{"financebench_id":"financebench_id_03029","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 can be found under the \"Cash Flows from Investing Activities\" section of the Consolidated Statement of Cash Flows. The relevant line item is \"Purchases of property, plant and equipment (PP&E).\"\n\nFor the year ended December 31, 2018, the amount spent on purchases of property, plant, and equipment (PP&E) was $(1,577) million. The negative sign indicates that this is an outflow of cash, which is typical for capital expenditure as it represents money spent by the company.\n\nTherefore, the FY2018 capital expenditure amount for 3M was $1,577 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04672","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":"Based on the information provided in the Consolidated Balance Sheet for 3M Company and Subsidiaries, the year-end FY2018 net Property, Plant, and Equipment (PP&E) is calculated as follows:\n\nProperty, plant and equipment (gross) = $24,873 million\nLess: Accumulated depreciation = ($16,135 million)\nProperty, plant and equipment \u2014 net (PP&E net) = $8,738 million\n\nTo express this in USD billions:\n\n$8,738 million \/ 1,000 = $8.738 billion\n\nTherefore, the year-end FY2018 net PP&E for 3M is $8.738 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01865","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":"Based on the provided evidence, when 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. This conclusion is drawn from the \"Worldwide Sales Change By Business Segment\" section, which shows organic sales changes and explicitly states that there were no changes due to acquisitions (Acquisitions \u2014 %).\n\nThe Safety and Industrial segment had an organic sales increase of 1.0%, but when considering the total sales change, which includes the effects of translation and divestitures, the segment experienced a (3.2)% decrease. Since the question asks to exclude the impact of M&A, and since there were no acquisitions affecting the numbers, the Safety and Industrial segment's negative performance is the most significant drag on 3M's overall growth, with a (3.2)% change in net sales and a (51.4)% change in operating income (loss) from 2021 to 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"The operating margin for 3M decreased in FY2022 compared to FY2021, as evidenced by the change from 20.8% to 19.1%. This change in operating margin can be attributed to several factors based on the information provided:\n\n1. Cost of Sales: The cost of sales as a percentage of net sales increased by 3.0% in 2022. This increase was primarily due to special item costs for significant litigation related to PFAS matters at the Zwijndrecht, Belgium site, higher raw materials and logistics costs, manufacturing productivity headwinds, and investments in growth, productivity, and sustainability. Although there were increases in selling prices, they only partially offset these cost increases.\n\n2. Selling, General and Administrative Expenses (SG&A): SG&A expenses as a percentage of sales increased by 6.1% in 2022. This was impacted by increased special item costs for significant litigation, particularly the Combat Arms Earplugs litigation, which resulted in a substantial pre-tax charge. Additional factors included impairment costs related to exiting PFAS manufacturing, costs associated with exiting Russia, divestiture-related restructuring charges, and continued investment in key growth initiatives. Despite restructuring benefits and ongoing cost management, these factors led to a net increase in SG&A expenses.\n\n3. Research, Development, and Related Expenses (R&D): R&D expenses as a percentage of sales decreased slightly by 0.2% in 2022. However, this decrease did not significantly impact the overall operating margin.\n\n4. Gain on Business Divestitures: 3M recorded a substantial pre-tax gain from the divestiture of its Food Safety business, which positively impacted the operating margin. However, this gain is a one-time event and does not reflect the ongoing operational performance of the company.\n\n5. Goodwill Impairment Expense: 3M recorded a goodwill impairment charge related to the Advanced Materials reporting unit due to its commitment to exit PFAS manufacturing. This non-cash charge negatively impacted the operating margin.\n\nIn summary, the decrease in 3M's operating margin for FY2022 was driven by increased costs of sales and SG&A expenses, partially offset by a one-time gain on business divestitures. The goodwill impairment expense also contributed to the reduction in operating margin. Operating margin is a useful metric for 3M as it provides insight into the company's operational efficiency and profitability. It reflects the impact of both recurring operational costs and one-time events, such as litigation charges and gains from divestitures, on the company's financial performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":"Based on the FY2022 data provided, 3M can be considered a capital-intensive business. Here are the key points from the financial statements that support this assessment:\n\n1. Property, Plant, and Equipment (PP&E): The Consolidated Balance Sheet shows that 3M had a net PP&E (Property, Plant, and Equipment) of $9,178 million at the end of 2022. This is a significant amount of capital invested in physical assets, which is characteristic of capital-intensive industries.\n\n2. Depreciation and Amortization: The Consolidated Statement of Cash Flows indicates that 3M had depreciation and amortization expenses of $1,831 million in 2022. High depreciation and amortization expenses are typical for businesses that have substantial investments in fixed assets, as these expenses represent the allocation of the cost of tangible assets over their useful lives.\n\n3. Capital Expenditures: The cash flow statement also shows that 3M spent $1,749 million on purchases of property, plant, and equipment in 2022. This level of capital expenditure suggests that the company is continually investing in its capital assets to maintain or expand its operations, which is another indicator of a capital-intensive business.\n\n4. Total Assets: The total assets of the company are $46,455 million, with a significant portion tied up in long-term assets such as PP&E, goodwill, and intangible assets. This further indicates that the company has a substantial amount of capital invested in its business operations.\n\nIn conclusion, the financial data for 3M in FY2022 shows that it has a significant amount of capital invested in its physical and intangible assets, incurs considerable depreciation and amortization expenses, and continues to make substantial capital expenditures. These factors collectively suggest that 3M operates a capital-intensive business.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 evidence provided, 3M does maintain a stable trend of dividend distribution. The key points supporting this conclusion are:\n\n1. Dividend Increase: 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 demonstrates a commitment to not only maintaining but also slightly increasing the dividend payout to shareholders.\n\n2. Consecutive Dividend Increases: The declaration of the first-quarter 2023 dividend marked the 65th consecutive year of dividend increases for 3M. This is a significant indicator of stability and a long-term commitment to returning value to shareholders through dividends.\n\n3. Consistent Dividend Payments: The evidence also shows that in May 2023, 3M's Board of Directors declared a second-quarter 2023 dividend of $1.50 per share, maintaining the same dividend amount as the first quarter. This consistency further supports the trend of stable dividend distribution.\n\nWhile the evidence provided does not include historical dividend amounts or dates beyond the first half of 2023, the fact that 3M has increased its dividend for 65 consecutive years and has maintained the same dividend amount in the first two quarters of 2023 suggests a stable trend in dividend distribution. Additionally, the ongoing share repurchase program, with $4.2 billion remaining under the authorization as of June 30, 2023, indicates that the company is actively managing its capital to benefit shareholders, which often goes hand-in-hand with a stable dividend policy.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 assess 3M's liquidity profile based on its quick ratio for Q2 of FY2023, we need to calculate the quick ratio using the relevant figures from the provided balance sheet. 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:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the balance sheet data provided for June 30, 2023:\n\nCash and Cash Equivalents = $4,258 million\nMarketable Securities = $56 million\nAccounts Receivable (net) = $4,947 million\nTotal Current Liabilities = $10,936 million\n\nNow, let's calculate the quick ratio:\n\nQuick Ratio = ($4,258 million + $56 million + $4,947 million) \/ $10,936 million\nQuick Ratio = ($4,258 + $56 + $4,947) \/ $10,936\nQuick Ratio = $9,261 \/ $10,936\nQuick Ratio \u2248 0.85\n\nA quick ratio of 1 or above is generally considered satisfactory as it indicates that the company has enough liquid assets to cover its current liabilities without selling inventory. A quick ratio below 1 may suggest that the company could struggle to cover its short-term obligations if they all came due at once.\n\nIn the case of 3M, the quick ratio is approximately 0.85, which is slightly below 1. This suggests that while 3M may not have a perfect liquidity position, it is not necessarily in a critical situation either. It's important to consider that the quick ratio does not account for the potential for converting inventory and other assets into cash over a slightly longer period, nor does it consider the company's cash flow from operations, which can also be used to meet liabilities.\n\nTherefore, while the quick ratio is a useful indicator of liquidity, it should not be the sole measure used to assess a company's liquidity profile. Other factors such as the company's cash flow, the quality and turnover of inventory, the credit terms with suppliers, and the overall industry context should also be considered to get a more comprehensive understanding of 3M's liquidity.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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, trading symbol MMM26, registered on the New York Stock Exchange.\n2. 1.750% Notes due 2030, trading symbol MMM30, registered on the New York Stock Exchange.\n3. 1.500% Notes due 2031, trading symbol MMM31, registered on the New York Stock Exchange.\n\nAdditionally, 3M's Common Stock, with a par value of $0.01 per share, is registered on the New York Stock Exchange and the Chicago Stock Exchange, Inc., with the trading symbol MMM. The common stock is also traded on the SIX Swiss Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 to 2019, we need to find the CapEx for each year and the total net revenues for each year, then calculate the percentage for each year, and finally average those percentages.\n\nFrom the Consolidated Statements of Cash Flows, we have the following CapEx for each year:\n- 2017: $155 million\n- 2018: $131 million\n- 2019: $116 million\n\nFrom the Consolidated Statements of Operations, we have the following total net revenues for each year:\n- 2017: $7,017 million\n- 2018: $7,500 million\n- 2019: $6,489 million\n\nNow, we calculate the CapEx as a percentage of revenue for each year:\n- 2017: ($155 million \/ $7,017 million) * 100 = 2.21%\n- 2018: ($131 million \/ $7,500 million) * 100 = 1.75%\n- 2019: ($116 million \/ $6,489 million) * 100 = 1.79%\n\nFinally, we calculate the 3-year average of these percentages:\n- Average = (2.21% + 1.75% + 1.79%) \/ 3 = 5.75% \/ 3 = 1.92%\n\nRounded to one decimal place, the 3-year average of CapEx as a percentage of revenue for Activision Blizzard for FY2017 - FY2019 is 1.9%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02987","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 formula:\n\nFixed Asset Turnover Ratio = FY2019 Revenue \/ Average PP&E between FY2018 and FY2019\n\nFrom the Consolidated Statements of Operations, we have the FY2019 revenue:\nTotal net revenues for 2019 = $6,489 million\n\nFrom the Consolidated Balance Sheets, we have the Property and Equipment (PP&E), net values for 2018 and 2019:\nPP&E for 2018 = $282 million\nPP&E for 2019 = $253 million\n\nNow, we calculate the average PP&E:\nAverage PP&E = (PP&E for 2018 + PP&E for 2019) \/ 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:\nFixed Asset Turnover Ratio = $6,489 million \/ $267.5 million\nFixed Asset Turnover Ratio \u2248 24.25\n\nRounded to two decimal places, the fixed asset turnover ratio for Activision Blizzard for FY2019 is 24.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04735","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 FY2015 operating cash flow ratio for Adobe, we need to find two figures from the provided financial statements: cash from operations and total current liabilities.\n\nFrom the Consolidated Statements of Cash Flows, we can see that the net cash provided by operating activities for the year ended November 27, 2015, is $1,469,502,000 (in thousands).\n\nFrom the Consolidated Balance Sheets, we can see that the total current liabilities as of November 27, 2015, are $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 \u2248 0.6638\n\nRounded to two decimal places, the operating cash flow ratio for Adobe in FY2015 is approximately 0.66.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07507","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 compute the percentage change.\n\nFrom the provided income statement, we have:\n\nOperating income for FY2016: $1,493,602 (in thousands)\nOperating income for FY2015: $903,095 (in thousands)\n\nNow, we calculate the change in operating income:\n\nChange in operating income = Operating income for FY2016 - Operating income for FY2015\nChange in operating income = $1,493,602 - $903,095\nChange in operating income = $590,507 (in thousands)\n\nNext, we calculate the percentage change:\n\nPercentage change = (Change in operating income \/ Operating income for FY2015) * 100\nPercentage change = ($590,507 \/ $903,095) * 100\n\nNow, let's do the math:\n\nPercentage change = (590,507 \/ 903,095) * 100\nPercentage change \u2248 0.6538 * 100\nPercentage change \u2248 65.38%\n\nRounded to one decimal place, the year-over-year change in unadjusted operating income from FY2015 to FY2016 is approximately 65.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 FY2017 operating cash flow ratio for Adobe, we need to find the cash from operations and the total current liabilities from the provided financial statements.\n\nFrom the Consolidated Statements of Cash Flows, we can see that the net cash provided by operating activities for the year ended December 1, 2017, is $2,912,853,000.\n\nFrom the Consolidated Balance Sheets, the total current liabilities as of December 1, 2017, are $3,527,457,000.\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 = $2,912,853,000 \/ $3,527,457,000\nOperating Cash Flow Ratio \u2248 0.8257\n\nRounded to two decimal places, the FY2017 operating cash flow ratio for Adobe is 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00438","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Adobe has an improving operating margin profile as of FY2022, we need to calculate the operating margin for each year presented and compare them. The operating margin is calculated by dividing the operating income by the total revenue and then multiplying by 100 to get a percentage.\n\nLet's calculate the operating margin for each year:\n\nFor the year ended December 2, 2022:\nOperating Income: $6,098 million\nTotal Revenue: $17,606 million\nOperating Margin = (Operating Income \/ Total Revenue) * 100\nOperating Margin = ($6,098 \/ $17,606) * 100 \u2248 34.63%\n\nFor the year ended December 3, 2021:\nOperating Income: $5,802 million\nTotal Revenue: $15,785 million\nOperating Margin = (Operating Income \/ Total Revenue) * 100\nOperating Margin = ($5,802 \/ $15,785) * 100 \u2248 36.76%\n\nFor the year ended November 27, 2020:\nOperating Income: $4,237 million\nTotal Revenue: $12,868 million\nOperating Margin = (Operating Income \/ Total Revenue) * 100\nOperating Margin = ($4,237 \/ $12,868) * 100 \u2248 32.93%\n\nComparing these figures:\n\n- From 2020 to 2021, the operating margin increased from 32.93% to 36.76%, showing an improvement.\n- From 2021 to 2022, the operating margin decreased from 36.76% to 34.63%, indicating a decline in the operating margin.\n\nBased on these calculations, Adobe's operating margin profile did not improve from FY2021 to FY2022; instead, it showed a slight decrease. However, it is important to note that the operating margin is still higher in FY2022 than it was in FY2020, indicating an overall upward trend over the two-year period.\n\nOperating margin is a useful metric for a company like Adobe because it provides insight into the efficiency of the company's core business operations without the influence of non-operating factors such as taxes and interest. It helps investors and analysts understand how well the company is managing its costs relative to its revenue. A declining operating margin could indicate rising costs, increased competition, or other factors that could affect the company's profitability. However, it's also important to consider other financial metrics and the broader context of the company's industry and strategy when evaluating its financial health.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00591","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Adobe has an improving Free Cash Flow (FCF) conversion, we need to look at the net cash provided by operating activities and subtract any capital expenditures (CapEx), which are typically represented by purchases of property and equipment.\n\nFrom the data provided:\n\nFor the year ended December 2, 2022:\n- Net cash provided by operating activities: $7,838 million\n- Purchases of property and equipment (CapEx): $442 million\n- Free Cash Flow (FCF) = Net cash provided by operating activities - CapEx\n- FCF for 2022 = $7,838 million - $442 million = $7,396 million\n\nFor the year ended December 3, 2021:\n- Net cash provided by operating activities: $7,230 million\n- Purchases of property and equipment (CapEx): $348 million\n- FCF for 2021 = $7,230 million - $348 million = $6,882 million\n\nFor the year ended November 27, 2020:\n- Net cash provided by operating activities: $5,727 million\n- Purchases of property and equipment (CapEx): $419 million\n- FCF for 2020 = $5,727 million - $419 million = $5,308 million\n\nComparing these figures:\n\n- From 2020 to 2021, FCF improved from $5,308 million to $6,882 million.\n- From 2021 to 2022, FCF further improved from $6,882 million to $7,396 million.\n\nBased on the provided data, Adobe's Free Cash Flow (FCF) conversion has improved in FY2022 compared to the previous years.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10420","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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's FY2022, we need to use the formula:\n\nROA = FY2022 Net Income \/ Average Total Assets between FY2021 and FY2022\n\nFrom the Consolidated Statements of Operations, we find the FY2022 Net Income (Loss) Attributable to The AES Corporation is $(546) million.\n\nNext, we need to calculate the average total assets between FY2021 and FY2022. We can find the total assets for each year in the Consolidated Balance Sheets:\n\nTotal Assets for FY2021: $32,963 million\nTotal Assets for FY2022: $38,363 million\n\nAverage Total Assets = (Total Assets for FY2021 + Total Assets for 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 = FY2022 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's FY2022 is -1.53%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00540","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 for AES Corporation for the fiscal year 2022, we need two pieces of information: the cost of goods sold (COGS) and the average inventory for the year. The inventory turnover ratio is calculated as follows:\n\nInventory Turnover Ratio = Cost of Goods Sold \/ Average Inventory\n\nFrom the provided financial statements, we can find the cost of sales (which is often used as a proxy for COGS in the absence of a specific COGS figure) and the inventory values at the beginning and end of the year.\n\nThe cost of sales for regulated and non-regulated segments combined in 2022 is $10,069 million.\n\nThe inventory at the beginning of the year (2021) was $604 million, and at the end of the year (2022), it was $1,055 million. We calculate the average inventory by adding the beginning and ending inventory and dividing by two:\n\nAverage Inventory = (Beginning Inventory + Ending Inventory) \/ 2\nAverage Inventory = ($604 million + $1,055 million) \/ 2\nAverage Inventory = $1,659 million \/ 2\nAverage Inventory = $829.5 million\n\nNow we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = Cost of Goods Sold \/ Average Inventory\nInventory Turnover Ratio = $10,069 million \/ $829.5 million\nInventory Turnover Ratio \u2248 12.13\n\nThis means that AES Corporation turned over its inventory roughly 12.13 times in the fiscal year 2022.\n\nHowever, it's important to note that for a company like AES Corporation, which is involved in the energy sector, conventional inventory management may not be as meaningful as it would be for a manufacturing or retail company. AES Corporation's primary business involves the generation and distribution of electricity, and inventory in such a company typically consists of fuel, spare parts, and maintenance supplies rather than finished goods. Therefore, the inventory turnover ratio may not be as critical an indicator of performance as it would be in other industries. Additionally, fluctuations in inventory levels could be due to strategic stockpiling or changes in project development rather than sales efficiency.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01319","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":"Based on the provided excerpt from AES Corporation's Consolidated Statements of Operations for the fiscal year ended December 31, 2022, there is no line item explicitly labeled as \"restructuring costs.\" Therefore, the quantity of restructuring costs directly outlined in the income statements for FY2022 is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 Amazon's year-over-year change in revenue from FY2016 to FY2017, we will use the total net sales figures for both years and apply the following formula:\n\nPercentage Change = [(New Value - Old Value) \/ Old Value] * 100\n\nUsing the provided data:\n\nTotal net sales for 2016 = $135,987 million\nTotal net sales for 2017 = $177,866 million\n\nNow, we apply 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 = 0.3080 * 100\nPercentage Change = 30.80%\n\nRounded to one decimal place, the 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":"oracle","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 Amazon's FY2017 Days Payable Outstanding (DPO), we need to follow the formula provided:\n\nDPO = 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017)\n\nFirst, we need to find the average accounts payable for FY2016 and FY2017:\n\nAccounts payable FY2016 = $25,309 million\nAccounts payable FY2017 = $34,616 million\nAverage accounts payable = (Accounts payable FY2016 + Accounts payable FY2017) \/ 2\nAverage accounts payable = ($25,309 million + $34,616 million) \/ 2\nAverage accounts payable = $59,925 million \/ 2\nAverage accounts payable = $29,962.5 million\n\nNext, we need to calculate the FY2017 COGS and the change in inventory between FY2016 and FY2017:\n\nCOGS FY2017 = $111,934 million\n\nInventory FY2016 = $11,461 million\nInventory FY2017 = $16,047 million\nChange in inventory = Inventory FY2017 - Inventory FY2016\nChange in inventory = $16,047 million - $11,461 million\nChange in inventory = $4,586 million\n\nNow we can calculate the denominator of the DPO formula:\n\nFY2017 COGS + change in inventory = $111,934 million + $4,586 million\nFY2017 COGS + change in inventory = $116,520 million\n\nFinally, we can calculate the DPO:\n\nDPO = 365 * (average accounts payable) \/ (FY2017 COGS + change in inventory)\nDPO = 365 * ($29,962.5 million) \/ ($116,520 million)\nDPO \u2248 365 * 0.2572\nDPO \u2248 93.88 days\n\nTherefore, Amazon's FY2017 Days Payable Outstanding (DPO) is approximately 93.88 days when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08286","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":"Based on the information provided in the income statement, Amazon's FY2019 net income attributable to shareholders is $11,588 million (USD). This figure is listed under the \"Net income\" row for the year ended December 31, 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"As a financial analyst, to answer the question regarding Amcor's year-end FY2020 net accounts receivable (AR), I would refer directly to the line item \"Trade receivables, net\" under the Current assets section of the Consolidated Balance Sheet provided.\n\nAccording to the balance sheet for the fiscal year ended June 30, 2020, Amcor's net trade receivables amount to $1,615.9 million. This figure represents the amount of money owed to the company by its customers for goods or services delivered or used but not yet paid for at the end of the fiscal year 2020.\n\nTherefore, Amcor's year-end FY2020 net accounts receivable (AR) is $1,615.9 million (in USD millions).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01935","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 1st, 2022, was to report the substitution of Amcor Flexibles North America, Inc. (the \"Substitute Issuer\") for Amcor Finance (USA), Inc. (the \"Former Issuer\") and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures related to certain Guaranteed Senior Notes.\n\nSpecifically, the filing details the entry into a Second Supplemental Indenture and a First Supplemental Indenture with Deutsche Bank Trust Company Americas, as trustee (the \"Trustee\"), concerning the 2016 Indenture and the 2019 Indenture, respectively. These Supplemental Indentures relate to the substitution and assumption regarding the following notes:\n\n- 3.625% Guaranteed Senior Notes due 2026 (the \"2026 Notes\" and the \"New 2026 Notes\")\n- 4.500% Guaranteed Senior Notes due 2028 (the \"2028 Notes\" and the \"New 2028 Notes\")\n\nThe New Notes were issued in June 2019 following the completion of the Former Issuer\u2019s exchange offer to certain eligible holders of the Existing Notes. The filing includes references to the full text of the Indentures and Supplemental Indentures, which provide the complete terms and conditions of the substitution and assumption.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"The nature of AMCOR's restructuring liability as of Q2 of FY2023 close is related to costs associated with the company's restructuring activities. These activities primarily involve the response to the Russia-Ukraine conflict and the continued integration of the acquired Bemis operations, which was largely completed by the end of fiscal year 2022.\n\nThe purpose of the restructuring liability is to account for the expected costs associated with these restructuring activities. These costs include employee-related expenses, fixed asset-related costs, and other costs that are directly associated with the restructuring process.\n\nThe restructuring liability is a financial obligation that the company recognizes on its balance sheet, representing the estimated costs that are yet to be paid as a result of the restructuring activities. As of December 31, 2022, the liability balance for restructuring costs was $93 million, broken down as follows:\n\n- Employee Costs: $81 million\n- Fixed Asset Related Costs: $2 million\n- Other Costs: $10 million\n\nDuring the six months ended December 31, 2022, the company recorded net charges to earnings of $2 million, paid out $25 million in cash for these restructuring activities, and reversed $2 million of unused amounts, leading to the liability balance stated above.\n\nAMCOR expects that the majority of the liability for employee costs, fixed asset-related costs, and other costs will be paid within the next twelve months. These accruals have been recorded under other current liabilities and other non-current liabilities on the unaudited condensed consolidated balance sheets.\n\nIn summary, the restructuring liability reflects the company's financial commitment to cover the costs associated with its restructuring plans, which are aimed at optimizing operations and responding to external events such as the Russia-Ukraine conflict. The liability ensures that these anticipated costs are properly accounted for and managed within the company's financial planning.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 FX movement, passthrough costs, and one-off items, we need to look at the \"Comparable Constant Currency Growth %\" provided in the evidence.\n\nFor the Twelve Months Ended June 30, the Comparable Constant Currency Growth % for Total is 0% (as indicated by the \"\u2014\"). This means that when we exclude the impact of FX movement, passthrough costs, and one-off items, the real change in sales for AMCOR in FY 2023 vs FY 2022 is 0%. There was no real growth or decline in sales on a comparable constant currency basis.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":"Based on the provided evidence, Amcor's Adjusted Non-GAAP EBITDA for the twelve months ended June 30, 2023, was $2,018 million. This figure is presented in the reconciliation section under \"Adjusted EBITDA, EBIT, Net income and EPS\" where it shows the adjusted EBITDA for the two comparative periods.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00799","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine whether Amcor's quick ratio has improved or declined between FY2023 and FY2022, we need to calculate the quick ratio for both years. The quick ratio is a measure of a company's short-term liquidity and its ability to meet its short-term obligations with its most liquid assets. It is calculated by dividing the sum of cash, marketable securities, and accounts receivable by the current liabilities.\n\nHere's the formula for the quick ratio:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the provided balance sheet data, we can calculate the quick ratio for both years:\n\nFor FY2023:\nQuick Ratio = (Cash and Cash Equivalents + Accounts Receivable) \/ Current Liabilities\nQuick Ratio = ($689 million + $1,875 million) \/ $4,476 million\nQuick Ratio = $2,564 million \/ $4,476 million\nQuick Ratio \u2248 0.573\n\nFor FY2022:\nQuick Ratio = (Cash and Cash Equivalents + Accounts Receivable) \/ Current Liabilities\nQuick Ratio = ($775 million + $1,935 million) \/ $5,103 million\nQuick Ratio = $2,710 million \/ $5,103 million\nQuick Ratio \u2248 0.531\n\nComparing the quick ratios, we can see that Amcor's quick ratio has improved from approximately 0.531 in FY2022 to approximately 0.573 in FY2023. This indicates that Amcor's ability to cover its short-term obligations with its most liquid assets has improved year over year.\n\nAs for whether a financial analyst would ask about the quick ratio for a company like Amcor, the answer is yes. The quick ratio is a common financial metric used to assess a company's liquidity. It is particularly relevant for companies that have significant amounts of inventory, as it excludes inventory from the calculation (unlike the current ratio). This can provide a more conservative view of a company's liquidity since inventory may not be as quickly convertible to cash as other current assets. Therefore, the quick ratio is a useful measure for stakeholders to understand how well a company can meet its short-term financial obligations without relying on the sale of inventory.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01079","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":"Based on the provided evidence, here are the major acquisitions that Amcor completed in FY2023, FY2022, and FY2021:\n\n**FY2023:**\n1. On August 1, 2022, Amcor acquired a Czech Republic company that operates a flexible packaging manufacturing plant for a purchase consideration of $59 million, with $5 million deferred and paid in the first quarter of FY2024. This acquisition resulted in $36 million of acquired identifiable net assets and $23 million of goodwill.\n\n2. On March 17, 2023, Amcor acquired a medical device packaging manufacturing site in Shanghai, China, for a purchase consideration of $60 million, which includes contingent consideration of $20 million. The acquisition resulted in $21 million of acquired identifiable net assets and $39 million of goodwill.\n\n3. On May 31, 2023, Amcor acquired a New Zealand-based manufacturer of automated protein packaging machines for a purchase consideration of $45 million, which includes contingent consideration of $13 million. The acquisition resulted in $9 million of acquired identifiable net assets and $36 million of goodwill.\n\n**FY2022:**\n- There is no specific acquisition mentioned for FY2022 in the provided evidence. However, it does mention the disposal of non-core assets in the Flexibles reporting segment, with an expense of $10 million recorded to adjust the long-lived assets to their fair value less cost to sell.\n\n**FY2021:**\n- The evidence provided does not include information about acquisitions in FY2021.\n\nAdditionally, the evidence mentions the disposal of Amcor's Russian business on December 23, 2022, with a total net cash consideration received of $365 million, resulting in a pre-tax net gain of $215 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01148","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":"Based on the provided evidence, AMCOR primarily operates in the packaging industry. The company is a global leader in developing and producing responsible packaging for various sectors, including food, beverage, pharmaceutical, medical, home, and personal-care products. They focus on sustainable packaging solutions and invest in research and development to innovate in the field of packaging materials, including paper, metal, plastic, recycled, and bio-based materials. Their business strategy emphasizes a focused portfolio on primary packaging for fast-moving consumer goods, with a commitment to sustainability and differentiation through innovation.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 provided financial data for Amcor plc for the fiscal years ended June 30, 2021, 2022, and 2023, we can calculate the gross margin for each year to assess whether there is an improving gross margin profile.\n\nGross margin is calculated as (Gross Profit \/ Net Sales) * 100.\n\nFor FY2021:\nGross Profit = $2,732 million\nNet Sales = $12,861 million\nGross Margin = ($2,732 \/ $12,861) * 100 \u2248 21.24%\n\nFor FY2022:\nGross Profit = $2,820 million\nNet Sales = $14,544 million\nGross Margin = ($2,820 \/ $14,544) * 100 \u2248 19.39%\n\nFor FY2023:\nGross Profit = $2,725 million\nNet Sales = $14,694 million\nGross Margin = ($2,725 \/ $14,694) * 100 \u2248 18.55%\n\nFrom these calculations, we can see that the gross margin for Amcor plc has been decreasing over the past three fiscal years. The gross margin decreased from approximately 21.24% in FY2021 to 19.39% in FY2022, and further to 18.55% in FY2023.\n\nTherefore, based on the provided data, Amcor does not have an improving gross margin profile as of FY2023. Instead, the company's gross margin has been declining over the past three years. This could be due to various factors such as increased cost of sales, changes in product mix, pricing pressures, or other operational challenges. It's important for the company to analyze the reasons behind this trend and address them to improve profitability.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the fiscal year 2015, we need to use the information provided in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows.\n\nFrom the Consolidated Statements of Operations, we have:\nNet revenue for 2015: $3,991 million\n\nFrom the Consolidated Statements of Cash Flows, we have:\nDepreciation and amortization for 2015: $167 million\n\nThe D&A percentage margin is calculated as follows:\nD&A Margin = (Depreciation and Amortization \/ Net Revenue) * 100\n\nPlugging in the numbers:\nD&A Margin = ($167 million \/ $3,991 million) * 100\nD&A Margin = 0.0418 * 100\nD&A Margin = 4.18%\n\nTherefore, the depreciation and amortization percentage margin for AMD for the fiscal year 2015 is 4.18%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00917","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":"Based on the information provided, the change in operating margin for AMD in FY22 was primarily driven by the following factors:\n\n1. **Acquisition of Xilinx**: The acquisition of Xilinx expanded AMD's product portfolio and market presence but also introduced significant amortization of intangible assets. This amortization expense negatively impacted the operating income, which in turn reduced the operating margin.\n\n2. **Gross Margin Decrease**: The gross margin as a percentage of net revenue decreased from 48% in 2021 to 45% in 2022. This reduction in gross margin percentage also contributed to the decrease in operating margin. The decrease in gross margin was primarily due to the amortization of intangible assets associated with the Xilinx acquisition.\n\n3. **Revenue Mix**: While there was a significant increase in revenue, particularly from the Data Center and Embedded segments (with the latter benefiting from the inclusion of Xilinx embedded product sales), the Client segment saw a decrease in revenue due to lower processor shipments, weak PC market conditions, and inventory correction actions across the PC supply chain. The mix of revenue, with a higher proportion coming from segments with different margin profiles, can affect the overall operating margin.\n\n4. **Operating Income**: The operating income for 2022 was $1.3 billion, a decrease from $3.6 billion in 2021. This decrease was primarily driven by the amortization of intangible assets associated with the Xilinx acquisition, which reduced the operating margin.\n\nOperating margin is a useful metric for a company like AMD as it provides insight into the efficiency of the company's operations and its ability to convert sales into profit. However, it is important to consider that certain events, such as acquisitions, can lead to significant non-cash expenses (like amortization of intangible assets) that may temporarily distort operating margins. Therefore, while operating margin is a valuable indicator of performance, it should be analyzed in the context of the company's overall strategy, market conditions, and one-time events that may affect profitability in the short term.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"The revenue change for AMD in FY22 was driven by several factors:\n\n1. Data Center Segment Growth: There was a 64% increase in Data Center segment revenue, primarily due to higher sales of AMD's EPYC server processors. This growth indicates strong demand for AMD's server processors in the data center market.\n\n2. Gaming Segment Increase: The Gaming segment saw a 21% increase in revenue, primarily due to higher semi-custom product sales. This suggests that AMD's gaming-related products, possibly including graphics cards and custom chips for gaming consoles, experienced strong sales.\n\n3. Embedded Segment Expansion: A significant increase in Embedded segment revenue was driven by the inclusion of Xilinx embedded product sales. The acquisition of Xilinx allowed AMD to enter new markets and offer products such as FPGAs, Adaptive SoCs, and ACAPs, which contributed to the revenue growth in this segment.\n\n4. Client Segment Decline: Despite the overall revenue growth, there was a 10% decrease in Client segment revenue, primarily due to lower processor shipments. This decline was attributed to a weak PC market and significant inventory correction actions across the PC supply chain, indicating challenges in the consumer PC space.\n\n5. Acquisitions: The strategic acquisitions of Xilinx and Pensando Systems expanded AMD's technology and product portfolio, as well as its market presence. These acquisitions have positioned AMD to offer a broader set of compute engines and accelerators for data centers, contributing to the company's revenue growth.\n\n6. Gross Margin Impact: The 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 Xilinx acquisition, which impacted profitability.\n\n7. Operating and Net Income Decline: Despite the increase in revenue, both operating income and net income for 2022 decreased compared to 2021. This was primarily driven by the amortization of intangible assets associated with the Xilinx acquisition.\n\nIn summary, AMD's revenue growth in FY22 was largely driven by increased sales in the Data Center and Gaming segments, as well as the inclusion of revenue from the newly acquired Xilinx embedded products. However, this growth was partially offset by a decline in the Client segment and a decrease in gross margin due to the amortization of intangible assets from the Xilinx acquisition.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":"Yes, AMD did report customer concentration in FY22. The evidence provided states that \"One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022.\" This indicates that a significant portion of AMD's revenue for that fiscal year came from a single customer, which is a clear indication of customer concentration.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":"Based on the provided Consolidated Statements of Cash Flows for AMD for the year ended December 31, 2022, we can compare the net cash provided by (or used in) each of the three activities: operating, investing, and financing.\n\nOperating activities provided a net cash flow of $3,565 million.\n\nInvesting activities provided a net cash flow of $1,999 million.\n\nFinancing activities used a net cash flow of $3,264 million.\n\nAmong the three activities, operating activities brought in the most cash flow for AMD in FY22 with $3,565 million. Investing activities also provided positive cash flow but less than operating activities, with $1,999 million. Financing activities resulted in a net cash outflow of $3,264 million, which is the only activity with a negative cash flow among the three. Therefore, operating activities brought in the most cash flow for AMD in FY22.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00563","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":"Based on the provided information, the AMD reporting segment that saw the most proportional increase in sales from FY21 to FY22, excluding Embedded, is the Data Center segment. \n\nHere's the breakdown of the net revenue increase for each segment (excluding Embedded):\n\n- Data Center: Increased from $3.694 billion in 2021 to $6.043 billion in 2022, which is an increase of $2.349 billion or approximately 64%.\n- Client: Decreased from $6.887 billion in 2021 to $6.201 billion in 2022, which is a decrease of $686 million or approximately 10%.\n- Gaming: Increased from $5.607 billion in 2021 to $6.805 billion in 2022, which is an increase of $1.198 billion or approximately 21%.\n\nComparing these figures, the Data Center segment had the largest proportional increase in sales from FY21 to FY22.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00222","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To assess AMD's liquidity profile based on its quick ratio for FY22, we need to calculate the quick ratio using the relevant figures from the provided balance sheet. 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:\n\nQuick Ratio = (Cash and Cash Equivalents + Short-Term Investments + Accounts Receivable) \/ Current Liabilities\n\nFrom the balance sheet provided for December 31, 2022, we have the following figures (in millions):\n\n- Cash and Cash Equivalents: $4,835\n- Short-Term Investments: $1,020\n- Accounts Receivable, net: $4,126\n- Total Current Liabilities: $6,369\n\nNow, let's calculate the quick ratio:\n\nQuick Ratio = ($4,835 + $1,020 + $4,126) \/ $6,369\nQuick Ratio = $9,981 \/ $6,369\nQuick Ratio \u2248 1.57\n\nA quick ratio of 1.57 means that AMD has $1.57 in liquid assets for every $1 of current liabilities, which is generally considered a healthy liquidity position. A quick ratio above 1 indicates that the company has more than enough liquid assets to cover its current liabilities, which is a positive sign for creditors and investors.\n\nBased on the quick ratio for FY22, AMD appears to have a reasonably healthy liquidity profile, as it has more liquid assets than immediate liabilities. This suggests that AMD should be able to meet its short-term obligations without the need to liquidate inventory or other less liquid assets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00995","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 (Advanced Micro Devices, Inc.) sells the following major products and services:\n\n1. Server microprocessors (CPUs) and graphics processing units (GPUs) for data centers.\n2. Data processing units (DPUs) for data centers.\n3. Field Programmable Gate Arrays (FPGAs) for data centers.\n4. Adaptive System-on-Chip (SoC) products for data centers.\n5. CPUs and accelerated processing units (APUs) that integrate CPUs and GPUs for desktop and notebook personal computers.\n6. Chipsets for desktop and notebook personal computers.\n7. Discrete GPUs for various computing devices.\n8. Semi-custom SoC products and development services, which are often used in gaming consoles and other embedded systems.\n9. Embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products for a variety of applications in different industries.\n10. Licensing of portions of their intellectual property (IP) portfolio, which may include technology patents and designs.\n\nThese products and services cater to a wide range of markets, including personal computing, data centers, and embedded systems, and are designed to address the needs of both consumer and enterprise customers.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":"The largest liability on American Express's Balance Sheet for the year 2022 is \"Customer deposits,\" which amounts to $110,239 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01981","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":"Based on the evidence provided, American Express was able to retain card members during 2022. The key points from the evidence that support this conclusion are:\n\n1. Record new card acquisitions: The evidence states that American Express reached record levels of new card acquisitions in 2022.\n\n2. High card member retention: It is mentioned that card member retention remained high, which indicates that not only did American Express attract new customers, but it also managed to keep existing ones.\n\n3. Increase in net card fees: There was a 17 percent year-over-year increase in net card fees, which suggests that more card members either continued or started paying card fees, implying retention and possibly an increase in the number of card members.\n\n4. Growth in billed business: The billed business, which is a significant driver of financial results, increased by 23 percent year-over-year. This growth includes contributions from U.S. Consumer, Commercial Services, and International segments, indicating that card members across these segments were actively using their cards.\n\n5. Increase in Card Member loans: There was a 22 percent year-over-year increase in Card Member loans, with the majority of growth coming from existing card members. This suggests that existing card members were not only retained but also engaged in using their credit facilities.\n\n6. Strong credit metrics: Despite an increase in delinquency and net write-off rates, these metrics remained strong, which can be attributed to the premium nature of American Express's customer base and effective risk management. This implies that the card members retained were of high quality and less likely to default.\n\nIn summary, the evidence points to American Express not only retaining card members but also successfully growing its customer base and increasing engagement among existing card members in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00720","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"Gross margin is typically a metric used for manufacturing or product-based companies to indicate the difference between the cost of goods sold (COGS) and the revenue generated from those goods. It is a measure of production efficiency and the markup on products.\n\nAmerican Express, however, is a financial services company, and its primary sources of revenue are not from selling physical goods but from services such as transaction fees (discount revenue), card fees, interest on loans, and other service-related fees. Therefore, the concept of gross margin is not directly applicable to American Express in the traditional sense.\n\nInstead, for a financial services company like American Express, analysts and investors often look at net interest income, non-interest revenues, and the efficiency ratio, among other financial metrics. Net interest income is the difference between the revenue that is generated from a bank's assets and the expenses associated with paying out its liabilities. Non-interest revenues are the fees and charges that are not related to the interest earned on loans or paid on deposits. The efficiency ratio is a measure of a bank's overhead as a percentage of its revenue.\n\nFrom the provided financial data for American Express, we can see that the total revenues net of interest expense increased from $42,380 million in 2021 to $52,862 million in 2022. This increase is primarily due to higher non-interest revenues, which include a significant increase in discount revenue from $24,563 million in 2021 to $30,739 million in 2022, and an increase in net card fees from $5,195 million in 2021 to $6,070 million in 2022. Additionally, service fees and other revenue also increased from $3,316 million in 2021 to $4,521 million in 2022.\n\nInterest income also rose from $9,033 million in 2021 to $12,658 million in 2022, driven by higher interest on loans. Meanwhile, interest expense increased from $1,283 million in 2021 to $2,763 million in 2022, which would have been due to higher costs associated with deposits and long-term debt.\n\nThe provisions for credit losses increased from a negative value of $(1,419) million in 2021 (indicating a release of reserves) to $2,182 million in 2022, which suggests that American Express is anticipating higher potential credit losses.\n\nIn summary, the change in what would be analogous to a \"gross margin\" for American Express is driven by increased revenues from both interest and non-interest sources, offset by higher interest expenses and provisions for credit losses. The increase in non-interest revenues, particularly discount revenue, is a significant driver of the change in profitability for the fiscal year 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if American Express (AMEX) has an improving operating margin profile, we need to look at the operating margin, which is calculated as:\n\nOperating Margin = (Total Revenues Net of Interest Expense - Total Expenses) \/ Total Revenues Net of Interest Expense\n\nUsing the provided data, we can calculate the operating margin for the years 2020, 2021, and 2022.\n\nFor 2020:\nOperating Margin = (36,087 - 27,061) \/ 36,087 = 9,026 \/ 36,087 \u2248 25.01%\n\nFor 2021:\nOperating Margin = (42,380 - 33,110) \/ 42,380 = 9,270 \/ 42,380 \u2248 21.87%\n\nFor 2022:\nOperating Margin = (52,862 - 41,095) \/ 52,862 = 11,767 \/ 52,862 \u2248 22.26%\n\nFrom these calculations, we can see that the operating margin decreased from 2020 to 2021 but then slightly increased from 2021 to 2022. However, the operating margin in 2022 is still lower than the margin in 2020.\n\nTherefore, based on the provided data, AMEX does not have a consistently improving operating margin profile over the three years in question. The margin decreased from 2020 to 2021 and then saw a slight improvement from 2021 to 2022, but it has not returned to the level it was at in 2020.\n\nOperating margin is a useful metric for a company like American Express because it provides insight into the efficiency of the company's core business operations without the effects of financing and tax structures. It shows how much profit the company makes on each dollar of sales after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01028","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":"Based on the provided evidence, American Express primarily operates in the following geographic regions as of 2022:\n\n1. United States (US)\n2. Europe, the Middle East, and Africa (EMEA)\n3. Asia Pacific, Australia, and New Zealand (APAC)\n4. Latin America, Canada, and the Caribbean (LACC)\n\nThe table also includes a category for \"Other Unallocated,\" which consists of net costs not directly allocated to specific geographic regions. This includes costs related to the net negative interest spread on excess liquidity funding and executive office operations expenses.\n\nThe financial figures presented in the table indicate that American Express's largest market by far is the United States, followed by EMEA, APAC, and LACC in terms of both total revenues net of interest expense and pretax income from continuing operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00476","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":"Based on the evidence provided, the debt securities registered to trade on a national securities exchange under American Express' name as of 2022 are not explicitly listed in the text. The excerpt from the Form 10-K only mentions the registration of Common Shares (par value $0.20 per Share) with the trading symbol AXP on the New York Stock Exchange under Section 12(b) of the Securities Exchange Act of 1934. It states that there are no securities registered pursuant to Section 12(g) of the Act.\n\nTo find information about specific debt securities, one would typically look for a section in the 10-K that discusses the company's financial instruments or debt structure. This section would provide details on any bonds, notes, or other debt instruments that the company has issued and registered for trading. However, such details are not included in the provided excerpt.\n\nFor a complete list of debt securities registered by American Express, one would need to review the full Form 10-K document or other filings with the SEC that specifically address the company's debt instruments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01351","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 has changed from 24.6% in FY2021 to 21.6% in FY2022. This represents a decrease of 3 percentage points in the effective tax rate year-over-year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"According to the Consolidated Statements of Cash Flows provided for American Water Works Company, Inc., under the section \"CASH FLOWS FROM FINANCING ACTIVITIES\" for the year ended December 31, 2020, the line item \"Dividends paid\" shows an amount of $389 million.\n\nSince the figures are in millions, to express this amount in USD billions, we simply convert the millions to billions by dividing by 1,000 (since 1 billion is equal to 1,000 million).\n\n$389 million \u00f7 1,000 = $0.389 billion\n\nTherefore, American Water Works paid out $0.389 billion (or $389 million) in cash dividends for the fiscal year 2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04254","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 American Water Works's FY2021 unadjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), we need to add back depreciation and amortization to the operating income from the income statement.\n\nFrom the Consolidated Statements of Operations, we have:\nOperating income for 2021: $1,196 million\n\nFrom the Consolidated Statements of Cash Flows, we have:\nDepreciation and amortization for 2021: $636 million\n\nNow, we add the operating income to the depreciation and amortization to get the unadjusted EBITDA:\nUnadjusted EBITDA = Operating income + Depreciation and amortization\nUnadjusted EBITDA = $1,196 million + $636 million\nUnadjusted EBITDA = $1,832 million\n\nTherefore, American Water Works's FY2021 unadjusted EBITDA is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if American Water Works has positive working capital based on the FY2022 data provided, we need to calculate the working capital by subtracting current liabilities from current assets.\n\nFrom the data provided:\n\nCurrent Assets (as of December 31, 2022) = $1,250 million\nCurrent Liabilities (as of December 31, 2022) = $2,811 million\n\nWorking Capital = Current Assets - Current Liabilities\nWorking Capital = $1,250 million - $2,811 million\nWorking Capital = -$1,561 million\n\nBased on the FY2022 data, American Water Works has a negative working capital of $1,561 million. This means that the company's current liabilities exceed its current assets, which could indicate potential liquidity issues.\n\nHowever, it's important to note that for utility companies like American Water Works, working capital may not be as relevant or useful a metric as it is for other types of businesses. Utilities often have significant infrastructure investments and long-term assets, and their cash flows are typically stable and predictable due to regulated rates and consistent demand. Additionally, utilities may have access to lines of credit or other financing options to meet short-term obligations. Therefore, while the negative working capital might be a concern in other industries, it may not be as significant for a utility company with a stable financial profile and predictable revenue streams.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the fiscal years 2015 to 2017, we need to use the net earnings attributable to Best Buy Co., Inc. shareholders and the revenue for each year. The net profit margin is calculated as (Net Earnings \/ Revenue) * 100.\n\nHere are the net earnings and revenues for each year:\n\nFY2017:\nNet Earnings: $1,228 million\nRevenue: $39,403 million\n\nFY2016:\nNet Earnings: $897 million\nRevenue: $39,528 million\n\nFY2015:\nNet Earnings: $1,233 million\nRevenue: $40,339 million\n\nNow, we calculate the net profit margin for each year:\n\nFY2017 Net Profit Margin = ($1,228 \/ $39,403) * 100 = 3.116% (rounded to three decimal places for intermediate calculation)\nFY2016 Net Profit Margin = ($897 \/ $39,528) * 100 = 2.269% (rounded to three decimal places for intermediate calculation)\nFY2015 Net Profit Margin = ($1,233 \/ $40,339) * 100 = 3.057% (rounded to three decimal places for intermediate calculation)\n\nNext, we calculate the average of these three percentages:\n\n3-Year Average Net Profit Margin = (3.116% + 2.269% + 3.057%) \/ 3\n3-Year Average Net Profit Margin = 8.442% \/ 3\n3-Year Average Net Profit Margin = 2.814%\n\nRounded to one decimal place, the 3-year average net profit margin for Best Buy is 2.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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. This information is found under the \"Current assets\" section of the balance sheet for the date February 2, 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01077","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":"Based on the provided evidence, Best Buy made two major acquisitions in fiscal 2022:\n\n1. Current Health Ltd.: Best Buy acquired all of the outstanding shares of Current Health Ltd., a care-at-home technology platform, on November 2, 2021, for net cash consideration of $389 million. This acquisition was aimed at enhancing Best Buy's focus on virtual care and enabling seamless connections between people at home and their healthcare providers. The acquisition was included in Best Buy's Domestic reportable segment and Services revenue category.\n\n2. Two Peaks, LLC d\/b\/a Yardbird Furniture: Best Buy acquired all of the outstanding shares of Two Peaks, LLC, doing business as Yardbird Furniture, a direct-to-consumer outdoor furniture company, on November 4, 2021, for net cash consideration of $79 million. This acquisition was intended to expand Best Buy's product assortment in outdoor living categories. The acquisition was accounted for in Best Buy's Domestic reporting unit.\n\nThere is no mention of any acquisitions made by Best Buy in fiscal 2023 or fiscal 2021 within the provided evidence. Therefore, based on the information given, Best Buy did not make any major acquisitions in those fiscal years, or if they did, it is not included in the evidence provided.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":"Based on the provided Consolidated Statements of Cash Flows for Best Buy for the fiscal year ended January 28, 2023, we can compare the cash flows from operating, investing, and financing activities to determine which brought in the most cash or lost the least.\n\nOperating activities provided a total cash flow of $1,824 million.\n\nInvesting activities used a total cash flow of $962 million.\n\nFinancing activities used a total cash flow of $1,806 million.\n\nComparing these figures, operating activities brought in the most cash for Best Buy in FY2023 with a positive cash flow of $1,824 million. Investing and financing activities both resulted in a net use of cash, with investing activities losing less cash ($962 million) compared to financing activities ($1,806 million).","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Best Buy's gross margins have been historically consistent, we need to calculate the gross margin percentage for each fiscal year provided and then compare them to see if they fluctuate by more than roughly 2% each year.\n\nGross margin is calculated as (Gross Profit \/ Revenue) * 100.\n\nLet's calculate the gross margin for each fiscal year:\n\nFor the fiscal year ended January 28, 2023:\nGross Profit = $9,912 million\nRevenue = $46,298 million\nGross Margin = ($9,912 \/ $46,298) * 100 \u2248 21.41%\n\nFor the fiscal year ended January 29, 2022:\nGross Profit = $11,640 million\nRevenue = $51,761 million\nGross Margin = ($11,640 \/ $51,761) * 100 \u2248 22.49%\n\nFor the fiscal year ended January 30, 2021:\nGross Profit = $10,573 million\nRevenue = $47,262 million\nGross Margin = ($10,573 \/ $47,262) * 100 \u2248 22.37%\n\nNow, let's look at the year-over-year fluctuations:\n\nFrom FY 2021 to FY 2022, the gross margin changed from 22.37% to 22.49%, which is a change of 0.12 percentage points.\n\nFrom FY 2022 to FY 2023, the gross margin changed from 22.49% to 21.41%, which is a change of 1.08 percentage points.\n\nBased on these calculations, Best Buy's gross margins have not fluctuated more than roughly 2% each year for the fiscal years provided. Therefore, we can say that Best Buy's gross margins have been historically consistent within the given timeframe.\n\nGross margins are a relevant metric for a company like Best Buy, as they indicate the percentage of revenue that exceeds the cost of goods sold and can be used to cover other expenses and contribute to net profit. It is an important measure of a retailer's operational efficiency and pricing strategy.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01902","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":"Based on the evidence provided, the Best Buy product category that performed the best in the domestic (USA) market during Q2 of FY2024 was the \"Services\" category. The evidence indicates that the Services category experienced a 7.6% comparable sales growth, which was driven primarily by the cumulative growth in Best Buy's paid membership base. This growth in the Services category outperformed other categories, which all showed declines in comparable sales, with Computing and Mobile Phones down by 6.4%, Consumer Electronics down by 5.7%, Appliances down by 16.1%, and Entertainment showing a growth of 9.0% but with some offsets from declines in virtual reality and drones.\n\nTherefore, the Services category had the strongest top-line performance in the domestic market during the period in question.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00288","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":"Based on the provided evidence, there was indeed a drop in Cash & Cash equivalents between the end of Fiscal Year 2023 (January 28, 2023) and the second quarter of Fiscal Year 2024 (July 29, 2023). The Cash and Cash equivalents were $1,874 million at the end of FY 2023 and decreased to $1,093 million by July 29, 2023. This represents a decrease of $781 million over that period.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":"Based on the provided evidence, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. Specifically, the total number of Best Buy stores decreased from 930 at the end of the second quarter of FY2023 to 907 at the end of the second quarter of FY2024. This indicates a net decrease of 23 Best Buy stores over that period.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 Block's (formerly known as Square) working capital ratio for FY2016, we need to divide the total current assets by the total current liabilities.\n\nFrom the balance sheet provided, we have the following figures for December 31, 2016:\n\nTotal current assets = $1,001,425 (in thousands)\nTotal current liabilities = $577,464 (in thousands)\n\nNow, we calculate the working capital ratio:\n\nWorking Capital Ratio = Total Current Assets \/ Total Current Liabilities\nWorking Capital Ratio = $1,001,425 \/ $577,464\n\nTo get the ratio, we perform the division:\n\nWorking Capital Ratio \u2248 1.734 (rounded to three decimal places)\n\nRounded to two decimal places, the working capital ratio for Block in FY2016 is approximately 1.73.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07661","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"According to the provided consolidated statements of cash flows for Block, Inc. (formerly known as Square, Inc.), the net cash provided by operating activities for the fiscal year ended December 31, 2020, was $381,603,000.\n\nPlease note that the amounts are presented in thousands of dollars in the financial statement. Therefore, to express the amount in millions, you simply divide by 1,000. Thus, Block generated $381.6 million in cash flow from operating activities in FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03838","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 total net revenue figures from the consolidated statements of operations for both years.\n\nThe formula to calculate the growth rate is:\n\nGrowth Rate = [(Revenue in Current Year - Revenue in Previous Year) \/ Revenue in Previous Year] * 100\n\nUsing the provided data:\n\nRevenue in FY2020 = $9,497,578 thousand\nRevenue in FY2019 = $4,713,500 thousand\n\nPlugging these values into the formula:\n\nGrowth Rate = [($9,497,578 - $4,713,500) \/ $4,713,500] * 100\nGrowth Rate = ($4,784,078 \/ $4,713,500) * 100\nGrowth Rate = 1.015 * 100\nGrowth Rate = 101.5%\n\nTherefore, the total revenue growth rate for Block from FY2019 to FY2020 is 101.5%. When rounding to one decimal place, the growth rate is 101.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 balance sheet, Boeing's year-end FY2018 net property, plant, and equipment (in USD millions) is $12,645 million. This figure is directly stated under the \"Property, plant and equipment, net\" line item for the year ended December 31, 2018.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":"Based on the evidence provided, Boeing has reported ongoing legal battles from FY2022 that are materially important. The evidence mentions multiple legal actions filed against Boeing due to the accidents involving Lion Air Flight 610 and Ethiopian Airlines Flight 302. While Boeing entered into a Deferred Prosecution Agreement with the U.S. Department of Justice and settled an investigation by the Securities and Exchange Commission related to the 737 MAX accidents, the company indicates that it cannot reasonably estimate a range of loss for any remaining pending lawsuits or other matters related to the accidents and the 737 MAX. This suggests that there are ongoing legal issues that could potentially have a material impact on Boeing's financial position, results of operations, or cash flows.\n\nAdditionally, the evidence refers to a dispute with Embraer S.A. over the termination of agreements to establish joint ventures. Boeing exercised its right to terminate these agreements, but Embraer has disputed this right, and the matter is currently in arbitration. Boeing states that it cannot reasonably estimate a range of loss that may result from the arbitration, which is expected to be completed in late 2023 or early 2024. This dispute also represents an ongoing legal battle that is materially important to Boeing's financial considerations.\n\nTherefore, the answer to the question is yes; Boeing has reported materially important ongoing legal battles from FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":"Based on the provided evidence, the primary customers of Boeing as of FY2022 are commercial airlines and the U.S. government, primarily through defense-related programs with the United States Department of Defense (U.S. DoD).\n\nThe evidence indicates that Boeing's commercial aircraft market is significantly influenced by the demand from commercial airlines, which is driven by long-term trends in airline passenger and cargo traffic. Factors such as economic growth, political stability, airline profitability, availability of aircraft financing, world trade policies, government-to-government relations, technological advances, fuel prices, terrorism, pandemics, epidemics, and environmental regulations affect this demand. The evidence also mentions that Boeing derives a significant portion of its revenues from a limited number of commercial airlines, and any changes in the financial stability or fleet decisions of these airlines could impact Boeing's revenues and profitability.\n\nAdditionally, the evidence states that Boeing earned 40% of its revenues from U.S. government contracts in 2022, with a substantial portion coming from defense-related programs with the U.S. DoD. The level of U.S. defense spending and acquisition priorities, which are subject to various factors such as national security threats, U.S. national security strategy, foreign policy, political environment, and macroeconomic conditions, can significantly affect Boeing's financial position and results of operations.\n\nIn summary, Boeing's primary customers as of FY2022 are commercial airlines and the U.S. government, with a notable emphasis on defense contracts with the U.S. DoD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":"Based on the evidence provided, it is clear that Boeing's business is indeed subject to cyclicality. The key points from the text that support this conclusion are:\n\n1. **Market Conditions Impact**: The demand for Boeing's commercial aircraft and related services is significantly impacted by market conditions, which are driven by long-term trends in airline passenger and cargo traffic. These trends are influenced by economic growth and political stability, indicating that Boeing's business is tied to the cyclical nature of the global economy.\n\n2. **Airline Industry Cyclicality**: The text explicitly states that the airline industry has historically been cyclical and competitive, with significant swings in profitability. This cyclical nature of the airline industry directly affects Boeing, as airlines are its primary customers for commercial aircraft.\n\n3. **Economic and Industry Factors**: Factors such as airline profitability, availability of aircraft financing, world trade policies, fuel prices, terrorism, pandemics, and environmental regulations can all influence demand for Boeing's products. Many of these factors are inherently cyclical or subject to unpredictable events, which can lead to fluctuations in Boeing's business performance.\n\n4. **Customer Financial Stability**: The financial stability of Boeing's customers is crucial, as economic downturns or instability in the airline industry can lead to fewer orders, postponements, cancellations, or payment issues, all of which would negatively impact Boeing's revenues, profitability, and cash flows.\n\n5. **Fixed-Price Contracts with Escalation Clauses**: Boeing enters into fixed-price contracts with price escalation clauses that are indexed to various economic factors. If Boeing's costs increase beyond the escalation rate, it could suffer losses. This pricing structure is designed to account for economic fluctuations, further indicating that Boeing's business is affected by economic cycles.\n\n6. **Dependence on a Limited Number of Airlines**: Boeing's significant revenue dependence on a limited number of commercial airlines means that any major changes in these customers' fleet decisions, consolidations, or financial challenges could have a substantial impact on Boeing's revenues and profitability.\n\nIn summary, the evidence provided demonstrates that Boeing's business is indeed subject to the cyclical nature of the global economy and the airline industry, with various external factors influencing demand for its commercial aircraft and services.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":"Based on the provided financial data for The Boeing Company for the fiscal year ended December 31, 2022, we can calculate the percentage of total revenues represented by each business segment.\n\nTotal revenues for FY2022 are $66,608 million.\n\nNow, let's calculate the percentage of total revenues for each segment:\n\n1. Commercial Airplanes: ($25,867 \/ $66,608) * 100 = 38.82%\n2. Defense, Space & Security: ($23,162 \/ $66,608) * 100 = 34.77%\n3. Global Services: ($17,611 \/ $66,608) * 100 = 26.43%\n4. Boeing Capital: ($199 \/ $66,608) * 100 = 0.30%\n5. Unallocated items, eliminations, and other: This category is negative and therefore does not represent a positive percentage of total revenues.\n\nFrom these calculations, we can see that each of the following categories represents more than 20% of Boeing's revenue for FY2022:\n\n- Commercial Airplanes: 38.82%\n- Defense, Space & Security: 34.77%\n- Global Services: 26.43%\n\nTherefore, there are three product\/service categories that represent more than 20% of Boeing's revenue for FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00494","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":"Based on the evidence provided, Boeing is forecasting the following production rate changes for FY2023:\n\n1. For the 787 program, Boeing expects to gradually increase production to 5 aircraft per month in 2023. This follows a period of lower production rates and a suspension of 787 deliveries from May 2021 to August 2022 due to production quality issues.\n\n2. Production of the 777X is currently paused but is expected to resume in 2023. Specific production rate targets for the 777X upon resumption are not mentioned in the provided evidence.\n\n3. The 737 program has been producing at a rate of 31 per month, but Boeing has faced operational and supply chain challenges in stabilizing this production rate. Boeing plans to gradually increase 737 production rates based on market demand and supply chain capacity, although specific target rates or timelines are not provided in the evidence.\n\nOverall, Boeing is focusing on minimizing disruptions, achieving operational stability, and implementing productivity improvements to meet customer demand and maintain profitability. They are also working on reducing costs, including supplier costs, and optimizing inventory management. Specific production rate targets for the 777X and exact increases for the 737 program beyond the current rate are not detailed in the provided evidence.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine Boeing's effective tax rate for FY2022 and FY2021, we need to calculate the rate by dividing the income tax expense (or benefit) by the loss before income taxes for each year.\n\nFor FY2022:\n- Loss before income taxes: $(5,022) million\n- Income tax expense: $(31) million\n\nEffective tax rate for FY2022 = (Income tax expense \/ Loss before income taxes) * 100\nEffective tax rate for FY2022 = (-$31 million \/ -$5,022 million) * 100\nEffective tax rate for FY2022 = 0.617% (Note: The negative sign indicates a tax benefit rather than an expense)\n\nFor FY2021:\n- Loss before income taxes: $(5,033) million\n- Income tax benefit: $743 million\n\nEffective tax rate for FY2021 = (Income tax benefit \/ Loss before income taxes) * 100\nEffective tax rate for FY2021 = ($743 million \/ -$5,033 million) * 100\nEffective tax rate for FY2021 = -14.76% (Note: The negative sign indicates a tax benefit rather than an expense)\n\nComparing the two years:\n- In FY2022, Boeing had a very small effective tax rate of 0.617%, which indicates a small tax expense relative to the loss before taxes.\n- In FY2021, Boeing had a negative effective tax rate of -14.76%, which indicates that the company received a tax benefit.\n\nTherefore, Boeing's effective tax rate in FY2022 was positive, albeit small, compared to a negative effective tax rate in FY2021, indicating a shift from receiving a tax benefit in FY2021 to incurring a tax expense in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00678","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Boeing has an improving gross margin profile as of FY2022, we need to calculate the gross margin for each year presented and compare them. Gross margin is calculated as (Total Revenues - Cost of Goods Sold (COGS)) \/ Total Revenues. COGS includes both the cost of products and the cost of services.\n\nLet's calculate the gross margin for each year:\n\nFor 2022:\nTotal Revenues = $66,608 million\nCOGS (Cost of Products + Cost of Services) = $53,969 million + $9,109 million = $63,078 million\nGross Margin = ($66,608 million - $63,078 million) \/ $66,608 million = $3,530 million \/ $66,608 million \u2248 5.30%\n\nFor 2021:\nTotal Revenues = $62,286 million\nCOGS = $49,954 million + $9,283 million = $59,237 million\nGross Margin = ($62,286 million - $59,237 million) \/ $62,286 million = $3,049 million \/ $62,286 million \u2248 4.89%\n\nFor 2020:\nTotal Revenues = $58,158 million\nCOGS = $54,568 million + $9,232 million = $63,800 million\nGross Margin = ($58,158 million - $63,800 million) \/ $58,158 million = -$5,642 million \/ $58,158 million \u2248 -9.70%\n\nComparing these figures:\n\n- The gross margin for 2022 is approximately 5.30%, which is an improvement from 4.89% in 2021.\n- The gross margin for 2021 is also an improvement from -9.70% in 2020.\n\nBased on these calculations, Boeing does have an improving gross margin profile as of FY2022 compared to the previous two years.\n\nHowever, it's important to note that for companies like Boeing, which are involved in complex, long-term projects such as aircraft manufacturing, gross margin might not always be the most informative metric. This is because the costs and revenues associated with producing an aircraft can be spread over many years, and the timing of recognizing these costs and revenues can significantly affect the gross margin in any given year. Additionally, Boeing's financial performance can be heavily influenced by factors such as order cancellations, delivery delays, and changes in demand for aircraft, which might not be fully captured by looking at gross margin alone. Therefore, while the gross margin is improving, it should be considered alongside other financial and operational metrics to get a comprehensive view of the company's performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03473","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 between FY2016 and FY2017\n\nFrom the provided Consolidated Statements of Income, we can find the net income for FY2017:\n\nNET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY for 2017 = $1,248 million\n\nNext, we need to calculate the average total assets between FY2016 and FY2017. From the provided Consolidated Balance Sheets, we have:\n\nTotal assets at the end of 2017 = $87,896 million\nTotal assets at the end of 2016 = $87,270 million\n\nAverage total assets = (Total assets at the end of 2017 + Total assets at the end of 2016) \/ 2\nAverage total assets = ($87,896 million + $87,270 million) \/ 2\nAverage total assets = $175,166 million \/ 2\nAverage total assets = $87,583 million\n\nNow we can calculate the ROA:\n\nROA = $1,248 million \/ $87,583 million\nROA = 0.01424 (or 1.424%)\n\nRounded to two decimal places, 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":"oracle","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 COGS (Cost of Goods Sold) percentage margin, we need to use the following formula:\n\nCOGS % Margin = (Cost of Goods Sold \/ Net Operating Revenues) * 100\n\nFrom the provided income statement data for the year ended December 31, 2021:\n\nNet Operating Revenues = $38,655 million\nCost of Goods Sold = $15,357 million\n\nNow, we'll plug these numbers into the formula:\n\nCOGS % Margin = ($15,357 million \/ $38,655 million) * 100\nCOGS % Margin = 0.3973 * 100\nCOGS % Margin = 39.73%\n\nTherefore, Coca Cola's FY2021 COGS percentage margin is approximately 39.73%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 for Coca-Cola's FY2022, we need to use the total cash dividends paid and the net income attributable to shareholders.\n\nFrom the Consolidated Statements of Cash Flows, we have:\nTotal cash dividends paid in 2022: $7,616 million\n\nFrom the Consolidated Statements of Income, we have:\nNet Income Attributable to Shareowners of The Coca-Cola Company in 2022: $9,542 million\n\nNow, we can calculate the dividend payout ratio using the following formula:\n\nDividend Payout Ratio = Total Cash Dividends Paid \/ Net Income Attributable to Shareholders\n\nPlugging in the numbers:\n\nDividend Payout Ratio = $7,616 million \/ $9,542 million\nDividend Payout Ratio \u2248 0.798 or 79.80% (rounded to two decimal places)\n\nTherefore, Coca-Cola's FY2022 dividend payout ratio is approximately 79.80%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020)\n\nFirst, we need to find the average accounts payable for FY2019 and FY2020:\n\nAccounts payable FY2019 = $1,587 million\nAccounts payable FY2020 = $1,174 million\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\nNext, we need to calculate the change in inventory between FY2019 and FY2020:\n\nInventory FY2019 = $2,320 million\nInventory FY2020 = $2,438 million\nChange in inventory = Inventory FY2020 - Inventory FY2019\nChange in inventory = $2,438 million - $2,320 million\nChange in inventory = $118 million\n\nNow, we need the Cost of Goods Sold (COGS) for FY2020:\n\nCOGS FY2020 = $7,772 million\n\nFinally, we can calculate the DPO:\n\nDPO = 365 * (average accounts payable) \/ (COGS FY2020 + change in inventory)\nDPO = 365 * ($1,380.5 million) \/ ($7,772 million + $118 million)\nDPO = 365 * $1,380.5 million \/ $7,890 million\nDPO = 505,682.5 million \/ $7,890 million\nDPO \u2248 64.09 days\n\nTherefore, the Days Payable Outstanding (DPO) for Corning for FY2020 is approximately 64.09 days when rounded to two decimal places.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 percentage margin for Corning for FY2019 - FY2021, we need to follow these steps:\n\n1. Calculate the operating income margin for each year by dividing the operating income by net sales and then multiplying by 100 to get a percentage.\n2. Add the operating income margins for the three years together.\n3. Divide the sum by 3 to get the average operating income margin over the three years.\n\nLet's do the calculations:\n\nFor 2019:\nOperating Income Margin = (Operating Income \/ Net Sales) * 100\nOperating Income Margin = ($1,306 million \/ $11,503 million) * 100\nOperating Income Margin = 11.35%\n\nFor 2020:\nOperating Income Margin = ($509 million \/ $11,303 million) * 100\nOperating Income Margin = 4.50%\n\nFor 2021:\nOperating Income Margin = ($2,112 million \/ $14,082 million) * 100\nOperating Income Margin = 15.00%\n\nNow, let's calculate the average:\n\nAverage Operating Income Margin = (11.35% + 4.50% + 15.00%) \/ 3\nAverage Operating Income Margin = (31.85%) \/ 3\nAverage Operating Income Margin = 10.62%\n\nRounded to one decimal place, the 3-year average unadjusted operating income percentage 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":"oracle","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":"To determine if Corning has positive working capital based on the FY2022 data, we need to calculate the working capital by subtracting current liabilities from current assets.\n\nFrom the provided data:\n\nCurrent Assets (2022) = $7,453 million\nCurrent Liabilities (2022) = $5,175 million\n\nWorking Capital (2022) = Current Assets - Current Liabilities\nWorking Capital (2022) = $7,453 million - $5,175 million\nWorking Capital (2022) = $2,278 million\n\nCorning has a positive working capital of $2,278 million for the fiscal year 2022, which indicates that the company has more current assets than current liabilities. This generally suggests that the company is able to cover its short-term obligations and is in a stable financial position with respect to liquidity.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"The effective tax rate for Corning changed from 20% in FY2021 to 23% in FY2022. This represents an increase of 3 percentage points in the effective tax rate from one fiscal year to the next.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"At the end of FY2021, Costco had total assets amounting to $59,268 million USD. This information is directly stated under the \"TOTAL ASSETS\" line in the provided balance sheet excerpt.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05915","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 use the following formula:\n\nFixed Asset Turnover Ratio = FY2018 Revenue \/ Average PP&E (Property, Plant, and Equipment) between FY2017 and FY2018\n\nFrom the provided Consolidated Statements of Operations, we have the FY2018 revenue:\n\nTotal revenues for 2018 = $194,579 million\n\nFrom the provided Consolidated Balance Sheets, we have the net property and equipment (PP&E) for 2017 and 2018:\n\nPP&E for 2017 = $10,292 million\nPP&E for 2018 = $11,349 million\n\nNow, we calculate the average PP&E between FY2017 and FY2018:\n\nAverage PP&E = (PP&E for 2017 + PP&E for 2018) \/ 2\nAverage PP&E = ($10,292 million + $11,349 million) \/ 2\nAverage PP&E = $21,641 million \/ 2\nAverage PP&E = $10,820.5 million\n\nFinally, we calculate the fixed asset turnover ratio for FY2018:\n\nFixed Asset Turnover Ratio = FY2018 Revenue \/ Average PP&E\nFixed Asset Turnover Ratio = $194,579 million \/ $10,820.5 million\nFixed Asset Turnover Ratio \u2248 17.98\n\nRounded to two decimal places, the fixed asset turnover ratio for CVS Health for FY2018 is approximately 17.98.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01244","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":"Based on the evidence provided, CVS Health Corporation has indeed paid dividends to common shareholders in Q2 of FY2022. The evidence states that during 2022, the quarterly cash dividend was $0.55 per share. Since dividends were paid every quarter and there is no indication that any quarter was skipped, it is reasonable to conclude that dividends were paid in Q2 of FY2022 as well.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":"Based on the evidence provided, CVS Health has reported several materially important ongoing legal battles from the years 2020, 2021, and 2022. These legal issues include:\n\n1. Usual and Customary Pricing Litigation: CVS Health is named as a defendant in lawsuits alleging that the company's retail pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These lawsuits include class actions and involve various plaintiffs such as plan members, private payors, government payors, and shareholders.\n\n2. PBM Litigation and Investigations: CVS Health is facing multiple lawsuits and investigations concerning its Pharmacy Benefit Manager (PBM) practices. These include allegations that rebate agreements with drug manufacturers caused inflated drug prices. The company has received subpoenas and civil investigative demands from the FTC and state Attorneys General regarding its PBM practices.\n\n3. United States ex rel. Behnke v. CVS Caremark Corporation, et al.: A complaint was unsealed alleging that CVS submitted or caused to be submitted misrepresented prices paid by the company\u2019s PBM to pharmacies for drugs dispensed to Medicare Part D beneficiaries.\n\n4. Controlled Substances Litigation, Audits, and Subpoenas: CVS Health is involved in the In re National Prescription Opiate Litigation, which includes numerous cases alleging claims related to the impacts of widespread prescription opioid abuse. CVS Health has also been named in similar cases by state Attorneys General and has received subpoenas and requests for information regarding opioids.\n\n5. Opioid Litigation Settlements: CVS Health has entered into settlement agreements with several states, including Florida, New Mexico, West Virginia, and the Cherokee Nation, to resolve claims related to opioid medications. Additionally, CVS Health agreed to a settlement that would resolve substantially all opioid claims against the company by states and political subdivisions, with a maximum amount payable of approximately $4.3 billion in opioid remediation and $625 million in attorneys\u2019 fees and costs over 10 years. The company also agreed to a settlement with tribes throughout the United States for $113 million in opioid remediation and $18 million in attorneys\u2019 fees and costs over 10 years.\n\nCVS Health is defending itself against these claims and has taken steps to settle certain litigations. The company has recorded accruals for outstanding legal matters when it believes a loss is probable and can be reasonably estimated, and it evaluates these on a quarterly basis. While none of the accruals for outstanding legal matters are material individually or in the aggregate to the company\u2019s financial condition, CVS Health acknowledges that substantial unanticipated verdicts or settlements could have a material adverse effect on its results of operations. The outcomes of these legal proceedings are uncertain and could be material to the company.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine whether CVS Health is a capital-intensive business, we need to look at the company's balance sheet and consider the amount of capital invested in long-term assets relative to its total assets and the nature of its operations.\n\nFrom the provided FY2022 data, we can see the following:\n\n- Property and equipment, net: $12,873 million\n- Operating lease right-of-use assets: $17,872 million\n- Goodwill: $78,150 million\n- Intangible assets, net: $24,754 million\n\nThese figures represent the long-term assets that CVS Health has invested in. Capital-intensive businesses typically have a significant portion of their total assets tied up in property, plant, and equipment (PP&E), as these are necessary for their operations.\n\nAdding up the long-term assets (excluding goodwill and intangible assets, which are not physical assets but still represent long-term investments), we get:\n\nProperty and equipment, net + Operating lease right-of-use assets = $12,873 million + $17,872 million = $30,745 million\n\nGoodwill and intangible assets are also significant, indicating that CVS Health has made substantial investments in acquisitions and other long-term intangible assets:\n\nGoodwill + Intangible assets, net = $78,150 million + $24,754 million = $102,904 million\n\nThe total assets of CVS Health are $228,275 million. The long-term physical assets (property and equipment, operating lease assets) make up a smaller portion of the total assets when compared to the goodwill and intangible assets. However, the nature of CVS Health's business, which includes retail pharmacy services, prescription benefit management services, and healthcare insurance services, does require a substantial investment in physical assets such as retail locations, distribution centers, and healthcare facilities.\n\nWhile the company does have a significant amount of long-term assets, the capital intensity can also be influenced by the relative weight of these assets in the company's overall operations and how essential they are to generating revenue. Given that CVS Health operates a large number of retail locations and has to maintain a significant physical presence to deliver its services, it can be considered a capital-intensive business, although not to the same extent as industries like manufacturing or utilities, which are heavily dependent on large-scale infrastructure.\n\nIn conclusion, CVS Health is a capital-intensive business, but the degree of capital intensity may not be as high as in other industries that rely more heavily on physical assets for production and service delivery. The company's significant investment in goodwill and intangible assets also suggests a strategic focus on acquisitions and brand value, which are important in the healthcare and retail pharmacy sectors.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":"Based on the information provided, Richard A. Johnson had substantially more votes against joining the Board of Directors than the other nominees. He received 16,105,005 votes against, which is significantly higher than the votes against any other nominee. The next highest number of votes against was for Alan D. Feldman, with 5,184,437 votes against, which is still significantly lower than the votes against Richard A. Johnson. All other nominees had fewer than 6 million votes against their election. Therefore, Richard A. Johnson stands out as having the most opposition among the nominees for the Board of Directors at Foot Locker, Inc.'s annual meeting of shareholders held on May 18, 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00839","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":"Based on the evidence provided, Mary N. Dillon, the new CEO of Foot Locker, Inc., does indeed have previous CEO experience in a similar company. She served as the Chief Executive Officer and a member of the Board of Directors of Ulta Beauty, Inc. from July 2013 through June 2021. Ulta Beauty is a beauty retailer that, like Foot Locker, operates in the retail sector and has a significant brick-and-mortar presence as well as online sales channels. Her experience leading a major retail company is directly relevant to her role at Foot Locker. Additionally, she has held other significant leadership roles, including President and CEO of United States Cellular Corporation and executive positions at McDonald's Corporation and PepsiCo Corporation.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the fiscal year 2019, we need to determine 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\nFirst, we calculate the average inventory, average accounts receivable, and average accounts payable by taking the average of the FY2018 and FY2019 values:\n\nAverage Inventory = (Inventory 2018 + Inventory 2019) \/ 2\nAverage Inventory = ($1,642.2M + $1,559.3M) \/ 2\nAverage Inventory = $3,201.5M \/ 2\nAverage Inventory = $1,600.75M\n\nAverage Accounts Receivable = (Receivables 2018 + Receivables 2019) \/ 2\nAverage Accounts Receivable = ($1,684.2M + $1,679.7M) \/ 2\nAverage Accounts Receivable = $3,363.9M \/ 2\nAverage Accounts Receivable = $1,681.95M\n\nAverage Accounts Payable = (Accounts Payable 2018 + Accounts Payable 2019) \/ 2\nAverage Accounts Payable = ($2,746.2M + $2,854.1M) \/ 2\nAverage Accounts Payable = $5,600.3M \/ 2\nAverage Accounts Payable = $2,800.15M\n\nNext, we calculate DIO, DSO, and DPO using the formulas and the FY2019 financial data:\n\nDIO = 365 * (Average Inventory \/ COGS 2019)\nDIO = 365 * ($1,600.75M \/ $11,108.4M)\nDIO = 365 * 0.1441\nDIO = 52.60 days\n\nDSO = 365 * (Average Accounts Receivable \/ Revenue 2019)\nDSO = 365 * ($1,681.95M \/ $16,865.2M)\nDSO = 365 * 0.0997\nDSO = 36.39 days\n\nChange in Inventory = Inventory 2019 - Inventory 2018\nChange in Inventory = $1,559.3M - $1,642.2M\nChange in Inventory = -$82.9M\n\nDPO = 365 * (Average Accounts Payable \/ (COGS 2019 + Change in Inventory))\nDPO = 365 * ($2,800.15M \/ ($11,108.4M - $82.9M))\nDPO = 365 * ($2,800.15M \/ $11,025.5M)\nDPO = 365 * 0.2539\nDPO = 92.67 days\n\nFinally, we calculate the CCC:\n\nCCC = DIO + DSO - DPO\nCCC = 52.60 days + 36.39 days - 92.67 days\nCCC = 89.99 days - 92.67 days\nCCC = -2.68 days\n\nRounded to two decimal places, the FY2019 cash conversion cycle (CCC) for General Mills is -2.68 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03471","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 General Mills's working capital ratio for FY2020, we will use the formula:\n\nWorking Capital Ratio = Total Current Assets \/ Total Current Liabilities\n\nFrom the provided balance sheet information for May 31, 2020, we have:\n\nTotal Current Assets = $5,121.3 million\nTotal Current Liabilities = $7,491.5 million\n\nNow, we can calculate the working capital ratio:\n\nWorking Capital Ratio = $5,121.3 million \/ $7,491.5 million\nWorking Capital Ratio \u2248 0.6835\n\nRounded to two decimal places, the working capital ratio for General Mills in FY2020 is approximately 0.68.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04854","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To calculate the FY2020 free cash flow (FCF) for General Mills, we need to subtract capital expenditures (capex) from the net cash provided by operating activities.\n\nFrom the provided statement of cash flows, we have the following figures for the fiscal year 2020:\n\nNet cash provided by operating activities: $3,676.2 million\nPurchases of land, buildings, and equipment (capex): $(460.8) million\n\nNow, we calculate the FCF:\n\nFCF = Net cash provided by operating activities - Capex\nFCF = $3,676.2 million - $(460.8) million\nFCF = $3,676.2 million + $460.8 million (since capex is a negative number, subtracting it is equivalent to adding the absolute value)\nFCF = $4,137.0 million\n\nTherefore, the FY2020 free cash flow (FCF) for General Mills is $4,137.0 million USD.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10136","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the fiscal year 2022, we need to use the following formula:\n\nRetention Ratio = (Net Income - Dividends Paid) \/ Net Income\n\nFrom the provided income statement, we have:\nNet earnings attributable to General Mills for FY2022 = $2,707.3 million\n\nFrom the provided cash flow statement, we have:\nDividends paid for FY2022 = $1,244.5 million\n\nNow we can plug these values 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 \u2248 0.5404 or 54.04% when rounded to two decimal places.\n\nTherefore, the retention ratio for General Mills for the fiscal year 2022 is approximately 54.04%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00651","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":"Based on the information provided, growth in Johnson & Johnson's (J&J) adjusted earnings per share (EPS) is not expected to accelerate in FY2023. The company has guided an adjusted operational EPS of $10.50 for 2023, which reflects growth of 3.5%. This is a slower growth rate compared to the 10.3% increase in adjusted EPS observed in the fourth quarter of 2022 and the 3.6% increase for the full year of 2022.\n\nTo summarize:\n\n- Q4 2022 adjusted EPS growth: 10.3%\n- Full-Year 2022 adjusted EPS growth: 3.6%\n- Projected Full-Year 2023 adjusted EPS growth: 3.5%\n\nTherefore, the expected growth in adjusted EPS for FY2023 is projected to be slightly slower than the growth rate for the full year of 2022, indicating that growth is not expected to accelerate.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To compare Johnson & Johnson's (J&J) U.S. sales growth to its international sales growth for the full year (FY) 2022, we need to look at the \"Full Year % Change\" section under \"REGIONAL SALES RESULTS.\"\n\nFor the U.S.:\n- Reported sales growth: 3.0%\n- Operational sales growth: 3.0%\n- Adjusted Operational sales growth: 3.0%\n\nFor International:\n- Reported sales growth: (0.6)%\n- Operational sales growth: 9.1%\n- Adjusted Operational sales growth: 9.3%\n\nThe reported sales growth is the actual change in sales from one year to the next, including all factors such as currency fluctuations. Operational sales growth excludes the impact of translational currency, which gives a sense of the underlying business performance without the effect of currency exchange rates. Adjusted Operational sales growth further excludes the net impact of acquisitions and divestitures, providing a view of the growth from ongoing operations.\n\nFrom the data provided, J&J's U.S. sales grew by 3.0% in FY2022 when considering both reported and operational growth. In contrast, international sales saw a decrease of 0.6% in reported sales growth, but when adjusting for currency fluctuations, the operational sales growth was 9.1%, and the adjusted operational sales growth was 9.3%.\n\nIn summary, J&J's international sales growth was higher than U.S. sales growth in FY2022 when looking at operational and adjusted operational growth figures, which exclude the impact of currency fluctuations. However, when including the impact of currency, the reported growth was negative for international sales and positive for U.S. sales.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00956","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 financial data provided, Johnson & Johnson (JnJ) does not exhibit the characteristics of a high-growth company for the fiscal year 2022. Here are the key points from the data that support this conclusion:\n\n1. Worldwide sales increased by only 1.3% in 2022, which is a significant slowdown from the 13.6% increase in 2021. A high-growth company would typically show a consistent and higher rate of sales growth.\n\n2. The volume increase contributed 6.9% to sales, which is lower than the 12.9% volume increase in 2021. This indicates a slowdown in the quantity of products sold or services rendered.\n\n3. There was a price decrease of 0.8% in 2022, which negatively affected sales growth. A high-growth company would generally have the pricing power to maintain or increase prices.\n\n4. Currency fluctuations had a negative impact on sales, with a 4.8% decrease due to currency in 2022 compared to a positive impact of 1.4% in 2021. While currency impacts are external factors, they nonetheless affected the overall sales growth negatively.\n\n5. The net impact of acquisitions and divestitures was slightly negative in both years, which does not contribute to the characterization of a high-growth profile.\n\n6. Sales growth in the U.S. was moderate at 3.0% in 2022, down from 9.3% in 2021. International sales actually decreased by 0.6% in 2022, after an 18.2% increase in 2021.\n\n7. The five-year and ten-year compound annual growth rates (CAGRs) for worldwide sales are 4.4% and 3.5%, respectively. These CAGRs are more indicative of a mature company rather than a high-growth company, which would typically have higher CAGRs.\n\n8. Sales in Europe and the Asia-Pacific, Africa region experienced declines in 2022, further indicating that JnJ is not currently experiencing high growth across all its markets.\n\nIn summary, while JnJ is a large and established company with significant sales, the financials for FY2022 reflect a company that is experiencing modest growth rather than the rapid expansion typically associated with high-growth companies.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":"Based on the evidence provided, the change in gross margin for Johnson & Johnson (JnJ) in FY2022 was influenced by several factors:\n\n1. One-time COVID-19 vaccine manufacturing exit-related costs: These are likely non-recurring costs associated with the cessation of certain activities related to COVID-19 vaccine production. This would have increased the cost of products sold, thereby reducing the gross margin.\n\n2. Currency impacts in the Pharmaceutical segment: Fluctuations in currency exchange rates can affect the cost of goods sold when the company operates internationally. If the currency impact was negative, it would mean that the cost of products sold in foreign currencies translated to more dollars, increasing costs and reducing gross margin.\n\n3. Commodity inflation in the MedTech and Consumer Health segments: Rising prices for raw materials and other commodities would increase the cost of goods sold, which would also negatively impact the gross margin.\n\nThese factors were partially offset by:\n\n1. Supply chain benefits in the Consumer Health segment: Improvements in the supply chain can lead to cost savings, which would help to mitigate some of the increases in the cost of products sold and support the gross margin.\n\nAdditionally, the intangible asset amortization expense, which is included in the cost of products sold, decreased from $4.7 billion in FY2021 to $4.3 billion in FY2022. This reduction in amortization expense would have a positive effect on the gross margin.\n\nIn summary, the gross margin for JnJ in FY2022 was negatively impacted by one-time costs related to COVID-19 vaccine production, currency impacts, and commodity inflation, but these were partially offset by supply chain improvements and a decrease in intangible asset amortization expense. Gross margin is a useful metric for a company like JnJ as it provides insight into the company's production and operational efficiency by showing the proportion of revenue that exceeds the cost of goods sold. It is an important indicator of the company's financial health and its ability to manage costs relative to sales.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00711","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 (J&J) for the fiscal year 2022, 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 the following figures:\n\nCost of Goods Sold (COGS) for 2022: $31,089 million\n\nInventories at the beginning of 2022 (January 2, 2022): $10,387 million\nInventories at the end of 2022 (January 1, 2023): $12,483 million\n\nNow, we calculate the average inventory:\n\nAverage Inventory = (Beginning Inventory + Ending Inventory) \/ 2\nAverage Inventory = ($10,387 million + $12,483 million) \/ 2\nAverage Inventory = $22,870 million \/ 2\nAverage Inventory = $11,435 million\n\nNext, we 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 J&J sold its inventory approximately 2.72 times during the fiscal year 2022.\n\nIt's important to note that the inventory turnover ratio can vary significantly across different industries, and for a diversified healthcare company like J&J, which has a wide range of products including pharmaceuticals, medical devices, and consumer goods, the inventory turnover can be influenced by the mix of products sold and their respective demand and supply dynamics. Therefore, while the inventory turnover ratio provides a snapshot of how efficiently a company is managing its inventory, it should be interpreted within the context of the company's specific operations and industry standards.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01487","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Johnson & Johnson's (JnJ) net earnings as a percent of sales increased in Q2 of FY2023 compared to Q2 of FY2022, we need to compare the net earnings to sales percentages for both quarters.\n\nFor Q2 FY2023:\n- Sales to customers: $25,530 million (100% of sales)\n- Net earnings: $5,144 million (20.1% of sales)\n\nFor Q2 FY2022:\n- Sales to customers: $24,020 million (100% of sales)\n- Net earnings: $4,814 million (20.0% of sales)\n\nComparing these figures, we can see that net earnings as a percent of sales increased from 20.0% in Q2 FY2022 to 20.1% in Q2 FY2023.\n\nTherefore, the answer is yes, JnJ's net earnings as a percent of sales did increase in Q2 of FY2023 compared to Q2 of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":"Based on the provided evidence, the business segment of Johnson & Johnson (JnJ) that will be treated as a discontinued operation from August 30, 2023, onward is the Consumer Health business. 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":"oracle","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":"Based on the evidence provided, the amount of the gain accruing to Johnson & Johnson as a result of the separation of its Consumer Health business segment is approximately $20 billion, which will be reflected in the third quarter of 2023 financial results as discontinued operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":"Based on the provided evidence, Johnson & Johnson secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering. This figure represents the amount of cash proceeds that Johnson & Johnson realized from the separation of Kenvue, its former Consumer Health business segment, as of August 30, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":"Based on the provided evidence, the JPMorgan Chase & Co. business segment with the lowest net revenue in the first quarter of 2021 was the Corporate segment, with a total net revenue of $(473) million, which is actually a negative revenue figure. This is lower than all other segments listed, which had positive net revenues:\n\n- Consumer & Community Banking: $12,517 million\n- Corporate & Investment Bank: $14,605 million\n- Commercial Banking: $2,393 million\n- Asset & Wealth Management: $4,077 million\n\nThe negative figure for the Corporate segment indicates that it had a net loss in terms of revenue, making it the segment with the lowest net revenue for Q1 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02119","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 know the total value of the assets that would be available for distribution to shareholders after all liabilities have been paid. The information provided does not give a complete picture of the firm's assets or liabilities, but it does provide some capital-related metrics.\n\nThe CET1 capital is a measure of a bank's core equity capital compared with its total risk-weighted assets and is a key indicator of a bank's financial strength. However, CET1 capital is not the same as the total assets of the firm. It is a regulatory measure used to ensure that the bank can absorb losses and has enough capital to continue operations through economic cycles.\n\nThe information provided states that the firm's CET1 capital was $206 billion. However, this figure does not represent the total assets of the firm, nor does it account for the firm's liabilities. To pay shareholders, JPM would first need to satisfy all of its liabilities, including any outstanding debts, loans, and obligations to creditors.\n\nThe TBVPS (tangible book value per share) is a measure that can give us an indication of the value shareholders might receive in the event of a liquidation, assuming that the tangible book value is a fair representation of the liquidation value of the assets after liabilities are paid. The TBVPS at the end of Q1 2021 was $66.56.\n\nTo estimate how much each shareholder could get, we would take the TBVPS as a rough estimate of the per-share liquidation value. However, this is a simplification, as the actual liquidation value could be higher or lower depending on the market value of the assets at the time of sale, costs associated with the liquidation process, and the priority of claims.\n\nWithout the total number of outstanding shares, we cannot calculate the exact amount each shareholder would receive. If you have the number of outstanding shares, you can multiply that by the TBVPS to get a rough estimate of the total value that could be distributed to shareholders. Keep in mind that this is a very rough estimate and the actual amount could be significantly different.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00394","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":"Based on the provided evidence, for the three months ended June 30, 2022, the JPMorgan Chase & Co. (JPM) business segment with the highest net income was the Corporate & Investment Bank, with a net income of $3,725 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00206","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"Gross margins are not a relevant metric for a company like JPMorgan Chase & Co. (JPM), which is a financial services firm. Gross margin is a term more commonly used in the context of manufacturing and retail businesses, where it represents the difference between revenue and the cost of goods sold (COGS), expressed as a percentage of revenue. It measures how much a company earns taking into account the costs that it incurs for producing its goods or services.\n\nFor financial institutions like JPMorgan Chase, the equivalent concepts are net interest margin (NIM) and non-interest income. These metrics are more relevant because they reflect the core activities of a bank:\n\n1. **Net Interest Margin (NIM)**: This is the difference between the interest income generated by banks and the amount of interest paid out to their lenders (for example, on deposits), relative to the amount of their interest-earning assets. It reflects the profitability of a bank's lending activities.\n\n2. **Non-Interest Income**: This includes fees and charges that are not related to the bank's interest-earning activities. It can come from service charges, asset management fees, trading account gains, and other sources.\n\nJPMorgan Chase's financial performance is typically analyzed using these metrics, along with other financial indicators such as return on assets (ROA), return on equity (ROE), efficiency ratio, and provision for credit losses, among others. These measures provide a more accurate picture of the financial health and performance of a financial institution than gross margin.\n\nTherefore, when evaluating JPMorgan Chase's consistency in financial performance, one would look at the trends and fluctuations in NIM, non-interest income, and other relevant banking metrics, rather than gross margins.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":"Based on the information provided, the risk that JPM faced in the second fiscal quarter of 2023, as measured by Value at Risk (VaR), did decrease compared to the same period in the prior year.\n\nThe evidence for this conclusion is found in the year-over-year results section, which states that the average total VaR decreased by $7 million for the three months ended June 30, 2023, compared with the same period in the prior year. This decrease was predominantly driven by risk reductions impacting Credit Portfolio VaR as well as fixed income.\n\nAdditionally, the Total VaR figures in the table support this conclusion:\n\n- For the three months ended June 30, 2022, the average Total VaR was $54 million.\n- For the three months ended June 30, 2023, the average Total VaR was $47 million.\n\nThis shows a decrease in the average Total VaR, indicating a reduction in the risk faced by JPM in the second fiscal quarter of 2023 compared to the same period in the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 for the fiscal year 2019, we need to use the Cost of Goods Sold (COGS) for FY2019 and the average inventory between FY2018 and FY2019.\n\nFrom the Consolidated Statements of Income, we have:\nCOGS for FY2019 = $16,830 million\n\nFrom the Consolidated Balance Sheets, we have:\nInventory at the end of FY2019 = $2,721 million\nInventory at the end of FY2018 = $2,667 million\n\nNow, we calculate the average inventory:\nAverage Inventory = (Inventory at the end of FY2019 + Inventory at the end of FY2018) \/ 2\nAverage Inventory = ($2,721 million + $2,667 million) \/ 2\nAverage Inventory = $5,388 million \/ 2\nAverage Inventory = $2,694 million\n\nFinally, we calculate the inventory turnover ratio:\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $16,830 million \/ $2,694 million\nInventory Turnover Ratio \u2248 6.25\n\nTherefore, the inventory turnover ratio for Kraft Heinz for FY2019 is approximately 6.25 (rounded to two decimal places).","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 Lockheed Martin's FY2020 asset turnover ratio, we need to use the formula:\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets between FY2019 and FY2020\n\nFrom the provided information:\n\nFY2020 Revenue = $65,398 million\n\nTotal Assets at the end of FY2019 = $47,528 million\nTotal Assets at the end of FY2020 = $50,710 million\n\nAverage Total Assets between FY2019 and FY2020 = (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 FY2020 asset turnover ratio is approximately 1.33 when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03031","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To calculate Lockheed Martin's FY2021 net working capital, we will subtract the total current liabilities from the total current assets for the year ended December 31, 2021, as per the provided balance sheet data.\n\nTotal current assets for FY2021: $19,815 million\nTotal current liabilities for FY2021: $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 FY2021 net working capital is $5,818 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 data, the total net sales (revenue) for Lockheed Martin are as follows:\n\n- FY2020: $65,398 million\n- FY2022: $65,984 million\n\nWe are looking at a period of 2 years (from the end of 2020 to the end of 2022). Plugging the values into the CAGR formula:\n\nCAGR = ($65,984 million \/ $65,398 million)^(1 \/ 2) - 1\n\nCalculating the growth factor first:\n\nGrowth Factor = $65,984 million \/ $65,398 million = 1.00896 (approximately)\n\nNow, we calculate the CAGR:\n\nCAGR = (1.00896)^(1 \/ 2) - 1\n\nTaking the square root of 1.00896:\n\nSquare Root = (1.00896)^(1 \/ 2) \u2248 1.00447\n\nFinally, subtracting 1 and converting to percentage:\n\nCAGR = (1.00447 - 1) * 100% \u2248 0.447% (approximately)\n\nRounded to one decimal place, the 2-year total revenue CAGR for Lockheed Martin from FY2020 to FY2022 is 0.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04171","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":"Based on the provided balance sheet for MGM Resorts International and Subsidiaries, the year-end FY2018 amount of accounts payable is $302,578,000. The balance sheet is presented in thousands, so the amount of $302,578 needs to be multiplied by 1,000 to get the full figure in dollars. Therefore, the accounts payable for the year ending December 31, 2018, is $302.578 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03849","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the fiscal years 2018 to 2020, we need to follow these steps:\n\n1. Calculate the total revenue for each year.\n2. Calculate the total capex for each year.\n3. Calculate the capex as a percentage of revenue for each year.\n4. Calculate the average of these percentages over the three years.\n\nLet's do the calculations:\n\n**Total Revenue for Each Year:**\n- 2018: $11,763,096,000\n- 2019: $12,899,672,000\n- 2020: $5,162,082,000\n\n**Total Capex for Each Year (from Cash Flows from Investing Activities):**\n- 2018: $(1,486,843,000)\n- 2019: $(739,006,000)\n- 2020: $(270,579,000)\n\n**Capex as a Percentage of Revenue for Each Year:**\n- 2018: ($1,486,843,000 \/ $11,763,096,000) * 100 = 12.6%\n- 2019: ($739,006,000 \/ $12,899,672,000) * 100 = 5.7%\n- 2020: ($270,579,000 \/ $5,162,082,000) * 100 = 5.2%\n\n**3-Year Average of Capex as a Percentage of Revenue:**\n- (12.6% + 5.7% + 5.2%) \/ 3 = 7.8%\n\nTherefore, the FY2018 - FY2020 3-year average of capex as a percentage of revenue for MGM Resorts is 7.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00382","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":"Based on the provided evidence, the region with the highest EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring or Rent Costs) contribution for MGM during the fiscal year 2022 is the Las Vegas Strip Resorts. The Adjusted Property EBITDAR for the Las Vegas Strip Resorts for the twelve months ended December 31, 2022, is $3,142,308,000, which is the highest figure when compared to the other regions listed:\n\n- Regional Operations: $1,294,630,000\n- MGM China: $(203,136,000) (a negative figure indicating a loss)\n- Unconsolidated affiliates, Management and other operations, Stock compensation, and Corporate are not regions but other segments of the business.\n\nTherefore, the Las Vegas Strip Resorts had the highest EBITDAR contribution for MGM during FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":"Based on the provided evidence, MGM China had the worst topline performance for MGM during FY2022. The evidence indicates that MGM China's net revenues decreased by 44% from $1.2 billion in the prior year to $674 million in the current year. Additionally, MGM China reported an Adjusted Property EBITDAR loss of $203 million in the current year compared to an Adjusted Property EBITDAR of $25 million in the prior year. This significant decline in revenue and the shift from a positive EBITDAR to a loss clearly indicates that MGM China experienced the worst topline performance among the regions mentioned.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 as the numerator and the annual interest expense as the denominator.\n\nFrom the provided information, we can find the following:\n\nAdjusted EBITDAR for the twelve months ended December 31, 2022: $3,497,254,000 (in thousands, which means we need to add three zeros to the end of the number)\n\nHowever, we need Adjusted EBIT, not Adjusted EBITDAR. EBITDAR includes rent, which we need to subtract to get EBIT. The rent expense is given as \"Triple-net operating lease and ground lease rent expense\" for the twelve months ended December 31, 2022: $1,950,566,000 (in thousands).\n\nAdjusted EBIT = Adjusted EBITDAR - Rent Expense\nAdjusted EBIT = $3,497,254,000 - $1,950,566,000\nAdjusted EBIT = $1,546,688,000\n\nThe annual interest expense for the twelve months ended December 31, 2022: $594,954,000 (in thousands).\n\nNow we can calculate the interest coverage ratio:\n\nInterest Coverage Ratio = Adjusted EBIT \/ Annual Interest Expense\nInterest Coverage Ratio = $1,546,688,000 \/ $594,954,000\nInterest Coverage Ratio \u2248 2.60\n\nTherefore, MGM's interest coverage ratio for FY2022, using Adjusted EBIT as the numerator and annual interest expense as the denominator, is approximately 2.60.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01254","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":"Based on the evidence provided, MGM Resorts did pay dividends to common shareholders in FY2022. The text states that MGM Resorts \"maintained an annual dividend of $0.01 per share throughout 2022.\" However, it also mentions that on February 8, 2023, the Board of Directors decided to suspend the ongoing dividends in favor of returning value to shareholders through a share repurchase plan. This indicates that while dividends were paid in 2022, the dividend program has been suspended as of early 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To answer the question about which type of debt received the largest investment among the short-term investments for MGM in H1 FY2023, we need to look at the \"Short-term investments\" section of the provided table for June 30, 2023.\n\nHere are the relevant figures for short-term investments as of June 30, 2023:\n\n- U.S. government securities: $57,696 (in thousands)\n- U.S. agency securities: $29,049 (in thousands)\n- Commercial paper and certificates of deposit: $4,561 (in thousands)\n- Corporate bonds: $416,420 (in thousands)\n\nFrom these figures, it is clear that Corporate bonds received the largest investment, with a fair value of $416,420,000. This is significantly higher than the investments in U.S. government securities, U.S. agency securities, and commercial paper and certificates of deposit.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04700","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":"Based on the provided income statement for Microsoft for the year ended June 30, 2016, the Cost of Goods Sold (COGS) can be derived from the \"Cost of revenue\" section. The COGS is the sum of the cost of product and the cost of service and other.\n\nFor the year ended June 30, 2016, the cost of product is $17,880 million and the cost of service and other is $14,900 million. To find the total COGS, we add these two figures together:\n\nCOGS (Product) = $17,880 million\nCOGS (Service and other) = $14,900 million\nTotal COGS = COGS (Product) + COGS (Service and other)\nTotal COGS = $17,880 million + $14,900 million\nTotal COGS = $32,780 million\n\nTherefore, the FY2016 COGS for Microsoft is $32,780 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Microsoft has increased its debt on the balance sheet between FY2023 and FY2022, we need to look at the long-term debt figures for both years.\n\nAccording to the provided balance sheet data:\n\n- The current portion of long-term debt as of June 30, 2023, is $5,247 million.\n- The current portion of long-term debt as of June 30, 2022, is $2,749 million.\n\n- The long-term debt (excluding the current portion) as of June 30, 2023, is $41,990 million.\n- The long-term debt (excluding the current portion) as of June 30, 2022, is $47,032 million.\n\nTo calculate the total debt for each year, we add the current portion of long-term debt to the long-term debt:\n\nFor FY2023:\nTotal debt = Current portion of long-term debt + Long-term debt\nTotal debt = $5,247 million + $41,990 million\nTotal debt = $47,237 million\n\nFor FY2022:\nTotal debt = Current portion of long-term debt + Long-term debt\nTotal debt = $2,749 million + $47,032 million\nTotal debt = $49,781 million\n\nComparing the total debt figures for both years:\n\nFY2023 total debt = $47,237 million\nFY2022 total debt = $49,781 million\n\nMicrosoft has decreased its total debt by $2,544 million ($49,781 million - $47,237 million) from FY2022 to FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04458","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 follow these steps:\n\n1. Calculate unadjusted EBITDA:\n   Unadjusted EBITDA = Operating Income + Depreciation & Amortization (D&A)\n\nFrom the Consolidated Statements of Operations, we have:\nOperating Income for 2015 = $305,826 (in thousands)\n\nFrom the Consolidated Statements of Cash Flows, we have:\nDepreciation and Amortization of property, equipment, and intangibles for 2015 = $62,283 (in thousands)\n\nTherefore, unadjusted EBITDA for 2015 = $305,826 + $62,283 = $368,109 (in thousands)\n\n2. Calculate the EBITDA % margin:\n   EBITDA % margin = (Unadjusted EBITDA \/ Revenues) * 100\n\nFrom the Consolidated Statements of Operations, we have:\nRevenues for 2015 = $6,779,511 (in thousands)\n\nTherefore, EBITDA % margin for 2015 = ($368,109 \/ $6,779,511) * 100\n\nNow, let's do the math:\nEBITDA % margin for 2015 = (368,109 \/ 6,779,511) * 100 \u2248 5.43%\n\nSo, the FY2015 unadjusted EBITDA % margin for Netflix is approximately 5.43%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03282","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":"Based on the information provided in the consolidated balance sheets for Netflix, Inc., the total current liabilities at the end of the fiscal year 2017 (as of December 31, 2017) are as follows:\n\nTotal current liabilities: $5,466,312 (in thousands)\n\nTo express this amount in millions of USD, we divide by 1,000:\n\n$5,466,312 thousand \/ 1,000 = $5,466.312 million\n\nTherefore, Netflix's total current liabilities at the end of FY2017 were approximately $5,466.312 million (USD).","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 Nike's cost of goods sold (COGS) as a percentage of revenue for the fiscal years 2016 to 2018, we will follow these steps:\n\n1. Calculate the COGS as a percentage of revenue for each year.\n2. Sum these percentages.\n3. Divide the sum by the number of years (3 in this case) to get the average.\n\nHere are the calculations for each year:\n\nFor 2016:\nCOGS = $17,405 million\nRevenue = $32,376 million\nCOGS as a % of Revenue = (COGS \/ Revenue) * 100 = ($17,405 \/ $32,376) * 100 \u2248 53.8%\n\nFor 2017:\nCOGS = $19,038 million\nRevenue = $34,350 million\nCOGS as a % of Revenue = (COGS \/ Revenue) * 100 = ($19,038 \/ $34,350) * 100 \u2248 55.4%\n\nFor 2018:\nCOGS = $20,441 million\nRevenue = $36,397 million\nCOGS as a % of Revenue = (COGS \/ Revenue) * 100 = ($20,441 \/ $36,397) * 100 \u2248 56.2%\n\nNow, we sum these percentages and calculate the average:\n\nSum of COGS as a % of Revenue = 53.8% + 55.4% + 56.2% = 165.4%\nAverage COGS as a % of Revenue = Sum \/ 3 = 165.4% \/ 3 \u2248 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":"oracle","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 details provided in 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":"oracle","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 for FY2021, we need to use the Cost of Goods Sold (COGS) for FY2021 and the average inventory between FY2020 and FY2021.\n\nFrom the provided information:\n\nCOGS for FY2021 = $24,576 million\n\nInventory at the end of FY2020 = $7,367 million\nInventory at the end of FY2021 = $6,854 million\n\nNow, we calculate the average inventory:\n\nAverage Inventory = (Inventory at the end of FY2020 + Inventory at the end of FY2021) \/ 2\nAverage Inventory = ($7,367 million + $6,854 million) \/ 2\nAverage Inventory = $14,221 million \/ 2\nAverage Inventory = $7,110.5 million\n\nNext, we calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $24,576 million \/ $7,110.5 million\nInventory Turnover Ratio \u2248 3.45\n\nTherefore, the inventory turnover ratio for Nike for FY2021 is approximately 3.45 (rounded to two decimal places).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":"Based on the provided Consolidated Statements of Cash Flows for Nike, Inc. for the fiscal year ended May 31, 2023, we can determine which activity brought in the most cash or lost the least by comparing the cash provided (used) by each activity:\n\n- Cash provided (used) by operations: $5,841 million\n- Cash provided (used) by investing activities: $564 million\n- Cash provided (used) by financing activities: ($7,447 million)\n\nOperations brought in the most cash with $5,841 million. Investing activities also provided positive cash flow, albeit significantly less, with $564 million. Financing activities, on the other hand, used the most cash, with an outflow of $7,447 million.\n\nTherefore, among operations, investing, and financing activities, operations brought in the most cash for Nike in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if PayPal has positive working capital based on the FY2022 data provided, we need to calculate the working capital by subtracting the total current liabilities from the total current assets.\n\nFrom the data provided:\n\nTotal current assets (as of December 31, 2022) = $57,517 million\nTotal current liabilities (as of December 31, 2022) = $45,101 million\n\nWorking capital = Total current assets - Total current liabilities\nWorking capital = $57,517 million - $45,101 million\nWorking capital = $12,416 million\n\nBased on the FY2022 data, PayPal has a positive working capital of $12,416 million.\n\nWorking capital is a useful and relevant metric for most companies as it measures a company's ability to pay off its short-term liabilities with its short-term assets. A positive working capital indicates that the company has more short-term assets than short-term liabilities, which generally suggests that the company is in good financial health and has the liquidity to manage its short-term obligations. In PayPal's case, the positive working capital suggests that the company has a buffer to cover its current liabilities and is likely able to invest in growth opportunities or manage unexpected expenses.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04980","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 Consolidated Statement of Cash Flows provided for PepsiCo, Inc. and Subsidiaries for the fiscal year ended December 25, 2021, the capital expenditure amount is listed under Investing Activities as \"Capital spending.\" For the fiscal year 2021, the capital spending amount is $(4,625) million, which is equivalent to $4.625 billion USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01009","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":"Based on the provided evidence, PepsiCo primarily operates in the following geographies as of FY2022:\n\n1) Frito-Lay North America (FLNA) - This includes PepsiCo's branded convenient food businesses in the United States and Canada.\n\n2) Quaker Foods North America (QFNA) - This includes PepsiCo's branded convenient food businesses, such as cereal, rice, pasta, and other branded food, in the United States and Canada.\n\n3) PepsiCo Beverages North America (PBNA) - This includes PepsiCo's beverage businesses in the United States and Canada.\n\n4) Latin America (LatAm) - This includes all of PepsiCo's beverage and convenient food businesses in Latin America.\n\n5) Europe - This includes all of PepsiCo's beverage and convenient food businesses in Europe.\n\n6) Africa, Middle East and South Asia (AMESA) - This includes all of PepsiCo's beverage and convenient food businesses in Africa, the Middle East, and South Asia.\n\n7) Asia Pacific, Australia and New Zealand and China Region (APAC) - This includes all of PepsiCo's beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and the China region.\n\nThese seven reportable segments represent the primary geographies where PepsiCo operates.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 FY2022 unadjusted EBITDA % margin for PepsiCo, we need to find the unadjusted EBITDA in absolute terms and then divide it by the net revenue to get the percentage. The unadjusted EBITDA is calculated by adding Depreciation & Amortization (D&A) back to the Operating Profit.\n\nFrom the Consolidated Statement of Income, we have:\n- Operating Profit for 2022: $11,512 million\n\nFrom the Consolidated Statement of Cash Flows, we have:\n- Depreciation and amortization for 2022: $2,763 million\n\nNow, let's 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'll 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 = 16.52%\n\nTherefore, the FY2022 unadjusted EBITDA % margin for PepsiCo is 16.52%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 PepsiCo's FY2022 unadjusted EBITDA less capex, we will follow these steps:\n\n1. Calculate unadjusted EBITDA:\n   Unadjusted EBITDA = Unadjusted Operating Income + Depreciation and Amortization\n\n2. Subtract Capital Expenditures (capex) from the unadjusted EBITDA.\n\nFrom the Consolidated Statement of Income, we have:\nOperating Profit for 2022: $11,512 million\n\nFrom the Consolidated Statement of Cash Flows, we have:\nDepreciation and Amortization for 2022: $2,763 million\nCapital Spending (capex) for 2022: $5,207 million\n\nNow, let's calculate:\n\nUnadjusted EBITDA for 2022:\n= Operating Profit + Depreciation and Amortization\n= $11,512 million + $2,763 million\n= $14,275 million\n\nUnadjusted EBITDA less capex for 2022:\n= Unadjusted EBITDA - Capital Spending\n= $14,275 million - $5,207 million\n= $9,068 million\n\nTherefore, PepsiCo's FY2022 unadjusted EBITDA less capex is $9,068 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01328","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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. This is detailed in the summary of the 2019 Productivity Plan charges provided in the evidence.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":"Based on the provided evidence, PepsiCo has not reported any materially important ongoing legal battles from FY2022 and FY2021. In the section titled \"Item 3. Legal Proceedings,\" the text states that while the company and its subsidiaries are involved in various forms of litigation, claims, legal or regulatory proceedings, inquiries, and investigations, management believes that the final outcome of these matters will not have a material adverse effect on PepsiCo's financial condition, results of operations, or cash flows. This suggests that there are no ongoing legal battles that the company deems to be materially important as of the information provided.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":"Based on the provided evidence, PepsiCo raised its full-year guidance for core constant currency EPS growth from 8 percent to 9 percent. This represents an increase of 1 percentage point.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"PepsiCo raised its full-year guidance for FY2023 based on its strong performance and business momentum in the first quarter of the year. The company reported a robust organic revenue growth of 14.3% and a core constant currency EPS increase of 18%. Despite the negative impact of foreign exchange rates on net revenue and EPS, the company's underlying financial health appeared to be strong.\n\nChairman and CEO Ramon Laguarta attributed the positive outlook to the resilience of the company's categories and geographies, as well as the successful implementation of strategic investments. These investments are part of PepsiCo's pep+ (PepsiCo Positive) initiative, which aims to create a more sustainable and profitable growth model by focusing on becoming a Faster, Stronger, and Better organization.\n\nThe specific reasons for raising the full-year guidance include:\n\n1. Strong start to the year: The company's performance in the first quarter exceeded expectations, which provided a solid base for the rest of the year.\n\n2. Resilient categories and geographies: PepsiCo's diverse portfolio and global presence have shown resilience, which gives the company confidence in its ability to perform well throughout the year.\n\n3. Strategic investments: Investments in people, brands, supply chain, go-to-market systems, and digitization initiatives are expected to build competitive advantages and drive market success.\n\nAs a result of these factors, PepsiCo now expects its full-year 2023 organic revenue to increase by 8% (up from the previously expected 6%) and core constant currency EPS to increase by 9% (up from the previously expected 8%).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"The outcome of the shareholder vote on the shareholder proposal for a congruency report by PepsiCo on net-zero emissions policies at the AGM held on May 3, 2023, was that the proposal was defeated. The votes were as follows:\n\n- For the proposal: 19,718,780\n- Against the proposal: 977,228,788\n- Abstain: 23,200,321\n- Broker Non-Votes: 172,969,325\n\nGiven the significant number of votes against the proposal compared to those in favor, the shareholders did not approve the proposal for PepsiCo to provide a congruency report on net-zero emissions policies.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"On May 26, 2023, PepsiCo increased its unsecured five-year revolving credit agreement from $3,800,000,000 to $4,200,000,000. This is an increase of $400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 under its unsecured revolving credit agreements a total of up to $8,400,000,000. This amount is the sum of the borrowing capacities under two separate agreements:\n\n1. The 2023 364 Day Credit Agreement allows PepsiCo to borrow up to $4,200,000,000. Additionally, PepsiCo has the option to increase the commitments under this agreement to up to $4,950,000,000, subject to the agreement of the existing lenders or additional banks.\n\n2. The 2023 Five Year Credit Agreement also allows PepsiCo to borrow up to $4,200,000,000, with the possibility of increasing the commitments to up to $4,950,000,000, under the same conditions as the 364 Day Credit Agreement.\n\nHowever, it's important to note that while each agreement allows for an increase in the borrowing limit to $4,950,000,000, the evidence provided does not confirm that such an increase has been agreed upon or enacted as of the given date. Therefore, the total amount PepsiCo may borrow as of May 26, 2023, without considering any potential increases, is $8,400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To determine if Pfizer grew its Property, Plant, and Equipment (PP&E) between FY20 and FY21, we need to look at the \"Property, plant and equipment\" line in the Consolidated Balance Sheets for both years.\n\nAccording to the provided data:\n\n- As of December 31, 2021, Pfizer's Property, Plant, and Equipment (PP&E) was $14,882 million.\n- As of December 31, 2020, Pfizer's PP&E was $13,745 million.\n\nComparing these two figures, we can see that Pfizer's PP&E increased from $13,745 million in 2020 to $14,882 million in 2021. This indicates that Pfizer did indeed grow its PP&E between FY20 and FY21 by $1,137 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02416","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 the 10-K report are:\n\n1. Trillium: Pfizer acquired Trillium, a clinical stage immuno-oncology company, on November 17, 2021, for a total consideration of $2.0 billion, net of cash acquired.\n\n2. Array: On July 30, 2019, Pfizer acquired Array, a commercial stage biopharmaceutical company focused on cancer and other diseases, for a total fair value of the consideration transferred of $11.2 billion ($10.9 billion, net of cash acquired).\n\n3. Therachon: Pfizer acquired Therachon, a privately-held clinical-stage biotechnology company focused on rare diseases, on July 1, 2019, for $340 million upfront, plus potential milestone payments of up to $470 million contingent on the achievement of key milestones.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00702","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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, there was a significant event in 2019 that is not part of Pfizer's standard business operations that substantially increased net income. According to the provided Consolidated Statements of Income, there was a \"(Gain) on completion of Consumer Healthcare JV transaction\" in 2019 amounting to $8,107 million. This gain is listed as a negative expense, which indicates that it was a one-time event that provided a substantial boost to Pfizer's net income for that year.\n\nThis gain likely represents the completion of a joint venture transaction related to Pfizer's Consumer Healthcare business. Joint ventures are strategic alliances where two or more parties, typically businesses, form a partnership to share markets, intellectual property, assets, knowledge, and, of course, profits. A gain from such a transaction would occur if the value realized from the joint venture exceeded the carrying value of the assets Pfizer contributed to it.\n\nThe impact of this gain is evident when comparing the net income from 2019 to the net income from the following years. In 2019, Pfizer's net income attributable to common shareholders was $16,026 million, which was significantly higher than the $9,159 million in 2020. Without this one-time gain, the net income for 2019 would have been considerably lower, more in line with the net income from the surrounding years.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":"Based on the provided geographic revenue information for Pfizer, the region with the biggest drop in Q2 2023 year over year revenues on a percentage basis is the \"Developed Rest of World\" region. The revenues for this region decreased from $5,034 million in Q2 2022 to $1,305 million in Q2 2023, which is a 74% decrease. This is the largest percentage decrease among the regions listed.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00283","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":"Based on the provided evidence, Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has already been incurred since inception and through the second quarter of 2023. These charges include costs and expenses related to the separation of legal entities and transaction costs. \n\nTo calculate the remaining amount Pfizer expects to pay, we take the total expected cost ($700 million) and subtract the amount that has already been incurred (90% of $700 million).\n\nThe calculation is as follows:\n\nTotal expected cost to spin off Upjohn = $700 million\nAmount already incurred = 90% of $700 million = 0.9 * $700 million = $630 million\nRemaining amount to be incurred = Total expected cost - Amount already incurred\nRemaining amount to be incurred = $700 million - $630 million = $70 million\n\nTherefore, Pfizer expects to pay an additional $70 million in the future to complete the spin-off of Upjohn.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 evidence provided, as of Q2 2023, Pfizer is indeed spinning off a large business segment. The evidence specifically mentions the \"Proposed Divestiture of Early-Stage Rare Disease Gene Therapy Portfolio\" where Pfizer entered into an agreement with Alexion, a subsidiary of AstraZeneca plc. According to the agreement, Alexion will purchase and license the assets of Pfizer's early-stage rare disease gene therapy portfolio for total consideration of up to $1 billion, plus tiered royalties based on annual net sales of the assets. The transaction is expected to close in the third quarter of 2023, subject to customary closing conditions.\n\nThis divestiture aligns with Pfizer's strategy to pivot from viral capsid-based gene therapy approaches to new platform technologies such as mRNA or in vivo gene editing. The divestiture of this segment of their business indicates a significant strategic move by Pfizer to focus on areas where they believe they can have a transformative impact on patients.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00601","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 percentage of net sales in FY2023 was primarily driven by the leverage of marketing expenses and incentive compensation due to higher sales. This means that while SG&A expenses increased in absolute terms, they grew at a slower rate than net sales, leading to a decrease in SG&A expenses as a percentage of net sales.\n\nThe evidence provided indicates that SG&A expenses increased by 16.2% to $2.4 billion compared to $2.1 billion in fiscal 2021. However, as a percentage of net sales, SG&A expenses decreased to 23.5% from 23.9% in fiscal 2021. This decrease is attributed to lower marketing expenses and the leverage of incentive compensation, which suggests that the company was able to spread its fixed costs over a larger sales base, thus improving efficiency.\n\nThe leverage effect here is a result of the company's ability to grow its sales faster than its SG&A expenses. The increase in net sales by 18.3% to $10.2 billion was due to several factors, including the resilience of the beauty category, retail price increases, new brands and product innovation, increased social occasions, and fewer COVID-19 limitations compared to the previous fiscal year.\n\nIt's important to note that the reduction in SG&A as a percentage of sales was partially offset by deleverage in certain areas such as store payroll and benefits due to wage investments and corporate overhead due to strategic investments. Deleverage in this context means that these specific expenses grew at a faster rate than sales in those areas, but the overall impact on SG&A was still a reduction as a percentage of net sales due to the larger leverage gained from marketing expenses and incentive compensation.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 FY2023 can be attributed to several factors based on the evidence provided:\n\n1. Continued Resilience of the Beauty Category: The beauty industry has shown resilience, and Ulta Beauty's net sales increased by 18.3% in FY2023 compared to the previous fiscal year. This suggests that the company may have increased its inventory levels to meet the anticipated demand in a growing market.\n\n2. Retail Price Increases: With retail prices increasing, the value of the inventory on hand would also increase, contributing to a higher merchandise inventory balance.\n\n3. New Brands and Product Innovation: The introduction of new brands and innovative products typically requires an investment in inventory. Ulta Beauty may have increased its inventory to include these new offerings and ensure a wide selection for customers.\n\n4. Increased Social Occasions and Fewer COVID-19 Limitations: As social occasions increased and COVID-19 restrictions eased, there may have been a surge in demand for beauty products. To prepare for this uptick in sales, Ulta Beauty would have needed to increase its inventory levels.\n\n5. Higher Inventory Shrink: The evidence mentions higher inventory shrink, which refers to the loss of inventory due to factors such as theft, damage, or administrative errors. Higher shrink rates can lead to an increase in inventory levels as the company compensates for these losses to maintain sufficient stock for sales.\n\n6. Strategic Investments: The company made strategic investments, which could include investments in inventory to support growth initiatives, such as expanding product lines or entering new markets.\n\nWhile the evidence provided does not explicitly state the exact reasons for the increase in merchandise inventory balance, the combination of these factors likely contributed to the need for Ulta Beauty to hold more inventory at the end of FY2023. The company's overall growth in sales and the strategic decisions to expand offerings and meet customer demand would naturally lead to a larger inventory investment.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00605","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 determine what percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY 2023, we need to compare the amount spent on repurchases in Q4 to the total amount spent on repurchases in the entire fiscal year.\n\nAccording to the evidence provided, during the fourth quarter of fiscal 2022, Ulta Beauty repurchased 722,457 shares at a cost of $328.1 million. For the entire fiscal 2022, the company repurchased 2.2 million shares at a cost of $900.0 million.\n\nHowever, the information provided does not specify the amount spent on share repurchases specifically in Q4 of FY 2023. Instead, it provides an outlook for FY 2023, stating that the company plans to repurchase approximately $900 million in shares during the entire fiscal year.\n\nWithout specific data on the amount spent on share repurchases in Q4 of FY 2023, we cannot calculate the percentage of the total spend that occurred in that quarter. We would need the actual amount spent on share repurchases in Q4 of FY 2023 to make this calculation.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00606","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 provided evidence, Ulta Beauty's wages expense, as a part of Selling, General and Administrative (SG&A) expenses, experienced deleverage due to wage investments. This means that while SG&A expenses overall decreased as a percentage of net sales (from 23.9% in fiscal 2021 to 23.5% in fiscal 2022), within the SG&A category, the portion attributed to store payroll and benefits increased due to wage investments. \n\nTherefore, even though the SG&A expenses decreased as a percentage of net sales, the specific component related to wages increased relative to net sales. This indicates that Ulta Beauty's wages expense as a percent of net sales increased in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00746","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":"Based on the evidence provided, Ulta Beauty, Inc. has registered the following security for trading on a national securities exchange under Section 12(b) of the Securities Exchange Act of 1934:\n\n- Common stock, par value $0.01 per share, trading symbol ULTA, on The NASDAQ Global Select Market.\n\nThere are no debt securities listed in the provided evidence. The section \"Securities registered pursuant to Section 12(g) of the Act\" indicates \"None,\" which means that there are no additional securities, including debt securities, registered under Section 12(g) of the Act. Therefore, as of the fiscal year ended January 28, 2023, Ulta Beauty, Inc. does not have any debt securities registered to trade on a national securities exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 provided evidence from Ulta Beauty, Inc.'s Consolidated Statements of Cash Flows for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, we can analyze the \"Investing activities\" section to determine if there were any major acquisitions.\n\nFor the fiscal year ended January 28, 2023, the line item \"Acquisitions, net of cash acquired\" shows a value of $\u2014, which indicates that there were no acquisitions made during that fiscal year.\n\nFor the fiscal year ended January 29, 2022, the line item \"Acquisitions, net of cash acquired\" also shows a value of $\u2014, which indicates that there were no acquisitions made during that fiscal year either.\n\nTherefore, according to the provided financial data, Ulta Beauty did not make any major acquisitions in FY2023 or FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":"Based on the provided evidence, among the derivative instruments that Verizon used to manage exposure to fluctuations in foreign currency exchange rates and interest rates, the one with the highest notional value in FY 2021 was cross currency swaps, with a notional amount of $32,502 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":"Based on the provided evidence, Verizon expected to pay $862 million for health care and life insurance benefits to its retirees in 2024. This information is found in the section titled \"Estimated Future Benefit Payments,\" which outlines the expected benefit payments to retirees for various years, including 2024.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00215","model_name":"gpt-4-1106-preview","eval_mode":"oracle","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":"Based on the FY 2022 data provided, Verizon can be considered a capital-intensive business. Here are the key points that support this assessment:\n\n1. Capital Expenditures: Verizon reported capital expenditures of $23.1 billion for the year ended December 31, 2022. This is a significant amount of money invested in the company's infrastructure, including approximately $6.2 billion in C-Band related capital expenditures. Capital-intensive businesses typically have high levels of capital expenditure as they require substantial investment in physical assets to operate and grow.\n\n2. Property, Plant, and Equipment (PPE): The balance sheet shows that Verizon has a substantial amount of property, plant, and equipment. The net PPE (after accumulated depreciation) is valued at $107.434 billion as of December 31, 2022. This indicates that Verizon has a large investment in long-term physical assets, which is characteristic of capital-intensive industries.\n\n3. Wireless Licenses and Other Intangible Assets: Verizon has significant investments in wireless licenses and other intangible assets, totaling $149.796 billion and $11.461 billion, respectively. These assets are crucial for Verizon's operations and represent a considerable capital outlay.\n\n4. Network Infrastructure: The text describes Verizon's focus on expanding and densifying its wireless networks, including 4G LTE and 5G technologies. This involves deploying small cell technology, in-building solutions, distributed antenna systems, and the Intelligent Edge Network. Such network infrastructure projects require heavy investment and are indicative of a capital-intensive business model.\n\n5. Transformation and Modernization: Verizon is investing in transforming its network architecture to improve efficiency, virtualization, and automation. This transformation is necessary to stay competitive and meet the growing demand for high-speed connections and advanced services, which again points to a capital-intensive approach.\n\nIn conclusion, the combination of high capital expenditures, significant investment in physical and intangible assets, and the ongoing need to invest in network infrastructure and modernization efforts all suggest that Verizon operates a capital-intensive business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To assess Verizon's liquidity profile based on its quick ratio for FY 2022, we need to calculate the quick ratio using the relevant figures from the provided balance sheet. 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:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the balance sheet provided, we can extract the following figures for the calculation:\n\n- Cash and Cash Equivalents: $2,605 million\n- Accounts Receivable, net: $24,506 million (This already accounts for the allowance for credit losses, so we use the net figure)\n- Current Liabilities: $50,171 million\n\nNote that the balance sheet does not mention any marketable securities, so we will exclude them from the calculation. Inventories and prepaid expenses are also excluded from the quick ratio calculation because they are not considered as liquid as cash, marketable securities, and receivables.\n\nNow, let's calculate the quick ratio for Verizon for FY 2022:\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 satisfactory as it indicates that the company has enough liquid assets to cover its current liabilities. A quick ratio less than 1 may suggest that the company could struggle to meet its short-term obligations without selling inventory or obtaining additional financing.\n\nIn Verizon's case, the quick ratio of approximately 0.54 for FY 2022 indicates that the company's most liquid assets are less than its current liabilities, which may suggest that Verizon could potentially face liquidity challenges if all current liabilities were to come due at once. However, it's important to consider that the quick ratio is a snapshot in time and does not account for the inflow of cash from operations or the company's ability to roll over its debt.\n\nAdditionally, for a company like Verizon, which operates in a capital-intensive industry with relatively stable cash flows, the quick ratio may not be the most relevant measure of liquidity. The company may have access to other sources of financing, and its operating cash flow may be sufficient to meet its short-term obligations. Therefore, while the quick ratio provides some insight, it should be considered alongside other financial metrics and the company's overall financial condition when assessing liquidity.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00566","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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, Verizon's total debt as of December 31, 2022, was $150,639 million, and as of December 31, 2021, it was $150,868 million. This indicates that Verizon's total debt on the balance sheet decreased by $229 million between the 2021 and 2022 fiscal periods.\n\nHere's the breakdown:\n\n- Total debt at the end of 2022: $150,639 million\n- Total debt at the end of 2021: $150,868 million\n- Difference: $150,868 million - $150,639 million = $229 million decrease\n\nTherefore, Verizon did not increase its debt on the balance sheet between 2022 and the 2021 fiscal period; instead, it slightly decreased its total debt.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06247","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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 provided:\n\nDPO = 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018)\n\nFirst, we need to find the average accounts payable for FY2017 and FY2018:\n\nAccounts payable FY2017 = $41,433 million\nAccounts payable FY2018 = $46,092 million\nAverage accounts payable = (Accounts payable FY2017 + Accounts payable FY2018) \/ 2\nAverage accounts payable = ($41,433 million + $46,092 million) \/ 2\nAverage accounts payable = $87,525 million \/ 2\nAverage accounts payable = $43,762.5 million\n\nNext, we need to calculate the change in inventory between FY2017 and FY2018:\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 need the Cost of Goods Sold (COGS) for FY2018:\n\nCOGS FY2018 = $373,396 million\n\nFinally, we can calculate the DPO:\n\nDPO = 365 * (average accounts payable) \/ (COGS FY2018 + change in inventory)\nDPO = 365 * ($43,762.5 million) \/ ($373,396 million + $737 million)\nDPO = 365 * $43,762.5 million \/ $374,133 million\nDPO = $15,963,312.5 million \/ $374,133 million\nDPO \u2248 42.67 days\n\nTherefore, the Days Payable Outstanding (DPO) for Walmart for FY2018 is approximately 42.67 days.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04784","model_name":"gpt-4-1106-preview","eval_mode":"oracle","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":"To calculate the change in unadjusted operating income percentage margin for Walmart from FY2018 to FY2019, we need to follow these steps:\n\n1. Calculate the operating income margin for each year by dividing the operating income by total revenues and then multiplying by 100 to get a percentage.\n2. Subtract the FY2018 operating income margin from the FY2019 operating income margin to find the change.\n\nLet's do the calculations:\n\nFor FY2019:\nOperating Income (2019) = $21,957 million\nTotal Revenues (2019) = $514,405 million\nOperating Income Margin (2019) = ($21,957 \/ $514,405) * 100\n\nFor FY2018:\nOperating Income (2018) = $20,437 million\nTotal Revenues (2018) = $500,343 million\nOperating Income Margin (2018) = ($20,437 \/ $500,343) * 100\n\nNow, let's calculate the margins:\n\nOperating Income Margin (2019) = ($21,957 \/ $514,405) * 100 \u2248 4.27%\nOperating Income Margin (2018) = ($20,437 \/ $500,343) * 100 \u2248 4.09%\n\nFinally, let's find the change:\n\nChange in Operating Income Margin = Operating Income Margin (2019) - Operating Income Margin (2018)\nChange in Operating Income Margin = 4.27% - 4.09% \u2248 0.18%\n\nRounded to one decimal place, the change in unadjusted operating income percentage 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":"oracle","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 3-year average unadjusted EBITDA % margin for Walmart for the fiscal years 2018 to 2020, we will follow these steps:\n\n1. Calculate the unadjusted EBITDA for each year.\n2. Calculate the total revenue for each year.\n3. Determine the EBITDA margin for each year by dividing the unadjusted EBITDA by the total revenue.\n4. Calculate the average EBITDA margin over the three years.\n\nLet's start with the calculations:\n\n**Fiscal Year 2018:**\n- Operating income: $20,437 million\n- Depreciation and amortization: $10,529 million\n- Total revenues: $500,343 million\n\nUnadjusted EBITDA = Operating income + Depreciation and amortization\nUnadjusted EBITDA (2018) = $20,437 million + $10,529 million = $30,966 million\n\nEBITDA margin (2018) = (Unadjusted EBITDA \/ Total revenues) * 100\nEBITDA margin (2018) = ($30,966 million \/ $500,343 million) * 100 \u2248 6.2%\n\n**Fiscal Year 2019:**\n- Operating income: $21,957 million\n- Depreciation and amortization: $10,678 million\n- Total revenues: $514,405 million\n\nUnadjusted EBITDA (2019) = $21,957 million + $10,678 million = $32,635 million\n\nEBITDA margin (2019) = ($32,635 million \/ $514,405 million) * 100 \u2248 6.3%\n\n**Fiscal Year 2020:**\n- Operating income: $20,568 million\n- Depreciation and amortization: $10,987 million\n- Total revenues: $523,964 million\n\nUnadjusted EBITDA (2020) = $20,568 million + $10,987 million = $31,555 million\n\nEBITDA margin (2020) = ($31,555 million \/ $523,964 million) * 100 \u2248 6.0%\n\nNow, we calculate the 3-year average EBITDA margin:\n\nAverage EBITDA margin = (EBITDA margin (2018) + EBITDA margin (2019) + EBITDA margin (2020)) \/ 3\nAverage EBITDA margin = (6.2% + 6.3% + 6.0%) \/ 3 \u2248 6.2%\n\nTherefore, the FY2018 - FY2020 3-year average unadjusted EBITDA % margin for Walmart is approximately 6.2%.","label":"Correct Answer"}