hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Note: 1 See “Alternative performance measures” on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.
The Group’s adjusted effective tax rate for its controlled businesses for the year ended 31 March 2019 was 24.4% compared to 20.6% for the last financial year. The higher rate in the current year is primarily due to a change in the mix of the Group’s profit, driven by the financing for the Liberty Global transaction. The tax rate in the prior year also reflected the consequences of closing tax audits in Germany and Romania. We expect the Group’s adjusted effective tax rate to remain in the low-mid twenties range for the medium term.
The Group’s adjusted effective tax rate for both years does not include the following items: the derecognition of a deferred tax asset in Spain of €1,166 million (2018: €nil); deferred tax on the use of Luxembourg losses of €320 million (2018: €304 million); an increase in the deferred tax asset of €488 million (2018: €330 million) arising from a revaluation of investments based upon the local GAAP financial statements and tax returns.
The Group’s adjusted effective tax rate for the year ended 31 March 2018 does not include the recognition of a deferred tax asset of €1,603 million due to higher interest rates; and a tax charge in respect of capital gains on the transfer of share in Vodafone Kenya Limited to the Vodacom Group of €110 million.
Table:
Taxation |  | 
 | 2019 €m | 2018 €m
Income tax (expense)/credit: | (1,496) | 879
Tax on adjustments to derive adjusted profit before tax | (206) | (188)
Deferred tax following revaluation of investments in Luxembourg | (488) | (330)
Luxembourg deferred tax asset recognised | – | (1,603)
Deferred tax on use of Luxembourg losses in the year | 320 | 304
Tax on the Safaricom transaction | – | 110
Derecognition of a deferred tax asset in Spain | 1,166 | –
Adjusted income tax expense for calculating adjusted tax rate1 | (704) | (828)
Loss)/profit before tax | (2,613) | 3,878
Adjustments to derive adjusted profit before tax (see earnings per share) | 5,149 | 530
Adjusted profit before tax1 | 2,536 | 4,408
Share of adjusted results in associates and joint ventures | 348 | (389)
Adjusted profit before tax for calculating adjusted effective tax rate | 2,884 | 4,019
Adjusted effective tax rate1 | 24.4% | 20.6%


Question: What is the average deferred tax on use of luxembourg losses?
Answer: 312
Calculation: (320+304)/2
12. Geographic Information
The following table depicts the disaggregation of revenue by geographic region based on the ship to location of our customers and is consistent with how we evaluate our financial performance (in thousands)
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Americas | $89,944 | $112,506 | $122,893
Japan | 59,454 | 55,205 | 51,488
Asia Pacific, excluding Japan | 35,689 | 36,897 | 33,189
EMEA | 27,541 | 27,615 | 27,859
Total | $212,628 | $232,223 | $235,429


Question: What is the total revenue earned in EMEA between 2017 to 2019?
Answer: 83015
Calculation: 27,541 + 27,615 + 27,859
FRT Term Loan
On October 25, 2019, we entered into a $23.4 million three-year credit facility loan agreement (the "FRT Term Loan") with HSBC Trinkaus & Burkhardt AG, Germany, to fund the acquisition of FRT GmbH, which we acquired on October 9, 2019. See Note 4 for further details of the acquisition.
The FRT Term Loan bears interest at a rate equal to the Euro Interbank Offered Rate ("EURIBOR") plus 1.75 % per annum and will be repaid in quarterly installments of approximately $1.9 million plus interest beginning January 25, 2020.
The obligations under the FRT Term Loan are fully and unconditionally guaranteed by FormFactor, Inc.
The Credit Facility contains negative covenants customary for financing of this type, including covenants that place limitations on the incurrence of additional indebtedness, the creation of liens, the payment of dividends; dispositions; fundamental changes, including mergers and acquisitions; loans and investments; sale leasebacks; negative pledges; transactions with affiliates; changes in fiscal year; sanctions and anti-bribery laws and regulations, and modifications to charter documents in a manner materially adverse to the Lenders.
The FRT Term Loan also contains affirmative covenants and representations and warranties customary for financing of this type.
Future principal and interest payments on our term loans as of December 28, 2019, based on the interest rate in effect at that date were as follows (in thousands):
(1) Represents our minimum interest payment commitments at 1.35% per annum for the FRT Term Loan and 3.71% per annum for the CMI Term Loan.
Table:
 |  | Payments Due In Fiscal Year |  | 
 | 2020 | 2021 | 2022 | Total
Term loans - principal payments | $42,838 | $7,838 | $7,838 | $58,514
Term loans - interest payments(1) | 777 | 155 | 47 | 979
Total | $43,615 | $7,993 | $7,885 | $59,493


Question: What was the credit facility loan amount entered on October 25, 2019?
Answer: $23.4 million
The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Table:
 | Amortized Cost | Fair Value
Within 1 year | $6,322 | $6,324
After 1 year through 5 years | 12,191 | 12,218
After 5 years through 10 years | 1,643 | 1,687
After 10 years | 9 | 10
Mortgage-backed securities with no single maturity | 1,425 | 1,421
Total | $21,590 | $21,660


Question: What was the difference between the total amortized cost and total fair value?
Answer: 70
Calculation: 21,660-21,590
Profitability Measures
Net income:
The net income in the fiscal year ended February 28, 2018 was $16.6 million as compared to a net loss of $7.9 million in the same period last year. The increase is primarily the result of the $28.3 million non-operating gain from the legal settlement with a former supplier of LoJack, which was recognized during fiscal 2018. This gain was partially offset by higher tax expense in fiscal 2018 due to U.S. and foreign taxes on the $28.3 million legal settlement gain as well as the revaluation of our net deferred income tax assets that occurred in the fourth quarter of fiscal 2018 as we adopted the provisions of the Tax Cuts and Jobs Act which was enacted on December 22, 2017.
Adjusted EBITDA:
Adjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2018 increased $1.5 million compared to the same period last year due to higher MRM products revenue. Adjusted EBITDA for Software and Subscription Services increased $5.2 million compared to the same period last year due primarily to lower selling and marketing expenses and lower general and administrative expenses.
See Note 20 for a reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).
Table:
 | Fiscal years ended |  |  | 
 | February 28, |  |  | 
(In thousands) | 2018 | 2017 | $ Change | % Change
Segment |  |  |  | 
Telematics Systems | $48,943 | $47,432 | $1,511 | 3.2%
Software & Subscription Services | 8,233 | 3,075 | 5,158 | 167.7%
Satellite | - | 2,447 | (2,447) | (100.0%)
Corporate Expense | (4,794) | (3,586) | (1,208) | 33.7%
Total Adjusted EBITDA | $52,382 | $49,368 | $3,014 | 6.1%


Question: What was the total Adjusted EBITDA for Telematics Systems and Software & Subscription Services in 2018?
Answer: 57176
Calculation: (48,943+8,233)
Relative importance of the spend on pay
The following table shows the Group’s actual spend on pay for all employees compared to distributions to shareholders. The average number of employees has also been included for context. Revenue and Operating profit have also been disclosed as these are two key measures of Group performance.
1 2018 comparatives have been restated to reflect the adoption of IFRS 9, IFRS 15 and IFRS 16, and to include share buybacks.
Table:
 | 2019 | Restated 2018 | 
 | £m | £m | % change
Employee costs (see note 7 to the consolidated financial statements) | 56.0 | 54.5 | 3%
Average number of employees (see note 6 to the consolidated financial statements) | 802 | 822 | 3%
Revenue (see Consolidated income statement) | 355.1 | 330.1 | 8%
Operating profit | 243.7 | 221.3 | 10%
Dividends paid and proposed and share buybacks (see notes 26 and 27 to the consolidated financial statements) | 156.4 | 152.8¹ | 2%


Question: In which year were employee costs larger?
Answer: 2019
Calculation: 56.0>54.5
Common Stock Reserved for Issuance
As of July 31, 2019 and 2018, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 82,140,883 and 80,611,698 shares of common stock were issued and outstanding, respectively. Per the terms of the Company’s 2011 Stock Plan, on January first of each year, an additional number of shares equal to up to 5% of the number of shares of common stock issued and outstanding on the preceding December 31st is added to the Company’s 2011 Stock Plan reserve.
As of July 31, 2019 and 2018, the Company had reserved shares of common stock for future issuance as follows:
In March 2018, the Company completed a public offering of 2,628,571 shares of its common stock. The public offering price of the shares sold in the offering was $87.50 per share. No shares were sold by the Company’s stockholders in this public offering.
Table:
 | July 31, 2019  | July 31, 2018
Exercise of stock options to purchase common stock | 216,727 | 537,064
Vesting of restricted stock awards | 2,384,673 | 2,932,155
Shares available for grant under stock plans | 24,776,361 | 21,592,494
Total common stock reserved for issuance | 27,377,761 | 25,061,713


Question: What was the Exercise of stock options to purchase common stock in 2019 and 2018 respectively?
Answer: 216,727, 537,064
5. Goodwill and Purchased Intangible Assets
(b) Purchased Intangible Assets
The following tables present details of our purchased intangible assets (in millions):
Purchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses.
Impairment charges related to purchased intangible assets were approximately $47 million for fiscal 2017. Impairment charges were as a result of declines in estimated fair value resulting from the reduction or elimination of expected future cash flows associated with certain of our technology and IPR&D intangible assets.
Table:
July 27, 2019 | Gross | Accumulated Amortization | Net
Purchased intangible assets with finite lives: |  |  | 
Technology  . | $3,270 | $(1,933) | $1,337
Customer relationships . | 840 | (331) | 509
Other | 41 | (22) | 19
Total purchased intangible assets with finite lives | 4,151 | (2,286) | 1,865
In-process research and development, with indefinite lives . | 336 | — | 336
Total . | $4,487 | $(2,286) | $2,201


Question: What did purchased intangible assets include?
Answer: intangible assets acquired through acquisitions as well as through direct purchases or licenses.
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company’s net deferred tax assets and liabilities were as follows:
The increase in the gross deferred tax assets and valuation allowance between fiscal year 2019 and 2018 is primarily due to increases in tax carryforwards.
Realization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $227.0 million primarily related to California deferred tax assets. At June 30, 2019, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California.
At June 30, 2019, the Company had federal net operating loss carryforwards of $109.8 million. The majority of these losses will begin to expire in fiscal year 2020, and are subject to limitation on their utilization.
At June 30, 2019, the Company had state net operating loss carryforwards of $58.5 million. If not utilized, these losses will begin to expire in fiscal year 2020 and are subject to limitation on their utilization.
At June 30, 2019, the Company had state tax credit carryforwards of $322.4 million. Substantially all of these credits can be carried forward indefinitely.
Table:
 | June 30, 2019 | June 24, 2018
 | (in thousands) | 
Deferred tax assets: |  | 
Tax carry forwards | $231,390 | $206,073
Allowances and reserves | 97,671 | 118,559
Equity-based compensation | 14,661 | 16,189
Inventory valuation differences | 18,516 | 14,021
Prepaid cost sharing | 74,139 | 65,644
Outside basis differences of foreign subsidiaries | 16,260 | —
Other | 17,972 | 16,514
Gross deferred tax assets | 470,609 | 437,000
Valuation allowance | (226,928) | (199,839)
Net deferred tax assets | 243,681 | 237,161
Deferred tax liabilities: |  | 
Intangible assets | (9,883) | (21,558)
Convertible debt | (46,993) | (60,252)
Capita assets | (83,298) | (61,429)
Amortization of goodwill | (11,299) | (10,738)
Outside basis differences of foreign subsidiaries | — | (6,656)
Other | (8,752) | (7,955)
Gross deferred tax liabilities | (160,225) | (168,588)
Net deferred tax assets | $83,456 | $68,573


Question: In which year is the net deferred tax assets higher?
Answer: 2019
Calculation: Find the year with the higher net deferred tax assets
3.1 OPERATING RESULTS
(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued
operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.
Table:
Years ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)
(in thousands of dollars, except percentages) | $ | $ | % | % | $
Revenue | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433
Operating Expenses | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636
Management fees – Cogeco Inc. | 19,900 | 18,961 | 5.0 | 5.0 | -
Adjusted EBITDA | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797
Adjusted EBITDA margin | 47.5% | 46.9% |  |  | 


Question: What was the increase / (decrease) in the Adjusted EBITDA from 2018 to 2019?
Answer: 101122
Calculation: 1,107,940 - 1,006,818
ADJUSTED NET EARNINGS AND ADJUSTED EPS
The terms adjusted net earnings and adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We define adjusted EPS as adjusted net earnings per BCE common share.
We use adjusted net earnings and adjusted EPS, and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring
The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS.
The following table is a reconciliation of net earnings attributable to common shareholders and EPS to adjusted net earnings on a consolidated basis and per BCE common share (adjusted EPS), respectively.
Table:
 | 2019 |  | 2018 | 
 | TOTAL | PER SHARE | TOTAL | PER SHARE
Net earnings attributable to common shareholders | 3,040 | 3.37 | 2,785 | 3.10
Severance, acquisition and other costs | 83 | 0.10 | 100 | 0.11
Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans | (101) | (0.11) | 58 | 0.07
Net (gains) losses on investments | 44 | 0.05 | 47 | 0.05
Early debt redemption costs | 13 | 0.01 | 15 | 0.02
Impairment charges | 74 | 0.08 | 146 | 0.16
Adjusted net earnings | 3,153 | 3.50 | 3,151 | 3.51


Question: What is net earnings attributable to common shareholders as a ratio of the adjusted net earnings in 2018?
Answer: 0.88
Calculation: 2,785/3,151
Export sales from the U.S. during the years ended December 31, 2019, 2018 and 2017 were $531.8, $578.0 and $512.5, respectively. In the year ended December 31, 2019, these exports were shipped primarily to Asia (33%), Europe (24%), Canada (18%), Middle East (13%) and other (12%).
Sales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper’s net revenues for the years ended December 31, 2019, 2018 and 2017 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented:
Table:
 | Application Software | Network Software & Systems | Measurement & Analytical MeasurementSolutions | Process Technologies | Total
2019 |  |  |  |  | 
Canada | $   41.0 | $   71.1 | $   81.4 | $   28.9 | $ 222.4
Europe | 188.8 | 36.7 | 307.2 | 113.8 | 646.5
Asia | 3.5 | 18.8 | 185.0 | 108.0 | 315.3
Middle East | 8.6 | 37.5 | 13.1 | 44.4 | 103.6
Rest of the world | 25.8 | 9.5 | 45.3 | 55.2 | 135.8
Total | $ 267.7 | $ 173.6 | $ 632.0 | $ 350.3 | $ 1,423.6
2018 |  |  |  |  | 
Canada | $   38.5 | $   58.5 | $   79.3 | $   35.0 | $    211.3
Europe | 188.6 | 12.2 | 361.7 | 117.5 | 680.0
Asia | 3.2 | 11.0 | 220.3 | 115.4 | 349.9
Middle East | 4.7 | 48.6 | 14.4 | 34.4 | 102.1
Rest of the world | 29.5 | 7.8 | 42.5 | 55.0 | 134.8
Total | $  264.5 | $  138.1 | $  718.2 | $  357.3 | $  1,478.1
2017 |  |  |  |  | 
Canada | $   26.6 | $   52.9 | $   72.9 | $   34.7 | $    187.1
Europe | 176.5 | 11.0 | 310.6 | 98.1 | 596.2
Asia | 2.4 | 7.3 | 205.9 | 109.8 | 325.4
Middle East | 4.8 | 58.8 | 13.4 | 35.5 | 112.5
Rest of the world | 23.2 | 6.1 | 42.0 | 48.7 | 120.0
Total | $  233.5 | $  136.1 | $  644.8 | $  326.8 | $  1,341.2


Question: What is the percentage change in net revenue from the Middle East in 2019 compared to 2018?
Answer: 1.47
Calculation: (103.6-102.1)/102.1
Stock Ownership Requirements
We believe that in order to align the interests of our executive officers with those of our stockholders, our executive officers should have a financial stake in our Company. We have maintained stock ownership requirements for our executive officers since October 2005. For FY19, our executive officers were required to hold the following minimum number of shares:
• CEO: 6x base salary; • CFO, COO and President: 3x base salary; and • Executive Vice Presidents: 2x base salary.
Stock options and unvested RSUs and PRUs do not count toward stock ownership requirements.
The executive officer is required to acquire and thereafter maintain the stock ownership required within four years of becoming an executive officer of NortonLifeLock (or four years following the adoption date of these revised guidelines). During the four-year transitional period, each executive officer must retain at least 50% of all net (after-tax) equity grants until the required stock ownership level has been met.
As of October 25, 2019, Messrs. Kapuria, Pilette and Taylor reached the stated ownership requirements for FY19. Transitioning or former executive officers and non-executive officers are not included in the table below. See the table below for individual ownership levels relative to the executive’s ownership requirement.
(1) Based on the closing price for a share of our common stock of $22.69 on October 25, 2019.
Table:
Executive Officer | Ownership Requirement (1) (# of shares) | Holdings as of October 25, 2019(# of shares)
Samir Kapuria | 39,665 | 186,735
Vincent Pilette | 85,941 | 785,906
Scott C. Taylor | 52,887 | 408,724


Question: What is the minimum number of shares needed by a CEO?
Answer: 6x base salary
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 are the respective number of stock options in 2018 and 2019?
Answer: 911,264, 1,024,811