{"financebench_id":"financebench_id_03029","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the specific figure for the FY2018 capital expenditure amount for 3M. The capital expenditure would typically be found under the section \"Cash Flows from Investing Activities\" in the Consolidated Statement of Cash Flows, which is not included in the provided text. To answer your question accurately, I would need the relevant section that reports on capital expenditures.","label":"Refusal"}
{"financebench_id":"financebench_id_04672","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":"Based on the information provided, the specific figure for year-end FY2018 net property, plant, and equipment (PP&E) for 3M is not directly stated in the balance sheet excerpt. However, there is a mention of China\/Hong Kong net PP&E, which was $542 million at December 31, 2018. This figure alone does not represent the total net PP&E for 3M globally.\n\nTo accurately answer the question regarding the year-end FY2018 net PP&E for 3M in USD billions, the full balance sheet details would be required, specifically the section that lists the company's total PP&E and any accumulated depreciation. Since this information is not included in the provided context, I am unable to provide the year-end FY2018 net PP&E for 3M.","label":"Refusal"}
{"financebench_id":"financebench_id_01865","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":"Based on the provided context, the segment that has dragged down 3M's overall growth in 2022, excluding the impact of mergers and acquisitions (M&A), appears to be the Transportation and Electronics segment. The context indicates that within this segment, sales decreased in transportation safety and electronics. Additionally, it is mentioned that growth was held back by weaker consumer electronics end-market demand and ongoing impacts of semiconductor supply chain constraints on automotive markets. Furthermore, the divestiture impact relates to lost Transportation and Electronics sales year-on-year from the deconsolidation of the Aearo Entities in July 2022. This suggests that the Transportation and Electronics segment faced challenges that negatively affected 3M's overall growth.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":"Based on the provided information, the operating margin change for 3M in FY2022 was driven by several factors. The business segment operating income margins decreased year-on-year due to:\n\n1. Increases in raw materials costs\n2. Increases in logistics costs\n3. Increases in outsourced hardgoods manufacturing costs\n4. Manufacturing productivity impacts\n5. Increased compensation and benefit costs\n\nThese factors more than offset the positive effects of leverage from sales growth and benefits from restructuring actions and lower related charges.\n\nOperating margin is a useful metric for a company like 3M as it provides insight into the efficiency of the company's operations and its ability to convert sales into profit. It is an important measure of the company's financial health and operational performance. The changes in operating margin can indicate how well the company is managing its costs relative to its net sales. For diversified manufacturers like 3M, operating margin is particularly relevant as it reflects the profitability of their various product lines and services after accounting for the costs of production and other operating expenses.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":"Based on the FY2022 data provided, 3M can be considered a capital-intensive business. Capital-intensive businesses are those that require significant investment in physical assets such as property, plant, and equipment to produce goods or services. The evidence supporting this classification includes:\n\n1. Capital Spending: In 2022, 3M expended approximately $1.749 billion on capital projects. This level of expenditure on property, plant, and equipment is indicative of a capital-intensive industry, where maintaining and expanding physical assets is crucial to the company's operations.\n\n2. Net Property, Plant, and Equipment: The net value of property, plant, and equipment as of December 31, 2022, was approximately $9.178 billion. This substantial investment in physical assets further supports the classification of 3M as a capital-intensive business.\n\n3. Environmental Capital Projects: 3M invested around $317 million in capital projects for environmental purposes in 2022, with an expected investment of approximately $646 million for 2023 and 2024 in aggregate. These investments are significant and are related to maintaining compliance with environmental regulations and sustainability initiatives, which are often capital-intensive endeavors.\n\nThe data indicates that 3M allocates a considerable portion of its resources to capital expenditures, which is a characteristic of capital-intensive businesses. These investments are aimed at driving organic growth, increasing manufacturing efficiency, and ensuring compliance with regulatory standards, all of which require substantial capital outlays.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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. The evidence provided indicates that 3M has paid dividends since 1916 and has increased its dividend for 65 consecutive years. In February 2023, 3M\u2019s Board of Directors declared a first-quarter 2023 dividend of $1.50 per share, which was an increase of 1 percent from the previous dividend. This pattern continued with the declaration of the same dividend amount of $1.50 per share for the second quarter of 2023. This consistency and the history of increasing dividends demonstrate a stable trend in dividend distribution by 3M.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":"Based on the provided context, there is no direct information given about 3M's quick ratio for Q2 of FY2023. The quick ratio is a measure of a company's ability to meet its short-term obligations with its most liquid assets, and it is calculated by dividing the sum of cash, marketable securities, and accounts receivable by the current liabilities.\n\nTo calculate the quick ratio, we would need the amount of 3M's current liabilities and the sum of its cash, cash equivalents, marketable securities, and accounts receivable. While the context does provide information about 3M's current liabilities ($10,936 million as of June 30, 2023) and its cash, cash equivalents, and marketable securities ($4.3 billion as of June 30, 2023), it does not provide the specific amount of accounts receivable. Without this information, we cannot calculate the quick ratio.\n\nHowever, based on the information provided, we can infer that 3M has a strong liquidity position, given its substantial cash reserves and the fact that it has been able to increase its cash and marketable securities from $3.9 billion at the end of 2022 to $4.3 billion by June 30, 2023. Additionally, the company has a history of returning cash to shareholders through dividends and share repurchases, which suggests confidence in its liquidity and financial stability.\n\nWithout the specific figure for accounts receivable, we cannot provide a quick ratio or definitively assess the liquidity profile based on that metric alone. However, the overall context suggests that 3M likely maintains a reasonably healthy liquidity profile.","label":"Refusal"}
{"financebench_id":"financebench_id_00941","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":"Based on the provided context, there is no specific mention of which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023. The information given discusses the repayment of fixed-rate registered notes, fixed-rate medium-term notes, and the issuance of commercial paper, as well as the existence of a revolving credit facility. However, it does not explicitly state which securities are registered for trading. Therefore, I cannot provide an answer to which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023 without additional information.","label":"Refusal"}
{"financebench_id":"financebench_id_07966","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 three-year average of capital expenditures (CapEx) as a percentage of revenue for Activision Blizzard for the fiscal years 2017 to 2019, we need to find the CapEx for each year and the total net revenues for each year. Then we can calculate the percentage for each year and find the average.\n\nHowever, the provided text does not include explicit figures for capital expenditures (CapEx). CapEx is typically calculated as the amounts spent on acquiring or upgrading physical assets such as property, buildings, technology, or equipment. In financial statements, CapEx is often derived from the cash flow statement by looking at the cash spent on property and equipment or similar line items.\n\nSince the provided text does not contain the specific line items for capital expenditures, I cannot calculate the CapEx as a percentage of revenue for Activision Blizzard for the fiscal years 2017 to 2019. If you can provide the relevant data or direct me to the specific line items that represent CapEx in the cash flow statement, I would be able to perform the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_02987","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 two pieces of information:\n\n1. The revenue for the fiscal year 2019.\n2. The average property, plant, and equipment (PP&E) between fiscal years 2018 and 2019.\n\nUnfortunately, the provided context does not include the revenue figure for the fiscal year 2019, which is necessary to calculate the fixed asset turnover ratio. Additionally, while we have the PP&E figures for December 31, 2018, and December 31, 2019, we cannot proceed without the revenue figure.\n\nThe PP&E for December 31, 2018, is $282 million, and for December 31, 2019, it is $253 million. To find the average PP&E, we would add these two figures together and divide by 2:\n\nAverage PP&E = ($282 million + $253 million) \/ 2\n\nHowever, without the FY2019 revenue, we cannot complete the calculation of the fixed asset turnover ratio. If you can provide the FY2019 revenue figure, I can assist you in calculating the ratio.","label":"Refusal"}
{"financebench_id":"financebench_id_04735","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but I cannot provide the FY2015 operating cash flow ratio for Adobe as the total current liabilities figure is not included in the provided context. The operating cash flow ratio requires both the net cash provided by operating activities and the total current liabilities. While the net cash provided by operating activities for fiscal year 2015 is $1.47 billion, the total current liabilities figure is necessary to calculate the ratio and is not present in the information you've provided. If you can provide the total current liabilities figure, I would be able to calculate the ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_07507","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 operating income figures provided for both years and apply the following formula:\n\nPercentage Change = [(New Value - Old Value) \/ Old Value] * 100\n\nFrom the provided information, the operating income for Adobe in FY2016 is $1,493,602 (in thousands) and for FY2015 is $903,095 (in thousands).\n\nNow, let's calculate the percentage change:\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%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the total current liabilities figure for Adobe Systems Incorporated for the fiscal year 2017. The operating cash flow ratio requires both the net cash provided by operating activities and the total current liabilities. While the net cash provided by operating activities for fiscal 2017 is given as $2.91 billion, the total current liabilities figure is not provided in the excerpts you've shared.\n\nTo calculate the operating cash flow ratio, you would need the total current liabilities from the balance sheet, which is typically listed under the liabilities section. If you can provide the total current liabilities figure, I would be able to calculate the ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_00438","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":"Based on the provided financial data, we can assess Adobe's operating margin profile by comparing the operating income to the total revenue for the fiscal years presented.\n\nOperating margin is calculated as:\n\nOperating Margin = Operating Income \/ Total Revenue\n\nLet's calculate the operating margin for each year:\n\nFor FY2020:\nOperating Income: $4,237 million\nTotal Revenue: $12,868 million\nOperating Margin = $4,237 \/ $12,868 \u2248 32.9%\n\nFor FY2021:\nOperating Income: $5,802 million\nTotal Revenue: $15,785 million\nOperating Margin = $5,802 \/ $15,785 \u2248 36.8%\n\nFor FY2022:\nOperating Income: $6,098 million\nTotal Revenue: $17,606 million\nOperating Margin = $6,098 \/ $17,606 \u2248 34.6%\n\nComparing these figures, we can see that Adobe's operating margin increased from approximately 32.9% in FY2020 to approximately 36.8% in FY2021, indicating an improvement. However, in FY2022, the operating margin slightly decreased to approximately 34.6%.\n\nTherefore, Adobe's operating margin profile improved from FY2020 to FY2021 but saw a slight decrease in FY2022. Despite the slight decrease in FY2022, the operating margin is still higher than it was in FY2020, indicating that overall, Adobe has an improving operating margin profile over the three-year period provided.\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 considering the impact of non-operating factors such as interest expenses or investment gains\/losses. It shows how much profit the company makes on each dollar of sales before interest and taxes.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00591","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 conversion as of FY2022, we need to look at the net cash provided by operating activities and compare it with the net income for the relevant years.\n\nFrom the provided information, we have the following figures for net income and net cash provided by operating activities:\n\nNet Income:\n- FY2022: $4,756 million\n- FY2021: $4,822 million\n- FY2020: $5,260 million\n\nNet Cash Provided by Operating Activities:\n- FY2022: This figure is not provided in the context.\n- FY2021: This figure is not provided in the context.\n- FY2020: This figure is not provided in the context.\n\nFree cash flow is typically calculated as net cash provided by operating activities minus capital expenditures. Since the net cash provided by operating activities for FY2022 is not provided in the context, we cannot calculate the free cash flow or determine if there is an improvement in free cash flow conversion for FY2022.\n\nTherefore, based on the information provided, I cannot determine whether Adobe has an improving free cash flow conversion as of FY2022.","label":"Refusal"}
{"financebench_id":"financebench_id_10420","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 FY2022, we need two pieces of information:\n\n1. FY2022 net income\n2. Average total assets between FY2021 and FY2022\n\nFrom the information provided, we can find the FY2022 net income, but the average total assets between FY2021 and FY2022 are not given in the provided context. The net income for FY2022 is provided as follows:\n\nNet income (loss) attributable to The AES Corporation for FY2022: $(546) million\n\nHowever, without the total assets for FY2021 and FY2022, we cannot calculate the average total assets or the ROA. Therefore, based on the information provided, I cannot calculate the ROA for FY2022. If the total assets for the respective years were provided, we could have proceeded with the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_00540","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":"Based on the provided context, there is no specific information regarding the cost of goods sold (COGS) or the inventory levels for The AES Corporation for the fiscal year 2022. The inventory turnover ratio is calculated by dividing the COGS by the average inventory for the period. Without these figures, it is not possible to calculate the inventory turnover ratio.\n\nAdditionally, The AES Corporation is an energy company, and conventional inventory management may not be as meaningful for such a company as it would be for a retail or manufacturing business. Energy companies typically deal with service provision and may not hold physical inventory in the same way that a retailer or manufacturer does. Their \"inventory\" could be in the form of energy production capacity or stored energy, which is not accounted for in the same way as physical goods inventory.\n\nTherefore, without specific data on COGS and inventory levels, and considering the nature of The AES Corporation's business, it is not possible to provide an inventory turnover ratio for FY2022.","label":"Refusal"}
{"financebench_id":"financebench_id_01319","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 evidence, there is no explicit mention of restructuring costs in the income statements for FY2022. Therefore, the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022 is 0.","label":"Refusal"}
{"financebench_id":"financebench_id_08135","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 from the provided statement of income.\n\nTotal net sales for FY2016: $135,987 million\nTotal net sales for FY2017: $177,866 million\n\nThe formula to calculate the percentage change is:\n\n[(New Value - Old Value) \/ Old Value] * 100\n\nUsing the figures provided:\n\n[(177,866 - 135,987) \/ 135,987] * 100\n\nNow, let's do the math:\n\n(41,879 \/ 135,987) * 100 \u2248 30.8%\n\nTherefore, Amazon's year-over-year change in revenue from FY2016 to FY2017 is approximately 30.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06655","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":"To calculate Amazon's FY2017 days payable outstanding (DPO), we need to find the average accounts payable between FY2016 and FY2017, the cost of goods sold (COGS) for FY2017, and the change in inventory between FY2016 and FY2017. However, the provided text does not include the COGS for FY2017, which is a necessary component for calculating DPO.\n\nThe formula for DPO is:\n\nDPO = 365 * (Average Accounts Payable) \/ (COGS + Change in Inventory)\n\nFrom the provided text, we can determine the following:\n\n- Accounts payable for FY2016: $25,309 million\n- Accounts payable for FY2017: $34,616 million\n- Inventory for FY2016: $11,461 million\n- Inventory for FY2017: $16,047 million\n\nNow, let's calculate the average accounts payable and the change in inventory:\n\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\nChange in Inventory = Inventory FY2017 - Inventory FY2016\nChange in Inventory = $16,047 million - $11,461 million\nChange in Inventory = $4,586 million\n\nWithout the COGS for FY2017, we cannot complete the calculation for DPO. Therefore, I cannot provide the FY2017 DPO for Amazon. If you can provide the COGS for FY2017, I would be able to calculate the DPO.","label":"Refusal"}
{"financebench_id":"financebench_id_08286","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 (in USD millions).","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the specific details required to answer the question about Amcor's year-end accounts receivable (AR) for fiscal year 2020. The accounts receivable figure would typically be found on the balance sheet under current assets, but the provided text does not contain a detailed balance sheet or any mention of accounts receivable. To accurately report Amcor's year-end net accounts receivable for FY2020, we would need the balance sheet data for that fiscal year. If you can provide the balance sheet or the specific line item for accounts receivable, I would be able to assist you further.","label":"Refusal"}
{"financebench_id":"financebench_id_01935","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":"Based on the provided context, the key agenda of Amcor's 8-K filing dated July 1, 2022, was to report a corporate event that occurred on June 30, 2022. This event was the execution of a Second Supplemental Indenture involving Amcor Finance (USA), Inc. (the Former Issuer), Amcor Flexibles North America, Inc. (the Substitute Issuer), and Deutsche Bank Trust Company Americas (the Trustee). The Second Supplemental Indenture was related to the Indenture dated April 28, 2016, and it appears to involve changes to the parties or terms of the securities issued under that Indenture. The specific details of the changes made by the Second Supplemental Indenture are not provided in the excerpt, but the filing of the Form 8-K is intended to inform the Securities and Exchange Commission (SEC) and the public of this significant corporate event.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but you haven't provided the specific information from Amcor's financial statements or notes that details the nature and purpose of the company's restructuring liability as of Q2 of FY2023. To accurately answer your question, I would need the relevant excerpt from the Notes to Condensed Consolidated Financial Statements or the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations that discusses the restructuring liability. If you can provide that information, I would be happy to help interpret it.","label":"Refusal"}
{"financebench_id":"financebench_id_01930","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":"Based on the provided context, the real change in sales for Amcor in FY 2023 versus FY 2022, excluding the impact of foreign exchange (FX) movement, passthrough costs, and one-off items, can be determined as follows:\n\nThe context states that net sales on a comparable constant currency basis were in line with the prior year. This means that when adjusting for the impact of foreign exchange movements, the sales were essentially the same as the previous year.\n\nAdditionally, the context mentions that there were price increases of approximately $775 million related to the passthrough of higher raw material costs. Since we are to exclude the impact of passthrough costs, we would not consider this $775 million increase in our calculation of the real change in sales.\n\nLastly, the context refers to an unfavorable impact of approximately 1% related to items affecting comparability. However, it does not provide a specific dollar amount for these one-off items, so we cannot quantify their impact in absolute terms.\n\nGiven that the net sales on a comparable constant currency basis were in line with the prior year, and we are to exclude the impact of FX movement, passthrough costs, and one-off items, the real change in sales would be $0, indicating no real growth or decline when these factors are excluded.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":"Based on the provided information, the Adjusted Non-GAAP EBITDA for Amcor for FY 2023 is not explicitly stated in the text. The reconciliation provided includes EBITDA and adjustments for specific items, but the exact figure for Adjusted EBITDA is not given. Therefore, I cannot provide the Adjusted Non-GAAP EBITDA for FY 2023.","label":"Refusal"}
{"financebench_id":"financebench_id_00799","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 is a measure of a company's short-term liquidity, indicating its ability to meet its short-term obligations with its most liquid assets. To calculate the quick ratio, you would typically use the following formula:\n\nQuick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities\n\nHowever, the information provided does not include specific figures for cash and cash equivalents, marketable securities, accounts receivable, or current liabilities. Therefore, I cannot determine whether Amcor's quick ratio has improved or declined between FY2023 and FY2022 based on the information given.\n\nFinancial analysts often look at the quick ratio for companies in industries where liquidity can be a concern, such as manufacturing, to ensure that the company can cover its short-term obligations without having to sell inventory. Given that Amcor is a packaging company and may have significant inventory as part of its current assets, the quick ratio could be a relevant metric for analysts interested in the company's liquidity position.\n\nTo provide an accurate answer, more detailed financial data from the balance sheet would be required. If you can provide the necessary figures, I would be able to calculate the quick ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_01079","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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, the only acquisition mentioned for fiscal year 2023 is the agreement signed on August 10, 2023, to acquire a small manufacturer of flexible packaging for food, home care, and personal care applications in India. This acquisition is intended to complement Amcor's existing flexible packaging footprint in India and enable local production of a broader range of sustainable packaging solutions.\n\nHowever, there is no information provided about acquisitions in fiscal years 2022 and 2021. Therefore, I cannot provide details on major acquisitions for those years. If you have additional context or documents that include information about acquisitions in FY2022 and FY2021, I could assist you further. Otherwise, I don't have the information required to answer that part of your question.","label":"Refusal"}
{"financebench_id":"financebench_id_01148","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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, and other consumer goods end markets.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":"Based on the provided information, Amcor does not have an improving gross margin profile as of FY2023. The gross profit as a percentage of net sales, which is essentially the gross margin, decreased from 19.4% in FY2022 to 18.5% in FY2023. This indicates a contraction in the gross margin by 0.9 percentage points. The gross profit in dollar terms also decreased by $95 million, from $2,820 million in FY2022 to $2,725 million in FY2023.\n\nGross margin is a useful metric for a company like Amcor as it indicates the percentage of total sales revenue that the company retains after incurring the direct costs associated with producing the goods it sells. A decrease in gross margin suggests that the company's cost of sales has increased at a higher rate than its net sales, or that the company is selling its products at lower profitability. This could be due to various factors such as increased raw material costs, changes in product mix, or pricing pressures. In the case of Amcor, the decrease in gross margin could be reflective of the economic and market conditions mentioned, including intermittent supply shortages and price volatility of certain resins and raw materials.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 information, we have:\n\nDepreciation and Amortization for FY2015: $167 million (from the cash flow statement)\nNet Revenue for FY2015: $3,991 million (from the P&L statement)\n\nNow, we can 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":"singleStore","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":"Based on the provided information, the change in operating margin for AMD in the fiscal year 2022 can be attributed to several factors:\n\n1. Increase in Net Revenue: AMD's net revenue increased significantly from $16,434 million in 2021 to $23,601 million in 2022. This increase in revenue contributes positively to the operating margin.\n\n2. Increase in Cost of Sales: The cost of sales also increased from $8,505 million in 2021 to $11,550 million in 2022. This increase in costs would negatively impact the operating margin as it reduces the gross profit.\n\n3. Amortization of Acquisition-Related Intangibles: There was an amortization expense of $1,448 million in 2022 that was not present in 2021. This is likely due to the acquisition of Xilinx and represents a significant expense that would reduce the operating income.\n\n4. Increase in Research and Development (R&D) Expenses: R&D expenses increased from $2,845 million in 2021 to $5,005 million in 2022. This substantial increase in investment in R&D also negatively impacts the operating margin.\n\n5. Increase in Marketing, General and Administrative Expenses: These expenses increased from $1,448 million in 2021 to $2,336 million in 2022, further reducing the operating margin.\n\n6. Licensing Gain: There was a licensing gain of $102 million in 2022 compared to $12 million in 2021, which would have a positive impact on the operating margin.\n\n7. Operating Income: The operating income decreased from $3,648 million in 2021 to $1,264 million in 2022. This decrease in operating income is a direct indicator of the operating margin being negatively affected.\n\nIn summary, while AMD's net revenue increased significantly in FY22, the operating margin was negatively impacted by higher costs of sales, increased R&D and administrative expenses, and significant amortization of acquisition-related intangibles. These factors combined led to a lower operating income, which in turn reduced the operating margin for the fiscal year 2022.\n\nOperating margin is a useful metric for a company like AMD as it provides insight into the efficiency of the company's core business operations without considering the impact of financing and tax structures. It is an important indicator of the company's profitability from its core operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01198","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 change in AMD's revenue for the fiscal year 2022 was primarily driven by the acquisition of Xilinx, Inc., which expanded AMD's technology and product portfolio. This acquisition allowed AMD to enter new markets and offer products such as Field Programmable Gate Arrays (FPGAs), Adaptive SoCs, and Adaptive Compute Acceleration Platform (ACAP) products, thereby strengthening and diversifying AMD's business model. Additionally, the overall net revenue increased from $16.434 billion in 2021 to $23.601 billion in 2022, which indicates significant growth in the company's revenue streams.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 relevant evidence 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":"singleStore","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":"Based on the provided evidence, the activity that brought in the most cash flow for AMD in FY22 was operating activities. The net cash provided by operating activities was $3.6 billion in 2022. The evidence does not provide the exact figures for financing activities, so a direct comparison cannot be made with the provided information. However, for investing activities, the net cash provided was $2 billion in 2022. Therefore, among the activities mentioned, 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":"singleStore","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":"Based on the provided evidence, the AMD reporting segment where sales proportionally increased the most from FY21 to FY22, excluding Embedded, is the Gaming segment. The evidence states that one customer accounted for 16% of AMD's consolidated net revenue for the year ended December 31, 2022, and that sales to this customer consisted of sales of products from the Gaming segment. This indicates that the Gaming segment experienced a significant increase in sales. Additionally, the evidence mentions that there was 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. Therefore, by excluding the Embedded segment and considering the decrease in the Client segment, the Gaming segment stands out as the one with the proportional increase in sales.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00222","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 calculate the quick ratio, which is a measure of a company's short-term liquidity, we use the following formula:\n\nQuick Ratio = (Cash and Cash Equivalents + Short-Term Investments + Accounts Receivable) \/ Current Liabilities\n\nBased on the information provided:\n\nCash and Cash Equivalents = $4,835 million\nShort-Term Investments = $1,020 million\nAccounts Receivable, net = $4,126 million\nCurrent Liabilities = $6,369 million\n\nNow, let's calculate the quick ratio:\n\nQuick Ratio = ($4,835m + $1,020m + $4,126m) \/ $6,369m\nQuick Ratio = $9,981m \/ $6,369m\nQuick Ratio \u2248 1.57\n\nA quick ratio of 1.57 means that AMD has $1.57 in liquid assets for every $1 of current liabilities, which indicates that AMD has more than enough liquid assets to cover its short-term obligations. This suggests that AMD has a reasonably healthy liquidity profile for FY22. Generally, a quick ratio of 1 or higher is considered satisfactory as it indicates that the company can meet its short-term liabilities without selling inventory.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00995","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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. x86 microprocessors (CPUs) - These are central processing units based on the x86 architecture, used in a wide variety of computing devices.\n2. Graphics processing units (GPUs) - These are processors designed to accelerate graphics rendering in devices ranging from personal computers to gaming consoles.\n3. Accelerated processing units (APUs) - These are processors that combine CPU and GPU capabilities on a single chip.\n4. Chipsets - These are sets of electronic components in an integrated circuit that manage data flow between the processor, memory, and peripherals.\n5. Data center and professional GPUs - These are GPUs specifically designed for data center and professional applications, such as high-performance computing and virtualization.\n6. Embedded processors - These are processors designed for use in embedded systems, which are computing systems within larger devices or machines.\n7. Semi-custom System-on-Chip (SoC) products - These are customized chips designed for specific customer needs, often used in gaming consoles and other specialized devices.\n8. Microprocessor and SoC development services and technology - AMD provides services and technology for the development of microprocessors and SoCs.\n9. Data processing units (DPUs) - These are specialized processors designed for managing data processing tasks in data centers.\n10. Field Programmable Gate Arrays (FPGAs) - These are integrated circuits that can be configured by the customer or designer after manufacturing.\n11. Adaptive SoC products - These are SoCs that are adaptable and can be customized for specific applications or requirements.\n\nAdditionally, AMD may also sell or license portions of its intellectual property (IP) portfolio from time to time.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":"Based on the provided context, the largest liability in American Express's Balance Sheet in 2022 is not explicitly stated. The excerpts given focus on credit exposure, the report of the independent registered public accounting firm, aggregate annual maturities on long-term debt obligations, and details about long-term debt. However, none of these excerpts directly state what the largest liability on the balance sheet was.\n\nTo accurately determine the largest liability, one would need to review the full balance sheet from the company's financial statements, which would typically include line items such as long-term debt, accounts payable, deferred revenue, and other liabilities. Since this information is not included in the provided context, I cannot definitively answer the question about the largest liability on American Express's Balance Sheet in 2022.","label":"Refusal"}
{"financebench_id":"financebench_id_01981","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":"Based on the information provided, there is no direct evidence indicating whether American Express was able to retain card members during 2022. The details given focus on the worldwide billed business, the number of proprietary cards-in-force, merchant acquiring business, and card network business, but do not specifically address card member retention rates or attrition for the year 2022. Therefore, I don't have the information needed to answer the question about card member retention for that period.","label":"Refusal"}
{"financebench_id":"financebench_id_00720","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":"Gross margin is typically a metric used for companies that sell goods and have a clear distinction between the cost of goods sold (COGS) and the revenue from selling those goods. For American Express, which is a financial services company, gross margin is not a particularly useful metric because the company's primary costs are not directly tied to the production or acquisition of goods.\n\nInstead, for a company like American Express, other financial metrics such as net income, discount revenue, billed business, and capital ratios are more relevant. These metrics reflect the company's financial health and performance in terms of its core operations, which include extending credit, processing transactions, and providing financial services.\n\nFrom the provided context, we can see that the change in net income for American Express in FY2022 was driven by factors such as credit reserve builds and net losses in their Amex Ventures strategic investment portfolio, compared with credit reserve releases and significant net gains in the previous year. Additionally, the company's discount revenue increased due to momentum in Card Member spending. These factors are more indicative of American Express's financial performance than a gross margin would be.\n\nTherefore, discussing gross margin change for American Express is not applicable. Instead, one should focus on the specific revenue and expense items relevant to the company's business model, such as the discount revenue from merchant services and the costs associated with credit provisions and investment portfolio performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":"Based on the provided context, there is no explicit information regarding the operating margin or its trend for American Express (AMEX) in 2022. 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 by dividing operating income by net sales or revenue.\n\nThe context provided discusses net income, capital ratios, spending on the network, card acquisitions, and operating expenses, but does not provide specific figures for operating income or revenues that would allow for the calculation or assessment of the operating margin.\n\nTo determine whether AMEX has an improving operating margin profile, one would need to compare the operating income to the net sales for both the current and previous years to see if the margin has increased or decreased. Since this information is not provided, I cannot accurately answer whether AMEX has an improving operating margin profile as of 2022.\n\nIn the context of financial services companies like AMEX, operating margin can still be a useful metric as it provides insight into the efficiency of the company's core business operations. However, it is important to consider other factors such as the quality of the credit portfolio, the level of customer engagement, and the company's investment strategy, as these can also significantly impact the company's financial health and performance.","label":"Refusal"}
{"financebench_id":"financebench_id_01028","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"American Express operates in approximately 103 countries and territories around the world as of the year ended December 31, 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00476","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 context, there is no specific mention of debt securities registered to trade on a national securities exchange under American Express' name as of 2022. The context only mentions \"Common Shares (par value $0.20 per Share)\" with the trading symbol \"AXP\" registered on the New York Stock Exchange. Therefore, I cannot provide information on any debt securities as it is not included in the given context.","label":"Refusal"}
{"financebench_id":"financebench_id_01351","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 decreased from 24.6 percent in FY2021 to 21.6 percent in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"The information provided does not include specific details on cash dividends paid out for FY2020 in the statement of cash flows. To calculate the cash dividends paid out, we would typically look for a line item in the cash flows from financing activities section that indicates dividends paid. Since this section is not provided, we cannot compute or extract the cash dividends paid for FY2020 from the given information.","label":"Refusal"}
{"financebench_id":"financebench_id_04254","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 for the fiscal year 2021, we need to add the operating income to the depreciation and amortization expenses from the cash flow statement.\n\nFrom the Consolidated Statements of Operations, the operating income for the year ended December 31, 2021, is $1,196 million.\n\nFrom the Consolidated Statements of Cash Flows, the depreciation and amortization for the year ended December 31, 2021, is $636 million.\n\nAdding these two figures together gives us the unadjusted EBITDA:\n\nOperating Income: $1,196 million\nDepreciation and Amortization: $636 million\nUnadjusted EBITDA: $1,196 million + $636 million = $1,832 million\n\nTherefore, the unadjusted EBITDA for American Water Works for FY2021 is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":"To determine if American Water Works has positive working capital for FY2022, we need to calculate the working capital by subtracting current liabilities from current assets.\n\nBased on the provided data for FY2022:\n\nCurrent Assets = $1,250 million\nCurrent Liabilities = Short-term debt ($1,175 million) + Current portion of long-term debt ($281 million) + Accounts payable ($254 million) + Accrued liabilities ($706 million) + Accrued taxes ($49 million) + Accrued interest ($91 million) + Liabilities related to assets held for sale ($0 million, as it's not listed for 2022)\n\nAdding up the current liabilities:\n$1,175 + $281 + $254 + $706 + $49 + $91 = $2,556 million\n\nNow, subtract the current liabilities from the current assets to find the working capital:\n$1,250 million (Current Assets) - $2,556 million (Current Liabilities) = -$1,306 million\n\nSince the result is negative, American Water Works does not have positive working capital for FY2022; it has a working capital deficit.\n\nWorking capital is a useful metric for assessing a company's ability to meet its short-term obligations with its short-term assets. However, for utility companies like American Water Works, the working capital metric may not be as relevant or concerning as it would be for other types of companies. Utilities often have stable, predictable cash flows due to the essential nature of their services and their ability to generate revenue through rate adjustments approved by regulatory bodies. Additionally, they may have access to lines of credit or other financing options to manage cash flow needs. Therefore, while American Water Works has a working capital deficit, this may not be an immediate concern for the company's operations or financial health.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":"To calculate the 3-year average net profit margin for Best Buy for fiscal years 2015 to 2017, we need to find the net profit margin for each year and then average them. The net profit margin is calculated by dividing the net earnings by the total revenue for each year and then multiplying by 100 to get a percentage.\n\nFrom the provided information, we have the following net earnings and total revenue for each fiscal year:\n\nFiscal Year 2017:\n- Net earnings: $1,207 million\n- Total revenue: $39,403 million\n\nFiscal Year 2016:\n- Net earnings: $807 million\n- Total revenue: $39,528 million\n\nFiscal Year 2015:\n- Net earnings: $1,246 million (This figure is not provided in the context, but it is necessary to calculate the average for the three years. Since the context is incomplete, we will assume this value is correct based on the typical format of such financial statements.)\n\nNow, we calculate the net profit margin for each year:\n\nNet profit margin for 2017 = ($1,207 \/ $39,403) * 100\nNet profit margin for 2016 = ($807 \/ $39,528) * 100\nNet profit margin for 2015 = ($1,246 \/ [Revenue for 2015]) * 100 (Since the revenue for 2015 is not provided, we cannot calculate the net profit margin for this year.)\n\nSince we do not have the total revenue for fiscal year 2015, we cannot calculate the net profit margin for that year, and therefore, we cannot calculate the 3-year average net profit margin for Best Buy. Without the revenue for 2015, the calculation cannot be completed.","label":"Refusal"}
{"financebench_id":"financebench_id_04417","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the specific amount of inventories for Best Buy at the end of fiscal year 2019. To answer your question accurately, I would need the relevant data from the balance sheet that lists the total amount of inventories. If you can provide the balance sheet or the specific figure from it, I would be able to confirm the year-end total amount of inventories for Best Buy in fiscal year 2019.","label":"Refusal"}
{"financebench_id":"financebench_id_01077","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":"Based on the provided evidence, the major acquisition that Best Buy made in fiscal year 2023 was the purchase of assets on November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to Best Buy's Domestic reporting unit. This acquisition was aimed at expanding Best Buy's assortment in categories like outdoor living. There is no mention of any major acquisitions in fiscal years 2022 or 2021 within the provided evidence.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01275","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 evidence, the total cash provided by or used in each activity for Best Buy in FY2023 is as follows:\n\nOperating activities: $1,824 million provided\nInvesting activities: $(962) million used\nFinancing activities: $(1,806) million used\n\nAmong operations, investing, and financing activities, operating activities brought in the most cash flow for Best Buy in FY2023 with $1,824 million provided. Investing activities lost less cash compared to financing activities, with $(962) million used, while financing activities had the largest cash outflow with $(1,806) million used.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":"Based on the provided context, there is no specific historical data about Best Buy's gross margins over multiple years to determine if they have been historically consistent within a 2% fluctuation range. The context only mentions that the gross profit rate decreased in fiscal 2023 primarily due to lower product margin rates, including increased promotions, and lower services margin rates driven by the incremental customer benefits and associated costs from the Best Buy Totaltech membership offering.\n\nTo accurately answer whether Best Buy's gross margins have been historically consistent, one would need to review the company's financial statements over several years to observe the trends in gross profit rates. Since this information is not provided in the context, I cannot confirm whether Best Buy's gross margins have been historically consistent or not. \n\nGross margins are a relevant metric for a company like Best Buy, as they indicate the percentage of revenue that exceeds the cost of goods sold (COGS) and can be used to pay for other expenses and profit. It is an important measure of a company's financial health and efficiency in managing production and supply chain costs relative to sales.","label":"Refusal"}
{"financebench_id":"financebench_id_01902","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 information, the Best Buy product category that performed the best in terms of comparable sales growth in the domestic (USA) market during the second quarter of fiscal year 2024 was \"Entertainment,\" with a 9.0% increase in comparable sales. This growth was driven primarily by gaming, 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":"singleStore","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 and cash equivalents between fiscal year 2023 and the second quarter of fiscal year 2024. According to the provided information, cash and cash equivalents were as follows:\n\n- On July 30, 2022 (FY 2023): $840 million\n- On January 28, 2023: $1,874 million\n- On July 29, 2023 (Q2 FY 2024): $1,093 million\n\nThis shows a decrease in cash and cash equivalents from $1,874 million on January 28, 2023, to $1,093 million on July 29, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":"Yes, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. According to the provided information, at the beginning of the second quarter of FY2024, there were 908 Best Buy stores, and by the end of that quarter, there was a decrease of 1 store, bringing the total to 907. In contrast, at the beginning of the second quarter of FY2023, there were 931 Best Buy stores, and by the end of that quarter, there was a decrease of 2 stores, bringing the total to 930.\n\nSo, comparing the end of the second quarter for both fiscal years, there were 930 Best Buy stores at the end of Q2 in FY2023 and 907 stores at the end of Q2 in FY2024, which indicates a decrease of 23 stores year-over-year.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":"To calculate the working capital ratio, we need to know the total current assets and total current liabilities for FY2016. However, the provided evidence only includes the total current assets, which amount to $1,001,425 (in thousands). The total current liabilities are not provided in the evidence you've shared.\n\nWithout the total current liabilities figure, we cannot calculate the working capital ratio. If you can provide the total current liabilities for FY2016, I would be able to perform the calculation for you.","label":"Refusal"}
{"financebench_id":"financebench_id_07661","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"singleStore","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":"To calculate the total revenue growth rate for Block (formerly known as Square) from FY2019 to FY2020, we will use the following formula:\n\nGrowth Rate = [(Revenue in FY2020 - Revenue in FY2019) \/ Revenue in FY2019] * 100%\n\nFrom the provided data:\n\nRevenue in FY2020 = $9,497,578 (in thousands)\nRevenue in FY2019 = $4,713,500 (in thousands)\n\nNow, let's plug these numbers into the formula:\n\nGrowth Rate = [($9,497,578 - $4,713,500) \/ $4,713,500] * 100%\nGrowth Rate = ($4,784,078 \/ $4,713,500) * 100%\nGrowth Rate = 1.015 * 100%\nGrowth Rate = 101.5%\n\nTherefore, the total revenue growth rate from FY2019 to FY2020 for Block is 101.5%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the balance sheet details necessary to calculate the net property, plant, and equipment for Boeing for the fiscal year ending 2018. The net property, plant, and equipment figure would typically be found under the assets section of the balance sheet, which is not included in the provided context. To calculate this figure, you would need the gross property, plant, and equipment value and accumulated depreciation, which are not available in the provided excerpts. If you can provide the balance sheet or these specific figures, I would be able to assist you further.","label":"Refusal"}
{"financebench_id":"financebench_id_01091","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":"Based on the provided context, Boeing has indeed reported multiple legal actions filed against them as a result of the accidents of Lion Air Flight 610 on October 29, 2018, and Ethiopian Airlines Flight 302 on March 10, 2019. The company entered into a Deferred Prosecution Agreement with the U.S. Department of Justice in 2021, which resolved the Department of Justice\u2019s investigation into Boeing regarding the evaluation of the 737 MAX by the Federal Aviation Administration. However, the context does not specify whether these legal actions are considered materially important for the fiscal year 2022. It does mention that an adverse decision in any litigation or government inquiry could have a material effect on Boeing's financial position and results of operations, but it does not provide specific details about the materiality of ongoing legal battles for FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"The primary customers of Boeing as of FY2022 include:\n\n1. The commercial airline industry worldwide, which is the main customer for Boeing's Commercial Airplanes segment. This includes both U.S. and non-U.S. airlines, with 70% of the Commercial Airplanes' total backlog in dollar terms being with non-U.S. airlines.\n\n2. The U.S. government, which is a major customer for Boeing's Global Services (BGS) segment, particularly for military aircraft and services.\n\n3. Chinese customers, who represent a key component of Boeing's commercial aircraft backlog, although there is uncertainty regarding the timing of resumption of deliveries in China for the 737 MAX.\n\n4. Middle East and Asia Pacific customers, who are expected to add rotorcraft and commercial derivative aircraft at faster rates compared to U.S. growth.\n\n5. International competitors and other countries that may have trade relations with the U.S., which could impact Boeing's business and financial results due to geopolitical events such as sanctions and export controls.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 states that the airline industry has been cyclical and very competitive, experiencing significant profit swings and constant challenges to be more cost-competitive. This indicates that Boeing, as a major aerospace firm and a leading producer of commercial aircraft, is affected by the cyclical nature of the airline industry.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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:\n\n- Commercial Airplanes (BCA) generated $25,867 million in revenue.\n- Defense, Space & Security (BDS) generated $23,162 million in revenue.\n- Global Services (BGS) generated $17,611 million in revenue.\n\nBoeing's total revenue for FY2022 was $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 million = $13,321.6 million\n\nNow, comparing each category to this 20% threshold:\n\n- Commercial Airplanes: $25,867 million, which is greater than $13,321.6 million.\n- Defense, Space & Security: $23,162 million, which is also greater than $13,321.6 million.\n- Global Services: $17,611 million, which is greater than $13,321.6 million.\n\nEach of these categories exceeds the 20% threshold of Boeing's total revenue for FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00494","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 context, Boeing is forecasting the following production rate changes for FY2023:\n\n1. The 787 program is currently producing at low rates and is expected to gradually increase to 5 per month in 2023.\n2. Production of the 777X is currently paused and is expected to resume in 2023.\n3. The 737 program has stabilized production at 31 per month and plans to gradually increase production rates based on market demand and supply chain capacity.\n\nThese forecasts are contingent on various factors, including market demand, supply chain capacity, and regulatory approvals, particularly for the 737 MAX in China.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":"Based on the provided information, we can calculate Boeing's effective tax rate for FY2022 and FY2021 by dividing the income tax expense 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) * 100 = (0.617%) (negative because both the tax expense and the loss before taxes are negative)\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) * 100 = (14.76%) (positive because the tax is a benefit and the loss before taxes is negative)\n\nComparing the two years:\n- In FY2022, Boeing had a negative effective tax rate of approximately 0.617%, indicating a very small tax expense relative to the loss before taxes.\n- In FY2021, Boeing had a positive effective tax rate of approximately 14.76%, indicating a tax benefit relative to the loss before taxes.\n\nTherefore, Boeing's effective tax rate in FY2022 is significantly lower than in FY2021, moving from a substantial tax benefit to a negligible tax expense.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00678","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":"Based on the provided information, it is not possible to directly assess Boeing's gross margin profile for FY2022 because the necessary details to calculate gross margins, such as gross profit, are not explicitly provided. Gross margin is calculated by subtracting the cost of goods sold (COGS) from revenue and then dividing by revenue. The information given includes total revenues and costs associated with products and services, but it does not break down the gross profit figure, which is needed to calculate the gross margin percentage.\n\nHowever, we can infer some information about Boeing's profitability by looking at the 'Sales of products' and 'Cost of products' as well as 'Sales of services' and 'Cost of services'. By comparing these figures, we can see if the difference between sales and costs (which would be the gross profit in a more detailed breakdown) has improved or worsened.\n\nFor products:\n- In 2022, the sales of products were $55,893 million, and the cost of products was $53,969 million.\n- In 2021, the sales of products were $51,386 million, and the cost of products was $49,954 million.\n\nFor services:\n- In 2022, the sales of services were $10,715 million, and the cost of services was $9,109 million.\n- In 2021, the sales of services were $10,900 million, and the cost of services was $9,283 million.\n\nBy comparing these figures, we can see that the difference between sales and costs for products has increased from 2021 to 2022, suggesting an improvement in that area. However, for services, the difference between sales and costs has decreased slightly, suggesting a slight decline in profitability for that segment.\n\nIt's also important to note that for companies like Boeing, which are involved in complex, long-term projects such as aircraft manufacturing, gross margin may not always be the best indicator of financial health. This is because the costs and revenues associated with such projects can be unevenly distributed over time. Factors like production delays, changes in order quantities, and long-term contracts can all affect the timing and recognition of revenue and costs, making gross margin a less reliable measure of performance from one period to the next.\n\nAdditionally, the notes mention that the 777X program had near break-even gross margins at the end of 2022, and the profitability of this program is subject to various factors that could lead to reach-forward losses in the future. This indicates that while the program is currently not significantly contributing to or detracting from gross margins, it has the potential to impact future profitability.\n\nIn conclusion, while there is some indication of improvement in the profitability of Boeing's product segment, the overall picture of the company's gross margin profile is not clear without more detailed information. Moreover, due to the nature of Boeing's business, gross margin may not be the most accurate measure of the company's financial performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03473","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":"To calculate the return on assets (ROA) for Coca-Cola for FY2017, we need to use the formula:\n\nROA = FY2017 Net Income \/ Average Total Assets between FY2016 and FY2017\n\nFrom the provided information, we have:\n\nFY2017 Net Income attributable to shareowners of The Coca-Cola Company = $1,248 million\n\nTotal Assets for FY2016 = $87,270 million\nTotal Assets for FY2017 = $87,896 million\n\nNow, we calculate the average total assets between FY2016 and FY2017:\n\nAverage Total Assets = (Total Assets for FY2016 + Total Assets for FY2017) \/ 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 = $1,248 million \/ $87,583 million\nROA = 0.01424 or 1.424%\n\nRounded to two decimal places, the ROA for FY2017 is 1.42%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 Cost of Goods Sold (COGS) percentage margin for the fiscal year 2021, we will use the following formula:\n\nCOGS % Margin = (COGS \/ Net Operating Revenues) * 100\n\nFrom the provided income statement data for the year ended December 31, 2021:\n\nNet Operating Revenues = $38,655 million\nCost of Goods Sold (COGS) = $15,357 million\n\nNow, let's calculate the COGS % Margin:\n\nCOGS % Margin = ($15,357 million \/ $38,655 million) * 100\nCOGS % Margin = 0.3973 * 100\nCOGS % Margin = 39.73%\n\nTherefore, Coca-Cola's COGS percentage margin for the fiscal year 2021 is 39.73%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 use the total cash dividends paid and the net income attributable to shareholders for the fiscal year 2022.\n\nFrom the provided information, we have:\n\nNet Income Attributable to Shareowners of The Coca-Cola Company for FY2022: $9,542 million\n\nDividends (per share \u2014 $1.76 in 2022) and the number of common shares outstanding at the end of the year is 4,328 million shares.\n\nTo find the total cash dividends paid, we multiply the dividends per share by the number of shares outstanding:\n\nTotal Cash Dividends Paid = Dividends per Share * Number of Shares Outstanding\nTotal Cash Dividends Paid = $1.76 * 4,328 million\nTotal Cash Dividends Paid = $7,617.28 million\n\nNow, we can calculate the dividend payout ratio:\n\nDividend Payout Ratio = Total Cash Dividends Paid \/ Net Income Attributable to Shareowners\nDividend Payout Ratio = $7,617.28 million \/ $9,542 million\nDividend Payout Ratio \u2248 0.7985 or 79.85% when rounded to two decimal places.\n\nTherefore, Coca-Cola's dividend payout ratio for FY2022 is approximately 79.85%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the necessary details to calculate the days payable outstanding (DPO) for Corning for FY2020. Specifically, the cost of goods sold (COGS) for FY2020 is not provided, nor is the accounts payable for FY2019 and FY2020 to determine the average accounts payable. Without these figures, it is not possible to calculate the DPO according to the formula provided. If you can provide the missing figures, I would be able to assist you with the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_02981","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":"To calculate the 3-year average unadjusted operating income percentage margin for Corning for the years 2019, 2020, and 2021, we need to use the operating income and net sales figures for each year from the income statement and then find the average of these percentages.\n\nOperating income percentage margin is calculated as:\n\nOperating Income Margin % = (Operating Income \/ Net Sales) * 100\n\nUsing the provided figures:\n\nFor 2019:\nOperating Income = $1,306 million\nNet Sales = $11,503 million\nOperating Income Margin % = ($1,306 \/ $11,503) * 100 \u2248 11.3%\n\nFor 2020:\nOperating Income = $509 million\nNet Sales = $11,303 million\nOperating Income Margin % = ($509 \/ $11,303) * 100 \u2248 4.5%\n\nFor 2021:\nOperating Income = $2,112 million\nNet Sales = $14,082 million\nOperating Income Margin % = ($2,112 \/ $14,082) * 100 \u2248 15.0%\n\nNow, we calculate the average of these three percentages:\n\nAverage Operating Income Margin % = (11.3% + 4.5% + 15.0%) \/ 3 \u2248 10.3%\n\nTherefore, the 3-year average unadjusted operating income percentage margin for Corning for FY2019 - FY2021 is approximately 10.3%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00005","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"Yes, Corning has positive working capital based on the FY2022 data. The working capital is calculated as the difference between current assets and current liabilities. According to the provided data, Corning's working capital as of December 31, 2022, is $2,278 million. This indicates that the company has more current assets than current liabilities, which is a sign of positive working capital. Working capital is a useful and relevant metric for the company as it indicates the company's short-term financial health and its ability to cover its short-term obligations with its short-term assets.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 Incorporated in FY2021 was 20.2%, as reported in the GAAP section. For FY2022, the effective tax rate was 23%. Therefore, the effective tax rate has increased by 2.8 percentage points from FY2021 to FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":"Based on the provided information, 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":"singleStore","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":"I'm sorry, but the information provided does not include the specific values for property, plant, and equipment (PP&E) for CVS Health for fiscal years 2017 and 2018, which are necessary to calculate the fixed asset turnover ratio. The fixed asset turnover ratio is calculated by taking the total revenues for the fiscal year and dividing it by the average PP&E for the same period. Without the PP&E values, it is not possible to calculate this ratio. If you can provide the PP&E values for the relevant years, I would be able to assist you with the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_01244","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 paid dividends to common shareholders in Q2 of FY2022. The evidence provided indicates that during 2022, the quarterly cash dividend was $0.55 per share. Since dividends were paid every quarter, this would include the second quarter of the fiscal year 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":"Yes, CVS Health has reported materially important ongoing legal battles from 2022, 2021, and 2020. Specifically, the company was found liable by a jury in a federal court in Ohio in November 2021, and in August 2022, the court issued a judgment against the company and two other defendants for $651 million to be paid over 15 years, related to opioid litigation. CVS Health is appealing this judgment. Additionally, in March 2022, CVS Health Corporation and CVS Pharmacy, Inc. entered into a settlement agreement with the State of Florida to resolve claims related to opioid medications. The company has also received subpoenas, Civil Investigative Demands (CIDs), and other requests for information regarding opioids from state Attorneys General and other regulators. Furthermore, the Department of Justice (DOJ) served the company with a CID in January 2022 regarding potential violations of the federal Controlled Substances Act and the federal False Claims Act. CVS Health is also named as a defendant in lawsuits and is subject to investigations concerning its prescription processing practices, including a complaint-in-intervention filed by the U.S. Attorney\u2019s Office for the Southern District of New York in December 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":"Based on the provided context, there is no direct financial data or specific figures regarding capital expenditures, depreciation, or the ratio of assets to revenue for CVS Health for the fiscal year 2022 that would allow me to determine whether the business is capital-intensive. Capital intensity is typically assessed by looking at the amount of capital investment required to generate revenue, the proportion of fixed assets to total assets, or the depreciation as a percentage of sales, none of which are provided in the context.\n\nTo accurately determine if CVS Health is a capital-intensive business, one would need to review the company's financial statements, specifically the balance sheet for total assets and the statement of cash flows for capital expenditures. Since this information is not included in the provided context, I cannot definitively answer whether CVS Health is a capital-intensive business based on FY2022 data.","label":"Refusal"}
{"financebench_id":"financebench_id_00822","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 was one board member nominee who had substantially more votes against joining than the other nominees. Richard A. Johnson received 16,105,005 votes against, which is significantly higher than the votes against any other nominee. The next highest number of votes against was for Dona D. Young, with 6,074,467 votes against, which is still considerably less than the votes against Richard A. Johnson.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00839","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":"Based on the provided context, there is no explicit mention of Mary N. Dillon, the new CEO of Foot Locker, having previous CEO experience in a company similar to Foot Locker. However, it does mention that she has held leadership roles at PepsiCo and was the Chief Marketing Officer of McDonald\u2019s Corp. While these roles indicate significant leadership experience, they do not confirm CEO experience in a similar retail or athletic footwear company. Therefore, based on the given information, it cannot be confirmed that Mary N. Dillon has previous CEO experience in a similar company to Foot Locker.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but I don't have the necessary information to calculate the cash conversion cycle (CCC) for General Mills for FY2019. To calculate the CCC, I would need the cost of goods sold (COGS), revenue, and the beginning and ending balances for inventory, accounts receivable, and accounts payable for both FY2018 and FY2019. The provided text does not include these specific figures. If you can provide the income statement and balance sheet with these details, I would be able to assist you with the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_03471","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 total current assets by total current liabilities.\n\nFrom the provided information:\n\nTotal current assets for FY2020 = $5,121.3 million\nTotal current liabilities for FY2020 = $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 0.68\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":"singleStore","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":"The relevant evidence to calculate the FY2020 free cash flow (FCF) for General Mills is not fully provided in the provided context. To calculate FCF, we need the amount of cash from operating activities and the capital expenditures (capex) for FY2020.\n\nThe cash from operating activities for FY2020 is provided as $3,676.2 million. However, the amount for capital expenditures (purchases of land, buildings, and equipment) is not provided in the context given. Without this figure, we cannot calculate the free cash flow for General Mills for FY2020.\n\nTherefore, based on the information available, I cannot provide the FY2020 free cash flow for General Mills.","label":"Refusal"}
{"financebench_id":"financebench_id_10136","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 information, we have the following figures for Fiscal Year 2022:\n\nNet Income Attributable to General Mills = $2,707.3 million\n\nDividends per Share = $2.04\n\nHowever, to calculate the total dividends paid, we need to know the number of shares outstanding. Since this information is not provided, we cannot calculate the exact total dividends paid by General Mills in FY2022.\n\nWithout the total dividends paid, we cannot compute the retention ratio. If you can provide the number of shares outstanding or the total dividends paid, I can then calculate the retention ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_00651","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 provided information, the adjusted EPS (Earnings Per Share) for Johnson & Johnson in the full year 2022 was $6.73. For the full-year 2023, the company is providing guidance for an adjusted operational EPS of $10.40 to $10.60, with a mid-point of $10.50. This represents a change versus the prior year (2022) of 2.5% to 4.5%, with a mid-point of 3.5%.\n\nSince the adjusted EPS for 2022 was $6.73 and the mid-point guidance for 2023 is $10.50, this indicates a significant increase in the adjusted EPS year-over-year. Therefore, growth in J&J's adjusted EPS is expected to accelerate in FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01484","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":"Based on the provided data, Johnson & Johnson's U.S. sales growth in FY2022 compared to FY2021 was as follows:\n\n- Consumer Health in the U.S. saw a 1.3% increase in sales, from $6,516 million in 2021 to $6,599 million in 2022.\n- Pharmaceutical sales in the U.S. increased by 2.3%, from $27,954 million in 2021 to $28,604 million in 2022.\n\nOverall, the total U.S. sales increased by 3.0%, from $47,156 million in 2021 to $48,580 million in 2022.\n\nFor international sales growth in FY2022 compared to FY2021:\n\n- Consumer Health internationally saw a decrease of 1.9% in sales, from $8,519 million in 2021 to $8,354 million in 2022.\n- The data for Pharmaceutical international sales is incomplete in the provided context, so we cannot determine the growth rate.\n\nThe total international sales are not explicitly provided, but we can see that sales in Europe, the Western Hemisphere excluding the U.S., and Asia-Pacific, Africa regions all experienced negative growth rates, with Europe at -0.6%, Western Hemisphere excluding U.S. at +6.5%, and Asia-Pacific, Africa at -2.8%.\n\nIn summary, Johnson & Johnson's sales growth in the U.S. was positive at 3.0%, while the international sales growth experienced mixed results with some regions showing negative growth and others positive, but specific overall international growth cannot be determined from the provided data.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00956","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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, there is no specific data regarding the financial growth metrics such as revenue growth, net income growth, or other financial performance indicators for the fiscal year 2022 that would allow me to determine whether Johnson & Johnson (JnJ) is a high growth company for that period.\n\nTo assess whether a company is experiencing high growth, one would typically look at the year-over-year percentage increase in key financial figures such as sales, earnings, and cash flow. High growth companies are generally characterized by rapid increases in revenue and earnings, often at rates significantly above the market average.\n\nWithout such financial growth metrics, I cannot accurately answer whether JnJ's FY2022 financials are indicative of a high growth company. Additional financial details from the company's annual report or earnings releases would be required to make this determination.","label":"Refusal"}
{"financebench_id":"financebench_id_00669","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":"Based on the information provided, the gross profit for Johnson & Johnson in 2022 was $63,854 million, compared to $63,920 million in 2021. This indicates a slight decrease in gross profit. However, to understand what drove the change in gross margin, we would need to look at both the sales and the cost of products sold.\n\nIn 2022, sales to customers were $94,943 million, and the cost of products sold was $31,089 million. In 2021, sales to customers were $93,775 million, and the cost of products sold was $29,855 million. The increase in sales from 2021 to 2022 was about 1.2%, while the increase in the cost of products sold was about 4.1%. This larger percentage increase in the cost of products sold compared to the sales increase would have contributed to the slight decrease in gross margin for FY2022.\n\nGross margin is a useful metric for a company like Johnson & Johnson as it provides insight into the profitability of the company's core business activities, excluding the impact of operating expenses, taxes, and other costs. It is calculated by subtracting the cost of goods sold from sales and dividing that figure by sales. The gross margin can indicate how efficiently a company is producing and selling its products.\n\nHowever, it is important to note that for a diversified healthcare company like Johnson & Johnson, gross margin might not capture the full picture of the company's financial health or performance. This is because the company operates across different segments (Consumer Health, Pharmaceutical, and MedTech), each with its own cost structures, pricing strategies, and market dynamics. Additionally, other factors such as research and development expenses, marketing and administrative expenses, and various non-operational items can also significantly impact the company's profitability and should be considered when evaluating its financial performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00711","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 two pieces of information: the cost of goods sold (COGS) for the year and the average inventory for the year. The inventory turnover ratio is calculated as follows:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\n\nHowever, the provided context does not include the COGS for FY2022. Without the COGS, we cannot calculate the inventory turnover ratio accurately.\n\nThe average inventory can be estimated by taking the sum of the inventory at the beginning of the year and the inventory at the end of the year, then dividing by two. Based on the provided information, we have the inventory values for the end of FY2022 and FY2021:\n\nInventory at the end of FY2022: $12,483 million\nInventory at the end of FY2021: $10,387 million\n\nAverage Inventory = (Inventory at the end of FY2022 + Inventory at the end of FY2021) \/ 2\nAverage Inventory = ($12,483 million + $10,387 million) \/ 2\nAverage Inventory = $22,870 million \/ 2\nAverage Inventory = $11,435 million\n\nWithout the COGS, we cannot proceed to calculate the inventory turnover ratio. If you can provide the COGS for FY2022, I can complete the calculation for you. Otherwise, conventional inventory management metrics such as the inventory turnover ratio cannot be meaningfully discussed without all the necessary financial data.","label":"Refusal"}
{"financebench_id":"financebench_id_01487","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 provided information, I do not have the specific figures for net earnings or net income as a percentage of sales for Q2 of FY2023 compared to Q2 of FY2022. The net earnings or net income would typically be calculated after accounting for all expenses, taxes, and other income or losses, which are not fully detailed in the provided context.\n\nTo determine if net earnings as a percent of sales increased, I would need the net earnings (or net income) figures for both periods and then calculate the percentage of sales for each. Since this information is not included in the provided context, I cannot answer whether J&J's net earnings as a percent of sales increased in Q2 of FY2023 compared to Q2 of FY2022.","label":"Refusal"}
{"financebench_id":"financebench_id_01488","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"The business segment of Johnson & Johnson that will be treated as a discontinued operation from August 30, 2023, onward is the Consumer Health business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 gain accruing to Johnson & Johnson as a result of the separation of its Consumer Health business segment is approximately $20 billion in the third quarter of 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include the specific net revenue figures for each of JPMorgan Chase's business segments for the first quarter of 2021. To answer which business segment had the lowest net revenue, I would need the detailed revenue figures for each segment during that period. If you can provide that information, I would be able to assist you with your question.","label":"Refusal"}
{"financebench_id":"financebench_id_02119","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":"Based on the information provided, to estimate how much each shareholder could get if JPMorgan Chase & Co. went bankrupt and liquidated all of its assets at the end of Q1 2021, we would need to know the total assets and liabilities of the company, as well as the number of shares outstanding.\n\nFrom the provided context, we know that JPMorgan Chase had assets totaling $3.7 trillion as of March 31, 2021. However, to determine how much each shareholder could get, we would also need to know the company's total liabilities at that time, which are not provided in the context. The difference between the total assets and total liabilities would give us the net assets available for distribution to shareholders.\n\nAdditionally, we have the stockholders' equity figure, which is $280.7 billion as of March 31, 2021. This figure represents the residual interest in the assets of the company after deducting liabilities, and it is essentially what the shareholders would theoretically be entitled to if the company were liquidated.\n\nTo calculate the amount per share, we would divide the stockholders' equity by the number of shares outstanding. Unfortunately, the number of shares outstanding is not provided in the context given.\n\nWithout the total liabilities and the number of shares outstanding, it is not possible to provide an accurate amount that each shareholder could get in the event of a bankruptcy and liquidation at the end of Q1 2021. If you can provide the total number of shares outstanding and the total liabilities, I could assist you further with the calculation.","label":"Refusal"}
{"financebench_id":"financebench_id_00394","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the relevant evidence needed to determine which of JPMorgan Chase's business segments had the highest net income in 2022 Q2 has not been provided. If you can provide the segment results for net income, I would be able to answer your question.","label":"Refusal"}
{"financebench_id":"financebench_id_00206","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 to assess the profitability of companies that sell goods by measuring the difference between revenue and the cost of goods sold (COGS). However, for a financial services firm like JPMorgan Chase & Co., gross margins are not a relevant metric. This is because financial institutions do not sell physical goods and therefore do not have a COGS in the traditional sense.\n\nInstead, financial institutions like JPMorgan Chase generate income primarily through the interest they earn on loans, investments, and the fees they charge for services. Their profitability is more commonly assessed using metrics such as net interest margin (NIM), return on assets (ROA), return on equity (ROE), and efficiency ratio, among others.\n\nNet interest margin, for example, measures the difference between the interest income generated by banks and the amount of interest paid out to their lenders (for example, on customer deposits), relative to the amount of their interest-earning assets. This gives a better indication of the bank's core profitability from its lending activities.\n\nTherefore, when analyzing JPMorgan Chase's financial performance, one would look at these other financial metrics rather than gross margins to understand their profitability and operational efficiency.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":"Yes, the risk that JPM faced in the second fiscal quarter of 2023, as measured by VaR, decreased compared to the same period in the prior year. The evidence provided states that the average total VaR decreased by $7 million for the three months ended June 30, 2023, compared with the same period in the prior year. This decrease was predominantly driven by risk reductions impacting Credit Portfolio VaR as well as fixed income.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":"To calculate the inventory turnover ratio for Kraft Heinz for the fiscal year 2019, we need to use the Cost of Goods Sold (COGS) for FY2019 and the average inventory between FY2018 and FY2019.\n\nFrom the provided information, the COGS for FY2019 is $16,830 million.\n\nThe inventory for FY2018 is $2,667 million, and for FY2019, it is $2,721 million.\n\nTo find the average inventory, we add the inventory for both years and divide by 2:\n\nAverage Inventory = (Inventory FY2018 + Inventory FY2019) \/ 2\nAverage Inventory = ($2,667 million + $2,721 million) \/ 2\nAverage Inventory = $5,388 million \/ 2\nAverage Inventory = $2,694 million\n\nNow, we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\nInventory Turnover Ratio = $16,830 million \/ $2,694 million\nInventory Turnover Ratio \u2248 6.25\n\nTherefore, the inventory turnover ratio for Kraft Heinz for FY2019 is approximately 6.25 when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":"To calculate Lockheed Martin's FY2020 asset turnover ratio, we need two pieces of information: FY2020 revenue and the average total assets between FY2019 and FY2020.\n\nThe formula for the asset turnover ratio is:\n\nAsset Turnover Ratio = FY2020 Revenue \/ Average Total Assets (FY2019 and FY2020)\n\nHowever, the provided context does not include the FY2020 revenue figure, which is necessary to calculate the asset turnover ratio. We do have the total assets for FY2019 and FY2020:\n\nTotal Assets at the end of FY2019: $47,528 million\nTotal Assets at the end of FY2020: $50,710 million\n\nTo find the average total assets, we add the total assets for FY2019 and FY2020 and then divide by 2:\n\nAverage Total Assets = (Total Assets FY2019 + Total Assets 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\nWithout the FY2020 revenue figure, we cannot complete the calculation. Therefore, I cannot provide the asset turnover ratio for Lockheed Martin for FY2020. If you can provide the FY2020 revenue figure, I would be able to calculate the ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_03031","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":"To calculate Lockheed Martin's FY2021 net working capital, we will subtract the total current liabilities from the total current assets, as per the definition provided.\n\nFrom the balance sheet provided, the total current assets for FY2021 are $19,815 million, and the total current liabilities are $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":"singleStore","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":"To calculate the 2-year Compound Annual Growth Rate (CAGR) for Lockheed Martin's total revenue from FY2020 to FY2022, we will use the following formula:\n\nCAGR = (Ending Value \/ Beginning Value)^(1\/n) - 1\n\nwhere:\n- Ending Value is the total revenue for FY2022,\n- Beginning Value is the total revenue for FY2020,\n- n is the number of years (which is 2 in this case).\n\nFrom the provided information, we have:\n- Ending Value (FY2022 total revenue) = $65,984 million\n- Beginning Value (FY2020 total revenue) = $65,398 million\n- n = 2 years\n\nNow we can plug these values into the CAGR formula:\n\nCAGR = ($65,984 million \/ $65,398 million)^(1\/2) - 1\n\nCalculating the ratio first:\n\nRatio = $65,984 million \/ $65,398 million = 1.00896\n\nNow we take the nth root of the ratio (where n = 2):\n\nRoot = 1.00896^(1\/2) = 1.00447\n\nFinally, we subtract 1 and convert it to a percentage:\n\nCAGR = (1.00447 - 1) * 100 = 0.447% (rounded to three decimal places)\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":"singleStore","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":"singleStore","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 three-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. Sum the capital expenditures for the three years.\n2. Sum the total revenues for the three years.\n3. Divide the sum of capital expenditures by the sum of total revenues.\n4. Multiply the result by 100 to get the percentage.\n5. Calculate the average by dividing the percentage by 3 (since we are looking at three years).\n\nFrom the information provided:\n\nCapital Expenditures:\n- 2020: $271 million\n- 2019: $739 million\n- 2018: (Not provided, but we can assume it's the difference between the total for 2019 and 2020 from the total for the three years if that information is available elsewhere in the data)\n\nTotal Revenues:\n- 2020: $5,162,082 thousand ($5.162 billion)\n- 2019: $12,899,672 thousand ($12.900 billion)\n- 2018: $11,763,096 thousand ($11.763 billion)\n\nLet's calculate the sums:\n\nSum of Capital Expenditures (2019 + 2020, since 2018 is not provided): $271 million + $739 million = $1,010 million\n\nSum of Total Revenues (2018 + 2019 + 2020): $5.162 billion + $12.900 billion + $11.763 billion = $29.825 billion\n\nNow, we calculate the percentage of capex to revenue for the two years we have data for:\n\n($1,010 million \/ $29.825 billion) * 100 = (1,010 \/ 29,825) * 100 \u2248 3.386%\n\nSince we only have capex data for two years, we cannot calculate a three-year average. We would need the capex figure for 2018 to complete the calculation accurately. Without the 2018 capex data, we cannot provide the requested three-year average.","label":"Refusal"}
{"financebench_id":"financebench_id_00382","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":"Based on the provided context, the region with the highest Adjusted Property EBITDAR for MGM during FY2022 was the Las Vegas Strip Resorts, with an Adjusted Property EBITDAR of $3.1 billion in the current year. This is higher than the Adjusted Property EBITDAR reported for Regional Operations, which was $1.3 billion, and significantly higher than MGM China, which had net revenues of $674 million (the EBITDAR for MGM China is not provided in the context, but the net revenues alone are lower than the EBITDAR of the other regions).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":"Based on the provided evidence, MGM China had the worst topline performance for MGM during FY2022. The evidence shows that MGM China's net revenues were $674 million in the current year compared to $1.2 billion in the prior year, which is a decrease of 44%. This represents the most significant decline in net revenues among the regions mentioned in the provided context.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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.\n\nFrom the provided context, we have the following information:\n\n- Adjusted EBITDAR for the full year 2022 is $3.5 billion.\n- Interest expense for the full year 2022 is $594,954 thousand (or $594.954 million).\n\nHowever, we need Adjusted EBIT, not Adjusted EBITDAR. Adjusted EBITDAR includes rent or lease expenses, which we need to exclude to get Adjusted EBIT. Unfortunately, the provided context does not give us the amount for rent or lease expenses, so we cannot accurately calculate Adjusted EBIT.\n\nWithout the Adjusted EBIT figure, we cannot calculate the interest coverage ratio. Therefore, based on the information provided, we cannot answer the question.","label":"Refusal"}
{"financebench_id":"financebench_id_01254","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":"Yes, MGM Resorts has paid dividends to common shareholders in FY2022. The evidence provided indicates that the company maintained an annual dividend of $0.01 per share throughout 2022. However, it's important to note that on February 8, 2023, MGM Resorts announced that the Board of Directors has determined to suspend the ongoing dividends.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":"Based on the provided evidence, the type of debt that received the largest investment among the short-term investments for MGM in the first half of the fiscal year 2023 is Corporate bonds. The fair value of Corporate bonds listed under short-term investments as of June 30, 2023, is $416,420,000 (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":"singleStore","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":"I'm sorry, but the information provided does not include the cost of goods sold (COGS) for Microsoft for fiscal year 2016. The statement of income typically includes COGS, but the evidence provided focuses on revenue, gross margin, operating income, net income, and earnings per share, without a specific line item for COGS. To calculate COGS, you would subtract the gross margin from the total revenue. However, without the gross margin or COGS figures provided for FY2016, I cannot provide the COGS for that fiscal year. If you can provide the total revenue and gross margin for FY2016, I could assist in calculating the COGS.","label":"Refusal"}
{"financebench_id":"financebench_id_00552","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 context, there is no specific information regarding the change in Microsoft's debt on the balance sheet between FY2023 and FY2022. The excerpts given focus on the audit report and various revenue streams, but do not provide details on the company's debt levels. To answer your question, we would need the actual figures from the consolidated balance sheets or notes from the financial statements that detail the company's liabilities, including debt. Since this information is not included in the provided context, I cannot determine whether Microsoft has increased its debt between the two fiscal years.","label":"Refusal"}
{"financebench_id":"financebench_id_04458","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 add back depreciation and amortization to the operating income to get the unadjusted EBITDA, and then divide that by total revenues to get the margin.\n\nFrom the provided data:\n\nOperating income for 2015: $305,826 (in thousands)\nDepreciation and amortization of property, equipment, and intangibles for 2015: $62,283 (in thousands)\nAmortization of streaming content assets for 2015: $3,405,382 (in thousands)\nAmortization of DVD content assets for 2015: $79,380 (in thousands)\n\nFirst, we calculate the total depreciation and amortization (D&A):\n\nTotal D&A = Depreciation and amortization of property, equipment, and intangibles + Amortization of streaming content assets + Amortization of DVD content assets\nTotal D&A = $62,283 + $3,405,382 + $79,380\nTotal D&A = $3,547,045 (in thousands)\n\nNext, we calculate the unadjusted EBITDA:\n\nUnadjusted EBITDA = Operating income + Total D&A\nUnadjusted EBITDA = $305,826 + $3,547,045\nUnadjusted EBITDA = $3,852,871 (in thousands)\n\nNow, we find the total revenues for 2015:\n\nTotal revenues for 2015: $6,779,511 (in thousands)\n\nFinally, we calculate the unadjusted EBITDA margin:\n\nUnadjusted EBITDA margin = (Unadjusted EBITDA \/ Total revenues) * 100\nUnadjusted EBITDA margin = ($3,852,871 \/ $6,779,511) * 100\nUnadjusted EBITDA margin \u2248 56.85%\n\nTherefore, the FY2015 unadjusted EBITDA margin for Netflix is approximately 56.85%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03282","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":"Based on the information provided in the balance sheet, Netflix's total current liabilities at the end of FY2017 are $5,466,312,000. When expressed in millions of USD, this amount is $5,466.312 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 know the revenue and COGS for each of those fiscal years. However, the provided information does not include specific revenue figures or direct COGS figures for FY2016, FY2017, and FY2018. Instead, it provides gross profit and gross margin percentages for each year.\n\nThe gross margin is calculated as (Revenue - COGS) \/ Revenue, and the gross profit is the difference between revenue and COGS. From the gross margin, we can derive the COGS as a percentage of revenue by subtracting the gross margin percentage from 100%.\n\nUsing the provided gross margin percentages for each year, we can calculate the COGS as a percentage of revenue:\n\nFY2016: COGS % = 100% - 46.2% = 53.8%\nFY2017: COGS % = 100% - 44.6% = 55.4%\nFY2018: COGS % = 100% - 43.8% = 56.2%\n\nNow, we can calculate the three-year average COGS as a percentage of revenue:\n\nThree-year average COGS % = (53.8% + 55.4% + 56.2%) \/ 3\nThree-year average COGS % = 165.4% \/ 3\nThree-year average COGS % = 55.13%\n\nRounded to one decimal place, the three-year average COGS as a percentage of revenue is 55.1%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":"According to the details provided in the balance sheet, Nike had total current assets of $16,525 million at the end of FY2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04080","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 two pieces of information: the cost of goods sold (COGS) for FY2021 and the average inventory between FY2020 and FY2021. The COGS for FY2021 is provided in the consolidated statements of income, but the average inventory is not directly provided in the provided context.\n\nFrom the consolidated statements of income, we have:\nCOGS for FY2021: $24,576 million\n\nHowever, to calculate the average inventory, we need the inventory values at the end of FY2020 and FY2021. Since this information is not provided in the context, we cannot calculate the average inventory or the inventory turnover ratio.\n\nWithout the inventory values, it is not possible to provide the inventory turnover ratio. If you can provide the inventory values for the end of FY2020 and FY2021, I would be able to calculate the ratio for you.","label":"Refusal"}
{"financebench_id":"financebench_id_01163","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":"Based on the provided evidence, the cash flow for Nike in FY2023 for each category is as follows:\n\n- Operations: Cash provided by operations is indicated by the net income of $5,070 million, along with other adjustments. However, the exact net cash provided by operations is not directly stated in the provided evidence.\n- Investing: Cash provided by investing activities was an inflow of $564 million for fiscal 2023.\n- Financing: Cash used by financing activities was an outflow of $7,447 million for fiscal 2023.\n\nAmong operations, investing, and financing activities, investing activities brought in the most cash flow for Nike in FY2023 with an inflow of $564 million, as it is the only category with a positive cash flow based on the provided evidence. Operations likely provided more cash flow than investing, given the net income and other adjustments, but the exact figure is not provided. Financing activities had the largest outflow of cash.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":"Based on the information provided, there is no direct data regarding PayPal's current assets or current liabilities, which are the components needed to calculate working capital (current assets minus current liabilities). Working capital is a measure of a company's short-term financial health and its ability to cover its short-term obligations with its short-term assets.\n\nThe provided text discusses PayPal's cash requirements, credit products, and operating expenses, but it does not provide the specific balance sheet figures necessary to determine working capital. To accurately assess whether PayPal has positive working capital, one would need to look at the company's balance sheet, which would list current assets (such as cash, marketable securities, accounts receivable, inventory, etc.) and current liabilities (such as accounts payable, short-term debt, accrued expenses, etc.).\n\nWithout this specific financial data, it is not possible to determine PayPal's working capital situation from the provided context. Therefore, I cannot confirm whether PayPal has positive working capital based on the FY2022 data provided here.","label":"Refusal"}
{"financebench_id":"financebench_id_04980","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the capital expenditure amount for PepsiCo in FY2021 is not directly provided in the provided context from the statement of cash flows. Capital expenditures are typically found under the section of cash flows from investing activities, which includes purchases of property, plant, and equipment. However, this section of the cash flow statement is not included in the provided context. To accurately determine the capital expenditure amount, I would need the full cash flow statement, including the investing activities section.","label":"Refusal"}
{"financebench_id":"financebench_id_01009","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"PepsiCo primarily operates in more than 200 countries and territories around the world. The reportable segments mentioned in the provided context indicate that the company has significant operations in North America (United States and Canada), Latin America, and Europe. Additionally, the list of subsidiaries suggests that PepsiCo also has operations in various other regions, including Panama, Guatemala, Brazil, Bermuda, Hong Kong, the Cayman Islands, Argentina, Australia, Luxembourg, the United Kingdom, Kyrgyzstan, and Mexico, among others.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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) margin for PepsiCo for the fiscal year 2022, we need to use the unadjusted operating income and add back the depreciation and amortization expenses. Then we will divide this figure by the net revenue to get the EBITDA margin.\n\nFrom the provided information:\n\nUnadjusted Operating Income for 2022: $11,512 million\nDepreciation and Amortization for 2022: $2,763 million\n\nNow, we calculate the unadjusted EBITDA:\n\nUnadjusted EBITDA = Operating Income + Depreciation and Amortization\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n\nNext, we calculate the EBITDA margin by dividing the unadjusted EBITDA by the net revenue and then multiplying by 100 to get a percentage:\n\nNet Revenue for 2022: $86,392 million\n\nEBITDA Margin = (Unadjusted EBITDA \/ Net Revenue) * 100\nEBITDA Margin = ($14,275 million \/ $86,392 million) * 100\nEBITDA Margin \u2248 16.52%\n\nTherefore, the unadjusted EBITDA margin for PepsiCo for the fiscal year 2022 is approximately 16.52%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 the definition provided and use the relevant figures from the Consolidated Statement of Income and the Consolidated Statement of Cash Flows.\n\nFirst, we find the unadjusted operating income (Operating Profit) and depreciation and amortization from the provided financial statements:\n\n1. Operating Profit (unadjusted operating income) for FY2022: $11,512 million\n2. Depreciation and Amortization for FY2022: $2,763 million\n\nNow, we calculate the unadjusted EBITDA:\n\nUnadjusted EBITDA = Operating Profit + Depreciation and Amortization\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n\nNext, we need to find the capital expenditures (capex) for FY2022. However, the capital expenditures figure is not directly provided in the excerpts of the financial statements you've shown. Typically, capital expenditures can be found in the investing activities section of the statement of cash flows, which is not included in the provided context.\n\nSince we do not have the capital expenditures (capex) figure, we cannot complete the calculation of unadjusted EBITDA less capex for FY2022. As an investment analyst, I would need the full statement of cash flows to find the capital expenditures before I could provide the final figure.","label":"Refusal"}
{"financebench_id":"financebench_id_01328","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 found under the \"Operating Activities\" section of the Consolidated Statement of Cash Flows, where it states \"Restructuring and impairment charges\" with the corresponding amount.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 context, there is no specific information regarding ongoing legal battles for PepsiCo in the fiscal years 2021 and 2022. The section that would typically contain such information is \"Item 3. Legal Proceedings,\" but the content for that section is not included in the text provided. Therefore, I cannot confirm whether PepsiCo has reported any materially important ongoing legal battles from FY2022 and FY2021. To obtain this information, one would need to review the full text of \"Item 3. Legal Proceedings\" in the Form 10-K Annual Report.","label":"Refusal"}
{"financebench_id":"financebench_id_01476","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"PepsiCo raised its full-year guidance for core constant currency EPS growth from 8 percent to 9 percent, which is an increase of 1 percentage point.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":"PepsiCo raised its full-year guidance for FY2023 due to a strong start to the year, as indicated by their performance and business momentum. The company's categories and geographies remained resilient during the first quarter, leading to better-than-expected results. This positive performance prompted the company to increase 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. The company's Chairman and CEO, Ramon Laguarta, expressed satisfaction with the results and the momentum, which are reflective of the investments made in the company's strategic agenda, including initiatives like pep+ that aim to foster durable and sustainable growth.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":"The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated. The voting results were as follows:\n\n- For: 19,718,780\n- Against: 977,228,788\n- Abstain: 23,200,321\n- Broker Non-Votes: 172,969,325","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":"PepsiCo increased its unsecured five-year revolving credit agreement by $400,000,000 on May 26, 2023. This is determined from the context provided, which states that PepsiCo terminated the previous $3,800,000,000 five-year unsecured revolving credit agreement dated May 27, 2022, and entered into a new $4,200,000,000 five-year unsecured revolving credit agreement on May 26, 2023. The difference between the new credit agreement ($4,200,000,000) and the old one ($3,800,000,000) is $400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":"As of May 26, 2023, PepsiCo may borrow under two unsecured revolving credit agreements:\n\n1. The 2023 364 Day Credit Agreement allows PepsiCo to borrow up to $4,200,000,000.\n2. The 2023 Five Year Credit Agreement also allows PepsiCo to borrow up to $4,200,000,000.\n\nTherefore, the total amount PepsiCo may borrow under its unsecured revolving credit agreements as of May 26, 2023, is $4,200,000,000 + $4,200,000,000 = $8,400,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":"Based on the provided context, there is no information regarding Pfizer's Property, Plant, and Equipment (PP&E) or any mention of growth in PP&E between fiscal year 2020 and fiscal year 2021. The information given pertains to revenues, particularly in emerging markets, and does not provide data on PP&E. Therefore, I cannot answer whether Pfizer grew its PP&E between FY20 and FY21 with the evidence provided.","label":"Refusal"}
{"financebench_id":"financebench_id_02416","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but you haven't provided the specific sections of the Pfizer Inc. 2021 Form 10-K report that list the main companies acquired by Pfizer. Without the relevant excerpts from the document, I'm unable to provide the names of the three main companies acquired by Pfizer mentioned in the report. If you can provide the relevant sections, I would be happy to help with your question.","label":"Refusal"}
{"financebench_id":"financebench_id_00702","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":"Yes, there was a significant event in 2019 that was not part of Pfizer's standard business operations that substantially increased net income. According to the provided information, there was a \"(Gain) on completion of Consumer Healthcare JV transaction\" that amounted to $8,107 million. This gain was a result of the completion of the Consumer Healthcare Joint Venture transaction and was a one-time event that significantly contributed to the net income for that year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 evidence, the geographic region with the biggest drop in Q2 2023 year-over-year revenues for Pfizer, on a percentage basis, was the Developed Rest of World, which saw a decrease of 74% 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":"singleStore","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":"Based on the provided context, Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn, of which approximately 90% has been incurred since inception. To determine the future costs that Pfizer expects to pay to spin off Upjohn, we need to calculate the remaining 10% of the total expected costs.\n\nIf 90% of the $700 million has already been incurred, then 10% remains to be paid. To find out the remaining amount:\n\n10% of $700 million = 0.10 * $700 million = $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":"singleStore","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 context, Pfizer is not currently spinning off any large business segments as of Q2 2023. The context mentions that Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn, but it does not specify that this separation is occurring in Q2 2023. Additionally, there is no direct mention of any current spin-offs in the provided text. Therefore, without further information, it cannot be concluded that Pfizer is spinning off any large business segments as of Q2 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00601","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 SG&A (Selling, General, and Administrative) expense as a percentage of net sales in FY2023 was primarily due to lower marketing expenses and leverage of incentive compensation due to higher sales. This was partially offset by deleverage of corporate overhead due to strategic investments and deleverage of store payroll and benefits due to wage investments.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00603","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"Based on the provided exhibits, the merchandise inventories balance for Ulta Beauty at the end of FY2023 was $1,603,451 (in thousands), which is an increase from the $1,499,218 (in thousands) at the end of FY2022.\n\nThe exhibits do not provide specific details on the factors that drove the increase in merchandise inventories. However, common reasons for an increase in merchandise inventory could include:\n\n1. Anticipation of higher sales volume: The company might be expecting an increase in sales and is stocking up on inventory to meet the projected demand.\n2. New store openings: With new store openings, as indicated by the net increase in store count, the company would need to stock these new stores with merchandise, contributing to the overall increase in inventory levels.\n3. Expansion of product lines: The company may have expanded its product offerings, requiring additional inventory to be held.\n4. Seasonal inventory buildup: The company might be preparing for seasonal peaks in sales, such as holidays or promotional events, by increasing inventory levels.\n\nWithout more detailed information on inventory management strategies, specific product demand, or changes in supplier relationships, it is not possible to pinpoint the exact reasons for the increase in Ulta Beauty's merchandise inventories balance at the end of FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00605","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"I'm sorry, but the information provided does not include details on Ulta Beauty's stock repurchases for FY 2023 or specifically for Q4 of FY 2023. Therefore, I cannot determine what percent of the total spend on stock repurchases occurred in Q4 of FY 2023. If you have additional information regarding stock repurchases, please provide it, and I would be happy to help with your question.","label":"Refusal"}
{"financebench_id":"financebench_id_00606","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 information provided does not include specific details about wages expense as a separate line item. Wages are typically included in the Selling, General and Administrative (SG&A) expenses, but the SG&A expenses also include other costs such as rent, utilities, marketing, and more. Therefore, without a specific breakdown of the wages expense within the SG&A expenses, it is not possible to determine whether Ulta Beauty's wages expense as a percent of net sales increased or decreased in FY2023.","label":"Refusal"}
{"financebench_id":"financebench_id_00746","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 evidence, there are no debt securities listed for Ulta Beauty, Inc. that are registered to trade on a national securities exchange as of FY2023. The evidence only mentions the registration of common stock:\n\nSecurities registered pursuant to Section 12(b) of the Act:\nTitle of each class\nTrading symbol\nName of each exchange on which registered\nCommon stock, par value $0.01 per share\nULTA\nThe NASDAQ Global Select Market\n\nThis indicates that only Ulta Beauty's common stock, with the trading symbol ULTA, is registered on The NASDAQ Global Select Market. No mention of debt securities being registered is found in the provided context.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 context, there is no specific information regarding major acquisitions by Ulta Beauty in fiscal years 2023 and 2022. The excerpts given focus on consolidated financial statements, the company's performance, and general business information, but do not mention any acquisitions. If there were any major acquisitions, they would likely be detailed in the notes to the consolidated financial statements or in a separate section discussing significant business events. Since such information is not included in the provided context, I cannot provide details on any major acquisitions for those fiscal years.","label":"Refusal"}
{"financebench_id":"financebench_id_00859","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":"Based on the provided evidence, the derivative instrument with the highest notional value in FY 2021 that Verizon used to manage exposure to fluctuations in foreign currency exchange rates or interest rates was the Cross currency swaps, with a notional value of $32,502 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":"Based on the provided context, there is no specific information regarding the exact amount Verizon expected to pay for its retirees in 2024. The information given only includes contributions to other postretirement benefit plans for 2021 and an estimate for 2022. If there is additional information that specifies the expected payments for 2024, it would be necessary to review that to answer the question accurately. As of now, with the given context, I don't know the answer.","label":"Refusal"}
{"financebench_id":"financebench_id_00215","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":"Based on the FY 2022 data provided, Verizon had capital expenditures of $23,087 (in millions, assuming USD). Capital-intensive businesses are those that require significant investment in physical assets to operate and grow, such as those in telecommunications, utilities, manufacturing, and transportation.\n\nGiven that Verizon is a leading provider of communications, technology, information, and entertainment products and services, and considering the nature of the telecommunications industry which requires substantial investment in network infrastructure, the figure of $23,087 million in capital expenditures suggests that Verizon is indeed a capital-intensive business. This level of capital expenditure is typically necessary to maintain, upgrade, and expand the physical network infrastructure required to provide reliable data, video, and voice services.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":"Based on the provided context, there is no specific information given about Verizon's quick ratio for FY 2022. The quick ratio is a measure of a company's ability to meet its short-term obligations with its most liquid assets (cash and cash equivalents, marketable securities, and accounts receivable). To calculate the quick ratio, you would need the current liabilities and the aforementioned liquid assets from the company's balance sheet.\n\nThe context provided does mention that Verizon has a cash and cash equivalents balance of $2.6 billion as of December 31, 2022, but it does not provide information on current liabilities or other liquid assets necessary to calculate the quick ratio. Without this information, it is not possible to determine Verizon's quick ratio or comment on its liquidity profile based on that metric.\n\nHowever, the context does suggest that Verizon believes its sources of funds are sufficient to meet ongoing operating and investing requirements over the next 12 months and beyond, which implies that the company feels confident in its liquidity position. Additionally, the independent auditor's report indicates that the financial statements present fairly the financial position of Verizon, which includes its liquidity position.\n\nTo fully assess Verizon's liquidity profile, one would need to review the detailed financial statements, including the balance sheet and notes, to gather the necessary data to calculate the quick ratio or to consider other relevant liquidity measures.","label":"Refusal"}
{"financebench_id":"financebench_id_00566","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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":"Yes, Verizon has increased its debt on the balance sheet between the 2022 and the 2021 fiscal period. According to the provided information, the debt maturing within one year increased from $5,024 million in 2021 to $6,809 million in 2022. Additionally, the long-term debt increased from $9,178 million in 2021 to $13,199 million in 2022. This indicates an overall increase in Verizon's debt obligations on the balance sheet for the fiscal year 2022 compared to 2021.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06247","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 find the average accounts payable for FY2017 and FY2018, the cost of goods sold (COGS) for FY2018, and the change in inventory between FY2017 and FY2018. However, the provided information does not include the accounts payable for either year, which is necessary to calculate the average accounts payable.\n\nWithout the accounts payable figures, we cannot calculate the DPO. The information provided includes total revenues, net sales, cost of sales, consolidated net income, dividends declared, financial position (including inventories, total assets, and long-term debt), and unit counts, but it does not include the accounts payable data needed for the DPO calculation.\n\nTherefore, based on the information provided, I cannot calculate the FY2018 DPO for Walmart.","label":"Refusal"}
{"financebench_id":"financebench_id_04784","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 look at the operating income and net sales for both years and then determine the percentage of operating income to net sales for each year.\n\nFrom the provided information:\n\nFor FY2019:\n- Operating income: $21,957 million\n- Net sales: $510,329 million\n- Operating income as a percentage of net sales: ($21,957 \/ $510,329) * 100 = 4.3%\n\nFor FY2018:\n- Operating income: $20,437 million\n- Net sales: $495,761 million\n- Operating income as a percentage of net sales: ($20,437 \/ $495,761) * 100 = 4.1%\n\nNow, we calculate the change in operating income percentage margin from FY2018 to FY2019:\n\nChange = Operating income margin FY2019 - Operating income margin FY2018\nChange = 4.3% - 4.1% = 0.2%\n\nTherefore, the change in unadjusted operating income percentage margin for Walmart from FY2018 to FY2019 is 0.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"gpt-4-1106-preview","eval_mode":"singleStore","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 fiscal years 2018, 2019, and 2020, we will use the following formula:\n\nUnadjusted EBITDA = Operating Income + Depreciation and Amortization\n\nWe will then divide this by Net Sales to get the EBITDA margin and express it as a percentage. Finally, we will calculate the average of these percentages over the three fiscal years.\n\nFrom the provided information:\n\nFor FY2020:\nOperating Income = $20,568 million\nDepreciation and Amortization = $10,987 million\nNet Sales = $519,926 million\n\nUnadjusted EBITDA (2020) = $20,568m + $10,987m = $31,555m\nEBITDA Margin (2020) = ($31,555m \/ $519,926m) * 100\n\nFor FY2019:\nOperating Income = $21,957 million\nDepreciation and Amortization = $10,678 million\nNet Sales = $510,329 million\n\nUnadjusted EBITDA (2019) = $21,957m + $10,678m = $32,635m\nEBITDA Margin (2019) = ($32,635m \/ $510,329m) * 100\n\nFor FY2018:\nOperating Income = $20,437 million\nDepreciation and Amortization = $10,529 million\nNet Sales = $495,761 million\n\nUnadjusted EBITDA (2018) = $20,437m + $10,529m = $30,966m\nEBITDA Margin (2018) = ($30,966m \/ $495,761m) * 100\n\nNow, let's calculate the actual values:\n\nEBITDA Margin (2020) = ($31,555m \/ $519,926m) * 100 = 6.07%\nEBITDA Margin (2019) = ($32,635m \/ $510,329m) * 100 = 6.40%\nEBITDA Margin (2018) = ($30,966m \/ $495,761m) * 100 = 6.25%\n\nAverage EBITDA Margin = (6.07% + 6.40% + 6.25%) \/ 3 = 6.24%\n\nRounded to one decimal place, the 3-year average unadjusted EBITDA margin for Walmart for FY2018 - FY2020 is 6.2%.","label":"Correct Answer"}