hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Stock repurchases
(1) On March 15, 2019, the Company announced that the Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2020 and increased the amount of common stock the Company is authorized to repurchase by $60 million.
Table:
 | 2019 |  | 2018 |  | 2017 | 
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
January 1, |  | $6,620 |  | $34,892 |  | $39,385
Authorizations (1) |  | $60,000 |  | $27,003 |  | $ -
Repurchases | (333) | $(21,136) | (1,001) | $(55,275) | (99) | $(4,493)
December 31, |  | $45,484 |  | $6,620 |  | $34,892


Question: What is the value of stock repurchases as at January 1, 2019 as a percentage of the stock repurchases as at January 1, 2018?
Answer: 18.97
Calculation: 6,620/34,892
Note 9: Long-Term Debt
The Company's long-term debt consists of the following (annualized interest rates, dollars in millions):
(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually. (2) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (3) Consists of U.S. real estate mortgages, term loans, revolving lines of credit, notes payable and other facilities at certain international locations where interest is payable weekly, monthly or quarterly, with interest rates between 1.00% and 4.00% and maturity dates between 2019 and 2022.
(4) Debt discount of $20.4 million and $41.6 million for the 1.00% Notes, $71.8 million and $88.5 million for the 1.625% Notes and $10.5 million and $9.3 million for the Term Loan "B" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively. (5) Debt issuance costs of $2.8 million and $5.8 million for the 1.00% Notes, $6.9 million and $8.5 million for the 1.625% Notes and $24.3 million and $19.2 million for the Term Loan "B" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively.
Table:
 | As of | 
 | December 31, 2019 | December 31, 2018
Amended Credit Agreement:   |  | 
Revolving Credit Facility due 2024, interest payable monthly at3 .30% and 3.77%, respectively | $800.0 | $400.0
Term Loan “B” Facility due 2026, interest payable monthly at3 .80% and 4.27%, respectively | 1,630.9 | 1,134.5
1.00% Notes due 2020 (1) | 690.0 | 690.0
1.625% Notes due 2023 (2) | 575.0 | 575.0
Other long-term debt (3) | 53.3 | 139.5
Gross long-term debt, including current maturities | 3,749.2 | 2,939.0
Less: Debt discount (4) | (102.7) | (139.4)
Less: Debt issuance costs (5) | (34.0) | (33.5)
Net long-term debt, including current maturities | 3,612.5 | 2,766.1
Less: Current maturities | (736.0) | (138.5)
 Net long-term debt | $2,876.5 | $2,627.6


Question: What is the change in Net long-term debt, including current maturities from year ended December 31, 2018 to 2019?
Answer: 846.4
Calculation: 3,612.5-2,766.1
11 Employee Costs
Included in wages and salaries above are $4.2M (2018: $4.0M) relating to retention payments arising on business combinations.
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2
 | $M | $M
Wages and salaries | 286.0 | 271.8
Social security costs | 25.6 | 27.3
Pension costs | 8.9 | 8.4
Other costs | 12.7 | 12.1
 | 333.2 | 319.6
Share-based payments (see note 29) | 36.9 | 42.3
Total employee costs | 370.1 | 361.9


Question: What was the total employee costs in 2019?
Answer: 370.1
7 Revenue
Revenue recognised in the Consolidated Statement of Profit or Loss is analysed as follows:
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2
Revenue by Product: | $M | $M
Network | 328.5 | 316.5
Enduser | 348.4 | 291.8
Other | 33.7 | 30.7
Total | 710.6 | 639.0


Question: What was the amount of Other in 2019?
Answer: 33.7
Underlying effective tax rate
The underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items by profit before tax excluding the impact of non-underlying items and share of net profit/(loss) of joint ventures and associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates.
Tax impact on non-underlying items within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates and tax treatment. This is shown in the table:
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
(b) Refer to note 3 for further details on these items.
(c) Excludes €3 million (2018: €32 million) gain on disposal of spreads business by the joint venture in Portugal which is included in the share of net profit/(loss) of joint ventures and associates line. Including the gain, total non-underlying items not in operating profit but within net profit before tax is €35 million (2018: €154 million). See note 3.
Table:
 | € million | € million
 | 2019 | 2018
 |  | (Restated)(a)
Taxation | 2,263 | 2,572
Tax impact of: |  | 
Non-underlying items within operating profit(b) | 309 | (259)
Non-underlying items not in operating profit  Taxation before tax impact of non-underlying | (196) | (29)
Taxation before tax impact of non-underlying | 2,376 | 2,284
Profit before taxation | 8,289 | 12,360
Non-underlying items within operating profit before tax(b) | 1,239 | (3,176)
Non-underlying items not in operating profit but within net profit before tax(c) | (32) | (122)
Share of net (profit)/loss of joint ventures and associates | (176) | (185)
Profit before tax excluding non-underlying items before tax and share of net profit/ (loss) of joint ventures and associates | 9,320 | 8,877
Underlying effective tax rate | 25.5% | 25.7%


Question: What does the underlying effective tax rate measure reflects?
Answer: reflects the underlying tax rate in relation to profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates.
European revenue decreased by 1.9%. Foreign exchange movements contributed a 0.8 percentage point negative impact and the deconsolidation of Vodafone Netherlands contributed a 4.1 percentage point negative impact, offset by 3.0% organic growth. Service revenue increased by 0.9%* or 0.6%* excluding a legal settlement in Germany in Q4, driven by strong fixed customer growth and the benefit of the Group’s “more-for-more” mobile propositions in several markets, which offset increased regulatory headwinds following the implementation of the EU’s “Roam Like At Home” policy in June and the impact of the introduction of handset financing in the UK. Excluding regulation and UK handset financing, as well as a legal settlement in Germany in Q4, service revenue growth was 2.0%* (Q3: 1.9%*, Q4: 1.7%*).
Adjusted EBITDA increased 7.3%, including a 5.1 percentage point negative impact from the deconsolidation of Vodafone Netherlands and a 0.6 percentage point negative impact from foreign exchange movements. On an organic basis, adjusted EBITDA increased 13.0%*, supported by the benefit of the introduction of handset financing in the UK, regulatory settlements in the UK and a legal settlement in Germany. Excluding these items, as well as the net impact of roaming, adjusted EBITDA grew by 7.9*, reflecting operating leverage and tight cost control through our “Fit for Growth” programme.
Adjusted EBIT increased by 86.3%*, reflecting strong adjusted EBITDA growth and stable depreciation and amortisation expenses.
Table:
 | Reported change | Other activity (including M&A) | Foreign exchange | Organic* change
 | % | pps | pps | %
Revenue – Europe | (1.9) | 4.1 | 0.8 | 3.0
Service revenue |  |  |  | 
Germany | 2.6 | – | – | 2.6
Italy | 1.0 | 0.2 | – | 1.2
UK | (8.1) | 0.1 | 4.5 | (3.5)
Spain | 1.8 | 0.3 | – | 2.1
Other Europe | (19.6) | 22.9 | (0.4) | 2.9
Europe | (3.9) | 4.0 | 0.8 | 0.9
Adjusted EBITDA |  |  |  | 
Germany | 10.9 | (0.1) | (0.1) | 10.7
Italy | 4.5 | 0.1 | – | 4.6
UK | 45.4 | (1.2) | 7. 6 | 51.8
Spain | 4.4 | 0.6 | – | 5.0
Other Europe | (18.8) | 26.8 | (0.3) | 7.7
Europe | 7.3 | 5.1 | 0.6 | 13.0
Europe adjusted operating profit | 53.2 | 34.8 | (1.7) | 86.3


Question: What countries does the Service Revenue include?
Answer: Germany, Italy, UK, Spain, Other Europe, Europe
free cash flow conversion rate and total cash returned to shareholders as a percentage of free cash we believe these measures provide useful information to investors because they are important for assessing our efficiency in converting earnings to cash and returning cash to shareholders . the calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate , its equivalent gaap measure , follows: .

Table:
in millions | fiscal 2018
net earnings including earnings attributable to redeemable and noncontrolling interests asreported | $ 2163.0
provisional net tax benefit ( a ) | $ -523.5 ( 523.5 )
mark-to-marketeffects net of tax ( b ) | -22.1 ( 22.1 )
acquisition transaction and integration costs net of tax ( c ) | 58.5
restructuring costs net of tax ( d ) | 61.4
project-related costs net of tax ( d ) | 8.0
intangible asset impairments net of tax ( e ) | 64.9
tax adjustment ( a ) | 40.9
cpw restructuring costs net of tax | 1.8
adjusted net earnings including earnings attributable to redeemable and noncontrollinginterests | 1852.9
net cash provided by operating activities | 2841.0
purchases of land buildings and equipment | -622.7 ( 622.7 )
free cash flow | $ 2218.3
net cash provided by operating activities conversion rate | 131% ( 131 % )
free cash flow conversion rate | 120% ( 120 % )
( a ) see note 14 to the consolidated financial statements in item 8 of this report .
( b ) see note 7 to the consolidated financial statements in item 8 of this report .
( c ) see note 3 to the consolidated financial statements in item 8 of this report .
( d ) see note 4 to the consolidated financial statements in item 8 of this report .
( e ) see note 6 to the consolidated financial statements in item 8 of this report .
see our reconciliation below of the effective income tax rate as reported to the effective income tax rate excluding certain items affecting comparability for the tax impact of each item affecting comparability. .

Question: in 2018 what was the ratio of the net earnings to the net cash provided by operating activities
Answer: 0.761
Calculation: divide(2163.0, 2841.0)
The following tabl e reconciles total operating segment revenues to total revenues as well as total operating segment margin to income before provision for income taxes:
(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and this table for a reconciliation of our total operating segment revenues to our total revenues as reported in our consolidated statements of operations.
Table:
Year Ended May 31, |  |  | 
(in millions) | 2019 | 2018 | 2017
Total revenues for operating segments | $39,526 | $39,430 | $37,963
Cloud and license revenues (1) | (20) | (47) | (171)
Total revenues | $39,506 | $39,383 | $37,792
Total margin for operating segments | $23,981 | $23,857 | $23,208
Cloud and license revenues (1) | (20) | (47) | (171)
research and development | (6,026) | (6,084) | (6,153)
General and administrative | (1,265) | (1,282) | (1,172)
Amortization of intangible assets | (1,689) | (1,620) | (1,451)
Acquisition related and other | (44) | (52) | (103)
restructuring | (443) | (588) | (463)
Stock-based compensation for operating segments | (518) | (505) | (415)
Expense allocations and other, net | (441) | (415) | (367)
Interest expense | (2,082) | (2,025) | (1,798)
Non-operating income, net | 815 | 1,185 | 565
Income before provision for income taxes | $12,268 | $12,424 | $11,680


Question: How much more was spent on interest expense than on stock-based compensation for operating segments in 2018?
Answer: 1520
Calculation: 2,025-505
STOCK OPTIONS
The following is a summary of stock option activity during the years ended December 31, 2019 and 2018:
Table:
 | Number of Options Outstanding | Weighted Average Exercise Price | Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (thousands)
Outstanding – December 31, 2017 | 2,341,340 | $1.77 | 5.78 | $1,087
Options granted | 376,667 | 2.41 |  | 
Options exercised | 224,400 | 1.59 |  | 
Options forfeited | 6,961 | 1.42 |  | 
Outstanding – December 31, 2018 | 2,486,646 | $1.89 | 7.01 | $1,550
Options granted | 50,832 | 3.02 |  | 
Options exercised | - |  |  | 
Options forfeited | 181,281 | 2.23 |  | 
Outstanding – December 31, 2019 | 2,356,197 | $1.89 | 5.93 | $628
Exercisable – December 31, 2019 | 1,843,468 | $1.75 | 5.34 | $624


Question: What are the respective outstanding options as at December 31, 2017 and 2018?
Answer: 2,341,340, 2,486,646
At March 31, 2019, the Company had $7.7 million of unrecognized tax benefits. A reconciliation of gross unrecognized tax benefits (excluding interest and penalties) is as follows (amounts in thousands):
At March 31, 2019, $1.9 million of the $7.7 million of unrecognized income tax benefits would affect the Company’s effective income tax rate, if recognized. It is reasonably possible that the total unrecognized tax benefit could decrease by $1.0 million in fiscal year 2020 if the advanced pricing arrangement for one of the Company’s foreign subsidiaries is agreed to by the foreign tax authority and an ongoing audit in one of the Company’s foreign jurisdictions is settled.
The Company files income tax returns in the U.S. and multiple foreign jurisdictions, including various state and local jurisdictions. The U.S. Internal Revenue Service concluded its examinations of the Company’s U.S. federal tax returns for all tax years through 2003. Because of net operating losses, the Company’s U.S. federal returns for 2003 and later years will remain subject to examination until the losses are utilized. The Company is subject to income tax examinations in various foreign and U.S. state jurisdictions for the years 2014 and forward. The Company records potential interest and penalty expenses related to unrecognized income tax benefits within its global operations in income tax expense. The Company had $0.5 million and $0.9 million of accrued interest and penalties respectively at March 31, 2019 and 2018, which are included as a component of income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision.
Table:
 |  | Fiscal Years Ended March 31, | 
 | 2019 | 2018 | 2017
Beginning of fiscal year | $8,680 | $7,390 | $7,103
Additions from business combinations | — | 1,270 | —
Additions for tax positions of the current year | 2,027 | 1,078 | 762
Additions for tax positions of prior years | 519 | — | —
Reductions for tax positions of prior years | (633) | (1,058) | (64)
Lapse in statute of limitations | (9) | — | (411)
Settlements | (2,923) | — | —
End of fiscal year | $7,661 | $8,680 | $7,390


Question: What was the percentage change in the end of fiscal year balance between 2017 and 2018?
Answer: 17.46
Calculation: (8,680-7,390)/7,390
Software Development Costs
We capitalize purchased software upon acquisition if it is accounted for as internal-use software or if it meets the future alternative use criteria. We capitalize incurred labor costs for software development from the time technological feasibility of the software is established, or when the preliminary project phase is completed in the case of internal-use software, until the software is available for general release. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred.
We estimate the useful life of our capitalized software and amortize its value over that estimated life. If the actual useful life is shorter than our estimated useful life, we will amortize the remaining book value over the remaining useful life or the asset may be deemed to be impaired and, accordingly, a write-down of the value of the asset may be recorded as a charge to earnings.
Upon the availability for general release, we commence amortization of the capitalized software costs on a product by product basis. Amortization of capitalized software is recorded using the greater of (i) the ratio of current revenues to total and anticipated future revenues for the applicable product or (ii) the straightline method over the remaining estimated economic life, which is estimated to be three to five years.
At each balance sheet date, the unamortized capitalized costs of a software product are compared with the net realizable value of that product. The net realizable value is the estimated future gross revenues from that product reduced by the estimated future costs of completing and disposing of that product, including the costs of performing maintenance and client support required to satisfy our responsibility set forth at the time of sale.
The amount by which the unamortized capitalized costs of a software product exceed the net realizable value of that asset is written off. If we determine that the value of the capitalized software could not be recovered, a write-down of the value of the capitalized software to its recoverable value is recorded as a charge to earnings. The unamortized balances of capitalized software were as follows:
Table:
 | December 31, | 
(In thousands) | 2019 | 2018
Software development costs | $428,641 | $317,637
Less: accumulated amortization | (184,712) | (107,977)
Software development costs, net | $243,929 | $209,660


Question: What is the Software development costs in 2019?
Answer: $428,641
Fiscal 2021 LTIP
Grants made in Fiscal 2019 under the Fiscal 2021 LTIP took effect on August 6, 2018 with the goal of measuring performance over the three year period starting July 1, 2018. The table below illustrates the target value of each element under the Fiscal 2021 LTIP for each Named Executive Officer.
Awards granted in Fiscal 2019 under the Fiscal 2021 LTIP were in addition to the awards granted in Fiscal 2018, Fiscal 2017, and prior years. For details of our previous LTIPs, see Item 11 of our Annual Report on Form 10-K for the appropriate year.
Table:
Named Executive Officer | Performance Share Units | Restricted Share Units | Stock Options | Total
Mark J. Barrenechea | $2,815,000 | $1,407,500 | $1,407,500 | $5,630,000
Madhu Ranganathan | $500,000 | $250,000 | $250,000 | $1,000,000
Muhi Majzoub | $550,000 | $275,000 | $275,000 | $1,100,000
Gordon A. Davies | $500,000 | $250,000 | $250,000 | $1,000,000
Simon Harrison | $218,750 | $109,375 | $109,375 | $437,500


Question: Who are the Named Executive Officers?
Answer: Mark J. Barrenechea, Madhu Ranganathan, Muhi Majzoub, Gordon A. Davies, Simon Harrison
17. Quarterly Financial Data (Unaudited)
The following is summarized quarterly financial data for fiscal 2019 and 2018 (in thousands, except per share amounts):
(1) The annual total amounts may not equal the sum of the quarterly amounts due to rounding. Earnings per share is computed independently for each quarter.
(2) The first quarter of fiscal 2019 results included $7.0 million of tax expense as a result of new regulations issued in November 2018 under Tax Reform. These regulations impacted the treatment of foreign taxes paid.
(3) The fourth quarter of fiscal 2019 results included restructuring costs of $1.7 million, $1.5 million net of taxes.
(4) The fourth quarter of fiscal 2019 results included the permanent reinvestment assertion of $10.5 million of certain historical undistributed earnings of two foreign subsidiaries.
(7) The first quarter of fiscal 2019 included $0.23 per share of tax expense as a result of U.S. Tax Reform. The fourth quarter of fiscal 2019 included $0.05 per share of expense related to restructuring costs and $0.35 per share tax benefit resulting from the permanent reinvestment assertion of certain historical undistributed earnings of two foreign subsidiaries.
Table:
2019 | First
Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total
Net sales  | $765,544 | $789,051 | $799,644 | $810,195 | $3,164,434
Gross profit  | 72,383 | 70,636 | 71,030 | 77,789 | 291,838
Net income (2,3,4)  | 22,226 | 24,758 | 24,801 | 36,831 | 108,616
Earnings per share (1):           |  |  |  |  | 
Basic  | $0.71 | $0.81 | $0.83 | $1.26 | $3.59
Diluted (7)  | $0.69 | $0.79 | $0.81 | $1.23 | $3.50


Question: What was the net sales in the first quarter?
Answer: 765,544
(11) STOCK-BASED COMPENSATION
The following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations:
CII Common and Preferred Units
Prior to the Company’s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (“CII”) to award 625,000,000 of CII’s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016.
The value of the CII common units was derived from the value of CII’s investments in the Company and Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company’s employees was paid by CII.
Table:
 | Year Ended June 30, |  | 
 | 2019 | 2018 | 2017
 | (in millions) |  | 
Included in: |  |  | 
Operating costs | $11.3 | $9.9 | $11.3
Selling, general and administrative expenses | 98.0 | 86.8 | 102.8
Total stock-based compensation expense | $109.3 | $96.7 | $114.1
CII common and preferred units $ — $ — $10.1 | $ — | $ — | $10.1
Part A restricted stock units | 93.8 | 82.3 | 76.5
Part B restricted stock units | 13.0 | 12.4 | 26.0
Part C restricted stock units | 2.5 | 2.0 | 1.5
Total stock-based compensation expense | $109.3 | $96.7 | $114.1


Question: Which of the years saw a total stock-based compensation expense of more than 100 million?
Answer: 2017, 2019
Calculation: 114.1 > 100 ## 109.3 > 100