{"financebench_id":"financebench_id_03029","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.","gold_answer":1577,"model_answer":"The FY2018 capital expenditure amount for 3M is $1,577 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04672","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":"The year end FY2018 net PP&E (Property, Plant, and Equipment) for 3M is $8.738 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01865","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":"The segment that has dragged down 3M's overall growth in 2022 is the Safety and Industrial segment. It has a net sales decrease of 3.2% and an operating income decrease of 51.4%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":"The operating margin for 3M changed in FY2022 due to several factors. The cost of sales increased by 3.0% primarily due to special item costs for significant litigation, higher raw materials and logistics costs, manufacturing productivity headwinds, and investments in growth, productivity, and sustainability. Selling, general and administrative expenses (SG&A) also increased by 6.1% due to increased special item costs for significant litigation, certain impairment costs, costs related to exiting Russia, divestiture-related restructuring charges, and continued investment in key growth initiatives. Research, development and related expenses (R&D) decreased by 0.2% as 3M continued to invest in a range of R&D activities. There was also a gain on business divestitures of 8.0% and a goodwill impairment expense of 0.8%. These factors led to a decrease in the operating income margin by 1.7%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":"Based on the FY2022 data, 3M appears to be a capital-intensive business. This is indicated by the high value of its property, plant, and equipment, which is listed as $25,998 million before depreciation. Capital-intensive businesses typically have a significant amount of money invested in physical assets such as buildings, machinery, and equipment. Furthermore, the company's purchases of property, plant, and equipment (PP&E) in 2022 amounted to $1,749 million, indicating ongoing investment in capital assets.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does 3M maintain a stable trend of dividend distribution?","gold_answer":"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","model_answer":"The evidence provided indicates that 3M has maintained a stable trend of dividend distribution. The company's Board of Directors declared a first-quarter 2023 dividend of $1.50 per share, which was an increase of 1 percent. This marked the 65th consecutive year of dividend increases for 3M. In the second quarter of 2023, the dividend remained at $1.50 per share.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term obligations using its most liquid assets (those that can be quickly converted to cash). It is calculated as (Cash + Marketable Securities + Accounts Receivable) \/ Current Liabilities.\n\nBased on the provided balance sheet for 3M for Q2 of FY2023, the quick ratio would be calculated as follows:\n\nQuick Ratio = (Cash and cash equivalents + Marketable securities \u2014 current + Accounts receivable) \/ Total current liabilities\n= ($4,258 million + $56 million + $4,947 million) \/ $10,936 million\n= $9,261 million \/ $10,936 million\n= 0.847\n\nA quick ratio of 0.847 means that for every dollar of current liabilities, 3M has approximately $0.85 in liquid assets. Generally, a quick ratio of 1 or more is considered healthy as it indicates that the company can pay off its short-term obligations without selling off its inventory.\n\nTherefore, based on its quick ratio for Q2 of FY2023, 3M does not have a reasonably healthy liquidity profile as its quick ratio is less than 1. This suggests that 3M may struggle to meet its short-term obligations if they were all due immediately. However, this is just one measure of liquidity and the company's overall financial health should be assessed using a variety of financial ratios and indicators.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":"The debt securities registered to trade on a national securities exchange under 3M's name as of Q2 of 2023 are:\n\n1. 1.500% Notes due 2026\n2. 1.750% Notes due 2030\n3. 1.500% Notes due 2031\n\nThese are all registered on the New York Stock Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07966","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.","gold_answer":0.019,"model_answer":"The question asks for the 3 year average of capex as a % of revenue for Activision Blizzard. However, the provided evidence does not contain the necessary information to calculate this. Specifically, the capital expenditure (capex) data is missing.","label":"Refusal"}
{"financebench_id":"financebench_id_02987","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue \/ (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.","gold_answer":24.26,"model_answer":"The FY2019 revenue for Activision Blizzard is $6,489 million. The Property, Plant, and Equipment (PP&E) for FY2018 is $282 million and for FY2019 is $253 million. The average PP&E between FY2018 and FY2019 is ($282 million + $253 million) \/ 2 = $267.5 million. \n\nTherefore, the fixed asset turnover ratio for FY2019 is $6,489 million \/ $267.5 million = 24.26.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04735","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places.","gold_answer":0.66,"model_answer":"The FY2015 operating cash flow for Adobe is $1,469,502,000 and the total current liabilities are $2,213,556,000. Therefore, the operating cash flow ratio is 1,469,502 \/ 2,213,556 = 0.66.","label":"Correct Answer"}
{"financebench_id":"financebench_id_07507","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.","gold_answer":0.654,"model_answer":"The operating income for Adobe in FY2015 was $903,095 thousand and in FY2016 it was $1,493,602 thousand. \n\nTo calculate the year-over-year change in unadjusted operating income from FY2015 to FY2016, we use the formula:\n\n[(FY2016 - FY2015) \/ FY2015] * 100%\n\nSubstituting the given values:\n\n[(1,493,602 - 903,095) \/ 903,095] * 100% = 65.4%\n\nSo, Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 was 65.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03856","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.","gold_answer":0.83,"model_answer":"The FY2017 operating cash flow for Adobe is $2,912,853,000 and the total current liabilities is $3,527,457,000. Therefore, the operating cash flow ratio is 2,912,853 \/ 3,527,457 = 0.83.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00438","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":"Based on the provided financial data, Adobe does appear to have an improving operating margin profile as of FY2022. \n\nOperating margin is calculated by dividing operating income by total revenue. It is a profitability ratio measuring what proportion of a company's revenue is left over after paying for variable costs of production. \n\nFor Adobe, the operating margins for the years 2020, 2021, and 2022 can be calculated as follows:\n\n- For 2020, the operating margin is $4,237 million \/ $12,868 million = 32.9%\n- For 2021, the operating margin is $5,802 million \/ $15,785 million = 36.7%\n- For 2022, the operating margin is $6,098 million \/ $17,606 million = 34.6%\n\nWhile the operating margin in 2022 is slightly lower than in 2021, it is still higher than in 2020, indicating an overall improving trend. However, the slight decrease from 2021 to 2022 might be due to increased operating expenses or lower revenue growth, which should be investigated further. \n\nTherefore, based on the available data, Adobe does have an improving operating margin profile over the three-year period ending in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00591","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Adobe have an improving Free cashflow conversion as of FY2022?","gold_answer":"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","model_answer":"The free cash flow conversion rate is calculated by dividing the free cash flow by net income. The free cash flow can be calculated by subtracting capital expenditures from the net cash provided by operating activities. \n\nFrom the given data, the capital expenditures (purchases of property and equipment) for 2022, 2021, and 2020 are $442 million, $348 million, and $419 million respectively. \n\nThe net cash provided by operating activities for 2022, 2021, and 2020 are $7,838 million, $7,230 million, and $5,727 million respectively. \n\nSo, the free cash flows for 2022, 2021, and 2020 are $7,396 million ($7,838 million - $442 million), $6,882 million ($7,230 million - $348 million), and $5,308 million ($5,727 million - $419 million) respectively.\n\nThe net incomes for 2022, 2021, and 2020 are $4,756 million, $4,822 million, and $5,260 million respectively.\n\nSo, the free cash flow conversion rates for 2022, 2021, and 2020 are 155.5% ($7,396 million \/ $4,756 million), 142.8% ($6,882 million \/ $4,822 million), and 100.9% ($5,308 million \/ $5,260 million) respectively.\n\nTherefore, Adobe does have an improving free cash flow conversion as of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10420","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income \/ (average total assets between FY2021 and FY2022). Round your answer to two decimal places.","gold_answer":-0.02,"model_answer":"The FY2022 net income for AES is $(546) million. The total assets for FY2022 and FY2021 are $38,363 million and $32,963 million respectively. \n\nThe average total assets between FY2021 and FY2022 is calculated as: \n($38,363 million + $32,963 million) \/ 2 = $35,663 million\n\nTherefore, the ROA for FY2022 is calculated as: \nFY2022 net income \/ average total assets between FY2021 and FY2022 \n= -($546 million) \/ $35,663 million = -0.0153 or -1.53% when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00540","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":"The inventory turnover ratio is calculated by dividing the cost of goods sold (COGS) by the average inventory for the period. However, the provided financial statements do not provide a clear figure for the cost of goods sold for AES Corporation in FY2022. \n\nThe closest we have is the total cost of sales, which is $10,069 million for 2022. However, this figure likely includes more than just the cost of inventory, such as labor and overhead costs. \n\nThe inventory at the end of 2022 is $1,055 million and at the end of 2021 is $604 million. The average inventory for 2022 would be ($1,055 + $604) \/ 2 = $829.5 million.\n\nIf we were to use the total cost of sales as a proxy for COGS, the inventory turnover ratio would be $10,069 \/ $829.5 = 12.14 times. This would mean that AES Corporation sold its inventory approximately 12.14 times in FY2022.\n\nHowever, it's important to note that AES Corporation is a utility company that primarily deals in energy production and distribution. For such companies, inventory might not be a significant part of their operations as it would be for a retail or manufacturing company. Therefore, the inventory turnover ratio might not be a meaningful measure for this company.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01319","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":"The document does not provide specific information on the restructuring costs for AES Corporation's income statements for FY2022. Therefore, the answer is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.","gold_answer":0.308,"model_answer":"The total net sales for Amazon in FY2016 was $135,987 million and in FY2017 it was $177,866 million. To calculate the year-over-year change in revenue, we subtract the previous year's revenue from the current year's revenue, divide by the previous year's revenue, and then multiply by 100 to get a percentage.\n\nSo, the calculation would be: (($177,866 - $135,987) \/ $135,987) * 100 = 30.8%\n\nTherefore, Amazon's year-over-year change in revenue from FY2016 to FY2017 was 30.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06655","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":"To calculate the DPO, we first need to find the average accounts payable for FY2016 and FY2017. The accounts payable for FY2016 is $25,309 million and for FY2017 is $34,616 million. So, the average accounts payable is ($25,309 + $34,616) \/ 2 = $29,962.5 million.\n\nNext, we need to find the COGS for FY2017, which is $111,934 million.\n\nThen, we need to find the change in inventory between FY2016 and FY2017. The inventory for FY2016 is $11,461 million and for FY2017 is $16,047 million. So, the change in inventory is $16,047 - $11,461 = $4,586 million.\n\nNow we can calculate the DPO: 365 * ($29,962.5 \/ ($111,934 + $4,586)) = 97.97 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_08286","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":"Amazon's FY2019 net income attributable to shareholders is $11,588 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.","gold_answer":1616,"model_answer":"Amcor's year end FY2020 net Accounts Receivable (AR) is $1,615.9 million. This can be found under the \"Current assets\" section of the balance sheet, listed as \"Trade receivables, net\".","label":"Correct Answer"}
{"financebench_id":"financebench_id_01935","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":"The key agenda of the AMCOR's 8k filing dated 1st July 2022 was to report the substitution of the Substitute Issuer (Amcor Flexibles North America, Inc.) for the Former Issuer (Amcor Finance (USA), Inc.) and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. This was done through the Second Supplemental Indenture and the First Supplemental Indenture with respect to the 2016 and 2019 Indentures, governing the Former Issuer\u2019s 3.625% Guaranteed Senior Notes due 2026 and 4.500% Guaranteed Senior Notes due 2028.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?","gold_answer":"87% of the total restructuring liability is related Employee liabilities.","model_answer":"The nature of AMCOR's restructuring liability as of Q2 of FY2023 close is related to the costs associated with the company's restructuring activities. These activities were primarily due to the Russia-Ukraine conflict and the integration of acquired Bemis operations. The restructuring liability includes employee costs, fixed asset-related costs, and other costs. \n\nThe purpose of this liability is to account for the expenses related to these restructuring activities. As of December 31, 2022, the liability balance was $93 million, down from $118 million at June 30, 2022. This decrease was due to net charges to earnings, cash paid, and the reversal of unused amounts. \n\nThe company expects the majority of this liability to be paid within the next twelve months. The accruals related to restructuring activities have been recorded on the unaudited condensed consolidated balance sheets under other current liabilities and other non-current liabilities.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01930","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":"The real change in sales for AMCOR in FY 2023 vs FY 2022, excluding the impact of FX movement, passthrough costs and one-off items, is 0%. This is indicated by the \"Comparable Constant Currency Growth %\" for the total in the \"Twelve Months Ended June 30\" section.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01928","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":"AMCOR's Adjusted Non GAAP EBITDA for FY 2023 was $2,018 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00799","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.","gold_answer":"The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump)","model_answer":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term obligations using its most liquid assets. It is calculated as (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) \/ Current Liabilities.\n\nFrom the provided balance sheet, we can calculate the quick ratio for both FY2023 and FY2022 as follows:\n\nFY2023: (689 + 0 + 1,875) \/ 4,476 = 0.57\nFY2022: (775 + 0 + 1,935) \/ 5,103 = 0.53\n\nTherefore, AMCOR's quick ratio has improved from FY2022 to FY2023. This indicates that the company's liquidity position and its ability to meet short-term obligations have improved.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01079","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":"In FY2023, AMCOR made three major acquisitions. On August 1, 2022, it acquired a Czech Republic company that operates a flexible packaging manufacturing plant for $59 million. On March 17, 2023, it acquired a medical device packaging manufacturing site in Shanghai, China for $60 million. On May 31, 2023, it acquired a New Zealand based manufacturer of automated protein packaging machines for $45 million. \n\nIn FY2022, the company did not make any major acquisitions but disposed of non-core assets in the Flexibles reporting segment. \n\nIn FY2021, the document does not provide any information about AMCOR's acquisitions.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01148","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":"AMCOR primarily operates in the packaging industry.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":"Gross margin is calculated as gross profit divided by net sales. For FY2023, the gross margin is 2,725 \/ 14,694 = 18.55%. For FY2022, the gross margin is 2,820 \/ 14,544 = 19.39%. For FY2021, the gross margin is 2,732 \/ 12,861 = 21.24%.\n\nBased on these calculations, it appears that Amcor's gross margin profile is not improving as of FY2023. In fact, it has been decreasing over the past three years. This could be due to a variety of factors, such as increased cost of sales or decreased pricing power.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?","gold_answer":0.042,"model_answer":"The depreciation and amortization for AMD in FY2015 is $167 million. To calculate the D&A % margin, we divide this by the net revenue and multiply by 100. \n\nSo, D&A % margin = (Depreciation and Amortization \/ Net Revenue) * 100\n= ($167 million \/ $3,991 million) * 100\n= 4.19%\n\nTherefore, the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD is 4.19%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00917","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":"The operating margin change for AMD in FY22 was driven primarily by the amortization of intangible assets associated with the acquisition of Xilinx. Despite an increase in net revenue from $16.4 billion in 2021 to $23.6 billion in 2022, the operating income decreased from $3.6 billion in 2021 to $1.3 billion in 2022. This decrease in operating income, and consequently the operating margin, was primarily due to the costs associated with the Xilinx acquisition. The gross margin also decreased from 48% in 2021 to 45% in 2022, again primarily due to the amortization of intangible assets from the Xilinx acquisition.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove revenue change as of the FY22 for AMD?","gold_answer":"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","model_answer":"The revenue change for AMD in FY22 was driven by several factors. The net revenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. This increase was primarily driven by a 64% increase in Data Center segment revenue due to higher sales of EPYC\u2122 server processors, a 21% increase in Gaming segment revenue due to higher semi-custom product sales, and a significant increase in Embedded segment revenue driven by the inclusion of Xilinx embedded product sales. However, this growth was partially offset by a 10% decrease in Client segment revenue due to lower processor shipments caused by a weak PC market and significant inventory correction actions across the PC supply chain. The acquisition of Xilinx and Pensando Systems also played a significant role in diversifying AMD's business model and expanding its product portfolio.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00757","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":"Yes, AMD did report customer concentration in FY22. The report states that one customer accounted for 16% of their consolidated net revenue for the year ended December 31, 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":"The operating activities brought in the most cash flow for AMD in FY22, with a net cash provided by operating activities of $3,565 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00563","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":"The AMD reporting segment that saw the most proportional increase in sales from FY21 to FY22, excluding Embedded, was the Data Center segment. It increased by 64%, from $3.7 billion in 2021 to $6 billion in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00222","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)\/ (current liabilities).","model_answer":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term obligations with its most liquid assets. It is calculated as (Cash + Marketable Securities + Accounts Receivable) \/ Current Liabilities.\n\nBased on the provided balance sheet for AMD for FY22, the quick ratio would be calculated as follows:\n\nQuick Ratio = (Cash and cash equivalents + Short-term investments + Accounts receivable, net) \/ Total current liabilities\nQuick Ratio = ($4,835 million + $1,020 million + $4,126 million) \/ $6,369 million\nQuick Ratio = $9,981 million \/ $6,369 million\nQuick Ratio = 1.57\n\nA quick ratio greater than 1 indicates that the company has more than enough liquid assets to cover its current liabilities, which is a positive sign of financial health. Therefore, based on its quick ratio for FY22, AMD appears to have a reasonably healthy liquidity profile.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00995","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are the major products and services that AMD sells as of FY22?","gold_answer":"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","model_answer":"As of FY22, AMD primarily sells the following products and services:\n\n1. Server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers.\n2. CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers.\n3. Discrete GPUs, and semi-custom SoC products and development services.\n4. Embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.\n\nAdditionally, AMD may 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","eval_mode":"oracle","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":"The largest liability in American Express's Balance Sheet in 2022 was Customer deposits, amounting to $110,239 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01981","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":"Yes, American Express was able to retain card members during 2022. The evidence states that \"Card Member retention remained high\" and \"new card acquisitions reached record levels in 2022.\" This suggests that not only did they retain existing members, but they also attracted new ones.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00720","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":"Gross margin is not a useful metric for a company like American Express. This is because American Express is a financial services company, and gross margin is typically used for companies that sell goods. Gross margin is calculated by subtracting the cost of goods sold from revenue, and then dividing by revenue. However, for a financial services company like American Express, the main costs are not related to the production of goods, but rather to providing services, such as the cost of extending credit to cardholders. Therefore, the key metrics for a company like American Express would be net interest income, provisions for credit losses, and total revenues net of interest expense. These metrics provide a more accurate picture of the company's financial health and profitability.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":"The operating margin is calculated by dividing operating income (or profit) by net sales (or revenue). It measures a company's profitability and the efficiency with which its operations are managed. \n\nFrom the provided data, we can calculate the operating income for AMEX by subtracting total expenses from total revenues net of interest expense after provisions for credit losses. \n\nFor 2022, the operating income is $50,680 million - $41,095 million = $9,585 million. The operating margin is then $9,585 million \/ $52,862 million = 18.14%.\n\nFor 2021, the operating income is $43,799 million - $33,110 million = $10,689 million. The operating margin is then $10,689 million \/ $42,380 million = 25.22%.\n\nFor 2020, the operating income is $31,357 million - $27,061 million = $4,296 million. The operating margin is then $4,296 million \/ $36,087 million = 11.90%.\n\nFrom these calculations, it appears that AMEX's operating margin decreased from 2021 to 2022, but it is higher in 2022 than it was in 2020. Therefore, it's not accurate to say that AMEX has an improving operating margin profile as of 2022, as it has decreased from the previous year. However, the company's operating margin in 2022 is still significantly higher than it was in 2020, indicating some level of improvement over a two-year period.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01028","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":"As of 2022, American Express primarily operates in the following geographies: United States, Europe, the Middle East and Africa (EMEA), Asia Pacific, Australia and New Zealand (APAC), and Latin America, Canada and the Caribbean (LACC).","label":"Correct Answer"}
{"financebench_id":"financebench_id_00476","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":"The document does not provide information on any debt securities registered to trade on a national securities exchange under American Express' name as of 2022. The only security mentioned is the Common Shares (par value $0.20 per Share) with the trading symbol AXP on the New York Stock Exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01351","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How much has the effective tax rate of American Express changed between FY2021 and FY2022?","gold_answer":"The effective tax rate for American Express has changed\/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.","model_answer":"The effective tax rate of American Express has changed from 24.6% in FY2021 to 21.6% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.","gold_answer":0.4,"model_answer":"American Water Works paid out $389 million in cash dividends for FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04254","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?","gold_answer":1832,"model_answer":"The unadjusted EBITDA for American Water Works's FY2021 is the sum of the operating income and depreciation and amortization. From the provided statements, the operating income for 2021 is $1,196 million and the depreciation and amortization is $636 million. Therefore, the unadjusted EBITDA for FY2021 is $1,196 million + $636 million = $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":"Working capital is calculated as current assets minus current liabilities. Based on the FY2022 data provided, American Water Works has total current assets of $1,250 million and total current liabilities of $2,811 million. \n\nTherefore, the working capital for American Water Works for FY2022 is $1,250 million - $2,811 million = -$1,561 million. \n\nThis means that American Water Works does not have positive working capital based on FY2022 data. The company has more current liabilities than current assets, which could indicate potential short-term liquidity issues. However, this is not always a negative sign as some companies operate effectively with negative working capital. It depends on the nature of the business and its operating cycle.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":"The net profit margin is calculated by dividing the net earnings by the revenue and multiplying by 100 to get a percentage. \n\nFor FY2015, the net profit margin is (1,233 \/ 40,339) * 100 = 3.1%\nFor FY2016, the net profit margin is (897 \/ 39,528) * 100 = 2.3%\nFor FY2017, the net profit margin is (1,228 \/ 39,403) * 100 = 3.1%\n\nThe 3 year average net profit margin is therefore (3.1% + 2.3% + 3.1%) \/ 3 = 2.8%","label":"Correct Answer"}
{"financebench_id":"financebench_id_04417","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5409,"model_answer":"The year end FY2019 total amount of inventories for Best Buy is $5,409 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01077","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":"In FY2022, Best Buy made two major acquisitions. The first was the acquisition of all outstanding shares of Current Health Ltd., a care-at-home technology platform, for a net cash consideration of $389 million. The second was the acquisition of all outstanding shares of Two Peaks, LLC d\/b\/a Yardbird Furniture, a direct-to-consumer outdoor furniture company, for a net cash consideration of $79 million. The document does not provide information on any acquisitions made by Best Buy in FY2023 or FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01275","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":"Operating activities brought in the most cash flow for Best Buy in FY2023, with a total cash provided by operating activities of $1,824 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":"Gross margin is a relevant metric for a company like Best Buy as it indicates the total sales revenue it retains after incurring the direct costs associated with producing the goods and services it sells. \n\nTo calculate the gross margin, we subtract the cost of sales from the revenue and then divide by the revenue. \n\nFor the fiscal year ended January 30, 2021, the gross margin is (47,262 - 36,689) \/ 47,262 = 22.4%.\n\nFor the fiscal year ended January 29, 2022, the gross margin is (51,761 - 40,121) \/ 51,761 = 22.5%.\n\nFor the fiscal year ended January 28, 2023, the gross margin is (46,298 - 36,386) \/ 46,298 = 21.4%.\n\nThe gross margins for Best Buy have fluctuated by roughly 1% each year, which is less than the 2% threshold. Therefore, we can say that Best Buy's gross margins are historically consistent.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01902","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":"The Entertainment category performed the best in the domestic (USA) market during Q2 of FY2024 with a 9.0% comparable sales growth.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00288","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":"Yes, there was a drop in Cash & Cash equivalents between FY 2023 and Q2 of FY 2024. The cash and cash equivalents were $1,874 million on January 28, 2023, and decreased to $1,093 million by July 29, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":"Yes, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. At the end of the second quarter of fiscal 2024, there were 907 Best Buy stores, down from 930 at the end of the second quarter of fiscal 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04660","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":"The working capital ratio for Block (formerly known as Square) for FY2016 is 1.73. This is calculated by dividing the total current assets ($1,001,425) by the total current liabilities ($577,464).","label":"Correct Answer"}
{"financebench_id":"financebench_id_07661","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.","gold_answer":382,"model_answer":"Block (formerly known as Square) generated $381,603,000 in cash flow from operating activities in FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03838","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":"The total net revenue for FY2019 is $4,713,500,000 and for FY2020 is $9,497,578,000. \n\nThe growth rate can be calculated using the formula: \n\nGrowth Rate = [(FY2020 Revenue - FY2019 Revenue) \/ FY2019 Revenue] * 100%\n\nGrowth Rate = [($9,497,578,000 - $4,713,500,000) \/ $4,713,500,000] * 100% = 101.4%\n\nSo, the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square) is 101.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10285","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?","gold_answer":12645,"model_answer":"Boeing's year end FY2018 net property, plant, and equipment is $12,645 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":"The evidence suggests that Boeing has reported ongoing legal battles for FY2022. These include multiple legal actions related to the accidents of Lion Air Flight 610 and Ethiopian Airlines Flight 302, and a dispute with Embraer S.A. over the termination of joint venture agreements. However, the company cannot reasonably estimate a range of loss for these matters.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":"The primary customers of Boeing as of FY2022 are commercial airlines and the U.S. government, specifically defense-related programs with the United States Department of Defense (U.S. DoD).","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":"Yes, Boeing's business is subject to cyclicality. The company heavily depends on commercial airlines, and market conditions significantly impact the demand for their commercial aircraft and related services. The airline industry has historically been cyclical, experiencing significant profit swings and constant challenges to be more cost competitive. Factors such as global economic environment, airline industry conditions, and the financial stability of their major customers can influence the cyclical nature of Boeing's business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":"Yes, there are product categories that represent more than 20% of Boeing's revenue for FY2022. The Commercial Airplanes category represents approximately 38.8% of the total revenue ($25,867 million out of $66,608 million), and the Defense, Space & Security category represents approximately 34.8% of the total revenue ($23,162 million out of $66,608 million).","label":"Correct Answer"}
{"financebench_id":"financebench_id_00494","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":"The text does not provide specific production rate changes that Boeing is forecasting for FY2023. However, it mentions that Boeing plans to gradually increase the production rate of the 787 program to 5 per month in 2023, and that production of the 777X is expected to resume in 2023. For the 737 program, Boeing plans to gradually increase production rates based on market demand and supply chain capacity.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00585","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":"The evidence provided does not contain specific information on Boeing's effective tax rate for FY2022 and FY2021.","label":"Refusal"}
{"financebench_id":"financebench_id_00678","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":"The gross margin profile for Boeing cannot be determined as of FY2022 based solely on the provided information. Gross margin is calculated as total revenues minus the cost of goods sold (COGS), divided by total revenues. In this case, we have the total revenues and the cost of products and services, but it's unclear if these costs represent the total COGS. \n\nIf we assume that the cost of products and services is equivalent to COGS, we can calculate the gross margin for each year. For 2022, the gross margin would be ($66,608 - $63,106) \/ $66,608 = 5.26%. For 2021, it would be ($62,286 - $59,269) \/ $62,286 = 4.84%. For 2020, it would be ($58,158 - $63,843) \/ $58,158 = -9.77%. \n\nBased on these calculations, it appears that Boeing's gross margin has improved from 2020 to 2022. However, these calculations are based on assumptions and may not accurately reflect the company's gross margin. \n\nFurthermore, gross margin might not be the most useful metric for a company like Boeing, which has significant research and development expenses and other costs that are not included in COGS. Other metrics, such as operating margin or net margin, might provide a more accurate picture of the company's profitability.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03473","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":"The FY2017 net income for Coca Cola is $1,248 million. The total assets for FY2016 and FY2017 are $87,270 million and $87,896 million respectively. Therefore, the average total assets between FY2016 and FY2017 is ($87,270 million + $87,896 million) \/ 2 = $87,583 million. \n\nThe return on assets (ROA) for FY2017 is therefore $1,248 million \/ $87,583 million = 0.0142 or 1.42% when rounded to two decimal places.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.","gold_answer":0.397,"model_answer":"The COGS (Cost of Goods Sold) % margin is calculated by dividing the COGS by the Net Operating Revenues and multiplying by 100 to get a percentage. \n\nFor Coca Cola's FY2021, the COGS is $15,357 million and the Net Operating Revenues is $38,655 million.\n\nSo, the COGS % margin is (15,357 \/ 38,655) * 100 = 39.73% approximately.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06272","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.","gold_answer":0.8,"model_answer":"The dividend payout ratio is calculated by dividing the total cash dividends paid by the net income attributable to shareholders. \n\nFrom the cash flow statement, we can see that the total cash dividends paid in FY2022 is $7,616 million. \n\nFrom the income statement, the net income attributable to shareholders in FY2022 is $9,542 million. \n\nTherefore, the dividend payout ratio for Coca Cola in FY2022 is (7,616 \/ 9,542) * 100 = 79.82%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":63.86,"model_answer":"To calculate the DPO for Corning in FY2020, we first need to find the average accounts payable for FY2019 and FY2020. The accounts payable for FY2019 is $1,587 million and for FY2020 is $1,174 million. So, the average accounts payable is ($1,587 + $1,174) \/ 2 = $1,380.5 million.\n\nNext, we need to find the FY2020 COGS, which is $7,772 million.\n\nThen, we need to find the change in inventory between FY2019 and FY2020. The inventory for FY2019 is $2,320 million and for FY2020 is $2,438 million. So, the change in inventory is $2,438 - $2,320 = $118 million.\n\nNow we can calculate the DPO: 365 * ($1,380.5 \/ ($7,772 + $118)) = 64.97 days. \n\nSo, the FY2020 DPO for Corning is 64.97 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":"The operating income % margin is calculated by dividing the operating income by the net sales and multiplying by 100. \n\nFor 2021, the operating income % margin is (2,112 \/ 14,082) * 100 = 15.0%\nFor 2020, the operating income % margin is (509 \/ 11,303) * 100 = 4.5%\nFor 2019, the operating income % margin is (1,306 \/ 11,503) * 100 = 11.4%\n\nThe 3 year average unadjusted operating income % margin is therefore (15.0% + 4.5% + 11.4%) \/ 3 = 10.3%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00005","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.","model_answer":"Working capital is calculated as current assets minus current liabilities. Based on the FY2022 data provided, Corning Incorporated has current assets of $7,453 million and current liabilities of $5,175 million. \n\nTherefore, the working capital for Corning Incorporated in FY2022 is $7,453 million - $5,175 million = $2,278 million. \n\nSo, yes, Corning does have positive working capital based on FY2022 data.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How much has the effective tax rate of Corning changed between FY2021 and FY2022?","gold_answer":"The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.","model_answer":"The effective tax rate of Corning has increased by 3% from 20% in FY2021 to 23% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04209","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":"At the end of FY2021, Costco had total assets of USD 59,268 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05915","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue \/ (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.","gold_answer":17.98,"model_answer":"The FY2018 revenue for CVS Health is $194,579 million. The PP&E for FY2017 is $10,292 million and for FY2018 is $11,349 million. \n\nThe average PP&E between FY2017 and FY2018 is calculated as: ($10,292 million + $11,349 million) \/ 2 = $10,820.5 million.\n\nThe fixed asset turnover ratio for FY2018 is then calculated as: $194,579 million \/ $10,820.5 million = 17.98, or rounded to two decimal places, 18.00.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01244","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":"The text states that CVS Health Corporation has paid cash dividends every quarter since becoming a public company. Therefore, it can be inferred that CVS Health did pay dividends to common shareholders in Q2 of FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":"Yes, CVS Health has reported several ongoing legal battles from 2020, 2021, and 2022. These include:\n\n1. Usual and Customary Pricing Litigation: CVS Health and certain current and former directors and officers are named as defendants in several lawsuits alleging that the company's retail pharmacies overcharged for prescription drugs.\n\n2. PBM Litigation and Investigations: CVS Health is named as a defendant in several lawsuits and is subject to numerous investigations concerning its Pharmacy Benefit Management (PBM) practices. These lawsuits and investigations generally allege that rebate agreements between drug manufacturers and PBMs caused inflated prices for certain drug products.\n\n3. United States ex rel. Behnke v. CVS Caremark Corporation, et al.: CVS Health is defending itself against claims that it misrepresented true prices paid by its PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the company's PBM.\n\n4. Controlled Substances Litigation, Audits, and Subpoenas: CVS Health is involved in numerous cases related to the impacts of widespread prescription opioid abuse. In November 2021, the company was found liable by a jury in a trial in federal court in Ohio. 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 dating back more than a decade. In December 2022, the company agreed to a formal settlement agreement with a leadership group of a number of state Attorneys General and the Plaintiffs\u2019 Executive Committee (\u201cPEC\u201d). The agreement would resolve substantially all opioid claims against Company entities by states and political subdivisions, but not private plaintiffs. The maximum amount payable by the Company under the settlement would be approximately $4.3 billion in opioid remediation and $625 million in attorneys\u2019 fees and costs and additional remediation. The amounts would be payable over 10 years, beginning in 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":"Based on the FY2022 data, CVS Health appears to be a capital-intensive business. This is indicated by the high value of its total assets, which includes significant amounts in property and equipment, goodwill, and intangible assets. Additionally, the company has substantial operating costs and long-term debt, which are also typical characteristics of capital-intensive industries.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":"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.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00839","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":"Yes, Foot Locker's new CEO, Mary N. Dillon, has previous CEO experience in a similar company to Footlocker. She served as the Chief Executive Officer of Ulta Beauty, Inc. from July 2013 through June 2021. Prior to Ulta, she served as President and Chief Executive Officer of United States Cellular Corporation from 2010 through 2013.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.","gold_answer":-3.7,"model_answer":"To calculate the cash conversion cycle (CCC) for General Mills in FY2019, we first need to calculate the Days Inventory Outstanding (DIO), Days Sales Outstanding (DSO), and Days Payable Outstanding (DPO).\n\n1. DIO = 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS)\n   = 365 * ((1,642.2 + 1,559.3) \/ 2) \/ 11,108.4\n   = 365 * 1,600.75 \/ 11,108.4\n   = 52.79 days\n\n2. DSO = 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue)\n   = 365 * ((1,684.2 + 1,679.7) \/ 2) \/ 16,865.2\n   = 365 * 1,681.95 \/ 16,865.2\n   = 36.47 days\n\n3. DPO = 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019)\n   = 365 * ((2,746.2 + 2,854.1) \/ 2) \/ (11,108.4 + (1,642.2 - 1,559.3))\n   = 365 * 2,800.15 \/ 11,191.3\n   = 91.32 days\n\nFinally, we can calculate the CCC:\n\nCCC = DIO + DSO - DPO\n= 52.79 + 36.47 - 91.32\n= -2.06 days\n\nSo, the FY2019 cash conversion cycle for General Mills is -2.06 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03471","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":0.68,"model_answer":"The working capital ratio for General Mills in FY2020 is 0.68 (5,121.3 \/ 7,491.5).","label":"Correct Answer"}
{"financebench_id":"financebench_id_04854","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.","gold_answer":3215,"model_answer":"The FY2020 free cash flow (FCF) for General Mills is $3,215.4 million. This is calculated by subtracting the capital expenditure (capex) from the cash from operations. The cash from operations in FY2020 is $3,676.2 million and the capex (represented by \"Purchases of land, buildings, and equipment\") is $460.8 million. So, $3,676.2 million - $460.8 million = $3,215.4 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10136","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.","gold_answer":0.54,"model_answer":"The retention ratio is calculated as 1 - (Dividends \/ Net Income). \n\nFrom the provided statements, we can see that the total cash dividends paid in FY2022 is $1,244.5 million and the net income attributable to shareholders is $2,707.3 million.\n\nSo, the retention ratio for General Mills in FY2022 is 1 - (1,244.5 \/ 2,707.3) = 0.54 or 54.00%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00651","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":"The evidence does not provide specific information on whether growth in JnJ's adjusted EPS is expected to accelerate in FY2023. However, it does mention that the company guides a 2023 adjusted operational EPS of $10.50, reflecting growth of 3.5%. This is slightly lower than the growth rate of 3.6% in 2022, suggesting that the growth rate may not accelerate in 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":"In FY2022, JnJ's US sales growth was 3.0%, while its international sales growth was 9.1% when excluding the impact of translational currency. Therefore, JnJ's international sales growth was higher than its US sales growth in FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00956","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Are JnJ's FY2022 financials that of a high growth company?","gold_answer":"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","model_answer":"Based on the provided information, JnJ's FY2022 financials do not indicate that it is a high growth company. The worldwide sales increased by only 1.3% in 2022, compared to an increase of 13.6% in 2021. The five-year compound annual growth rates for worldwide, U.S. and international sales were 4.4%, 4.0% and 4.9%, respectively, which are modest growth rates. The ten-year compound annual growth rates for worldwide, U.S. and international sales were 3.5%, 5.0% and 2.2%, respectively, which also suggest modest growth. Therefore, JnJ's FY2022 financials suggest that it is a stable company with modest growth, rather than a high growth company.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":"The gross margin change for JnJ in FY2022 was driven by several factors. The cost of products sold increased as a percent to sales due to one-time COVID-19 vaccine manufacturing exit related costs, currency impacts in the Pharmaceutical segment, and commodity inflation in the MedTech and Consumer Health segments. These increases were partially offset by supply chain benefits in the Consumer Health segment. Additionally, the intangible asset amortization expense included in the cost of products sold decreased from $4.7 billion in 2021 to $4.3 billion in 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00711","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"JnJ sold its inventory 2.7 times in FY2022.","model_answer":"The inventory turnover ratio is calculated by dividing the cost of goods sold (COGS) by the average inventory for the year. \n\nFrom the provided data, the COGS for 2022 is $31,089 million. The inventory at the beginning of 2022 was $10,387 million and at the end of 2022 was $12,483 million. \n\nThe average inventory for 2022 is calculated as follows: \n(Amount at the beginning of the year + Amount at the end of the year) \/ 2 \n= ($10,387 million + $12,483 million) \/ 2 \n= $11,435 million \n\nTherefore, the inventory turnover ratio for FY2022 is: \nCOGS \/ Average Inventory \n= $31,089 million \/ $11,435 million \n= 2.72 times \n\nThis means that Johnson & Johnson sold its inventory approximately 2.72 times in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01487","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?","gold_answer":"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","model_answer":"Yes, JnJ's net earnings as a percent of sales increased in Q2 of FY2023 compared to Q2 of FY2022. The net earnings as a percent of sales in Q2 of FY2023 was 20.1%, while in Q2 of FY2022 it was 20.0%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01488","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":"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","eval_mode":"oracle","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":"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","eval_mode":"oracle","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":"The cash proceeds that Johnson & Johnson realised from the separation of Kenvue is $13.2 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":"The Corporate segment of JPM had the lowest net revenue in 2021 Q1 with a total net revenue of $(473) million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02119","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":"The evidence provided does not contain specific information on the total number of JPM's shareholders or the total value of its assets. Therefore, it is not possible to calculate how much each shareholder could get if JPM went bankrupt and liquidated all of its assets by the end of 2021 Q1.","label":"Refusal"}
{"financebench_id":"financebench_id_00394","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":"The Corporate & Investment Bank segment of JPM had the highest net income in 2022 Q2, with a net income of $3,725 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00206","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Since JPM is a financial institution, gross margin is not a relevant metric.","model_answer":"The provided evidence does not include specific information about JPMorgan Chase's gross margins. However, it's important to note that gross margin is not typically a relevant or commonly used metric for financial services firms like JPMorgan Chase. This is because gross margin is calculated as sales revenue minus cost of goods sold, divided by sales revenue. For companies in the financial sector, there's no traditional \"cost of goods sold\" in the same way there is for companies that sell physical products. Instead, financial services firms have interest expenses, provisions for credit losses, and operating expenses. Therefore, other metrics such as net interest margin, return on assets, return on equity, and efficiency ratio are more commonly used to evaluate the performance and profitability of banks and similar institutions.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02049","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":"Yes, the risk that JPM faced in the second fiscal quarter of 2023 decreased compared to the same period in the prior year. This is indicated by the decrease in the Average total VaR by $7 million for the three months ended June 30, 2023, compared with the same period in the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":"The FY2019 COGS for Kraft Heinz is $16,830 million. The inventory for FY2018 is $2,667 million and for FY2019 is $2,721 million. Therefore, the average inventory between FY2018 and FY2019 is ($2,667 million + $2,721 million) \/ 2 = $2,694 million. \n\nThe inventory turnover ratio is therefore $16,830 million \/ $2,694 million = 6.25.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04412","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":"The asset turnover ratio for Lockheed Martin's FY2020 can be calculated using the formula: FY2020 revenue \/ (average total assets between FY2019 and FY2020).\n\nFrom the provided information, the FY2020 revenue is $65,398 million. The total assets for FY2020 and FY2019 are $50,710 million and $47,528 million respectively.\n\nSo, the average total assets between FY2019 and FY2020 is ($50,710 million + $47,528 million) \/ 2 = $49,119 million.\n\nTherefore, the asset turnover ratio for FY2020 is $65,398 million \/ $49,119 million = 1.33 (rounded to two decimal places).","label":"Correct Answer"}
{"financebench_id":"financebench_id_03031","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":"Lockheed Martin's FY2021 net working capital is calculated as total current assets less total current liabilities. From the balance sheet, total current assets for 2021 are $19,815 million and total current liabilities are $13,997 million. \n\nTherefore, the net working capital for FY2021 is $19,815 million - $13,997 million = $5,818 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":"To calculate the 2-year total revenue CAGR (Compound Annual Growth Rate) from FY2020 to FY2022, we need to use the total net sales figures for these years. \n\nThe formula for CAGR is: \n\nCAGR = [(Ending Value \/ Beginning Value) ^ (1 \/ Number of Years)] - 1\n\nFrom the data provided, the total net sales for FY2020 is $65,398 million and for FY2022 is $65,984 million. \n\nSo, the CAGR would be: \n\nCAGR = [(65,984 \/ 65,398) ^ (1 \/ 2)] - 1\n\nCalculating this gives a CAGR of approximately 0.4%. \n\nSo, Lockheed Martin's 2-year total revenue CAGR from FY2020 to FY2022 is 0.4%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04171","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":"The year end FY2018 amount of accounts payable for MGM Resorts is $302,578 thousand, which is $302.578 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03849","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.","gold_answer":0.079,"model_answer":"The capex as a % of revenue for MGM Resorts for FY2018 - FY2020 can be calculated as follows:\n\nFirst, we need to find the total revenue and total capital expenditures (capex) for each year.\n\nFrom the Consolidated Statements of Operations, we have:\n\n- FY2020 Revenue: $5,162,082,000\n- FY2019 Revenue: $12,899,672,000\n- FY2018 Revenue: $11,763,096,000\n\nFrom the Consolidated Statements of Cash Flows, we have:\n\n- FY2020 Capex: $270,579,000\n- FY2019 Capex: $739,006,000\n- FY2018 Capex: $1,486,843,000\n\nNext, we calculate the capex as a % of revenue for each year:\n\n- FY2020: ($270,579,000 \/ $5,162,082,000) * 100 = 5.2%\n- FY2019: ($739,006,000 \/ $12,899,672,000) * 100 = 5.7%\n- FY2018: ($1,486,843,000 \/ $11,763,096,000) * 100 = 12.6%\n\nFinally, we calculate the 3-year average:\n\n(5.2% + 5.7% + 12.6%) \/ 3 = 7.8%\n\nSo, the FY2018 - FY2020 3-year average of capex as a % of revenue for MGM Resorts is 7.8%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00382","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":"The region that had the highest EBITDAR contribution for MGM during FY2022 was the Las Vegas Strip Resorts with $3,142,308 in thousands.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":"The region that had the worst topline performance for MGM during FY2022 was MGM China. The evidence shows that net revenues decreased by 44% compared to the prior year, and there was an Adjusted Property EBITDAR loss of $203 million in the current year compared to an Adjusted Property EBITDAR of $25 million in the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?","gold_answer":"As adjusted EBIT is negative, coverage ratio is zero","model_answer":"The document does not provide the necessary information to calculate MGM's interest coverage ratio for FY2022. The interest coverage ratio is calculated by dividing a company's EBIT (Earnings Before Interest and Taxes) by its interest expenses. While the document provides information on MGM's interest expense for the year 2022, it does not provide the Adjusted EBIT for the same period.","label":"Refusal"}
{"financebench_id":"financebench_id_01254","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":"Yes, MGM Resorts has paid dividends to common shareholders in FY2022. The company maintained an annual dividend of $0.01 per share throughout 2022. However, on February 8, 2023, they announced the suspension of ongoing dividends in favor of their share repurchase plan.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":"The type of debt that received the largest investment among the short-term investments for MGM in H1 FY2023 was Corporate bonds.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04700","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":"The FY2016 COGS (Cost of Goods Sold) for Microsoft is $32,780 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00552","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?","gold_answer":"No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.","model_answer":"No, Microsoft has not increased its debt on balance sheet between FY2023 and the FY2022 period. The evidence shows that the long-term debt decreased from $47,032 million in FY2022 to $41,990 million in FY2023. Similarly, the current portion of long-term debt also decreased from $2,749 million in FY2022 to $5,247 million in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04458","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).","gold_answer":0.054,"model_answer":"The unadjusted EBITDA for Netflix in FY2015 can be calculated by adding the unadjusted operating income and the depreciation and amortization. From the statement of operations, the operating income for 2015 is $305,826 thousand. From the statement of cash flows, the depreciation and amortization for 2015 is $62,283 thousand. Therefore, the unadjusted EBITDA is $305,826 thousand + $62,283 thousand = $368,109 thousand.\n\nThe EBITDA % margin is calculated by dividing the EBITDA by the total revenues and multiplying by 100. From the statement of operations, the total revenues for 2015 is $6,779,511 thousand. Therefore, the EBITDA % margin is ($368,109 thousand \/ $6,779,511 thousand) * 100 = 5.43%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03282","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":"Netflix's year end FY2017 total current liabilities is $5,466,312,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04302","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.","gold_answer":0.551,"model_answer":"The cost of goods sold as a % of revenue for FY2016 is (17,405\/32,376)*100 = 53.8%\nFor FY2017, it is (19,038\/34,350)*100 = 55.4%\nFor FY2018, it is (20,441\/36,397)*100 = 56.2%\n\nThe three year average would be (53.8% + 55.4% + 56.2%)\/3 = 55.1%","label":"Correct Answer"}
{"financebench_id":"financebench_id_03531","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":"According to the 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","eval_mode":"oracle","temp":0.01,"question":"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021). Round your answer to two decimal places.","gold_answer":3.46,"model_answer":"The FY2021 inventory turnover ratio for Nike is calculated as follows:\n\nFirst, find the FY2021 COGS (Cost of Goods Sold), which is $24,576 million.\n\nNext, find the average inventory between FY2020 and FY2021. The FY2020 inventory is $7,367 million and the FY2021 inventory is $6,854 million. The average inventory is therefore ($7,367 + $6,854) \/ 2 = $7,110.5 million.\n\nFinally, calculate the inventory turnover ratio as (FY2021 COGS) \/ (average inventory between FY2020 and FY2021) = $24,576 \/ $7,110.5 = 3.46 (rounded to two decimal places).","label":"Correct Answer"}
{"financebench_id":"financebench_id_01163","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":"The operations activities brought in the most cash flow for Nike in FY2023 with $5,841 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":"Working capital is calculated as current assets minus current liabilities. Based on the FY2022 data provided, PayPal's current assets amount to $57,517 million and current liabilities amount to $45,101 million.\n\nTherefore, the working capital for PayPal in FY2022 is $57,517 million - $45,101 million = $12,416 million.\n\nSo, yes, PayPal does have positive working capital based on FY2022 data.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04980","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.","gold_answer":4.6,"model_answer":"The FY2021 capital expenditure amount for PepsiCo is $4.625 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01009","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":"As of FY2022, Pepsico primarily operates in the following geographies:\n\n1) North America, through its Frito-Lay North America (FLNA), Quaker Foods North America (QFNA), and PepsiCo Beverages North America (PBNA) divisions.\n\n2) Latin America, through its Latin America (LatAm) division.\n\n3) Europe, through its Europe division.\n\n4) Africa, the Middle East, and South Asia, through its Africa, Middle East and South Asia (AMESA) division.\n\n5) Asia Pacific, Australia, New Zealand, and China, through its Asia Pacific, Australia and New Zealand and China Region (APAC) division.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.","gold_answer":0.165,"model_answer":"To calculate the unadjusted EBITDA % margin for PepsiCo for FY2022, we first need to calculate the unadjusted EBITDA. \n\nUnadjusted EBITDA is calculated as Operating Profit + Depreciation and Amortization. From the provided data, we have:\n\nOperating Profit for 2022: $11,512 million\nDepreciation and Amortization for 2022: $2,763 million\n\nSo, Unadjusted EBITDA = $11,512 million + $2,763 million = $14,275 million\n\nNext, we calculate the EBITDA % margin, which is (EBITDA \/ Net Revenue) * 100.\n\nNet Revenue for 2022: $86,392 million\n\nSo, EBITDA % margin = ($14,275 million \/ $86,392 million) * 100 = 16.52%\n\nTherefore, the unadjusted EBITDA % margin for PepsiCo for FY2022 is 16.52%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.","gold_answer":9068,"model_answer":"The unadjusted EBITDA for PepsiCo in FY2022 can be calculated as follows:\n\nOperating Profit: $11,512 million\nDepreciation and Amortization: $2,763 million\n\nUnadjusted EBITDA = Operating Profit + Depreciation and Amortization\n= $11,512 million + $2,763 million\n= $14,275 million\n\nThe capital expenditure (capex) for PepsiCo in FY2022 is given as $5,207 million.\n\nTherefore, the FY2022 unadjusted EBITDA less capex for PepsiCo is:\n\n= Unadjusted EBITDA - Capex\n= $14,275 million - $5,207 million\n= $9,068 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01328","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":"Pepsico's restructuring costs in FY2022 amounted to $411 million .","model_answer":"The quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022 is $411 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":"The document does not provide specific details about any ongoing legal battles for Pepsico in FY2022 and FY2021. However, it mentions that Pepsico and its subsidiaries are involved in a variety of litigation, claims, legal or regulatory proceedings, inquiries, and investigations. The management believes that these will not have a material adverse effect on the company's financial condition, results of operations, or cash flows.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":"Pepsico raised its full year guidance for core constant currency EPS growth by 1 percentage point, from 8 percent to 9 percent, as of FY2023Q1.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":"PepsiCo raised its full year guidance for FY2023 due to a strong start to the year. The company reported a net revenue growth of 10.2% and an organic revenue growth of 14.3% in the first quarter of 2023. As a result, they increased their full-year 2023 organic revenue growth expectation to 8 percent (up from 6 percent) and core constant currency EPS growth to 9 percent (up from 8 percent). The company's performance and business momentum remained resilient across categories and geographies during the first quarter, leading to this upward revision in guidance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated at the Pepsico AGM held on May 3, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":"Pepsico increased its unsecured five year revolving credit agreement by $400,000,000 on May 26, 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":"As of May 26, 2023, Pepsico may borrow up to $4,200,000,000 under each of its unsecured revolving credit agreements, the 2023 364 Day Credit Agreement and the 2023 Five Year Credit Agreement. However, these amounts can be increased to up to $4,950,000,000 under each agreement if agreed upon by the existing lenders or additional banks not currently party to the agreements. Therefore, the total amount Pepsico may borrow could potentially be up to $9,900,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":"Yes, Pfizer did grow its Property, Plant and Equipment (PPNE) between FY20 and FY21. The PPNE value increased from $13,745 million in 2020 to $14,882 million in 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02416","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are three main companies acquired by Pfizer mentioned in this 10K report?","gold_answer":"Trillium, Array, and Therachon","model_answer":"The three main companies acquired by Pfizer mentioned in this 10K report are Trillium, Array, and Therachon.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00702","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":"Yes, there was a significant event in 2019 that is not part of Pfizer's standard business operations which substantially increased net income. The completion of the Consumer Healthcare Joint Venture transaction resulted in a gain of $8,107 million. This is a non-recurring event and significantly contributed to the increase in net income for that year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":"The geographic region that had the biggest drop in Q2 2023 year over year revenues for Pfizer on a percentage basis was the \"Developed Rest of World\" region, with a decrease of 74%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00283","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":"Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"As of Q2'2023, is Pfizer spinning off any large business segments?","gold_answer":"Yes, it's spinning off Upjohn.","model_answer":"As of Q2 2023, Pfizer is not spinning off any large business segments. However, it is undergoing some restructuring and divestiture activities. It is separating Upjohn, with costs of approximately $700 million associated with this separation. Pfizer also announced a reorganization of its R&D operations, with a new end-to-end Oncology Research and Development platform function being created. Additionally, Pfizer entered into an agreement to divest its early-stage rare disease gene therapy portfolio to Alexion, a subsidiary of AstraZeneca plc.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00601","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What drove the reduction in SG&A expense as a percent of net sales in FY2023?","gold_answer":"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The reduction in SG&A expense as a percent of net sales in FY2023 was primarily driven by lower marketing expenses and leverage of incentive compensation due to higher sales. However, 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","eval_mode":"oracle","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The evidence does not provide specific information on what drove the increase in Ulta Beauty's merchandise inventories balance at the end of FY2023.","label":"Refusal"}
{"financebench_id":"financebench_id_00605","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?","gold_answer":"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The evidence provided does not include specific information on Ulta Beauty's total spend on stock repurchases for Q4 of FY 2023. Therefore, it is not possible to determine what percent of the company's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023.","label":"Refusal"}
{"financebench_id":"financebench_id_00606","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?","gold_answer":"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":"The text does not provide information on Ulta Beauty's wages expense as a percent of net sales in FY2023.","label":"Refusal"}
{"financebench_id":"financebench_id_00746","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":"The document does not provide information on any debt securities registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023. The only security mentioned is the common stock, with a par value of $0.01 per share, registered on The NASDAQ Global Select Market under the trading symbol ULTA.","label":"Refusal"}
{"financebench_id":"financebench_id_00521","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?","gold_answer":"Ulta Beauty did not make any acquisitions in FY2023 and FY2022.","model_answer":"The evidence provided does not mention any major acquisitions by Ulta Beauty in FY2023 and FY2022.","label":"Refusal"}
{"financebench_id":"financebench_id_00859","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":"The derivative instrument that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which had the highest notional value in FY 2021, was Cross currency swaps with a notional value of $32,502 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":"Verizon expected to pay $1,097 million in pension benefits and $862 million in health care and life benefits for its retirees in 2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00215","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":"Yes, Verizon is a capital intensive business. In FY 2022, Verizon invested $23.1 billion in capital expenditures, including $6.2 billion in C-Band related capital expenditures. This investment was directed towards the enhancement of their wireless networks, high-speed fiber, and other advanced technologies. The company's balance sheet also shows a significant amount of property, plant, and equipment, with a net value of $107.434 billion as of December 31, 2022. These figures indicate that Verizon requires a high level of capital investment to maintain and grow its operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":"The quick ratio, also known as the acid-test ratio, is a measure of a company's ability to meet its short-term liabilities with its most liquid assets. It is calculated as (Cash + Marketable Securities + Accounts Receivable) \/ Current Liabilities.\n\nBased on the provided balance sheet for Verizon Communications Inc. for FY 2022, the quick ratio would be calculated as follows:\n\nQuick Ratio = (Cash and cash equivalents + Accounts receivable, net) \/ Total current liabilities\nQuick Ratio = ($2,605 million + $24,506 million) \/ $50,171 million\nQuick Ratio = 0.54\n\nA quick ratio less than 1 indicates that the company does not have enough liquid assets to cover its short-term liabilities. Therefore, based on its quick ratio for FY 2022, Verizon does not appear to have a healthy liquidity profile. It suggests that Verizon may struggle to meet its short-term obligations if they were all due immediately. However, this is just one measure of financial health and other factors should also be considered.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00566","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?","gold_answer":"No. Verizon's debt decreased by $229 million.","model_answer":"No, Verizon has not increased its total debt on the balance sheet between 2022 and the 2021 fiscal period. The total debt in 2022 was $150,639 million, slightly lower than the total debt in 2021, which was $150,868 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06247","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.","gold_answer":42.69,"model_answer":"To calculate the DPO for Walmart in FY2018, we first need to find the average accounts payable between FY2017 and FY2018. This is (41,433 + 46,092) \/ 2 = 43,762.5 million dollars.\n\nNext, we need to find the cost of goods sold (COGS) for FY2018, which is 373,396 million dollars.\n\nThe change in inventory between FY2017 and FY2018 is 43,783 - 43,046 = 737 million dollars.\n\nNow we can calculate the DPO: 365 * (43,762.5) \/ (373,396 + 737) = 42.89 days.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04784","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.","gold_answer":0.002,"model_answer":"The operating income % margin is calculated as operating income divided by total revenues. \n\nFor FY2018, the operating income is $20,437 million and the total revenues is $500,343 million. So, the operating income % margin for FY2018 is (20,437 \/ 500,343) * 100 = 4.1%.\n\nFor FY2019, the operating income is $21,957 million and the total revenues is $514,405 million. So, the operating income % margin for FY2019 is (21,957 \/ 514,405) * 100 = 4.3%.\n\nTherefore, the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart is 4.3% - 4.1% = 0.2%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_06741","model_name":"gpt-4","eval_mode":"oracle","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.","gold_answer":0.062,"model_answer":"To calculate the unadjusted EBITDA % margin, we first need to calculate the unadjusted EBITDA for each year, and then divide it by the total revenues for that year.\n\nUnadjusted EBITDA is defined as unadjusted operating income + depreciation and amortization.\n\nFor 2020:\nUnadjusted EBITDA = Operating income + Depreciation and amortization\n= $20,568 million + $10,987 million\n= $31,555 million\n\nEBITDA % margin = (Unadjusted EBITDA \/ Total revenues) * 100\n= ($31,555 million \/ $523,964 million) * 100\n= 6.0%\n\nFor 2019:\nUnadjusted EBITDA = Operating income + Depreciation and amortization\n= $21,957 million + $10,678 million\n= $32,635 million\n\nEBITDA % margin = (Unadjusted EBITDA \/ Total revenues) * 100\n= ($32,635 million \/ $514,405 million) * 100\n= 6.3%\n\nFor 2018:\nUnadjusted EBITDA = Operating income + Depreciation and amortization\n= $20,437 million + $10,529 million\n= $30,966 million\n\nEBITDA % margin = (Unadjusted EBITDA \/ Total revenues) * 100\n= ($30,966 million \/ $500,343 million) * 100\n= 6.2%\n\nThe 3 year average unadjusted EBITDA % margin is the average of the EBITDA % margins for 2020, 2019, and 2018.\n\n3 year average unadjusted EBITDA % margin = (6.0% + 6.3% + 6.2%) \/ 3\n= 6.2%","label":"Correct Answer"}