hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
The GBS profit margin increased 0.9 points to 27.7 percent and pre-tax income of $1,666 million increased 2.2 percent year to year. The pre-tax margin of 9.9 percent increased slightly year to year. The year-to-year improvements in margins and pre-tax income were driven by the continued mix shift to higher-value offerings, the yield from delivery productivity improvements and a currency benefit from leveraging the global delivery resource model. We continued to invest in our services offerings and skills necessary to assist our clients on their cloud journey.
* Recast to reflect segment changes.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change
Global Business Services |  |  | 
External gross profit | $4,606 | $4,448 | 3.5%
External gross profit margin | 27.7% | 26.8% | 0.9 pts.
Pre-tax income | $1,666 | $1,629 | 2.2%
Pre-tax margin | 9.9% | 9.6% | 0.2 pts.


Question: What was the pre-tax margin of 2019?
Answer: 9.9%
Contractual Obligations and Commercial Commitments
The following table summarizes our non-cancelable contractual obligations and commercial commitments as of the end of 2019 and the effect such obligations and commitments are expected to have on our liquidity and cash flows in future fiscal periods (in thousands):
(1) Certain of our wafer manufacturers require us to forecast wafer starts several months in advance. We are committed to take delivery of and pay for a portion of forecasted wafer volume.
(2) Other commercial commitments are included as liabilities on our consolidated balance sheets as of the end of 2019.
(3) Does not include unrecognized tax benefits of $2.1 million as of the end of 2019. See Note 10 of the Consolidated Financial Statements.
Table:
 |  |  |  | Payments Due by Period | 
 | Total | Less than 1 year | 1-3 Years | 4-5 Years | More than 5 Years
Contractual cash obligations: |  |  |  |  | 
Operating leases | $2,040 | $611 | $902 | $527 | $—
Finance software lease obligations | 514 | 214 | 300 | — | —
Wafer purchases (1) | 57 | 57 | — | — | —
Other purchase commitments | 413 | 386 | 27 | — | —
Total contractual cash obligations | 3,024 | 1,268 | 1,229 | 527 | —
Other commercial commitments (2): |  |  |  |  | 
Revolving line of credit | 15,000 | 15,000 | — | — | —
Total commercial commitments | 15,000 | 15,000 | — | — | —
Total contractual obligations and commercial commitments (3) | $18,024 | $16,268 | $1,229 | $527 | —


Question: What are the respective values of the company's total contractual cash obligations due in less than 1 year and between 1 to 3 years?
Answer: 1,268, 1,229
1. 2019 Performance Periods and Performance Goals. For the calendar year 2019, there are four quarterly Performance Periods, ending on March 31, June 30, September 30 and December 31, 2019 (each, a “2019 Performance Period”). For each of the four 2019 Performance Periods, there are two equally weighted (50% each) performance goals (each, a “2019 Performance Goal”): Revenue and Operating Margin (each as defined below). The chart below set forth the Revenue and Operating Margin Performance Goals for the four 2019 Performance Periods.
“Revenue” means as to each of the 2019 Performance Periods, the Company’s net revenues generated from third parties, including both services revenues and product revenues as defined in the Company’s Form 10-K filed for the calendar year ended December 31, 2018. Net revenue is defined as gross sales less any pertinent discounts, refunds or other contra-revenue amounts, as presented on the Company’s press releases reporting its quarterly financial results.
“Operating Margin” means as to each of the 2019 Performance Periods, the Company’s non-GAAP operating income divided by its Revenue. Non-GAAP operating income means the Company’s Revenues less cost of revenues and operating expenses, excluding the impact of stock-based compensation expense, amortization of acquisition related intangibles, legal settlement related charges and as adjusted for certain acquisitions, as presented on the Company’s press releases reporting its quarterly financial results
Table:
2019 Performance Period | Revenue Performance Goal(in millions) | Operating Margin Performance Goal
Q1 | $199.5 | 8.1%
Q2 | $211.7 | 8.3%
Q3 | $227.3 | 9.6%
Q4 | $243.2 | 10.8%


Question: When does each respective quarterly performance period end?
Answer: March 31, June 30, September 30, December 31
The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions):
During the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.
As of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.
Table:
 | Year Ended | 
 | April 26, 2019 | April 27, 2018
Balance at beginning of period | $  3,363 | $ 3,213
Additions | 2,763 | 2,566
Revenue recognized during the period | (2,458 ) | (2,416 )
Balance at end of period | $  3,668 | $ 3,363


Question: How many years did balance at end of period exceed $3,500 million?
Answer: 1
Calculation: 2019
3 Investments
The investment in Sophos Holdings Limited, a holding company for the Sophos Group, comprises 100% of the ordinary share capital.
The investment in Sophos Limited comprises share-based payment expenses for equity awards granted to participants employed by Sophos Limited and its subsidiaries.
Table:
 | 31 March 2019 | 31 March 2018
 | $M | $M
Investment in Sophos Holdings Limited | 1,035.8 | 1,035.8
Investment in Sophos Limited | 94.8 | 63.3
At 31 March | 1,130.6 | 1,099.1


Question: What does the investment in Sophos Limited comprise?
Answer: share-based payment expenses for equity awards granted to participants employed by Sophos Limited and its subsidiaries.
Note 5 – Goodwill and Intangible Assets
Goodwill and indefinite-lived intangible assets consisted of the following:
Goodwill
The Company performed the annual impairment assessment of goodwill for our single reporting unit as of December 31, 2019, noting no impairment loss. The fair value exceeded the carrying value by 2.4%. Considerable management judgment is necessary to evaluate goodwill for impairment. We estimate fair value using widely accepted valuation techniques including discounted cash flows and market multiples analysis with respect to our single reporting unit. These valuation approaches are dependent upon a number of factors, including estimates of future growth rates, our cost of capital, capital expenditures, income tax rates, and other variables. Assumptions used in our valuations were consistent with our internal projections and operating plans. Our discounted cash flows forecast could be negatively impacted by a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for our products or changes in the size of the market for our products. Additionally, under the market approach analysis, we used significant other observable inputs including various guideline company comparisons. We base our fair value estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. Changes in these estimates or assumptions could materially affect the determination of fair value and the conclusions of the quantitative goodwill test for our one reporting unit.
Indefinite-lived Intangible Assets
The Company performed the annual impairment assessment on the indefinite-lived intangible asset as of December 31, 2019 and 2018, resulting in no impairment losses.
Table:
 |  | December 31,
 | 2019 | 2018
Goodwill | $ 10,368 | $ 10,368
Accumulated impairment losses | (1,244 ) | (1,244 )
Goodwill | 9,124 | 9,124
Brand names | 3,700 | 3,700
Goodwill and indefinite lived intangible assets | $ 12,824 | $ 12,824


Question: What is the value of brand names as of December 31, 2019?
Answer: 3,700
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
18. Revenues from Contracts with Customers
The Group has recognized the following amounts relating to revenues:
Revenues from The Cool Pool Limited relate only to the pool revenues received from GasLog’s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement.
Following the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.
Table:
 |  | For the year ended December 31, | 
 | 2017 | 2018 | 2019
Revenues from fixed rate time charters | 485,961 | 515,324 | 558,266
Revenues from variable rate time charters | — | — | 64,334
Revenues from The Cool Pool Limited (GasLog vessels) | 38,046 | 102,253 | 45,253
Revenues from vessel management services | 1,222 | 767 | 784
Total | 525,229 | 618,344 | 668,637


Question: What are the components of the revenues?
Answer: Revenues from fixed rate time charters, Revenues from variable rate time charters, Revenues from The Cool Pool Limited (GasLog vessels), Revenues from vessel management services
Unaudited Pro Forma Financial Information
The unaudited pro forma financial information in the table below summarizes the combined results of operations for Oracle, Aconex and certain other companies that we acquired since the beginning of fiscal 2018 that were considered relevant for the purposes of unaudited pro forma financial information disclosure as if the companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information for all periods presented included the business combination accounting effects resulting from these acquisitions, including amortization charges from acquired intangible assets (certain of which are preliminary), stock-based compensation charges for unvested restricted stock-based awards and stock options assumed, if any, and the related tax effects as though the aforementioned companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2018 or 2019.
The unaudited pro forma financial information for fiscal 2019 presented the historical results of Oracle for fiscal 2019 and certain other companies that we acquired since the beginning of fiscal 2019 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above.
The unaudited pro forma financial information for fiscal 2018 combined the historical results of Oracle for fiscal 201 8 and the historical results of Aconex for the twelve month period ended December 31, 2017 (adjusted due to differences in reporting periods and considering the date we acquired Aconex) and certain other companies that we acquired since the beginning of fiscal 201 8 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above. The unaudited pro forma financial information was as follows:
Table:
 | Year Ended May 31, | 
(in millions, except per share data) | 2019 | 2018
Total revenues | $39,512 | $39,546
Net income | $11,076 | $3,500
Basic earnings per share | $3.05 | $0.85
Diluted earnings per share | $2.97 | $0.83


Question: How much were the basic earnings per share in 2018?
Answer: $0.85
Net Cash Provided By Operating Activities and Free Cash Flow
The following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages):
Net cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018.
Free cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled “Liquidity and Capital Resources” for additional information on the convertible notes.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Reconciliation of free cash flow: |  |  | 
Net cash provided by operating activities | $115,549 | $90,253 | $67,510
Capital expenditures | (18,034) | (14,895) | (7,100)
Capitalized software costs | (24,668) | (25,515) | (20,571)
Free cash flow | $72,847 | $49,843 | $39,839
Free cash flow margin | 12.6% | 9.3% | 8.3%


Question: What was the change in free flow cash margin between 2017 and 2018?
Answer: 1
Calculation: (9.3%-8.3%)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
Disaggregated Revenue
The following table presents revenues disaggregated by the major markets we serve:
Table:
 | Twelve Months Ended December 31, | 
 | 2019 | 2018
Transportation | $299,005 | $300,124
Industrial | 78,369 | 86,968
Medical | 41,901 | 40,663
Aerospace & Defense | 32,569 | 23,323
Telecom & IT | 17,155 | 19,405
Total | $468,999 | $470,483


Question: What was the percentage change in total revenue between 2018 and 2019?
Answer: -0.32
Calculation: (468,999-470,483)/470,483
mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the following table summarizes expected benefit payments through 2018 including those payments expected to be paid from the company 2019s general assets . since the majority of the benefit payments are made in the form of lump-sum distributions , actual benefit payments may differ from expected benefits payments. .

Table:
2009 | $ 19766
2010 | 18182
2011 | 25518
2012 | 21029
2013 | 24578
2014 2013 2018 | 118709
substantially all of the company 2019s u.s .
employees are eligible to participate in a defined contribution savings plan ( the 201csavings plan 201d ) sponsored by the company .
the savings plan allows employees to contribute a portion of their base compensation on a pre-tax and after-tax basis in accordance with specified guidelines .
the company matches a percentage of employees 2019 contributions up to certain limits .
in 2007 and prior years , the company could also contribute to the savings plan a discretionary profit sharing component linked to company performance during the prior year .
beginning in 2008 , the discretionary profit sharing amount related to 2007 company performance was paid directly to employees as a short-term cash incentive bonus rather than as a contribution to the savings plan .
in addition , the company has several defined contribution plans outside of the united states .
the company 2019s contribution expense related to all of its defined contribution plans was $ 35341 , $ 26996 and $ 43594 for 2008 , 2007 and 2006 , respectively .
the company had a value appreciation program ( 201cvap 201d ) , which was an incentive compensation plan established in 1995 .
annual awards were granted to vap participants from 1995 through 1998 , which entitled participants to the net appreciation on a portfolio of securities of members of mastercard international .
in 1999 , the vap was replaced by an executive incentive plan ( 201ceip 201d ) and the senior executive incentive plan ( 201cseip 201d ) ( together the 201ceip plans 201d ) ( see note 16 ( share based payments and other benefits ) ) .
contributions to the vap have been discontinued , all plan assets have been disbursed and no vap liability remained as of december 31 , 2008 .
the company 2019s liability related to the vap at december 31 , 2007 was $ 986 .
the expense ( benefit ) was $ ( 6 ) , $ ( 267 ) and $ 3406 for the years ended december 31 , 2008 , 2007 and 2006 , respectively .
note 12 .
postemployment and postretirement benefits the company maintains a postretirement plan ( the 201cpostretirement plan 201d ) providing health coverage and life insurance benefits for substantially all of its u.s .
employees and retirees hired before july 1 , 2007 .
the company amended the life insurance benefits under the postretirement plan effective january 1 , 2007 .
the impact , net of taxes , of this amendment was an increase of $ 1715 to accumulated other comprehensive income in 2007. .

Question: what is the ratio of the expected benefit payments for 2009 to 2010
Answer: 1.087
Calculation: divide(19766, 18182)
D) SHARE-BASED PAYMENT PLANS
The Corporation offers an Employee Stock Purchase Plan for the benefit of its employees and those of its subsidiaries and a Stock Option Plan to its executive officers and designated employees. No more than 10% of the outstanding subordinate voting shares are available for issuance under these plans. Furthermore, the Corporation offers an Incentive Share Unit Plan ("ISU Plan") and a Performance Share Unit Plan ("PSU Plan") for executive officers and designated employees, and a Deferred Share Unit Plan ("DSU Plan") for members of the Board of Directors ("Board").
Stock purchase plan The Corporation offers, for the benefit of its employees and those of its subsidiaries, an Employee Stock Purchase Plan, which is accessible to all employees up to a maximum of 7% of their base annual salary and the Corporation contributes 25% of the employee contributions. The subscriptions are made monthly and employee subordinate voting shares are purchased on the stock market.
Stock option plan A total of 3,432,500 subordinate voting shares are reserved for the purpose of the Stock Option Plan. The minimum exercise price at which options are granted is equal to the market value of such shares at the time the option is granted. Options vest equally over a period of five years beginning one year after the day such options are granted and are exercisable over ten years.
Under the Stock Option Plan, the following options were granted by the Corporation and are outstanding at August 31:
(1) For the year ended August 31, 2019, the Corporation granted 97,725 (126,425 in 2018) stock options to Cogeco's executive officers as executive officers of the Corporation. (2) The weighted average share price for options exercised during the year was $92.43 ($83.46 in 2018).
Table:
Years ended August 31, |  | 2019 |  | 2018
 | Options | Weighted average exercise price | Options | Weighted average exercise price
 |  | $ |  | $
Outstanding, beginning of the year | 819,393 | 65.27 | 652,385 | 56.61
Granted (1) | 201,525 | 65.62 | 281,350 | 85.08
Exercised (2) | (170,754) | 57.28 | (60,337) | 57.77
Cancelled | (134,550) | 72.43 | (54,005) | 72.28
Outstanding, end of the year | 715,614 | 65.93 | 819,393 | 65.27
Exercisable, end of the year | 264,374 | 55.99 | 277,108 | 49.76


Question: What is the increase / (decrease) in the Options Outstanding, beginning of the year shares from 2018 to 2019?
Answer: 167008
Calculation: 819,393 - 652,385
Contractual Obligations
Presented below is information about our material contractual obligations and the periods in which those future payments are due as of December 31, 2019. Future events could cause actual payments to differ from these estimates. As of December 31, 2019, the following table summarizes our contractual obligations and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):
(1) The 2017 Facility incurs interest at a variable rate. The projected variable interest payments assume no change in the Eurodollar Base Rate, or LIBOR, from December 31, 2019.
(2) Represents the current portion of our expected cash payments for our liability to repurchase subsidiary unit awards for our professional residential property management and vacation rental management subsidiary.
(3) Represents amounts due under multi-year, non-cancelable contracts with third-party vendors, as well as other commitments.
The commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.
As of December 31, 2019, we had no outstanding letters of credit under our 2017 Facility.
Table:
Contractual Obligations | 1 Year | 2 to 3 Years | 4 to 5 Years | More Than 5 Years | Total
Debt: |  |  |  |  | 
Principal payments | $— | $63,000 | $— | $— | $63,000
Interest payments1 | 2,206 | 3,876 | — | — | 6,082
Unused line fee payments | 126 | 222 | — | — | 348
Operating lease commitments | 9,818 | 18,823 | 15,840 | 10,893 | 55,374
Subsidiary unit award liabilities2 | 141 | — | — | — | 141
Other long-term liabilities | — | 4,375 | 2,513 | 601 | 7,489
Other commitments 3 | 624 | 290 | — | — | 914
Total contractual obligations | $12,915 | $90,586 | $18,353 | $11,494 | $133,348


Question: What does Other commitments represent?
Answer: amounts due under multi-year, non-cancelable contracts with third-party vendors, as well as other commitments.