hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Management Discussion and Analysis
Capital Management and Dividend Policy
Notes: (1) Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances.
(2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests.
(3) Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.
As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago. 

As at 31 March 2019, the Group’s net debt was S$9.9 billion, stable from a year ago.
The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure. 

The Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody’s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure.
For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments). 

For the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group’s underlying net profit and 88% of the Group’s free cash flow (after interest and tax payments).
Singtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.
Table:
 | Financial Year ended 31 March | 
Group | 2019 | 2018
Gross debt (S$ million) | 10,396 | 10,402
Net debt (1) (S$ million) | 9,883 | 9,877
Net debt gearing ratio (2) (%) | 24.9 | 24.9
Net debt to EBITDA and share of associates’ pre-tax proﬁts (number of times) | 1.6 | 1.3
Interest cover (3) (number of times) | 16.2 | 20.1


Question: What is Singtel's credit rating given by Moody's?
Answer: A1
* Recast to conform to 2019 presentation.
** Reclassified to conform to 2019 presentation. Refer to “Basis of
Presentation” in note A, “Significant Accounting Policies,” for
additional information.
The following table presents external revenue for similar classes of products or services within the company’s reportable segments. Client solutions often include IBM software and systems and other suppliers’ products if the client solution requires it.
For each of the segments that include services, Software-as-a-Service, consulting, education, training and other product-related services are included as services. For each of these segments, software includes product license charges and ongoing subscriptions.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018 | 2017
Cloud & Cognitive Software* |  |  | 
Software | $18,712 | $17,970** | $17,681**
Services | 4,321 | 4,082** | 3,920**
Systems | 166 | 156 | 150
Global Business Services* |  |  | 
Services | $16,363 | $16,238** | $15,728**
Software | 156 | 151** | 179**
Systems | 115 | 206 | 165
Global Technology Services* |  |  | 
Services | $20,768 | $22,222** | $21,913**
Maintenance | 5,183 | 5,484 | 5,783
Systems | 1,072 | 1,069 | 1,207
Software | 338 | 371** | 310**
Systems |  |  | 
Servers | $ 3,746 | $ 3,996 | $ 3,993
Storage | 1,920 | 2,114 | 2,243
Software | 1,528 | 1,499** | 1,520**
Services | 410 | 425** | 438**
Global Financing |  |  | 
Financing | $ 1,120 | $ 1,223 | $ 1,167
Used equipment sales | 281 | 366 | 530


Question: What is the increase/ (decrease) in Used equipment sales from 2018 to 2019
Answer: -85
Calculation: 281-366
16. Segment, Geographic, and Significant Customer Information
We operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance storage and data management solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from our internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions in this internal management reporting because management does not review operations or operating results, or make planning decisions, below the consolidated entity level.
Summarized revenues by geographic region based on information from our internal management system and utilized by our Chief Executive Officer, who is considered our Chief Operating Decision Maker, is as follows (in millions):
Americas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $3,116 million, $2,878 million and $2,721 million during fiscal 2019, 2018 and 2017, respectively.
Table:
 |  | Year Ended | 
 | April 26, 2019 | April 27, 2018 | April 28, 2017
United States, Canada and Latin America (Americas) | $ 3,425 | $ 3,207 | $ 3,021
Europe, Middle East and Africa (EMEA) | 1,847 | 1,873 | 1,741
Asia Pacific (APAC) | 874 | 839 | 729
Net revenues | $ 6,146 | $ 5,919 | $ 5,491


Question: What was the sales to customers inside the U.S. in 2017?
Answer: $2,721 million
The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively.
As at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows:
1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year.
2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year.
3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378.
4. No options were cancelled or lapsed during the year.
Table:
 |  |  | Number of share options |  |  |  | 
Name of director | Date of grant | As at 1 January 2019 | Granted during the year | Exercised during the year | As at 31 December 2019 | Exercise price | Exercise period
 |  |  |  |  |  | HKD | 
Lau Chi Ping Martin | 25 March 2014 | 5,000,000 | - | - | 5,000,000 | 114.52 | 25 March 2015 to 24 March 2021 (Note 2)
 | 21 March 2016 | 3,750,000 | - | - | 3,750,000 | 158.10 | 21 March 2017 to 20 March 2023 (Note 2)
 | 24 March 2017 | 5,250,000 | - | - | 5,250,000 | 225.44 | 24 March 2018 to 23 March 2024 (Note 2)
 | 9 April 2018 | 3,215,800 | - | - | 3,215,800 | 410.00 | 9 April 2019 to 8 April 2025 (Note 2)
 | 4 April 2019 | - | 3,506,580 (Note 3) | - | 3,506,580 | 376.00 | 4 April 2020 to 3 April 2026 (Note 2)
 | Total: | 17,215,800 | 3,506,580 | - | 20,722,380 |  | 


Question: How many percent of the total shares granted as at 1 January was the 21 March 2016 grant?
Answer: 21.78
Calculation: 3,750,000/17,215,800
21 Called up share capital and reserves
Other reserves in the Consolidated Statement of Changes in Equity on pages 151 to 152 are made up as follows:
The change in translation reserve includes a £1.4m credit transferred from retained earnings.
Table:
 | 1st January 2019 | Change in year | 31st December 2019
 | £m | £m | £m
Translation reserve | 30.3 | (45.0) | (14.7)
Net investment hedge reserve | (7.4) | 12.9 | 5.5
Cash flow hedges reserve | – | 3.3 | 3.3
Capital redemption reserve | 1.8 | – | 1.8
Employee Benefit Trust reserve | (2.5) | (4.0) | (6.5)
Total other reserves | 22.2 | (32.8) | (10.6)


Question: What are the types of Other reserves?
Answer: Translation reserve, Net investment hedge reserve, Cash flow hedges reserve, Capital redemption reserve, Employee Benefit Trust reserve
(4) Property and Equipment
Property and equipment consist of the following (in thousands):
Depreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively.
On November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona.
Included within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.
Table:
 | December 31, | 
 | 2019 | 2018
Software | $114,674 | $170,327
Buildings | 92,092 | 64,263
Equipment | 60,661 | 100,421
Furniture and fixtures | 34,768 | 38,200
Lease hold improvements | 33,668 | 26,319
Land | 31,374 | 5,124
 | 367,237 | 404,654
Accumulated depreciation and amortization | (236,330) | (331,700)
Property and equipment, net | $130,907 | $72,954


Question: What is the change in Software between 2018 and 2019?
Answer: -55653
Calculation: 114,674-170,327
Stock-based Compensation Expense
The income tax benefit related to share-based compensation was $66 million, $158 million and $97 million for 2019, 2018 and 2017, respectively. The income tax benefits related to share-based compensation for the periods presented prior to the second quarter of 2018 were offset by an increase in the U.S. valuation allowance. Stock-based compensation expense of $30 million and $19 million was capitalized and remained in inventory as of August 29, 2019 and August 30, 2018, respectively. As of August 29, 2019, $439 million of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the fourth quarter of 2023, resulting in a weighted-average period of 1.3 years.
Table:
For the year ended | 2019 | 2018 | 2017
Stock-based compensation expense by caption |  |  | 
Cost of goods sold | $102 | $83 | $88
Selling, general, and administrative | 73 | 61 | 75
Research and development | 68 | 54 | 52
 | $243 | $198 | $215
Stock-based compensation expense by type of award |  |  | 
Restricted stock awards | $178 | $140 | $144
Stock options | 33 | 55 | 71
ESPP | 32 | 3 | —
 | $243 | $198 | $215


Question: How much was the income tax benefit related to share-based compensation in 2018 and 2017 respectively?
Answer: $158 million, $97 million
Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne’s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants.
Stock compensation plan activity for the years 2019, 2018, and 2017, is as follows:
Table:
 | 2019 | 2018 | 2017
 |  | (in thousands) | 
Restricted Stock Units: |  |  | 
Non-vested at January 1 | 2,454 | 3,174 | 3,778
Awarded | 1,139 | 790 | 939
Vested | (1,237) | (1,382) | (1,434)
Forfeited | (87) | (128) | (109)
Non-vested at December31 | 2,269 | 2,454 | 3,174
Stock Options: |  |  | 
Outstanding at January 1 | 506 | 531 | 926
Granted | 102 | 69 | 111
Exercised | (280) | (94) | (501)
Forfeited | (7) | — | —
Expired | (2) | — | (5)
Outstanding at December 31 | 319 | 506 | 531
Vested and expected to vest at December 31 | 319 | 506 | 531
Exercisable at December 31 | 85 | 256 | 233


Question: What was the percentage change in granted stocks in 2019 from 2018?
Answer: 47.83
Calculation: (102-69)/69
For the full year 2019, our ADG revenues increased 1.4% compared to the previous period. The increase was primarily due to improved average selling prices of approximately 9%, which was entirely due to a better product mix, and partially offset by a decrease in volumes by approximately 8%.
AMS revenues grew 4.6%, mainly due to the double-digits growth in Imaging. The increase was due to higher average selling prices of approximately 12%, as a result of a better product mix, and was partially offset by lower volumes of approximately 7%.
MDG revenues were down by 10.3%, mainly due to Microcontrollers. The decrease was due to lower volumes of approximately 10% while average selling prices remained substantially flat.
In 2018, all product groups registered double-digit revenue increase. Our ADG revenues increased 16.2% for the full year 2018 compared to the full year 2017 on growth in both Power Discrete and Automotive. The increase was primarily due to improved average selling prices of approximately 21% and volumes decreased by approximately 5%. The increase in average selling prices was entirely due to improved product mix, while selling prices remained substantially flat.
AMS revenues grew 19.9%, mainly on the strong increase in Imaging. The increase was due to higher volumes of approximately 12% and higher average selling prices of approximately 8%, which was entirely due to improved product mix of approximately 13%, while selling prices decreased by approximately 5%.
MDG revenues were up by 11.1%, with Digital and Microcontrollers & Memories equally contributing. The increase was primarily due to higher average selling prices of approximately 11%, while volumes remained substantially flat. The increase in average selling prices was due to a better product mix of approximately 13%, while the selling prices effect was negative of approximately 2%.
Table:
 | Year Ended | Year Ended | Year Ended | % Variation | % Variation
2019 vs 2018 2018 vs 2017 | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017
 | (In millions) | (In millions) | (In millions) |  | 
Automotive and Discrete Group (ADG) | $3,606 | $3,556 | $3,059 | 1.4% | 16.2%
Analog MEMS and Sensors Group (AMS) | 3,299 | 3,154 | 2,630 | 4.6 | 19.9
Microcontrollers and Digital ICs Group (MDG) | 2,638 | 2,940 | 2,646 | (10.3) | 11.1
Others | 13 | 14 | 12 | — | —
Total consolidated net revenues | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8%


Question: What are the average net revenues by Analog MEMS and Sensors Group (AMS)?
Answer: 3027.67
Calculation: (3,299+3,154+2,630) / 3
The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.
The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
As of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.
Table:
 |  | YearEnded | 
 | June 30, 2019 | June 24, 2018 | June 25, 2017
Expected volatility | 32.65% | 34.07% | 27.48%
Risk-free interest rate | 2.52% | 2.35% | 1.55%
Expected term (years) | 2.92 | 2.92 | 2.92
Dividend yield | 2.49% | 1.05% | 1.50%


Question: What is the amount of total unrecognised compensation expense as of June 30, 2019?
Answer: $271.9 million
During the year ended 31 December 2019, the Company repurchased 3,486,700 shares on the Stock Exchange for an aggregate consideration of approximately HKD1.16 billion before expenses. The repurchased shares were subsequently cancelled. The repurchase was effected by the Board for the enhancement of shareholder value in the long term. Details of the shares repurchased are as follows:
Save as disclosed above and in Note 32 to the consolidated financial statements, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares during the year ended 31 December 2019.
Table:
 | Purchase consideration per share |  |  | 
 |  |  |  | Aggregate
 | No. of shares | Highest | Lowest | consideration
Month of purchase in 2019 | purchased | price paid | price paid | paid
 |  | HKD | HKD | HKD
August | 362,200 | 327.00 | 312.40 | 116,330,916
September | 2,294,500 | 351.00 | 323.60 | 776,104,729
October | 830,000 | 327.80 | 317.40 | 268,272,462
Total: | 3,486,700 |  |  | 1,160,708,107


Question: How much did the Company pay for the repurchased shares? 
Answer: HKD1.16 billion
Long-lived assets by geographic area, which primarily include property and equipment, net, as of the periods presented were as follows (table in millions):
No individual country other than the U.S. accounted for 10% or more of these assets as of January 31, 2020 and February 1, 2019
VMware’s product and service solutions are organized into three main product groups:
• Software-Defined Data Center
• Hybrid and Multi-Cloud Computing
• Digital Workspace—End-User Computing
VMware develops and markets product and service offerings within each of these three product groups. Additionally, synergies are leveraged across these three product areas. VMware’s products and service solutions from each of its product groups may also be bundled as part of an enterprise agreement arrangement or packaged together and sold as a suite. Accordingly, it is not practicable to determine revenue by each of the three product groups described above.
Table:
 | January 1, 2020 | February 1, 2019
United States | $860 | $849
International | 209 | 113
Total | $1,069 | $962


Question: What was the percentage change in the total net property and equipment between 2019 and 2020?
Answer: 11.12
Calculation: (1,069-962)/962
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 change in the Diluted combined average number of share units (millions of units) from 2018 to 2019?
Answer: -68.1
Calculation: 2,626.7 - 2,694.8
NOTE 14. INCOME (LOSS) PER SHARE (EPS)
Basic EPS is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. Our outstanding convertible preferred stocks are considered participating securities as the holders may participate in undistributed earnings with holders of common shares and are not obligated to share in our net losses.
Diluted EPS is computed by dividing the net income attributable to RiceBran Technologies common shareholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the impact of assumed exercises and conversions is dilutive. The dilutive effects of outstanding options, warrants, nonvested shares and restricted stock units that vest solely on the basis of a service condition are calculated using the treasury stock method. The dilutive effects of the outstanding preferred stock are calculated using the if-converted method.
Below are reconciliations of the numerators and denominators in the EPS computations, and information on potentially dilutive securities.
The impacts of potentially dilutive securities outstanding at December 31, 2019 and 2018, were not included in the calculation of diluted EPS in 2019 and 2018 because to do so would be anti-dilutive. Those securities listed in the table above which were anti-dilutive in 2019 and 2018, which remain outstanding, could potentially dilute EPS in the future.
Table:
Year Ended December 31 |  | 
 | 2019 | 2018
NUMERATOR: Basic and diluted - loss from continuing operations (in thousands) | $ (13,735) | $ (8,101)
DENOMINATOR: Basic and diluted - weighted average number of common shares outstanding (in thousands) | 32,359,316 | 22,099,149
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive: |  | 
Stock options | 1,024,811 | 911,264
Warrants | 8,443,547 | 16,383,944
Convertible preferred stock | 224,848 | 581,680
Restricted stock units | 1,235,287 | 623,603
Weighted average number of nonvested shares of common stock not included in diluted EPS because effect would be antidilutive | 659,581 | 1,169,986


Question: What is the average number of restricted stock units in 2018 and 2019?
Answer: 929445
Calculation: (623,603 + 1,235,287)/2