{"financebench_id":"financebench_id_03029","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.","gold_answer":1577,"model_answer":" Based on the cash flow statement in the 3M 10-K filing, the capital expenditure amount for FY2018 is:\n\n$1,577 million\n\nThis is shown in the \"Cash Flows from Investing Activities\" section as \"Purchases of property, plant and equipment (PP&E)\" for the year ended December 31, 2018.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04672","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":" Based on the information provided in the 3M balance sheet, the net PPNE (property, plant and equipment - net) for FY2018 is:\n\n$8.738 billion\n\nThe balance sheet shows that 3M had gross property, plant and equipment of $24.873 billion at the end of 2018. It also shows accumulated depreciation of $16.135 billion. \n\nSubtracting accumulated depreciation from gross PP&E gives net PP&E of $24.873 billion - $16.135 billion = $8.738 billion.\n\nSo the year end FY2018 net PPNE for 3M is $8.738 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01865","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":" Based on the information provided in the 3M Company 10-K filing, it appears that the Safety and Industrial segment had the largest negative impact on 3M's overall organic growth in 2022, excluding the impact of mergers and acquisitions. \n\nSpecifically, the filing states that 3M's total sales declined 3.2% in 2022, with organic sales growth of 1.2%. Looking at the individual business segments:\n\n- Safety and Industrial sales declined 3.2%, with 1.0% organic sales growth.\n\n- Transportation and Electronics sales declined 3.9%, with 1.2% organic sales growth. \n\n- Health Care sales declined 2.0%, with 3.2% organic sales growth.\n\n- Consumer sales declined 3.9%, with -0.9% organic sales decline.\n\nSo the Safety and Industrial segment had the lowest organic sales growth at 1.0%, compared to the total company organic growth of 1.2%. The Consumer segment had an organic sales decline, but it is a smaller business segment than Safety and Industrial.\n\nThe filing notes that the organic sales increase in Safety and Industrial was held back by a decline in personal safety sales, which includes disposable respirators. Excluding the decline in disposable respirators, the Safety and Industrial segment saw growth in other areas like abrasives, automotive aftermarket, and electrical markets. But the decline in high-margin respirator mask sales had a significant negative impact on organic sales growth for the overall Safety and Industrial segment.\n\nTherefore, excluding the impact of M&A, the Safety and Industrial segment appears to have dragged down 3M's overall organic growth the most in 2022 compared to the other business segments. The decline in disposable respirator sales was a key factor in its lower organic growth.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":" Based on the information provided in the 3M 10-K filing, the key factors that drove the change in 3M's operating margin in 2022 compared to 2021 were:\n\n- Higher raw material costs - 3M continued to experience inflationary pressures in 2022, with year-on-year increases in raw material and logistics costs. This negatively impacted operating margins.\n\n- Lower disposable respirator demand - Declines in disposable respirator demand year-on-year negatively impacted operating margins by 0.3%. \n\n- Higher costs for significant litigation - Operating margins were negatively impacted by increased costs for litigation related to Combat Arms Earplugs, PFAS matters, and other items. This reduced operating margins by 1.4%.\n\n- Gain on business divestitures - The gain on the divestiture of 3M's Food Safety business positively impacted operating margins by 8.0%.\n\n- Manufacturing productivity headwinds - 3M experienced manufacturing challenges from global supply chain issues, which negatively impacted productivity and margins.\n\n- Investments for growth - 3M increased investments in growth initiatives, which reduced margins.\n\nSo in summary, the major drivers were:\n- Higher raw material costs\n- Lower respirator demand\n- Higher litigation costs\n- Gain on divestiture \n- Manufacturing challenges\n- Increased growth investments\n\nOperating margin appears to be a reasonable metric to track performance for a diversified manufacturer like 3M. It measures how efficiently the company is generating profit from its operations. Fluctuations in operating margin reflect factors like changes in costs, product mix, pricing power, and operational efficiency. As such, it provides insight into the company's profitability and ability to convert sales into operating income. Other useful metrics for 3M may include revenue growth, earnings per share, and free cash flow. But operating margin is a good high-level metric for evaluating the company's operational performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":" Based on the information provided in 3M's 2022 10-K filing, 3M does appear to be a capital-intensive business:\n\n- 3M had $25.998 billion of gross property, plant and equipment on its balance sheet at the end of 2022. This was by far the largest asset on 3M's balance sheet. \n\n- After accumulated depreciation of $16.820 billion, 3M had $9.178 billion of net property, plant and equipment at the end of 2022. This represented 20% of 3M's total assets.\n\n- 3M invested $1.749 billion in capital expenditures (purchases of property, plant and equipment) in 2022. This represented a significant cash outflow for the company.\n\n- The 10-K notes that 3M is increasing investments in manufacturing and sourcing capabilities to align with sales in major geographic areas. This indicates 3M requires ongoing capital investments to support operations.\n\n- The large investment in property, plant and equipment and significant ongoing capital expenditures indicate that 3M is a capital-intensive business that requires large investments in physical assets to support its operations. The size of the net property, plant and equipment balance relative to total assets also supports this.\n\nSo in summary, yes, the information provided in 3M's 2022 10-K indicates that it is a capital-intensive business based on the metrics provided for FY2022. The large investments in physical assets and manufacturing facilities are critical to 3M's business model and operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does 3M maintain a stable trend of dividend distribution?","gold_answer":"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","model_answer":" Based on the information provided in the 3M Company Form 10-Q filing, it appears that 3M does maintain a stable trend of dividend distribution. A few key points:\n\n- In the filing, 3M states \"In February 2023, 3M\u2019s Board of Directors declared a first-quarter 2023 dividend of $1.50 per share, an increase of 1 percent. This marked the 65th consecutive year of dividend increases for 3M.\" \n\n- The filing also states \"In May 2023, 3M's Board of Directors declared a second-quarter 2023 dividend of $1.50 per share.\"\n\n- The dividends per share declared in Q1 2023 ($1.50) and Q2 2023 ($1.50) are consistent with the dividends declared in Q1 2022 ($1.49) and Q2 2022 ($1.49) as disclosed in the prior year 10-Q filing.\n\n- The company has consistently paid dividends for over 65 years and continues to increase the dividend annually. \n\nSo in summary, based on the dividend information disclosed in the 10-Q filing, it appears that 3M does maintain a stable trend of consistently paying and increasing its dividend distribution each year. The company has not cut or suspended its dividend during the periods reported. This indicates a stable dividend policy.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":" Based on the information provided in 3M's Q2 2023 10-Q filing, the company appears to have a reasonably healthy liquidity profile. \n\nA few key points:\n\n- 3M had $4.3 billion of cash, cash equivalents and marketable securities at the end of Q2 2023, up from $3.9 billion at the end of 2022. This provides a sizable cash cushion.\n\n- 3M's current ratio (current assets \/ current liabilities) was 1.44 at the end of Q2 2023. This indicates it has more current assets than current liabilities, which is a sign of good liquidity. \n\n- 3M's quick ratio specifically was 1.09 at the end of Q2 2023 (calculated as current assets minus inventories, divided by current liabilities). A quick ratio of 1 or above generally indicates good short-term liquidity.\n\n- 3M has access to capital markets and credit facilities if needed to meet liquidity needs. This includes a $4.25 billion revolving credit facility.\n\n- 3M's cash flow from operations was positive $2.8 billion in the first half of 2023. This shows it is continuing to generate cash from its business operations.\n\n- The 10-Q does not indicate any major liquidity issues, based on the commentary provided.\n\nSo in summary, the quick ratio of 1.09, when taken together with the other factors mentioned, indicates 3M has a reasonably healthy liquidity position as of Q2 2023. The quick ratio is a relevant measure for assessing short-term liquidity in this case.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":" Based on the 10-Q filing for 3M Company for Q2 2023, the following debt securities are registered to trade on a national securities exchange under 3M's name:\n\n- 1.500% Notes due 2026 (trading symbol MMM26)\n- 1.750% Notes due 2030 (trading symbol MMM30)  \n- 1.500% Notes due 2031 (trading symbol MMM31)\n\nThese debt securities are listed as being registered to trade on the New York Stock Exchange. The filing notes that 3M's common stock also trades on the NYSE, as well as the SIX Swiss Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.","gold_answer":0.019,"model_answer":" Based on the information provided in the 10-K filing, the 3 year average of capital expenditures as a percentage of net revenues for Activision Blizzard from 2017 to 2019 is:\n\n2017 Capital Expenditures: $155 million (from Statement of Cash Flows)\n2017 Net Revenues: $7,017 million (from Statement of Operations)\n2017 Capex as % of Revenue: 155 \/ 7,017 = 2.2%  \n\n2018 Capital Expenditures: $131 million \n2018 Net Revenues: $7,500 million\n2018 Capex as % of Revenue: 131 \/ 7,500 = 1.7%\n\n2019 Capital Expenditures: $116 million\n2019 Net Revenues: $6,489 million  \n2019 Capex as % of Revenue: 116 \/ 6,489 = 1.8%\n\n3 Year Average = (2.2% + 1.7% + 1.8%) \/ 3 = 1.9%\n\nTherefore, the 3 year average of capex as a percentage of revenue for Activision Blizzard from 2017 to 2019 is 1.9%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02987","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue \/ (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.","gold_answer":24.26,"model_answer":" Based on the information provided in Activision Blizzard's financial statements, the calculation for the FY2019 fixed asset turnover ratio is as follows:\n\nFY2019 Revenue: $6,489 million (from Consolidated Statements of Operations)\n\nAverage PP&E between FY2018 and FY2019: \nFY2018 PP&E: $282 million (from Consolidated Balance Sheet)\nFY2019 PP&E: $253 million (from Consolidated Balance Sheet)\nAverage = ($282 million + $253 million) \/ 2 = $267.5 million\n\nFixed Asset Turnover Ratio = Revenue \/ Average PP&E \n           = $6,489 million \/ $267.5 million\n           = 24.26\n\nRounding to two decimal places, the FY2019 fixed asset turnover ratio for Activision Blizzard is 24.26.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04735","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places.","gold_answer":0.66,"model_answer":" Based on the information provided in Adobe's consolidated statements of cash flows and consolidated balance sheets, the operating cash flow ratio for fiscal year 2015 is calculated as follows:\n\nCash from operations (from cash flow statement): $1,469,502,000\nTotal current liabilities (from balance sheet): $2,213,556,000\n\nOperating cash flow ratio = Cash from operations \/ Total current liabilities\n           = $1,469,502,000 \/ $2,213,556,000\n           = 0.66\n\nRounded to two decimal places, the operating cash flow ratio for FY2015 is 0.66.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07507","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.","gold_answer":0.654,"model_answer":" Based on the income statement data in Adobe's 10-K filing, here is the calculation for Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016:\n\nFY2016 Operating Income: $1,493,602,000\nFY2015 Operating Income: $903,095,000\n\nChange in Operating Income = (FY2016 Operating Income - FY2015 Operating Income) \/ FY2015 Operating Income\n\nChange in Operating Income = ($1,493,602,000 - $903,095,000) \/ $903,095,000\n\nChange in Operating Income = 65.3%\n\nTherefore, Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 was 65.3%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.","gold_answer":0.83,"model_answer":" Based on the information provided in Adobe's financial statements, the operating cash flow ratio for FY2017 is:\n\nCash from operations (Net cash provided by operating activities): $2,912,853,000 (From Consolidated Statements of Cash Flows)\n\nTotal current liabilities: $3,527,457,000 (From Consolidated Balance Sheets)\n\nOperating cash flow ratio = Cash from operations \/ Total current liabilities\n             = $2,912,853,000 \/ $3,527,457,000\n             = 0.83\n\nRounded to two decimal places, the FY2017 operating cash flow ratio for Adobe is 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00438","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":" Based on my review of Adobe's financial statements, the company has shown an improving operating margin profile in recent years. Some key points:\n\n- Adobe's operating margin has increased from 34% in FY2020 to 36% in FY2022. This indicates the company has been able to grow revenue faster than operating expenses over this period. \n\n- The improvement has been driven by subscription revenue growth outpacing the growth in cost of revenue and operating expenses. Adobe has scaled its subscription business efficiently.\n\n- Gross margin has remained very stable at around 88% over the last 3 fiscal years, indicating Adobe has pricing power and has been able to manage costs well as the business scales. \n\n- Operating expenses as a percentage of revenue have actually declined from 53% in FY2020 to 52% in FY2022, again reflecting operating leverage as revenue grows.\n\nSo in summary, yes Adobe has demonstrated an improving operating margin profile over the past few fiscal years. The subscription-based business model and operating leverage have allowed margins to expand as the top line grows. Operating margin is a useful metric for Adobe to monitor its profitability and efficiency as the business scales. The steady gross margins and declining operating expenses as a percentage of revenue have driven the operating margin expansion.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00591","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Adobe have an improving Free cashflow conversion as of FY2022?","gold_answer":"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","model_answer":" Based on reviewing Adobe's financial statements in their 2022 10-K filing, it appears that Adobe's free cash flow conversion improved in fiscal year 2022 compared to fiscal year 2021. Here are the key points:\n\n- Adobe defines free cash flow as cash flows from operations less purchases of property and equipment. \n\n- In fiscal 2022, Adobe generated $7.84 billion in cash flows from operations and spent $442 million on purchases of property and equipment. This resulted in free cash flow of $7.40 billion.\n\n- In fiscal 2021, Adobe generated $7.23 billion in cash flows from operations and spent $348 million on purchases of property and equipment. This resulted in free cash flow of $6.88 billion.\n\n- So Adobe's free cash flow increased by $520 million from fiscal 2021 to fiscal 2022.\n\n- Adobe's net income was $4.76 billion in fiscal 2022 compared to $4.82 billion in fiscal 2021.\n\n- Free cash flow conversion is calculated as free cash flow divided by net income.\n\n- In fiscal 2022, Adobe's free cash flow conversion was 7.40\/4.76 = 155%\n\n- In fiscal 2021, Adobe's free cash flow conversion was 6.88\/4.82 = 143%\n\nSo in summary, Adobe's free cash flow increased from fiscal 2021 to 2022 while net income was relatively flat. This resulted in an improved free cash flow conversion of 155% in fiscal 2022 compared to 143% in fiscal 2021, indicating that Adobe is generating more free cash flow per dollar of net income. Therefore, based on this analysis of the financial statements, it appears that Adobe had an improving free cash flow conversion in fiscal year 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10420","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income \/ (average total assets between FY2021 and FY2022). Round your answer to two decimal places.","gold_answer":-0.02,"model_answer":" Based on the information provided, AES's FY2022 return on assets (ROA) is calculated as follows:\n\nFY2022 net loss: $(505) million (from statement of income)\n\nAverage total assets between FY2021 and FY2022: \nFY2021 total assets: $32,963 million (from statement of financial position)  \nFY2022 total assets: $38,363 million (from statement of financial position)\nAverage total assets = ($32,963 + $38,363) \/ 2 = $35,663 million\n\nROA = FY2022 Net Loss \/ Average Total Assets  \n      = $(505) million \/ $35,663 million\n      = -1.42%\n\nRounded to two decimal places, AES's FY2022 ROA is -1.42%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00540","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":" Based on the information provided in the AES Corporation 10-K filing, it does not appear that the company sells inventory in the traditional sense. AES Corporation is primarily an electric power generation and distribution company. Its business involves generating and distributing electricity through power plants, utilities, and other assets. The company does not manufacture products to be held in inventory and sold. \n\nThe 10-K filing does not provide information on inventory balances or inventory turnover. It mentions inventory briefly in Note 2, stating that inventory consists mainly of materials and supplies. However, there is no indication that AES Corporation actively buys and sells inventory as part of its core operations.\n\nAs an electric power company, the key revenue drivers are factors like power plant availability and capacity, customer demand, weather, fuel costs, and power sales agreements. Inventory management does not seem to be a meaningful metric for assessing the performance of AES Corporation's business. The company generates revenue by producing and selling electricity, not by manufacturing and selling products out of inventory.\n\nIn summary, it does not appear inventory turnover would be a relevant ratio for AES Corporation. The nature of the company's business as an electric utility means it does not have meaningful inventory sales in the traditional sense. As such, inventory turnover cannot be calculated or analyzed in a conventional way for this company.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01319","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":" Based on a review of AES Corporation's 2022 annual report, there are no restructuring costs directly outlined in the income statement for fiscal year 2022. The report mentions that effective January 1, 2021, AES removed the adjustment for costs directly associated with a major restructuring program from the definitions of its non-GAAP measures Adjusted Operating Margin, Adjusted PTC, and Adjusted EPS. The report also states that there were no such restructuring costs in 2020, 2021 or 2022. Therefore, the quantity of restructuring costs directly outlined in AES Corporation's income statement for FY2022 is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.","gold_answer":0.308,"model_answer":" Based on the consolidated statements of operations in Amazon's 10-K filing, the year-over-year change in net sales from FY2016 to FY2017 is:\n\nFY2016 Net Sales: $135,987 million\nFY2017 Net Sales: $177,866 million\n\nYear-over-year change = (FY2017 Net Sales - FY2016 Net Sales) \/ FY2016 Net Sales\n= ($177,866 - $135,987) \/ $135,987\n= 31.0%\n\nTherefore, the year-over-year change in revenue from FY2016 to FY2017 is 31.0%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06655","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":" Based on the information provided in Amazon's financial statements, the calculation for Amazon's FY2017 days payable outstanding (DPO) is:\n\nAverage accounts payable between FY2016 and FY2017 = (FY2016 accounts payable + FY2017 accounts payable) \/ 2\n            = (25,309 + 34,616) \/ 2\n            = 29,963\n\nFY2017 COGS = 111,934 (from P&L statement)\n\nChange in inventory between FY2016 and FY2017 = FY2017 inventory - FY2016 inventory \n              = 16,047 - 11,461 = 4,586 (from balance sheets)\n\nTherefore, \nDPO = 365 * (29,963) \/ (111,934 + 4,586)\n     = 365 * 29,963 \/ 116,520\n     = 93.55\n\nSo Amazon's FY2017 days payable outstanding is 93.55 days, rounded to two decimal places.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_08286","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":" Based on the information provided in the income statement excerpt only, I cannot conclusively determine Amazon's FY2019 net income attributable to shareholders. The income statement shows net income of $11,588 million for FY2019, but does not specify how much of that is attributable to shareholders specifically. To determine net income attributable to shareholders, we would need additional information from the statement of shareholders' equity or notes to the financial statements. The income statement alone does not provide enough detail to calculate net income attributable to shareholders.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.","gold_answer":1616,"model_answer":" Based on the information provided in the balance sheet, Amcor's net accounts receivable (AR) as of June 30, 2020 was:\n\nTrade receivables, net: $1,615.9 million\nLess: Allowance for doubtful accounts: $35.3 million \n\nTherefore, Amcor's net AR as of June 30, 2020 was $1,615.9 million - $35.3 million = $1,580.6 million\n\nSince the financial statements are presented in US dollars, no currency conversion is required.\n\nTherefore, Amcor's year end FY2020 net AR was $1,580.6 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01935","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":" Based on my review of the AMCOR 8-K filing dated July 1, 2022, the key agenda was to report:\n\n1. Amcor Finance (USA), Inc. (the \"Former Issuer\") and Amcor Flexibles North America, Inc. (the \"Substitute Issuer\") entered into Supplemental Indentures with Deutsche Bank Trust Company Americas (the \"Trustee\") to evidence the substitution of the Substitute Issuer for the Former Issuer under certain indentures governing existing notes. \n\n2. The Substitute Issuer assumed the covenants of the Former Issuer under the indentures and with respect to the outstanding notes.\n\n3. The Substitute Issuer appointed an authorized agent for service of process in New York related to its obligations under the indentures.\n\n4. The effective date of the substitution of the Substitute Issuer for the Former Issuer is the date the Supplemental Indentures were executed.\n\nIn summary, the key agenda was to report the substitution of Amcor Flexibles North America, Inc. as the new issuer under certain debt indentures and notes in place of the previous issuer Amcor Finance (USA), Inc.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?","gold_answer":"87% of the total restructuring liability is related Employee liabilities.","model_answer":" Based on Amcor's Q2 FY2023 10-Q filing, the nature and purpose of Amcor's restructuring liability as of the Q2 FY2023 close is as follows:\n\nAmcor has an accrued restructuring liability that relates to costs associated with restructuring plans and activities. The restructuring liability consists of estimated costs for employee termination benefits, fixed asset impairments\/disposals, and other associated restructuring costs. \n\nAs of December 31, 2022 (Q2 FY2023 close), Amcor's restructuring liability totaled $93 million. This balance included:\n\n- $81 million for estimated employee termination costs\n- $2 million for estimated fixed asset related costs \n- $10 million for other estimated restructuring costs\n\nThe restructuring liability represents Amcor's best estimate of the remaining costs to complete previously announced restructuring plans and activities. The majority of the Q2 FY2023 balance relates to restructuring plans associated with the integration of acquired Bemis operations and costs related to the Russia-Ukraine conflict. \n\nThe purpose of the restructuring liability is to reflect the estimated future costs that Amcor expects to incur as it continues to execute these restructuring initiatives. The liability provides investors transparency into the ongoing costs associated with Amcor's restructuring efforts.\n\nIn summary, the restructuring liability represents estimated future costs to complete Amcor's in-process restructuring activities primarily related to the Bemis integration and Russia-Ukraine conflict. The liability provides visibility into the remaining restructuring costs expected to be incurred.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":" Based on the information provided in the filing, the real change in sales for Amcor in FY 2023 vs FY 2022, excluding the impact of FX movement, pass-through costs and one-off items, was:\n\n- Total reported sales growth was 1%\n- FX impact was -3% \n- Raw material pass through was 5%\n- Items affecting comparability was -1%\n\nTherefore, the comparable constant currency growth was:\n\n1% (reported growth) \n- 3% (FX impact)\n- 5% (raw material pass through)  \n- 1% (items affecting comparability)\n= 0%\n\nSo the real change in sales for Amcor in FY 2023 vs FY 2022, excluding the impact of FX movement, pass-through costs and one-off items, was 0%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":" Based on the filing, Amcor's adjusted non-GAAP EBITDA for FY 2023 was $2,018 million. \n\nThe key details:\n\n- The filing shows adjusted non-GAAP financial results which exclude certain items like restructuring costs, impairments, etc. that are not considered representative of ongoing operations.\n\n- Under the section \"Reconciliation of Non-GAAP Measures\", there is a table that reconciles Amcor's EBITDA, EBIT, Net Income and EPS from GAAP to non-GAAP adjusted results.\n\n- For FY 2023 (Twelve Months Ended June 30, 2023), it shows:\n\nAdjusted EBITDA: $2,018 million\nAdjusted EBIT: $1,608 million \nAdjusted Net Income: $1,089 million\nAdjusted EPS: 73.3 cents\n\nSo the adjusted non-GAAP EBITDA for FY 2023 was $2,018 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00799","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.","gold_answer":"The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump)","model_answer":" Based on the financial information provided in Amcor's annual report, I do not see enough information to calculate the quick ratio for FY2023 or FY2022. The quick ratio measures a company's ability to use its most liquid assets to meet its current liabilities. It is calculated as:\n\n(Current assets - Inventory) \/ Current liabilities\n\nHowever, Amcor's balance sheet does not provide a breakdown of all current assets, only listing cash, trade receivables, inventories, and assets held for sale. Other typical current assets like short-term investments, accounts receivable, and prepaid expenses are not separately listed. \n\nAs a packaging company, the quick ratio is likely not a key financial metric that analysts focus on for Amcor. More relevant liquidity ratios would be the current ratio and cash ratio. Analysts are likely more focused on profitability ratios like gross margin, operating margin, and net income. Key credit metrics like interest coverage, debt\/EBITDA and free cash flow are also critical for a company like Amcor with significant debt. So while the quick ratio could provide some information on liquidity, other metrics are likely more relevant for analysts evaluating Amcor.","label":"Refusal"}
{"financebench_id":"financebench_id_01079","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":" Based on the Form 10-K, here are the major acquisitions Amcor has done in the last three fiscal years:\n\nFY2023:\n\n- On August 1, 2022, Amcor acquired 100% equity interest in a flexible packaging manufacturing plant in Czech Republic for $59 million. \n\n- On March 17, 2023, Amcor acquired 100% equity interest in a medical device packaging manufacturing site in Shanghai, China for $60 million. The deal includes $20 million of contingent consideration.\n\n- On May 31, 2023, Amcor acquired a New Zealand based manufacturer of protein packaging machines for $45 million. The deal includes $13 million of contingent consideration.\n\nFY2022:\nNo major acquisitions.\n\nFY2021:\n\n- In Q1 FY2021, Amcor sold its equity investment in AMVIG Holdings Limited, where it held a 47.6% interest, realizing a net gain of $15 million.\n\n- As part of optimizing its portfolio under the 2019 Bemis Integration Plan, Amcor completed the disposal of a non-core European hospital supplies business in FY2021.\n\n- Amcor also completed the disposal of two non-core businesses in India and Argentina in FY2021.\n\nSo in summary, Amcor made three acquisitions in FY2023, no major acquisitions in FY2022, and had some divestitures but no major acquisitions in FY2021. The main acquisition activity was in FY2023, where Amcor acquired companies in flexible packaging and medical device packaging.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01148","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":" Based on the 10-K filing, Amcor primarily operates in the packaging industry. Some key evidence for this:\n\n- The business description in Item 1 states that Amcor is \"a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products.\" \n\n- It mentions that Amcor's innovation and expertise enables it to \"solve packaging challenges around the world every day, producing packaging that is more functional, appealing, and cost effective for our customers and their consumers.\"\n\n- The company's two reportable segments are Flexibles and Rigid Packaging. The Flexibles segment \"develops and supplies flexible packaging globally\" while the Rigid Packaging segment \"manufactures rigid packaging containers and related products in the Americas.\"\n\n- In describing its products, the filing states \"The Company's packaging expertise covers all main packaging materials including paper, metal, plastic, recycled, and bio-based materials and the sustainable use of recyclable plastics.\"\n\n- The filing notes the company's sales are diversified, \"with the majority of sales made to the food, beverage, pharmaceutical, medical device, home and personal care, and other consumer goods end markets.\" \n\nIn summary, the key evidence indicates Amcor primarily operates in the packaging industry, offering a range of packaging products and services globally.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":" Based on Amcor's financial statements, its gross margin does not appear to have an improving profile in FY2023 compared to the prior year. Some key points:\n\n- Amcor's gross margin was 18.5% in FY2023, down from 19.4% in FY2022. \n\n- Gross profit decreased by 3% from $2,820 million in FY2022 to $2,725 million in FY2023.\n\n- The decrease in gross margin percentage seems primarily driven by the pass-through of higher raw material costs in FY2023. The dollar value of sales increased in FY2023 but a higher proportion was due to pass-through of raw material costs rather than value-added by Amcor.\n\n- Amcor operates in the packaging industry which is quite competitive, so gross margins tend to be relatively thin compared to other industries. \n\n- For packaging companies, gross margin may not be the most useful metric on its own. Other metrics like operating margin, net income margin, return on invested capital etc. could provide better insights into overall profitability and value creation. This is because packaging tends to be a high fixed cost business with a need for regular capital investments.\n\nSo in summary, Amcor's gross margin profile does not appear to be improving in FY2023 compared to the prior year based on the financial statements. Gross margin may also not be the most insightful metric for assessing performance of a packaging company like Amcor. Other profitability and return metrics could provide better insights.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?","gold_answer":0.042,"model_answer":" Unfortunately, without access to the full financial statements, I do not have enough information to calculate AMD's FY2015 depreciation and amortization % margin. The excerpt provided contains a summary of the P&L and cash flow statement, but does not include the full financial details needed to determine the D&A margin specifically. If the full financial statements were available, I could analyze the D&A amount from the cash flow statement relative to revenues from the P&L to estimate the D&A margin. But with only a summary, there is not enough detail to quantify the margin percentage. I would need the complete figures from AMD's financial reporting to analyze the specific D&A margin.","label":"Refusal"}
{"financebench_id":"financebench_id_00917","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":" Based on AMD's financial statements and MD&A, here are the key factors that drove the change in operating margin in fiscal year 2022 compared to fiscal year 2021:\n\n- AMD's operating margin declined from 22% in 2021 to 5% in 2022. Operating margin is a useful metric for AMD to measure profitability. \n\n- The main driver of the decline was amortization of acquisition-related intangibles, which was $3.5 billion in 2022 compared to $0 in 2021. This was due to AMD's acquisitions of Xilinx and Pensando in 2022. The amortization expenses lowered operating income significantly without affecting revenue.\n\n- AMD's gross margin declined from 48% in 2021 to 45% in 2022, reducing operating margin by 3 percentage points. The drop in gross margin was primarily driven by amortization of acquisition-related intangibles. \n\n- Operating expenses increased from $4.3 billion in 2021 to $7.4 billion in 2022, driven by higher R&D investments and costs related to the Xilinx and Pensando acquisitions. The increase in operating expenses reduced operating margin.\n\n- Partially offsetting these declines was a 44% increase in revenue from $16.4 billion in 2021 to $23.6 billion in 2022, driven by strong growth in the Data Center and Embedded segments. Higher revenue helped support operating margin to some extent.\n\nIn summary, the decline in operating margin was primarily due to amortization of intangibles from acquisitions and higher operating expenses, partially offset by strong revenue growth. Acquisition accounting had a major impact in reducing operating margin in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove revenue change as of the FY22 for AMD?","gold_answer":"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","model_answer":" Based on AMD's 2022 Annual Report, the key factors that drove AMD's revenue change in fiscal year 2022 compared to fiscal year 2021 were:\n\n- Data Center segment revenue increased 64% to $6.0 billion, primarily driven by higher sales of EPYC server processors.\n\n- Gaming segment revenue increased 21% to $6.8 billion, primarily driven by higher semi-custom product sales due to higher demand for gaming console SoCs. \n\n- Embedded segment revenue significantly increased compared to the prior year, primarily driven by the inclusion of Xilinx embedded product revenue as a result of AMD's acquisition of Xilinx in February 2022. \n\n- Client segment revenue decreased 10% to $6.2 billion, primarily driven by lower processor shipments due to challenging PC market conditions and significant inventory correction across the PC supply chain experienced in the second half of 2022.\n\nIn summary, the significant increase in AMD's net revenue in 2022 was driven by strong growth in the Data Center, Gaming and Embedded segments, partially offset by a decline in the Client segment due to weak PC market conditions. The acquisitions of Xilinx and Pensando also contributed to AMD's revenue growth in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":" Yes, AMD did report customer concentration in its 2022 Form 10-K annual report. Specifically, AMD disclosed the following about customer concentration in Note 10 - Concentrations of Credit Risk:\n\n\"One customer accounted for approximately 18% of the total consolidated accounts receivable balance as of December 31, 2022. Two customers each accounted for approximately 20% and 15% of the total consolidated accounts receivable balance as of December 25, 2021. However, the Company does not believe the receivable balance from these customers represents a significant credit risk based on past collection experience and review of their current credit quality.\"\n\nAMD also disclosed the following about major customers in Note 4 - Segment Reporting:\n\n\"One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products from our Gaming segment. A loss of this customer would have a material adverse effect on our business.\"\n\nSo in summary, AMD reported that one customer accounted for 16% of its total consolidated revenue in 2022, and that its top two customers accounted for 18% and 15% of its consolidated accounts receivable balance at the end of 2022. AMD viewed these customer concentrations as a potential business risk.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":" Based on AMD's consolidated statement of cash flows, the operating activities brought in the most cash flow in FY22. Specifically:\n\n- Net cash provided by operating activities was $3.6 billion in FY22.\n\n- Net cash provided by investing activities was $2.0 billion in FY22. \n\n- Net cash used in financing activities was $3.3 billion in FY22.\n\nSo operating activities provided the most net cash inflow of $3.6 billion, compared to $2.0 billion net cash inflow from investing activities and $3.3 billion net cash outflow from financing activities. The significant net cash inflow from operations was primarily driven by AMD's net income adjusted for non-cash items and changes in operating assets and liabilities.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00563","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":" Based on the information provided in the 10-K filing, AMD's reporting segments are Data Center, Client, Gaming, and Embedded. Excluding the Embedded segment, the Data Center segment had the largest proportional increase in sales from FY21 to FY22. \n\nSpecifically:\n\n- Data Center net revenue increased by 64%, from $3,694 million in FY21 to $6,043 million in FY22. \n\n- Client net revenue decreased by 10%, from $6,887 million in FY21 to $6,201 million in FY22.\n\n- Gaming net revenue increased by 21%, from $5,607 million in FY21 to $6,805 million in FY22.\n\nTherefore, excluding the Embedded segment, the Data Center segment had the largest proportional increase in sales from FY21 to FY22.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00222","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)\/ (current liabilities).","model_answer":" Based on my analysis, AMD has a reasonably healthy liquidity profile in FY22 based on its quick ratio. \n\nSome key points:\n\n- AMD's quick ratio for FY22 is 2.35. The quick ratio measures a company's ability to use its most liquid assets (cash and cash equivalents, short-term investments, and accounts receivable) to pay off its current liabilities. A quick ratio above 1 indicates good short-term liquidity. \n\n- AMD's quick ratio of 2.35 indicates it has more than twice as much liquid assets as current liabilities, suggesting it is in a good position to meet its short-term obligations.\n\n- AMD's cash, cash equivalents and short-term investments totaled $5.9 billion at the end of FY22, providing a substantial liquidity cushion. \n\n- AMD generated strong operating cash flows of $3.6 billion in FY22, further boosting its liquidity position.\n\n- AMD has access to additional liquidity through its $3 billion revolving credit facility, which remained undrawn at the end of FY22.\n\n- AMD's long-term debt is only $2.5 billion, a relatively modest amount compared to its liquid assets and cash flow generation ability.\n\nIn summary, AMD's quick ratio of 2.35, substantial cash balances, strong cash flow generation and access to credit indicate it has a healthy liquidity profile to meet short-term financial obligations and fund operations in FY22. The quick ratio is a relevant and meaningful metric for assessing AMD's liquidity.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00995","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are the major products and services that AMD sells as of FY22?","gold_answer":"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","model_answer":" Based on AMD's 2022 10-K filing, the major products and services that AMD sells as of fiscal year 2022 are:\n\n- Server CPUs and GPUs, data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers\n\n- CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers \n\n- Discrete GPUs, and semi-custom SoC products and development services\n\n- Embedded CPUs, GPUs, APUs, FPGAs and Adaptive SoC products\n\n- Portions of AMD's intellectual property (IP) portfolio\n\nIn summary, AMD's major product and service offerings include microprocessors, graphics processors, chipsets, server processors, semi-custom chips, field programmable gate arrays, system-on-chip products, and intellectual property licensing. The company's products span personal computing, data centers, embedded systems, and gaming markets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":" Based on the information provided in American Express's 2022 financial statements, the largest liability was Customer deposits, which totaled $110,239 million as of December 31, 2022.\n\nSome key details on American Express's largest liability in 2022:\n\n- Customer deposits are funds held on behalf of customers, including interest-bearing deposits, non-interest bearing deposits, and Card Member credit balances. \n\n- Total customer deposits increased significantly from $84,382 million at the end of 2021 to $110,239 million at the end of 2022.\n\n- The growth in customer deposits was primarily driven by an increase in interest-bearing deposits, which were $109,119 million at the end of 2022 compared to $83,304 million at the end of 2021.\n\n- Interest-bearing deposits include savings, checking, money market, and certificate of deposit accounts held by consumers and businesses. \n\n- Non-interest bearing deposits primarily consist of credit balances held on behalf of Card Members.\n\nSo in summary, American Express's largest liability in 2022 was Customer deposits at $110,239 million, reflecting substantial growth in interest-bearing deposit accounts compared to the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01981","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":" Based on the information in American Express's 2022 10-K filing, it appears that American Express was largely able to retain card members during 2022:\n\n- The filing states that proprietary cards-in-force (the number of American Express cards issued and outstanding) increased 7% in 2022 to 76.7 million. This indicates that existing card members remained with American Express. \n\n- The number of basic cards-in-force also increased in 2022, up 8% to 59.1 million. This further suggests retention of card members.\n\n- Average spending per proprietary basic card member was up 15% in 2022 to $23,496. Higher average spending per card implies retention of card members.\n\n- Net card fees, which include annual membership fees, were up 17% in 2022. Growth in these fees indicates retention of paying card members. \n\n- The filing notes that new card acquisitions reached record levels in 2022. While this represents growth in new card members, it also likely reflects retention of existing members upgrading to new cards.\n\nSo in summary, the metrics on cards-in-force, average spend, net card fees, and new card acquisitions all suggest American Express retained the majority of card members during 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00720","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":" Based on my review of American Express's 2022 Form 10-K, gross margin is not a particularly useful metric for evaluating the company's performance or financial condition. Here is why:\n\nAmerican Express is a financial services company that operates an integrated payments platform. Its main business activities are issuing credit cards, acquiring merchants, operating a payments network, and providing related services. The company generates revenue primarily from discount fees, card fees, interest income, and service fees. \n\nUnlike a manufacturing or retail company, American Express does not have \"cost of goods sold\" or product costs in the traditional sense. The main costs for a financial services firm like American Express are things like credit losses, rewards\/incentives, operating expenses, interest expense, etc. These costs are not neatly captured in a \"cost of revenue\" line item like you would see for a company selling physical products.\n\nSo gross margin, which is typically calculated as revenue minus cost of goods sold divided by revenue, does not provide much insight for American Express. The company does not disclose anything labeled as \"gross margin\" in its financial statements.\n\nInstead, analysts tend to focus on metrics like pretax income, net income, revenues, expenses, provisions for credit losses, and operating ratios to evaluate financial performance for credit card companies and other financial services firms. The management discussion in the 10-K analyzes revenues, expenses, credit trends, and segment results - but does not mention gross margin.\n\nIn summary, gross margin is not a particularly useful metric for a financial services company like American Express. The business model and income statement structure is just too different from a traditional manufacturing or retail company where gross margin is a standard evaluation metric.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":" Based on the information provided in American Express' 2022 10-K filing, it does not appear that the company has an improving operating margin profile in 2022 compared to 2021. \n\nOperating margin is generally not a useful metric for evaluating the performance of financial services companies like American Express. This is because operating margin (operating income divided by revenues) does not adequately reflect the dynamics of American Express' business model, which is focused on generating revenue from spending on its cards and loans, not on producing goods and services.\n\nSome more relevant metrics for American Express are:\n\n- Discount revenue growth - this reflects the fees American Express earns from merchant transactions, which is a key driver of revenues. Discount revenue increased 25% in 2022 compared to 2021, indicating strong growth. \n\n- Net interest yield on loans - this measures the profitability of American Express' core lending business. Net interest yield was 10.6% in 2022 versus 10.7% in 2021, indicating a slight decline in lending profitability year-over-year.\n\n- Provisions for credit losses - this reflects the amount set aside for expected loan losses. Provisions increased significantly in 2022 compared to 2021, indicating some deterioration in credit quality. \n\n- Expenses\/revenues - American Express' total expenses were 78% of total revenues in 2022, up from 78% in 2021, indicating no improvement in operating leverage.\n\nSo in summary, American Express' overall operating margin profile does not appear to be improving in 2022 based on metrics like net interest yield, credit costs and operating leverage. The company continues to show good revenue growth, but profitability and efficiency metrics have not improved.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01028","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":" Based on the 2022 10-K filing, American Express primarily operates in the following geographies as of 2022:\n\n- United States\n- United Kingdom\n- European Union\n- Australia \n- Japan\n- Canada\n- Mexico\n\nSome key points on American Express's geographic operations:\n\n- American Express is headquartered in New York and has operations globally. \n\n- The filing states that jurisdictions representing a significant portion of American Express's billed business outside the United States include the UK, EU, Australia, Japan, Canada and Mexico.\n\n- U.S. Card Members were responsible for approximately 87% of total Card Member loans outstanding as of December 31, 2022.\n\n- The filing provides a breakdown of American Express's billed business volumes by geographic region - North America, Europe & Africa, Asia Pacific, Latin America & Canada. North America accounted for 67% of total billed business in 2022.\n\n- American Express has major subsidiaries, headquarters and offices in countries like the UK, Spain, Canada and Mexico.\n\nSo in summary, while American Express operates globally, its major geographic markets as of 2022 were the United States, United Kingdom, European Union, Australia, Japan, Canada and Mexico. The United States accounted for the majority of American Express's business volumes and assets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00476","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":" Based on the information provided in the 10-K filing, the debt securities registered to trade on a national securities exchange under American Express' name as of 2022 are:\n\n- Short-term borrowings: The filing states American Express had $1.348 billion in short-term borrowings outstanding as of December 31, 2022. Short-term borrowings are defined as borrowings with original contractual maturity dates of less than one year.\n\n- Long-term debt: The filing does not specifically mention any long-term debt securities registered to trade under American Express' name. The long-term debt discussed in the filing refers to borrowings from the American Express Credit Account Master Trust and American Express Issuance Trust II, which are variable interest entities consolidated by American Express. The filing states the long-term debt issued by these trusts is non-recourse to American Express.\n\nSo in summary, the only debt securities registered to trade under American Express' name as of 2022 appear to be the $1.348 billion in short-term borrowings. The filing does not mention any registered long-term debt securities issued directly by American Express.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01351","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How much has the effective tax rate of American Express changed between FY2021 and FY2022?","gold_answer":"The effective tax rate for American Express has changed\/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.","model_answer":" Based on the information in the American Express 10-K filing, the effective tax rate decreased from 24.6% in FY2021 to 21.6% in FY2022. \n\nSpecifically, in the Executive Overview section of the MD&A, it states:\n\n\"The effective tax rate was 21.6 percent and 24.6 percent for 2022 and 2021, respectively. The reduction in the effective tax rate primarily reflected discrete tax benefits in the current year related to the resolution of prior-year tax items.\"\n\nSo the effective tax rate decreased by 3 percentage points from 24.6% in FY2021 to 21.6% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.","gold_answer":0.4,"model_answer":" Based on the statement of cash flows, American Water Works paid out $389 million in cash dividends for FY2020.\n\nThe statement of cash flows shows the following:\n\nDividends paid: $(389) million\n\nSo American Water Works paid out $389 million in cash dividends for FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04254","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?","gold_answer":1832,"model_answer":" Based on the information provided in the cash flow statement and income statement, American Water Works's FY2021 unadjusted operating income + depreciation and amortization (unadjusted EBITDA) is:\n\nOperating income: $1,196 million\nPlus depreciation and amortization: $636 million \n\nUnadjusted EBITDA: $1,196 million + $636 million = $1,832 million\n\nTherefore, American Water Works's FY2021 unadjusted EBITDA is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":" Based on American Water Works' 2022 financial data, the company does not have positive working capital. \n\nAmerican Water Works had current assets of $1,250 million and current liabilities of $2,811 million as of December 31, 2022. This results in a working capital deficit of $1,561 million.\n\nWorking capital, which is calculated as current assets minus current liabilities, is typically used to measure a company's short-term liquidity and ability to meet its upcoming obligations. However, for a utility company like American Water Works, working capital may not be the most relevant metric. \n\nUtility companies require large investments in long-term, capital-intensive assets like pipes, plants, and equipment to provide services to customers. But they have the ability to raise rates and recover costs through regulators. So utility companies can operate successfully even with a working capital deficit, as long as they have access to capital and the ability to recover costs.\n\nAmerican Water Works has significant long-term debt and the ability to issue debt and equity to finance its investments and operations. The company also has access to credit facilities if needed for short-term liquidity. Additionally, its regulated subsidiaries can recover costs through rate increases approved by regulators. \n\nSo while American Water Works has negative working capital based on the 2022 data, this does not necessarily indicate financial distress. The working capital deficit is not uncommon for utility companies, and American Water Works appears to have other sources of liquidity and the regulatory mechanisms to support its business. The working capital metric has limitations in assessing the financial health of regulated utilities like American Water Works.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02608","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":" Based on the information provided in the income statement, the 3 year average net profit margin for Best Buy is:\n\nFY2015 Net Earnings: $1,233 million\nFY2015 Revenue: $40,339 million \nFY2015 Net Profit Margin = Net Earnings \/ Revenue = $1,233 million \/ $40,339 million = 3.1%\n\nFY2016 Net Earnings: $897 million\nFY2016 Revenue: $39,528 million\nFY2016 Net Profit Margin = $897 million \/ $39,528 million = 2.3%  \n\nFY2017 Net Earnings: $1,228 million\nFY2017 Revenue: $39,403 million\nFY2017 Net Profit Margin = $1,228 million \/ $39,403 million = 3.1%\n\n3 Year Average Net Profit Margin = (3.1% + 2.3% + 3.1%) \/ 3 = 2.8%\n\nTherefore, the 3 year average net profit margin for Best Buy is 2.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5409,"model_answer":" Based on the balance sheet provided, the year end FY2019 total amount of merchandise inventories for Best Buy was $5,409 million.\n\nSpecifically, under the \"Assets\" section of the balance sheet for February 2, 2019, it shows:\n\nMerchandise inventories: $5,409 million\n\nTherefore, the year end FY2019 total amount of inventories for Best Buy was $5,409 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01077","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":" Based on the Best Buy 10-K filing, the major acquisitions in the last 3 fiscal years are:\n\nFY2023:\n- No major acquisitions in FY2023. \n\nFY2022:\n- Acquired all outstanding shares of Current Health Ltd., a care-at-home technology platform, in November 2021.\n- Acquired all outstanding shares of Two Peaks, LLC d\/b\/a Yardbird Furniture, a direct-to-consumer outdoor furniture company, in November 2021.\n\nFY2021:  \n- No major acquisitions in FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":" Based on the Consolidated Statements of Cash Flows in Best Buy's 2023 10-K filing, the operating activities brought in the most cash flow for Best Buy in FY2023.\n\nSpecifically, in FY2023:\n\n- Cash provided by operating activities was $1,824 million\n- Cash used in investing activities was $962 million \n- Cash used in financing activities was $1,806 million\n\nSo operating activities generated the most positive cash flow for Best Buy in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":" Based on reviewing Best Buy's financial statements in their annual 10-K filings, their gross margins have fluctuated more than 2% over the past several years:\n\n- Fiscal 2023 - Gross margin of 21.4% \n- Fiscal 2022 - Gross margin of 22.5%\n- Fiscal 2021 - Gross margin of 22.4%\n- Fiscal 2020 - Gross margin of 20.0%\n- Fiscal 2019 - Gross margin of 22.0%\n\nThe gross margin represents the percentage of revenue that Best Buy retains after accounting for the direct costs associated with generating its revenue. For a major retailer like Best Buy, the gross margin can be impacted by factors like:\n\n- Product mix - Higher margin products like services will increase overall gross margin, while lower margin products like appliances will decrease it. Best Buy sells products across a wide range of categories.\n\n- Pricing and promotions - Aggressive discounting and sales promotions will lower gross margins in a given period. Competition and macroeconomic conditions can drive the need for promotions.\n\n- Supply chain costs - Increased freight, logistics and distribution costs will negatively impact gross margins.\n\nSo in summary, Best Buy's gross margins have fluctuated more than 2% over the past five years. This is expected given the nature of their business and the factors that can influence gross margins. The metric provides insight into their pricing strategy and ability to cover fixed operating costs. But it is not necessarily expected to be consistent year-over-year given the variables involved.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01902","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":" Based on the information in the Best Buy 10-Q filing, the Best Buy product category that performed the best in terms of revenue in the domestic (USA) market during Q2 of FY2024 was Entertainment. \n\nSpecifically, in the \"Domestic segment revenue mix percentages and comparable sales percentage changes by revenue category\" table, Entertainment had revenue growth of 9.0% on a comparable basis in Q2 FY2024. This was the highest comparable sales growth percentage of any product category. The filing notes that this growth was \"driven primarily by gaming, partially offset by comparable sales declines in virtual reality and drones.\"\n\nSo in summary, the Best Buy domestic product category with the best top line performance in Q2 FY2024 was Entertainment, led by growth in gaming revenue.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00288","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":" Based on the financial statements in the 10-Q filing, there was a drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024.\n\nSpecifically:\n\n- Cash and cash equivalents at end of FY2023 (January 28, 2023) was $1,874 million.\n\n- Cash and cash equivalents at end of Q2 FY2024 (July 29, 2023) was $1,093 million. \n\nSo there was a decrease of $781 million in Cash & Cash equivalents between FY2023 and Q2 FY2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":" Based on the information in the filing, the number of Best Buy stores changed between Q2 of FY2024 and Q2 of FY2023 as follows:\n\nIn Q2 FY2024 (as of July 29, 2023):\n- Total Best Buy stores: 907\n- Total Outlet Centers: 20 \n\nIn Q2 FY2023 (as of July 30, 2022):  \n- Total Best Buy stores: 930\n- Total Outlet Centers: 18\n\nSo the number of Best Buy stores decreased from 930 in Q2 FY2023 to 907 in Q2 FY2024, a decrease of 23 stores.\n\nThe number of Outlet Centers increased from 18 in Q2 FY2023 to 20 in Q2 FY2024, an increase of 2 stores.\n\nTherefore, there was a net decrease in the total number of Best Buy stores between Q2 FY2024 and Q2 FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":" Based on the data in the balance sheet, Block's (formerly known as Square) FY2016 working capital ratio is:\n\nTotal current assets: $1,001,425,000\nTotal current liabilities: $577,464,000\n\nWorking capital ratio = Total current assets \/ Total current liabilities\n           = $1,001,425,000 \/ $577,464,000\n           = 1.73\n\nRounded to two decimal places, Block's FY2016 working capital ratio is 1.73.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07661","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.","gold_answer":382,"model_answer":" Based on my review of the cash flow statement in Block's 2020 10-K filing, it looks like Block generated $381.6 million in net cash provided by operating activities in fiscal year 2020.\n\nSpecifically, the cash flow statement shows the following (in thousands):\n\nNet cash provided by operating activities:\n$381,603\n\nSo in USD millions, that would be $381.6 million in net cash provided by operating activities in fiscal year 2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03838","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":" Based on the information provided in the 10-K filing, I calculated the total revenue growth rate from FY2019 to FY2020 for Block (formerly Square) as follows:\n\nFY2019 total net revenue: $4,713,500 thousand\nFY2020 total net revenue: $9,497,578 thousand \n\nTotal net revenue growth from FY2019 to FY2020:\n($9,497,578 thousand - $4,713,500 thousand) \/ $4,713,500 thousand = 101.4%\n\nRounded to one decimal place, the total revenue growth rate from FY2019 to FY2020 for Block is 101.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?","gold_answer":12645,"model_answer":" Based on the information provided in the Boeing 2018 10-K balance sheet, the net property, plant and equipment at year end FY2018 is calculated as follows:\n\nProperty, plant and equipment, gross: $31,213 million\nLess accumulated depreciation: ($18,568) million\n\nNet property, plant and equipment: $31,213 million - $18,568 million = $12,645 million\n\nTherefore, Boeing's net property, plant, and equipment at year end FY2018 is $12,645 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":" Based on reviewing Boeing's 2022 10-K filing, the company disclosed the following regarding material ongoing legal proceedings:\n\n- Lawsuits related to the October 2018 Lion Air Flight 610 accident and March 2019 Ethiopian Airlines Flight 302 accident: Boeing stated it cannot reasonably estimate the potential loss, if any, from remaining lawsuits and matters related to these accidents. \n\n- Dispute with Embraer regarding terminated agreements to establish commercial aircraft joint ventures: Boeing indicated it cannot reasonably estimate the potential loss, if any, from the arbitration proceedings, which are expected to conclude in late 2023 or early 2024.\n\n- SEC investigation settlement: In September 2022, Boeing settled an SEC investigation related to the 737 MAX accidents for a $200 million civil penalty.\n\n- Department of Justice Deferred Prosecution Agreement: In January 2021, Boeing entered into a Deferred Prosecution Agreement and paid a $243.6 million monetary penalty related to the evaluation of the 737 MAX. \n\nSo in summary, the most material ongoing legal issues disclosed are the lawsuits related to the 737 MAX accidents, the dispute with Embraer, and matters relating to the government investigations and settlements regarding the 737 MAX accidents. Boeing has indicated it cannot estimate potential losses for the lawsuits and Embraer dispute at this time.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":" Based on Boeing's 2022 10-K filing, the primary customers of Boeing as of FY2022 were:\n\n- Commercial airlines - Boeing's Commercial Airplanes (BCA) segment develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. BCA is a leading producer of commercial aircraft and offers a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements. \n\n- Governments and government agencies - Boeing's Defense, Space & Security (BDS) segment engages with governments and government agencies through contracts for research, development, production and modification of products and services such as military aircraft, weapons systems, satellites, and space exploration. BDS is a major defense contractor for the U.S. government.\n\n- Commercial and government services customers - Boeing's Global Services (BGS) segment provides services to commercial and government customers worldwide, including supply chain management, engineering, maintenance and modifications, training, data analytics, and information-based services.\n\nSo in summary, Boeing's primary customers as of FY2022 were commercial airlines, governments\/government agencies, and purchasers of Boeing's commercial and defense services. The commercial airlines and services customers make up Boeing's commercial business, while governments and government agencies represent Boeing's defense business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":" Based on Boeing's financial statements and business description in the 10-K filing, Boeing's business does appear to be subject to some cyclicality:\n\n- Boeing operates in the commercial aviation and defense industries, which are cyclical in nature. Demand for commercial aircraft is heavily influenced by the economic conditions and profitability of airlines, as well as geopolitical factors. Demand for defense products and services depends on government spending levels, which can fluctuate based on national security threats and priorities. \n\n- Boeing's revenues increased in 2022 compared to 2021, driven by higher commercial airplane deliveries as air travel recovered from the impacts of the COVID-19 pandemic. However, revenues decreased in 2021 compared to 2020 as airline demand was depressed due to the pandemic. This shows the cyclicality of commercial aviation demand.\n\n- The company has significant backlogs of commercial aircraft orders, but notes there is uncertainty in the timing of deliveries due to factors like supply chain issues, labor shortages, and delays in aircraft certification. This indicates Boeing's production and deliveries are impacted by industry cycles.\n\n- Boeing has incurred losses in recent years, partially driven by abnormal production costs, charges on fixed-price development contracts, and changes in accounting estimates. This suggests Boeing's profitability is subject to cycles.\n\n- The company notes the commercial aviation and airline industries are vulnerable to downturns caused by factors like higher fuel prices, economic conditions, global trade disputes, and public health crises. This exposes Boeing's business to cyclical external factors.\n\nSo in summary, yes Boeing's business does appear to be cyclical based on the information provided in its 10-K filing. The commercial aviation and defense markets it serves are cyclical in nature, impacting Boeing's revenues, production, profitability, and backlog.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":" Based on Boeing's 2022 annual report, the company's revenues can be broken down into the following major categories:\n\n- Commercial Airplanes (BCA): $25.9 billion, or 39% of total revenues. This segment develops, produces and markets commercial jet aircraft. Key products include the 737, 747, 767, 777 and 787 families of airplanes.\n\n- Defense, Space & Security (BDS): $23.2 billion, or 35% of total revenues. This segment provides products and services for defense, space, intelligence, cybersecurity, communications, security and other government customers. Major products include military aircraft, satellites, weapons, missile defense systems, etc.\n\n- Global Services (BGS): $17.6 billion, or 26% of total revenues. This segment provides services for commercial and government customers related to supply chain, engineering, modifications, maintenance, training, data analytics, pilot services, etc. \n\n- Boeing Capital (BCC): $0.2 billion, or less than 1% of revenues. This segment facilitates financing solutions for Boeing's customers.\n\nSo in summary, the Commercial Airplanes segment, which accounted for 39% of total revenues, is the only product\/service category exceeding 20% of Boeing's total revenues for 2022. The BCA segment focuses primarily on the production of commercial jet aircraft like the 737 and 787 families. No other category individually accounted for more than 20% of revenues. Boeing's business is quite diversified overall.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00494","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":" Based on the Boeing 10-K filing, here are the key points regarding Boeing's forecasted production rate changes for 2023:\n\n- 787 program: Boeing is currently producing the 787 at low rates and expects to gradually increase to 5 per month in 2023. \n\n- 737 program: Boeing plans to gradually increase 737 production rates in 2023 based on market demand and supply chain capacity. The 737 program is currently producing at 31 per month.\n\n- 777X program: Production is currently paused and is expected to resume in 2023. \n\n- 747 program: Boeing completed production of the 747 in the fourth quarter of 2022.\n\nIn summary, Boeing is forecasting an increase in 787 production rates to 5 per month, gradual increases in 737 production based on market demand and supply chain capacity, a resumption of 777X production, and no further production of the 747 in 2023. The exact 737 production rate increases are not specified.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":" Based on Boeing's financial statements, the effective tax rate in FY2022 was (0.6)% compared to 14.8% in FY2021.\n\nSpecifically:\n\n- In FY2022, Boeing had a loss before income taxes of $5,022 million and income tax expense of $31 million, resulting in an effective tax rate of (0.6)%. \n\n- In FY2021, Boeing had a loss before income taxes of $5,033 million and an income tax benefit of $743 million, resulting in an effective tax rate of 14.8%.\n\nSo Boeing's effective tax rate decreased significantly from FY2021 to FY2022, going from an income tax benefit that reduced net loss in FY2021 to minimal income tax expense in FY2022. The main driver was that in FY2021 Boeing had a large income tax benefit from the release of valuation allowances on deferred tax assets, whereas in FY2022 Boeing did not have a significant tax benefit.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00678","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":" Based on Boeing's financial statements for the fiscal year ended December 31, 2022, the company's gross margin does not appear to be improving compared to prior years. Some key points:\n\n- Boeing's gross margin for FY2022 was 5.3% (calculated as total revenues of $66.6 billion minus total costs and expenses of $63.1 billion, divided by revenues). \n\n- This compares to a gross margin of 4.8% in FY2021 and negative gross margin of -9.8% in FY2020.\n\n- So while the gross margin has improved from the negative level in 2020, it is still quite low in 2022 compared to pre-pandemic levels. Boeing has historically had gross margins in the mid-teens percentage range.\n\n- The commercial airplanes business is still facing challenges with ramping up 737 MAX production and resolving quality issues on the 787 program. This is weighing on gross margins.\n\n- The defense business also recorded significant contract losses in 2022 that hurt gross margins.\n\nSo in summary, while Boeing's gross margin has rebounded from 2020 levels, it is still at depressed levels compared to historical norms for the company. Gross margin may not be the most useful metric for Boeing given the complex long-term contract accounting and program accounting used in the aerospace industry. Other metrics like operating margins, cash flow, and program-specific margins and accounting quantities may provide better insight into Boeing's financial performance. But overall, gross margin does not appear to be on an improving trend yet for Boeing based on 2022 results.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03473","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":" Based on the financial statements provided, here are the details to calculate Coca Cola's FY2017 return on assets (ROA):\n\nFY2017 Net Income: $1,248 million (from P&L statement)\n\nAverage Total Assets FY2016-FY2017: \nFY2016 Total Assets: $87,270 million (from balance sheet)  \nFY2017 Total Assets: $87,896 million (from balance sheet)\nAverage Total Assets = ($87,270 + $87,896) \/ 2 = $87,583 million\n\nTherefore, Coca Cola's FY2017 ROA is:\nROA = FY2017 Net Income \/ Average Total Assets \nROA = $1,248 million \/ $87,583 million\nROA = 1.43%\n\nSo the FY2017 return on assets (ROA) for Coca Cola is 1.43%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.","gold_answer":0.397,"model_answer":" Based on the income statement in Coca Cola's 2021 10-K filing, the calculation for COGS % margin in FY2021 is:\n\nGross Profit = $23,298 million\nNet Operating Revenues = $38,655 million\n\nCOGS = Net Operating Revenues - Gross Profit \n    = $38,655 million - $23,298 million\n    = $15,357 million\n\nCOGS % Margin = COGS \/ Net Operating Revenues \n           = $15,357 million \/ $38,655 million\n           = 39.7%\n\nTherefore, Coca Cola's COGS % margin in FY2021 was 39.7%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.","gold_answer":0.8,"model_answer":" Based on the information provided in the cash flow statement and income statement:\n\n- Total cash dividends paid in FY2022 was $7,616 million (from the cash flow statement)\n\n- Net income attributable to shareowners of The Coca-Cola Company in FY2022 was $9,542 million (from the income statement)\n\nDividend payout ratio = Total dividends \/ Net income attributable to shareholders\n             = $7,616 million \/ $9,542 million\n             = 79.84%\n\nRounded to two decimal places, the dividend payout ratio is 79.84%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":63.86,"model_answer":" Based on the information provided, the calculation for FY2020 days payable outstanding (DPO) for Corning is:\n\nAverage accounts payable between FY2019 and FY2020 = (FY2019 accounts payable + FY2020 accounts payable) \/ 2 \n                                     = (1,587 + 1,174) \/ 2\n                                     = 1,380.5\n\nFY2020 COGS = 7,772\nChange in inventory between FY2019 and FY2020 = FY2020 inventory - FY2019 inventory\n                                              = 2,438 - 2,320\n                                              = 118\n\nDPO = 365 * (1,380.5) \/ (7,772 + 118)\n     = 365 * 1,380.5 \/ 7,890\n     = 43.94\n\nRounding to two decimal places, the FY2020 DPO for Corning is 43.94.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":" Based on the information provided in the income statement, Corning's unadjusted operating income % margin is calculated as follows:\n\nFY2019 Operating Income: $1,306 million \nFY2019 Net Sales: $11,503 million\nFY2019 Operating Income % Margin = $1,306 million \/ $11,503 million = 11.4% \n\nFY2020 Operating Income: $509 million\nFY2020 Net Sales: $11,303 million  \nFY2020 Operating Income % Margin = $509 million \/ $11,303 million = 4.5%\n\nFY2021 Operating Income: $2,112 million\nFY2021 Net Sales: $14,082 million\nFY2021 Operating Income % Margin = $2,112 million \/ $14,082 million = 15.0%\n\n3 Year Average Operating Income % Margin = (11.4% + 4.5% + 15.0%) \/ 3 = 10.3%\n\nTherefore, the 3 year average unadjusted operating income % margin for Corning is 10.3%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00005","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.","model_answer":" Based on Corning's 2022 financial statements, the company had positive working capital of $2.3 billion as of December 31, 2022. This is calculated as follows:\n\n- Current assets: $7.5 billion \n- Current liabilities: $5.2 billion\n- Working capital = Current assets - Current liabilities = $7.5 billion - $5.2 billion = $2.3 billion\n\nWorking capital measures a company's short-term liquidity and ability to meet its upcoming operational expenses and liabilities. It is a useful metric for Corning since the company relies on sufficient cash and liquid assets to continue funding its R&D and capital investments in its core innovation-driven businesses. The large positive working capital indicates Corning has ample liquidity to continue funding near-term operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How much has the effective tax rate of Corning changed between FY2021 and FY2022?","gold_answer":"The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.","model_answer":" Based on the information provided in Corning's annual report, the effective tax rate changed as follows between FY2021 and FY2022:\n\nFY2021 effective tax rate: 20.2%\nFY2022 effective tax rate: 22.9%\n\nTherefore, the effective tax rate increased by 2.7 percentage points from FY2021 to FY2022.\n\nIn FY2021, Corning had an effective tax rate of 20.2% on income before income taxes of $2.426 billion. \n\nIn FY2022, Corning had an effective tax rate of 22.9% on income before income taxes of $1.797 billion.\n\nSo in summary, Corning's effective tax rate increased by 2.7 percentage points from 20.2% in FY2021 to 22.9% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":" Based on the information in the balance sheet, Costco had total assets of $59,268 million at the end of fiscal year 2021.\n\nSpecifically, the balance sheet states:\n\n\"TOTAL ASSETS\n$59,268\"\n\nTherefore, the total assets for Costco at the end of FY2021 was $59,268 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05915","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue \/ (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.","gold_answer":17.98,"model_answer":" Unfortunately the full financial statements are not included in the provided filing, so I do not have enough information to calculate the fixed asset turnover ratio for CVS Health in FY2018. The filing includes selected financial data but does not provide the details on revenue or property, plant and equipment (PP&E) that would be needed to calculate this ratio. Without the full financial statements, I cannot determine the fixed asset turnover ratio. I would need the full income statement to get revenue, and the full balance sheet to get PP&E amounts for 2017 and 2018.","label":"Refusal"}
{"financebench_id":"financebench_id_01244","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":" Based on the information provided in the CVS Health 10-K filing, it appears that CVS Health did pay dividends to common shareholders in Q2 of FY2022. Specifically:\n\n- Under the section \"Dividends\", the filing states: \"During 2022, 2021 and 2020 the quarterly cash dividend was $0.55, $0.50 and $0.50 per share, respectively.\" \n\n- This indicates that in 2022, CVS Health paid a quarterly dividend of $0.55 per share. \n\n- Since Q2 of fiscal year 2022 would have occurred in the second calendar quarter of 2022, this suggests that CVS Health paid a $0.55 per share dividend in Q2 FY2022.\n\nSo in summary, yes, the filing indicates that CVS Health paid dividends to common shareholders in Q2 of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":" Based on my review of CVS Health's 2022 10-K filing, the company has reported some materially important ongoing legal battles from 2022, 2021 and 2020, including:\n\n- Opioid Litigation: CVS Health recorded $5.8 billion of opioid litigation charges in 2022 related to agreements to resolve substantially all opioid claims against the company by certain states and governmental entities. This indicates material ongoing legal proceedings related to opioids.\n\n- Other Legal Proceedings: The 10-K notes that CVS Health is a defendant in hundreds of litigation proceedings relating to opioids and the sale of products containing talc. This suggests material ongoing legal proceedings related to these matters. \n\n- Government Investigations: The filing mentions CVS Health has received Civil Investigative Demands from the Department of Justice related to an investigation of its patient chart review processes for Medicare risk adjustment data. This points to a material government investigation.\n\n- Medicare Audits: The 10-K states that audits and investigations by CMS and other government entities of CVS Health's Medicare Advantage business are increasing and exposes the company to potential fines, penalties and sanctions. This implies material ongoing regulatory audits.\n\nSo in summary, yes CVS Health has reported some materially important ongoing legal battles and investigations from 2022, 2021 and 2020 related to opioids, other lawsuits, government investigations, and Medicare audits. The 10-K provides details on these matters and the potential risks and impacts to the company.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":" Based on the FY2022 data in CVS Health's 10-K filing, I would say CVS Health is not a highly capital-intensive business. A few key points:\n\n- CVS Health's total revenues in FY2022 were $322.5 billion. This was generated with $12.9 billion of cash and cash equivalents and $51.3 billion of long-term debt on the balance sheet. \n\n- CVS Health's capital expenditures in FY2022 were $2.7 billion, representing less than 1% of total revenues. This suggests the business does not require very large ongoing investments in property, plant and equipment to generate its revenues.\n\n- The majority of CVS Health's revenues come from its pharmacy services and retail\/LTC segments. These appear to be relatively asset-light business models that are more focused on pharmacy distribution, retail operations and benefit plan management rather than intensive manufacturing or infrastructure. \n\n- The company's high revenues relative to its asset base and low capital spending as a percentage of revenues suggest it is not very capital intensive compared to other industries like manufacturing, utilities or telecoms.\n\nIn summary, while CVS Health clearly requires some real estate, facilities and infrastructure to operate its extensive pharmacy and clinic network, overall it does not appear to be a highly capital-intensive business based on the information provided in its FY2022 10-K filing. The majority of its revenues are generated from distribution, retail and benefit management services rather than large fixed asset investments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":" Based on the voting results for Proposal 1 in the Form 8-K, there were no board member nominees who had substantially more votes against joining than the other nominees. The votes against each nominee ranged from 294,935 to 5,184,437, which does not appear to be a substantial difference compared to the over 54 million votes for each nominee. The nominee with the most votes against was Alan D. Feldman with 5,184,437 votes against, which is not substantially more than the votes against the other nominees.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00839","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":" Based on the press release, Foot Locker's new CEO Mary N. Dillon does have previous CEO experience leading a major retail company similar to Foot Locker. Specifically:\n\n- Dillon previously served as CEO and Executive Chair of Ulta Beauty, a major beauty retailer, for 8 years. During her tenure as CEO, Ulta Beauty became the leading beauty destination in the U.S. and a successful omni-channel retailer. \n\n- The press release states that at Ulta Beauty under Dillon's leadership as CEO, the company achieved \"revenue CAGR of 16% and the tripling of the company\u2019s market capitalization over her tenure.\"\n\n- Prior to serving as CEO of Ulta Beauty, Dillon held other executive leadership roles related to marketing and operations at major consumer companies like McDonald's and PepsiCo. \n\nSo in summary, yes Dillon does have significant previous experience as a CEO leading a major retail company similar to Foot Locker. Her experience guiding the growth and digital transformation of Ulta Beauty seems directly relevant to her new role as Foot Locker CEO.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.","gold_answer":-3.7,"model_answer":" Based on the information provided in the 10-K filing, here are the relevant inputs to calculate the FY2019 cash conversion cycle for General Mills:\n\nAverage inventory between FY2018 and FY2019 = (1,642.2 + 1,559.3) \/ 2 = $1,600.8 million\n\nFY2019 COGS = $11,108.4 million \n\n365 * (Average inventory) \/ (FY2019 COGS) = DIO = 34.92 days\n\nAverage accounts receivable between FY2018 and FY2019 = (1,684.2 + 1,679.7) \/ 2 = $1,682.0 million  \n\nFY2019 Revenue = $16,865.2 million\n\n365 * (Average accounts receivable) \/ (FY2019 Revenue)  = DSO = 29.26 days\n\nAverage accounts payable between FY2018 and FY2019 = (2,746.2 + 2,854.1) \/ 2 = $2,800.2 million\n\nFY2019 COGS = $11,108.4 million\n\nChange in inventory between FY2018 and FY2019 = 1,642.2 - 1,559.3 = $82.9 million\n\n365 * (Average accounts payable) \/ (FY2019 COGS + Change in inventory) = DPO = 73.42 days\n\nTherefore, the FY2019 cash conversion cycle for General Mills is:\n\nDIO + DSO - DPO = 34.92 + 29.26 - 73.42 = -9.24 days\n\nSo the FY2019 cash conversion cycle for General Mills is -9.24 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03471","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":0.68,"model_answer":" Based on the information provided in the statement of financial position for General Mills for FY2020:\n\nTotal current assets: $5,121.3 million\nTotal current liabilities: $7,491.5 million\n\nWorking capital ratio = Total current assets \/ Total current liabilities\n           = $5,121.3 million \/ $7,491.5 million \n           = 0.68\n\nTherefore, General Mills's FY2020 working capital ratio, rounded to two decimal places, is 0.68.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04854","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.","gold_answer":3215,"model_answer":" Based on the information provided in the statement of cash flows:\n\n- Cash from operations in FY2020 was $3,676.2 million\n- Capital expenditures (capex) in FY2020 was $460.8 million\n\nTherefore, the free cash flow (FCF) for General Mills in FY2020 is:\n\nFCF = Cash from operations - Capex \nFCF = $3,676.2 million - $460.8 million\nFCF = $3,215.4 million\n\nSo the FY2020 free cash flow for General Mills is $3,215.4 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10136","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.","gold_answer":0.54,"model_answer":" Based on the information provided in the 10-K filing, here is the calculation for the FY2022 retention ratio for General Mills:\n\nNet income attributable to General Mills (from income statement): $2,707.3 million\n\nTotal cash dividends paid (from cash flow statement): $1,244.5 million\n\nRetention Ratio = 1 - (Dividends \/ Net Income)\n           = 1 - ($1,244.5 million \/ $2,707.3 million)\n           = 0.54\n\nRounding to two decimal places, the FY2022 retention ratio for General Mills is 0.54.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00651","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":" Based on the information provided in JnJ's earnings release, growth in adjusted EPS is not expected to accelerate in FY2023 compared to FY2022. Specifically:\n\n- In FY2022, JnJ reported adjusted EPS of $10.15, up 3.6% vs FY2021. \n\n- For FY2023, JnJ guides to adjusted EPS of $10.50 at the midpoint, reflecting growth of 3.5% vs FY2022. \n\nSo adjusted EPS growth is expected to be roughly flat at around 3.5% in FY2023 compared to the 3.6% growth achieved in FY2022. Therefore, growth is not accelerating based on JnJ's guidance. The expected adjusted EPS growth rate of 3.5% for FY2023 is lower than the operational sales growth rate of 4.0% (excluding COVID-19 vaccine sales), indicating some margin compression expected.\n\nIn summary, JnJ's FY2023 adjusted EPS growth guidance of 3.5% indicates growth is not accelerating versus the prior year's 3.6% growth rate.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":" Based on the information in the JnJ earnings release, in FY2022:\n\n- JnJ's US sales grew 3.0% \n- JnJ's international sales declined 0.6%\n\nTherefore, JnJ's US sales growth outpaced its international sales growth in FY2022. Specifically, US sales grew while international sales declined.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00956","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Are JnJ's FY2022 financials that of a high growth company?","gold_answer":"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","model_answer":" Based on my review of Johnson & Johnson's financial statements for fiscal year 2022, I do not believe JnJ exhibited financial characteristics of a high growth company in FY2022. Here is my analysis:\n\n- JnJ's total revenue grew only 1.3% year-over-year in FY2022. This is relatively slow growth compared to high growth companies which often see 20%+ revenue growth.\n\n- JnJ's net earnings grew only 14.2% year-over-year in FY2022. Again, this is slower growth compared to high growth companies that can see 50%+ earnings growth. \n\n- JnJ paid out $11.7 billion in dividends in FY2022, representing a payout ratio of 65% of net earnings. High growth companies typically reinvest most or all of their earnings into growth rather than pay dividends.\n\n- JnJ's return on equity was 23.5% in FY2022. This is solid but not extraordinarily high like some high growth companies that generate 30-40%+ ROEs.\n\n- JnJ's price-to-earnings ratio was around 17x at the end of FY2022. This moderate valuation multiple is more typical of a mature, slower growth company rather than a high growth company that often trades at a high premium valuation.\n\nSo in summary, while JnJ exhibited solid financial performance in FY2022, the growth, profitability, dividend payout, and valuation characteristics do not match that of a stereotypical high growth company. JnJ's financials are more representative of a mature, established business with modest growth.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":" Based on my review of Johnson & Johnson's 2022 10-K filing, it does not appear that gross margin is a particularly useful metric for analyzing JnJ's business performance. Here are a few key reasons:\n\n- JnJ is a highly diversified company with three major business segments - Consumer Health, Pharmaceuticals, and MedTech. Each segment has very different product portfolios, cost structures, and industry dynamics. Looking at consolidated gross margin does not provide insight into the performance of the individual businesses.\n\n- Within each segment, JnJ has a mix of products with very different gross margins. For example, in Pharmaceuticals, patented drugs likely have much higher gross margins than older generic drugs. As the sales mix changes over time, it impacts consolidated gross margin but doesn't necessarily reflect underlying performance. \n\n- JnJ spends heavily on R&D and in-process R&D is expensed immediately, even though it generates benefits over many years. This depresses current period gross margin compared to other companies that capitalize R&D.\n\n- JnJ amortizes intangible assets from acquisitions through cost of goods sold, which also depresses gross margin compared to peers.\n\nInstead of gross margin, I would look at metrics like segment sales growth, operating margins, R&D spending, net earnings, and cash flows to understand JnJ's business performance. These provide better insight into how each segment is performing operationally. Gross margin is too distorted by accounting treatments and product mix changes to be a useful performance metric for a diversified company like JnJ.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00711","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"JnJ sold its inventory 2.7 times in FY2022.","model_answer":" Based on the information provided in the JnJ 10-K filing, it is not possible to directly calculate the inventory turnover ratio for FY2022, as JnJ does not disclose cost of goods sold. However, we can make some observations:\n\n- JnJ's inventory balance at the end of FY2022 was $12.5 billion. This was up from $10.4 billion at the end of FY2021.\n\n- JnJ is a healthcare company that makes pharmaceuticals, medical devices, and consumer health products. For these types of companies, conventional inventory turnover ratios are often not very meaningful. \n\n- Pharmaceuticals and medical devices have long lead times for manufacturing. Companies need to carry substantial safety stock to avoid stock-outs. Also, these products do not \"turn over\" rapidly like consumer packaged goods. \n\n- Additionally, JnJ capitalizes inventory costs during long clinical trial and regulatory approval processes. This inventory is not available for sale until the products are approved.\n\n- So in summary, JnJ's inventory likely turns over slowly compared to a consumer goods company. The increase in inventory in FY2022 is likely strategic to support future sales growth rather than an indicator of poor inventory management. Conventional inventory turnover ratios are not very useful for evaluating healthcare product companies like JnJ.","label":"Refusal"}
{"financebench_id":"financebench_id_01487","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?","gold_answer":"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","model_answer":" Based on the information provided in the JnJ earnings release:\n\nIn Q2 2023, JnJ reported net earnings of $5.144 billion on sales of $25.530 billion, which is 20.1% of sales. \n\nIn Q2 2022, JnJ reported net earnings of $4.814 billion on sales of $24.020 billion, which is 20.0% of sales.\n\nSo JnJ's net earnings as a percent of sales increased slightly from 20.0% in Q2 2022 to 20.1% in Q2 2023.\n\nTherefore, the answer is yes, JnJ's net earnings as a percent of sales did increase in Q2 of FY2023 compared to Q2 of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":" Based on the context provided, it appears that Johnson & Johnson's Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onwards. \n\nThe key evidence supporting this is:\n\n1) The filing mentions that Johnson & Johnson recently completed an exchange offer to finalize the separation of Kenvue Inc., formerly Johnson & Johnson\u2019s Consumer Health business. \n\n2) The filing states that as a result of the completion of the exchange offer, Johnson & Johnson will now present its Consumer Health business financial results as discontinued operations.\n\n3) The financial results and guidance provided in the filing exclude the Consumer Health business and focus only on the continuing operations of Pharmaceutical and MedTech segments. \n\n4) There is mention of a gain of approximately $20 billion in Q3 2023 related to the separation of the Consumer Health business.\n\nSo in summary, the discontinued operations treatment for Consumer Health indicates that it has been or will be separated\/divested from Johnson & Johnson, with the company's focus shifting to just Pharmaceuticals and Medical Devices going forward.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":" Based on the context provided, Johnson & Johnson completed an exchange offer to finalize the separation of its Consumer Health business, Kenvue Inc., in Q3 2023. The filing mentions that as a result, Johnson & Johnson will present its Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in Q3 2023.\n\nTherefore, the amount of the gain accruing to Johnson & Johnson as a result of the separation of its Consumer Health business segment, as of August 30, 2023, is approximately $20 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":" Based on the context provided, Johnson & Johnson completed an exchange offer to finalize the separation of Kenvue Inc. (formerly J&J's Consumer Health business). As a result of this, J&J generated $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering.\n\nTherefore, the amount of cash proceeds that J&J realized from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023 is $13.2 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":" Based on the business segment results in the JPMorgan Chase 10-Q filing, the Corporate segment had the lowest net revenue in 2021 Q1 at $(473) million. \n\nThe net revenue for each of JPM's business segments in 2021 Q1 was:\n\n- Consumer & Community Banking: $12,517 million\n- Corporate & Investment Bank: $14,605 million  \n- Commercial Banking: $2,393 million\n- Asset & Wealth Management: $4,077 million\n- Corporate: $(473) million\n\nSo the Corporate segment had the lowest net revenue out of all the business segments in the first quarter of 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02119","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":" Based on the information provided in JPMorgan Chase's 2021 Q1 10-Q filing, if JPM had gone bankrupt by the end of Q1 2021 and liquidated all of its assets to pay its shareholders, each shareholder could have gotten approximately $92 per share. \n\nHere is the calculation:\n\n- JPM had total assets of $3,689,336 million as of March 31, 2021 (per the balance sheet on page 81 of the 10-Q)\n\n- JPM had total liabilities of $3,408,622 million as of March 31, 2021 (per the balance sheet) \n\n- So JPM's total shareholders' equity was $280,714 million\n\n- JPM had 3,027,128,112 common shares outstanding as of March 31, 2021 (per page 3 of the 10-Q)\n\n- So if JPM liquidated all its assets to pay shareholders, the total shareholders' equity of $280,714 million would be available to distribute to the 3,027,128,112 outstanding common shares\n\n- $280,714 million \/ 3,027,128,112 shares = $92.78 per share\n\nTherefore, if JPM went bankrupt by the end of Q1 2021 and liquidated all its assets to pay shareholders, each shareholder could have gotten approximately $92 per share.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00394","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":" Based on the information in JPMorgan Chase's 2022 Q2 10-Q filing, the Corporate & Investment Bank (CIB) segment had the highest net income in Q2 2022 at $3.725 billion.\n\nThe net income for each of JPMorgan's business segments in Q2 2022 was:\n\n- Consumer & Community Banking: $3.100 billion\n- Corporate & Investment Bank: $3.725 billion \n- Commercial Banking: $0.994 billion\n- Asset & Wealth Management: $1.004 billion\n- Corporate: $(0.174) billion\n\nSo the CIB segment had the highest net income of $3.725 billion in Q2 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00206","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Since JPM is a financial institution, gross margin is not a relevant metric.","model_answer":" Based on the financial information provided in the 10-K filing, gross margins do not seem to be a relevant metric for evaluating JPMorgan Chase's financial performance. Here are a few reasons why:\n\n- JPMorgan Chase is a financial services company that generates revenue primarily from net interest income and fees\/commissions, not from the manufacture or sale of products where cost of goods sold is a relevant measure. \n\n- As a bank and financial services company, JPMorgan Chase does not have \"cost of goods sold\" or material costs in the way a manufacturing company would. Their main costs are compensation and non-compensation expenses.\n\n- The key financial metrics highlighted for JPMorgan Chase in the 10-K focus on profitability (net income, EPS), returns (ROE, ROTCE), capital ratios, credit quality, and expense management. Gross margin is not mentioned as a relevant performance metric.\n\n- The business segment results highlight revenue trends, overhead ratios, returns on equity, and other metrics related to each line of business, but do not report gross margins.\n\nIn summary, gross margin does not seem to be a relevant metric for evaluating the performance of a financial services company like JPMorgan Chase. The key metrics are focused on profitability, returns, credit quality, capital strength, and expense management rather than product costs or gross margins. As a bank and financial services provider, JPMorgan Chase does not have traditional \"cost of goods sold\" that would be required to calculate a gross margin percentage.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":" Based on the VaR data provided in the 10-Q report, the risk that JPMorgan Chase faced in the second fiscal quarter of 2023 decreased compared to the same period in the prior year:\n\n- The average total VaR for Q2 2023 was $47 million, compared to $54 million for Q2 2022. \n\n- The minimum VaR was $36 million in Q2 2023 versus $41 million in Q2 2022.\n\n- The maximum VaR was $56 million in Q2 2023 compared to $71 million in Q2 2022.\n\nSo across the average, minimum and maximum VaR metrics, there was a decrease in risk in Q2 2023 compared to Q2 2022. Specifically, the average VaR decreased by $7 million between those two periods. This suggests that overall, JPMorgan Chase faced lower market risk exposure in the second quarter of 2023 versus the prior year based on their VaR model.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":" Based on the information provided in the Kraft Heinz 10-K filing, the calculation for Kraft Heinz's FY2019 inventory turnover ratio is:\n\nFY2019 COGS = $16,830 million (from P&L statement)\n\nAverage inventory between FY2018 and FY2019 = ($2,667 million + $2,721 million) \/ 2 = $2,694 million (from balance sheets) \n\nInventory turnover ratio = FY2019 COGS \/ Average inventory \n         = $16,830 million \/ $2,694 million\n         = 6.25\n\nRounded to two decimal places, Kraft Heinz's FY2019 inventory turnover ratio is 6.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":" Based on the information provided in the financial statements, Lockheed Martin's FY2020 asset turnover ratio can be calculated as:\n\nFY2020 Revenue: $65,398 million (from P&L statement)\n\nAverage Total Assets FY2019-FY2020: \nFY2019 Total Assets: $47,528 million (from balance sheet)  \nFY2020 Total Assets: $50,710 million (from balance sheet)\nAverage = ($47,528 + $50,710) \/ 2 = $49,119 million\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets  \n             = $65,398 million \/ $49,119 million\n             = 1.33\n\nRounded to two decimal places, the FY2020 asset turnover ratio is 1.33.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03031","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":" Based on the information provided in the 10-K filing, Lockheed Martin's FY2021 net working capital is calculated as:\n\nTotal current assets: $19,815 million\nTotal current liabilities: $13,997 million\n\nNet working capital = Total current assets - Total current liabilities \n           = $19,815 million - $13,997 million\n           = $5,818 million\n\nTherefore, Lockheed Martin's FY2021 net working capital is $5,818 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":" Based on the statement of income in the 10-K filing, Lockheed Martin's total revenue was:\n\n2020: $65,398 million\n2021: $67,044 million \n2022: $65,984 million\n\nTo calculate the 2 year CAGR from 2020 to 2022:\n\n2020 Revenue: $65,398 million\n2022 Revenue: $65,984 million \n\nCAGR = (2022 Revenue \/ 2020 Revenue) ^ (1\/2 years) - 1\n\nCAGR = ($65,984 \/ $65,398) ^ (1\/2) - 1 \nCAGR = 1.009 ^ 0.5 - 1\nCAGR = 0.5%\n\nTherefore, Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 is 0.5%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04171","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":" Based on the balance sheet in the filing, the year end FY2018 amount of accounts payable for MGM Resorts is $302 million.\n\nSpecifically, on page 55 under the \"Current liabilities\" section, it states:\n\nAccounts payable $302,578 \n\nSince the amount is presented in thousands, $302,578 thousand = $302 million.\n\nTherefore, the year end FY2018 amount of accounts payable for MGM Resorts is $302 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03849","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.","gold_answer":0.079,"model_answer":" Based on the information provided in the financial statements, the 3 year average of capex as a percentage of revenue for MGM Resorts from FY2018 to FY2020 is:\n\nFY2018:\nCapex: $1,486,843,000 (from statement of cash flows)\nRevenue: $11,763,096,000 (from statement of operations)\nCapex as % of Revenue: 12.6% \n\nFY2019:  \nCapex: $739,006,000\nRevenue: $12,899,672,000\nCapex as % of Revenue: 5.7%\n\nFY2020:\nCapex: $270,579,000 \nRevenue: $5,162,082,000\nCapex as % of Revenue: 5.2%\n\n3 Year Average: \n(12.6% + 5.7% + 5.2%) \/ 3 = 7.8%\n\nTherefore, the 3 year average of capex as a percentage of revenue for MGM Resorts from FY2018 to FY2020 is 7.8%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00382","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":" Based on the supplemental data provided, the Las Vegas Strip Resorts segment had the highest Adjusted Property EBITDAR contribution for MGM Resorts during FY2022. \n\nSpecifically, the Las Vegas Strip Resorts segment had Adjusted Property EBITDAR of $3.142 billion in FY2022. This was higher than the EBITDAR contributions from the other segments:\n\n- Regional Operations: $1.295 billion \n- MGM China: -$0.203 billion loss\n- Unconsolidated affiliates: -$0.222 billion loss\n\nTherefore, the Las Vegas Strip Resorts segment provided the highest EBITDAR contribution for MGM Resorts in FY2022 compared to the other segments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":" Based on the supplemental data provided, MGM China had the worst topline performance in FY2022 compared to the other regions. \n\nKey details:\n\n- MGM China net revenues were $673.6 million in FY2022, a 44% decrease from $1.21 billion in FY2021. \n\n- This compares to:\n\n- Las Vegas Strip Resorts net revenues were $8.4 billion in FY2022, a 77% increase from $4.7 billion in FY2021.\n\n- Regional Operations net revenues were $3.8 billion in FY2022, a 12% increase from $3.4 billion in FY2021.\n\nSo in summary, MGM China was the only region that saw a significant decline in net revenues in FY2022 compared to the prior year. The other regions, Las Vegas Strip Resorts and Regional Operations, had strong growth in net revenues. Therefore, MGM China had the worst topline performance for MGM in FY2022 based on the data provided.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?","gold_answer":"As adjusted EBIT is negative, coverage ratio is zero","model_answer":" Based on the information provided:\n\n- Adjusted EBITDAR for FY2022 was $3,497,254,000\n- Interest expense, net of amounts capitalized for FY2022 was $594,954,000\n\nTo calculate interest coverage ratio:\n\nNumerator: Adjusted EBITDAR - Depreciation and amortization expense \n= $3,497,254,000 - $3,482,050,000\n= $15,204,000\n\nDenominator: Interest expense \n= $594,954,000\n\nInterest coverage ratio = Numerator \/ Denominator  \n= $15,204,000 \/ $594,954,000\n= 2.6x\n\nTherefore, MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator is 2.6x.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01254","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":" Based on the MGM Resorts International Form 10-K for the fiscal year ended December 31, 2022, MGM Resorts did pay dividends to common shareholders in FY2022, but the amounts were minimal. \n\nSpecifically:\n\n- In the Consolidated Statements of Stockholders' Equity, under the line item \"Dividends declared and paid to common shareholders\", the amount listed for 2022 is $4,048,000. \n\n- In Note 13 - Stockholders' Equity, under the section \"Other equity activity\", it states: \"In March 2022, June 2022, September 2022, and December 2022, we paid dividends of $0.0025 per share, totaling $4 million for 2022.\"\n\nSo in summary, yes MGM Resorts did pay dividends to common shareholders in FY2022, but the total amount was only $4 million or $0.0025 per share paid in each quarter, which is quite small compared to prior years when they paid a higher regular dividend. The filing notes that in February 2023, the Board suspended the ongoing dividends, so it appears no regular dividends were paid in Q1 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00407","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":" Based on the financial statements in MGM's 10-Q filing, the largest investment in short-term debt securities was in corporate bonds. Specifically:\n\n- As of June 30, 2023, MGM had the following short-term investments:\n\nU.S. government securities: $57.7 million \nU.S. agency securities: $29.0 million\nCommercial paper and certificates of deposit: $4.6 million\nCorporate bonds: $416.4 million\n\n- So corporate bonds, at $416.4 million, received the largest investment among MGM's short-term debt securities in the first half of 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04700","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":" Based on the statement of income in the 10-K filing, the cost of revenue for fiscal year 2016 was $32,780 million.\n\nThe statement of income shows the following:\n\n(In millions, except per share amounts)\n\nYear Ended June 30, \n  \n2016\n\nRevenue:\n\nProduct\n  \n$  61,502\nService and other\n  \n \n23,818\n\nTotal revenue\n  \n \n85,320\n\nCost of revenue:\n\nProduct\n  \n \n17,880\nService and other\n  \n \n14,900\n\nTotal cost of revenue\n  \n \n32,780\n\nTherefore, the cost of revenue, which is the cost of goods sold, for fiscal year 2016 was $32,780 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?","gold_answer":"No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.","model_answer":" Based on reviewing Microsoft's balance sheets in the annual report, Microsoft has decreased its total debt from $49.8 billion as of June 30, 2022 to $47.2 billion as of June 30, 2023.\n\nSpecifically, the components of debt were as follows:\n\n(In millions)\n\nJune 30, 2023    June 30, 2022\n\nTotal face value:   $52,866    $55,511  \nUnamortized discount and issuance costs:   (438)    (471)\nHedge fair value adjustments:    (106)    (68)\nPremium on debt exchange:   (5,085)   (5,191)\n\nTotal debt:    $47,237    $49,781\n\nSo in summary, Microsoft's total debt decreased by $2.5 billion between FY2022 and FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04458","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).","gold_answer":0.054,"model_answer":" Based on the information provided in the 10-K filing, here is how to calculate the FY2015 unadjusted EBITDA % margin for Netflix:\n\n- Operating income for FY2015 was $305,826,000 (from the statement of income)\n\n- Depreciation & amortization for FY2015 was $62,283,000 (from the statement of cash flows)\n\n- Unadjusted EBITDA = Operating income + D&A \n   = $305,826,000 + $62,283,000\n   = $368,109,000\n\n- Total revenues for FY2015 were $6,779,511,000 (from the statement of income) \n\n- Unadjusted EBITDA % margin = Unadjusted EBITDA \/ Total revenues\n   = $368,109,000 \/ $6,779,511,000\n   = 5.4%\n\nTherefore, the FY2015 unadjusted EBITDA % margin for Netflix is 5.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03282","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":" Based on the information provided in the balance sheet in the 10-K filing, Netflix's total current liabilities as of December 31, 2017 (end of FY2017) were $5,466 million.\n\nThe key information is in the Consolidated Balance Sheets section:\n\n\"Total current liabilities:\n$5,466,312\"\n\nSo Netflix's total current liabilities as of December 31, 2017 (end of FY2017) were $5,466 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.","gold_answer":0.551,"model_answer":" Based on the information provided in the Nike 10-K filing, the 3 year average of cost of goods sold as a percentage of revenue from FY2016 to FY2018 is:\n\nFY2016: \nCost of sales = $17,405 million\nTotal revenue = $32,376 million  \nCost of sales as % of revenue = 17,405 \/ 32,376 = 53.7%\n\nFY2017:\nCost of sales = $19,038 million \nTotal revenue = $34,350 million\nCost of sales as % of revenue = 19,038 \/ 34,350 = 55.5%  \n\nFY2018: \nCost of sales = $20,441 million\nTotal revenue = $36,397 million\nCost of sales as % of revenue = 20,441 \/ 36,397 = 56.2%\n\n3 year average = (53.7% + 55.5% + 56.2%) \/ 3 = 55.1%\n\nTherefore, the 3 year average of cost of goods sold as a percentage of revenue for Nike from FY2016 to FY2018 is 55.1%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":" Based on the details in the balance sheet, Nike had total current assets of $16,525 million at the end of fiscal year 2019.\n\nSpecifically, the balance sheet shows the following current assets for Nike at the end of FY2019:\n\n- Cash and equivalents: $4,466 million\n- Short-term investments: $197 million  \n- Accounts receivable, net: $4,272 million\n- Inventories: $5,622 million\n- Prepaid expenses and other current assets: $1,968 million\n\nAdding those up results in total current assets of $16,525 million for Nike at the end of fiscal year 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04080","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021). Round your answer to two decimal places.","gold_answer":3.46,"model_answer":" Based on the information provided in Nike's Form 10-K, the FY2021 inventory turnover ratio is calculated as follows:\n\n- FY2021 COGS = $24,576 million (from the Consolidated Statements of Income)\n- Average inventory between FY2020 and FY2021 = ($7,367 + $6,854) \/ 2 = $7,110.5 million (from the Consolidated Balance Sheets)\n\nTherefore, the inventory turnover ratio for FY2021 is:\n\n($24,576 million) \/ ($7,110.5 million) = 3.46\n\nRounded to two decimal places, the FY2021 inventory turnover ratio for Nike is 3.46.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":" Based on Nike's Consolidated Statements of Cash Flows for the fiscal year ended May 31, 2023, the operating activities brought in the most cash flow for Nike in FY2023.\n\nSpecifically:\n\n- Cash provided (used) by operating activities was an inflow of $5,841 million in FY2023.\n\n- Cash provided (used) by investing activities was an inflow of $564 million in FY2023. \n\n- Cash provided (used) by financing activities was an outflow of $7,447 million in FY2023.\n\nSo operating activities brought in the most cash flow for Nike at $5,841 million in FY2023, compared to investing activities which had an inflow of $564 million and financing activities which had an outflow of $7,447 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":" Based on PayPal's 2022 financial statements, the company had positive working capital of $12.4 billion as of December 31, 2022. This is calculated as follows:\n\nCurrent Assets: \nCash and cash equivalents: $7.8 billion\nShort-term investments: $3.1 billion \nAccounts receivable, net: $1.0 billion\nLoans and interest receivable, net: $7.4 billion\nFunds receivable and customer accounts: $36.4 billion\nPrepaid expenses and other current assets: $1.9 billion\nTotal Current Assets: $57.5 billion\n\nCurrent Liabilities:\nAccounts payable: $0.1 billion\nFunds payable and amounts due to customers: $40.1 billion \nAccrued expenses and other current liabilities: $4.1 billion\nIncome taxes payable: $0.8 billion\nTotal Current Liabilities: $45.1 billion\n\nWorking Capital = Current Assets - Current Liabilities \n= $57.5 billion - $45.1 billion\n= $12.4 billion\n\nSo PayPal had positive working capital of $12.4 billion as of December 31, 2022. This metric appears relevant and useful for PayPal, since the company has significant current assets and liabilities related to its payments business. The large balance of funds receivable and payable is typical for a payments processor like PayPal.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04980","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.","gold_answer":4.6,"model_answer":" Based on the statement of cash flows in the PepsiCo 10-K filing, the capital expenditure amount for FY2021 is $4.625 billion. \n\nThe relevant section is under \"Investing Activities\":\n\n\"Capital spending (4,625)\nSales of property, plant and equipment 166\"\n\nThe statement shows capital spending as a cash outflow of $4.625 billion for FY2021. As an investment analyst, I can only use the details provided in the statement of cash flows to determine the capital expenditure amount.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01009","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":" Based on the Form 10-K, PepsiCo operates in the following key geographies as of fiscal year 2022:\n\n- United States \n- Mexico\n- Russia\n- Canada  \n- China\n- United Kingdom\n- South Africa\n\nThe Form 10-K states that PepsiCo's largest operations in 2022 were in the United States, Mexico, Russia, Canada, China, the United Kingdom and South Africa. Specifically, it says:\n\n\"Our operations outside of the United States generated 43% of our consolidated net revenue in 2022, with Mexico, Russia, Canada, China, the United Kingdom and South Africa, collectively, comprising approximately 23% of our consolidated net revenue in 2022.\"\n\nSo the key geographies that PepsiCo primarily operated in as of fiscal year 2022 were the United States, Mexico, Russia, Canada, China, the United Kingdom and South Africa.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.","gold_answer":0.165,"model_answer":" Based on the information provided in PepsiCo's financial statements, the FY2022 unadjusted EBITDA margin is calculated as follows:\n\n- Operating profit (from P&L statement): $11,512 million\n- Depreciation and amortization (from cash flow statement): $2,763 million \n\n- Unadjusted EBITDA = Operating profit + Depreciation and amortization \n   = $11,512 million + $2,763 million\n   = $14,275 million\n\n- Net revenue (from P&L statement): $86,392 million\n\n- Unadjusted EBITDA margin = Unadjusted EBITDA \/ Net revenue \n   = $14,275 million \/ $86,392 million\n   = 16.5%\n\nTherefore, the FY2022 unadjusted EBITDA margin for PepsiCo is 16.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.","gold_answer":9068,"model_answer":" Based on the information provided in PepsiCo's 2022 financial statements, the FY2022 unadjusted EBITDA less capex is calculated as:\n\nUnadjusted Operating Income:\nOperating profit (from income statement): $11,512 million\n\nAdd back: \nDepreciation and amortization (from cash flow statement): $2,763 million\n\nUnadjusted EBITDA: $11,512 million + $2,763 million = $14,275 million\n\nLess:\nCapital spending (from cash flow statement): $5,207 million \n\nFY2022 Unadjusted EBITDA less capex = $14,275 million - $5,207 million = $9,068 million\n\nTherefore, the FY2022 unadjusted EBITDA less capex for PepsiCo is $9,068 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01328","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":"Pepsico's restructuring costs in FY2022 amounted to $411 million .","model_answer":" Based on my review of PepsiCo's 2022 financial statements, restructuring costs are not explicitly outlined in the income statement. The notes to the financial statements indicate that PepsiCo incurred $411 million of pre-tax restructuring charges in 2022 as part of their 2019 Multi-Year Productivity Plan. However, these charges are not separately broken out in the income statement itself. Therefore, the quantity of restructuring costs directly outlined in PepsiCo's income statement for FY2022 is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":" Based on reviewing PepsiCo's 2022 10-K filing, it does not appear that PepsiCo has reported any materially important ongoing legal battles from FY2022 or FY2021. \n\nSome key points on legal matters from PepsiCo's 10-K:\n\n- In Item 3 on Legal Proceedings, PepsiCo states \"We and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations. While the results of such litigation, claims, legal or regulatory proceedings, inquiries and investigations cannot be predicted with certainty, management believes that the final outcome of the foregoing will not have a material adverse effect on our financial condition, results of operations or cash flows.\" This indicates there are no material ongoing legal issues.\n\n- In Note 8 on Debt Obligations, PepsiCo states \"We and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations\" but does not disclose any material ongoing legal battles. \n\n- In Note 14 on Supplemental Financial Information, PepsiCo provides a reconciliation of changes in reserves for unrecognized tax benefits but does not mention any material ongoing legal tax disputes.\n\n- In the risk factors section, there is no mention of any material ongoing legal battles.\n\nSo in summary, PepsiCo's 10-K does not report any materially important ongoing legal battles for FY2022 or FY2021 based on my review. The language indicates there are no major ongoing lawsuits or legal issues that are material to PepsiCo's financial results or operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":" Based on the filing, PepsiCo raised its full year 2023 guidance for core constant currency EPS growth by 1 percentage point, from 8% to 9%. \n\nSpecifically, the filing states:\n\n\"Given our strong start to the year, we now expect our full-year 2023...core constant currency EPS to increase 9 percent (previously 8 percent)\"\n\nSo PepsiCo raised its full year 2023 core constant currency EPS growth guidance from 8% to 9%, which is an increase of 1 percentage point.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":" Based on the Q1 2023 earnings release, PepsiCo raised its full year guidance for 2023 for the following reasons:\n\n1. Strong business momentum and resilient performance in Q1 2023: PepsiCo reported better than expected results in Q1, with 10.2% reported net revenue growth and 14.3% organic revenue growth. This strong start to the year gave management confidence to raise the outlook.\n\n2. Organic revenue growth guidance raised: PepsiCo raised its full year guidance for 2023 organic revenue growth from 6% to 8%, citing the strong Q1 performance giving confidence that momentum will continue through the year. \n\n3. Core constant currency EPS growth guidance raised: PepsiCo raised its full year core constant currency EPS growth guidance from 8% to 9%, again citing the strong start to 2023. \n\n4. Management commentary: In the earnings release, Chairman and CEO Ramon Laguarta stated \"Given our strong start to the year, we now expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and core constant currency EPS to increase 9 percent (previously 8 percent).\"\n\nIn summary, the strong Q1 2023 results, which exceeded PepsiCo's own expectations, gave management the confidence to raise the organic revenue and core EPS growth outlook for the full year 2023. The Q1 beat demonstrated the business momentum and resilience they expect to continue.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":" Based on the Form 8-K filing, the shareholder proposal regarding a congruency report on net-zero emissions policies was defeated at the Pepsico AGM held on May 3, 2023. Specifically, the voting results show:\n\nFor - 19,718,780 \nAgainst - 977,228,788\nAbstain - 23,200,321\nBroker Non-Votes - 172,969,325\n\nSo the majority of shareholders voted against this proposal, resulting in it being defeated.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":" Based on the filing, PepsiCo increased its unsecured five year revolving credit agreement from $3,800,000,000 to $4,200,000,000 on May 26, 2023.\n\nSpecifically, the filing states:\n\n\"On May 26, 2023, PepsiCo entered into a new $4,200,000,000 five year unsecured revolving credit agreement (the \u201c2023 Five Year Credit Agreement\u201d) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent.\"\n\nIt also mentions that the previous five year credit agreement dated May 27, 2022 was for $3,800,000,000. \n\nTherefore, PepsiCo increased its five year revolving credit agreement by $400,000,000 on May 26, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":" Based on the filing, as of May 26, 2023, the total amount PepsiCo may borrow under its unsecured revolving credit agreements is:\n\n- $4.2 billion under the 364-day credit agreement \n- $4.2 billion under the 5-year credit agreement\n\nSo the total amount is $8.4 billion under the two unsecured revolving credit agreements.\n\nSpecifically, the 364-day credit agreement under Section 2.01 states:\n\n\"Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances in Dollars and\/or Euros to the Company and any Borrowing Subsidiary from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Advances to be denominated in Euros by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed at any time outstanding such Lender\u2019s Commitment.\" \n\nAnd the 5-year credit agreement under Section 2.01 states:\n\n\"Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances in Dollars and\/or Euros to the Company and any Borrowing Subsidiary from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Revolving Credit Advances to be denominated in Euros by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Lender\u2019s Unused Revolving Credit Commitment.\"\n\nSo the total amount PepsiCo may borrow under the two agreements is $8.4 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":" Based on the information in Pfizer's financial statements, it appears that Pfizer's PPNE (net income attributable to Pfizer Inc. common shareholders) grew significantly between FY20 and FY21. \n\nSpecifically:\n\n- In FY20, Pfizer's PPNE was $9.159 billion.\n\n- In FY21, Pfizer's PPNE was $21.979 billion. \n\nSo Pfizer's PPNE increased by $12.82 billion or 140% from FY20 to FY21.\n\nThe main driver seems to be revenue growth, particularly from sales of the COVID-19 vaccine Comirnaty. Pfizer's total revenues grew 95% from $41.651 billion in FY20 to $81.288 billion in FY21. The notes mention that Comirnaty accounted for $36.781 billion of revenue in FY21. So the COVID-19 vaccine contributed significantly to Pfizer's profit growth between FY20 and FY21.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02416","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are three main companies acquired by Pfizer mentioned in this 10K report?","gold_answer":"Trillium, Array, and Therachon","model_answer":" Based on my review of the Pfizer 10-K report, three main companies acquired by Pfizer that are mentioned are:\n\n1. Trillium Therapeutics - Pfizer acquired Trillium, a clinical stage immuno-oncology company, in November 2021. \n\n2. Array BioPharma - Pfizer acquired Array, a commercial stage biopharmaceutical company, in July 2019.\n\n3. Hospira - Pfizer acquired Hospira, a provider of injectable drugs and infusion technologies, in 2015. The integration costs related to Hospira are still being incurred as of 2019.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00702","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":" Based on reviewing Pfizer's 2019 financial statements, there appears to be one significant non-recurring event that substantially increased net income in 2019:\n\nThe gain on completion of the Consumer Healthcare joint venture (JV) with GSK. In 2019, Pfizer completed a transaction to combine its consumer healthcare business with GSK's to form a new joint venture. As a result, Pfizer recorded a pre-tax gain of $8.1 billion ($5.4 billion after tax) related to this transaction in 2019. This was a one-time gain that was not part of Pfizer's normal operations. \n\nThe notes state:\n\n\"On July 31, 2019, we completed a transaction in which we and GSK combined our respective consumer healthcare businesses into a new JV that operates globally under the GSK Consumer Healthcare name...We recognized a pre-tax gain of $8.1 billion ($5.4 billion, net of tax) in the third quarter of 2019 in (Gain) on completion of Consumer Healthcare JV transaction for the difference in the fair value of our 32% equity stake and the carrying value of our Consumer Healthcare business.\"\n\nSo the large gain from the Consumer Healthcare JV completion appears to be the main non-recurring factor that substantially increased Pfizer's net income in 2019 compared to other years.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":" Based on the information provided in Pfizer's Q2 2023 10-Q filing, the geographic region that had the biggest drop in Q2 2023 year over year revenues on a percentage basis was Developed Europe. \n\nSome key points:\n\n- Pfizer breaks out revenues into several geographic regions, including the United States, Developed Europe, Developed Rest of World, and Emerging Markets.\n\n- In Q2 2023, Pfizer's total revenues were $12.7 billion, down 54% compared to $27.7 billion in Q2 2022.\n\n- Revenues in Developed Europe were $2.4 billion in Q2 2023, down 56% compared to $5.5 billion in Q2 2022. \n\n- This 56% drop for Developed Europe was the largest percentage decline of Pfizer's geographic regions.\n\n- For comparison, revenues in the U.S. dropped 45%, Developed Rest of World dropped 74%, and Emerging Markets dropped 53% in Q2 2023 compared to Q2 2022.\n\nSo in summary, Developed Europe experienced the biggest percentage drop in year over year revenues for Pfizer in Q2 2023 based on the information provided in their 10-Q filing. The 56% decline in Developed Europe outpaced the revenue declines in Pfizer's other geographic regions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00283","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":" Based on the Form 10-Q filing, Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn. As of July 2, 2023, Pfizer has incurred approximately 90% of the total expected costs, which is about $630 million. Therefore, the amount Pfizer expects to pay in the future to spin off Upjohn is approximately $70 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"As of Q2'2023, is Pfizer spinning off any large business segments?","gold_answer":"Yes, it's spinning off Upjohn.","model_answer":" Based on my review of Pfizer's Q2'2023 10-Q filing, Pfizer does not appear to be spinning off any large business segments as of Q2'2023. Some key points:\n\n- The filing does not mention any plans to spin off large business segments. It focuses on Pfizer's current business segments and strategy.\n\n- There is no indication in the Management's Discussion and Analysis section of any major restructuring, spin-offs, or divestitures. \n\n- Note 2 on Acquisitions, Discontinued Operations, Equity-Method Investment and Research and Development Arrangement does not mention any significant spin-offs or divestitures in 2023.\n\n- The only divestiture mentioned is the proposed divestiture of an early-stage rare disease gene therapy portfolio to Alexion, which does not seem to be a large business segment.\n\n- There are no notes or discussions about spinning off or divesting any major current businesses like the Upjohn business that was spun off in 2020.\n\nSo in summary, based on the Q2'2023 10-Q, Pfizer does not appear to be currently spinning off or divesting any major business segments as of the end of Q2'2023. The filing focuses on Pfizer's current biopharma, vaccine, and other business segments and there is no indication of any significant restructuring.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00601","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove the reduction in SG&A expense as a percent of net sales in FY2023?","gold_answer":"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the information provided in the Ulta Beauty earnings release, the key factors that drove the reduction in SG&A expense as a percentage of net sales in FY2023 were:\n\n- Leverage of marketing expenses and incentive compensation due to higher sales. The release states that SG&A decreased as a percentage of sales \"primarily due to lower marketing expenses and leverage of incentive compensation due to higher sales\". Higher sales allowed Ulta to spend less on marketing as a percentage of sales. Incentive compensation also leveraged as it is tied to sales\/profitability.\n\n- Deleverage of store payroll and benefits due to wage investments. The release mentions there was deleverage in this area due to wage investments, which increased costs.\n\n- Deleverage of corporate overhead due to strategic investments. Corporate overhead costs increased due to strategic investments, putting pressure on SG&A.\n\nSo in summary, the main drivers were: 1) Leverage of marketing and incentive compensation, 2) Deleverage of store payroll\/benefits due to wage increases, and 3) Deleverage of corporate overhead from strategic investments. The leverage factors outweighed the deleverage factors, resulting in an overall reduction in SG&A as a percentage of sales.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the filing, the key factors that drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023 were:\n\n- Opening of 47 new stores since January 29, 2022 - The addition of 47 new stores expanded Ulta's retail footprint and required more inventory to stock those stores.\n\n- Inventory to support new brand launches and brand expansions - Ulta likely brought in additional inventory to support launching and expanding brands at their stores. \n\n- Inventory cost increases - Higher costs of goods likely increased the value of inventory on hand. \n\nSpecifically, the filing states \"The $104.2 million increase was primarily due to the opening of 47 new stores since January 29, 2022, inventory to support new brand launches and brand expansions, and inventory cost increases.\"\n\nSo the expansion of stores, new product launches, and cost inflation led to the higher merchandise inventories balance compared to the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00605","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?","gold_answer":"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the information provided in the filing:\n\n- In Q4 of FY2023, Ulta Beauty spent $328.1 million on repurchasing 722,457 shares of its common stock.\n\n- For the full year FY2023, Ulta Beauty spent $900.0 million on stock repurchases. \n\n- So the amount spent in Q4 of FY2023 ($328.1 million) divided by the total amount spent in FY2023 ($900.0 million) is 36.5%.\n\nTherefore, the percent of Ulta Beauty's total spend on stock repurchases for FY 2023 that occurred in Q4 of FY2023 is 36.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00606","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?","gold_answer":"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the information provided in the Ulta Beauty earnings release, Ulta Beauty's wages expense as a percent of net sales increased in FY2023. \n\nSpecifically, the release states:\n\n\"As a percentage of net sales, SG&A expenses decreased to 23.5% compared to 23.9% in fiscal 2021, primarily due to lower marketing expenses and leverage of incentive compensation due to higher sales, partially offset by deleverage of corporate overhead due to strategic investments and deleverage of store payroll and benefits due to wage investments.\"\n\nThe deleverage of store payroll and benefits due to wage investments indicates that wages expense increased as a percentage of net sales in FY2023 compared to the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00746","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":" Based on my review of Ulta Beauty's 2022 10-K filing, Ulta Beauty does not have any debt securities registered to trade on a national securities exchange under its name as of FY2023. \n\nUlta Beauty has a $1 billion secured revolving credit facility, but this is a private credit agreement and not registered debt securities trading on a public exchange. The 10-K notes that as of January 28, 2023, Ulta Beauty had no borrowings outstanding under this credit facility. The 10-K does not disclose any other registered debt securities issued by Ulta Beauty and trading on a national securities exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?","gold_answer":"Ulta Beauty did not make any acquisitions in FY2023 and FY2022.","model_answer":" Based on my review of Ulta Beauty's Annual Report on Form 10-K for the fiscal year ended January 28, 2023, Ulta Beauty does not appear to have made any major acquisitions in FY2023 or FY2022. The Form 10-K does not disclose any material acquisitions or purchases of businesses in the Notes to Consolidated Financial Statements or Management's Discussion and Analysis sections. The only reference to acquisitions is the following statement regarding investing activities in the Consolidated Statements of Cash Flows:\n\n\"Acquisitions, net of cash acquired \n-     -     \n(1,220)\"\n\nThis indicates Ulta Beauty had no acquisitions that were material enough to disclose in FY2023 or FY2022. The small acquisition made in FY2021 for $1.22 million was not considered major enough to break out separately. Based on reviewing the 10-K, it appears Ulta Beauty focused on organic growth rather than growth through major acquisitions in the last two fiscal years. The company opened new stores, remodeled existing stores, and made investments in systems and supply chain but did not report any sizable acquisitions of businesses.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":" Based on the information provided in the 10-K filing, the derivative instrument that Verizon used to manage exposure to fluctuations in foreign currency exchange rates or interest rates that had the highest notional value in 2021 was cross currency swaps. \n\nSpecifically, the notes state:\n\n\"The following table sets forth the notional amounts of our outstanding derivative instruments:\n\n(dollars in millions) \n\nAt December 31,\n2021\n2020\n\nInterest rate swaps   $19,779   $17,768\nCross currency swaps   $32,502   $26,288\nForward starting interest rate swaps    $1,000    $2,000\nForeign exchange forwards     $932    $1,405\"\n\nSo the cross currency swaps had the highest notional value of $32,502 million in 2021 compared to the other derivative instruments listed.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":" Based on the estimated future benefit payments table in Note 11 to Verizon's consolidated financial statements, the expected benefit payments to retirees in 2024 for pension benefits is $1,097 million and for health care and life is $862 million.\n\nSo the total expected benefit payments to retirees in 2024 is $1,097 million + $862 million = $1,959 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00215","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":" Based on Verizon's 2022 financial statements, it does appear to be a capital intensive business for the following reasons:\n\n1. Verizon has very high capital expenditures. In 2022, Verizon spent $23.1 billion on capital expenditures, which was about 17% of its total revenue of $136.8 billion. This level of capital spending is quite high compared to many other industries. \n\n2. Verizon has extensive investments in property, plant and equipment. At the end of 2022, Verizon had $307.7 billion of gross property, plant and equipment on its balance sheet. This was by far the largest asset on its balance sheet, representing over 80% of total assets. The high investment in PP&E is indicative of a capital intensive business.\n\n3. Verizon operates extensive telecommunications networks and infrastructure. As noted in the 10-K, Verizon has wireless and wireline networks that require significant ongoing investment. It mentions investing in spectrum licenses, network equipment, software, towers, data centers, and other infrastructure. Maintaining and upgrading these networks requires major capital expenditures.\n\n4. High depreciation and amortization expense. In 2022, Verizon had $17.1 billion of depreciation and amortization expense. This high level of depreciation reflects the large asset base and capital spending. \n\n5. Need for regular capital investment. The 10-K notes the need for significant ongoing capital investments primarily to expand networks, add capacity, and transition to new technologies like 5G. This implies Verizon needs to continually reinvest capital to maintain and grow the business.\n\nSo in summary, the very high capital expenditures, extensive PP&E, large infrastructure networks, high depreciation and need for ongoing reinvestment indicate that Verizon is a capital intensive business based on the information provided in its 2022 financial statements. The large ongoing capital requirements are a key aspect of operating in the telecommunications industry.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":" Based on the information provided in Verizon's 2022 annual report, it does appear that Verizon has a reasonably healthy liquidity profile. However, the quick ratio is not the most relevant metric to assess Verizon's liquidity position. Here is my analysis:\n\nThe quick ratio, calculated as (Current Assets - Inventories) \/ Current Liabilities, measures a company's ability to use its most liquid assets to repay its short-term liabilities. \n\nFor Verizon in 2022, the quick ratio would be:\n\n(37,857 - 2,388) \/ 50,171 = 0.71\n\nA quick ratio between 0.5 and 1 is generally considered reasonable. So at first glance, Verizon's quick ratio of 0.71 seems adequate.\n\nHowever, the quick ratio has some limitations in assessing liquidity for a company like Verizon:\n\n- It excludes cash flows from operations, which are a significant source of liquidity for Verizon. Verizon generated $37.1 billion of cash from operations in 2022.\n\n- It does not consider Verizon's access to external financing through debt and equity markets. Verizon has strong credit ratings and a proven ability to raise financing. \n\n- It ignores Verizon's long-term assets like PP&E that could potentially be monetized if needed.\n\n- It penalizes companies with large cash balances. Verizon has $2.6 billion in cash\/cash equivalents.\n\nA better liquidity metric for Verizon would be the cash ratio:\n\nCash Ratio = (Cash + Cash Equivalents) \/ Current Liabilities\n\nVerizon's cash ratio for 2022 was:\n\n(2,605) \/ 50,171 = 0.05\n\nWhile lower than the quick ratio, this cash ratio indicates Verizon can cover 5% of its short-term liabilities with the most liquid assets. Along with Verizon's operating cash flows and financing capacity, this provides a reasonably healthy liquidity position.\n\nIn summary, while Verizon's quick ratio appears adequate, other factors like cash flow, financing access, and cash balances provide a more comprehensive view of Verizon's liquidity. On that basis, Verizon seems to have reasonably healthy liquidity.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00566","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?","gold_answer":"No. Verizon's debt decreased by $229 million.","model_answer":" Based on the financial statements in Verizon's 2022 10-K report, Verizon's total debt decreased slightly between fiscal years 2022 and 2021.\n\nSpecifically:\n\nAt December 31, 2022, Verizon's total debt was $150.6 billion.\n\nAt December 31, 2021, Verizon's total debt was $150.9 billion. \n\nSo Verizon's total debt decreased by $0.3 billion between fiscal years 2022 and 2021.\n\nThe 10-K states \"At December 31, 2022, our total debt decreased to $150.6 billion compared to $150.9 billion at December 31, 2021.\"\n\nSo in summary, no Verizon did not increase its total debt on balance sheet between fiscal years 2022 and 2021 - rather, its total debt slightly decreased by $0.3 billion during that period.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06247","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.","gold_answer":42.69,"model_answer":" Based on the information provided in Walmart's financial statements, the calculation for FY2018 days payable outstanding (DPO) is:\n\nAverage accounts payable between FY2017 and FY2018 = (FY2017 accounts payable + FY2018 accounts payable) \/ 2\n            = (41,433 + 46,092) \/ 2\n            = 43,762.5\n\nFY2018 COGS = 373,396\nChange in inventory between FY2017 and FY2018 = FY2018 inventory - FY2017 inventory  \n             = 43,783 - 43,046\n             = 737\n\nDPO = 365 * (43,762.5) \/ (373,396 + 737) \n     = 365 * 43,762.5 \/ 374,133\n     = 43.13\n\nTherefore, the FY2018 days payable outstanding (DPO) for Walmart is 43.13 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04784","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.","gold_answer":0.002,"model_answer":" Based on the information provided in the statement of income, the key figures for calculating the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart are:\n\nFY2018 Operating Income: $20,437 million\nFY2018 Net Sales: $495,761 million\n\nFY2019 Operating Income: $21,957 million  \nFY2019 Net Sales: $510,329 million\n\nThe operating income % margin is calculated as:\n\nFY2018 Margin = Operating Income \/ Net Sales \n            = $20,437 million \/ $495,761 million\n            = 4.1%\n\nFY2019 Margin = Operating Income \/ Net Sales\n            = $21,957 million \/ $510,329 million \n            = 4.3%\n\nThe change in operating income % margin from FY2018 to FY2019 is:\n4.3% - 4.1% = 0.2%\n\nTherefore, the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart is 0.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"claude-2","eval_mode":"inContext_reverse","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.","gold_answer":0.062,"model_answer":" Based on the information provided in Walmart's financial statements, the 3 year average unadjusted EBITDA margin from FY2018 to FY2020 is:\n\nFY2018 \n- Operating income: $20,437 million\n- Depreciation and amortization: $10,529 million \n- Unadjusted EBITDA = Operating income + Depreciation and amortization \n   = $20,437 million + $10,529 million = $30,966 million\n- Total revenues: $500,343 million\n- Unadjusted EBITDA margin = Unadjusted EBITDA \/ Total revenues \n   = $30,966 million \/ $500,343 million = 6.2%\n\nFY2019\n- Operating income: $21,957 million  \n- Depreciation and amortization: $10,678 million\n- Unadjusted EBITDA = $21,957 million + $10,678 million = $32,635 million\n- Total revenues: $514,405 million\n- Unadjusted EBITDA margin = $32,635 million \/ $514,405 million = 6.3%\n\nFY2020\n- Operating income: $20,568 million\n- Depreciation and amortization: $10,987 million  \n- Unadjusted EBITDA = $20,568 million + $10,987 million = $31,555 million\n- Total revenues: $523,964 million\n- Unadjusted EBITDA margin = $31,555 million \/ $523,964 million = 6.0%\n\nAverage unadjusted EBITDA margin = (6.2% + 6.3% + 6.0%) \/ 3 = 6.2%\n\nTherefore, the 3 year average unadjusted EBITDA margin from FY2018 to FY2020 is 6.2%.","label":"Correct Answer"}