hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
b. Employee Performance Rights Plan
The Employee Performance Rights Plan (the Rights Plan) was approved by shareholders at the Company’s AGM on 23 November 2017. Under the Rights Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Rights Plan awards are granted in the form of performance rights over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each performance right is to subscribe for one ordinary share upon vesting and, when issued, the shares will rank equally with other shares.
Performance rights issued under the Employee Performance Rights Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).
1. The vesting date for rights granted on 2 July 2017 and 2 July 2018 is the date on which the Board notifies the executive that the rights have vested, after the outcomes for the measurement period have been determined and satisfaction of performance conditions have been assessed. This is likely to be 31 August 2020 and 31 August 2021 respectively.
No performance rights vested or lapsed during the financial year. The number of performance rights issued and outstanding at 30 June 2018 was 355,316, consisting solely of the performance rights granted on 2 July 2017.
The weighted average contractual life of outstanding performance rights at the end of the financial year is 1.77 years (2018: 2.17 years).
Table:
Performance rights issued and outstanding at 30 June 2019 |  |  |  | 
Grant Date | Vesting Date1 | Fair Value per Right $ | Rights Granted | No. of Rights at 30/6/2019
2 Jul 2017 | 31 Aug 2020 | 3.815 | 355,316 | 355,316
2 Jul 2018 | 31 Aug 2021 | 3.01 | 530,652 | 530,652
Total |  |  | 885,968 | 885,968


Question: What was the total fair value for all rights granted?
Answer: 2952793.06
Calculation: (3.815 * 355,316) + (3.01 * 530,652)
Foreign exchange earnings and outgo
Export revenue constituted 93.3 percent of the total unconsolidated revenue in FY 2019 (92.2 percent in FY 2018).
Table:
 |  | (` crore)
Foreign exchange earnings and outgo | FY 2019 | FY 2018
a. Foreign exchange earnings | 119,499 | 92,258
b. CIF Value of imports | 447 | 768
c.Expenditure in foreign currency | 49,336 | 33,014


Question: What is the change in foreign exchange earnings from FY 2018 to FY 2019?
Answer: 27241
Calculation: 119,499-92,258
Deferred contract costs are classified as current or non-current within prepaid expenses and other, and other assets – net, respectively. The balances of deferred contract costs as of December 31, 2019 and 2018, included in the balance sheet were as follows:
For the years ended December 31, 2019 and 2018, the Partnership recognized expense of $3,757 and $2,740, respectively associated with the amortization of deferred contract costs, primarily within selling, general and administrative expenses in the statements of income.
Deferred contract costs are assessed for impairment on an annual basis. An impairment charge is recognized to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration expected to be received in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the year ended December 31, 2019 and 2018.
Table:
 | 2019 | 2018
Assets |  | 
Prepaid expenses and other | $ 3,481 | $ 2,921
Other assets - net | 2,016 | 2,193
Total | $ 5,497 | $ 5,114


Question: How often are Deferred contract costs are assessed for impairment?
Answer: on an annual basis
Software Development Costs
We capitalize purchased software upon acquisition if it is accounted for as internal-use software or if it meets the future alternative use criteria. We capitalize incurred labor costs for software development from the time technological feasibility of the software is established, or when the preliminary project phase is completed in the case of internal-use software, until the software is available for general release. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred.
We estimate the useful life of our capitalized software and amortize its value over that estimated life. If the actual useful life is shorter than our estimated useful life, we will amortize the remaining book value over the remaining useful life or the asset may be deemed to be impaired and, accordingly, a write-down of the value of the asset may be recorded as a charge to earnings.
Upon the availability for general release, we commence amortization of the capitalized software costs on a product by product basis. Amortization of capitalized software is recorded using the greater of (i) the ratio of current revenues to total and anticipated future revenues for the applicable product or (ii) the straightline method over the remaining estimated economic life, which is estimated to be three to five years.
At each balance sheet date, the unamortized capitalized costs of a software product are compared with the net realizable value of that product. The net realizable value is the estimated future gross revenues from that product reduced by the estimated future costs of completing and disposing of that product, including the costs of performing maintenance and client support required to satisfy our responsibility set forth at the time of sale.
The amount by which the unamortized capitalized costs of a software product exceed the net realizable value of that asset is written off. If we determine that the value of the capitalized software could not be recovered, a write-down of the value of the capitalized software to its recoverable value is recorded as a charge to earnings. The unamortized balances of capitalized software were as follows:
Table:
 | December 31, | 
(In thousands) | 2019 | 2018
Software development costs | $428,641 | $317,637
Less: accumulated amortization | (184,712) | (107,977)
Software development costs, net | $243,929 | $209,660


Question: What is the change in the Software development costs from 2018 to 2019?
Answer: 111004
Calculation: 428,641 - 317,637
VALUATION AND QUALIFYING ACCOUNTS
(Amounts in millions)
(A) Includes increases and reversals of allowances for sales returns, price protection, and valuation allowance for deferred tax assets due to normal reserving terms.
(B) Includes actual write-offs and utilization of allowances for sales returns, price protection, and releases of income tax valuation allowances and foreign currency translation and other adjustments.
Table:
Col. A Description | Col B. Balance at Beginning of Period | Col. C Additions(A) | Col. D Deductions(B) | Col. E Balance at End of Period
At December 31, 2019 |  |  |  | 
Allowances for sales returns and price protection and other allowances | $186 | $11 | $(79) | $118
Valuation allowance for deferred tax assets | $61 | $127 | $(7) | $181
At December 31, 2018 |  |  |  | 
Allowances for sales returns and price protection and other allowances | $274 | $24 | $(112) | $186
Valuation allowance for deferred tax assets | $— | $61 | $— | $61
At December 31, 2017 |  |  |  | 
Allowances for sales returns and price protection and other allowances | $257 | $83 | $(66) | $274


Question: What was the Allowances for sales returns and price protection and other allowances at the beginning of the period in 2018?
Answer: $274
Non-GAAP Integration and Transformation Costs and Special Items
(UNAUDITED)
($ in millions)
(1) Includes $18 million of hardware impairment for Q3 2018 and $15 million of content commitment impairment and $27 million of hardware, software and internal labor impairment in Q1 2018.
(2) Includes $55 million of restructuring reserve impairment for Q2 2018.
(3) Reference to pro forma figures assume the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.
Table:
 |  |  | Pro Forma (3)
Integration and Transformation Costs and Special Items Impacting Adjusted EBITDA | 2019 | 2018 | 2017
Consumer litigation settlement | $65 | 0 | 0
Loss on sale of data centers and colocation business | 0 | 0 | 82
OTT/Stream impairment of content commitment and hardware, software, and internal labor(1) | 0 | 60 | 0
Total special items impacting Adjusted EBITDA | 65 | 60 | 82
Plus: integration and transformation costs impacting Adjusted EBITDA (2) | 234 | 378 | 164
Plus: transaction related expenses impacting Adjusted EBTIDA | 0 | 0 | 192
Total integration and transformation costs and special items impacting Adjusted EBITDA | $299 | 438 | 438


Question: What does the reference to pro forma figures assume?
Answer: the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017
Unrecognized Tax Benefits
Current accounting guidance contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal 2019, 2018, and 2017 is as follows:
Included in the unrecognized tax benefits at fiscal 2019 and 2018 is $38.2 million and $36.7 million, respectively, that if recognized, would result in a reduction of our effective tax rate. The amounts differ from the long-term liability recorded of $20.1 million and $16.8 million as of fiscal 2019 and 2018, respectively, due to accrued interest and penalties, as well as unrecognized tax benefits of French and Italian entities that are recorded against deferred tax asset balances without valuation allowance.
We believe that events that could occur in the next 12 months and cause a change in unrecognized tax benefits include, but are not limited to, the following: • commencement, continuation or completion of examinations of our tax returns by the U.S. or foreign taxing authorities; and • expiration of statutes of limitation on our tax returns.
The calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Uncertainties include, but are not limited to, the impact of legislative, regulatory and judicial developments, transfer pricing and the application of withholding taxes. We regularly assess our tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which we do business. We determined that an estimate of the range of reasonably possible change in the amounts of unrecognized tax benefits within the next 12 months cannot be made.
Table:
 |  | Fiscal Year | 
(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017
Balance, beginning of year | $103,884 | $105,959 | $82,253
Additions for tax positions related to the current year | 2,517 | 2,404 | 2,478
Additions for tax positions from prior years | 1,624 | 451 | 22,151
Reductions for tax positions from prior years/statute of limitations expirations | (416) | (2,468) | (1,460)
Foreign exchange (gain) loss | (668) | (2,462) | 537
Balance at the end of the period | $106,941 | $103,884 | $105,959


Question: What would be the result if unrecognized tax benefits in 2019 and 2018 become recognized?
Answer: Would result in a reduction of our effective tax rate
The Company utilized the Black-Scholes option pricing model to value the stock options. The Company used an expected life as defined under the simplified method, which is using an average of the contractual term and vesting period of the stock options. The risk-free interest rate used for the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company accounted for forfeitures as they occur. The historical volatility was calculated based upon implied volatility of the Company's historical stock prices.
The fair value of 2019 and 2018 stock options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
As of December 31, 2019, there was approximately $419,000 of unrecognized stock-based compensation expense related to outstanding 2019 stock options, expected to be recognized over 3.4 and approximately $418,000 of unrecognized stock-based compensation expense related to outstanding 2018 stock options, expected to be recognized over 2.4 years. There was no unrecognized stock-based compensation expense relating stock options granted prior to 2018.
Table:
 | 2019 | 2018
Weighted-average fair value of options granted per share | $8.78 | $6.63
Historical volatility | 60% | 46%
Risk-free interest rate | 2.10% | 2.84%
Dividend yield | — | —
Expected life in years | 3.6 | 5.7


Question: What is the historical volatility used in 2019 and 2018 respectively?
Answer: 60%, 46%
The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows:
The fair values of long-term debt as of June 30, 2019 and June 30, 2018 were determined by using current interest rates for debt with terms and maturities similar to the Company’s existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy.
The carrying amount of company-owned life insurance reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
For purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value of each reporting unit for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow analysis that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations.
Table:
 | June 30, 2019 |  | June 30, 2018 | 
($ in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value
Long-term debt | $550.6 | $560.6 | $545.7 | $558.3
Company-owned life insurance | $17.9 | $17.9 | $16.4 | $16.4


Question: In which year was the fair value of Company-owned life insurance larger?
Answer: 2019
Calculation: 17.9>16.4
During fiscal year 2019, the following activity occurred under our stock plans:
(a) Includes 2 million, 3 million, and 2 million of PSUs granted at target and performance adjustments above target levels for fiscal years 2019, 2018, and 2017, respectively.
As of June 30, 2019, there was approximately $8.6 billion of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of 3 years. The weighted average grant-date fair value of stock awards granted was $107.02, $75.88, and $55.64 for fiscal years 2019, 2018, and 2017, respectively. The fair value of stock awards vested was $8.7 billion, $6.6 billion, and $4.8 billion, for fiscal years 2019, 2018, and 2017, respectively.
Table:
 | Shares | Weighted Average Grant-Date Fair Value
(In millions) |  | 
Stock Awards |  | 
Nonvested balance, beginning of year | 174 | $  57.85
Granted (a) | 63 | 107.02
Vested | (77) | 57.08
Forfeited | (13) | 69.35
Nonvested balance, end of year | 147 | $ 78.49


Question: What did the granted stock awards include?
Answer: (a) Includes 2 million, 3 million, and 2 million of PSUs granted at target and performance adjustments above target levels for fiscal years 2019, 2018, and 2017, respectively.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)
Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include:
• It does not reflect our current contractual commitments that will have an impact on future cash flows; • It does not reflect the impact of working capital requirements or capital expenditures; and • It is not a universally consistent calculation, which limits its usefulness as a comparative measure.
Management compensates for the inherent limitations associated with using the measure of Adjusted EBITDA through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income, as presented below.
(1) Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees.
(2) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.
(3) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.
(4) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Net income | $95,973 | $127,980 | $138,668
Interest expense | 23,860 | 23,584 | 7,536
Tax expense (benefit) | (7,125) | 5,534 | —
Depreciation and amortization | 7,304 | 4,478 | 3,983
Equity-based compensation expense(1) | 13,769 | 6,054 | 4,253
Change in financial guarantee liability(2) | 16,215 | — | —
Transaction expenses(3) | 11,345 | 2,393 | 2,612
Non-recurring expenses(4) | 2,804 | — | —
Adjusted EBITDA | $164,145 | $170,023 | $157,052


Question: What was the interest expense in 2018?
Answer: 23,584
Common Stock Outstanding
The following represents the common stock outstanding for the fiscal year ended:
(1) During fiscal years 2018, 2017 and 2016, the Company’s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company’s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.
Table:
 |  | Fiscal Year Ended August 31, | 
 | 2019 | 2018 | 2017
Common stock outstanding: |  |  | 
Beginning balances | 164,588,172 | 177,727,653 | 186,998,472
Shares issued upon exercise of stock options | 11,348 | 30,832 | 172,620
Shares issued under employee stock purchase plan | 1,282,042 | 1,105,400 | 1,228,316
Vesting of restricted stock | 1,983,261 | 2,727,229 | 2,102,049
Purchases of treasury stock under employee stock plans | (489,836) | (793,052) | (550,096)
Treasury shares purchased(1) | (13,854,607) | (16,209,890) | (12,223,708)
Ending balances | 153,520,380 | 164,588,172 | 177,727,653


Question: How many years did the Shares issued upon exercise of stock options exceed 100,000?
Answer: 1
Calculation: 2017
Revenue Disaggregation
Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements ("EBAs"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations.
Information regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows:
(1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.
Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date.
As of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter.
We expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations
Table:
 |  | Fiscal Year ended January 31, | 
 | 2019 | 2018 | 2017
Net revenue by product family (1): |  |  | 
Architecture, Engineering and Construction | $1,021.6 | $787.5 | $810.4
Manufacturing | 616.2 | 528.8 | 575.2
AutoCAD and AutoCAD LT | 731.8 | 561.4 | 472.7
Media and Entertainment | 182 | 152.1 | 138.8
Other | 18.2 | 26.8 | 33.9
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0
Net revenue by geographic area: |  |  | 
Americas |  |  | 
U.S. | $874.6 | $740.4 | $742.1
Other Americas | 175.3 | 130.7 | 129.8
Total Americas | 1,049.9 | 871.1 | 871.9
Europe, Middle East and Africa | 1,034.3 | 815.4 | 800.4
Asia Pacific | 485.6 | 370.1 | 358.7
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0
Net revenue by sales channel: |  |  | 
Indirect | $1,830.8 | $1,443.8 | $1,468.9
Direct | 739.0 | 612.8 | 562.1
Total net revenue | $2,569.8 | $2,056.6 | $2,031.0


Question: What is the change in total net revenue from 2019 to 2018?
Answer: 513.2
Calculation: 2,569.8-2,056.6