{"financebench_id":"financebench_id_03029","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.","gold_answer":1577,"model_answer":"The FY2018 capital expenditure amount for 3M is represented by the \"Purchases of property, plant and equipment (PP&E)\" line item in the cash flow statement. According to the provided information, the amount for 2018 is $1,577 million USD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04672","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":"The net Property, Plant, and Equipment (PP&E) for 3M at the end of FY2018 can be calculated by taking the gross PP&E and subtracting the accumulated depreciation. According to the balance sheet provided:\n\nGross PP&E at December 31, 2018: $24,873 million\nLess: Accumulated depreciation at December 31, 2018: ($16,135 million)\n\nNet PP&E = Gross PP&E - Accumulated Depreciation\nNet PP&E = $24,873 million - $16,135 million\nNet PP&E = $8,738 million\n\nTo express this amount in USD billions:\n\nNet PP&E = $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_reverse","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":"To determine which segment has dragged down 3M's overall growth in 2022, excluding the impact of mergers and acquisitions (M&A), we need to look at the organic sales growth figures for each business segment and compare them to the total company's organic sales growth.\n\nFrom the provided data, the organic sales growth for each business segment and the total company in 2022 is as follows:\n\n- Safety and Industrial: 1.0%\n- Transportation and Electronics: 1.2%\n- Health Care: 3.2%\n- Consumer: (0.9%) (This indicates a decline in organic sales)\n- Total Company: 1.2%\n\nExcluding the impact of M&A, the Consumer segment has a negative organic sales growth of (0.9%), which means it has experienced a decline in sales. Since all other segments have positive organic growth, the Consumer segment is the one that has dragged down 3M's overall growth in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01226","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":"The operating margin change for 3M in FY2022 was driven by several factors as outlined in the provided text:\n\n1. Cost of Sales: There was an increase in the cost of sales as a percentage of net sales, which went up by 3.0% from 53.2% in 2021 to 56.2% in 2022. This increase was attributed to special item costs related to PFAS litigation at the Zwijndrecht, Belgium site, higher raw materials and logistics costs, manufacturing productivity headwinds, and investments in growth, productivity, and sustainability. These factors increased the cost of goods sold, which negatively impacted the operating margin.\n\n2. Selling, General and Administrative Expenses (SG&A): SG&A expenses as a percentage of sales increased significantly by 6.1% from 20.4% in 2021 to 26.5% in 2022. This was due to increased litigation costs, particularly related to the Combat Arms Earplugs litigation, impairment costs related to exiting PFAS manufacturing, costs associated with exiting Russia, divestiture-related restructuring charges, and continued investment in key growth initiatives. These increases in SG&A expenses further reduced the operating margin.\n\n3. Research, Development and Related Expenses (R&D): R&D expenses as a percentage of sales decreased slightly by 0.2% from 5.6% in 2021 to 5.4% in 2022. This decrease had a positive impact on the operating margin, but it was not enough to offset the increases in cost of sales and SG&A expenses.\n\n4. Gain on Business Divestitures: There was a significant gain on business divestitures, specifically a pre-tax gain of $2.7 billion from the split-off and combination of 3M's Food Safety business with Neogen Corporation. This gain would have a positive impact on the operating margin.\n\n5. Goodwill Impairment Expense: 3M recorded a goodwill impairment charge related to the Advanced Materials reporting unit due to the commitment to exit PFAS manufacturing. This charge negatively impacted the operating margin.\n\nOverall, the operating income margin decreased by 1.7% from 20.8% in 2021 to 19.1% in 2022. The primary drivers of this decrease were the higher cost of sales and increased SG&A expenses, which were not fully offset by the gain on business divestitures and the slight decrease in R&D expenses.\n\nOperating margin is a useful metric for a company like 3M because it provides insight into the efficiency of the company's operations and its ability to control costs relative to its sales. It is an important indicator of the company's profitability from its core operations before financing and tax considerations. The changes in operating margin can signal how well the company is managing its operational costs and pricing strategies, which are critical for long-term financial health and competitiveness.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":"To determine whether 3M is a capital-intensive business, we can look at the amount of capital investment in property, plant, and equipment (PP&E) relative to its total assets and also consider the depreciation and amortization expenses as a measure of capital consumption.\n\nFrom the FY2022 data provided:\n\n- Property, plant, and equipment (PP&E) at the beginning of 2022 was $27,213 million, and after accounting for accumulated depreciation, the net PP&E was $9,178 million.\n- Depreciation and amortization expenses for 2022 were $1,831 million.\n- Purchases of property, plant, and equipment (PP&E) during 2022 were $1,749 million.\n\nThese figures suggest that 3M has a significant amount of capital invested in its physical assets (PP&E), which is typical for manufacturing companies that require substantial machinery and infrastructure to produce goods. The depreciation and amortization expenses also indicate that there is a considerable yearly capital cost to maintain and replace these assets.\n\nGiven the substantial net PP&E on the balance sheet and the ongoing capital expenditures to maintain and expand these assets, it is reasonable to conclude that 3M is a capital-intensive business based on the FY2022 data provided.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does 3M maintain a stable trend of dividend distribution?","gold_answer":"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","model_answer":"Yes, 3M maintains a stable trend of dividend distribution. According to the provided context, 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. Additionally, it is mentioned that this marked the 65th consecutive year of dividend increases for 3M, indicating a long-term commitment to not only maintaining but also gradually increasing its dividend payouts to shareholders. This demonstrates a stable and consistent trend in dividend distribution over an extended period.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":"To assess 3M's liquidity profile, we can calculate the quick ratio, which is a measure of a company's ability to meet its short-term obligations with its most liquid assets. The quick ratio is calculated by dividing the sum of cash, cash equivalents, marketable securities, and net accounts receivable by the total current liabilities.\n\nFrom the provided balance sheet, we can gather the following figures for June 30, 2023:\n\n- Cash and cash equivalents: $4,258 million\n- Marketable securities \u2014 current: $56 million\n- Accounts receivable \u2014 net: $4,947 million\n- Total current liabilities: $10,936 million\n\nNow, let's calculate the quick ratio:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Net Accounts Receivable) \/ Total Current Liabilities\n\nQuick Ratio = ($4,258 million + $56 million + $4,947 million) \/ $10,936 million\nQuick Ratio = $9,261 million \/ $10,936 million\nQuick Ratio \u2248 0.85\n\nA quick ratio of 1 or above is typically considered to indicate that a company has enough liquid assets to cover its current liabilities. A quick ratio below 1 may suggest that a company could struggle to meet its short-term obligations without selling inventory or obtaining additional financing.\n\nIn the case of 3M, the quick ratio is approximately 0.85 for Q2 of FY2023, which is slightly below 1. This suggests that 3M may not have enough liquid assets to cover its current liabilities entirely. However, it's close to 1, which indicates that the company's liquidity position is not in a critical state.\n\nIt's important to note that the quick ratio is just one measure of liquidity. Other factors, such as the quality of receivables, the company's ability to quickly convert inventory into cash, access to credit facilities, and the overall cash flow management, also play significant roles in determining a company's liquidity profile. Additionally, industry standards and the nature of the company's business should be considered when evaluating the health of its liquidity.\n\nIn conclusion, while the quick ratio for 3M is slightly below the ideal threshold, it does not necessarily indicate a poor liquidity profile without considering additional context and other financial metrics.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":"As of Q2 of 2023, the following debt securities are registered to trade on a national securities exchange under 3M's name:\n\n1. 1.500% Notes due 2026 (Trading Symbol: MMM26) on the New York Stock Exchange\n2. 1.750% Notes due 2030 (Trading Symbol: MMM30) on the New York Stock Exchange\n3. 1.500% Notes due 2031 (Trading Symbol: MMM31) on the New York Stock Exchange","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.","gold_answer":0.019,"model_answer":"To calculate the 3-year average of capital expenditures (CapEx) as a percentage of revenue for Activision Blizzard for the fiscal years 2017 to 2019, we need to follow these steps:\n\n1. Find the total CapEx for each year from the Consolidated Statements of Cash Flows.\n2. Find the total revenue for each year from the Consolidated Statements of Operations.\n3. Calculate the CapEx as a percentage of revenue for each year.\n4. Find the average of these percentages over the three years.\n\nFrom the provided data:\n\nCapEx for each year:\n- 2017: $155 million\n- 2018: $131 million\n- 2019: $116 million\n\nTotal revenue for each year:\n- 2017: $7,017 million\n- 2018: $7,500 million\n- 2019: $6,489 million\n\nNow, calculate the CapEx as a percentage of revenue for each year:\n\n2017: (CapEx \/ Revenue) * 100 = ($155 million \/ $7,017 million) * 100\n2017: 2.209% (rounded to three decimal places for intermediate calculation)\n\n2018: (CapEx \/ Revenue) * 100 = ($131 million \/ $7,500 million) * 100\n2018: 1.747% (rounded to three decimal places for intermediate calculation)\n\n2019: (CapEx \/ Revenue) * 100 = ($116 million \/ $6,489 million) * 100\n2019: 1.787% (rounded to three decimal places for intermediate calculation)\n\nFinally, calculate the 3-year average:\n\nAverage CapEx as a % of Revenue = (2017 % + 2018 % + 2019 %) \/ 3\nAverage CapEx as a % of Revenue = (2.209% + 1.747% + 1.787%) \/ 3\nAverage CapEx as a % of Revenue = 5.743% \/ 3\nAverage CapEx as a % of Revenue = 1.914%\n\nRounded to one decimal place, the 3-year average of CapEx as a percentage of revenue for Activision Blizzard is 1.9%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02987","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue \/ (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.","gold_answer":24.26,"model_answer":"To calculate the fixed asset turnover ratio for Activision Blizzard for the fiscal year 2019, we need to use the following formula:\n\nFixed Asset Turnover Ratio = FY2019 Revenue \/ Average PP&E between FY2018 and FY2019\n\nFrom the provided information, we have:\n\nFY2019 Revenue = $6,489 million (Total net revenues for the year ended December 31, 2019)\n\nProperty and Equipment, net (PP&E) at December 31, 2019 = $253 million\nProperty and Equipment, net (PP&E) at December 31, 2018 = $282 million\n\nNow, we calculate the average PP&E:\n\nAverage PP&E = (PP&E at December 31, 2019 + PP&E at December 31, 2018) \/ 2\nAverage PP&E = ($253 million + $282 million) \/ 2\nAverage PP&E = $535 million \/ 2\nAverage PP&E = $267.5 million\n\nFinally, we calculate the fixed asset turnover ratio:\n\nFixed Asset Turnover Ratio = $6,489 million \/ $267.5 million\nFixed Asset Turnover Ratio \u2248 24.25\n\nRounded to two decimal places, the fixed asset turnover ratio for Activision Blizzard for the fiscal year 2019 is 24.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04735","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places.","gold_answer":0.66,"model_answer":"To calculate the operating cash flow ratio for Adobe for the fiscal year 2015, we need to use the following formula:\n\nOperating Cash Flow Ratio = Cash from Operations \/ Total Current Liabilities\n\nFrom the provided Consolidated Statements of Cash Flows, we can find the cash from operations for the fiscal year ended November 27, 2015:\n\nCash from operations (FY2015) = $1,469,502 (in thousands)\n\nFrom the provided Consolidated Balance Sheets, we can find the total current liabilities for the fiscal year ended November 27, 2015:\n\nTotal current liabilities (FY2015) = $2,213,556 (in thousands)\n\nNow we can calculate the operating cash flow ratio:\n\nOperating Cash Flow Ratio (FY2015) = $1,469,502 \/ $2,213,556\nOperating Cash Flow Ratio (FY2015) \u2248 0.6638\n\nRounded to two decimal places, the operating cash flow ratio for Adobe for the fiscal year 2015 is approximately 0.66.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07507","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.","gold_answer":0.654,"model_answer":"To calculate the year-over-year change in unadjusted operating income from FY2015 to FY2016, we will use the following formula:\n\nPercentage Change = [(New Value - Old Value) \/ Old Value] * 100\n\nUsing the provided income statement, we can find the operating income for both years:\n\nOperating income for FY2016 = $1,493,602 (in thousands)\nOperating income for FY2015 = $903,095 (in thousands)\n\nNow we apply the formula:\n\nPercentage Change = [($1,493,602 - $903,095) \/ $903,095] * 100\nPercentage Change = [$590,507 \/ $903,095] * 100\nPercentage Change = 0.6537 * 100\nPercentage Change = 65.37%\n\nRounded to one decimal place, the year-over-year change in unadjusted operating income from FY2015 to FY2016 is 65.4 percent.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.","gold_answer":0.83,"model_answer":"To calculate the operating cash flow ratio for Adobe for the fiscal year 2017, we need to use the cash from operations and the total current liabilities from the provided financial statements.\n\nFrom the Consolidated Statements of Cash Flows:\nNet cash provided by operating activities for the year ended December 1, 2017, is $2,912,853,000.\n\nFrom the Consolidated Balance Sheets:\nTotal current liabilities as of December 1, 2017, are $3,527,457,000.\n\nNow we can calculate the operating cash flow ratio using the formula:\n\nOperating Cash Flow Ratio = Cash from Operations \/ Total Current Liabilities\n\nOperating Cash Flow Ratio for FY2017 = $2,912,853,000 \/ $3,527,457,000\nOperating Cash Flow Ratio for FY2017 \u2248 0.8257\n\nRounded to two decimal places, the operating cash flow ratio for Adobe for the fiscal year 2017 is approximately 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00438","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":"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 it is expressed as a percentage. This metric is useful for assessing how much profit a company makes on each dollar of sales before interest and taxes.\n\nLet's calculate the operating margins for the years 2020, 2021, and 2022:\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 2020 = ($4,237 \/ $12,868) * 100 \u2248 32.93%\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 2021 = ($5,802 \/ $15,785) * 100 \u2248 36.76%\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 2022 = ($6,098 \/ $17,606) * 100 \u2248 34.63%\n\nComparing these figures:\n\n- From 2020 to 2021, the operating margin increased from approximately 32.93% to 36.76%.\n- From 2021 to 2022, the operating margin decreased from approximately 36.76% to 34.63%.\n\nBased on these calculations, Adobe's operating margin profile improved from 2020 to 2021 but then slightly declined from 2021 to 2022. Therefore, as of FY2022, Adobe does not have an improving operating margin profile when compared to the previous year (FY2021).\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 tax strategies and financial leverage. It is particularly relevant for Adobe, which operates a subscription-based software business with relatively stable and predictable costs, allowing for meaningful year-over-year comparisons of operating efficiency.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00591","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Adobe have an improving Free cashflow conversion as of FY2022?","gold_answer":"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","model_answer":"To determine if Adobe has an improving free cash flow (FCF) conversion as of FY2022, we need to calculate the free cash flow for each year and then compare the changes over time. Free cash flow is typically calculated as net cash provided by operating activities minus capital expenditures (CapEx). Capital expenditures are often represented by purchases of property and equipment in the cash flow statement.\n\nLet's calculate the free cash flow for each year using the provided data:\n\nFor FY2020:\nNet cash provided by operating activities: $5,727 million\nPurchases of property and equipment (CapEx): $(419) million\nFree cash flow (FCF) for FY2020: $5,727m - $419m = $5,308 million\n\nFor FY2021:\nNet cash provided by operating activities: $7,230 million\nPurchases of property and equipment (CapEx): $(348) million\nFree cash flow (FCF) for FY2021: $7,230m - $348m = $6,882 million\n\nFor FY2022:\nNet cash provided by operating activities: $7,838 million\nPurchases of property and equipment (CapEx): $(442) million\nFree cash flow (FCF) for FY2022: $7,838m - $442m = $7,396 million\n\nNow, let's compare the free cash flow from year to year:\n\nFrom FY2020 to FY2021:\nFCF increased from $5,308 million to $6,882 million, which is an improvement.\n\nFrom FY2021 to FY2022:\nFCF increased from $6,882 million to $7,396 million, which is also an improvement.\n\nBased on the calculations, Adobe's free cash flow has improved each year from FY2020 to FY2022. Therefore, we can conclude that Adobe has an improving free cash flow conversion as of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10420","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income \/ (average total assets between FY2021 and FY2022). Round your answer to two decimal places.","gold_answer":-0.02,"model_answer":"To calculate the Return on Assets (ROA) for AES for the fiscal year 2022, we will use the following formula:\n\nROA = FY2022 Net Income \/ Average Total Assets between FY2021 and FY2022\n\nFrom the provided information, we have:\n\nFY2022 Net Income (Loss) Attributable to The AES Corporation = $(546) million\n\nTotal Assets at the end of FY2021 = $32,963 million\nTotal Assets at the end of FY2022 = $38,363 million\n\nNow, we calculate the average total assets between FY2021 and FY2022:\n\nAverage Total Assets = (Total Assets at the end of FY2021 + Total Assets at the end of FY2022) \/ 2\nAverage Total Assets = ($32,963 million + $38,363 million) \/ 2\nAverage Total Assets = $71,326 million \/ 2\nAverage Total Assets = $35,663 million\n\nNow we can calculate the ROA:\n\nROA = FY2022 Net Income \/ Average Total Assets\nROA = $(546) million \/ $35,663 million\nROA = -0.0153 or -1.53%\n\nTo round to two decimal places:\n\nROA = -1.53%\n\nPlease note that the negative sign indicates a loss, as the net income for FY2022 was negative.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00540","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":"To calculate the inventory turnover ratio for AES Corporation for the fiscal year 2022, we need to use the following formula:\n\nInventory Turnover Ratio = Cost of Goods Sold (COGS) \/ Average Inventory\n\nThe Cost of Goods Sold (COGS) can be approximated by the total cost of sales, and the average inventory is typically calculated by taking the average of the beginning and ending inventory for the period.\n\nFrom the provided financial statements, we have the following information:\n\nTotal cost of sales for 2022: $10,069 million\nInventory at the beginning of 2022 (December 31, 2021): $604 million\nInventory at the end of 2022 (December 31, 2022): $1,055 million\n\nNow, let's calculate the average inventory:\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\nNext, we calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $10,069 million \/ $829.5 million\nInventory Turnover Ratio \u2248 12.13\n\nThe inventory turnover ratio for AES Corporation for the fiscal year 2022 is approximately 12.13. This means that AES Corporation has sold and replaced its inventory about 12.13 times during the year.\n\nHowever, it's important to note that AES Corporation operates in the energy sector, which may involve significant investments in long-term assets like electric generation and distribution assets. For such companies, conventional inventory management may not be as meaningful as it would be for a retail or manufacturing business, because the inventory in question could be related to fuel or spare parts for energy generation and not finished goods for sale. The turnover of such inventory would be more closely related to the production and maintenance cycles of the energy assets rather than sales to end customers. Therefore, while we can calculate the inventory turnover ratio, it may not be as relevant a metric for assessing the performance of a company in the energy sector as it would be in other industries.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01319","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":"Based on the provided excerpt from AES Corporation's income statements for the fiscal years ended December 31, 2022, 2021, and 2020, there is no line item explicitly labeled as \"restructuring costs.\" Therefore, the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022 is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.","gold_answer":0.308,"model_answer":"To calculate the year-over-year change in revenue from FY2016 to FY2017, we will use the Total net sales figures for both years.\n\nTotal net sales for FY2016 = $135,987 million\nTotal net sales for FY2017 = $177,866 million\n\nThe formula to calculate the year-over-year percentage change is:\n\n[(Total net sales in FY2017 - Total net sales in FY2016) \/ Total net sales in FY2016] * 100\n\nPlugging in the numbers:\n\n[(177,866 - 135,987) \/ 135,987] * 100\n\nCalculating the difference:\n\n177,866 - 135,987 = 41,879\n\nNow, divide this difference by the Total net sales for FY2016:\n\n41,879 \/ 135,987 = 0.3079 (approximately)\n\nFinally, multiply by 100 to get the percentage:\n\n0.3079 * 100 = 30.79%\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_reverse","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":"To calculate the Days Payable Outstanding (DPO) for Amazon's FY2017, we need to 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\nFY2017 COGS = $111,934 million\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\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_reverse","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":"Based on the information provided in the income statement, Amazon's FY2019 net income attributable to shareholders is $11,588 million (USD millions).","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.","gold_answer":1616,"model_answer":"As a financial analyst reviewing Amcor plc's consolidated balance sheet, to calculate the net accounts receivable (AR) for the fiscal year ending June 30, 2020, we would look at the line item \"Trade receivables, net\" under the current assets section.\n\nAccording to the balance sheet provided, the net trade receivables for the fiscal year ending June 30, 2020, are:\n\nTrade receivables, net: $1,615.9 million\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_reverse","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":"The key agenda of Amcor's 8-K filing dated July 1, 2022, was to report the substitution of Amcor Flexibles North America, Inc. (\"Substitute Issuer\") for Amcor Finance (USA), Inc. (\"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. This substitution and assumption were formalized through the execution of the Second Supplemental Indenture and the First Supplemental Indenture with Deutsche Bank Trust Company Americas, as trustee.\n\nThe filing provided details about the Supplemental Indentures related to the 2016 Indenture and the 2019 Indenture, which govern the Former Issuer\u2019s 3.625% Guaranteed Senior Notes due 2026 and 4.500% Guaranteed Senior Notes due 2028, as well as the New Notes issued in June 2019 following an exchange offer.\n\nThe filing also included references to the full text of the Indentures and Supplemental Indentures, which were included as exhibits to provide a complete legal context for the substitution and assumption of covenants.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?","gold_answer":"87% of the total restructuring liability is related Employee liabilities.","model_answer":"The nature and purpose of Amcor's restructuring liability as of Q2 of FY2023 close are related to costs associated with the company's restructuring activities. These activities primarily stem from the impact of the Russia-Ukraine conflict and the integration of acquired Bemis operations. The restructuring liability includes costs for employee severance and related benefits (employee costs), costs associated with fixed assets (fixed asset related costs), and other associated costs that are not specified but are related to the restructuring process (other costs).\n\nThe purpose of the restructuring liability is to account for the expected expenses that the company will incur as a result of the restructuring activities. These expenses are recognized as liabilities on the company's balance sheet and are expected to be settled within the next twelve months, as indicated by the company's expectation that the majority of the liability will be paid within that timeframe.\n\nThe restructuring liability is managed through the following activities:\n\n- Net charges to earnings: Additional expenses recognized in the period that add to the liability.\n- Cash paid: Actual cash outflows to settle the restructuring costs, reducing the liability.\n- Reversal of unused amounts: Reductions in the liability due to changes in estimates or plans, indicating that some of the previously recognized costs will no longer be incurred.\n\nAs of December 31, 2022, the liability balance for restructuring costs was $93 million, which was a decrease from the $118 million balance at June 30, 2022. This decrease reflects the net effect of additional charges, cash payments made, and reversals of unused amounts during the six-month period ended December 31, 2022.\n\nThe accruals related to restructuring activities are recorded under other current liabilities and other non-current liabilities on the unaudited condensed consolidated balance sheets, reflecting the short-term and long-term nature of the expected payments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":"To calculate the real change in sales for Amcor in FY 2023 vs FY 2022, excluding the impact of FX movement, pass-through costs, and one-off items, we need to look at the \"Comparable Constant Currency Growth %\" figures provided in the filing.\n\nFor the three months ended June 30:\n- Flexibles: (5%)\n- Rigid Packaging: (4%)\n- Total: (5%)\n\nFor the twelve months ended June 30:\n- Flexibles: 1%\n- Rigid Packaging: (3%)\n- Total: 0%\n\nThese percentages represent the real change in sales on a constant currency basis, excluding the specified impacts. To calculate the actual dollar amount of the change, we need to apply these percentages to the net sales figures from fiscal year 2022.\n\nFor the three months ended June 30:\n- Flexibles: 2,967 million * (-5%) = -148.35 million\n- Rigid Packaging: 942 million * (-4%) = -37.68 million\n- Total: 3,909 million * (-5%) = -195.45 million\n\nFor the twelve months ended June 30:\n- Flexibles: 11,151 million * 1% = 111.51 million\n- Rigid Packaging: 3,393 million * (-3%) = -101.79 million\n- Total: 14,544 million * 0% = 0 million\n\nNow, let's sum up the changes for both periods:\n\nThree months ended June 30:\n- Total change in sales: -148.35 million (Flexibles) - 37.68 million (Rigid Packaging) = -186.03 million\n\nTwelve months ended June 30:\n- Total change in sales: 111.51 million (Flexibles) - 101.79 million (Rigid Packaging) = 9.72 million\n\nSince the question does not specify whether to consider the three-month or twelve-month period, we have calculated both. If you need the total change for the entire fiscal year, you would use the twelve-month figures, which show a real change in sales of 9.72 million dollars. If you are looking at a quarterly basis, then the real change in sales for the three months ended June 30 would be a decrease of 186.03 million dollars.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":"Amcor's adjusted non-GAAP EBITDA for the fiscal year ended June 30, 2023, was $2,018 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00799","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.","gold_answer":"The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump)","model_answer":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term obligations with its most liquid assets. It is calculated by adding cash and cash equivalents, marketable securities (if any), and net trade receivables, then dividing by current liabilities. The formula is:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Net Trade Receivables) \/ Current Liabilities\n\nFrom the provided balance sheet, we can calculate the quick ratio for Amcor plc for both FY2023 and FY2022. Note that marketable securities are not listed, so we will exclude them from the calculation.\n\nFor FY2023:\nQuick Ratio = (Cash and Cash Equivalents + Net Trade Receivables) \/ 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 + Net Trade Receivables) \/ 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 means that the company's ability to cover its current liabilities with its most liquid assets has increased slightly.\n\nA financial analyst would indeed be interested in the quick ratio of a company like Amcor plc, as it provides insight into the company's short-term financial health and liquidity. It is a common metric used to assess the risk of a company potentially facing liquidity issues. An improving quick ratio generally indicates better liquidity and financial stability, which can be a positive sign for investors and creditors.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01079","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":"Based on the provided context, we can identify the major acquisitions that Amcor has completed in the fiscal year 2023 (FY2023). However, the text does not provide information about acquisitions in fiscal years 2022 (FY2022) and 2021 (FY2021). Here are the acquisitions for FY2023 as per the provided text:\n\nFY2023 Acquisitions:\n\n1. On August 1, 2022, Amcor acquired a Czech Republic company that operates a flexible packaging manufacturing plant. The purchase consideration was $59 million.\n\n2. On March 17, 2023, Amcor acquired a medical device packaging manufacturing site in Shanghai, China. The purchase consideration was $60 million, including contingent consideration of $20 million.\n\n3. On May 31, 2023, Amcor acquired a New Zealand-based manufacturer of automated protein packaging machines. The purchase consideration was $45 million, including contingent consideration of $13 million.\n\nFor FY2022 and FY2021, the text only mentions the disposal of non-core assets in the Flexibles reporting segment during the third quarter of FY2022, with an expense of $10 million recorded to adjust the long-lived assets to their fair value less cost to sell. No specific acquisitions for FY2022 or FY2021 are mentioned in the provided context.\n\nTo obtain information about Amcor's acquisitions in FY2022 and FY2021, one would need to review Amcor's financial statements or public disclosures for those fiscal years.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01148","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":"Amcor primarily operates in the packaging industry, specifically in developing and producing responsible packaging for various sectors including food, beverage, pharmaceutical, medical, home, and personal-care products.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":"To determine if Amcor has an improving gross margin profile as of FY2023, we need to calculate the gross margin for each year presented and compare them. The gross margin is calculated as:\n\nGross Margin = (Net Sales - Cost of Sales) \/ Net Sales\n\nLet's calculate the gross margin for each year:\n\nFor 2023:\nGross Margin = (14,694 - 11,969) \/ 14,694 = 2,725 \/ 14,694 \u2248 0.1855 or 18.55%\n\nFor 2022:\nGross Margin = (14,544 - 11,724) \/ 14,544 = 2,820 \/ 14,544 \u2248 0.1939 or 19.39%\n\nFor 2021:\nGross Margin = (12,861 - 10,129) \/ 12,861 = 2,732 \/ 12,861 \u2248 0.2124 or 21.24%\n\nComparing these figures:\n\n- The gross margin in 2023 is 18.55%, which is lower than the 19.39% in 2022 and significantly lower than the 21.24% in 2021.\n- This indicates that Amcor's gross margin profile is not improving; in fact, it is declining from 2021 to 2023.\n\nGross margin is a useful metric for manufacturing companies like Amcor because it shows the percentage of sales revenue that exceeds the cost of goods sold (COGS) and is available to cover other expenses and profit. A declining gross margin could indicate increased costs of production, changes in product mix, or pricing pressures that could affect the company's profitability if not managed properly.\n\nTherefore, based on the data provided, Amcor does not have an improving gross margin profile as of FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?","gold_answer":0.042,"model_answer":"To calculate the depreciation and amortization (D&A) percentage margin for AMD for the fiscal year 2015, we need to use the following formula:\n\nD&A % Margin = (Depreciation and Amortization \/ Net Revenue) * 100\n\nFrom the provided financial statements, we have the following figures for the fiscal year 2015:\n\n- Net Revenue: $3,991 million\n- Depreciation and Amortization: $167 million\n\nNow, let's calculate the D&A % Margin:\n\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_reverse","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":"The operating margin change for AMD in FY22 was primarily driven by the amortization of intangible assets associated with the acquisition of Xilinx. The filing states that the operating income for 2022 was $1.3 billion compared to $3.6 billion for 2021, and the decrease in operating income was primarily due to the amortization of these intangible assets.\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 turn revenue into profit. A decrease in operating margin indicates that a larger portion of revenue is being consumed by operating expenses, which in AMD's case for FY22, includes significant costs related to the Xilinx acquisition.\n\nHowever, it's important to note that while operating margin is a useful indicator of operational efficiency, it may not always provide the full picture of a company's financial health or performance, especially when there are significant one-time costs or investments, such as acquisitions. In AMD's case, the acquisition-related expenses (like amortization of intangible assets) are non-cash charges that impact operating income and margin but do not necessarily reflect the ongoing operational performance of the company. Therefore, while the operating margin decreased in FY22, this metric alone may not fully capture the long-term strategic benefits and potential revenue growth that the acquisitions of Xilinx and Pensando could bring to AMD.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove revenue change as of the FY22 for AMD?","gold_answer":"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","model_answer":"The revenue change for AMD in FY22 was driven by several factors:\n\n1. A 64% increase in Data Center segment revenue, primarily due to higher sales of EPYC\u2122 server processors.\n2. A 21% increase in Gaming segment revenue, primarily due to higher semi-custom product sales.\n3. A significant increase in Embedded segment revenue from the prior year period, driven by the inclusion of Xilinx embedded product sales following the acquisition of Xilinx, Inc.\n\nThese increases were partially offset by:\n\n1. A 10% decrease in Client segment revenue, primarily due to lower processor shipments driven by a weak PC market and significant inventory correction actions across the PC supply chain.\n\nOverall, the net revenue for 2022 was $23.6 billion, which represents an increase of 44% compared to the 2021 net revenue of $16.4 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":"Yes, AMD reported customer concentration in FY22. The filing states that one customer accounted for 16% of AMD's consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products from AMD's Gaming segment.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":"In FY22 (Fiscal Year 2022), the section of the cash flow statement that brought in the most cash for AMD was the operating activities. According to the provided data, the net cash provided by operating activities was $3,565 million. \n\nHere's the breakdown for comparison:\n\n- Operating activities provided $3,565 million.\n- Investing activities provided $1,999 million.\n- Financing activities used $(3,264) million (meaning there was a cash outflow).\n\nTherefore, 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_reverse","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":"To determine which AMD reporting segment, excluding Embedded, had the most proportional increase in sales from FY21 to FY22, we need to calculate the percentage increase for each segment and then compare them.\n\nHere are the calculations for the Data Center, Client, and Gaming segments:\n\nData Center:\nFY21 Revenue: $3,694 million\nFY22 Revenue: $6,043 million\nPercentage Increase: ((FY22 Revenue - FY21 Revenue) \/ FY21 Revenue) * 100\nPercentage Increase: (($6,043 - $3,694) \/ $3,694) * 100\nPercentage Increase: ($2,349 \/ $3,694) * 100\nPercentage Increase: 0.6359 * 100\nPercentage Increase: 63.59%\n\nClient:\nFY21 Revenue: $6,887 million\nFY22 Revenue: $6,201 million\nPercentage Increase: ((FY22 Revenue - FY21 Revenue) \/ FY21 Revenue) * 100\nPercentage Increase: (($6,201 - $6,887) \/ $6,887) * 100\nPercentage Increase: (-$686 \/ $6,887) * 100\nPercentage Increase: -0.0996 * 100\nPercentage Increase: -9.96% (This is a decrease, not an increase)\n\nGaming:\nFY21 Revenue: $5,607 million\nFY22 Revenue: $6,805 million\nPercentage Increase: ((FY22 Revenue - FY21 Revenue) \/ FY21 Revenue) * 100\nPercentage Increase: (($6,805 - $5,607) \/ $5,607) * 100\nPercentage Increase: ($1,198 \/ $5,607) * 100\nPercentage Increase: 0.2137 * 100\nPercentage Increase: 21.37%\n\nComparing the percentage increases of the segments (excluding the decrease in the Client segment):\n\n- Data Center: 63.59%\n- Gaming: 21.37%\n\nThe Data Center segment had the most proportional increase in sales from FY21 to FY22, with a 63.59% increase.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00222","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)\/ (current liabilities).","model_answer":"To assess AMD's liquidity profile based on its quick ratio for the fiscal year 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 follows:\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. Generally, a quick ratio of 1 or higher is considered satisfactory as it indicates that the company can cover its current liabilities without selling inventory or relying on additional financing.\n\nBased on the quick ratio calculated, AMD appears to have a reasonably healthy liquidity profile for FY22, as its most liquid assets more than cover its current liabilities. This suggests that AMD should be able to meet its short-term obligations without significant liquidity issues.\n\nIt's important to note that while the quick ratio is a useful indicator of liquidity, it is not the only measure to consider. Other factors such as cash flow, the quality of receivables, the company's ability to generate revenue, and the industry context should also be taken into account when assessing a company's overall financial health.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00995","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are the major products and services that AMD sells as of FY22?","gold_answer":"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","model_answer":"As of FY22, AMD's major products and services include:\n\n1. Server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers.\n2. CPUs and accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers.\n3. Discrete GPUs, and semi-custom SoC products and development services.\n4. Embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.\n\nAdditionally, AMD may from time to time sell or license portions of its intellectual property (IP) portfolio.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","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_reverse","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":"Yes, American Express was able to retain card members during 2022. The filing states that \"Card Member retention remained high,\" which indicates that they successfully maintained a strong relationship with their existing card members. Additionally, the company experienced record new card acquisitions, further suggesting that not only did they retain existing customers, but they also expanded their customer base.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00720","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":"Gross margin is typically a metric used to assess the profitability of companies that sell goods, as it represents the difference between revenue and the cost of goods sold (COGS). However, for a company like American Express, which primarily provides financial services, gross margin is not a particularly useful metric. Instead, financial service companies focus on metrics such as net interest income, non-interest revenues, provisions for credit losses, and operating expenses to gauge their financial performance.\n\nFrom the provided financial statement, we can see that American Express does not report a COGS figure, as its primary operations do not involve the sale of physical goods. Instead, the company earns revenue through non-interest revenues (such as discount revenue, net card fees, service fees, and processed revenue) and interest income (such as interest on loans and investment securities).\n\nTo understand what drove the change in profitability for American Express in FY2022, we should look at the following components:\n\n1. **Revenues**: There was a significant increase in non-interest revenues from $34,630 million in 2021 to $42,967 million in 2022. This increase was driven by higher discount revenue, net card fees, service fees, and processed revenue. Interest income also increased from $9,033 million in 2021 to $12,658 million in 2022, primarily due to higher interest on loans.\n\n2. **Provisions for Credit Losses**: Provisions for credit losses increased from a negative value of $(1,419) million in 2021 to $2,182 million in 2022. This suggests that American Express anticipated higher potential credit losses in 2022, which could be due to changes in the economic outlook or credit risk assessment.\n\n3. **Expenses**: Total expenses increased from $33,110 million in 2021 to $41,095 million in 2022. This increase in expenses was seen across several categories, including Card Member rewards, business development, Card Member services, marketing, and salaries and employee benefits.\n\n4. **Net Income**: Despite the increase in revenues, net income decreased from $8,060 million in 2021 to $7,514 million in 2022. This decrease can be attributed to the higher provisions for credit losses and increased expenses.\n\nIn summary, for American Express, the change in profitability in FY2022 was driven by increased revenues from both interest and non-interest sources, but this was offset by higher provisions for credit losses and operating expenses, leading to a decrease in net income. Metrics such as net interest income, total revenues net of interest expense, and total expenses are more relevant for understanding the financial performance of American Express rather than gross margin.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":"To determine whether American Express (AMEX) has an improving operating margin profile as of 2022, we need to calculate the operating margin for each year presented in the filing. The operating margin is a measure of profitability that shows what percentage of a company's revenue is left over after paying for variable costs of production such as wages and raw materials. It is calculated as:\n\nOperating Margin = (Operating Income \/ Revenue) x 100\n\nIn the context of the financial services industry, and for a company like AMEX, operating income is typically represented by \"Total revenues net of interest expense after provisions for credit losses,\" as this figure accounts for the company's core operations excluding interest expenses and provisions for credit losses.\n\nUsing the data provided:\n\nFor 2022:\nOperating Income = Total revenues net of interest expense after provisions for credit losses = $50,680 million\nRevenue = Total revenues net of interest expense = $52,862 million\nOperating Margin = ($50,680 \/ $52,862) x 100 = 95.88%\n\nFor 2021:\nOperating Income = $43,799 million\nRevenue = $42,380 million\nOperating Margin = ($43,799 \/ $42,380) x 100 = 103.35%\n\nFor 2020:\nOperating Income = $31,357 million\nRevenue = $36,087 million\nOperating Margin = ($31,357 \/ $36,087) x 100 = 86.88%\n\nBased on these calculations, AMEX's operating margin decreased from 103.35% in 2021 to 95.88% in 2022. This indicates that the operating margin profile is not improving but rather has declined slightly. It's important to note that operating margins above 100% are unusual and can occur when a company has negative net provisions for credit losses (as seen in 2021), which can temporarily inflate the operating income.\n\nHowever, for financial institutions like AMEX, traditional operating margins may not be the most useful metric due to the nature of their revenue streams and the importance of interest income and expense, as well as provisions for credit losses, which can significantly impact profitability. Analysts often look at other metrics such as net interest margin, return on assets (ROA), return on equity (ROE), and efficiency ratio to gauge the performance of financial companies.\n\nIn conclusion, while the operating margin calculation suggests a decrease for AMEX in 2022, it's essential to consider other financial metrics and the context of the financial services industry when evaluating the company's performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01028","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":"As of 2022, American Express primarily operates in the following geographic regions:\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\nThese regions are indicated in the provided table of contents from the filing, where the company presents its total revenues net of interest expense and pretax income (loss) from continuing operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00476","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":"Based on the provided excerpt from the Form 10-K filing for American Express Company, it states that the only securities registered pursuant to Section 12(b) of the Act are:\n\nTitle of each class: Common Shares (par value $0.20 per Share)\nTrading Symbol(s): AXP\nName of each exchange on which registered: New York Stock Exchange\n\nThere is no mention of any debt securities being registered to trade on a national securities exchange under American Express' name as of 2022 in the provided text. Only common shares are listed. If debt securities were registered, they would be listed in a similar manner to the common shares. Since they are not included in the excerpt, we can conclude that there are no debt securities registered to trade on a national securities exchange under American Express' name as of 2022, according to this document.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01351","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How much has the effective tax rate of American Express changed between FY2021 and FY2022?","gold_answer":"The effective tax rate for American Express has changed\/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.","model_answer":"The effective tax rate for American Express has changed from 24.6% in FY2021 to 21.6% in FY2022. To calculate the change, you subtract the effective tax rate for FY2022 from the effective tax rate for FY2021:\n\n24.6% (FY2021) - 21.6% (FY2022) = 3.0%\n\nTherefore, the effective tax rate has decreased by 3.0 percentage points between FY2021 and FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.","gold_answer":0.4,"model_answer":"According to the provided statement of cash flows for American Water Works Company, Inc., the amount paid out in cash dividends for the fiscal year 2020 is $389 million.\n\nTo express this amount in billions, we convert millions to billions by dividing by 1,000 (since 1 billion is equal to 1,000 million).\n\nSo, $389 million \u00f7 1,000 = $0.389 billion.\n\nTherefore, American Water Works paid out $0.389 billion in cash dividends for FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04254","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?","gold_answer":1832,"model_answer":"To calculate the unadjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for American Water Works Company, Inc. for the fiscal year 2021, we need to add back depreciation and amortization to the operating income as reported in the income statement.\n\nFrom the income statement:\nOperating income for 2021: $1,196 million\n\nFrom the cash flow statement:\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, the unadjusted EBITDA for American Water Works's FY2021 is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":"Working capital is calculated as current assets minus current liabilities. Based on the FY2022 data provided for American Water Works Company, Inc., we can calculate the working capital as follows:\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\nA negative working capital indicates that the company's current liabilities exceed its current assets. Therefore, based on the FY2022 data, American Water Works has negative working capital.\n\nHowever, it's important to note that while negative working capital can be a sign of potential financial difficulties in some industries, it may not be as relevant or concerning for utility companies like American Water Works. Utility companies often have predictable cash flows due to the essential nature of their services and regulated environments in which they operate. They may also have access to various forms of financing that can mitigate the impact of negative working capital. Additionally, utility companies often have significant non-current assets and long-term investments that are not captured in the working capital calculation but are critical to their operations and financial health.\n\nIn the case of American Water Works, the company has a substantial amount of long-term assets, such as property, plant, and equipment, and regulatory assets, which are essential for its operations and may not require immediate liquidity as current assets do. Therefore, while the company does have negative working capital, this metric alone may not fully reflect the company's financial stability or operational efficiency. It's important to consider the entire financial context, including the nature of the industry and the company's long-term financial structure, when evaluating its financial health.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":"To calculate the 3-year average net profit margin, we need to follow these steps:\n\n1. Calculate the net profit margin for each fiscal year by dividing the net earnings attributable to Best Buy Co., Inc. shareholders by the revenue for that year.\n2. Add up the net profit margins for the three fiscal years.\n3. Divide the sum by 3 to get the average net profit margin.\n4. Multiply by 100 to convert to a percentage and round to one decimal place.\n\nLet's do the calculations:\n\nFor FY2015:\nNet Earnings: $1,233 million\nRevenue: $40,339 million\nNet Profit Margin = (Net Earnings \/ Revenue) * 100\nNet Profit Margin = ($1,233 \/ $40,339) * 100\nNet Profit Margin = 0.03057 * 100\nNet Profit Margin = 3.057%\n\nFor FY2016:\nNet Earnings: $897 million\nRevenue: $39,528 million\nNet Profit Margin = (Net Earnings \/ Revenue) * 100\nNet Profit Margin = ($897 \/ $39,528) * 100\nNet Profit Margin = 0.02269 * 100\nNet Profit Margin = 2.269%\n\nFor FY2017:\nNet Earnings: $1,228 million\nRevenue: $39,403 million\nNet Profit Margin = (Net Earnings \/ Revenue) * 100\nNet Profit Margin = ($1,228 \/ $39,403) * 100\nNet Profit Margin = 0.03116 * 100\nNet Profit Margin = 3.116%\n\nNow, let's calculate the 3-year average net profit margin:\nAverage Net Profit Margin = (3.057% + 2.269% + 3.116%) \/ 3\nAverage Net Profit Margin = 8.442% \/ 3\nAverage Net Profit Margin = 2.814%\n\nRounded to one decimal place, the 3-year average net profit margin is 2.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5409,"model_answer":"The year-end FY2019 total amount of inventories for Best Buy is $5,409 million. 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_reverse","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":"Based on the provided text, Best Buy made the following major acquisitions:\n\nIn fiscal year 2022:\n- Current Health Ltd., a care-at-home technology platform, was acquired on November 2, 2021, for net cash consideration of $389 million.\n- Two Peaks, LLC d\/b\/a Yardbird Furniture, a direct-to-consumer outdoor furniture company, was acquired on November 4, 2021, for net cash consideration of $79 million.\n\nThere are no acquisitions mentioned for fiscal years 2023 and 2021 in the provided text.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":"Based on the provided Consolidated Statements of Cash Flows for Best Buy, we can analyze the cash flow for each category in the fiscal year ended January 28, 2023:\n\nOperating activities: Total cash provided by operating activities was $1,824 million.\n\nInvesting activities: Total cash used in investing activities was $(962) million.\n\nFinancing activities: Total cash used in financing activities was $(1,806) million.\n\nAmong operations, investing, and financing activities, operating activities brought in the most cash flow for Best Buy in FY2023 with a positive cash flow of $1,824 million. Investing activities lost the least amount of cash compared to financing activities, with a negative cash flow of $(962) million, while financing activities had the largest cash outflow with $(1,806) million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":"To determine if Best Buy's gross margins are historically consistent, we need to calculate the gross margin percentage for each fiscal year presented in the filing. Gross margin is calculated as (Revenue - Cost of Sales) \/ Revenue. Let's do the math for each year:\n\nFor the fiscal year ended January 28, 2023:\nGross Margin = (Revenue - Cost of Sales) \/ Revenue\nGross Margin = ($46,298M - $36,386M) \/ $46,298M\nGross Margin = $9,912M \/ $46,298M\nGross Margin \u2248 21.41%\n\nFor the fiscal year ended January 29, 2022:\nGross Margin = ($51,761M - $40,121M) \/ $51,761M\nGross Margin = $11,640M \/ $51,761M\nGross Margin \u2248 22.49%\n\nFor the fiscal year ended January 30, 2021:\nGross Margin = ($47,262M - $36,689M) \/ $47,262M\nGross Margin = $10,573M \/ $47,262M\nGross Margin \u2248 22.38%\n\nNow, let's look at the year-over-year changes in gross margin percentage:\n\nChange from 2021 to 2022:\n22.49% - 22.38% = 0.11% (increase)\n\nChange from 2022 to 2023:\n22.49% - 21.41% = 1.08% (decrease)\n\nThe changes in gross margin percentage from year to year are within 2%, which indicates that Best Buy's gross margins are historically consistent based on the data provided.\n\nGross margins are a relevant metric for a company like Best Buy, which is a retail company selling consumer electronics and related merchandise. Gross margin reflects the company's ability to manage the cost of goods sold relative to its sales revenue, which is critical for understanding the company's profitability and operational efficiency. A consistent gross margin suggests that the company is maintaining a stable relationship between the cost of the products it sells and the prices at which it sells them to consumers.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01902","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":"Based on the provided context, the product category that performed the best in the domestic (USA) market during Q2 of FY2024 was \"Entertainment,\" which experienced a 9.0% comparable sales growth. This growth was driven primarily by gaming, although it was partially offset by comparable sales declines in virtual reality and drones.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00288","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":"Yes, there was a drop in Cash & Cash equivalents between the end of Fiscal Year 2023 (January 28, 2023) and the second quarter of Fiscal Year 2024 (July 29, 2023). According to the provided data, Cash & Cash equivalents decreased from $1,874 million as of January 28, 2023, to $1,093 million as of July 29, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":"Yes, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. According to the provided data:\n\n- At the beginning of the second quarter of FY2024, there were 908 Best Buy stores.\n- During Q2 of FY2024, no stores were opened, and 1 store was closed, leaving a total of 907 Best Buy stores at the end of the quarter.\n\n- At the beginning of the second quarter of FY2023, there were 931 Best Buy stores.\n- During Q2 of FY2023, 1 store was opened, and 2 stores were closed, leaving a total of 930 Best Buy stores at the end of the quarter.\n\nComparing the end of Q2 for both fiscal years, there was a decrease from 930 stores at the end of Q2 FY2023 to 907 stores at the end of Q2 FY2024, which is a net decrease of 23 stores.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":"To calculate the working capital ratio, we divide the total current assets by the total current liabilities.\n\nFrom the balance sheet provided for the year ended December 31, 2016:\n\nTotal current assets = $1,001,425 (in thousands)\nTotal current liabilities = $577,464 (in thousands)\n\nWorking capital ratio = Total current assets \/ Total current liabilities\n\nWorking capital ratio = $1,001,425 \/ $577,464\n\nWorking capital ratio \u2248 1.734 (rounded to three decimal places)\n\nRounded to two decimal places, the working capital ratio for FY2016 is approximately 1.73.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07661","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.","gold_answer":382,"model_answer":"Block (formerly known as Square) 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_reverse","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":"To calculate the total revenue growth rate for Block (formerly known as Square) from FY2019 to FY2020, we will use the following formula:\n\nGrowth Rate = [(Revenue in Current Year - Revenue in Previous Year) \/ Revenue in Previous Year] * 100\n\nUsing the data provided:\n\nRevenue in FY2020 = $9,497,578\nRevenue in FY2019 = $4,713,500\n\nPlugging these values into the formula:\n\nGrowth Rate = [($9,497,578 - $4,713,500) \/ $4,713,500] * 100\n\nGrowth Rate = ($4,784,078 \/ $4,713,500) * 100\n\nGrowth Rate = 1.015 * 100\n\nGrowth Rate = 101.5%\n\nTherefore, the total revenue growth rate for Block from FY2019 to FY2020 is 101.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?","gold_answer":12645,"model_answer":"To calculate the net property, plant, and equipment (PPE) for Boeing at the end of FY2018, we would typically subtract accumulated depreciation from the gross PPE. However, the balance sheet provided only gives us the net value directly, which is the value after accumulated depreciation has already been subtracted.\n\nFrom the information provided:\n\nProperty, plant and equipment, net for December 31, 2018 is $12,645 million.\n\nTherefore, Boeing's year-end FY2018 net property, plant, and equipment is $12,645 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":"Yes, Boeing has reported ongoing legal battles from FY2022. The filing mentions multiple legal actions filed against the company as a result of the accidents involving Lion Air Flight 610 on October 29, 2018, and Ethiopian Airlines Flight 302 on March 10, 2019. While Boeing entered into a Deferred Prosecution Agreement with the U.S. Department of Justice and settled a previously disclosed 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, if any, not covered by available insurance that may be incurred as a result of any remaining pending lawsuits or other matters related to the accidents and the 737 MAX.\n\nAdditionally, Boeing mentions a dispute with Embraer S.A. regarding the termination of agreements to establish joint ventures. Boeing exercised its right to terminate these agreements in 2020, citing Embraer's failure to meet certain closing conditions. Embraer has disputed Boeing's right to terminate the agreements, 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.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":"As of FY2022, the primary customers of Boeing are commercial airlines and the U.S. government, primarily from defense-related programs with the United States Department of Defense (U.S. DoD). The filing mentions that a significant portion of Boeing's revenues comes from these two customer groups, with commercial airlines driving demand for commercial aircraft and related services, and the U.S. government contracts contributing to 40% of Boeing's revenues in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":"Yes, Boeing's business is subject to cyclicality. The provided text explicitly mentions that \"historically, the airline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost competitive.\" This indicates that Boeing, as a major player in the commercial aircraft market, experiences fluctuations in demand for its aircraft and services based on various economic and industry-specific factors, which contribute to the cyclical nature of its business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":"Yes, there are product\/service categories that represent more than 20% of Boeing's revenue for FY2022. According to the provided data, Boeing's total revenues for FY2022 are $66,608 million. To determine if a category represents more than 20% of the total revenue, we calculate 20% of the total revenue:\n\n20% of $66,608 million = 0.20 * 66,608 = $13,321.6 million\n\nNow, we compare this figure to the revenues of each category:\n\n- Commercial Airplanes: $25,867 million\n- Defense, Space & Security: $23,162 million\n- Global Services: $17,611 million\n\nEach of these categories exceeds the $13,321.6 million threshold, meaning they each represent more than 20% of Boeing's total revenue for FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00494","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":"Based on the provided text, Boeing is forecasting the following production rate changes for FY2023:\n\n1. The 787 program is currently producing at low rates, and Boeing expects to gradually increase production to 5 per month in 2023.\n2. Production of the 777X is currently paused, but it is expected to resume in 2023.\n3. The 737 program has been stabilizing production at 31 per month, and Boeing plans to gradually increase 737 production rates based on market demand and supply chain capacity.\n\nThese are the specific production rate changes mentioned for the fiscal year 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":"To calculate the effective tax rate for Boeing in FY2022 and FY2021, we need to divide the income tax expense (or benefit) by the loss before income taxes for each year.\n\nFor FY2022:\nIncome tax expense: ($31 million)\nLoss before income taxes: ($5,022 million)\n\nEffective tax rate for FY2022 = ($31 million) \/ ($5,022 million) = 0.0062 or 0.62%\n\nFor FY2021:\nIncome tax benefit: $743 million\nLoss before income taxes: ($5,033 million)\n\nEffective tax rate for FY2021 = $743 million \/ ($5,033 million) = -0.1476 or -14.76%\n\nComparing the two years:\nIn FY2022, Boeing had an effective tax rate of 0.62%, while in FY2021, the company had an effective tax rate of -14.76%. This indicates that in FY2021, Boeing received a tax benefit relative to its pre-tax loss, effectively reducing its tax liability, while in FY2022, the company had a very small tax expense relative to its pre-tax loss. The negative effective tax rate in FY2021 suggests that tax benefits or credits were received that year, which were more than the pre-tax loss, resulting in a tax benefit. In contrast, FY2022 shows a positive but very small effective tax rate, indicating a minimal tax expense in relation to the pre-tax loss.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00678","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":"To determine if Boeing has an improving gross margin profile as of FY2022, we need to calculate the gross margin for each year presented in the filing. Gross margin is calculated as (Total Revenues - Cost of Goods Sold (COGS)) \/ Total Revenues. In this case, COGS would be the sum of the cost of products and the cost of services.\n\nLet's calculate the gross margin for each year:\n\nFor 2020:\nTotal Revenues = $58,158 million\nCOGS = Cost of products ($54,568 million) + Cost of services ($9,232 million) = $63,800 million\nGross Margin = (Total Revenues - COGS) \/ Total Revenues = (58,158 - 63,800) \/ 58,158 = -9.71%\n\nFor 2021:\nTotal Revenues = $62,286 million\nCOGS = Cost of products ($49,954 million) + Cost of services ($9,283 million) = $59,237 million\nGross Margin = (Total Revenues - COGS) \/ Total Revenues = (62,286 - 59,237) \/ 62,286 = 4.89%\n\nFor 2022:\nTotal Revenues = $66,608 million\nCOGS = Cost of products ($53,969 million) + Cost of services ($9,109 million) = $63,078 million\nGross Margin = (Total Revenues - COGS) \/ Total Revenues = (66,608 - 63,078) \/ 66,608 = 5.30%\n\nBased on these calculations, Boeing's gross margin has improved from -9.71% in 2020 to 4.89% in 2021 and further to 5.30% in 2022. This indicates an improving gross margin profile as of FY2022.\n\nHowever, it's important to note that for a company like Boeing, which operates in the aerospace and defense industry and has long-term, complex contracts, gross margin may not always be the most useful metric for assessing financial health. The costs associated with developing and manufacturing aircraft are substantial and can vary significantly from year to year. Additionally, Boeing's financials can be heavily influenced by factors such as contract timing, delivery schedules, production rates, and program accounting adjustments, which may not be fully captured in a simple gross margin calculation.\n\nMoreover, Boeing's financial performance has been affected by specific events, such as the 737 MAX grounding and the COVID-19 pandemic, which have led to irregularities in production and delivery schedules, further complicating the assessment of financial health through gross margin alone.\n\nIn summary, while the gross margin calculation shows an improvement for Boeing in FY2022, it's important to consider the broader context of the company's business model and industry-specific factors when evaluating its financial performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03473","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":"To calculate the return on assets (ROA) for Coca-Cola for the fiscal year 2017, we need to use the net income for 2017 and the average total assets between 2016 and 2017.\n\nFrom the provided information, the net income for 2017 is $1,248 million.\n\nThe total assets at the end of 2016 are $87,270 million, and the total assets at the end of 2017 are $87,896 million.\n\nTo find the average total assets between 2016 and 2017, we add the total assets for both years and divide by 2:\n\nAverage Total Assets = (Total Assets at the end of 2016 + Total Assets at the end of 2017) \/ 2\nAverage Total Assets = ($87,270 million + $87,896 million) \/ 2\nAverage Total Assets = $175,166 million \/ 2\nAverage Total Assets = $87,583 million\n\nNow we can calculate the ROA:\n\nROA = Net Income \/ Average Total Assets\nROA = $1,248 million \/ $87,583 million\nROA \u2248 0.01424 or 1.424%\n\nRounded to two decimal places, the ROA for Coca-Cola for the fiscal year 2017 is approximately 1.42%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.","gold_answer":0.397,"model_answer":"To calculate Coca-Cola's FY2021 Cost of Goods Sold (COGS) percentage margin, we need to divide the COGS by the Net Operating Revenues and then multiply by 100 to get the percentage.\n\nCOGS for FY2021: $15,357 million\nNet Operating Revenues for FY2021: $38,655 million\n\nCOGS % margin = (COGS \/ Net Operating Revenues) * 100\nCOGS % margin = ($15,357 million \/ $38,655 million) * 100\n\nNow, let's do the calculation:\n\nCOGS % margin = (15,357 \/ 38,655) * 100\nCOGS % margin \u2248 0.3972 * 100\nCOGS % margin \u2248 39.72%\n\nTherefore, Coca-Cola's FY2021 COGS percentage margin is approximately 39.72%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.","gold_answer":0.8,"model_answer":"To calculate the dividend payout ratio, we need to divide the total cash dividends paid by the net income attributable to shareholders. From the provided information:\n\nTotal cash dividends paid in FY2022: $7,616 million\nNet income attributable to shareholders in FY2022: $9,542 million\n\nDividend Payout Ratio = (Total Cash Dividends Paid \/ Net Income Attributable to Shareholders) * 100\n\nDividend Payout Ratio = ($7,616 million \/ $9,542 million) * 100\n\nDividend Payout Ratio = 0.7983 * 100\n\nDividend Payout Ratio = 79.83%\n\nRounded to two decimal places, the dividend payout ratio for Coca-Cola in FY2022 is 79.83%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":63.86,"model_answer":"To calculate the Days Payable Outstanding (DPO) for Corning for FY2020, we need to follow the formula provided:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFirst, we need to find the average accounts payable for FY2019 and FY2020, the COGS for FY2020, and the change in inventory between FY2019 and FY2020.\n\nFrom the balance sheet:\n- Accounts payable for FY2019 = $1,587 million\n- Accounts payable for FY2020 = $1,174 million\n\nAverage Accounts Payable = (Accounts Payable FY2019 + Accounts Payable FY2020) \/ 2\nAverage Accounts Payable = ($1,587 million + $1,174 million) \/ 2\nAverage Accounts Payable = $2,761 million \/ 2\nAverage Accounts Payable = $1,380.5 million\n\nFrom the statement of income:\n- COGS for FY2020 = $7,772 million\n\nFrom the balance sheet:\n- Inventory for FY2019 = $2,320 million\n- Inventory for FY2020 = $2,438 million\n\nChange in Inventory = Inventory FY2020 - Inventory FY2019\nChange in Inventory = $2,438 million - $2,320 million\nChange in Inventory = $118 million\n\nNow we can calculate the DPO:\n\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_reverse","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":"To calculate the 3-year average unadjusted operating income percentage margin for Corning, 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 the 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: $1,306 million\nNet Sales: $11,503 million\nOperating Income Margin = ($1,306 \/ $11,503) * 100 = 11.35%\n\nFor 2020:\nOperating Income: $509 million\nNet Sales: $11,303 million\nOperating Income Margin = ($509 \/ $11,303) * 100 = 4.50%\n\nFor 2021:\nOperating Income: $2,112 million\nNet Sales: $14,082 million\nOperating Income Margin = ($2,112 \/ $14,082) * 100 = 15.00%\n\nNow, let's calculate the 3-year average:\nAverage Operating Income Margin = (11.35% + 4.50% + 15.00%) \/ 3 = 30.85% \/ 3 = 10.28%\n\nRounded to one decimal place, the 3-year average unadjusted operating income percentage margin for Corning is 10.3%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00005","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.","model_answer":"Working capital is calculated as current assets minus current liabilities. Based on the FY2022 data provided for Corning Incorporated, we can calculate the working capital as follows:\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 Incorporated has a positive working capital of $2,278 million for the fiscal year 2022. This indicates that the company has more short-term assets than short-term liabilities, which is generally a sign of good short-term financial health and suggests that the company can cover its short-term obligations.\n\nWorking capital is a useful and relevant metric for most companies as it provides insight into a company's operational efficiency and its ability to meet short-term obligations. In Corning's case, the positive working capital indicates that it should be able to manage its short-term debts and continue operations without facing liquidity issues.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How much has the effective tax rate of Corning changed between FY2021 and FY2022?","gold_answer":"The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.","model_answer":"The effective tax rate for Corning in FY2021 was 20%, and in FY2022 it was 23%. To calculate the change in the effective tax rate between FY2021 and FY2022, you subtract the earlier year's rate from the later year's rate:\n\n23% (FY2022) - 20% (FY2021) = 3%\n\nThe effective tax rate of Corning has increased by 3 percentage points between FY2021 and FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":"According to the balance sheet provided, Costco Wholesale Corporation had total assets of $59,268 million at the end of FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05915","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue \/ (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.","gold_answer":17.98,"model_answer":"To calculate the fixed asset turnover ratio for CVS Health for FY2018, we need to use the following formula:\n\nFixed Asset Turnover Ratio = FY2018 Revenue \/ Average PP&E between FY2017 and FY2018\n\nFrom the provided information, we have:\n\nFY2018 Revenue = $194,579 million (from the Consolidated Statements of Operations)\n\nProperty and Equipment, net for FY2018 = $11,349 million (from the Consolidated Balance Sheets)\nProperty and Equipment, net for FY2017 = $10,292 million (from the Consolidated Balance Sheets)\n\nNow, we calculate the average PP&E between FY2017 and FY2018:\n\nAverage PP&E = (PP&E for FY2017 + PP&E for FY2018) \/ 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\nNow we can calculate the fixed asset turnover ratio:\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_reverse","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":"Yes, CVS Health Corporation has paid dividends to common shareholders in Q2 of FY2022. According to the provided context, 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_reverse","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":"Based on the provided context, CVS Health has reported several ongoing legal battles that have been ongoing through various years, including 2022, 2021, and potentially 2020. Here are some of the key legal issues mentioned:\n\n1. **Usual and Customary Pricing Litigation**: CVS Health and certain current and former directors and officers are named as defendants in lawsuits alleging overcharging for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These include class actions and cases brought by different types of plaintiffs.\n\n2. **PBM Litigation and Investigations**: CVS Health is facing multiple lawsuits and investigations concerning its Pharmacy Benefit Manager (PBM) practices, including drug pricing and rebate arrangements with drug manufacturers. These involve state Attorneys General, governmental subdivisions, and putative class actions. The company has also received subpoenas and civil investigative demands from the FTC and various state Attorneys General.\n\n3. **Controlled Substances Litigation, Audits, and Subpoenas**: CVS Health is involved in the consolidated multidistrict litigation concerning the impacts of widespread prescription opioid abuse, known as In re National Prescription Opiate Litigation (MDL No. 2804). This includes numerous cases filed against various defendants by plaintiffs such as counties, cities, hospitals, Indian tribes, and third-party payors. CVS Health has also received subpoenas and other requests for information regarding opioids from state Attorneys General and other regulators.\n\n4. **Specific Settlements and Judgments**:\n   - In November 2021, CVS Health was found liable in a federal court in Ohio concerning opioid litigation, with a judgment issued in August 2022.\n   - In March 2022, CVS Health Corporation settled opioid claims with the State of Florida for $484 million.\n   - Settlements with the States of New Mexico and West Virginia, as well as the Cherokee Nation, were reached in August and September 2022.\n   - In December 2022, 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.\n\nThe context indicates that these legal matters have been ongoing and have developed over several years, including 2022, 2021, and possibly earlier, given the nature of the claims and the timeline of the litigation and settlements mentioned.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":"To determine whether CVS Health is a capital-intensive business based on the FY2022 data provided, we need to look at the company's balance sheet and consider the amount of capital assets it has in relation to its total assets, as well as the nature of its business operations.\n\nFrom the FY2022 data, we can see the following capital assets:\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 capital assets are significant components of the company's total assets, which are $228,275 million. The property and equipment, along with operating lease right-of-use assets, are tangible assets that are typically associated with capital-intensive businesses. Goodwill and intangible assets, while not physical assets, represent significant investments in acquisitions and intellectual property, which can also be indicative of a capital-intensive business model.\n\nAdditionally, the nature of CVS Health's business, which includes retail pharmacy services, healthcare services, and insurance services, involves substantial investments in physical locations (stores, clinics, etc.), medical equipment, and technology infrastructure. These investments are necessary to maintain and grow the business, and they contribute to the capital-intensive nature of the company.\n\nBased on the significant value of capital assets on the balance sheet and the nature of CVS Health's operations, it is reasonable to conclude that CVS Health is a capital-intensive business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":"Yes, there were board member nominees who had substantially more votes against them than the other nominees. Specifically, Richard A. Johnson had a significantly higher number of votes against his election to the Board of Directors, with 16,105,005 votes against, compared to the other nominees whose votes against ranged from 294,935 to 6,074,467. This indicates that Richard A. Johnson faced more opposition than the other nominees for election to the Board.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00839","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":"Yes, Foot Locker's new CEO, Mary N. Dillon, has previous CEO experience in a company that, while not identical to Foot Locker, operates in the retail sector. She served as the Chief Executive Officer of Ulta Beauty, Inc. from July 2013 through June 2021. Ulta Beauty is a beauty retailer that, like Foot Locker, operates a chain of retail stores. While Ulta Beauty focuses on cosmetics and beauty products and Foot Locker focuses on footwear and sportswear, both companies are part of the retail industry and cater to consumer shopping experiences, which suggests that Ms. Dillon has relevant experience leading a retail company that could be considered similar to Foot Locker in terms of operational and strategic management within the retail space.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.","gold_answer":-3.7,"model_answer":"To calculate the cash conversion cycle (CCC) for General Mills for FY2019, we need to determine the Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), and Days Payable Outstanding (DPO) using the formulas provided and the data from the financial statements.\n\nFirst, we calculate the average inventory, average accounts receivable, and average accounts payable between FY2018 and FY2019:\n\nAverage Inventory = (Inventory FY2018 + Inventory FY2019) \/ 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 FY2018 + Receivables FY2019) \/ 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 FY2018 + Accounts Payable FY2019) \/ 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:\n\nDIO = 365 * (Average Inventory) \/ (FY2019 COGS)\nDIO = 365 * ($1,600.75M) \/ ($11,108.4M)\nDIO = 365 * 0.1441\nDIO = 52.60 days (rounded to two decimal places)\n\nDSO = 365 * (Average Accounts Receivable) \/ (FY2019 Revenue)\nDSO = 365 * ($1,681.95M) \/ ($16,865.2M)\nDSO = 365 * 0.0997\nDSO = 36.39 days (rounded to two decimal places)\n\nChange in Inventory = Inventory FY2019 - Inventory FY2018\nChange in Inventory = $1,559.3M - $1,642.2M\nChange in Inventory = -$82.9M\n\nDPO = 365 * (Average Accounts Payable) \/ (FY2019 COGS + 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 (rounded to two decimal places)\n\nFinally, we calculate the CCC:\n\nCCC = DIO + DSO - DPO\nCCC = 52.60 + 36.39 - 92.67\nCCC = 89.99 - 92.67\nCCC = -2.68 days (rounded to two decimal places)\n\nThe 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_reverse","temp":0.01,"question":"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":0.68,"model_answer":"To calculate the working capital ratio, also known as the current ratio, we divide the total current assets by the total current liabilities.\n\nFrom the provided balance sheet for the fiscal year ending May 31, 2020, we have:\n\nTotal current assets = $5,121.3 million\nTotal current liabilities = $7,491.5 million\n\nWorking capital ratio = Total current assets \/ Total current liabilities\nWorking capital ratio = $5,121.3 million \/ $7,491.5 million\nWorking capital ratio \u2248 0.6837\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_reverse","temp":0.01,"question":"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.","gold_answer":3215,"model_answer":"To calculate the free cash flow (FCF) for General Mills for the fiscal year 2020, we need to subtract capital expenditures (capex) from the net cash provided by operating activities.\n\nFrom the statement of cash flows provided:\n\nNet cash provided by operating activities for FY2020 is $3,676.2 million.\n\nCapital expenditures (capex), which is represented by \"Purchases of land, buildings, and equipment\" for FY2020, is $460.8 million.\n\nNow, we calculate the FCF:\n\nFCF = Net cash provided by operating activities - Capital expenditures\nFCF = $3,676.2 million - $460.8 million\nFCF = $3,215.4 million\n\nTherefore, the free cash flow (FCF) for General Mills for the fiscal year 2020 is $3,215.4 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10136","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.","gold_answer":0.54,"model_answer":"To calculate the retention ratio, we need to use the following formula:\n\nRetention Ratio = (Net Income - Dividends Paid) \/ Net Income\n\nFrom the provided financial statements, we have the following figures for Fiscal Year 2022:\n\nNet Income Attributable to General Mills = $2,707.3 million\nDividends Paid = $1,244.5 million\n\nNow, let's plug these numbers into the formula:\n\nRetention Ratio = ($2,707.3 million - $1,244.5 million) \/ $2,707.3 million\nRetention Ratio = $1,462.8 million \/ $2,707.3 million\nRetention Ratio = 0.5404 or 54.04% when rounded to two decimal places.\n\nTherefore, the retention ratio for General Mills in FY2022 is 54.04%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00651","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":"Based on the information provided in the filing, Johnson & Johnson's adjusted EPS for the full year 2022 was $10.15, which represented an increase of 3.6% from the previous year. The company is guiding for an adjusted operational EPS of $10.50 for the full year 2023, reflecting growth of 3.5%.\n\nSince the growth rate for adjusted EPS from 2022 to 2023 is expected to be 3.5%, which is slightly lower than the 3.6% growth from 2021 to 2022, the growth in JnJ's adjusted EPS is not expected to accelerate in FY2023. Instead, it is expected to decelerate marginally by 0.1 percentage points.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":"In FY2022, Johnson & Johnson's U.S. sales growth was 3.0% as reported and operationally, increasing from $47,156 million in 2021 to $48,580 million in 2022. International sales, on the other hand, saw a decrease of 0.6% as reported, but when looking at operational growth, which excludes the impact of currency fluctuations, there was an increase of 9.1%. Adjusted for operational growth, which also excludes the net impact of acquisitions and divestitures, international sales grew by 9.3%.\n\nComparing the two, U.S. sales growth was positive but lower at 3.0%, while international sales showed a stronger operational growth of 9.1% despite a reported decrease due to negative currency impacts. Adjusted operational growth was also higher internationally at 9.3% compared to the U.S. growth of 3.0%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00956","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Are JnJ's FY2022 financials that of a high growth company?","gold_answer":"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","model_answer":"Based on the information provided in the filing, Johnson & Johnson's (JnJ) financials for FY2022 do not indicate that it is a high growth company. Here are the reasons:\n\n1. **Modest Sales Growth:** The worldwide sales increased by only 1.3% in 2022, which is a significant slowdown from the 13.6% increase in 2021. High growth companies typically exhibit much higher year-over-year sales growth rates.\n\n2. **Volume and Price Impact:** The sales increase due to volume was 6.9% in 2022, down from 12.9% in 2021. Additionally, there was a price decrease of 0.8% in 2022, which contrasts with the typical pricing power seen in high growth companies.\n\n3. **Currency and Acquisitions\/Divestitures Impact:** The negative currency impact of 4.8% in 2022 and the net negative impact of acquisitions and divestitures of 0.1% in 2022 further dampened growth.\n\n4. **Regional Sales Performance:** Sales in the U.S. increased by 3.0%, which is moderate growth. However, international sales decreased by 0.6%, and sales in Europe and the Asia-Pacific, Africa region also experienced declines of 0.6% and 2.8%, respectively.\n\n5. **Compound Annual Growth Rates (CAGR):** The five-year CAGR for worldwide sales was 4.4%, and the ten-year CAGR was 3.5%. These rates are more indicative of a mature company rather than a high growth one. Similarly, the CAGR for U.S. and international sales also suggests steady but not high growth.\n\n6. **Dependence on Wholesalers:** The company's reliance on three wholesalers for a significant portion of its revenues (16.5%, 13.0%, and 12.0% in 2022) indicates a stable distribution model rather than the rapidly expanding channels one might expect from a high growth company.\n\nIn summary, while Johnson & Johnson is a stable and large company with consistent sales, the financials for FY2022 reflect modest growth rates that are more characteristic of a mature company than a high growth one.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":"The provided filing excerpt does not explicitly mention \"gross margin,\" but it does provide information that can be used to infer factors that might have affected the gross margin for the company in question, presumably Johnson & Johnson (JnJ), for the fiscal year 2022.\n\nGross margin is calculated as the difference between revenue and the cost of goods sold (COGS), divided by revenue. It is expressed as a percentage and represents the proportion of each dollar of revenue that the company retains as gross profit.\n\nBased on the information given:\n\n1. Cost of products sold increased as a percent to sales. This implies that the COGS has risen relative to sales, which would typically lead to a decrease in gross margin, assuming sales prices have not increased proportionately.\n\nThe specific factors driving the increase in COGS as a percent to sales include:\n   - One-time COVID-19 vaccine manufacturing exit-related costs.\n   - Currency impacts in the Pharmaceutical segment.\n   - Commodity inflation in the MedTech and Consumer Health segments.\n\nThese factors would have increased the costs associated with producing goods, thereby potentially reducing the gross margin.\n\n2. This increase in COGS was partially offset by supply chain benefits in the Consumer Health segment. This suggests that there were some cost savings or efficiencies gained in the supply chain for the Consumer Health segment, which would have a positive effect on the gross margin by reducing the COGS.\n\n3. The intangible asset amortization expense included in the cost of products sold decreased from $4.7 billion in FY2021 to $4.3 billion in FY2022. A decrease in amortization expense would also positively affect the gross margin, as it would reduce the overall COGS.\n\nIn conclusion, the gross margin for JnJ in FY2022 was likely affected by increased costs due to one-time COVID-19 related expenses, currency impacts, and commodity inflation, which were partially offset by supply chain benefits and a decrease in intangible asset amortization expenses. Without specific revenue and COGS figures, we cannot calculate the exact change in gross margin, but the factors mentioned would have influenced it.\n\nIf gross margin were not a useful metric for a company like JnJ, it would likely be due to the nature of its business and the structure of its costs. For instance, if a significant portion of JnJ's costs were fixed or not directly tied to the production of goods (such as high research and development costs, or substantial administrative expenses), then gross margin might not fully capture the company's operational efficiency. However, for a manufacturing company like JnJ, which produces tangible products, gross margin remains an important metric for assessing the profitability of its core operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00711","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"JnJ sold its inventory 2.7 times in FY2022.","model_answer":"To calculate the inventory turnover ratio for Johnson & Johnson (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\nThe Cost of Goods Sold (COGS) for 2022 is provided in the consolidated statements of earnings as $31,089 million.\n\nTo calculate the average inventory, we take the inventory at the beginning of the year and the inventory at the end of the year, then divide by two. The inventory at the beginning of 2022 is the same as the inventory at the end of 2021, which is $10,387 million. The inventory at the end of 2022 is $12,483 million.\n\nAverage Inventory = (Inventory at the beginning of the year + Inventory at the end of the year) \/ 2\nAverage Inventory = ($10,387 million + $12,483 million) \/ 2\nAverage Inventory = $22,870 million \/ 2\nAverage Inventory = $11,435 million\n\nNow we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $31,089 million \/ $11,435 million\nInventory Turnover Ratio \u2248 2.72\n\nThis means that J&J sold its inventory approximately 2.72 times during the fiscal year 2022.\n\nIt's important to note that while the inventory turnover ratio provides insight into how efficiently a company is managing its inventory, the ratio can vary widely between industries. For a company like J&J, which deals in a variety of products including pharmaceuticals, medical devices, and consumer goods, the inventory turnover ratio may not be as high as in industries with more rapid inventory cycles, such as fast fashion or perishable goods. Additionally, J&J's inventory may include high-value items with longer production and sales cycles, which can result in a lower turnover ratio. Therefore, while the inventory turnover ratio is a useful metric, it should be interpreted within the context of the company's specific industry and business model.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01487","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?","gold_answer":"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","model_answer":"Based on the information provided, Johnson & Johnson's net earnings as a percent of sales for Q2 of FY2023 were 20.1% (with net earnings of $5,144 million out of sales to customers of $25,530 million). For Q2 of FY2022, the net earnings as a percent of sales were 20.0% (with net earnings of $4,814 million out of sales to customers of $24,020 million).\n\nComparing these two percentages, there was a slight increase in net earnings as a percent of sales from 20.0% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":"From August 30, 2023, onward, Johnson & Johnson will treat its Consumer Health business segment as a discontinued operation.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":"The amount of the gain accruing to Johnson & Johnson as a result of the separation of its Consumer Health business segment, as of August 30, 2023, is approximately $20 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":"Johnson & Johnson secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering as of August 30, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":"Based on the provided segment results, the business segment of JPM (JPMorgan Chase & Co.) that had the lowest net revenue in Q1 2021 was the Corporate segment, with a total net revenue of $(473) million, which indicates a negative revenue figure.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02119","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":"To determine how much each shareholder could get if JPMorgan Chase (JPM) went bankrupt and liquidated all of its assets to pay its shareholders, we would need to know the total tangible book value per share (TBVPS) and the number of outstanding shares.\n\nFrom the provided context, we know the following:\n\n- The TBVPS at the end of the first quarter of 2021 was $66.56.\n\nHowever, the TBVPS is not the same as the liquidation value per share. The TBVPS is a measure of the company's net asset value, representing the per-share value of its equity excluding any intangible assets. The liquidation value could be different because it would depend on the actual market value of the assets at the time of liquidation and the costs associated with the liquidation process.\n\nMoreover, the TBVPS does not account for any outstanding debts or other obligations that the company must pay before distributing remaining assets to shareholders. In a bankruptcy scenario, creditors and bondholders are typically paid before equity shareholders.\n\nSince we do not have information about the total liabilities, the costs of liquidation, or the market value of the assets at the time of a hypothetical bankruptcy, we cannot accurately calculate the liquidation value per share.\n\nAdditionally, we would need the total number of outstanding shares to determine how much each shareholder could get. This information is not provided in the context.\n\nIn summary, without the total number of outstanding shares and a detailed balance sheet showing assets and liabilities at the time of liquidation, it is not possible to calculate the exact amount each shareholder could receive in the event of JPMorgan Chase's bankruptcy and liquidation at the end of Q1 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00394","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":"In 2022 Q2, the business segment of JPM (JPMorgan Chase & Co.) 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_reverse","temp":0.01,"question":"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Since JPM is a financial institution, gross margin is not a relevant metric.","model_answer":"Gross margins are typically a metric used for companies that sell goods and have a clear distinction between the cost of goods sold (COGS) and revenue. It is a measure of how efficiently a company can produce and sell its products at a profit. For a financial services firm like JPMorgan Chase & Co., gross margins are not a relevant metric because the company's primary activities involve providing services rather than selling physical goods.\n\nInstead of gross margins, financial services firms focus on other financial metrics such as net interest margin, return on assets (ROA), return on equity (ROE), and efficiency ratio, among others. These metrics are more indicative of a financial institution's performance:\n\n1. **Net Interest Margin (NIM)**: This is the difference between the interest income generated by banks or other financial institutions 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. **Return on Assets (ROA)**: This ratio indicates how profitable a company is relative to its total assets. It gives an idea of how efficient management is at using its assets to generate earnings.\n\n3. **Return on Equity (ROE)**: This measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. It is a key metric for shareholders to understand how effectively their capital is being used.\n\n4. **Efficiency Ratio**: This is a measure of a bank's overhead as a percentage of its revenue. It is calculated by dividing the bank's noninterest expenses by its net income. The lower the ratio, the more efficiently the bank is being run.\n\nFor JPMorgan Chase & Co., you would look at their financial statements and key performance indicators in their filings to assess their financial health and performance, rather than looking at gross margins.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":"Yes, based on the information provided, the risk that JPM faced in the second fiscal quarter of 2023, as measured by Value at Risk (VaR), decreased compared to the same period in the prior year. This is indicated by the average total VaR decreasing by $7 million for the three months ended June 30, 2023, compared with the same period in the prior year. Specifically, the average total VaR was $47 million for the second quarter of 2023, down from $54 million for the second quarter of 2022. This reduction in VaR suggests that the firm's risk exposure was lower, reflecting risk reductions impacting Credit Portfolio VaR as well as fixed income.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":"To calculate the inventory turnover ratio for Kraft Heinz's FY2019, we need to use the Cost of Goods Sold (COGS) for FY2019 and the average inventory between FY2018 and FY2019.\n\nFrom the provided information:\n\nCOGS for FY2019: $16,830 million\n\nInventory at the end of FY2018: $2,667 million\nInventory at the end of FY2019: $2,721 million\n\nNow, we calculate the average inventory:\n\nAverage Inventory = (Inventory at the end of FY2018 + Inventory at the end of FY2019) \/ 2\nAverage Inventory = ($2,667 million + $2,721 million) \/ 2\nAverage Inventory = $5,388 million \/ 2\nAverage Inventory = $2,694 million\n\nNext, we calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $16,830 million \/ $2,694 million\nInventory Turnover Ratio \u2248 6.25\n\nTherefore, Kraft Heinz's FY2019 inventory turnover ratio is approximately 6.25 when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":"To calculate the asset turnover ratio for Lockheed Martin for the fiscal year 2020, we need to use the formula:\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets between FY2019 and FY2020\n\nFrom the provided information, we have:\n\nFY2020 Revenue (Total net sales) = $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\nNow, we calculate the average total assets between FY2019 and FY2020:\n\nAverage Total Assets = (Total Assets at the end of FY2019 + Total Assets at the end of FY2020) \/ 2\nAverage Total Assets = ($47,528 million + $50,710 million) \/ 2\nAverage Total Assets = $98,238 million \/ 2\nAverage Total Assets = $49,119 million\n\nNow we can calculate the asset turnover ratio:\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets\nAsset Turnover Ratio = $65,398 million \/ $49,119 million\nAsset Turnover Ratio \u2248 1.33\n\nTherefore, Lockheed Martin's asset turnover ratio for FY2020 is approximately 1.33 when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03031","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":"To calculate Lockheed Martin's FY2021 net working capital, we subtract the total current liabilities from the total current assets.\n\nFrom the balance sheet provided:\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_reverse","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":"To calculate the Compound Annual Growth Rate (CAGR) for Lockheed Martin's total revenue over a two-year period from FY2020 to FY2022, we can use the following formula:\n\nCAGR = (Ending Value \/ Beginning Value)^(1\/n) - 1\n\nwhere:\n- Ending Value is the total revenue at the end of the period (FY2022).\n- Beginning Value is the total revenue at the beginning of the period (FY2020).\n- n is the number of years over which the growth is measured.\n\nFrom the provided financial statement, we have:\n- Ending Value (FY2022 total net sales): $65,984 million\n- Beginning Value (FY2020 total net sales): $65,398 million\n- n = 2 years\n\nNow we can plug these values into the CAGR formula:\n\nCAGR = ($65,984 \/ $65,398)^(1\/2) - 1\n\nCalculating the ratio first:\n\nRatio = $65,984 \/ $65,398 = 1.008965\n\nNow we calculate the CAGR:\n\nCAGR = (1.008965)^(1\/2) - 1\n\nTaking the square root:\n\nCAGR = (1.008965)^(0.5) - 1\n\nCAGR \u2248 1.00447 - 1\n\nCAGR \u2248 0.00447\n\nTo express this as a percentage, we multiply by 100:\n\nCAGR \u2248 0.00447 * 100\n\nCAGR \u2248 0.447%\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_reverse","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":"The year-end FY2018 amount of accounts payable for MGM Resorts is $302,578,000. When expressed in USD millions, this is $302.578 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03849","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.","gold_answer":0.079,"model_answer":"To calculate the 3-year average of capital expenditures (capex) as a percentage of revenue for MGM Resorts for the fiscal years 2018, 2019, and 2020, we need to follow these steps:\n\n1. Find the total capital expenditures for each year from the Consolidated Statements of Cash Flows.\n2. Find the total revenues for each year from the Consolidated Statements of Operations.\n3. Calculate the capex as a percentage of revenue for each year.\n4. Find the average of these percentages over the three years.\n\nLet's do the calculations:\n\n**For 2018:**\n- Capital expenditures: $(270,579) (since it's a cash outflow, we consider it as a positive number for capex)\n- Revenues: $11,763,096\n\nCapex as a percentage of revenue for 2018 = (Capex \/ Revenue) * 100\n= ($270,579 \/ $11,763,096) * 100\n= 2.299% (rounded to three decimal places for intermediate calculation)\n\n**For 2019:**\n- Capital expenditures: $(739,006)\n- Revenues: $12,899,672\n\nCapex as a percentage of revenue for 2019 = (Capex \/ Revenue) * 100\n= ($739,006 \/ $12,899,672) * 100\n= 5.729% (rounded to three decimal places for intermediate calculation)\n\n**For 2020:**\n- Capital expenditures: $(270,579)\n- Revenues: $5,162,082\n\nCapex as a percentage of revenue for 2020 = (Capex \/ Revenue) * 100\n= ($270,579 \/ $5,162,082) * 100\n= 5.241% (rounded to three decimal places for intermediate calculation)\n\nNow, we calculate the 3-year average:\n\n3-year average = (2018% + 2019% + 2020%) \/ 3\n= (2.299% + 5.729% + 5.241%) \/ 3\n= 13.269% \/ 3\n= 4.423%\n\nRounded to one decimal place, the 3-year average of capex as a percentage of revenue for MGM Resorts is 4.4%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00382","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":"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 was the Las Vegas Strip Resorts, with an EBITDAR of $3,142,308,000 (in thousands).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":"The region with the worst topline performance for MGM during FY2022 was MGM China, with net revenues of $674 million, which represents a decrease of 44% compared to the prior year's $1.2 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?","gold_answer":"As adjusted EBIT is negative, coverage ratio is zero","model_answer":"To calculate the interest coverage ratio, we need to use the Adjusted EBIT (Earnings Before Interest and Taxes) as the numerator and the annual interest expense as the denominator. The Adjusted EBIT is not directly provided in the text, but we can estimate it by starting with the Operating Income and adjusting for items that are not related to the core operations of the business.\n\nFrom the text, we have the following information for the twelve months ended December 31, 2022:\n\nOperating income (loss): $1,439,372 (in thousands)\nDepreciation and amortization: $3,482,050 (in thousands)\nPreopening and start-up expenses: $1,876 (in thousands)\nProperty transactions, net: ($1,036,997) (in thousands)\nGain on REIT transactions, net: ($2,277,747) (in thousands)\nTriple-net operating lease and ground lease rent expense: $1,950,566 (in thousands)\nOther adjustments (we will ignore these as they are not specified)\n\nAdjusted EBIT is typically calculated as Operating Income plus Depreciation and Amortization, plus or minus any other non-operating income or expenses that do not reflect the core business performance. However, the text does not provide enough information to calculate a precise Adjusted EBIT. We will use Operating Income as a proxy for Adjusted EBIT, as it is the closest figure we have that represents the earnings before interest and taxes.\n\nOperating income (loss): $1,439,372 (in thousands)\n\nInterest expense, net of amounts capitalized: $594,954 (in thousands)\n\nNow, we can calculate the interest coverage ratio:\n\nInterest Coverage Ratio = Adjusted EBIT \/ Interest Expense\nInterest Coverage Ratio = $1,439,372 \/ $594,954\n\nTo perform the calculation:\n\nInterest Coverage Ratio = 1,439,372 \/ 594,954\nInterest Coverage Ratio \u2248 2.42\n\nTherefore, MGM's interest coverage ratio using FY2022 Operating Income as a proxy for Adjusted EBIT is approximately 2.42. Please note that this is an approximation, as we do not have the exact Adjusted EBIT figure.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01254","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":"Yes, MGM Resorts has paid dividends to common shareholders in FY2022. According to the provided text, the company maintained an annual dividend of $0.01 per share throughout 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":"Among the short-term investments for MGM in the first half of FY2023, the largest investment was in Corporate bonds. The table shows that as of June 30, 2023, the investment in Corporate bonds was $416,420 (in thousands), which is the highest amount compared to the other categories of short-term investments listed.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04700","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":"The FY2016 Cost of Goods Sold (COGS) for Microsoft is $32,780 million USD. This information is found under the \"Total cost of revenue\" section in the income statement for the year ended June 30, 2016.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?","gold_answer":"No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.","model_answer":"Based on the provided balance sheet information, Microsoft has not increased its debt between FY2023 and FY2022. Instead, it has decreased its debt. Here's the relevant data:\n\n- The current portion of long-term debt decreased from $2,749 million in FY2022 to $5,247 million in FY2023.\n- The long-term debt decreased from $47,032 million in FY2022 to $41,990 million in FY2023.\n\nWhen you add the current portion of long-term debt to the long-term debt, you get the total debt for each year:\n\n- Total debt in FY2022: $2,749 million (current) + $47,032 million (long-term) = $49,781 million\n- Total debt in FY2023: $5,247 million (current) + $41,990 million (long-term) = $47,237 million\n\nThe decrease in total debt from FY2022 to FY2023 is $49,781 million - $47,237 million = $2,544 million.\n\nTherefore, Microsoft has reduced its total debt by $2,544 million from FY2022 to FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04458","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).","gold_answer":0.054,"model_answer":"To calculate the unadjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin for Netflix for the fiscal year 2015, we need to follow these steps:\n\n1. Determine the unadjusted operating income for FY2015.\n2. Add back the depreciation and amortization expenses for FY2015 to the operating income to get the unadjusted EBITDA.\n3. Divide the unadjusted EBITDA by the total revenues for FY2015 to get the EBITDA margin.\n4. Multiply the result by 100 to express it as a percentage.\n\nFrom the provided Consolidated Statements of Operations, we have the following figures for FY2015:\n\n- Operating income: $305,826 (in thousands)\n- Revenues: $6,779,511 (in thousands)\n\nFrom the Consolidated Statements of Cash Flows, we have the following figures for FY2015:\n\n- Amortization of streaming content assets: $3,405,382 (in thousands)\n- Amortization of DVD content assets: $79,380 (in thousands)\n- Depreciation and amortization of property, equipment, and intangibles: $62,283 (in thousands)\n\nNow, let's calculate the unadjusted EBITDA:\n\nUnadjusted EBITDA = Operating Income + Depreciation and Amortization\nUnadjusted EBITDA = $305,826 + $3,405,382 + $79,380 + $62,283\nUnadjusted EBITDA = $305,826 + $3,547,045\nUnadjusted EBITDA = $3,852,871 (in thousands)\n\nNext, we calculate the EBITDA margin:\n\nEBITDA Margin = (Unadjusted EBITDA \/ Revenues) * 100\nEBITDA Margin = ($3,852,871 \/ $6,779,511) * 100\nEBITDA Margin \u2248 56.85%\n\nTherefore, the unadjusted EBITDA margin for Netflix for the fiscal year 2015 is approximately 56.85%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03282","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":"Netflix's year-end FY2017 total current liabilities are $5,466,312,000. Since the question asks for the amount in USD millions, we convert this figure from thousands to millions by dividing by 1,000. Therefore, the total current liabilities for FY2017 are $5,466.312 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.","gold_answer":0.551,"model_answer":"To calculate the three-year average of cost of goods sold (COGS) as a percentage of revenue for Nike from FY2016 to FY2018, we need to follow these steps:\n\n1. Calculate the COGS as a percentage of revenue for each year.\n2. Sum up the percentages calculated for each year.\n3. Divide the sum by the number of years 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\n\nFor 2017:\nCOGS = $19,038 million\nRevenue = $34,350 million\nCOGS as a % of Revenue = (COGS \/ Revenue) * 100 = ($19,038 \/ $34,350) * 100\n\nFor 2018:\nCOGS = $20,441 million\nRevenue = $36,397 million\nCOGS as a % of Revenue = (COGS \/ Revenue) * 100 = ($20,441 \/ $36,397) * 100\n\nNow, let's do the calculations:\n\nFor 2016:\nCOGS as a % of Revenue = ($17,405 \/ $32,376) * 100 \u2248 53.8%\n\nFor 2017:\nCOGS as a % of Revenue = ($19,038 \/ $34,350) * 100 \u2248 55.4%\n\nFor 2018:\nCOGS as a % of Revenue = ($20,441 \/ $36,397) * 100 \u2248 56.2%\n\nNext, we sum up these percentages and divide by 3 to get the average:\n\nAverage COGS as a % of Revenue = (53.8% + 55.4% + 56.2%) \/ 3\nAverage COGS as a % of Revenue \u2248 (165.4%) \/ 3\nAverage COGS as a % of Revenue \u2248 55.1%\n\nTherefore, the three-year average of cost of goods sold as a percentage of revenue from FY2016 to FY2018 for Nike is approximately 55.1%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":"According to the balance sheet provided, Nike, Inc. 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_reverse","temp":0.01,"question":"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021). Round your answer to two decimal places.","gold_answer":3.46,"model_answer":"To calculate the inventory turnover ratio for Nike in FY2021, we need to use the 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\nInventory at the end of FY2020: $7,367 million\nInventory at the end of FY2021: $6,854 million\n\nFirst, 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 3.455\n\nRounded to two decimal places, the inventory turnover ratio for Nike in FY2021 is approximately 3.46.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":"In FY2023, the activities that brought in the most cash flow for Nike were operations, with a cash provided by operations amounting to $5,841 million. This is compared to cash used by investing activities of $564 million and cash used by financing activities of $7,447 million. Therefore, operations were the source of the most positive cash flow for Nike in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":"Working capital is calculated as the difference between a company's current assets and current liabilities. It is a measure of a company's short-term financial health and its ability to cover its short-term obligations.\n\nBased on the FY2022 data provided for PayPal Holdings, Inc., we can calculate the working capital as follows:\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\nPayPal has a positive working capital of $12,416 million for the fiscal year 2022, which suggests that the company has more than enough current assets to cover its current liabilities.\n\nHowever, it's important to note that while working capital is a useful indicator of liquidity, it may not always be the most relevant metric for every company. For a company like PayPal, which operates primarily in the digital payments space, the composition of its current assets and liabilities may be different from traditional manufacturing or retail businesses. For instance, a significant portion of PayPal's current liabilities consists of funds payable and amounts due to customers, which are funds held on behalf of customers that can be considered as custodial in nature rather than typical operational liabilities.\n\nMoreover, PayPal's business model relies heavily on the velocity of money through its platform, and the company may have sophisticated cash management strategies that make the traditional working capital metric less indicative of its financial health. Therefore, while PayPal does have positive working capital, analysts and investors may also consider other financial metrics and factors specific to the industry when evaluating the company's financial position and performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04980","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.","gold_answer":4.6,"model_answer":"Based on the provided statement of cash flows for PepsiCo, Inc. and Subsidiaries, the capital expenditure amount for the fiscal year ended December 25, 2021, is listed under Investing Activities as \"Capital spending.\" The amount is given as $(4,625) million.\n\nAs an investment analyst, to convert this figure to billions, you would divide by 1,000 (since 1 billion is equal to 1,000 million).\n\nTherefore, the FY2021 capital expenditure amount for PepsiCo is:\n\n$4,625 million \/ 1,000 = $4.625 billion\n\nSo, the capital expenditure for PepsiCo in FY2021 is $4.625 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01009","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":"As of FY2022, PepsiCo primarily operates in the following geographies:\n\n1. North America (United States and Canada)\n2. Latin America\n3. Europe\n4. Africa\n5. Middle East\n6. South Asia\n7. Asia Pacific\n8. Australia and New Zealand\n9. China Region\n\nThese geographies are covered by PepsiCo's seven reportable segments, which include Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), PepsiCo Beverages North America (PBNA), Latin America (LatAm), Europe, Africa, Middle East and South Asia (AMESA), and Asia Pacific, Australia and New Zealand and China Region (APAC).","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.","gold_answer":0.165,"model_answer":"To calculate the unadjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for PepsiCo for the fiscal year 2022, we will use the Operating Profit from the P&L statement and add back the Depreciation and Amortization from the cash flow statement.\n\nFrom the P&L statement:\nOperating Profit for 2022: $11,512 million\n\nFrom the cash flow statement:\nDepreciation and Amortization for 2022: $2,763 million\n\nNow, we calculate the unadjusted EBITDA:\nUnadjusted EBITDA = Operating Profit + Depreciation and Amortization\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n\nNext, we calculate the unadjusted EBITDA margin, which is the EBITDA divided by Net Revenue, expressed as a percentage.\n\nNet Revenue for 2022: $86,392 million\n\nUnadjusted EBITDA Margin = (Unadjusted EBITDA \/ Net Revenue) * 100\nUnadjusted EBITDA Margin = ($14,275 million \/ $86,392 million) * 100\nUnadjusted EBITDA Margin \u2248 (0.1652) * 100\nUnadjusted EBITDA Margin \u2248 16.52%\n\nTherefore, the FY2022 unadjusted EBITDA margin for PepsiCo is approximately 16.52%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.","gold_answer":9068,"model_answer":"To calculate the unadjusted EBITDA less capex for PepsiCo for FY2022, we will follow these steps:\n\n1. Identify the unadjusted operating income for FY2022 from the income statement.\n2. Add back the depreciation and amortization for FY2022 from the cash flow statement.\n3. Subtract the capital expenditures (capex) for FY2022 from the cash flow statement.\n\nFrom the income statement:\n- Operating Profit for FY2022: $11,512 million\n\nFrom the cash flow statement:\n- Depreciation and amortization for FY2022: $2,763 million\n- Capital spending (capex) for FY2022: $5,207 million\n\nNow, we calculate the unadjusted EBITDA and then subtract capex:\n\nUnadjusted EBITDA = Operating Profit + Depreciation and Amortization\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n\nUnadjusted EBITDA less capex = Unadjusted EBITDA - Capex\nUnadjusted EBITDA less capex = $14,275 million - $5,207 million\nUnadjusted EBITDA less capex = $9,068 million\n\nTherefore, the FY2022 unadjusted EBITDA less capex for PepsiCo is $9,068 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01328","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":"Pepsico's restructuring costs in FY2022 amounted to $411 million .","model_answer":"The quantity of restructuring costs directly outlined in PepsiCo's income statements for FY2022 is $411 million. This is indicated under the \"Total restructuring and impairment charges\" for the year 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":"Based on the provided text, there is no specific mention of any materially important ongoing legal battles from FY2022 or FY2021. The text under \"Item 3. Legal Proceedings\" states that PepsiCo and its subsidiaries are involved in a variety of litigation, claims, legal or regulatory proceedings, inquiries, and investigations. However, it also mentions that management believes the final outcome of these matters will not have a material adverse effect on the company's financial condition, results of operations, or cash flows.\n\nWithout additional information or access to the full context of the filing, it is not possible to provide details on any specific legal battles from FY2022 or FY2021. To obtain such information, one would typically review the full annual report (10-K) or quarterly reports (10-Q) filed with the Securities and Exchange Commission (SEC), which would include more detailed disclosures regarding legal proceedings.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":"As of FY2023Q1, PepsiCo raised its full-year guidance for core constant currency EPS growth by 1 percentage point, from previously 8 percent to now 9 percent.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":"As of FY2023Q1, PepsiCo raised its full-year guidance for FY2023 due to a strong start to the year, with the company experiencing resilient performance across its categories and geographies. The first-quarter results showed a higher-than-expected net revenue growth and organic revenue growth, indicating that the company's business momentum was better than initially anticipated.\n\nChairman and CEO Ramon Laguarta attributed the positive performance to the investments PepsiCo has made in becoming a \"Faster, Stronger, and Better\" organization through its strategic agenda, Winning with pep+. These investments in people, brands, supply chain, go-to-market systems, and digitization initiatives are believed to be laying the foundation for durable and sustainable growth.\n\nBased on this strong performance in the first quarter and the confidence in the company's strategic direction, PepsiCo increased its full-year 2023 organic revenue growth expectation from 6 percent to 8 percent and its core constant currency EPS growth from 8 percent to 9 percent.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":"At the PepsiCo AGM held on May 3, 2023, the shareholder proposal for a congruency report on net-zero emissions policies was defeated. The voting results were as follows:\n\n- For: 19,718,780\n- Against: 977,228,788\n- Abstain: 23,200,321\n- Broker Non-Votes: 172,969,325","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":"PepsiCo increased its unsecured five-year revolving credit agreement from $3,800,000,000 to $4,200,000,000 on May 26, 2023. To calculate the increase:\n\n$4,200,000,000 (new credit agreement) - $3,800,000,000 (old credit agreement) = $400,000,000\n\nTherefore, PepsiCo increased its unsecured five-year revolving credit agreement by $400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":"As of May 26, 2023, PepsiCo may borrow up to $4,200,000,000 under the 2023 364 Day Credit Agreement and up to $4,200,000,000 under the 2023 Five Year Credit Agreement. To find the total amount PepsiCo may borrow under both agreements, you simply add the two amounts together:\n\n$4,200,000,000 (from the 2023 364 Day Credit Agreement)\n+ $4,200,000,000 (from the 2023 Five Year Credit Agreement)\n= $8,400,000,000\n\nTherefore, the total amount PepsiCo may borrow under its unsecured revolving credit agreements as of May 26, 2023, is $8,400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":"Yes, Pfizer grew its Property, Plant, and Equipment (PP&E) between FY20 and FY21. According to the provided consolidated balance sheets, the value of Property, Plant, and Equipment was $13,745 million at the end of 2020 and increased to $14,882 million at the end of 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02416","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are three main companies acquired by Pfizer mentioned in this 10K report?","gold_answer":"Trillium, Array, and Therachon","model_answer":"The three main companies acquired by Pfizer mentioned in this 10-K report are:\n\n1. Trillium: Acquired on November 17, 2021, for a total consideration of $2.0 billion, net of cash acquired.\n2. Array: Acquired on July 30, 2019, for a total fair value of the consideration transferred of $11.2 billion ($10.9 billion, net of cash acquired).\n3. Therachon: Acquired 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_reverse","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":"Yes, according to the provided Consolidated Statements of Income for Pfizer Inc., there was a significant event in 2019 that is not part of the standard business operations which substantially increased net income. This event is listed as \"(Gain) on completion of Consumer Healthcare JV transaction,\" which shows a gain of $8,107 million. This gain would have been a one-time event related to the completion of a joint venture transaction in the consumer healthcare business, and it significantly contributed to the net income for that year. Such a large gain from a transaction like this is not a regular occurrence in the normal course of business operations, which typically consist of revenues from product sales and routine expenses.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":"Based on the provided information, the geographic region with the biggest drop in Q2 2023 year-over-year revenues for Pfizer, on a percentage basis, is the \"Developed Rest of World\" with a 74% decrease in revenues from $5,034 million in Q2 2022 to $1,305 million in Q2 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00283","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":"Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn. Since approximately 90% of these costs have already been incurred by the second quarter of 2023, the remaining amount to be paid in the future would be approximately 10% of $700 million.\n\nTo calculate the future costs:\n$700 million x 10% = $70 million\n\nTherefore, Pfizer expects to pay approximately $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_reverse","temp":0.01,"question":"As of Q2'2023, is Pfizer spinning off any large business segments?","gold_answer":"Yes, it's spinning off Upjohn.","model_answer":"Based on the provided text, Pfizer is not spinning off any large business segments as of Q2 2023. The text mentions that Pfizer expects to incur costs in connection with separating Upjohn, but it does not specify that this is a spin-off happening in Q2 2023. Instead, it indicates that approximately 90% of the separation costs have been incurred since inception and through the second quarter of 2023, suggesting that the process has been ongoing.\n\nThe text also discusses a proposed divestiture of Pfizer's early-stage rare disease gene therapy portfolio to Alexion, a subsidiary of AstraZeneca plc, which is expected to close in the third quarter of 2023. However, this divestiture is related to a specific portfolio rather than a large business segment spin-off.\n\nTherefore, based on the information provided, there is no indication that Pfizer is spinning off any large business segments as of Q2 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00601","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove the reduction in SG&A expense as a percent of net sales in FY2023?","gold_answer":"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The reduction in Selling, General and Administrative (SG&A) expenses as a percent of net sales in FY2023 was primarily driven by the following factors:\n\n1. Leverage of marketing expenses: The company was able to spread its marketing costs over a larger sales base, which means that the marketing expenses constituted a smaller percentage of the net sales.\n\n2. Leverage of incentive compensation: Higher sales allowed the company to distribute fixed incentive compensation costs over a larger revenue base, effectively reducing the percentage of these costs relative to net sales.\n\nThese factors helped to reduce the SG&A expenses as a percentage of net sales, even though there were some offsetting factors such as deleverage of corporate overhead due to strategic investments and deleverage of store payroll and benefits due to wage investments. Overall, the increase in net sales outpaced the increase in SG&A expenses, leading to a more favorable SG&A expense ratio.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The provided text does not explicitly state the reasons for the increase in Ulta Beauty's merchandise inventories balance at the end of FY2023. However, we can infer potential reasons based on the information given about the company's performance:\n\n1. Retail Price Increases: The company experienced retail price increases, which could lead to a higher valuation of inventory if the company is holding more stock at these increased prices.\n\n2. New Brands and Product Innovation: The introduction of new brands and product innovation often requires building up inventory to ensure sufficient stock to meet anticipated customer demand.\n\n3. Increased Social Occasions: With more social occasions, there might have been an expectation of higher sales, prompting the company to increase inventory levels to meet potential customer demand.\n\n4. Fewer COVID-19 Limitations: With the easing of COVID-19 restrictions, the company might have anticipated a return to more normal shopping patterns and increased in-store traffic, leading to a buildup of inventory to prepare for this change.\n\n5. Strategic Investments: The mention of strategic investments in corporate overhead could also include investments in inventory management or expansion of product lines, which would affect inventory levels.\n\n6. Higher Inventory Shrink: The filing mentions higher inventory shrink, which indicates losses due to theft, damage, or errors in inventory management. While this factor negatively impacts the value of inventory, it could also lead to the company holding more inventory as a buffer against such losses.\n\nTo get a definitive answer on what specifically drove the increase in Ulta Beauty's merchandise inventories balance at the end of FY2023, one would need to review the specific section of the financial report that discusses inventory balances and the factors affecting them.","label":"Refusal"}
{"financebench_id":"financebench_id_00605","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?","gold_answer":"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"To answer this question, we need to compare the amount spent on stock repurchases in Q4 of FY 2023 to the total amount spent on stock repurchases in FY 2023.\n\nFrom the provided context, we have the following information:\n\n- During the fourth quarter of fiscal 2022, the Company repurchased 722,457 shares of its common stock at a cost of $328.1 million.\n- During fiscal 2022, the Company repurchased 2.2 million shares of its common stock at a cost of $900.0 million.\n\nHowever, the context does not provide the specific amount spent on stock repurchases in Q4 of FY 2023, nor does it provide the total amount spent on stock repurchases for the entire FY 2023. Instead, it provides an outlook for FY 2023, stating that the Company plans to repurchase approximately $900 million worth of shares.\n\nSince we do not have the actual repurchase figures for Q4 of FY 2023, we cannot calculate the percentage of the total spend on stock repurchases that occurred in Q4 of FY 2023. We only have the figures for FY 2022 and the planned repurchase amount for FY 2023.\n\nTherefore, with the information provided, it is not possible to answer the question about the percentage of Ulta Beauty's total spend on stock repurchases for FY 2023 that occurred in Q4 of FY 2023. Additional data regarding the actual repurchase figures for Q4 of FY 2023 would be required to perform this calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_00606","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?","gold_answer":"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The filing indicates that there was \"deleverage of store payroll and benefits due to wage investments,\" which suggests that the wages expense as a percentage of net sales increased in FY2023. Deleverage in this context means that the cost associated with store payroll and benefits, which includes wages, grew at a faster rate than net sales, leading to a higher percentage of sales being consumed by these expenses.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00746","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":"Based on the provided text from the Form 10-K filing, there are no debt securities listed under Ulta Beauty's name that are registered to trade on a national securities exchange for the fiscal year ended January 28, 2023. The only securities mentioned in the filing that are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 are:\n\nCommon stock, par value $0.01 per share\nTrading symbol: ULTA\nName of each exchange on which registered: The NASDAQ Global Select Market\n\nThe filing does not mention any debt securities such as bonds or notes being registered under Ulta Beauty's name on any national securities exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?","gold_answer":"Ulta Beauty did not make any acquisitions in FY2023 and FY2022.","model_answer":"Based on the provided section of Ulta Beauty, Inc.'s Consolidated Statements of Cash Flows for the fiscal years ended January 28, 2023, January 29, 2022, and January 30, 2021, there are no major acquisitions listed for FY2023 and FY2022. The line item \"Acquisitions, net of cash acquired\" shows a value of $0 for both years, indicating that there were no cash outflows related to acquisitions during those fiscal years. \n\nFor FY2021, there is an entry of $(1,220) under \"Acquisitions, net of cash acquired,\" which suggests that there was a small acquisition in that year, but the question specifically asked about FY2023 and FY2022, during which there were no acquisitions reported in this financial statement.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":"Among all of the derivative instruments that Verizon used to manage exposure to fluctuations in foreign currency exchange rates and interest rates in FY 2021, the one with the highest notional value was the 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_reverse","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":"As of FY 2021, Verizon expected to pay $1,097 million for pension benefits and $862 million for health care and life benefits to its retirees in 2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00215","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":"Yes, Verizon is a capital-intensive business based on the FY 2022 data provided. Capital-intensive businesses are those that require significant investment in physical assets to operate and grow. The data indicates that Verizon made substantial investments in its infrastructure, particularly in its wireless networks, high-speed fiber, and other advanced technologies.\n\nFrom the information given:\n\n1. Capital Expenditures: Verizon's capital expenditures for the year ended December 31, 2022, were $23.1 billion, which is a significant amount of money to be spent on physical assets. This includes approximately $6.2 billion in C-Band related capital expenditures, which are investments in the spectrum necessary for providing wireless services.\n\n2. Property, Plant, and Equipment: The balance sheet shows that Verizon has a net property, plant, and equipment (PPE) value of $107,434 million (after accumulated depreciation) as of December 31, 2022. This is up from $99,696 million in 2021, indicating ongoing investment in PPE.\n\n3. Wireless Licenses and Other Intangible Assets: Verizon has substantial investments in wireless licenses ($149,796 million) and other intangible assets ($11,461 million), which are critical to its operations.\n\nThe nature of Verizon's business, which includes the deployment and maintenance of a nationwide telecommunications network, inherently requires a large amount of capital to purchase and maintain the necessary equipment and infrastructure. The financial data supports the conclusion that Verizon operates a capital-intensive business model.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":"To assess Verizon's liquidity profile based on its quick ratio for the fiscal year 2022, we need to calculate the quick ratio using the relevant figures from the consolidated balance sheet provided. The quick ratio is a measure of a company's ability to meet its short-term obligations with its most liquid assets. It is calculated as follows:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nFrom the balance sheet, we have the following figures for December 31, 2022:\n\n- Cash and cash equivalents: $2,605 million\n- Accounts receivable, net: $24,506 million (Accounts receivable less allowance for credit losses)\n- Current liabilities: $50,171 million\n\nNote that the balance sheet does not mention marketable securities, so we will exclude them from the calculation. Now, let's calculate the quick ratio:\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 is approximately 0.54 for FY 2022, which is below 1. This suggests that Verizon may not have enough liquid assets to cover its current liabilities without potentially selling inventory or using other assets that are not as liquid. However, it's important to consider that the telecommunications industry often operates with lower quick ratios due to the nature of their business, which includes significant investments in long-term assets and stable, predictable cash flows.\n\nTherefore, while the quick ratio is a useful indicator, it should not be the sole measure of liquidity. Other factors, such as the company's operating cash flow, access to credit facilities, and the stability of its revenue streams, should also be considered when evaluating Verizon's overall liquidity profile. Given that Verizon is a large, established company with a history of stable earnings, it may have other means to manage its liquidity that are not reflected in the quick ratio alone.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00566","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?","gold_answer":"No. Verizon's debt decreased by $229 million.","model_answer":"Based on the information provided in the filing, Verizon's total debt on the balance sheet has decreased between the 2021 and 2022 fiscal periods. \n\nIn 2021, the total debt was $150,868 million, and in 2022, the total debt was $150,639 million. This represents a decrease of $229 million in total debt from 2021 to 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06247","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.","gold_answer":42.69,"model_answer":"To calculate the Days Payable Outstanding (DPO) for Walmart for FY2018, we need to follow the formula provided:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFirst, we need to find the Average Accounts Payable for FY2017 and FY2018. The Accounts Payable for FY2017 is $41,433 million, and for FY2018 it is $46,092 million.\n\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 Cost of Goods Sold (COGS) for FY2018 and the change in inventory between FY2017 and FY2018.\n\nCOGS for FY2018 is $373,396 million.\n\nChange in Inventory = Inventory FY2018 - Inventory FY2017\nChange in Inventory = $43,783 million - $43,046 million\nChange in Inventory = $737 million\n\nNow we can calculate the denominator of the DPO formula:\n\nCOGS + Change in Inventory = $373,396 million + $737 million\nCOGS + Change in Inventory = $374,133 million\n\nFinally, we can calculate the DPO:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\nDPO = 365 * $43,762.5 million \/ $374,133 million\nDPO \u2248 365 * 0.1169\nDPO \u2248 42.67\n\nTherefore, the Days Payable Outstanding (DPO) for Walmart for FY2018 is approximately 42.67 days when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04784","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.","gold_answer":0.002,"model_answer":"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 the total revenues for that year.\n2. Subtract the FY2018 operating income margin from the FY2019 operating income margin.\n3. Convert the result to a percentage.\n\nLet's do the calculations:\n\nFor FY2019:\nOperating Income (FY2019) = $21,957 million\nTotal Revenues (FY2019) = $514,405 million\nOperating Income Margin (FY2019) = (Operating Income \/ Total Revenues) * 100\nOperating Income Margin (FY2019) = ($21,957 \/ $514,405) * 100\nOperating Income Margin (FY2019) \u2248 4.268%\n\nFor FY2018:\nOperating Income (FY2018) = $20,437 million\nTotal Revenues (FY2018) = $500,343 million\nOperating Income Margin (FY2018) = (Operating Income \/ Total Revenues) * 100\nOperating Income Margin (FY2018) = ($20,437 \/ $500,343) * 100\nOperating Income Margin (FY2018) \u2248 4.086%\n\nNow, calculate the change in operating income margin from FY2018 to FY2019:\nChange in Operating Income Margin = Operating Income Margin (FY2019) - Operating Income Margin (FY2018)\nChange in Operating Income Margin \u2248 4.268% - 4.086%\nChange in Operating Income Margin \u2248 0.182%\n\nRounded to one decimal place, the change in unadjusted operating income percentage margin for Walmart from FY2018 to FY2019 is approximately 0.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"gpt-4-1106-preview","eval_mode":"oracle_reverse","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.","gold_answer":0.062,"model_answer":"To calculate the unadjusted EBITDA % margin for Walmart for the fiscal years 2018 to 2020, we will first calculate the unadjusted EBITDA for each year and then find the average of these values. Finally, we will express this average as a percentage of the average total revenues for the same period.\n\nUnadjusted EBITDA is defined as unadjusted operating income + depreciation and amortization.\n\nLet's calculate the unadjusted EBITDA for each year:\n\nFor FY2020:\nOperating income: $20,568 million\nDepreciation and amortization: $10,987 million\nUnadjusted EBITDA (2020) = $20,568m + $10,987m = $31,555m\n\nFor FY2019:\nOperating income: $21,957 million\nDepreciation and amortization: $10,678 million\nUnadjusted EBITDA (2019) = $21,957m + $10,678m = $32,635m\n\nFor FY2018:\nOperating income: $20,437 million\nDepreciation and amortization: $10,529 million\nUnadjusted EBITDA (2018) = $20,437m + $10,529m = $30,966m\n\nNow, let's calculate the average unadjusted EBITDA over the three years:\nAverage unadjusted EBITDA = ($31,555m + $32,635m + $30,966m) \/ 3\nAverage unadjusted EBITDA = $95,156m \/ 3\nAverage unadjusted EBITDA = $31,718.67m\n\nNext, we calculate the average total revenues for the same period:\nAverage total revenues = ($523,964m + $514,405m + $500,343m) \/ 3\nAverage total revenues = $1,538,712m \/ 3\nAverage total revenues = $512,904m\n\nFinally, we calculate the unadjusted EBITDA % margin:\nUnadjusted EBITDA % margin = (Average unadjusted EBITDA \/ Average total revenues) * 100\nUnadjusted EBITDA % margin = ($31,718.67m \/ $512,904m) * 100\nUnadjusted EBITDA % margin = 6.186% (rounded to three decimal places)\n\nRounded to one decimal place, the unadjusted EBITDA % margin is 6.2%.","label":"Correct Answer"}