 | 145
Gross amount of increases in unrecognized tax benefits as a
result of tax positions taken during the current period | (2,489 )      | (78 )      | -
Reductions to unrecognized tax benefits relating to settlements with taxing authorities | - | 349 | -
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 346 | 675 | 163
Unrecognized tax benefits at December 31,    | (11,239 )    | (7,113 )    | (7,419 ) 


Question: What is the change in unrecognized tax benefits between the start and end of 2017?
Answer: 481
Calculation: 7,419-6,938
Selected Financial Data
• Significant events affecting our historical earnings trends in 2018 through 2019 are described in “Special Items” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
• 2017 data includes severance, pension and benefit charges, gain on spectrum license transactions, acquisition and integration related charges, product realignment charges, net gain on sale of divested businesses and early debt redemption costs. 2016 data includes severance, pension and benefit charges, gain on spectrum license transactions, net gain on sale of divested businesses and early debt redemption costs. 2015 data includes severance, pension and benefit credits and gain on spectrum license transactions.
• On January 1, 2019, we adopted several Accounting Standards Updates (ASUs) that were issued by the Financial Accounting Standards Board (FASB) using the modified retrospective basis. On January 1, 2018, we adopted several ASUs that were issued by the FASB. These standards were adopted on different bases, including: (1) prospective; (2) full retrospective; and (3) modified retrospective.
Based on the method of adoption, certain figures are not comparable, with full retrospective reflected in all periods. See Note 1 to the consolidated financial statements for additional information.
Table:
 |  |  |  | (dollars in millions, except per share amounts) | 
 | 2019 | 2018 | 2017 | 2016 | 2015
Results of Operations |  |  |  |  | 
Operating revenues | $131,868 | $130,863 | $ 126,034 | $ 125,980 | $ 131,620
Operating income | 30,378 | 22,278 | 27,425 | 29,249 | 30,615
Net income attributable to Verizon | 19,265 | 15,528 | 30,101 | 13,127 | 17,879
Per common share – basic | 4.66 | 3.76 | 7.37 | 3.22 | 4.38
Per common share – diluted | 4.65 | 3.76 | 7.36 | 3.21 | 4.37
Cash dividends declared per common share | 2.435 | 2.385 | 2.335 | 2.285 | 2.230
Net income attributable to noncontrolling interests | 523 | 511 | 449 | 481 | 496
Financial Position |  |  |  |  | 
Total assets | $ 291,727 | $ 264,829 | $ 257,143 | $ 244,180 | $ 244,175
Debt maturing within one year | 10,777 | 7,190 | 3,453 | 2,645 | 6,489
Long-term debt | 100,712 | 105,873 | 113,642 | 105,433 | 103,240
Employee benefit obligations | 17,952 | 18,599 | 22,112 | 26,166 | 29,957
Noncontrolling interests | 1,440 | 1,565 | 1,591 | 1,508 | 1,414
Equity attributable to Verizon | 61,395 | 53,145 | 43,096 | 22,524 | 16,428


Question: What was the average operating income for 2015-2019?
Answer: 27989
Calculation: (30,378 + 22,278 + 27,425 + 29,249 + 30,615) / 5