{"financebench_id":"financebench_id_00799","model_name":"gpt-4-1106-preview","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":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term obligations with its most liquid assets. It is calculated by taking the sum of cash, marketable securities, and accounts receivable, then dividing by current liabilities.\n\nTo determine whether Amcor's quick ratio has improved or declined between FY2023 and FY2022, we would need specific financial data from the balance sheet, specifically the amounts for cash and cash equivalents, accounts receivable, and current liabilities for both fiscal years.\n\nHowever, based on the information provided in the filing, we do not have the specific figures necessary to calculate the quick ratio for FY2023 and FY2022. Without these numbers, we cannot definitively say whether Amcor's quick ratio has improved or declined.\n\nIn general, for a company like Amcor, which is involved in manufacturing and producing packaging, financial analysts would indeed be interested in the quick ratio as it provides insight into the company's short-term financial health and liquidity. The quick ratio is particularly important for manufacturing companies because they often have significant amounts of inventory, which can affect their overall liquidity. The quick ratio excludes inventory from the calculation, offering a more conservative view of a company's capacity to cover its current liabilities without needing to sell inventory.\n\nTo answer the question, we would need the relevant financial data from Amcor's balance sheets for FY2023 and FY2022. If this data is available in the filing or other financial statements, it can be used to calculate and compare the quick ratios for the two fiscal years.","label":"Refusal"}
{"financebench_id":"financebench_id_00723","model_name":"gpt-4-1106-preview","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":"As an AI language model, I do not have access to real-time data, and my knowledge is based on information available up to my last training cut-off in 2023. Therefore, I cannot provide current financial metrics for American Express Company (AMEX) or any other company. To determine whether AMEX has an improving operating margin profile as of 2022, one would need to analyze the company's financial statements, specifically the income statement, and compare the operating margin for 2022 with previous years.\n\nThe operating margin is calculated by dividing operating income (or operating profit) by net sales (or revenue). It measures the proportion of a company's revenue that is left over after paying for variable costs of production, such as wages and raw materials, before paying interest or tax. It is a good indicator of the efficiency of a company's core business without considering the impact of financing and tax structures.\n\nFor a company like AMEX, which operates in the financial services industry, operating margin can still be a useful metric as it provides insight into the profitability of the company's core operations. However, it is important to consider other factors specific to the financial industry, such as the cost of credit (provisions for credit losses), interest income and expense, and non-interest revenues, which can significantly impact the company's profitability.\n\nTo assess AMEX's operating margin profile, one would typically look at the company's annual report or quarterly filings with the Securities and Exchange Commission (SEC), specifically the Form 10-K for annual data. These documents provide detailed financial information, including income statements that show revenue, operating income, and other necessary figures to calculate operating margin.\n\nIf you are looking for the most recent financial data for AMEX, including its operating margin for 2022, you should refer to the latest SEC filings or the company's investor relations website, where they publish their financial results. Financial news websites and databases that track company financials would also have this information.","label":"Refusal"}
{"financebench_id":"financebench_id_00678","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K filing for the fiscal year ended December 31, 2022, Boeing's gross margin profile cannot be directly determined from the data provided. Gross margin is typically calculated as (Total Revenues - Cost of Goods Sold) \/ Total Revenues. However, the filing provides information on \"Cost of Sales\" rather than \"Cost of Goods Sold,\" which may not be directly comparable.\n\nThe filing states that for the year ended December 31, 2022, Boeing's total revenues were $66,608 million, and the total cost of sales was $63,106 million. This does not provide a clear gross margin percentage because \"Cost of Sales\" for Boeing includes costs associated with long-term contracts and commercial aircraft programs, which may involve complex accounting practices due to the nature of Boeing's business operations.\n\nFor companies like Boeing that engage in long-term contracts and complex manufacturing processes, gross margin may not be the most useful metric for assessing financial performance. This is because the costs and revenues associated with producing aircraft and defense systems can be spread over several years, and the timing of recognizing these costs and revenues can significantly impact gross margin in any given period.\n\nInstead, other financial metrics such as operating margin, net income, cash flow from operations, and specific program profitability may provide a more accurate picture of Boeing's financial health and performance. Additionally, given the complexity of Boeing's contracts and the aerospace and defense industry's accounting practices, it is important to consider the context of the entire financial statement, including notes and management's discussion and analysis, to fully understand the company's financial performance.\n\nIn summary, without additional context or a direct statement from Boeing's management regarding the gross margin trend, it is not possible to conclusively state whether Boeing has an improving gross margin profile as of FY2022 based solely on the provided Form 10-K filing.","label":"Refusal"}
{"financebench_id":"financebench_id_05915","model_name":"gpt-4-1106-preview","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":"To calculate the fixed asset turnover ratio for CVS Health for FY2018, we need to find the FY2018 revenue and the average property, plant, and equipment (PP&E) between FY2017 and FY2018.\n\nFrom the provided text, we do not have the exact figures for revenue or PP&E for FY2018 and FY2017. However, this information can typically be found in the company's annual report (Form 10-K) within the Consolidated Statements of Operations (for revenue) and the Consolidated Balance Sheets (for PP&E).\n\nOnce you have the revenue for FY2018 and the PP&E for both FY2017 and FY2018, you can calculate the average PP&E by adding the PP&E for FY2017 and FY2018 and then dividing by 2.\n\nThe formula for the fixed asset turnover ratio is:\n\nFixed Asset Turnover Ratio = FY2018 Revenue \/ Average PP&E (FY2017 and FY2018)\n\nIf you can provide the revenue for FY2018 and the PP&E for FY2017 and FY2018, I can calculate the fixed asset turnover ratio for you. Otherwise, you will need to refer to the financial statements in CVS Health's annual report to find these figures.","label":"Refusal"}
{"financebench_id":"financebench_id_01911","model_name":"gpt-4-1106-preview","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":"To calculate MGM's interest coverage ratio for FY2022, we need to use the Adjusted EBIT (Earnings Before Interest and Taxes) as the numerator and the annual interest expense as the denominator. However, the provided text does not explicitly state the Adjusted EBIT figure, but it does provide Adjusted EBITDAR and interest expense.\n\nAdjusted EBITDAR for FY2022 is $3,497,254,000 (from the reconciliation of net income attributable to MGM Resorts International to Adjusted EBITDAR table). However, Adjusted EBITDAR includes not only EBIT but also adjustments for rent expense related to triple-net operating leases and ground leases. To find the Adjusted EBIT, we would need to subtract the rent expense from Adjusted EBITDAR.\n\nThe annual interest expense for FY2022 is $594,954,000 (from the non-operating income (expense) section).\n\nIf we had the exact figure for rent expense, we could calculate Adjusted EBIT by subtracting that amount from Adjusted EBITDAR. However, since the rent expense is not provided, we cannot accurately calculate the Adjusted EBIT.\n\nWithout the Adjusted EBIT figure, we cannot calculate the interest coverage ratio. If you can provide the rent expense or the Adjusted EBIT figure, I can assist you in calculating the interest coverage ratio. Otherwise, with the information provided, it is not possible to calculate the ratio accurately.","label":"Refusal"}
{"financebench_id":"financebench_id_00283","model_name":"gpt-4-1106-preview","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":"According to the information provided in the filing, Pfizer does not specify an expected amount to be paid in the future specifically related to the spin-off of Upjohn. The filing discusses various aspects of Pfizer's financials and business developments, but it does not provide a figure for future payments related to the Upjohn spin-off. It's important to note that the spin-off of Upjohn and its combination with Mylan to form Viatris was completed in November 2020, and the filing does not mention any future payments related to this completed transaction.","label":"Refusal"}
{"financebench_id":"financebench_id_03029","model_name":"gpt-4-1106-preview","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":"The FY2018 capital expenditure amount for 3M is $1,577 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04672","model_name":"gpt-4-1106-preview","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":"The year-end FY2018 net property, plant, and equipment (PP&E) for 3M is $8.738 billion, as shown in the balance sheet under the \"Property, plant and equipment \u2014 net\" line item.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01226","model_name":"gpt-4-1106-preview","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":"As of FY2022, the operating margin for 3M decreased compared to the previous year. The factors that drove this change in operating margin include:\n\n1. Net costs for significant litigation: 3M experienced increased costs associated with significant litigation, particularly related to steps toward resolving Combat Arms Earplugs litigation and additional commitments to address PFAS-related matters at its Zwijndrecht, Belgium site. These costs negatively impacted the operating margin.\n\n2. Raw material impact: The company faced inflationary pressures with year-on-year increases in raw material and logistics costs due to various geopolitical, logistics, and disruptive events that caused imbalances in the global supply chain.\n\n3. Divestitures: The impact of divestitures, including the deconsolidation of the Aearo Entities and the split-off of the Food Safety business, affected the operating margin. The divestitures led to lost income from divested businesses and remaining stranded costs.\n\n4. Foreign exchange impacts: The stronger U.S. dollar had a negative impact on sales, and net of the company\u2019s hedging strategy, foreign currency negatively impacted earnings.\n\n5. Other expense (income), net: There was lower income related to higher non-service cost components of pension and postretirement expense, which increased expense year-on-year for 2022.\n\n6. Income tax rate: The effective tax rates for 2022 were lower due to the tax-efficient structure associated with the gain on the split-off of the Food Safety business.\n\n7. PFAS manufacturing exit costs: 3M committed to a plan to exit PFAS manufacturing by the end of 2025, resulting in a pre-tax charge related to asset impairments, which impacted the operating margin.\n\nOperating margin is a useful metric for a company like 3M as it provides insight into the company's operational efficiency and profitability. It reflects the percentage of revenue that remains after accounting for the costs of goods sold and operating expenses, excluding interest and taxes. A decrease in operating margin indicates that a company's profitability is being squeezed, either due to increased costs, decreased revenue, or a combination of both. For 3M, the factors listed above contributed to the decrease in operating margin for FY2022, highlighting the challenges the company faced in managing costs and litigation expenses.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01858","model_name":"gpt-4-1106-preview","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 Form 10-Q, 3M has a history of paying dividends consistently. In February 2023, 3M's Board of Directors declared a first-quarter 2023 dividend of $1.50 per share, which was an increase of 1 percent from the previous dividend. This marked the 65th consecutive year of dividend increases for 3M. Additionally, in May 2023, 3M's Board of Directors declared a second-quarter 2023 dividend of $1.50 per share. This indicates that 3M has maintained a stable trend of dividend distribution over the years.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00941","model_name":"gpt-4-1106-preview","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":"As of Q2 of 2023, the following debt securities are registered to trade on a national securities exchange under 3M's name:\n\n1. 1.500% Notes due 2026 (MMM26) - New York Stock Exchange\n2. 1.750% Notes due 2030 (MMM30) - New York Stock Exchange\n3. 1.500% Notes due 2031 (MMM31) - New York Stock Exchange","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"gpt-4-1106-preview","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":"To calculate the 3-year average of capital expenditures (capex) as a percentage of revenue for Activision Blizzard for the fiscal years 2017, 2018, and 2019, we need to find the total capex and total revenue for each of those years and then calculate the average percentage.\n\nFrom the provided financial statements, we have the following information:\n\nFor the Year Ended December 31, 2019:\n- Revenue: $6,489 million (from the Consolidated Statements of Operations)\n- Capex: $116 million (from the Consolidated Statements of Cash Flows under \"Capital expenditures\")\n\nFor the Year Ended December 31, 2018:\n- Revenue: $7,500 million (from the Consolidated Statements of Operations)\n- Capex: $131 million (from the Consolidated Statements of Cash Flows under \"Capital expenditures\")\n\nFor the Year Ended December 31, 2017:\n- Revenue: $7,017 million (from the Consolidated Statements of Operations)\n- Capex: $155 million (from the Consolidated Statements of Cash Flows under \"Capital expenditures\")\n\nNow, we calculate the capex as a percentage of revenue for each year:\n\n2019: (Capex \/ Revenue) * 100 = ($116 million \/ $6,489 million) * 100 = 1.79%\n2018: (Capex \/ Revenue) * 100 = ($131 million \/ $7,500 million) * 100 = 1.75%\n2017: (Capex \/ Revenue) * 100 = ($155 million \/ $7,017 million) * 100 = 2.21%\n\nFinally, we calculate the 3-year average percentage:\n\n3-Year Average Capex as % of Revenue = (1.79% + 1.75% + 2.21%) \/ 3 = 1.92%\n\nTherefore, the 3-year average of capex as a percentage of revenue for Activision Blizzard for the fiscal years 2017 to 2019 is 1.9%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02987","model_name":"gpt-4-1106-preview","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":"To calculate the fixed asset turnover ratio for Activision Blizzard for FY2019, we need to use the following formula:\n\nFixed Asset Turnover Ratio = FY2019 Revenue \/ Average PP&E (FY2018 and FY2019)\n\nFrom the provided financial statements, we can find the necessary figures:\n\nFY2019 Revenue = $6,489 million (from the Consolidated Statements of Operations)\n\nFY2018 PP&E, net = $282 million (from the Consolidated Balance Sheets)\nFY2019 PP&E, net = $253 million (from the Consolidated Balance Sheets)\n\nNow, we calculate the average PP&E for FY2018 and FY2019:\n\nAverage PP&E = (FY2018 PP&E + FY2019 PP&E) \/ 2\nAverage PP&E = ($282 million + $253 million) \/ 2\nAverage PP&E = $535 million \/ 2\nAverage PP&E = $267.5 million\n\nFinally, we calculate the fixed asset turnover ratio:\n\nFixed Asset Turnover Ratio = $6,489 million \/ $267.5 million\nFixed Asset Turnover Ratio \u2248 24.25\n\nTherefore, the fixed asset turnover ratio for Activision Blizzard for FY2019 is approximately 24.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04735","model_name":"gpt-4-1106-preview","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":"To calculate the operating cash flow ratio for Adobe for FY2015, we need to find the cash from operations and the total current liabilities from the cash flow statement and the statement of financial position, respectively.\n\nFrom the Consolidated Statements of Cash Flows for FY2015 (found in the financial statements section of the filing), we have:\n\nNet cash provided by operating activities (cash from operations) for FY2015: $1,469,502,000 (in thousands)\n\nFrom the Consolidated Balance Sheets as of November 27, 2015 (found in the financial statements section of the filing), we have:\n\nTotal current liabilities for FY2015: $2,213,556,000 (in thousands)\n\nNow we can calculate the operating cash flow ratio:\n\nOperating Cash Flow Ratio = Cash from Operations \/ Total Current Liabilities\nOperating Cash Flow Ratio = $1,469,502,000 \/ $2,213,556,000\nOperating Cash Flow Ratio = 0.6639 (rounded to four decimal places)\n\nTo round to two decimal places:\nOperating Cash Flow Ratio = 0.66\n\nTherefore, the operating cash flow ratio for Adobe for FY2015 is 0.66.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07507","model_name":"gpt-4-1106-preview","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":"To calculate the year-over-year change in unadjusted operating income from FY2015 to FY2016, we need to look at the operating income for both years and then calculate the percentage change.\n\nFrom the Consolidated Statements of Income provided in the financial statements:\n\nFor FY2016:\nOperating income = $1,493,602,000\n\nFor FY2015:\nOperating income = $903,095,000\n\nThe change in operating income from FY2015 to FY2016 is:\nChange = Operating income FY2016 - Operating income FY2015\nChange = $1,493,602,000 - $903,095,000\nChange = $590,507,000\n\nThe percentage change in operating income from FY2015 to FY2016 is:\nPercentage change = (Change \/ Operating income FY2015) * 100\nPercentage change = ($590,507,000 \/ $903,095,000) * 100\nPercentage change = 0.654 * 100\nPercentage change = 65.4%\n\nTherefore, the year-over-year change in unadjusted operating income from FY2015 to FY2016 is 65.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"gpt-4-1106-preview","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":"To calculate the operating cash flow ratio for Adobe in FY2017, we need to use the following formula:\n\nOperating Cash Flow Ratio = Net Cash Provided by Operating Activities \/ Total Current Liabilities\n\nFrom the Consolidated Statements of Cash Flows for FY2017:\nNet Cash Provided by Operating Activities = $2,912,853,000 (in thousands, which is $2,912.853 million)\n\nFrom the Consolidated Balance Sheets as of December 1, 2017:\nTotal Current Liabilities = $3,527,457,000 (in thousands, which is $3,527.457 million)\n\nNow we can calculate the ratio:\n\nOperating Cash Flow Ratio = $2,912.853 million \/ $3,527.457 million\nOperating Cash Flow Ratio = 0.8257 (rounded to four decimal places)\n\nTo round to two decimal places:\nOperating Cash Flow Ratio = 0.83\n\nTherefore, the operating cash flow ratio for Adobe in FY2017 is 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10420","model_name":"gpt-4-1106-preview","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":"To calculate the Return on Assets (ROA) for AES for FY2022, we need to use the formula:\n\nROA = Net Income \/ Average Total Assets\n\nFrom the provided information, we have:\n\nNet Income (Loss) Attributable to The AES Corporation for FY2022 = $(546) million (as it's a loss, we use a negative value)\n\nTotal Assets at the end of FY2021 = $32,963 million\nTotal Assets at the end of FY2022 = $38,363 million\n\nAverage Total Assets between FY2021 and FY2022 = (Total Assets at the end of FY2021 + Total Assets at the end of FY2022) \/ 2\nAverage Total Assets = ($32,963 million + $38,363 million) \/ 2\nAverage Total Assets = $71,326 million \/ 2\nAverage Total Assets = $35,663 million\n\nNow we can calculate the ROA:\n\nROA = Net Income \/ Average Total Assets\nROA = -$546 million \/ $35,663 million\nROA = -0.0153 (or -1.53%)\n\nRounded to two decimal places, the ROA for AES for FY2022 is -1.53%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01319","model_name":"gpt-4-1106-preview","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":0,"label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"gpt-4-1106-preview","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":"To calculate the year-over-year change in revenue from FY2016 to FY2017, we use the following formula:\n\nPercentage Change = [(FY2017 Revenue - FY2016 Revenue) \/ FY2016 Revenue] * 100\n\nFrom the statement of income, we have:\n\nFY2016 Revenue = $135,987 million\nFY2017 Revenue = $177,866 million\n\nPlugging these numbers into the formula:\n\nPercentage Change = [($177,866 million - $135,987 million) \/ $135,987 million] * 100\nPercentage Change = ($41,879 million \/ $135,987 million) * 100\nPercentage Change = 0.308 * 100\nPercentage Change = 30.8%\n\nTherefore, Amazon's year-over-year change in revenue from FY2016 to FY2017 is 30.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06655","model_name":"gpt-4-1106-preview","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":"To calculate the Days Payable Outstanding (DPO) for Amazon's FY2017, we need to use the following formula:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFirst, we need to find the necessary figures from the financial statements:\n\n1. Accounts Payable for FY2016: $25,309 million (from the Consolidated Balance Sheets)\n2. Accounts Payable for FY2017: $34,616 million (from the Consolidated Balance Sheets)\n3. COGS for FY2017: $111,934 million (from the Consolidated Statements of Operations)\n4. Inventory for FY2016: $11,461 million (from the Consolidated Balance Sheets)\n5. Inventory for FY2017: $16,047 million (from the Consolidated Balance Sheets)\n\nNow we can calculate the Average Accounts Payable and the Change in Inventory:\n\nAverage Accounts Payable = (Accounts Payable for FY2016 + Accounts Payable for FY2017) \/ 2\nAverage Accounts Payable = ($25,309 million + $34,616 million) \/ 2\nAverage Accounts Payable = $29,962.5 million\n\nChange in Inventory = Inventory for FY2017 - Inventory for FY2016\nChange in Inventory = $16,047 million - $11,461 million\nChange in Inventory = $4,586 million\n\nNow we can calculate the DPO:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\nDPO = 365 * ($29,962.5 million) \/ ($111,934 million + $4,586 million)\nDPO = 365 * $29,962.5 million \/ $116,520 million\nDPO = $10,936,212.5 million \/ $116,520 million\nDPO \u2248 93.89 days\n\nTherefore, Amazon's Days Payable Outstanding (DPO) for FY2017 is approximately 93.89 days.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08286","model_name":"gpt-4-1106-preview","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":"Amazon's FY2019 net income attributable to shareholders is $11,588 million (USD).","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"gpt-4-1106-preview","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 under Note 8 - Property, Plant and Equipment, Net, the net accounts receivable (AR) for Amcor at the end of fiscal year 2020 is $1,615.9 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01935","model_name":"gpt-4-1106-preview","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":"The key agenda of Amcor's 8-K filing dated July 1, 2022, was to report the substitution of Amcor Finance (USA), Inc. (the \"Former Issuer\") with Amcor Flexibles North America, Inc. (the \"Substitute Issuer\") as the issuer under the indentures governing certain senior notes. The filing includes the execution of the Second Supplemental Indenture and the First Supplemental Indenture, which relate to the substitution of the Substitute Issuer for the Former Issuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the indentures for both the existing notes and new notes issued in 2016 and 2019, respectively. The filing also includes details about the Supplemental Indentures and the legal framework governing the substitution, as well as the appointment of an agent for service of process and submission to jurisdiction.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"gpt-4-1106-preview","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":"As of Q2 of FY2023 close, Amcor's restructuring liability primarily consisted of restructuring activities related to the Russia-Ukraine conflict. The restructuring liability includes costs associated with employee severance, fixed asset-related costs, and other costs associated with restructuring initiatives. These initiatives may include the consolidation of operations, closure or sale of facilities, and other actions taken to improve operational efficiency and reduce costs in response to the geopolitical situation and its impact on the business. The restructuring and related expenses are part of the company's efforts to address the challenges and changes in the operating environment due to the conflict.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"gpt-4-1106-preview","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":"To calculate the real change in sales for Amcor in FY 2023 vs FY 2022, excluding the impact of foreign exchange (FX) movement, pass-through costs, and one-off items, we need to look at the \"Comparable Constant Currency Growth\" figures provided in the reconciliation of non-GAAP measures.\n\nAccording to the provided information, the comparable constant currency growth for total Amcor in the twelve months ended June 30, 2023, was 0% (in line with the prior year). This means that when excluding the impact of FX movement, pass-through costs, and one-off items, there was no real change in sales for Amcor in FY 2023 compared to FY 2022. The sales remained consistent on a comparable constant currency basis.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"gpt-4-1106-preview","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":"Amcor's adjusted non-GAAP EBITDA for FY 2023 was $2,018 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01079","model_name":"gpt-4-1106-preview","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":"In FY2023, AMCOR completed the following major acquisitions:\n\n1. On August 1, 2022, AMCOR acquired a Czech Republic company that operates a flexible packaging manufacturing plant. The purchase consideration was $59 million.\n\n2. On March 17, 2023, AMCOR acquired a medical device packaging manufacturing site in Shanghai, China. The purchase consideration was $60 million, subject to customary post-closing adjustments, and included contingent consideration of $20 million.\n\n3. On May 31, 2023, AMCOR acquired a New Zealand-based manufacturer of automated protein packaging machines. The purchase consideration was $45 million, subject to customary post-closing adjustments, and included contingent consideration of $13 million.\n\nIn FY2022, AMCOR completed the disposal of non-core assets in the Flexibles reportable segment, recording an expense of $10 million.\n\nIn FY2021, AMCOR completed the following disposals:\n\n1. Disposal of a non-core European hospital supplies business, which was part of the Flexibles reportable segment.\n\n2. Disposal of two non-core businesses in India and Argentina in the Flexibles reportable segment, recording a loss on sale of $6 million.\n\n3. Sale of its equity investment in AMVIG Holdings Limited (\"AMVIG\"), realizing a net gain of $15 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01148","model_name":"gpt-4-1106-preview","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":"AMCOR primarily operates in the packaging industry, developing and producing packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other consumer goods end markets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K filing for Amcor plc for the fiscal year ended June 30, 2023, the gross profit margin can be calculated as follows:\n\nFor FY2023:\n- Net sales: $14,694 million\n- Cost of sales: $(11,969) million\n- Gross profit: $2,725 million\n\nGross profit margin for FY2023 = (Gross profit \/ Net sales) * 100\n= ($2,725 million \/ $14,694 million) * 100\n= 18.5%\n\nFor FY2022:\n- Net sales: $14,544 million\n- Cost of sales: $(11,724) million\n- Gross profit: $2,820 million\n\nGross profit margin for FY2022 = (Gross profit \/ Net sales) * 100\n= ($2,820 million \/ $14,544 million) * 100\n= 19.4%\n\nComparing the gross profit margins for FY2023 and FY2022, we can see that the gross profit margin has decreased from 19.4% in FY2022 to 18.5% in FY2023. This indicates that Amcor's gross margin profile has not improved but rather has declined slightly in FY2023 compared to the previous fiscal year.\n\nIt's important to note that while the gross margin is a useful metric for assessing a company's profitability relative to its sales, it may not always provide a complete picture of a company's financial health or performance. Other factors such as operating expenses, net income, cash flow, and specific industry conditions should also be considered when evaluating a company's overall performance. In the case of a packaging company like Amcor, factors such as raw material costs, production efficiency, and pricing power in the market can significantly impact gross margins. Additionally, strategic decisions, such as investments in technology or acquisitions, can affect profitability in ways that are not immediately reflected in the gross margin.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"gpt-4-1106-preview","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":"To calculate the depreciation and amortization (D&A) percentage margin for AMD for FY2015, we need to find the D&A expense from the statement of cash flows and the net revenue from the income statement (P&L statement), and then divide the D&A expense by the net revenue.\n\nFrom the Consolidated Statements of Cash Flows for the year ended December 26, 2015, we find the following information:\n- Depreciation and amortization: $167 million\n\nFrom the Consolidated Statements of Operations for the year ended December 26, 2015, we find the following information:\n- Net revenue: $3,991 million\n\nNow we calculate the D&A percentage margin:\nD&A percentage margin = (D&A expense \/ Net revenue) x 100\nD&A percentage margin = ($167 million \/ $3,991 million) x 100\nD&A percentage margin = 0.0418 x 100\nD&A percentage margin = 4.18%\n\nTherefore, the depreciation and amortization percentage margin for AMD for FY2015 is 4.18%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00917","model_name":"gpt-4-1106-preview","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":"The operating margin for AMD in FY22 was impacted by several factors, as outlined in the \"Results of Operations\" section of the Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in the Form 10-K. The key drivers of the change in operating margin were:\n\n1. Increase in Gross Margin: AMD's gross margin as a percentage of net revenue decreased from 48% in 2021 to 45% in 2022. This decrease was primarily due to the amortization of intangible assets associated with the acquisition of Xilinx.\n\n2. Increase in Operating Expenses: Operating expenses increased significantly in 2022 compared to 2021. This increase was driven by strategic investments across all segments, including an increase in headcount through acquisitions and organic growth, as well as higher marketing, general, and administrative expenses due to the acquisition of Xilinx and Pensando.\n\n3. Amortization of Acquisition-Related Intangibles: In 2022, cost of sales and operating expenses included significant amortization expense from intangible assets acquired as a result of the acquisitions of Xilinx and Pensando.\n\n4. Licensing Gain: AMD recognized a licensing gain from milestone achievement and royalty income associated with the licensed IP to the THATIC JV.\n\n5. Interest Expense: Interest expense increased in 2022 due to interest expense from the Assumed Xilinx Notes and the newly issued 3.924% and 4.393% Senior Notes.\n\n6. Other Income (Expense), Net: Other income, net decreased in 2022 compared to 2021, primarily due to a decrease in the fair value of equity investments.\n\n7. Income Tax Provision (Benefit): AMD recorded an income tax benefit in 2022 compared to an income tax provision in 2021, which was primarily due to lower pre-tax income coupled with a foreign-derived intangible income tax benefit and research and development tax credits.\n\nThe operating margin is a useful metric for AMD as it provides insight into the company's profitability and efficiency in managing its operating costs relative to its net revenue. However, it is important to consider that the operating margin can be influenced by non-operating factors such as acquisitions, which can lead to significant non-cash charges like amortization of intangible assets that may not reflect the ongoing operational performance of the company. Therefore, while operating margin is an important metric, it should be analyzed in conjunction with other financial measures and the specific context of the company's business activities and strategic initiatives.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"gpt-4-1106-preview","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":"According to AMD's 2022 Annual Report (Form 10-K), the change in revenue for the fiscal year 2022 was driven by several factors:\n\n1. Data Center Segment: Revenue for the Data Center segment increased by 64% to $6.0 billion in 2022, compared to $3.7 billion in 2021. This increase was primarily driven by higher sales of AMD's EPYC server processors.\n\n2. Gaming Segment: Revenue for the Gaming segment increased by 21% to $6.8 billion in 2022, compared to $5.6 billion in 2021. The increase in revenue was driven by higher semi-custom product sales due to higher demand for gaming console SoCs, partially offset by lower gaming graphics sales due to a decrease in unit shipments driven by soft consumer demand given weakened macroeconomic conditions experienced in the second half of 2022.\n\n3. Embedded Segment: Revenue for the Embedded segment increased significantly to $4.6 billion in 2022, compared to $246 million in 2021. The significant increase in revenue was primarily driven by the inclusion of Xilinx embedded product sales as a result of the acquisition of Xilinx in February 2022.\n\n4. Client Segment: Revenue for the Client segment decreased by 10% to $6.2 billion in 2022, compared to $6.9 billion in 2021. The decrease in revenue was primarily driven by a 24% decrease in unit shipments due to challenging PC market conditions and significant inventory correction actions across the PC supply chain experienced during the second half of 2022. However, there was a 19% increase in average selling price primarily driven by a richer mix of Ryzen mobile processor sales.\n\nOverall, AMD's net revenue for 2022 was $23.6 billion, an increase of 44% compared to $16.4 billion in 2021. The increase in net revenue was attributed to growth in the Data Center, Gaming, and Embedded segments, partially offset by a decrease in the Client segment.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"gpt-4-1106-preview","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 reported customer concentration in FY22. According to the information provided in the Form 10-K, one customer accounted for 16% of AMD's consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products from AMD's Gaming segment.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"gpt-4-1106-preview","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":"According to the Consolidated Statements of Cash Flows provided in the AMD 10-K report for FY22, operating activities brought in the most cash flow, with net cash provided by operating activities amounting to $3.565 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00563","model_name":"gpt-4-1106-preview","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":"From FY21 to FY22, excluding the Embedded segment, the Data Center segment experienced the most proportional increase in sales. According to the provided data, the Data Center segment's net revenue increased from $3.694 billion in FY21 to $6.043 billion in FY22, which is an increase of approximately 64%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00222","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K for the fiscal year ended December 31, 2022, we can calculate AMD's quick ratio to assess its liquidity profile. The quick ratio is a measure of a company's ability to meet its short-term obligations with its most liquid assets. It is calculated as follows:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the Consolidated Balance Sheets provided:\n\n- Cash and Cash Equivalents = $4,835 million\n- Short-term Investments = $1,020 million (considered as marketable securities)\n- Accounts Receivable, net = $4,126 million\n- Total Current Liabilities = $6,369 million\n\nQuick Ratio = ($4,835 million + $1,020 million + $4,126 million) \/ $6,369 million\nQuick Ratio = $9,981 million \/ $6,369 million\nQuick Ratio \u2248 1.57\n\nA quick ratio of 1.57 indicates that AMD has $1.57 in liquid assets for every $1 of current liabilities, which suggests that AMD has a reasonably healthy liquidity profile, as it has more than enough liquid assets to cover its short-term obligations. Generally, a quick ratio above 1 is considered good as it indicates that the company can pay off its current liabilities without needing to sell inventory or rely on additional financing.\n\nHowever, it's important to note that the quick ratio is just one measure of liquidity, and a comprehensive assessment of a company's liquidity profile would consider additional factors, such as cash flow from operations, the quality and turnover of receivables, upcoming debt maturities, and the overall industry and economic conditions.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00995","model_name":"gpt-4-1106-preview","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":"As of FY22, AMD's major products and services include:\n\n1. Server microprocessors (CPUs) and graphics processing units (GPUs) for data centers.\n2. Data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers.\n3. CPUs and accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers.\n4. Discrete GPUs and semi-custom SoC products and development services.\n5. Embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.\n6. Licensing of portions of its intellectual property (IP) portfolio.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"gpt-4-1106-preview","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":"According to the Consolidated Balance Sheets provided in the filing, the largest liability in American Express's Balance Sheet in 2022 was \"Customer deposits,\" which amounted to $110,239 million (or $110.2 billion).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01981","model_name":"gpt-4-1106-preview","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 provided in the filing, American Express reported an increase in proprietary cards-in-force, which suggests that they were able to retain and possibly grow their card member base during 2022. Specifically, proprietary cards-in-force increased from 71.4 million in 2021 to 76.7 million in 2022, indicating a growth of approximately 7%. This growth in cards-in-force is a positive indicator of card member retention and acquisition.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00476","model_name":"gpt-4-1106-preview","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":"According to the provided text, the debt securities registered to trade on a national securities exchange under American Express' name as of 2022 are:\n\n- Common Shares (par value $0.20 per Share), trading symbol AXP, registered on the New York Stock Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01351","model_name":"gpt-4-1106-preview","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":"The effective tax rate of American Express decreased from 24.6% in FY2021 to 21.6% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"gpt-4-1106-preview","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":"American Water Works paid out $389 million in cash dividends for FY2020. This information is found in the Consolidated Statements of Cash Flows under the section \"CASH FLOWS FROM FINANCING ACTIVITIES,\" specifically in the line item \"Dividends paid.\"","label":"Correct Answer"}
{"financebench_id":"financebench_id_04254","model_name":"gpt-4-1106-preview","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":"To calculate the unadjusted EBITDA for American Water Works for FY2021, we need to add back depreciation and amortization to the operating income as reported on the income statement. \n\nFrom the Consolidated Statements of Operations:\nOperating income for FY2021: $1,196 million\n\nFrom the Consolidated Statements of Cash Flows:\nDepreciation and amortization for FY2021: $636 million\n\nUnadjusted EBITDA for FY2021 = Operating income + Depreciation and amortization\nUnadjusted EBITDA for FY2021 = $1,196 million + $636 million\nUnadjusted EBITDA for FY2021 = $1,832 million\n\nTherefore, American Water Works's FY2021 unadjusted EBITDA is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02608","model_name":"gpt-4-1106-preview","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":"To calculate the 3-year average net profit margin for Best Buy for FY2015 - FY2017, we need to use the net earnings attributable to Best Buy Co., Inc. shareholders and the revenue for each fiscal year from the income statement provided in the filing.\n\nThe net profit margin is calculated as follows:\n\nNet Profit Margin = (Net Earnings \/ Revenue) x 100\n\nUsing the data from the filing:\n\nFY2015:\nNet Earnings = $1,233 million\nRevenue = $40,339 million\nNet Profit Margin = ($1,233 \/ $40,339) x 100 = 3.06%\n\nFY2016:\nNet Earnings = $897 million\nRevenue = $39,528 million\nNet Profit Margin = ($897 \/ $39,528) x 100 = 2.27%\n\nFY2017:\nNet Earnings = $1,228 million\nRevenue = $39,403 million\nNet Profit Margin = ($1,228 \/ $39,403) x 100 = 3.12%\n\nNow, we calculate the 3-year average net profit margin:\n\n3-Year Average Net Profit Margin = (3.06% + 2.27% + 3.12%) \/ 3\n3-Year Average Net Profit Margin = 8.45% \/ 3\n3-Year Average Net Profit Margin = 2.82%\n\nTherefore, the 3-year average net profit margin for Best Buy for FY2015 - FY2017 is 2.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"gpt-4-1106-preview","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":"The year-end FY2019 total amount of inventories for Best Buy is $5,409 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01077","model_name":"gpt-4-1106-preview","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":"In FY2023 and FY2022, Best Buy acquired the following companies:\n\n1. Current Health Ltd. (\"Current Health\") - Acquired on November 2, 2021, Current Health is a care-at-home technology platform. The acquisition was aligned with Best Buy's focus on virtual care and is included in Best Buy's Domestic reportable segment and Services revenue category.\n\n2. Two Peaks, LLC d\/b\/a Yardbird Furniture (\"Yardbird\") - Acquired on November 4, 2021, Yardbird is a direct-to-consumer outdoor furniture company. The acquisition expands Best Buy's assortment in categories like outdoor living.\n\nThere were no acquisitions mentioned for FY2021 in the provided text.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"gpt-4-1106-preview","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":"According to the Consolidated Statements of Cash Flows provided in the financial statements, operating activities brought in the most cash flow for Best Buy in FY2023. The total cash provided by operating activities was $1,824 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K filing for Best Buy Co., Inc., the gross profit as a percentage of revenue (gross margin) for the fiscal years 2023, 2022, and 2021 are as follows:\n\n- Fiscal 2023: Gross profit was $9,912 million, which was 21.4% of revenue.\n- Fiscal 2022: Gross profit was $11,640 million, which was 22.5% of revenue.\n- Fiscal 2021: Gross profit was $10,573 million, which was 22.4% of revenue.\n\nFrom the data above, we can observe that Best Buy's gross margins have been relatively consistent over the past three fiscal years, with a fluctuation of approximately 1.1% between the highest and lowest margin years (22.5% in fiscal 2022 and 21.4% in fiscal 2023). This fluctuation is within the 2% range mentioned in the question, indicating that Best Buy's gross margins have been historically consistent over the period provided.\n\nGross margins are a relevant metric for a company like Best Buy, as they provide insight into the company's profitability from its core retail operations before accounting for other costs such as selling, general, and administrative expenses. Consistent gross margins suggest that the company is maintaining a stable relationship between the cost of goods sold and the revenue generated from those goods, which is important for understanding the company's operational efficiency and pricing strategy.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00288","model_name":"gpt-4-1106-preview","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":"Yes, there was a drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024. According to the provided information, Cash & Cash equivalents were as follows:\n\n- As of January 28, 2023 (end of FY 2023): $1,874 million\n- As of July 29, 2023 (Q2 of FY 2024): $1,093 million\n\nThis indicates a decrease of $781 million in Cash & Cash equivalents from the end of FY 2023 to Q2 of FY 2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04660","model_name":"gpt-4-1106-preview","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":"To calculate the working capital ratio, we need to divide the total current assets by the total current liabilities.\n\nFrom the balance sheet data provided for the year ended December 31, 2016:\n\nTotal current assets = $1,001,425 (in thousands)\nTotal current liabilities = $577,464 (in thousands)\n\nWorking capital ratio = Total current assets \/ Total current liabilities\nWorking capital ratio = $1,001,425 \/ $577,464\nWorking capital ratio = 1.73 (rounded to two decimal places)\n\nTherefore, Block's working capital ratio for FY2016 is 1.73.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07661","model_name":"gpt-4-1106-preview","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":"In FY2020, Block (formerly known as Square) generated $381.6 million in cash flow from operating activities.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03838","model_name":"gpt-4-1106-preview","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":"To calculate the total revenue growth rate for Block (formerly known as Square) from FY2019 to FY2020, we will use the following formula:\n\nGrowth Rate = [(Revenue in FY2020 - Revenue in FY2019) \/ Revenue in FY2019] * 100\n\nFrom the provided financial data, we have:\n\nRevenue in FY2019 = $4,713,500,000 (in thousands, which is $4.7135 billion)\nRevenue in FY2020 = $9,497,578,000 (in thousands, which is $9.497578 billion)\n\nNow, we plug these numbers into the formula:\n\nGrowth Rate = [($9.497578 billion - $4.7135 billion) \/ $4.7135 billion] * 100\nGrowth Rate = [($4.784078 billion) \/ $4.7135 billion] * 100\nGrowth Rate = 1.015 * 100\nGrowth Rate = 101.5%\n\nTherefore, the total revenue growth rate from FY2019 to FY2020 for Block is 101.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"gpt-4-1106-preview","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 Form 10-K for the year ended December 31, 2018, Boeing's year-end net property, plant, and equipment (PP&E) is $12,645 million. This figure can be found in the Consolidated Statements of Financial Position under the section \"Property, Plant and Equipment, net.\"","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"gpt-4-1106-preview","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":"Yes, Boeing has reported ongoing legal battles related to the accidents involving Lion Air Flight 610 and Ethiopian Airlines Flight 302, which involved the 737 MAX aircraft. Additionally, Boeing mentioned a dispute with Embraer S.A. regarding the termination of agreements to establish joint ventures, which is currently in arbitration. Boeing also disclosed that it cannot reasonably estimate a range of loss, if any, that may result from the arbitration or the remaining pending lawsuits or other matters related to the 737 MAX accidents.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"gpt-4-1106-preview","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":"As of FY2022, the primary customers of Boeing include:\n\n1. Commercial airlines worldwide, which purchase Boeing's commercial jet aircraft.\n2. The United States Department of Defense (U.S. DoD), which contracts Boeing for various defense products including manned and unmanned military aircraft, weapons systems, surveillance and engagement systems, strategic defense and intelligence systems, and satellite systems.\n3. Government agencies, including non-U.S. governments, which purchase Boeing's defense, space, and security products and services.\n4. Other commercial and government customers for Boeing Global Services, which provides parts, maintenance, modifications, logistics support, training, data analytics, and information-based services.\n5. Customers in the space exploration sector, including NASA and other entities involved in space travel and satellite operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"gpt-4-1106-preview","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":"Yes, Boeing's business is subject to cyclicality. The demand for commercial aircraft is predominantly driven by long-term trends in airline passenger and cargo traffic, which are influenced by sustained economic growth and political stability in both developed and emerging markets. However, the airline industry, which is a major customer of Boeing, is historically cyclical and has experienced significant fluctuations in profitability due to various factors such as economic downturns, fuel price volatility, terrorism, pandemics, and environmental regulations. These factors can lead to fewer new orders for aircraft or requests to postpone or cancel existing orders, impacting Boeing's revenues and profitability. Additionally, defense spending levels, which affect Boeing's Defense, Space & Security segment, can also be cyclical and subject to changes in government budgets and priorities.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00494","model_name":"gpt-4-1106-preview","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":"Boeing is forecasting the following production rate changes for FY2023:\n\n1. The 787 program is currently producing at low rates and Boeing expects to gradually increase to 5 per month in 2023.\n\n2. Production of the 777X is currently paused and is expected to resume in 2023.\n\n3. The 737 program has experienced operational and supply chain challenges stabilizing production at 31 per month. Boeing plans to gradually increase 737 production rates based on market demand and supply chain capacity.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"gpt-4-1106-preview","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":"Boeing's effective tax rate in FY2022 was (0.6)%, which indicates a tax benefit, compared to an effective tax rate of 14.8% in FY2021, which indicates a tax expense. This shows that Boeing's tax situation changed from having a tax expense in FY2021 to a tax benefit in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03473","model_name":"gpt-4-1106-preview","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":"To calculate the return on assets (ROA) for Coca Cola for FY2017, we need to use the formula:\n\nROA = FY2017 Net Income \/ Average Total Assets for FY2016 and FY2017\n\nFrom the provided financial statements, we can find the following information:\n\nFY2017 Net Income (Net income attributable to shareowners of The Coca-Cola Company) = $1,248 million\n\nFY2016 Total Assets = $87,270 million\nFY2017 Total Assets = $87,896 million\n\nAverage Total Assets for FY2016 and FY2017 = (FY2016 Total Assets + FY2017 Total Assets) \/ 2\nAverage Total Assets for FY2016 and FY2017 = ($87,270 million + $87,896 million) \/ 2\nAverage Total Assets for FY2016 and FY2017 = $87,583 million\n\nNow we can calculate the ROA:\n\nROA = $1,248 million \/ $87,583 million\nROA = 0.01424 or 1.42% (rounded to two decimal places)\n\nTherefore, the ROA for Coca Cola for FY2017 is 1.42%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"gpt-4-1106-preview","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":"To calculate Coca Cola's FY2021 Cost of Goods Sold (COGS) percentage margin, we need to use the following formula:\n\nCOGS % Margin = (COGS \/ Net Operating Revenues) x 100\n\nFrom the provided income statement, we have:\n\nNet Operating Revenues for FY2021 = $38,655 million\nCOGS for FY2021 = $15,357 million\n\nNow, we can calculate the COGS % margin:\n\nCOGS % Margin = ($15,357 million \/ $38,655 million) x 100\nCOGS % Margin = 0.3972 x 100\nCOGS % Margin = 39.72%\n\nTherefore, Coca Cola's FY2021 COGS percentage margin is 39.72%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"gpt-4-1106-preview","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":"To calculate the dividend payout ratio, we use the following formula:\n\nDividend Payout Ratio = Total Cash Dividends Paid \/ Net Income Attributable to Shareowners of The Coca-Cola Company\n\nFrom the Consolidated Statements of Cash Flows, we have:\nTotal Cash Dividends Paid in FY2022 = $7,616 million\n\nFrom the Consolidated Statements of Income, we have:\nNet Income Attributable to Shareowners of The Coca-Cola Company in FY2022 = $9,542 million\n\nNow we can calculate the dividend payout ratio:\nDividend Payout Ratio = $7,616 million \/ $9,542 million\nDividend Payout Ratio = 0.7981 (or 79.81% when expressed as a percentage)\n\nRounded to two decimal places, the dividend payout ratio for FY2022 is 0.80 (or 80.00% when expressed as a percentage).","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"gpt-4-1106-preview","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":"To calculate the Days Payable Outstanding (DPO) for Corning for FY2020, we need to use the formula provided:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFrom the balance sheet, we have the following figures for accounts payable:\n- Accounts payable for FY2019: $1,587 million\n- Accounts payable for FY2020: $1,174 million\n\nAverage Accounts Payable = (Accounts Payable FY2019 + Accounts Payable FY2020) \/ 2\nAverage Accounts Payable = ($1,587 million + $1,174 million) \/ 2\nAverage Accounts Payable = $2,761 million \/ 2\nAverage Accounts Payable = $1,380.5 million\n\nFrom the statement of income, we have the following figures for Cost of Goods Sold (COGS):\n- COGS for FY2020: $7,772 million\n\nFrom the balance sheet, we have the following figures for inventories:\n- Inventories for FY2019: $2,320 million\n- Inventories for FY2020: $2,438 million\n\nChange in Inventory = Inventories FY2020 - Inventories FY2019\nChange in Inventory = $2,438 million - $2,320 million\nChange in Inventory = $118 million\n\nNow we can calculate the DPO:\nDPO = 365 * ($1,380.5 million) \/ ($7,772 million + $118 million)\nDPO = 365 * $1,380.5 million \/ $7,890 million\nDPO = 365 * 0.1749\nDPO = 63.84 days\n\nRounded to two decimal places, the DPO for Corning for FY2020 is 63.84 days.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01346","model_name":"gpt-4-1106-preview","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":"According to the information provided in the Corning Incorporated Annual Report on Form 10-K for the year ended December 31, 2022, the effective tax rate for FY2021 was 20.2%, and for FY2022, it was 22.9%. Therefore, the effective tax rate increased by 2.7 percentage points between FY2021 and FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"gpt-4-1106-preview","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":"According to the balance sheet provided in the filing, Costco had total assets of $59,268 million at the end of FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01244","model_name":"gpt-4-1106-preview","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":"Yes, CVS Health paid dividends to common shareholders in Q2 of FY2022. The quarterly cash dividend during 2022 was $0.55 per share.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"gpt-4-1106-preview","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 provided in the filing, CVS Health appears to be a capital-intensive business. This can be inferred from the following points mentioned in the filing:\n\n1. Capital Expenditures: CVS Health reported gross capital expenditures of approximately $2.7 billion in 2022. This level of capital expenditure indicates that the company is investing a significant amount of money in maintaining and expanding its physical and technological infrastructure, which is characteristic of capital-intensive businesses.\n\n2. Store Development: CVS Health's store development activity, including new, acquired, and closed stores, suggests ongoing investment in physical retail locations, which typically requires substantial capital.\n\n3. Investment in Technology and Strategic Initiatives: The filing mentions that a significant portion of the company's total capital expenditures is for technology, digital, and other strategic initiatives. This further supports the notion that CVS Health is investing heavily in its operational capabilities, which is common in capital-intensive industries.\n\n4. Assets: The company holds a substantial amount of assets, including property and equipment, which are typical of capital-intensive businesses that require significant upfront investment to generate revenues.\n\n5. Operating Lease Liabilities: CVS Health has operating lease liabilities of $24.039 billion, indicating a significant investment in long-term assets that are essential for its operations.\n\nGiven these factors, it is reasonable to conclude that CVS Health operates a capital-intensive business, requiring significant investment in physical assets and technology to support its operations in the health solutions industry.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"gpt-4-1106-preview","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":"Yes, based on the voting results provided in the filing, there were board member nominees who had substantially more votes against their election than others. Specifically, Richard A. Johnson received a notably higher number of votes against his election to the Board of Directors, with 16,105,005 votes against, compared to the other nominees whose votes against ranged from 294,935 to 6,074,467. This indicates that Richard A. Johnson faced more opposition than the other nominees listed in the filing.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00839","model_name":"gpt-4-1106-preview","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":"Yes, Foot Locker's new CEO, Mary N. Dillon, has previous CEO experience in a company that, while not identical to Foot Locker, is in the retail sector and shares similarities in terms of being a consumer-driven business. Mary N. Dillon served as the Chief Executive Officer of Ulta Beauty, Inc., a leading beauty destination in the U.S. and a successful omni-channel retailer. Her experience at Ulta Beauty involved leading a consumer-focused business and overseeing significant growth, which is relevant to her role at Foot Locker, a specialty athletic retailer.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"gpt-4-1106-preview","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":"To calculate the cash conversion cycle (CCC) for General Mills for FY2019, we need to first calculate the Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), and Days Payable Outstanding (DPO) using the formulas provided and the financial data from the income statement and balance sheet.\n\nFrom the financial statements provided in the filing:\n\nFY2019 Revenue (Net sales): $16,865.2 million\nFY2019 Cost of Goods Sold (COGS): $11,108.4 million\nFY2018 Inventory: $1,642.2 million\nFY2019 Inventory: $1,559.3 million\nFY2018 Accounts Receivable: $1,684.2 million\nFY2019 Accounts Receivable: $1,679.7 million\nFY2018 Accounts Payable: $2,746.2 million\nFY2019 Accounts Payable: $2,854.1 million\n\nFirst, we calculate the average inventory, accounts receivable, and accounts payable:\n\nAverage Inventory = (FY2018 Inventory + FY2019 Inventory) \/ 2\nAverage Inventory = ($1,642.2 million + $1,559.3 million) \/ 2\nAverage Inventory = $1,600.75 million\n\nAverage Accounts Receivable = (FY2018 Accounts Receivable + FY2019 Accounts Receivable) \/ 2\nAverage Accounts Receivable = ($1,684.2 million + $1,679.7 million) \/ 2\nAverage Accounts Receivable = $1,681.95 million\n\nAverage Accounts Payable = (FY2018 Accounts Payable + FY2019 Accounts Payable) \/ 2\nAverage Accounts Payable = ($2,746.2 million + $2,854.1 million) \/ 2\nAverage Accounts Payable = $2,800.15 million\n\nNext, we calculate DIO, DSO, and DPO:\n\nDIO = 365 * Average Inventory \/ FY2019 COGS\nDIO = 365 * $1,600.75 million \/ $11,108.4 million\nDIO = 52.71 days\n\nDSO = 365 * Average Accounts Receivable \/ FY2019 Revenue\nDSO = 365 * $1,681.95 million \/ $16,865.2 million\nDSO = 36.38 days\n\nChange in Inventory = FY2019 Inventory - FY2018 Inventory\nChange in Inventory = $1,559.3 million - $1,642.2 million\nChange in Inventory = -$82.9 million\n\nDPO = 365 * Average Accounts Payable \/ (FY2019 COGS + Change in Inventory)\nDPO = 365 * $2,800.15 million \/ ($11,108.4 million + (-$82.9 million))\nDPO = 365 * $2,800.15 million \/ $11,025.5 million\nDPO = 92.85 days\n\nFinally, we calculate the CCC:\n\nCCC = DIO + DSO - DPO\nCCC = 52.71 days + 36.38 days - 92.85 days\nCCC = -3.76 days\n\nThe cash conversion cycle (CCC) for General Mills for FY2019 is -3.76 days.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03471","model_name":"gpt-4-1106-preview","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":"To calculate the working capital ratio, we need to divide total current assets by total current liabilities. From the Consolidated Balance Sheets provided in the financial statements:\n\nTotal current assets as of May 31, 2020: $5,121.3 million\nTotal current liabilities as of May 31, 2020: $7,491.5 million\n\nWorking capital ratio = Total current assets \/ Total current liabilities\nWorking capital ratio = $5,121.3 million \/ $7,491.5 million\nWorking capital ratio = 0.68 (rounded to two decimal places)","label":"Correct Answer"}
{"financebench_id":"financebench_id_04854","model_name":"gpt-4-1106-preview","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":"According to the information provided in the statement of cash flows, the FY2020 free cash flow (FCF) for General Mills is calculated as follows:\n\nNet cash provided by operating activities (FY2020): $3,676.2 million\nPurchases of land, buildings, and equipment (CapEx) (FY2020): $(460.8) million\n\nFree Cash Flow (FCF) = Net cash provided by operating activities - CapEx\nFCF = $3,676.2 million - $(460.8) million\nFCF = $3,215.4 million\n\nTherefore, the FY2020 free cash flow (FCF) for General Mills is $3,215.4 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10136","model_name":"gpt-4-1106-preview","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":"To calculate the retention ratio for General Mills for FY2022, we need to use the following formula:\n\nRetention Ratio = (Net Income - Dividends Paid) \/ Net Income\n\nFrom the Consolidated Statements of Earnings, we have:\nNet earnings attributable to General Mills for FY2022 = $2,707.3 million\n\nFrom the Consolidated Statements of Cash Flows, we have:\nDividends paid for FY2022 = $1,244.5 million\n\nNow we can plug these numbers into the formula:\n\nRetention Ratio = ($2,707.3 million - $1,244.5 million) \/ $2,707.3 million\nRetention Ratio = $1,462.8 million \/ $2,707.3 million\nRetention Ratio = 0.5404 or 54.04% (rounded to two decimal places)\n\nTherefore, the retention ratio for General Mills for FY2022 is 54.04%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00651","model_name":"gpt-4-1106-preview","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":"No, the growth in Johnson & Johnson's adjusted EPS (Earnings Per Share) is not expected to accelerate in FY2023. According to the provided information, the adjusted EPS for FY2022 was $10.15, which represented an increase of 3.6% from the previous year. For FY2023, the company guides an adjusted operational EPS of $10.50, reflecting growth of 3.5%. This indicates a slight deceleration in the growth rate of adjusted EPS compared to the previous year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"gpt-4-1106-preview","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":"In FY2022, Johnson & Johnson's U.S. sales growth was reported at 3.0%, as the sales increased from $47.156 billion in 2021 to $48.580 billion in 2022. In contrast, international sales saw a decrease of 0.6%, with sales changing from $46.619 billion in 2021 to $46.363 billion in 2022.\n\nTherefore, the U.S. sales growth was positive, while the international sales experienced a slight decline.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00956","model_name":"gpt-4-1106-preview","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 the information provided in the filing, Johnson & Johnson's (J&J) FY2022 financials do not indicate that it is a high growth company. The company experienced a sales increase of 1.3% in 2022 compared to an increase of 13.6% in 2021. This level of sales growth is modest and more characteristic of a mature company rather than a high growth company, which typically sees much higher rates of revenue expansion.\n\nFurthermore, the five-year compound annual growth rates for worldwide, U.S., and international sales were 4.4%, 4.0%, and 4.9%, respectively, while the ten-year compound annual growth rates for worldwide, U.S., and international sales were 3.5%, 5.0%, and 2.2%, respectively. These growth rates are relatively stable and consistent with a mature company that has established market positions rather than a high growth company, which would typically exhibit much higher and potentially more volatile growth rates.\n\nIt's also important to note that J&J is a diversified healthcare company with a broad range of products in the healthcare field, which can lead to more stable but slower growth rates compared to younger, more focused high growth companies.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"gpt-4-1106-preview","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":"The change in gross margin for Johnson & Johnson (J&J) in FY2022 was driven by several factors, as indicated in the Management's Discussion and Analysis of Results of Operations and Financial Condition section of their Form 10-K filing. Here are the key factors that influenced the gross margin:\n\n1. One-time COVID-19 Vaccine Manufacturing Exit Related Costs: J&J incurred significant one-time costs related to the exit of COVID-19 vaccine manufacturing, which negatively impacted the cost of products sold and, consequently, the gross margin.\n\n2. Currency Impacts: The company faced negative currency impacts, particularly in the Pharmaceutical segment, which affected the cost of products sold and gross margin.\n\n3. Commodity Inflation: J&J experienced commodity inflation in the MedTech and Consumer Health segments, which increased the cost of products sold and put pressure on the gross margin.\n\n4. Supply Chain Benefits: On the positive side, J&J realized supply chain benefits in the Consumer Health segment, which helped to mitigate some of the negative impacts on the gross margin.\n\nIt's important to note that while gross margin is a useful metric for many companies, including J&J, it may not fully capture the financial performance of a diversified healthcare company. This is because J&J operates across different segments\u2014Consumer Health, Pharmaceutical, and MedTech\u2014each with its own cost structures, pricing strategies, and market dynamics. Therefore, while gross margin provides insight into the profitability of J&J's products, other metrics such as segment income before tax, research and development expenses, and the performance of specific franchises within each segment can also provide valuable information about the company's overall financial health and operational efficiency.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00711","model_name":"gpt-4-1106-preview","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":"To calculate the inventory turnover ratio for Johnson & Johnson (JnJ) for FY2022, we need to use the following formula:\n\nInventory Turnover Ratio = Cost of Goods Sold (COGS) \/ Average Inventory\n\nFrom the provided financial statements, we can find the necessary figures to perform this calculation.\n\nAccording to the Consolidated Statements of Earnings for FY2022, the Cost of Goods Sold (COGS) is $31,089 million.\n\nTo calculate the average inventory, we take the inventory at the beginning of the year and the inventory at the end of the year, add them together, and divide by 2. From the Consolidated Balance Sheets, we have the following inventory figures:\n\nInventory at the end of FY2022: $12,483 million\nInventory at the end of FY2021: $10,387 million (this would be the beginning inventory for FY2022)\n\nAverage Inventory = (Inventory at the end of FY2021 + Inventory at the end of FY2022) \/ 2\nAverage Inventory = ($10,387 million + $12,483 million) \/ 2\nAverage Inventory = $22,870 million \/ 2\nAverage Inventory = $11,435 million\n\nNow we can calculate the Inventory Turnover Ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $31,089 million \/ $11,435 million\nInventory Turnover Ratio \u2248 2.72\n\nThis means that Johnson & Johnson turned over its inventory approximately 2.72 times during FY2022.\n\nIt's important to note that while the inventory turnover ratio provides insight into how efficiently a company manages its inventory, the ratio can vary significantly across different industries. For a diversified healthcare company like Johnson & Johnson, which deals with a wide range of products, some of which may have longer shelf lives or different sales cycles, the inventory turnover ratio should be interpreted within the context of the industry and the specific mix of products the company offers.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01487","model_name":"gpt-4-1106-preview","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":"Yes, Johnson & Johnson's net earnings as a percent of sales increased in Q2 of FY2023 compared to Q2 of FY2022. According to the provided data:\n\n- In Q2 of FY2022, the net earnings were $4,814 million, and the sales were $24,020 million, which results in net earnings as a percent of sales of approximately 20.0% (calculated as $4,814 million \/ $24,020 million * 100).\n\n- In Q2 of FY2023, the net earnings were $5,144 million, and the sales were $25,530 million, which results in net earnings as a percent of sales of approximately 20.1% (calculated as $5,144 million \/ $25,530 million * 100).\n\nThe increase is from 20.0% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"gpt-4-1106-preview","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":"From August 30, 2023, onward, Johnson & Johnson's Consumer Health business will be treated as a discontinued operation. This is due to the completion of the exchange offer to finalize the separation of Kenvue Inc., which was formerly Johnson & Johnson\u2019s Consumer Health business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"gpt-4-1106-preview","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":"As of August 30, 2023, Johnson & Johnson will present its Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"gpt-4-1106-preview","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":"As of August 30, 2023, Johnson & Johnson realized $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00394","model_name":"gpt-4-1106-preview","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":"According to the Consolidated Statements of Income provided in the filing, in 2022 Q2, the business segment with the highest net income was the Corporate & Investment Bank (CIB) with a net income of $3,725 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00206","model_name":"gpt-4-1106-preview","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":"For a company like JPMorgan Chase & Co., which operates in the financial services industry, gross margins are not a relevant metric. Gross margin is a term more commonly used in the manufacturing and retail sectors to indicate the difference between revenue and the cost of goods sold, expressed as a percentage of revenue. It measures how much a company earns taking into consideration the costs that it incurs for producing its goods or services.\n\nIn contrast, financial services companies like JPMorgan Chase generate revenue primarily through interest income from loans, fees for services provided, and returns on investment activities, rather than through the sale of physical goods. Therefore, the concept of \"cost of goods sold\" does not apply in the same way it does for a manufacturing or retail company.\n\nInstead of gross margins, financial institutions typically focus on metrics such as net interest income, noninterest income, net income, return on assets (ROA), return on equity (ROE), efficiency ratio, and net interest margin (NIM). These metrics provide insights into the profitability, operational efficiency, and financial health of a bank or financial institution.\n\nFor JPMorgan Chase, as detailed in the provided text, the focus is on net revenue, noninterest expense, pre-provision profit, provision for credit losses, net income, and various capital and liquidity ratios. These figures are more indicative of the company's financial performance and are closely monitored by management, investors, and analysts to assess the company's success and stability in the financial sector.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"gpt-4-1106-preview","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":"Yes, the risk that JPMorgan Chase faced, as measured by Value-at-Risk (VaR), decreased in the second fiscal quarter of 2023 compared to the same period in the prior year. According to the Market Risk Management section, the average total VaR for the three months ended June 30, 2023, was $47 million, which was lower than the average total VaR of $54 million for the three months ended June 30, 2022. This indicates a reduction in the estimated potential loss from adverse market moves in the current market environment at a 95% confidence level.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"gpt-4-1106-preview","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":"To calculate the inventory turnover ratio for Kraft Heinz's FY2019, we need to use the Cost of Goods Sold (COGS) for FY2019 and the average inventory between FY2018 and FY2019.\n\nFrom the provided information, we have:\n\nFY2019 COGS = $16,830 million (from the Consolidated Statements of Income)\nFY2018 Inventory = $2,667 million (from the Consolidated Balance Sheets)\nFY2019 Inventory = $2,721 million (from the Consolidated Balance Sheets)\n\nTo find the average inventory, we add the inventory at the beginning of the period (FY2018 Inventory) to the inventory at the end of the period (FY2019 Inventory) and divide by 2:\n\nAverage Inventory = (FY2018 Inventory + FY2019 Inventory) \/ 2\nAverage Inventory = ($2,667 million + $2,721 million) \/ 2\nAverage Inventory = $5,388 million \/ 2\nAverage Inventory = $2,694 million\n\nNow we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = FY2019 COGS \/ Average Inventory\nInventory Turnover Ratio = $16,830 million \/ $2,694 million\nInventory Turnover Ratio \u2248 6.25\n\nTherefore, Kraft Heinz's FY2019 inventory turnover ratio is approximately 6.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"gpt-4-1106-preview","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":"To calculate the asset turnover ratio for Lockheed Martin for FY2020, we need to use the following formula:\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets (FY2019 and FY2020)\n\nFrom the provided information:\n\nFY2020 Revenue = $65,398 million (from the Consolidated Statements of Earnings)\n\nTotal Assets at the end of FY2019 = $47,528 million (from the Consolidated Balance Sheets)\nTotal Assets at the end of FY2020 = $50,710 million (from the Consolidated Balance Sheets)\n\nNow we calculate the average total assets between FY2019 and FY2020:\n\nAverage Total Assets = (Total Assets at the end of FY2019 + Total Assets at the end of FY2020) \/ 2\nAverage Total Assets = ($47,528 million + $50,710 million) \/ 2\nAverage Total Assets = $98,238 million \/ 2\nAverage Total Assets = $49,119 million\n\nNow we can calculate the asset turnover ratio:\n\nAsset Turnover Ratio = $65,398 million \/ $49,119 million\nAsset Turnover Ratio \u2248 1.33\n\nTherefore, Lockheed Martin's asset turnover ratio for FY2020 is approximately 1.33.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03031","model_name":"gpt-4-1106-preview","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 balance sheet for the fiscal year ended December 31, 2021, Lockheed Martin's net working capital can be calculated as follows:\n\nTotal Current Assets (2021): $19,815 million\nTotal Current Liabilities (2021): $13,997 million\n\nNet Working Capital = Total Current Assets - Total Current Liabilities\nNet Working Capital = $19,815 million - $13,997 million\nNet Working Capital = $5,818 million\n\nTherefore, Lockheed Martin's net working capital for FY2021 is $5,818 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"gpt-4-1106-preview","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":"To calculate the 2-year Compound Annual Growth Rate (CAGR) for Lockheed Martin's total revenue from FY2020 to FY2022, we will use the following formula:\n\nCAGR = (Ending Value \/ Beginning Value)^(1 \/ Number of Years) - 1\n\nFrom the provided financial data, we have:\n\n- Beginning Value (FY2020 Total Revenue): $65,398 million\n- Ending Value (FY2022 Total Revenue): $65,984 million\n- Number of Years: 2\n\nPlugging these values into the CAGR formula:\n\nCAGR = ($65,984 million \/ $65,398 million)^(1 \/ 2) - 1\nCAGR = (1.00896)^(0.5) - 1\nCAGR = (1.00447) - 1\nCAGR = 0.00447 or 0.447%\n\nTherefore, Lockheed Martin's 2-year total revenue CAGR from FY2020 to FY2022 is approximately 0.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04171","model_name":"gpt-4-1106-preview","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":"The year-end FY2018 amount of accounts payable for MGM Resorts is $302.6 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00382","model_name":"gpt-4-1106-preview","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":"According to the provided financial and operating results, the Las Vegas Strip Resorts had the highest Adjusted Property EBITDAR contribution for MGM during FY2022. The Adjusted Property EBITDAR for Las Vegas Strip Resorts was $3.1 billion for the full year 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"gpt-4-1106-preview","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":"According to the provided text, MGM China had the worst topline performance for MGM during FY2022. The net revenues for MGM China were $674 million in the current year compared to $1.2 billion in the prior year, a decrease of 44%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01254","model_name":"gpt-4-1106-preview","eval_mode":"inContext_reverse","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":"Yes, MGM Resorts paid dividends to common shareholders in FY2022. According to the consolidated statements of stockholders' equity, dividends declared and paid to common shareholders were $4 million for the year ended December 31, 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"gpt-4-1106-preview","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":"According to the consolidated financial statements provided in the filing, the largest investment among the short-term investments for MGM in H1 FY2023 was in Corporate bonds. The amount invested in Corporate bonds was $416,420,000 as of June 30, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04700","model_name":"gpt-4-1106-preview","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":"The FY2016 COGS (Cost of Goods Sold) for Microsoft is $32,780 million USD. This information is found in the Income Statements section of the Form 10-K filing, under the \"Total cost of revenue\" line item.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"gpt-4-1106-preview","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":"No, Microsoft has not increased its debt on the balance sheet between FY2023 and the FY2022 period. In fact, the total debt decreased from $49.8 billion as of June 30, 2022, to $47.2 billion as of June 30, 2023. This is reflected in the long-term debt figures reported in Note 11 \u2014 Debt of the financial statements.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04458","model_name":"gpt-4-1106-preview","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":"To calculate the unadjusted EBITDA % margin for Netflix for the fiscal year 2015, we need to find the EBITDA in dollar terms and then express it as a percentage of total revenues.\n\nEBITDA is calculated as:\nEBITDA = Operating Income + Depreciation & Amortization\n\nFrom the Consolidated Statements of Operations for the year ended December 31, 2015:\nOperating Income = $305,826,000\n\nFrom the Consolidated Statements of Cash Flows for the year ended December 31, 2015:\nDepreciation & Amortization = $62,283,000 (This is the line item \"Depreciation and amortization of property, equipment and intangibles\")\n\nTherefore, EBITDA for FY2015 is:\nEBITDA = $305,826,000 + $62,283,000\nEBITDA = $368,109,000\n\nNow, we need to calculate the EBITDA margin as a percentage of total revenues.\n\nFrom the Consolidated Statements of Operations for the year ended December 31, 2015:\nTotal Revenues = $6,779,511,000\n\nEBITDA % margin is calculated as:\nEBITDA % margin = (EBITDA \/ Total Revenues) * 100\nEBITDA % margin = ($368,109,000 \/ $6,779,511,000) * 100\nEBITDA % margin = 5.43%\n\nTherefore, the unadjusted EBITDA % margin for Netflix for the fiscal year 2015 is approximately 5.43%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03282","model_name":"gpt-4-1106-preview","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":"Netflix's year end FY2017 total current liabilities are $5,466,312,000 (in USD millions, this would be $5,466.312 million). This information is found in the Consolidated Balance Sheets section of the filing.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"gpt-4-1106-preview","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":"To calculate the three-year average of cost of goods sold (COGS) as a percentage of revenue for Nike from FY2016 to FY2018, we need to use the following formula for each year:\n\n(COGS \/ Revenue) x 100 = COGS as a % of Revenue\n\nWe will then sum up the percentages for each year and divide by 3 to get the three-year average.\n\nUsing the provided data:\n\nFor FY2016:\nCOGS = $17,405 million\nRevenue = $32,376 million\nCOGS as a % of Revenue = ($17,405 \/ $32,376) x 100\n\nFor FY2017:\nCOGS = $19,038 million\nRevenue = $34,350 million\nCOGS as a % of Revenue = ($19,038 \/ $34,350) x 100\n\nFor FY2018:\nCOGS = $20,441 million\nRevenue = $36,397 million\nCOGS as a % of Revenue = ($20,441 \/ $36,397) x 100\n\nNow we calculate the percentages:\n\nFY2016 COGS % = ($17,405 \/ $32,376) x 100 = 53.8%\nFY2017 COGS % = ($19,038 \/ $34,350) x 100 = 55.4%\nFY2018 COGS % = ($20,441 \/ $36,397) x 100 = 56.2%\n\nThree-year average COGS % = (53.8% + 55.4% + 56.2%) \/ 3\nThree-year average COGS % = (165.4%) \/ 3\nThree-year average COGS % = 55.1%\n\nTherefore, Nike's three-year average of cost of goods sold as a percentage of revenue from FY2016 to FY2018 is approximately 55.1%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"gpt-4-1106-preview","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":"According to the balance sheet, Nike had total current assets of $16,525 million at the end of FY2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04080","model_name":"gpt-4-1106-preview","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":"To calculate the inventory turnover ratio for Nike in FY2021, we need to use the following formula:\n\nInventory Turnover Ratio = Cost of Goods Sold (COGS) \/ Average Inventory\n\nFrom the provided financial statements, we have:\n\nFY2021 COGS = $24,576 million (from the Consolidated Statements of Income)\nFY2020 Ending Inventory = $7,367 million (from the Consolidated Balance Sheets)\nFY2021 Ending Inventory = $6,854 million (from the Consolidated Balance Sheets)\n\nNext, we calculate the average inventory between FY2020 and FY2021:\n\nAverage Inventory = (FY2020 Ending Inventory + FY2021 Ending Inventory) \/ 2\nAverage Inventory = ($7,367 million + $6,854 million) \/ 2\nAverage Inventory = $14,221 million \/ 2\nAverage Inventory = $7,110.5 million\n\nNow we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = FY2021 COGS \/ Average Inventory\nInventory Turnover Ratio = $24,576 million \/ $7,110.5 million\nInventory Turnover Ratio = 3.45 (rounded to two decimal places)\n\nTherefore, the inventory turnover ratio for Nike in FY2021 is 3.45.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"gpt-4-1106-preview","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":"In FY2023, operations brought in the most cash flow for Nike, with an inflow of $5,841 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04980","model_name":"gpt-4-1106-preview","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 details provided in the statement of cash flows for PepsiCo's fiscal year 2021, the capital expenditure amount is $4.625 billion USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"gpt-4-1106-preview","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":"To calculate the unadjusted EBITDA % margin for PepsiCo for FY2022, we need to first calculate the unadjusted EBITDA using the unadjusted operating income and depreciation and amortization (D&A) expenses.\n\nFrom the Consolidated Statement of Income for FY2022:\nOperating Profit (unadjusted operating income) = $11,512 million\n\nFrom the Consolidated Statement of Cash Flows for FY2022:\nDepreciation and amortization = $2,763 million\n\nNow, we calculate the unadjusted EBITDA:\nUnadjusted EBITDA = Operating Profit + Depreciation and Amortization\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n\nNext, we need to find the net revenue to calculate the EBITDA % margin:\nNet Revenue for FY2022 = $86,392 million\n\nFinally, we calculate the unadjusted EBITDA % margin:\nUnadjusted EBITDA % Margin = (Unadjusted EBITDA \/ Net Revenue) * 100\nUnadjusted EBITDA % Margin = ($14,275 million \/ $86,392 million) * 100\nUnadjusted EBITDA % Margin \u2248 16.52%\n\nTherefore, the unadjusted EBITDA % margin for PepsiCo for FY2022 is approximately 16.52%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"gpt-4-1106-preview","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":"To calculate the unadjusted EBITDA less capex for PepsiCo for FY2022, we will use the following formula:\n\nUnadjusted EBITDA = Unadjusted Operating Income + Depreciation and Amortization\nUnadjusted EBITDA less Capex = Unadjusted EBITDA - Capital Spending\n\nFrom the Consolidated Statement of Income provided in the filing, we have:\nUnadjusted Operating Income (Operating Profit) for FY2022 = $11,512 million\n\nFrom the Consolidated Statement of Cash Flows provided in the filing, we have:\nDepreciation and Amortization for FY2022 = $2,763 million\nCapital Spending (Capex) for FY2022 = $5,207 million\n\nNow, let's calculate the unadjusted EBITDA and then subtract Capex:\n\nUnadjusted EBITDA = $11,512 million (Operating Income) + $2,763 million (Depreciation and Amortization)\nUnadjusted EBITDA = $14,275 million\n\nUnadjusted EBITDA less Capex = $14,275 million (Unadjusted EBITDA) - $5,207 million (Capex)\nUnadjusted EBITDA less Capex = $9,068 million\n\nTherefore, the unadjusted EBITDA less capex for PepsiCo for FY2022 is $9,068 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01328","model_name":"gpt-4-1106-preview","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":"The quantity of restructuring costs directly outlined in PepsiCo's income statements for FY2022 is $411 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"gpt-4-1106-preview","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":"As of FY2023Q1, PepsiCo raised its full-year guidance for core constant currency EPS growth by 1 percentage point, from previously 8 percent to now expect 9 percent.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"gpt-4-1106-preview","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":"As of FY2023Q1, PepsiCo raised its full-year guidance for FY2023 due to a strong start to the year, with their categories and geographies showing resilience. The company reported a higher-than-expected organic revenue growth of 14.3% for the first quarter, leading them to increase their full-year 2023 organic revenue growth expectation from 6% to 8%. Additionally, they raised their core constant currency EPS (earnings per share) growth projection from 8% to 9%.\n\nChairman and CEO Ramon Laguarta attributed this positive outlook to the successful investments made by the company to become a \"Faster, Stronger, and Better\" organization through their strategic agenda, Winning with pep+. These investments in their people, brands, supply chain, go-to-market systems, and digitization initiatives are expected to lay the foundation for durable and sustainable growth, thus giving the company confidence to raise its full-year guidance for 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"gpt-4-1106-preview","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":"At the PepsiCo AGM held on May 3, 2023, the shareholder proposal regarding a congruency report on net-zero emissions policies was defeated. The voting results were as follows:\n\n- For: 19,718,780\n- Against: 977,228,788\n- Abstain: 23,200,321\n- Broker Non-Votes: 172,969,325","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"gpt-4-1106-preview","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":"PepsiCo increased its unsecured five year revolving credit agreement by $400,000,000 on May 26, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"gpt-4-1106-preview","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":"Yes, Pfizer grew its Property, Plant, and Equipment (PP&E) between FY20 and FY21. According to the Consolidated Balance Sheets provided in the filing, the Property, Plant, and Equipment (net of accumulated depreciation) was $13.745 billion as of December 31, 2020, and increased to $14.882 billion as of December 31, 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02416","model_name":"gpt-4-1106-preview","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":"The three main companies acquired by Pfizer mentioned in this 10K report are:\n\n1. Trillium Therapeutics Inc. - Acquired on November 17, 2021, for a total consideration of $2.0 billion, net of cash acquired.\n2. Array BioPharma Inc. - Acquired on July 30, 2019, for a total fair value of the consideration transferred of $11.2 billion ($10.9 billion, net of cash acquired).\n3. Therachon Holding AG - Acquired on July 1, 2019, for a total fair value of the consideration transferred of $322 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00702","model_name":"gpt-4-1106-preview","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":"Yes, in 2019, Pfizer completed a transaction in which it and GlaxoSmithKline (GSK) combined their respective consumer healthcare businesses into a new joint venture (JV) that operates globally under the GSK Consumer Healthcare name. Pfizer received a 32% equity stake in the new company. Upon closing, Pfizer deconsolidated its Consumer Healthcare business and 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 its 32% equity stake and the carrying value of its Consumer Healthcare business. This gain significantly increased Pfizer's net income for 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"gpt-4-1106-preview","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":"According to the information provided in the Form 10-Q, the geographic region that had the biggest drop in Q2 2023 year-over-year revenues (on a percentage basis) for Pfizer was the \"Developed Rest of World,\" which experienced a 74% decrease in revenues from $5,034 million in Q2 2022 to $1,305 million in Q2 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00601","model_name":"gpt-4-1106-preview","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":"The reduction in Selling, General, and Administrative (SG&A) expenses as a percent of net sales in FY2023 was primarily due to leverage of marketing expenses and incentive compensation due to higher sales, partially offset by deleverage of store payroll and benefits due to wage investments and deleverage in corporate overhead due to strategic investments. \n\nIn simpler terms, the company was able to spread its marketing and incentive compensation costs over a larger sales base, which improved efficiency and reduced the percentage of SG&A expenses relative to net sales. However, this was somewhat counterbalanced by increased spending on store payroll and benefits, as well as higher corporate overhead costs associated with strategic investments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"gpt-4-1106-preview","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":"The increase in Ulta Beauty's merchandise inventories balance at the end of FY2022 (not FY2023 as mentioned in the question) 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.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00746","model_name":"gpt-4-1106-preview","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":"According to the filing, the securities registered pursuant to Section 12(b) of the Act under Ulta Beauty's name for the fiscal year ended January 28, 2023, are:\n\nTitle of each class: Common stock, par value $0.01 per share\nTrading symbol: ULTA\nName of each exchange on which registered: The NASDAQ Global Select Market\n\nNo other debt securities are listed in the filing as being registered to trade on a national securities exchange under Ulta Beauty's name for the fiscal year ended January 28, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K for Ulta Beauty, Inc., there were no major acquisitions reported for fiscal years 2023 and 2022. The financial statements and notes do not disclose any significant acquisitions during these periods.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"gpt-4-1106-preview","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":"According to the information provided in the filing, the derivative instrument that Verizon used to manage exposure to fluctuations of foreign currencies exchange rates or interest rates with the highest notional value in FY 2021 was the \"Cross Currency Swaps.\" The notional value of the cross currency swaps was $32,502 million as of December 31, 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"gpt-4-1106-preview","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":"According to the information provided in the \"Estimated Future Benefit Payments\" section of Note 11 in Verizon's 2021 Annual Report, Verizon expected to pay $1,097 million for pension benefits and $862 million for health care and life benefits for its retirees in 2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00215","model_name":"gpt-4-1106-preview","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":"Yes, Verizon is a capital-intensive business based on FY 2022 data. According to the information provided in the filing, Verizon made significant capital investments in 2022, including $23.1 billion for capital expenditures, which included approximately $6.2 billion in C-Band related capital expenditures. Capital-intensive businesses typically require large investments in physical assets such as property, plant, and equipment to operate and grow, and Verizon's substantial capital expenditures reflect such a requirement.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"gpt-4-1106-preview","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":"The quick ratio is a financial metric used to evaluate a company's short-term liquidity position by measuring its ability to cover its current liabilities with its most liquid assets. The quick ratio is calculated by taking the sum of cash, cash equivalents, marketable securities, and accounts receivable, then dividing by current liabilities.\n\nBased on the information provided in the filing, we can calculate Verizon's quick ratio for FY 2022 using the following formula:\n\nQuick Ratio = (Cash and Cash Equivalents + Accounts Receivable, Net) \/ Total Current Liabilities\n\nFrom the filing, we have the following values as of December 31, 2022:\n- Cash and Cash Equivalents: $2,605 million\n- Accounts Receivable, Net: $24,506 million\n- Total Current Liabilities: $50,171 million\n\nQuick Ratio = ($2,605 million + $24,506 million) \/ $50,171 million\nQuick Ratio = $27,111 million \/ $50,171 million\nQuick Ratio \u2248 0.54\n\nA quick ratio of 1 or higher is generally considered to indicate that a company has enough liquid assets to cover its current liabilities. A quick ratio of less than 1 may suggest that a company could struggle to meet its short-term obligations without selling inventory or obtaining additional financing.\n\nFor Verizon, the quick ratio of approximately 0.54 indicates that the company's most liquid assets would not fully cover its current liabilities as of the end of FY 2022. However, it's important to note that the quick ratio is just one measure of liquidity, and companies in different industries may have different standards for what is considered a healthy quick ratio. Additionally, companies like Verizon, which have stable cash flows and access to capital markets, may operate comfortably with a lower quick ratio.\n\nIn conclusion, while Verizon's quick ratio is below 1, suggesting a potential liquidity concern if viewed in isolation, it is not necessarily indicative of an unhealthy liquidity profile. Other factors, such as the company's ability to generate cash from operations, its access to credit, and the nature of its liabilities, should also be considered to assess its overall liquidity health.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00566","model_name":"gpt-4-1106-preview","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 information provided in the financial statements, Verizon's total debt on the balance sheet decreased between the 2021 and 2022 fiscal periods. Specifically, the total debt was $150.9 billion at the end of 2021 and decreased to $150.6 billion at the end of 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04784","model_name":"gpt-4-1106-preview","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":"The unadjusted operating income % margin for Walmart can be calculated using the operating income and net sales figures from the statement of income.\n\nFor FY2018:\nOperating Income = $20,437 million\nNet Sales = $495,761 million\nOperating Income % Margin = (Operating Income \/ Net Sales) * 100\nOperating Income % Margin FY2018 = ($20,437 \/ $495,761) * 100 \u2248 4.1%\n\nFor FY2019:\nOperating Income = $21,957 million\nNet Sales = $510,329 million\nOperating Income % Margin = (Operating Income \/ Net Sales) * 100\nOperating Income % Margin FY2019 = ($21,957 \/ $510,329) * 100 \u2248 4.3%\n\nChange in Operating Income % Margin from FY2018 to FY2019:\nChange = Operating Income % Margin FY2019 - Operating Income % Margin FY2018\nChange = 4.3% - 4.1% = 0.2%\n\nTherefore, the change in unadjusted operating income % margin for Walmart from FY2018 to FY2019 is 0.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"gpt-4-1106-preview","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":"To calculate the unadjusted EBITDA % margin for Walmart for FY2018 - FY2020, we need to find the unadjusted EBITDA for each year and then divide it by the net sales for that year. The formula for unadjusted EBITDA is:\n\nUnadjusted EBITDA = Operating Income + Depreciation and Amortization\n\nThe EBITDA % margin is then calculated as:\n\nEBITDA % margin = (Unadjusted EBITDA \/ Net Sales) * 100\n\nUsing the data provided in the filing:\n\nFor FY2018:\nOperating Income = $20,437 million\nDepreciation and Amortization = $10,529 million (from the cash flow statement)\nNet Sales = $495,761 million\n\nUnadjusted EBITDA (FY2018) = $20,437 million + $10,529 million = $30,966 million\nEBITDA % margin (FY2018) = ($30,966 million \/ $495,761 million) * 100 = 6.2%\n\nFor FY2019:\nOperating Income = $21,957 million\nDepreciation and Amortization = $10,678 million (from the cash flow statement)\nNet Sales = $510,329 million\n\nUnadjusted EBITDA (FY2019) = $21,957 million + $10,678 million = $32,635 million\nEBITDA % margin (FY2019) = ($32,635 million \/ $510,329 million) * 100 = 6.4%\n\nFor FY2020:\nOperating Income = $20,568 million\nDepreciation and Amortization = $10,987 million (from the cash flow statement)\nNet Sales = $519,926 million\n\nUnadjusted EBITDA (FY2020) = $20,568 million + $10,987 million = $31,555 million\nEBITDA % margin (FY2020) = ($31,555 million \/ $519,926 million) * 100 = 6.1%\n\nNow, to find the 3-year average EBITDA % margin, we add the EBITDA % margins for FY2018, FY2019, and FY2020 and divide by 3:\n\n3-year average EBITDA % margin = (6.2% + 6.4% + 6.1%) \/ 3 = 6.2%\n\nTherefore, the 3-year average unadjusted EBITDA % margin for Walmart for FY2018 - FY2020 is 6.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01865","model_name":"gpt-4-1106-preview","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":"Excluding the impact of mergers and acquisitions (M&A), the segment that has dragged down 3M's overall growth in 2022 is the Safety and Industrial segment, which experienced a decrease in organic sales of 3.2%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00499","model_name":"gpt-4-1106-preview","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":"To determine if 3M is a capital-intensive business based on FY2022 data, we need to consider the company's capital expenditures (CapEx) relative to its total revenue and net income. Capital-intensive businesses typically require significant investment in physical assets such as property, plant, and equipment (PP&E) to generate revenue.\n\nBased on the information provided in the filing:\n\n- 3M's total revenue for FY2022 was $34.229 billion.\n- The company's net income attributable to 3M for FY2022 was $5.777 billion.\n- 3M's capital expenditures for FY2022 were approximately $1.749 billion.\n\nTo assess capital intensity, we can look at the ratio of capital expenditures to total revenue and net income:\n\n- CapEx to Revenue Ratio: $1.749 billion \/ $34.229 billion = 0.051 or 5.1%\n- CapEx to Net Income Ratio: $1.749 billion \/ $5.777 billion = 0.303 or 30.3%\n\nThe CapEx to Revenue Ratio of 5.1% indicates that 3M spent approximately 5.1% of its total revenue on capital investments in FY2022. The CapEx to Net Income Ratio of 30.3% shows that the capital expenditures represent a significant portion of the net income.\n\nWhile these ratios alone do not conclusively determine if a business is capital-intensive, they do suggest that 3M has considerable capital expenditures in relation to its revenue and net income. Additionally, the nature of 3M's business, which involves manufacturing a diverse range of products, typically requires substantial investment in manufacturing facilities and equipment.\n\nBased on the capital expenditure figures and the nature of the business, it is reasonable to conclude that 3M is a capital-intensive business.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00807","model_name":"gpt-4-1106-preview","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":"To determine if 3M has a healthy liquidity profile based on its quick ratio for Q2 of FY2023, we would need to calculate the quick ratio using the relevant financial data. The quick ratio is a measure of a company's ability to meet its short-term obligations with its most liquid assets and is calculated as follows:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the provided text, we can extract the following information as of June 30, 2023:\n\n- Cash and Cash Equivalents: $4,258 million\n- Marketable Securities: $56 million (current portion)\n- Accounts Receivable: $4,947 million\n- Current Liabilities: $10,936 million\n\nUsing these figures, we can calculate the quick ratio:\n\nQuick Ratio = ($4,258 million + $56 million + $4,947 million) \/ $10,936 million\nQuick Ratio = $9,261 million \/ $10,936 million\nQuick Ratio \u2248 0.85\n\nA quick ratio of 1 or higher is typically considered to indicate a reasonably healthy liquidity position, as it suggests that the company can fully cover its current liabilities with its most liquid assets. In the case of 3M, the quick ratio is approximately 0.85, which is slightly below 1. This suggests that 3M may not be able to completely cover its current liabilities without selling inventory or other less liquid assets.\n\nHowever, it's important to note that the quick ratio is just one measure of liquidity, and it should be considered alongside other factors such as the company's operating cash flow, overall financial health, industry standards, and the nature of the company's liabilities. Some industries may operate with lower quick ratios due to the nature of their business and the predictability of their cash flows.\n\nIn conclusion, based on the quick ratio alone, 3M's liquidity profile for Q2 of FY2023 appears to be slightly below the threshold for what is typically considered healthy. However, without additional context and industry comparison, it's not possible to make a definitive assessment of the company's liquidity health.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00438","model_name":"gpt-4-1106-preview","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":"As of FY2022, Adobe's operating margin profile can be assessed by examining the operating income and revenue figures provided in their financial statements. According to the Consolidated Statements of Income in Adobe's Form 10-K for the fiscal year ended December 2, 2022:\n\n- Operating income for FY2022 was $6.098 billion.\n- Total revenue for FY2022 was $17.606 billion.\n\nTo calculate the operating margin, we use the formula:\n\nOperating Margin = (Operating Income \/ Total Revenue) x 100\n\nFor Adobe in FY2022:\n\nOperating Margin = ($6.098 billion \/ $17.606 billion) x 100 = 34.64%\n\nTo determine if there is an improvement, we would need to compare this figure to the operating margin from the previous fiscal year (FY2021). Unfortunately, the previous year's operating income and total revenue are not provided in the provided text. However, if we had the operating income and total revenue for FY2021, we could perform a similar calculation and compare the two to assess whether there is an improvement.\n\nIf the operating margin for FY2022 is higher than that of FY2021, it would indicate an improvement in Adobe's operating margin profile. Conversely, if the operating margin for FY2022 is lower, it would suggest a decline in operating efficiency.\n\nOperating margin is generally a useful metric for companies like Adobe, as it provides insight into the efficiency of the company's core business operations, excluding the effects of financing and taxes. It shows how much profit a company makes from its core business in relation to its total revenues, which is particularly relevant for a software company like Adobe that has significant revenue from software subscriptions and services.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00591","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-K for Adobe Inc. for the fiscal year ended December 2, 2022, we can analyze the free cash flow conversion by comparing the net cash provided by operating activities to the net income for the fiscal year.\n\nFrom the Consolidated Statements of Cash Flows (Item 8, Part II), we have the following data for fiscal 2022:\n- Net cash provided by operating activities: $7.84 billion\n- Net income: $4.76 billion\n\nTo calculate the free cash flow conversion, we can use the following formula:\nFree Cash Flow Conversion = (Net Cash Provided by Operating Activities) \/ Net Income\n\nUsing the provided figures:\nFree Cash Flow Conversion = $7.84 billion \/ $4.76 billion \u2248 1.65\n\nThis means that for every dollar of net income, Adobe generated approximately $1.65 in cash from operations. A free cash flow conversion rate greater than 1 indicates that the company is generating more cash from operations than its net income, which can be a sign of strong cash generation efficiency.\n\nTherefore, based on the data provided, Adobe does have an improving free cash flow conversion as of FY2022, as it is generating more cash from operations relative to its net income. However, to confirm an improvement, we would need to compare this conversion rate to previous fiscal years, which is not provided in the current context. If the conversion rate has increased compared to previous years, it would indicate an improvement.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00540","model_name":"gpt-4-1106-preview","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":"To calculate the inventory turnover ratio, we typically use the following formula:\n\nInventory Turnover Ratio = Cost of Goods Sold (COGS) \/ Average Inventory\n\nHowever, for companies like AES Corporation, which is primarily involved in the generation and distribution of electricity, the concept of inventory turnover ratio may not be meaningful. This is because AES Corporation's business model does not revolve around the sale of physical goods that would be considered inventory in the traditional sense (such as raw materials, work-in-progress, or finished goods). Instead, their \"inventory\" would be the fuel used for power generation, which is often consumed as soon as it is acquired to produce electricity.\n\nTherefore, for utility companies like AES Corporation, the inventory turnover ratio is not a relevant metric for assessing the efficiency of their operations. Instead, other financial and operational metrics such as capacity utilization, plant efficiency, energy production, and revenue from power sales are more relevant for understanding the company's performance.\n\nBased on the information provided in the filing, we do not have the specific details required to calculate the inventory turnover ratio for AES Corporation, nor is it a meaningful measure for their business operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00720","model_name":"gpt-4-1106-preview","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":"For a company like American Express, which operates in the financial services industry, the concept of gross margin as commonly understood in the context of manufacturing or retail businesses is not a particularly useful metric. Gross margin typically refers to the difference between revenue and the cost of goods sold (COGS), divided by revenue. This metric is most relevant for companies that sell physical goods, as it helps to assess the efficiency of the production process and the cost structure related to the manufacturing of those goods.\n\nAmerican Express primarily generates revenue through non-interest revenues such as discount revenue (fees charged to merchants for accepting American Express cards), net card fees (annual card membership fees), service fees, and interest income from Card Member loans. The company's costs are not directly tied to the production of goods but are related to the provision of financial services, rewards programs, business development, marketing, and operational expenses.\n\nInstead of gross margin, American Express and other financial services companies focus on metrics such as net interest income, net income, return on equity, provisions for credit losses, and operating expenses to gauge financial performance. These metrics provide insights into the company's profitability, efficiency, credit risk management, and overall financial health.\n\nFrom the information provided in the filing, we can see that for the fiscal year 2022, American Express reported an increase in total revenues net of interest expense, driven by higher discount revenue due to an increase in billed business, higher net card fees from growth in premium card portfolios, and an increase in service fees and other revenues. Provisions for credit losses increased due to reserve builds compared to reserve releases in the prior year, reflecting changes in loans outstanding, delinquencies, and macroeconomic forecasts. Operating expenses also increased, driven by higher customer engagement costs and investments in growth initiatives.\n\nTherefore, to understand what drove the change in American Express's financial performance in FY2022, one should look at the factors affecting these specific metrics rather than gross margin.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01028","model_name":"gpt-4-1106-preview","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":"As of 2022, American Express primarily operates in the following geographies:\n\n- United States\n- United Kingdom (UK)\n- European Union (EU)\n- Australia\n- Japan\n- Canada\n- Mexico","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00070","model_name":"gpt-4-1106-preview","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 the FY2022 data provided in the Consolidated Balance Sheets, American Water Works Company, Inc. does not have positive working capital. Working capital is calculated as current assets minus current liabilities. According to the data:\n\nCurrent assets as of December 31, 2022: $1,250 million\nCurrent liabilities as of December 31, 2022: $2,811 million\n\nWorking capital calculation: $1,250 million - $2,811 million = -$1,561 million\n\nTherefore, American Water Works has negative working capital of -$1,561 million for FY2022.\n\nIt's important to note that while negative working capital can be a concern for some companies, it may not be as relevant or indicative of financial health for utility companies like American Water Works. Utility companies often have predictable cash flows due to the nature of their business and regulatory environment, which can allow them to operate effectively with negative working capital. Additionally, they may have rate structures and regulatory mechanisms in place that ensure they can recover their costs and invest in infrastructure, which can make the working capital metric less critical for assessing their financial stability.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01902","model_name":"gpt-4-1106-preview","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":"The Best Buy product category that performed the best in the domestic (USA) market during Q2 of FY2024 was \"Computing and Mobile Phones,\" with a revenue mix percentage of 41%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00460","model_name":"gpt-4-1106-preview","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":"Yes, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. According to the provided information, the total number of Best Buy stores at the end of the second quarter of FY2024 was 907, while at the end of the second quarter of FY2023, the total number of Best Buy stores was 930. This indicates a decrease in the total number of Best Buy stores from FY2023 to FY2024.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00517","model_name":"gpt-4-1106-preview","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":"Yes, there are product categories that represent more than 20% of Boeing's revenue for FY2022. According to the information provided in the filing, the Commercial Airplanes (BCA) segment generated revenues of $25,867 million, which is more than 20% of the total company revenues of $66,608 million for FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"gpt-4-1106-preview","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":"To calculate the 3-year average unadjusted operating income % margin for Corning for FY2019 - FY2021, we need to first find the operating income for each year and then divide it by the net sales for that year to get the operating income % margin. After that, we can average the margins for the three years.\n\nFrom the income statement provided:\n\nFor FY2019:\nNet Sales = $11,503 million\nOperating Income = $1,306 million\nOperating Income % Margin for FY2019 = (Operating Income \/ Net Sales) * 100\n= ($1,306 million \/ $11,503 million) * 100\n= 11.35%\n\nFor FY2020:\nNet Sales = $11,303 million\nOperating Income = $509 million\nOperating Income % Margin for FY2020 = (Operating Income \/ Net Sales) * 100\n= ($509 million \/ $11,303 million) * 100\n= 4.50%\n\nFor FY2021:\nNet Sales = $14,082 million\nOperating Income = $2,112 million\nOperating Income % Margin for FY2021 = (Operating Income \/ Net Sales) * 100\n= ($2,112 million \/ $14,082 million) * 100\n= 15.00%\n\nNow, we calculate the 3-year average unadjusted operating income % margin:\nAverage Operating Income % Margin = (Operating Income % Margin for FY2019 + Operating Income % Margin for FY2020 + Operating Income % Margin for FY2021) \/ 3\n= (11.35% + 4.50% + 15.00%) \/ 3\n= (31.85%) \/ 3\n= 10.6%\n\nTherefore, the 3-year average unadjusted operating income % margin for Corning for FY2019 - FY2021 is 10.6%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00005","model_name":"gpt-4-1106-preview","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 the FY2022 data provided in the Corning Incorporated Annual Report on Form 10-K, Corning does have positive working capital. Working capital is calculated as current assets minus current liabilities. According to the Consolidated Balance Sheets presented:\n\nCurrent assets as of December 31, 2022: $7,453 million\nCurrent liabilities as of December 31, 2022: $5,175 million\n\nWorking capital = Current assets - Current liabilities\nWorking capital = $7,453 million - $5,175 million\nWorking capital = $2,278 million\n\nTherefore, Corning's working capital for FY2022 is $2,278 million, which is positive. This indicates that the company has more short-term assets than short-term liabilities, which is generally a sign of good short-term financial health and suggests that the company can cover its short-term obligations.\n\nWorking capital is a useful and relevant metric for most companies as it provides insight into the company's ability to manage its short-term obligations with its short-term assets. It is an indicator of the company's operational efficiency and short-term financial health. However, it's important to consider that the optimal level of working capital can vary greatly depending on the industry and the specific operational needs of the company.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01107","model_name":"gpt-4-1106-preview","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":"Yes, CVS Health has reported ongoing legal battles related to opioid litigation. In 2022, the Company recorded opioid litigation charges of $5.8 billion to resolve substantially all opioid claims against the Company by certain states and governmental entities. There were no opioid litigation charges reported for 2021 and 2020. Additionally, CVS Health has been involved in various litigation and arbitration matters, investigations, regulatory audits, inspections, government inquiries, and regulatory and other legal proceedings, both inside and outside the U.S. These include matters related to their provision of professional services in medical clinics, pharmacies, and long-term care operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00299","model_name":"gpt-4-1106-preview","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":"According to the \"Business Segment Results\" section in the filing, the business segment with the lowest net revenue in 2021 Q1 was Commercial Banking (CB) with a net revenue of $2,393 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02119","model_name":"gpt-4-1106-preview","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":"To determine how much each shareholder could get if JPMorgan Chase & Co. (JPM) went bankrupt and liquidated all of its assets by the end of Q1 2021, we would need to calculate the total equity available to common shareholders and then divide that by the number of outstanding common shares.\n\nFrom the Consolidated balance sheets (unaudited) provided in the filing, we have:\n\nTotal stockholders' equity as of March 31, 2021: $280,714 million\n\nLess: Preferred stock equity as of March 31, 2021: $31,563 million\n\nThis leaves us with equity available to common stockholders.\n\nEquity available to common stockholders = Total stockholders' equity - Preferred stock equity\nEquity available to common stockholders = $280,714 million - $31,563 million\nEquity available to common stockholders = $249,151 million\n\nNext, we need the number of outstanding common shares:\n\nNumber of shares of common stock outstanding as of March 31, 2021: 3,027,128,112 shares\n\nNow, we can calculate the amount per common share:\n\nAmount per common share = Equity available to common stockholders \/ Number of outstanding common shares\nAmount per common share = $249,151 million \/ 3,027,128,112 shares\nAmount per common share \u2248 $82.31 per share\n\nTherefore, if JPM went bankrupt and liquidated all of its assets by the end of Q1 2021, each common shareholder could potentially receive approximately $82.31 per share, assuming that the liquidation process did not incur any additional costs and that the book value of the assets was fully realized in cash upon liquidation.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03849","model_name":"gpt-4-1106-preview","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":"To calculate the 3-year average of capital expenditures (capex) as a percentage of revenue for MGM Resorts for FY2018 - FY2020, we need to find the total capex and total revenue for each year, calculate the capex as a percentage of revenue for each year, and then find the average of these percentages over the three years.\n\nFrom the Consolidated Statements of Cash Flows:\n- FY2020 capex (net of construction payable): $(270,579) thousand\n- FY2019 capex (net of construction payable): $(739,006) thousand\n- FY2018 capex (net of construction payable): $(1,486,843) thousand\n\nFrom the Consolidated Statements of Operations:\n- FY2020 revenue: $5,162,082 thousand\n- FY2019 revenue: $12,899,672 thousand\n- FY2018 revenue: $11,763,096 thousand\n\nNow we calculate the capex as a percentage of revenue for each year:\n- FY2020: (270,579 \/ 5,162,082) * 100 = 5.2%\n- FY2019: (739,006 \/ 12,899,672) * 100 = 5.7%\n- FY2018: (1,486,843 \/ 11,763,096) * 100 = 12.6%\n\nFinally, we calculate the 3-year average:\n- (5.2% + 5.7% + 12.6%) \/ 3 = 7.8%\n\nThe 3-year average of capex as a percentage of revenue for MGM Resorts for FY2018 - FY2020 is 7.8%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00080","model_name":"gpt-4-1106-preview","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 the FY2022 data provided in the SEC filing, PayPal Holdings, Inc. reported the following:\n\n- Total current assets: $57,517 million\n- Total current liabilities: $45,101 million\n\nWorking capital is calculated as current assets minus current liabilities. Therefore, PayPal's working capital for FY2022 would be:\n\nWorking capital = Total current assets - Total current liabilities\nWorking capital = $57,517 million - $45,101 million\nWorking capital = $12,416 million\n\nPayPal has a positive working capital of $12,416 million for FY2022, which suggests that the company has more short-term assets than short-term liabilities and can cover its short-term obligations. This is generally considered a sign of good short-term financial health.\n\nHowever, it's important to note that while working capital is a useful metric for assessing a company's liquidity, it may not always be the most relevant metric for every company. For instance, companies with subscription-based models or those that primarily deal with digital transactions may not require as much working capital. In PayPal's case, as a digital payments platform, the company's liquidity needs might be different from traditional retail or manufacturing businesses. PayPal's business model relies on the movement of electronic funds rather than the sale of physical goods, so while positive working capital is beneficial, the company may place more emphasis on other financial metrics such as cash flow from operations, payment volume, or active customer accounts to gauge its financial health and operational efficiency.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01009","model_name":"gpt-4-1106-preview","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":"As of FY2022, PepsiCo primarily operates in the following geographies:\n\n1. United States\n2. Mexico\n3. Russia\n4. Canada\n5. China\n6. United Kingdom\n7. South Africa","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00735","model_name":"gpt-4-1106-preview","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":"Yes, Pepsico has reported ongoing legal proceedings in their FY2022 and FY2021 filings. In their Form 10-K for the fiscal year ended December 31, 2022, under \"Item 3. Legal Proceedings,\" Pepsico states that they and their subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries, and investigations. While they believe that the final outcome of these matters will not have a material adverse effect on their financial condition, results of operations, or cash flows, they acknowledge that such legal matters are inherently uncertain.\n\nSimilarly, in their Form 10-K for the fiscal year ended December 25, 2021, Pepsico disclosed under the same section that they were subject to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual and other commercial obligations. They also stated that they recognize liabilities for contingencies and commitments when a loss is probable and estimable.\n\nIt is important to note that such disclosures are standard for large corporations and do not necessarily indicate that the company is facing any unusual or particularly significant legal challenges. The specific details of the legal proceedings are not provided in the summary provided, but they are typically included in the full Form 10-K filings with the SEC.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00882","model_name":"gpt-4-1106-preview","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":"As of May 26, 2023, PepsiCo may borrow a total amount of $4,200,000,000 under its unsecured revolving credit agreements.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"gpt-4-1106-preview","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 the information provided in the Form 10-Q for the quarterly period ended July 2, 2023, Pfizer Inc. does not mention any plans to spin off any large business segments during this period. The document discusses the proposed acquisition of Seagen and the divestiture of Pfizer's early-stage rare disease gene therapy portfolio to Alexion, but there is no mention of a spin-off of a large business segment.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00605","model_name":"gpt-4-1106-preview","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":"To answer this question, we need to compare the amount spent on stock repurchases in Q4 of FY 2023 to the total planned spend on stock repurchases for the entire FY 2023.\n\nAccording to the filing, during the fourth quarter of fiscal 2022, Ulta Beauty repurchased 722,457 shares of its common stock at a cost of $328.1 million. For the full fiscal year 2022, the company repurchased 2.2 million shares of its common stock at a cost of $900.0 million.\n\nFor fiscal 2023, the company plans to repurchase approximately $900 million of its common stock.\n\nHowever, the filing does not provide specific information about the amount spent on stock repurchases in Q4 of FY 2023, as the filing only covers up to the end of FY 2022. Therefore, we cannot calculate the percentage of the total FY 2023 stock repurchase spend that occurred in Q4 of FY 2023 based on the information provided in this filing.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00606","model_name":"gpt-4-1106-preview","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 filing, Ulta Beauty's Selling, General and Administrative (SG&A) expenses for FY2022 were $2,395.3 million, which was 23.5% of net sales. For FY2021, SG&A expenses were $2,061.5 million, which was 23.9% of net sales.\n\nWhile the SG&A expenses include wages, they also include other costs such as marketing, rent, utilities, and corporate overhead. The filing does not break down the SG&A expenses to show wages separately. However, it does mention that there was \"deleverage of store payroll and benefits due to wage investments\" in FY2022, which suggests that the company invested more in wages during that year.\n\nTo determine if the wages expense as a percent of net sales increased or decreased in FY2023, we would need specific data on wages for FY2023, which is not provided in the filing. The filing only provides an outlook for FY2023 without specific details on wages. Therefore, based on the information given, we cannot conclusively answer whether Ulta Beauty's wages expense as a percent of net sales increased or decreased in FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06247","model_name":"gpt-4-1106-preview","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":"To calculate the Days Payable Outstanding (DPO) for Walmart for FY2018, we need to use the formula:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFrom the provided financial statements, we need to find the following values:\n\n- Accounts Payable for FY2017 and FY2018\n- Cost of Goods Sold (COGS) for FY2018\n- Inventory for FY2017 and FY2018\n\nBased on the provided information in the financial statements:\n\nAccounts Payable FY2017 = $41,433 million\nAccounts Payable FY2018 = $46,092 million\nAverage Accounts Payable = ($41,433 million + $46,092 million) \/ 2\nAverage Accounts Payable = $43,762.5 million\n\nCOGS FY2018 = $373,396 million\n\nInventory FY2017 = $43,046 million\nInventory FY2018 = $43,783 million\nChange in Inventory = Inventory FY2018 - Inventory FY2017\nChange in Inventory = $43,783 million - $43,046 million\nChange in Inventory = $737 million\n\nNow we can calculate the DPO:\n\nDPO = 365 * ($43,762.5 million) \/ ($373,396 million + $737 million)\nDPO = 365 * $43,762.5 million \/ $374,133 million\nDPO = 42.57 days (rounded to two decimal places)\n\nTherefore, the Days Payable Outstanding (DPO) for Walmart for FY2018 is approximately 42.57 days.","label":"Incorrect Answer"}