hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Contractual Obligations
The following table summarizes our contractual obligations as of September 30, 2019 (in thousands):
Our principal executive offices, as well as our research and development facility, are located in approximately 29,000 square feet of office space in San Diego, California and the term of the lease continues through June 30, 2024. The average annual base rent under this lease is approximately $1.0 million per year. In connection with this lease, we received tenant improvement allowances totaling approximately $1.0 million. These lease incentives are being amortized as a reduction of rent expense over the term of the lease.
Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The
term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the
Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of
the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000). Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000).
Other than the lease for our office space in San Diego, California, we do not believe that the leases for our offices are material to the Company. We believe our existing properties are in good condition and are sufficient and suitable for the conduct of its business.
Table:
 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total
Operating lease obligations | $1,699 | $3,950 | $2,707 | $36 | $8,392
Other borrowings | 131 | 145 | 219 | 61 | 556
Total | $1,830 | $4,095 | $2,926 | $97 | $8,948


Question: Where are the principal executive offices, as well as research and development facility located?
Answer: San Diego, California
4.3 Operating revenues
BCE
BCE operating revenues grew by 2.1% in 2019, compared to last year, driven by growth across all three of our segments. Total operating revenues consisted of service revenues of $20,737 million and product revenues of $3,227 million in 2019, up 1.4% and 6.6%, respectively, year over year. Wireless operating revenues grew by 3.7% in 2019, driven by product revenue growth of 6.6% and service revenue growth of 2.5%. Wireline operating revenues grew by 0.7% in 2019 attributable to service revenue growth of 0.4% from higher data revenue, moderated by lower voice revenue, and also reflected higher product revenue of 7.2%. Bell Media revenues increased by 3.1% in 2019 reflecting both higher subscriber and advertising revenues
Table:
 | 2019 | 2018 | $ CHANGE | % CHANGE
Bell Wireless | 9,142 | 8,818 | 324 | 3.7%
Bell Wireline | 12,356 | 12,267 | 89 | 0.7%
Bell Media | 3,217 | 3,121 | 96 | 3.1%
Inter-segment eliminations | (751) | (738) | (13) | (1.8%)
Total BCE operating revenues | 23,964 | 23,468 | 496 | 2.1%


Question: What is the total amount of revenue for Bell Media in 2018 and 2019?
Answer: 6338
Calculation: 3,217+3,121
Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options.
* Not meaningful
On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Table:
 |  |  | Year Ended May 31, | 
 |  |  | Percent Change | 
(Dollars in millions) | 2019 | Actual | Constant | 2018
Transitional and other employee related costs | $49 | 3% | 4% | $48
Stock-based compensation | — | -100% | -100% | 1
Professional fees and other, net | 16 | 373% | 426% | 3
Business combination adjustments, net | (21) | * | * | —
Total acquisition related and other expenses | $44 | -15% | -13% | $52


Question: Why did acquisition related and other expenses decrease in fiscal 2019 compared to fiscal 2018?
Answer: acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .
Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment; it is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss.
Long-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows:
Table:
(In millions) |  |  | 
June 30, | 2019 | 2018 | 2017
United States | $ 55,252 | $ 44,501 | $ 42,730
Ireland | 12,958 | 12,843 | 12,889
Other countries | 25,422 | 22,538 | 19,898
Total | $  93,632 | $  79,882 | $  75,517


Question: How many years during 2017 to 2019 did the long-lived asset amount in Ireland exceed $12,900 million?
Answer: 1
Calculation: 12,958
NOTE 5—PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consists of the following as of December 31, 2019 and 2018:
Depreciation for the years ended December 31, 2019 and December 31, 2018 was $870,000 and $704,000, respectively. Cost basis of assets disposed for the years ended December 31, 2019 and December 31, 2018 was $31,000 and $773,000, respectively. The disposals in 2018 were primarily a result of relocating our corporate offices and writing off the fully amortized leasehold improvements related to our former office.
Table:
 | 2019 | 2018
Cost: |  | 
Computers, peripheral and scientific equipment | $1,654,000 | $1,350,000
Software | 2,131,000 | 1,749,000
Leasehold improvements | 310,000 | 294,000
Office furniture and equipment | 424,000 | 391,000
 | 4,519,000 | 3,784,000
Less: Accumulated depreciation and amortization | (2,634,000 ) | (1,797,000 )
Property and equipment, net | $ 1,885,000 | $1,987,000


Question: What was the change in software cost from 2018 to 2019?
Answer: 382000
Calculation: 2,131,000 - 1,749,000
The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements were as follows:
The fair values of long-term debt as of June 30, 2019 and June 30, 2018 were determined by using current interest rates for debt with terms and maturities similar to the Company’s existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy.
The carrying amount of company-owned life insurance reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.
For purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value of each reporting unit for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow analysis that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations.
Table:
 | June 30, 2019 |  | June 30, 2018 | 
($ in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value
Long-term debt | $550.6 | $560.6 | $545.7 | $558.3
Company-owned life insurance | $17.9 | $17.9 | $16.4 | $16.4


Question: What is the fair value of long-term debt in 2018?
Answer: $558.3
Operating income in the Industrial Solutions segment increased $78 million in fiscal 2019 from fiscal 2018. The Industrial Solutions segment’s operating income included the following:
Excluding these items, operating income increased in fiscal 2019 primarily as a result of higher volume and improved manufacturing productivity.
Table:
 |  | Fiscal
 | 2019 | 2018
 |  | (in millions)
Acquisition-related charges: |  | 
Acquisition and integration costs | $  10 | $  6
Charges associated with the amortization of acquisition-related fair value adjustments | 3 | 4
 | 13 | 10
Restructuring and other charges, net | 63 | 80
Other items | 2 | —
Total | $  78 | $  90


Question: In which year was Acquisition and integration costs larger?
Answer: 2019
Calculation: 10>6
The fair value of options granted in the respective fiscal years are estimated on the date of grant using the Black-Scholes optionpricing model, acceptable under ASC 718, with the following weighted average assumptions:
Expected volatilities are based on the Company’s historical common stock volatility, derived from historical stock price data for periods commensurate with the options’ expected life. The expected life of options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future.
Table:
 | Years Ended December 31, | 
 | 2018 | 2017
Expected life (years) | 5.6 | 5.6
Risk-free interest rate | 2.7% | 1.9%
Expected volatility | 26.4% | 29.4%
Expected dividend yield | — | —


Question: What was the risk-free interest rate in 2017?
Answer: 1.9%
The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent).
External revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent).
The increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change
Results of Operations |  |  | 
External revenue | $1,590 | $1,696 | (6.3)%
Internal revenue | 1,610 | 1,471 | 9.5
Total revenue | $3,200 | $3,168 | 1.0%
Pre-tax income | $1,361 | $1,278 | 6.5%


Question: What led to increase in Global Financing total revenue?
Answer: an increase in internal revenue, partially offset by a decrease in external revenue.
Operating Expenses
Research and Development Expenses
Research and development expenses increased $47 million, or 30%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs of $34 million, driven by headcount growth, and increased allocated shared costs of $8 million.
Research and development expenses increased $45 million, or 39%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs of $36 million, driven by headcount growth, and increased allocated shared costs of $6 million.
Table:
 |  | Year Ended December 31, |  |  | 
 | 2019 | 2018 | 2017 | 2018 to 2019 % change | 2017 to 2018 % change
 |  |  | (In thousands, except percentages) |  | 
Research and Development | $ 207,548 | $ 160,260 | $ 115,291 | 30% | 39%


Question: What is the total increase in allocated shared costs from 2017 to 2019?
Answer: 14
Calculation: 6 + 8
The Company’s pension plan asset allocation at December 31, 2019 and at December 31, 2018 is as follows:
As of December 31, 2019, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of corporate bonds (37%), government bonds (32%), equity (15%) and other instruments (16%).
As of December 31, 2018, investments in funds were composed approximately for two thirds of commingled funds mainly invested in corporate bonds (55%) and treasury bonds and notes (45%) and for one third of multi-strategy funds invested in broadly diversified portfolios of
corporate and government bonds, equity and derivative instruments.
Table:
 | Percentage of Plan Assets at December | 
Asset Category | 2019 | 2018
Cash and cash equivalents | 1% | 2%
Equity securities | 24% | 27%
Government debt securities | 12% | 3%
Corporate debt securities | 16% | 26%
Investments in funds(a) | 21% | 17%
Real estate | 2% | 3%
Other (mainly insurance assets – contracts and reserves) | 24% | 22%
Total | 100% | 100%


Question: What was the increase / (decrease) in the investment in Equity Securities from 2018 to 2019?
Answer: -3
Calculation: 24% - 27%
Note 3 – Net Income per Share
Reconciliation of net income per common share:
Table:
 |  | Fiscal Year Ended | 
 | December 27, 2019  | December 28, 2018  | December 29, 2017
Numerator: |  |  | 
Net income | $24,193 | $20,402 | $14,366
Add effect of dilutive securities |  |  | 
Interest on convertible notes, net of tax | 207 | 362 | 536
Adjusted net income | $24,400 | $20,764 | $14,902
Denominator: |  |  | 
Weighted average basic common shares outstanding | 29,532,342 | 28,703,265 | 26,118,482
Dilutive effect of stock options and unvested common shares | 211,050 | 270,520 | 68,670
Dilutive effect of convertible notes | 329,946 | 705,134 | 1,237,374
Weighted average diluted common shares outstanding | 30,073,338 | 29,678,919 | 27,424,526


Question: What is the average adjusted net income from 2017-2019?
Answer: 20022
Calculation: (24,400+ 20,764+ 14,902)/3
A.3.8 Financial Services
Financial Services supports its customers’ investments with leasing solutions and equipment, project and structured financing in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in
the areas of Siemens businesses, Financial Services provides financial
solutions for Siemens customers as well as other companies.
Financial Services again delivered strong earnings before taxes. While the equity business recorded higher results, the result from the debt business declined, amongst others due to higher credit hits. Total assets increased along with a growth in debt business and in part due to positive currency translation effects.
Financial Services is geared to Siemens’ industrial businesses and its markets. As such Financial Services is influenced by the business development of the markets served by our industrial businesses, among other factors. Financial Services will continue to focus its business scope on areas of intense domain know-how.
Table:
 |  | Fiscal year
(in millions of €) | 2019 | 2018
Earnings before taxes (EBT) | 632 | 633
ROE (after taxes) | 19.1 % | 19.7 %
 |  | Sep 30,
(in millions of €) | 2019 | 2018
Total assets | 29,901 | 27,628


Question: What is the average total assets in 2018 and 2019?
Answer: 28764.5
Calculation: (29,901 + 27,628) / 2
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 average stock repurchases as at January 1, 2017 and 2018?
Answer: 37138.5
Calculation: (39,385 + 34,892)/2
Adjusted EBITDA. Adjusted EBITDA represents our net loss before interest and investment income, net and interest expense, provision for income taxes, depreciation and amortization expense, loss on extinguishment of convertible notes and stock-based compensation expense. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation expense.
Adjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding the allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.
Adjusted EBITDA is not a measure calculated in accordance with GAAP. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP.
Some of these limitations are: (1) although depreciation and amortization are non-cash charges, the capitalized software that is amortized will need to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
(3) adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (4) adjusted EBITDA does not reflect tax payments or receipts that may represent a reduction or increase in cash
available to us; and (5) other companies, including companies in our industry, may calculate adjusted EBITDA or similarly titled measures
differently, which reduces the usefulness of the metric as a comparative measure.
Because of these and other limitations, you should consider adjusted EBITDA alongside our other GAAP-based financial performance measures, net loss and our other GAAP financial results. The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Net loss | $(52,250) | $(47,515) | $(19,634)
Interest and investment (income) expense, net | 2,979 | 4,504 | 216
Provision for income taxes | 425 | 796 | 47
Depreciation and amortization | 19,671 | 13,693 | 10,207
Loss on extinguishment of convertible notes | 1,406 | — | —
Stock-based compensation | 33,489 | 25,825 | 9,299
Adjusted EBITDA | $5,720 | $(2,697) | $135


Question: Which year has the highest adjusted EBITDA?
Answer: 2019
Calculation: locate and analyze Adjusted EBITDA in row 9
Other Income (Loss), Net The components of other income (loss), net, are summarized as follows (in millions):
The total change in net gains (losses) on available-for-sale debt investments was primarily attributable to lower realized losses as a result of market conditions, and the timing of sales of these investments.
The total change in net gains (losses) on marketable equity investments was attributable to market value fluctuations and the timing of recognition of gains and losses.
The change in net gains (losses) on non-marketable equity and other investments was primarily due to lower realized gains, partially offset by higher unrealized gains.
The change in other gains (losses), net was primarily driven by higher donation expense in the prior year.
Table:
 |  | Years Ended |  | 2019 vs. 2018
 | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars
Gains (losses) on investments, net: |  |  |  | 
Available-for-sale debt investments | $(13) | $(242) | $(42) | $229
Marketable equity investments | (3) | 529 | (45) | (532)
Non-marketable equity and other investments | 6 | 11 | (46) | (5)
Net gains (losses) on investments | (10) | 298 | (133) | (308)
Other gains (losses), net | (87) | (133) | (30) | 46
Other income (loss), net | $(97) | $165 | $(163) | $(262)


Question: What was the  total change in net gains (losses) on marketable equity investments attributable to?
Answer: market value fluctuations and the timing of recognition of gains and losses.