hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Sources and Uses of Cash
Historically, our primary source of cash has been provided by operations. Other sources of cash in the past three fiscal years include proceeds from our Euro Term Loan used to finance our acquisition of Rofin, proceeds received from the sale of our stock through our employee stock purchase plan as well as borrowings under our revolving credit facility (‘‘Revolving Credit Facility’’). Our historical uses of cash have primarily been for acquisitions of businesses and technologies, the repurchase of our common stock, capital expenditures and debt issuance costs. Supplemental information pertaining to our historical sources and uses of cash is presented as follows and should be read in conjunction with our Consolidated Statements of Cash Flows and notes thereto (in thousands):
Net cash provided by operating activities decreased by $54.7 million in fiscal 2019 compared to fiscal 2018. The decrease in cash provided by operating activities in fiscal 2019 was primarily due to lower net income and lower cash flows from income taxes payable and deferred taxes, partially offset by higher cash flows from accounts receivable, inventories, deferred revenue and accrued payroll. We believe that our existing cash, cash equivalents and short term investments combined with cash to be provided by operating activities and amounts available under our Revolving Credit Facility will be adequate to cover our working capital needs and planned capital expenditures for at least the next 12 months to the extent such items are known or are reasonably determinable based on current business and market conditions. However, we may elect to finance certain of our capital expenditure requirements through other sources of capital. We continue to follow our strategy to further strengthen our financial position by using available cash flow to fund operations.
Table:
 | Fiscal | 
 | 2019 | 2018
Net cash provided by operating activities | $181,401 | $236,111
Purchases of property and equipment | (83,283) | (90,757)
Acquisition of businesses, net of cash acquired | (18,881) | (45,448)
Proceeds from sale of discontinued operation (the Hull Business) | — | 25,000
Proceeds from sales of other entities | — | 6,250
Borrowings, net of repayments | 263 | (173,252)
Issuance of shares under employee stock plans | 11,811 | 10,574
Repurchase of common stock | (77,410) | (100,000)
Net settlement of restricted common stock | (15,179) | (36,320)


Question: In which year was the Issuance of shares under employee stock plans larger?
Answer: 2019
Calculation: 11,811>10,574
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: What is the change in the Fair value through other comprehensive income from 2017 to 2018?
Answer: 9
Calculation: 46 - 37
1.10 Percentage change in remuneration of the Group Chief Executive
The following table provides a summary of the 2019 increase in base salary, benefits and bonus for the Group Chief Executive compared to the average increase for the general UK employee population across the Group in the same period.
* 2018 percentage restated to include all UK bonuses for the general UK employee population across the Group.
Table:
 |  | 2019 change | 2018 change
Salary | Group Chief Executive | 7.7% | 2.7%
 | General employee population | 2.9% | 2.7%
Benefits | Group Chief Executive | 5.2% | 3.2%
 | General employee population | 2.9% | 2.7%
Bonus | Group Chief Executive | 15.5% | -4.9%
 | General employee population* | 22.2% | 1.6%


Question: What was the 2019 increase in base salary, benefits and bonus for the Group Chief Executive compared against?
Answer: compared to the average increase for the general UK employee population across the Group in the same period
Liquidity and Capital Resources
As of December 31, 2019, we had total current assets of approximately $27.1 million, compared with current liabilities of approximately $6.1 million, resulting in working capital of approximately $21.0 million and a current ratio of approximately 4.4 to 1. This compares with the working capital balance of approximately $11.5 million and the current ratio of 3.7 to 1 at December 31, 2018. This increase in working capital, as discussed in more detail below, is primarily the result of the capital we raised in 2019.
Following is a table with summary data from the consolidated statement of cash flows for the years ended December 31, 2019 and 2018, as presented.
Our operating activities used approximately $1.7 million in the year ended December 31, 2019, as compared with approximately $0.8 million provided by operating activities in the year ended December 31, 2018. The cash provided in 2018 was the result of our net income and non-cash expenses, partially offset by the increased working capital required to support higher revenues. The cash used in operations in 2019 was the result of increased levels of working capital required to support higher revenue levels, expenditures related to growth, and costs associated with our acquisition in 2019.
We used approximately $5.7 million in investing activities in the year ended December 31, 2018, as compared with approximately $10.6 million used in investing activities in the year ended December 31, 2019. The majority of the investing activities in 2018 related to our acquisition of CareSpeak communications in October 2018. The majority of investing in activities in 2019 related to our acquisitions of RMDY Health, Inc. in 2019, as well as a software purchase in 2019.
Financing activities provided $8.7 million in the year ended December 31, 2018, as compared with $22.2 million in the year ended December 31, 2019. The cash provided in 2018 was primarily the result of the equity raised in connection with our uplisting to Nasdaq, as well as from the proceeds of option exercises. The cash used in 2019 was the result of our underwritten offering in 2019, as well as from the proceeds of option exercises.
With our cash on hand, we have sufficient cash to operate our business for more than the next 12 months and we do not anticipate the need to raise additional equity for operating purposes.
Table:
 | 2019 | 2018
Net cash provided by (used in) operating activities | $(1,660,796) | $792,555
Net cash used in investing activities | (10,582,086) | (5,686,833)
Net cash provided by financing activities | 22,181,528 | 8,685,739
Net increase in cash and cash equivalents | $9,938,646 | $3,791,461


Question: What is the percentage change in the net increase in cash and cash equivalents from 2018 to 2019?
Answer: 162.13
Calculation: (9,938,646-3,791,461)/3,791,461
Expected Cash Flows
The Combined Pension Plan payments, post-retirement health care benefit payments and premiums, and life insurance premium payments are either distributed from plan assets or paid by us. The estimated benefit payments provided below are based on actuarial assumptions using the demographics of the employee and retiree populations and have been reduced by estimated participant contributions.
Table:
 | Combined Pension Plan | Post-Retirement Benefit Plans | Medicare Part D Subsidy Receipts
 |  | (Dollars in millions) | 
Estimated future benefit payments: |  |  | 
2020 | $971 | 242 | (6)
2021 | 921 | 238 | (6)
2022 | 893 | 232 | (6)
2023 | 868 | 226 | (5)
2024 | 842 | 219 | (5)
2025-2029 | 3,813 | 986 | (20)


Question: What assumptions are the estimated benefit payments based on?
Answer: actuarial assumptions using the demographics of the employee and retiree populations and have been reduced by estimated participant contributions
Changes in Estimates on Contracts
Changes in estimates related to contracts accounted for using the cost-to-cost method of accounting are recognized in the period in which such changes are made for the inception-to-date effect of the changes, with the exception of contracts acquired through a business combination, where the adjustment is made for the period commencing from the date of acquisition.
Changes in estimates on contracts for the periods presented were as follows:
The impact on diluted EPS attributable to Leidos common stockholders is calculated using the Company's statutory tax rate.
Table:
 |  | Year Ended | 
 | January 3, 2020 | December 28, 2018 | December 29, 2017
 |  | (in millions, except for per share amounts) | 
Favorable impact | $95 | $167 | $185
Unfavorable impact | (52) | (62) | (82)
Net favorable impact to income before income taxes | $43 | $105 | $103
Impact on diluted EPS attributable to Leidos common stockholders | $0.23 | $0.52 | $0.41


Question: What was the Unfavorable impact in 2020?
Answer: (52)
4. Link between Group performance and remuneration outcomes
The Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years.
Altium’s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth.
1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA.
2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.
Table:
 | 2019 | 2018 | 2017 | 2016 | 2015
 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000
Revenue | 171,819 | 140,176 | 110,865 | 93,597 | 80,216
EBITDA | 62,721 | 44,869 | 33,254 | 27,430 | 22,697
EPS | 40.57 | 28.86 | 21.70 | 17.89 | 12.47 1
Profit for the year | 52,893 | 37,489 | 28,077 | 23,020 | 15,398 1
Dividend declared - AU cents | 34 | 27 | 23 | 20 | 16
Share price - AU$ | $34.2 | 22.51 | 8.57 | 6.46 | 4.43
STI Achievement | 100% - 150% 2 | 131% | 103% | 97% | 63%
STI performance hurdles | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | Different metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development
LTI Achievement | 100% | 100% | 100% | 100% | 50%
LTI performance hurdles | 50% Revenue | EPS | EPS | EPS | 50% Subscriber growth 50% EPS


Question: What are the LTI performance hurdles in 2019?
Answer: 50% Revenue, 50% EPS
NOTE 19—RESTRUCTURING
In 2019, we initiated projects to restructure and modify our supply chain strategy, functional responsibilities, methods, capabilities, processes and rationalize suppliers with the goal of reducing ongoing costs and increasing the efficiencies of our worldwide procurement organization. The majority of the costs associated with these restructuring activities are related to consultants that we have engaged in connection with these efforts, and such costs have been recognized by our corporate entity. The total costs of this restructuring project are expected to exceed amounts incurred to date by $0.9 million and these efforts are expected to be completed early in fiscal 2020. Also, in fiscal 2019 our CTS and CGD segments incurred restructuring charges, consisting primarily of employee severance costs related to headcount reductions initiated to optimize our cost positions. The total costs of each of these restructuring plans initiated thus far are not expected to be significantly greater than the charges incurred to date.
Our fiscal 2018 restructuring activities related primarily to expenses incurred by our corporate entity to establish a North American shared services center. Our fiscal 2017 restructuring activities included corporate efforts to increase the centralization and efficiency of our manufacturing processes, as well as restructuring charges incurred by our CGD businesses related to the elimination of a level of management in the CGD simulator business.
Restructuring charges incurred by our business segments were as follows (in millions):
Table:
 |  | Years Ended September 30, | 
 | 2019 | 2018 | 2017
Restructuring costs: |  |  | 
Cubic Transportation Systems | $  3.2 | $  0.4 | $  0.4
Cubic Mission Solutions | — | 0.2 | —
Cubic Global Defense | 3.3 | 1.3 | 0.9
Unallocated corporate expenses | 8.9 | 3.1 | 1.0
Total restructuring costs | $  15.4 | $  5.0 | $  2.3


Question: In which year was the restructuring costs incurred by Cubic Global Defense the lowest?
Answer: 2017
Calculation: 0.9<1.3<3.3
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: What was the expense recognized by the Partnership in 2019? 
Answer: $3,757
The following table summarizes activity for the interest rate swap:
There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company’s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).
Table:
 | Fair Value at December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Interest rate swap |  | 
Beginning balance | $1,623 | $734
Unrealized gain (loss) recognized in other comprehensive income (loss) | (1,660) | 889
Ending balance | $(37) | 1,623


Question: What was the Unrealized gain (loss) recognized in other comprehensive income (loss) in 2019 and 2018 respectively?
Answer: (1,660), 889
Constant underlying earnings per share
Constant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders’ equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates.
The reconciliation of underlying profit attributable to shareholders’ equity to constant underlying earnings attributable to shareholders’ equity and the calculation of constant underlying EPS is as follows:
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
(b) See note 7.
(c) See pages 28 and 29 for further details.
Table:
 | € million | € million
 | 2019 | 2018
 |  | (Restated)(a)
Underlying profit attributable to shareholders’ equity(b) | 6,688 | 6,345
Impact of translation from current to constant exchange rates and translational hedges | 13 | 46
Impact of price growth in excess of 26% per year in hyperinflationary economies(c) | (108) | (10)
Constant underlying earnings attributable to shareholders’ equity | 6,593 | 6,381
Diluted combined average number of share units (millions of units) | 2,626.7 | 2,694.8
Constant underlying EPS (€) | 2.51 | 2.37


Question: What is the average Constant underlying earnings attributable to shareholders’ equity?
Answer: 6487
Calculation: (6,593 + 6,381) / 2
(8) Accounts Receivable
The following table presents details of our accounts receivable balances:
We are exposed to concentrations of credit risk from residential and business customers. We generally do not require collateral to secure our receivable balances. We have agreements with other communications service providers whereby we agree to bill and collect on their behalf for services rendered by those providers to our customers within our local service area. We purchase accounts receivable from other communications service providers primarily on a recourse basis and include these amounts in our accounts receivable balance. We have not experienced any significant loss associated with these purchased receivables.
Table:
 | As of December 31, | 
 | 2019 | 2018
 | (Dollars in millions) | 
Trade and purchased receivables | $1,971 | 2,094
Earned and unbilled receivables | 374 | 425
Other | 20 | 21
Total accounts receivable | 2,365 | 2,540
Less: allowance for doubtful accounts | (106) | (142)
Accounts receivable, less allowance | $2,259 | 2,398


Question: How many types of accounts receivables are highlighted in the table?
Answer: 3
Calculation: Trade and purchased receivables##Earned and unbilled receivables##Other
Liquidity and Capital Resources
As of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.
Our primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.
Cash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.
Our primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.
Our credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.
Following is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:
Table:
 | December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Working capital | $115,208 | 110,044
Cash and cash equivalents | $92,708 | $73,142
Short-term restricted cash | 349 | 645
Long-term restricted cash | 60 | 404
Total cash and cash equivalents, restricted cash and investments | $93,117 | 74,191


Question: What was the respective working capital in 2019 and 2018?
Answer: 115,208, 110,044
Return on invested capital (ROIC)
ROIC measures the after tax return on the total capital invested in the business. It is calculated as adjusted operating profit after tax divided by average invested capital.
An analysis of the components is as follows:
Table:
 | 2019 | 2018
 | £m | £m
Total equity | 826.3 | 766.9
Net debt | 334.1 | 235.8
Total invested capital | 1,160.4 | 1,002.7
Average invested capital | 1,081.6 | 992.9
Average invested capital (excluding IFRS 16) | 1,061.2 | 992.9
Operating profit as reported under IFRS | 245.0 | 299.1
Adjustments (see adjusted operating profit) | 37.7 | (34.2)
Adjusted operating profit | 282.7 | 264.9
Taxation | (80.6) | (73.1)
Adjusted operating profit after tax | 202.1 | 191.8
Adjusted operating profit after tax (excluding IFRS 16) | 201.2 | 191.8
Return in invested capital | 18.7% | 19.3%
Return in invested capital (excluding IFRS 16) | 19.0% | 19.3%


Question: How is the ROIC calculated?
Answer: adjusted operating profit after tax divided by average invested capital