hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Note 16: Quarterly Results of Operations (Unaudited)
The following table sets forth certain quarterly information for fiscal years 2019 and 2018. This information, in the opinion of the Company’s management, reflects all adjustments (consisting only of normal recurring adjustments) necessary to present fairly this information when read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein (amounts in thousands except per share data):
(1) Operating income (loss) as a percentage of net sales fluctuates from quarter to quarter due to a number of factors, including net sales fluctuations, foreign currency exchange, restructuring charges, product mix, the timing and expense of moving product lines to lower-cost locations, the write-down of long lived assets, the net gain/loss on sales and disposals of assets and the relative mix of sales among distributors, original equipment manufacturers, and electronic manufacturing service providers.
Table:
Fiscal Year 2019 Quarters Ended |  |  |  | 
 | Jun-30 | Sep-30 | Dec-31 | Mar-31
Net sales | $327,616 | $349,233 | $350,175 | $355,794
Gross margin | 94,821 | 113,565 | 123,750 | 126,406
Operating income (1) | 35,176 | 50,000 | 61,616 | 54,057
Net income | $35,220 | $37,141 | $40,806 | $93,420
Net income per basic share | $0.61 | $0.64 | $0.70 | $1.60
Net income per diluted share | $0.60 | $0.63 | $0.69 | $1.58


Question: Which quarters ended did the Gross Margin exceed $120,000 thousand?
Answer: Dec-31, Mar-31
Calculation: (Dec-31:123,750),(Mar-31:126,406)
Other Key Financial Measures
The following is a summary of our other key financial measures for fiscal 2019 compared with fiscal 2018 (in millions):
(1) Deferred revenue decreased primarily due to the adoption of ASC 606 in the beginning of our first quarter of fiscal 2019. See Note 2 to the Consolidated Financial Statements for the impact of this adoption.
Table:
 | Fiscal 2019 | Fiscal 2018
Cash and cash equivalents and investments | $33,413 | $46,548
Cash provided by operating activities | $15,831 | $13,666
Deferred revenue (1) | $18,467 | $19,685
Repurchases of common stock—stock repurchase program | $20,577 | $17,661
Dividends | $5,979 | $5,968
Inventories | $1,383 | $1,846


Question: What was the change in inventories between 2018 and 2019?
Answer: -463
Calculation: 1,383-1,846
Interest and Other Expense, Net
The following table sets forth the components of interest and other expense, net:
Interest and other expense, net, positively changed by $30.5 million during fiscal 2019, as compared to fiscal 2018, primarily driven by curtailment gains on our pension plans, mark-to-market gains on certain of our privately-held strategic investments, realized gains on sales of strategic investments, offset by an increase in interest expense resulting from our term loan entered into on December 17, 2018 in aggregate principal amount of $500 million and mark-to-market losses on marketable securities.
Interest and other expense, net, increased $24.0 million during fiscal 2018, as compared to fiscal 2017, primarily related to increases in impairment losses on certain of our privately-held strategic investments and interest expense resulting from our June 2017 issuance of $500.0 million aggregate principal amount of 3.5% notes due June 15, 2027.
Interest expense and investment income fluctuates based on average cash, marketable securities and debt balances, average maturities and interest rates.
Gains and losses on foreign currency are primarily due to the impact of re-measuring foreign currency transactions and net monetary assets into the functional currency of the corresponding entity. The amount of the gain or loss on foreign currency is driven by the volume of foreign currency transactions and the foreign currency exchange rates for the year
Table:
 |  | Fiscal year ended January 31, | 
 | 2019 | 2018 | 2017
 |  | (in millions) | 
Interest and investment expense, net | $(52.1) | $(34.5) | $(29.7)
Gain (loss) on foreign currency | 5.1 | (3.3) | (3.3)
Gain (loss) on strategic investments | 12.5 | (16.4) | 0.3
Other income | 16.8 | 6.0 | 8.5
Interest and other expense, net | $(17.7) | $(48.2) | $(24.2)


Question: What determines the amount of gain or loss on the foreign currency?
Answer: volume of foreign currency transactions and the foreign currency exchange rates for the year
ANG's revenues are principally derived from sales of compressed natural gas. ANG recognizes revenue from the sale of natural gas fuel primarily at the time the fuel is dispensed.
In December 2019, the U.S. Congress passed an alternative fuel tax credit ("AFTC") which will continue to support the use of natural gas. The AFTC is retroactive beginning January 2018 and extends through 2020.
The legislation extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Net revenue after customer rebates for such credits recognized in 2019 was $10.6 million.
As a result of the Bipartisan Budget Act of 2018, signed into law on February 9, 2018, all AFTC revenue for vehicle fuel ANG sold in 2017 was collected in the second quarter of 2018. Net revenue after customer rebates for such credits recognized in 2018 was $2.6 million.
Disaggregation of Revenues The following table disaggregates ANG's revenue by type (in millions):
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Volume-related | $ 27.5 | $ 16.5
Maintenance services | 0.1 | 0.1
Total revenue from contracts with customers | 27.6 | 16.6
RNG incentives | 0.5 | 1.3
Alternative fuel tax credit | 10.6 | 2.6
Other revenue | 0.3 | 0.2
Total Energy segment revenue | $ 39.0 | $ 20.7


Question: What was the increase / (decrease) in the volume-related revenue from 2018 to 2019?
Answer: 11
Calculation: 27.5 - 16.5
A.4.2 Income
As a result of the development described for the segments, Income from continuing operations before income taxes declined 7 %. Severance charges for continuing operations were € 619 million, of which € 492 million were in Industrial Businesses. Accordingly, Adjusted EBITA margin Industrial Businesses excluding severance charges was 11.5 % in fiscal 2019. In fiscal 2018, severance charges for continuing operations were € 923 million, of which € 669 million were in Industrial Businesses.
The tax rate of 25% for fiscal 2019 was below the tax rate of 26% for the prior year, benefiting mainly from the reversal of income tax provisions outside Germany. As a result, Income from continuing operations declined 6%.
Income from discontinued operations, net of income taxes in the prior year included positive effects from the release of a provision related to former Communications activities.
The decline in basic earnings per share reflects the decrease of Net income attributable to Shareholders of Siemens AG, which was € 5,174 million in fiscal 2019 compared to € 5,807 million in fiscal 2018, partially offset by a lower number of weighted average shares outstanding. Basic earnings per share excluding severance charges was € 6.93.
As expected, ROCE at 11.1 % was below the target range set in our Siemens Financial Framework, reflecting in particular the effects from portfolio transactions in recent years, including the acquisitions of Mentor and Mendix at Digital Industries and the merger of Siemens’ wind power business with Gamesa Corporación Tecnológica, S. A. that created SGRE. The decline year-over-year was due both to lower income before interest after tax and to higher average capital employed.
Table:
 |  | Fiscal year | 
(in millions of €, earnings per share in €) | 2019 | 2018 | % Change
Digital Industries | 2,880 | 2,898 | (1) %
Smart Infrastructure | 1,500 | 1,574 | (5) %
Gas and Power | 679 | 722 | (6) %
Mobility | 983 | 958 | 3 %
Siemens Healthineers | 2,461 | 2,221 | 11 %
Siemens Gamesa Renewable Energy | 482 | 483 | 0 %
Industrial Businesses | 8,986 | 8,857 | 1 %
Adjusted EBITA margin Industrial Businesses | 10.9 % | 11.1 % | 
Financial Services | 632 | 633 | 0 %
Portfolio Companies | (71) | (305) | 77 %
Reconciliation to Consolidated Financial Statements | (2,028) | (1,135) | (79) %
Income from continuing operations before income taxes | 7,518 | 8,050 | (7) %
Income tax expenses | (1,872) | (2,054) | 9 %
Income from continuing operations | 5,646 | 5,996 | (6) %
Income from discontinued operations, net of income taxes | 3 | 124 | (98) %
Net income | 5,648 | 6,120 | (8) %
Basic earnings per share | 6.41 | 7.12 | (10) %
ROCE | 11.1 % | 12.6 % | 


Question: What is the increase / (decrease) in the Gas and Power from 2018 to 2019?
Answer: -43
Calculation: 679 - 722
performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's compensation survey group and the s&p 500 index . the graph assumes the investment of $ 100 as of december 31 , 2010 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis . date pmi pmi compensation survey group ( 12 ) s&p 500 index .

Table:
date | pmi | pmi compensation survey group ( 12 ) | s&p 500 index
december 31 2010 | $ 100.00 | $ 100.00 | $ 100.00
december 31 2011 | $ 139.80 | $ 114.10 | $ 102.10
december 31 2012 | $ 154.60 | $ 128.00 | $ 118.50
december 31 2013 | $ 167.70 | $ 163.60 | $ 156.80
december 31 2014 | $ 164.20 | $ 170.10 | $ 178.30
december 31 2015 | $ 186.20 | $ 179.20 | $ 180.80
( 1 ) the pmi compensation survey group consists of the following companies with substantial global sales that are direct competitors ; or have similar market capitalization ; or are primarily focused on consumer products ( excluding high technology and financial services ) ; and are companies for which comparative executive compensation data are readily available : bayer ag , british american tobacco p.l.c. , the coca-cola company , diageo plc , glaxosmithkline , heineken n.v. , imperial brands plc ( formerly , imperial tobacco group plc ) , johnson & johnson , mcdonald's corp. , international , inc. , nestl e9 s.a. , novartis ag , pepsico , inc. , pfizer inc. , roche holding ag , unilever nv and plc and vodafone group plc .
( 2 ) on october 1 , 2012 , international , inc .
( nasdaq : mdlz ) , formerly kraft foods inc. , announced that it had completed the spin-off of its north american grocery business , kraft foods group , inc .
( nasdaq : krft ) .
international , inc .
was retained in the pmi compensation survey group index because of its global footprint .
the pmi compensation survey group index total cumulative return calculation weights international , inc.'s total shareholder return at 65% ( 65 % ) of historical kraft foods inc.'s market capitalization on december 31 , 2010 , based on international , inc.'s initial market capitalization relative to the combined market capitalization of international , inc .
and kraft foods group , inc .
on october 2 , 2012 .
note : figures are rounded to the nearest $ 0.10. .

Question: what was the percentage cumulative total shareholder return on pmi's common stock for the five years ended december 31 , 2015?
Answer: 86.20%
Calculation: subtract(186.20, const_100), divide(#0, const_100)
stock performance graph the following graph compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 index for the year ended december 31 , 2017 , the 2016 fiscal transition period , and the years ended may 31 , 2016 , 2015 , 2014 and 2013 . the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s information technology index on may 31 , 2012 and assumes reinvestment of all dividends . 5/12 5/165/155/145/13 global payments inc . s&p 500 s&p information technology 12/16 12/17 comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index * $ 100 invested on may 31 , 2012 in stock or index , including reinvestment of dividends . copyright a9 2018 standard & poor 2019s , a division of s&p global . all rights reserved . global payments 500 index information technology .

Table:
 | globalpayments | s&p500 index | s&pinformationtechnology index
may 31 2012 | $ 100.00 | $ 100.00 | $ 100.00
may 31 2013 | 113.10 | 127.28 | 115.12
may 31 2014 | 161.90 | 153.30 | 142.63
may 31 2015 | 246.72 | 171.40 | 169.46
may 31 2016 | 367.50 | 174.34 | 174.75
december 31 2016 | 328.42 | 188.47 | 194.08
december 31 2017 | 474.52 | 229.61 | 269.45
30 2013 global payments inc .
| 2017 form 10-k annual report .

Question: what was the percentage gained by investing $ 100 into global payments in comparison to the technology index?
Answer: 205.07% increase
Calculation: subtract(474.52, 100), subtract(269.45, 100), subtract(#0, #1)
Global Business Services
* Recast to reflect segment changes.
Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital and cloud application, where the business has brought together technology and industry expertise to help clients on their digital journey. GPS grew year to year, while Application Management revenue was flat as reported and declined adjusted for currency compared to 2017.
While we continued to help clients move to the cloud with offerings such as Cloud Migration Factory and cloud application development, there were continued declines in the more traditional application management engagements. Within GBS, cloud revenue of $4.7 billion grew 20 percent as reported and 19 percent adjusted for currency compared to the prior year.
Table:
($ in millions) |  |  |  | 
For the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency
Global Business Services external revenue | $16,595* | $16,073* | 3.2% | 2.3%
Consulting | $7,705 | $7,262 | 6.1% | 5.1%
Application Management | 7,852 | 7,821 | 0.4 | (0.5)
Global Process Services | 1,037* | 990* | 4.8 | 4.7


Question: What caused the increase in Global Business Services revenue?
Answer: driven by strong growth in Consulting, led by key offerings in digital Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital and cloud application, where the business has brought together technology and industry expertise to help clients on their digital journey
Item 14. Principal Accountant Fees and Services
Fees For Professional Audit Services
The following is a summary of fees billed by the Company’s independent registered public accountants, PricewaterhouseCoopers LLP, for the years ended December 31, 2019 and 2018:
(1) Represents the aggregate fees billed for the audit of the Company’s financial statements, review of the financial statements included in the Company’s quarterly reports and services in connection with the statutory and regulatory filings or engagements for those years.
(2)  Represents the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “audit fees.”
(3)  Represents the aggregate fees billed for tax compliance, advice and planning.
(4)  Represents the aggregate fees billed for all products and services provided that are not included under “audit fees,” “audit-related fees” or “tax fees.”
Table:
 | Fiscal Year | Fiscal Year
 | 2019 | 2018
Audit Fees(1) | $1,925,000 | $1,956,000
Audit-Related Fees(2) | — | 14,000
Tax Fees(3) | — | —
All Other Fees(4) | 222,000 | 157,000
Total Fees | $2,147,000 | $2,127,000


Question: What is the proportion of audit fees and audit-related fees over total fees in the fiscal year 2018?
Answer: 0.93
Calculation: (1,956,000+14,000)/2,127,000
7 Employee benefits
Pension plans
The Company is accounting for pension costs in accordance with International Accounting Standard 19.
The disclosures shown here are in respect of the Company’s defined benefit obligations. Other plans operated by the Company were defined contribution plans.
The total expense relating to the Company’s defined contribution pension plans in the current year was £0.7m (2018: £0.6m).
At 31st December 2019 the post-retirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85%/96% (male/female) of SAPS S2, CMI 2017 projections with a long term trend of 1.25% p.a. At 31st December 2018 the postretirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85% of SAPS S2 Light base table for males and 96% of SAPS S2 base table for females with CMI Core Projection Model 2016 improvements commencing in 2007, subject to a 1.25% p.a. long-term trend. These assumptions are regularly reviewed in light of scheme-specific experience and more widely available statistics.
The financial assumptions used at 31st December were:
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice.
Table:
 | Weighted-average assumptions used to define the benefit obligations | 
 | 2019 | 2018
 | % | %
Rate of increase in salaries | 2.4 | 2.7
Rate of increase in pensions | 2.8 | 2.9
Rate of price inflation | 2.9 | 3.2
Discount rate | 2.1 | 2.7


Question: In which year was the discount rate larger?
Answer: 2018
Calculation: 2.7%>2.1%
REVENUE
The sales cycle from quotation to shipment for our Front-end equipment generally takes several months, depending on capacity utilization and the urgency of the order. Usually, acceptance is within four months after shipment. The sales cycle is longer for equipment that is installed at the customer’s site for evaluation prior to sale. The typical trial period ranges from six months to two years after installation.
Our revenues are concentrated in Asia, the United States and Europe. The following table shows the geographic distribution of our revenue for 2018 and 2019:
Table:
 |  | Year ended December 31 |  | 
(EUR million) | 2018 |  | 2019 | 
United States | 175.9 | 21.5% | 339.5 | 26.4%
Europe | 165.6 | 20.2% | 126.2 | 9.8%
Asia | 476.6 | 58.3% | 818.2 | 63.7%
 | 818.1 | 100.0% | 1,283.9 | 100.0%


Question: How much more revenue does the company have in Asia have over Europe for 2019?
Answer: 692
Calculation: 818.2-126.2
Share buybacks
On 28 January 2019, Vodafone announced the commencement of a new irrevocable and non-discretionary share buy-back programme. The sole purpose of the programme was to reduce the issued share capital of Vodafone and thereby avoid any change in Vodafone’s issued share capital as a result of the maturing of the second tranche of the mandatory convertible bond (‘MCB’) in February 2019.
In order to satisfy the second tranche of the MCB, 799.1 of million shares were reissued from treasury shares on 25 February 2019 at a conversion price of £1.8021. This reflected the conversion price at issue (£2.1730) adjusted for the pound sterling equivalent of aggregate dividends paid from August 2016 to February 2019.
The share buyback programme started in February 2019 and is expected to complete by 20 May 2019. Details of the shares purchased under the programme, including those purchased under irrevocable instructions, are shown below.
Table:
 | Number of shares purchased | Average price paid per share inclusive of transaction costs | Total number of shares purchased under publicly announced share buyback programme | Maximum number of shares that may yet be purchased under the programme
Date of share purchase | 000s | Pence | 000s | 000s
February 2019 | 14,529 | 135.17 | 14,529 | 784,539
March 2019 | 305,099 | 140.56 | 319,628 | 479,440
April 2019 | 290,570 | 142.20 | 610,198 | 188,870
May 2019 (to date) | 116,228 | 140.11 | 726,426 | 72,642
Total | 726,426 | 141.04 | 726,426 | 72,642


Question: What is the percentage change between shares purchased in March and April 2019?
Answer: -4.76
Calculation: (290,570-305,099)/305,099
Free Cash Flow. Free cash flow represents net cash provided by operating activities minus capital expenditures and capitalized software development costs. Free cash flow is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans.
The exclusion of capital expenditures and amounts capitalized for internally-developed software facilitates comparisons of our operating performance on a period-to-period basis and excludes items that we do not consider to be indicative of our core operating performance. Free cash flow is not a measure calculated in accordance with GAAP. We believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Nevertheless, our use of free cash flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. You should consider free cash flow alongside our other GAAP-based financial performance measures, net cash provided by operating activities, and our other GAAP financial results. The following table presents a reconciliation of free cash flow to net cash for operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Net cash provided by operating activities | $10,317 | $3,295 | $4,863
Capital expenditures | (5,269) | (1,721) | (1,667)
Capitalized software development costs | (7,819) | (8,499) | (6,160)
Free cash flow | $(2,771) | $(6,925) | $(2,964)


Question: What does Free Cash Flow represent?
Answer: net cash provided by operating activities minus capital expenditures and capitalized software development costs.
23. Investments continued
IFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments, including investments. Under IAS 39, we classified investments as available-for-sale, loans and receivables, and fair value through profit or loss. On transition to IFRS 9 we have reclassified them as fair value through other comprehensive income, fair value through profit or loss, and amortised cost, as set out in note 1. The current year figures in the following table reflect the classifications under IFRS 9, and the prior year figures reflect the previous classifications under IAS 39.
Investments held at amortised cost consist of investments previously classified as loans and receivables and relate to money market investments denominated in sterling of £2,687m (2017/18: £416m, 2016/17: £35m), in US dollars of £26m (2017/18: £27m, 2016/17: £30m) in euros of £499m (2017/18: £nil, 2016/17: £nil) and in other currencies £2m (2017/18: £4m, 2016/17: £18m). They also include investments in liquidity funds of £2,522m (2017/18: £2,575m, 2016/17: £1,437m) held to collect contractual cash flows. In prior years these were classified as available-for-sale.
Table:
At 31 March | 2019 £m | 2018 £m | 2017 £m
Non-current assets | 48 | - | -
Fair value through other comprehensive income | - | 46 | 37
Available-for-sale | 6 | 7 | 7
Fair value through profit or loss | 54 | 53 | 44
Current assets |  |  | 
Fair value through other comprehensive income | - | - | -
Available-for-sale | - | 2,575 | 1,437
Investments held at amortised cost | 3,214 | - | -
Loans and receivables | - | 447 | 83
 | 3,214 | 3,022 | 1,520


Question: Which year(s) has Fair value through profit or loss greater than 50 million?
Answer: 2019, 2018
Calculation: identify the Fair value through profit or loss in row 5