{"financebench_id":"financebench_id_03029","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2018 capital expenditure amount (in USD millions) for 3M? Give a response to the question by relying on the details shown in the cash flow statement.","gold_answer":1577,"model_answer":" The 3M company's fiscal year 2018 capital expenditure amount is not explicitly stated in the given information. However, we can calculate an approximate value using the information provided in the Consolidated Statement of Cash Flows.\n\nWe know that 3M invests in property, plant, and equipment to meet product demand and increase manufacturing efficiency. The company expects fiscal year 2019 capital spending to be approximately $1.7 billion to $1.9 billion. In addition, 3M invests in renewal and maintenance programs, growth initiatives, and other strategic investments.\n\nFrom the Critical Accounting Estimates section, we learn that individual amounts in the Consolidated Statement of Cash Flows exclude the impacts of acquisitions, divestitures, and exchange rate impacts, which are presented separately. Therefore, we should look at the Cash Flows from Investing Activities section to find the relevant information.\n\nIn the Cash Flows from Investing Activities section, we see that 3M sold and leased-back certain recently constructed machinery and equipment under capital leases with municipal securities in various cities in the United States. The values totaled approximately $13 million in 2018, $13 million in 2017, and $12 million in 2016.\n\nWe also see that the net income including noncontrolling interest was $5,363 million in 2018, $4,869 million in 2017, and $5,058 million in 2016. Depreciation and amortization were $1,488 million in 2018, $1,544 million in 2017, and $1,474 million in 2016.\n\nBased on this information, we can infer that the FY2018 capital expenditure amount for 3M is likely to be around $1.7 billion to $1.9 billion, as stated in the company's expectations. However, without further details, we cannot provide an exact figure in USD millions for the FY2018 capital expenditure amount.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04672","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Assume that you are a public equities analyst. Answer the following question by primarily using information that is shown in the balance sheet: what is the year end FY2018 net PPNE for 3M? Answer in USD billions.","gold_answer":8.7,"model_answer":" Based on the information provided in the balance sheet, the year-end FY2018 net PP&E for 3M was $542 million. This is stated in the note at the bottom of the table, which mentions that the China\/Hong Kong net property, plant, and equipment (PP&E) was $542 million and $541 million at December 31, 2018, and 2017, respectively.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01865","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"If we exclude the impact of M&A, which segment has dragged down 3M's overall growth in 2022?","gold_answer":"The consumer segment shrunk by 0.9% organically.","model_answer":" Based on the information provided, if we exclude the impact of M&A, the segment that has dragged down 3M's overall growth in 2022 is the Transportation and Electronics segment. The company states that \"On an organic sales basis, sales increased in automotive and aerospace, commercial solutions, and advanced materials, but decreased in transportation safety and electronics.\" Additionally, the divestiture impact relates to lost Transportation and Electronics sales year-over-year from deconsolidation of the Aearo Entities in July 2022. This suggests that the Transportation and Electronics segment has had a negative impact on 3M's overall growth in 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01226","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove operating margin change as of FY2022 for 3M? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Operating Margin for 3M in FY2022 has decreased by 1.7% primarily due to: \n-Decrease in gross Margin\n-mostly one-off charges including Combat Arms Earplugs litigation, impairment related to exiting PFAS manufacturing, costs related to exiting Russia and divestiture-related restructuring\ncharges","model_answer":" Based on the information provided in the excerpt, the primary driver of the operating margin change in FY2022 for 3M was the increase in raw materials, logistics, and outsourced hardgoods manufacturing costs, which more than offset leverage from sales growth and benefits from restructuring actions and lower related charges. This is stated in the passage as follows: \"Business segment operating income margins decreased year-on-year as a result of increases in raw materials, logistics, and outsourced hardgoods manufacturing costs, manufacturing productivity impacts, and increased compensation and benefit costs that more than offset leverage from sales growth and benefits from restructuring actions and lower related charges.\"\n\nIt's worth noting that operating margin can be a useful metric for evaluating a company's profitability, as it shows the percentage of revenue that is left over after operating expenses have been deducted. However, it's important to consider other metrics as well, such as net income and earnings per share, to get a full picture of a company's financial performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00499","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Is 3M a capital-intensive business based on FY2022 data?","gold_answer":"No, the company is managing its CAPEX and Fixed Assets pretty efficiently, which is evident from below key metrics:\nCAPEX\/Revenue Ratio: 5.1%\nFixed assets\/Total Assets: 20%\nReturn on Assets= 12.4%","model_answer":" Yes, 3M appears to be a capital-intensive business based on FY2022 data. The company invests significant amounts in property, plant, and equipment, with a total of $1,749 million in 2022, up from $1,603 million in 2021. Additionally, 3M has a large number of employees, with a total of 92,000 employees as of December 31, 2022, which suggests that the company has a significant amount of assets and resources tied up in its workforce. Finally, 3M's focus on research and development, commercialization capability, and sustainability initiatives also suggests that it is a capital-intensive business.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01858","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does 3M maintain a stable trend of dividend distribution?","gold_answer":"Yes, not only they distribute the dividends on a routine basis, 3M has also been increasing the per share dividend for consecutive 65 years","model_answer":" Yes, 3M has maintained a stable trend of dividend distribution. The company has paid dividends since 1916 and has increased its dividend payout for 65 consecutive years, including a 1% increase in the first quarter of 2023. This suggests that 3M prioritizes returning cash to shareholders through dividends and has a consistent track record of doing so.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00807","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does 3M have a reasonably healthy liquidity profile based on its quick ratio for Q2 of FY2023? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio for 3M was 0.96 by Jun'23 close, which needs a bit of an improvement to touch the 1x mark","model_answer":" Based on the information provided, 3M's quick ratio for Q2 of FY2023 is not explicitly stated. However, we can calculate the quick ratio using the information provided in the financial statements.\n\nThe quick ratio is a liquidity metric that measures a company's ability to pay its short-term debts and other liabilities. It is calculated by dividing the sum of cash, cash equivalents, and accounts receivable by the sum of current liabilities and accounts payable.\n\nUsing the figures provided in the financial statements, we can calculate 3M's quick ratio for Q2 of FY2023 as follows:\n\nCash and cash equivalents: $4,307 million\nAccounts receivable: $8,961 million\nCurrent liabilities: $10,936 million\nAccounts payable: $2,597 million\n\nQuick Ratio = (Cash and cash equivalents + Accounts receivable) \/ (Current liabilities + Accounts payable)\n= ($4,307 + $8,961) \/ ($10,936 + $2,597)\n= 1.24\n\nTherefore, based on this calculation, 3M has a quick ratio of 1.24 for Q2 of FY2023, indicating that it has a reasonably healthy liquidity profile. A quick ratio of 1 or higher generally indicates that a company has sufficient liquid assets to cover its short-term obligations.\n\nIt's worth noting that the quick ratio may not be relevant to measure liquidity for all companies, especially those with unique business models or operating structures. In such cases, other metrics like the current ratio or the interest coverage ratio might be more appropriate measures of liquidity. However, for 3M, the quick ratio appears to be a useful metric for assessing its liquidity position.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00941","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under 3M's name as of Q2 of 2023?","gold_answer":"Following debt securities registered under 3M's name are listed to trade on the New York Stock Exchange:\n-1.500% Notes due 2026 (Trading Symbol: MMM26)\n-1.750% Notes due 2030 (Trading Symbol: MMM30)\n-1.500% Notes due 2031 (Trading Symbol: MMM31)","model_answer":" Based on the information provided, 3M has registered the following debt securities to trade on a national securities exchange as of Q2 2023:\n\n* Medium-term notes program (Series F), up to an aggregate principal amount of $18 billion\n* Fixed-rate registered notes, with a total principal amount of $500 million that matured in February 2023\n* Fixed-rate medium-term notes, with a total principal amount of $650 million that matured in March 2023\n* Fixed-rate medium-term notes, with a total principal amount of 600 million euros that matured in May 2023\n\nIt's worth noting that the Company may have other debt securities that are not registered to trade on a national securities exchange, but the above-mentioned securities are the ones that are specifically mentioned in the provided text as being registered to trade on a national securities exchange as of Q2 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_07966","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2017 - FY2019 3 year average of capex as a % of revenue for Activision Blizzard? Answer in units of percents and round to one decimal place. Calculate (or extract) the answer from the statement of income and the cash flow statement.","gold_answer":0.019,"model_answer":" Sure! Based on the information provided in the Statement of Income and Cash Flow Statement, we can calculate the 3-year average of capital expenditures (CapEx) as a percentage of revenue for Activision Blizzard.\n\nFirst, let's calculate the total CapEx for the three years:\n\nFY2017: $484 million (from the Statement of Cash Flows)\nFY2018: $509 million (from the Statement of Cash Flows)\nFY2019: $524 million (from the Statement of Cash Flows)\n\nTotal CapEx for 3 years: $1,527 million\n\nNext, let's calculate the total revenue for the same period:\n\nFY2017: $6,489 million (from the Statement of Operations)\nFY2018: $7,500 million (from the Statement of Operations)\nFY2019: $7,017 million (from the Statement of Operations)\n\nTotal revenue for 3 years: $21,006 million\n\nNow, we can calculate the 3-year average of CapEx as a percentage of revenue:\n\n(Total CapEx \/ Total revenue) x 100%\n= ($1,527 million \/ $21,006 million) x 100%\n= 7.26%\n\nSo, the FY2017 - FY2019 3-year average of capex as a % of revenue for Activision Blizzard is approximately 7.26%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02987","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2019 fixed asset turnover ratio for Activision Blizzard? Fixed asset turnover ratio is defined as: FY2019 revenue \/ (average PP&E between FY2018 and FY2019). Round your answer to two decimal places. Base your judgments on the information provided primarily in the statement of income and the statement of financial position.","gold_answer":24.26,"model_answer":" To calculate the fixed asset turnover ratio for Activision Blizzard in FY2019, we need to first calculate the average PP&E (Property, Plant, and Equipment) between FY2018 and FY2019.\n\nAccording to the Notes to Consolidated Financial Statements (continued), Long-lived assets by geographic region were as follows (amounts in millions):\n\nAt December 31,\n\n* 2019: $485\n* 2018: $282\n\nTherefore, the average PP&E between FY2018 and FY2019 is:\n\n($485 + $282) \/ 2 = $363.5 million\n\nNext, we need to calculate the FY2019 revenue. According to the Consolidated Statements of Operations, the total revenues for FY2019 were $7,292 million.\n\nNow, we can calculate the fixed asset turnover ratio for FY2019:\n\nFixed Asset Turnover Ratio = Revenue \/ Average PP&E\n= $7,292 million \/ $363.5 million\n= 19.52\n\nRounding this value to two decimal places gives us a fixed asset turnover ratio of 19.50 for Activision Blizzard in FY2019.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04735","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"You are an investment banker and your only resource(s) to answer the following question is (are): the statement of financial position and the cash flow statement. Here's the question: what is the FY2015 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places.","gold_answer":0.66,"model_answer":" Based on the information provided in the consolidated statements of cash flows, we can calculate the operating cash flow ratio for Adobe Systems Incorporated for fiscal year 2015 as follows:\n\nCash from operations: $1,474,873 (from the consolidated statement of cash flows for fiscal year 2015)\nTotal current liabilities: $3,557,417 (from the consolidated balance sheet at November 27, 2015)\n\nOperating cash flow ratio = Cash from operations \/ Total current liabilities\n= $1,474,873 \/ $3,557,417\n= 0.41 or 41%\n\nTherefore, the FY2015 operating cash flow ratio for Adobe is 41%. This means that for every dollar of current liability, Adobe generated 41 cents of operating cash flow in fiscal year 2015.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_07507","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Adobe's year-over-year change in unadjusted operating income from FY2015 to FY2016 (in units of percents and round to one decimal place)? Give a solution to the question by using the income statement.","gold_answer":0.654,"model_answer":" The year-over-year change in unadjusted operating income from FY2015 to FY2016 is 39%.\n\nExplanation:\nTo calculate the year-over-year change in unadjusted operating income, we need to compare the operating income for fiscal years 2015 and 2016. According to the income statement provided, the operating income for fiscal year 2015 was $903,095,000, while the operating income for fiscal year 2016 was $1,493,602,000.\n\nTherefore, the year-over-year change in unadjusted operating income can be calculated as follows:\nYear-over-year change = (Operating income FY2016 - Operating income FY2015) \/ Operating income FY2015\n= ($1,493,602,000 - $903,095,000) \/ $903,095,000\n= 39%\n\nSo, the year-over-year change in unadjusted operating income from FY2015 to FY2016 is 39%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03856","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2017 operating cash flow ratio for Adobe? Operating cash flow ratio is defined as: cash from operations \/ total current liabilities. Round your answer to two decimal places. Please utilize information provided primarily within the balance sheet and the cash flow statement.","gold_answer":0.83,"model_answer":" Sure! Based on the information provided in the balance sheet and cash flow statement, we can calculate the FY2017 operating cash flow ratio for Adobe as follows:\n\nCash from operations: $2,913,954 (from the consolidated statements of cash flows)\nTotal current liabilities: $3,407,335 (from the balance sheet)\n\nTherefore, the operating cash flow ratio for Adobe in FY2017 is:\n\nOperating cash flow ratio = Cash from operations \/ Total current liabilities\n= $2,913,954 \/ $3,407,335\n= 0.85 or 85%\n\nSo, the FY2017 operating cash flow ratio for Adobe is 0.85 or 85%. This means that for every dollar of total current liabilities, Adobe generated 85 cents of cash from operations.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00438","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Adobe have an improving operating margin profile as of FY2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No the operating margins of Adobe have recently declined from 36.8% in FY 2021 to 34.6% in FY2022. A drop by 2.2% in a year.","model_answer":" Based on the information provided in the Consolidated Statements of Income, Adobe's operating margin has been consistently high, ranging from 64% to 66% over the past three fiscal years (FY2022, FY2021, and FY2020). This suggests that Adobe does have an improving operating margin profile.\n\nThe reason why operating margin is a useful metric for a company like Adobe is that it reflects the efficiency of their business model and how well they are able to manage their costs. A high operating margin indicates that the company is generating significant profits from its sales and is effectively managing its cost structure. In Adobe's case, their high operating margin is likely due to their strong brand recognition, diverse product offerings, and subscription-based business model, which allows them to generate recurring revenue streams.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00591","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Adobe have an improving Free cashflow conversion as of FY2022?","gold_answer":"Yes, the FCF conversion (using net income as the denominator) for Adobe has improved by ~13% from 143% in 2021 to 156% in 2022","model_answer":" Yes, Adobe has shown improving free cash flow conversion as of FY2022. The company's free cash flow margin has increased from 28% in FY2020 to 34% in FY2022, indicating that it has been able to generate more free cash flow from its revenue growth while maintaining a consistent level of operating expenses. Additionally, Adobe's cash flows from operating activities have consistently been positive, with a net cash provided by operating activities of $5.7 billion in FY2022, up from $4.9 billion in FY2021 and $4.3 billion in FY2020. This suggests that the company has been able to effectively convert its revenue growth into free cash flow, which can be used for investments, dividends, or share repurchases.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10420","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Based on the information provided primarily in the statement of financial position and the statement of income, what is AES's FY2022 return on assets (ROA)? ROA is defined as: FY2022 net income \/ (average total assets between FY2021 and FY2022). Round your answer to two decimal places.","gold_answer":-0.02,"model_answer":" Based on the information provided, we can calculate AES's FY2022 return on assets (ROA) as follows:\n\nFY2022 Net Income: $1,203 million (see Note 11: Consolidated Statements of Operations for the years ended December 31, 2022 and 2021)\n\nAverage Total Assets: ($12,617 million + $11,141 million) \/ 2 = $11,879 million (see Note 10: Consolidated Balance Sheets at December 31, 2022 and 2021)\n\nTherefore, AES's FY2022 ROA is:\n\nROA = FY2022 Net Income \/ Average Total Assets\n= $1,203 million \/ $11,879 million\n= 0.102%\n\nRounding this value to two decimal places gives us an ROA of 0.10%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00540","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Roughly how many times has AES Corporation sold its inventory in FY2022? Calculate inventory turnover ratio for the FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"AES has converted inventory 9.5 times in FY 2022.","model_answer":" The AES Corporation's quarterly financial data for 2022 and 2021 includes information about the Company's revenue, operating margin, income (loss) from continuing operations, net of tax, and basic earnings (loss) per share. However, it does not provide direct information about the Company's inventory levels or inventory turnover ratio.\n\nTherefore, I cannot calculate the inventory turnover ratio for AES Corporation in FY2022 using the provided information. Inventory management may still be important for the company, but without further information, we cannot assess its effectiveness.","label":"Refusal"}
{"financebench_id":"financebench_id_01319","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in AES Corporation's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":0,"model_answer":" Based on the provided financial statements, restructuring costs are not explicitly outlined in AES Corporation's income statements for FY2022. Therefore, the quantity of restructuring costs is 0.","label":"Correct Answer"}
{"financebench_id":"financebench_id_08135","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Amazon's year-over-year change in revenue from FY2016 to FY2017 (in units of percents and round to one decimal place)? Calculate what was asked by utilizing the line items clearly shown in the statement of income.","gold_answer":0.308,"model_answer":" Sure! Based on the information provided in the Consolidated Statements of Operations, we can calculate the year-over-year change in revenue for Amazon as follows:\n\nYear-over-year change in revenue = (Revenue in 2017 - Revenue in 2016) \/ Revenue in 2016\n\nUsing the line items provided in the statement of income, we can calculate the revenue for each year as follows:\n\nRevenue in 2017 = Net product sales + Net service sales = $118,573 + $59,293 = $177,866\nRevenue in 2016 = Net product sales + Net service sales = $94,665 + $41,322 = $135,987\n\nNow, we can calculate the year-over-year change in revenue:\n\nYear-over-year change in revenue = ($177,866 - $135,987) \/ $135,987 = 29.5%\n\nSo, Amazon's year-over-year change in revenue from FY2016 to FY2017 is 29.5%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06655","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Amazon's FY2017 days payable outstanding (DPO)? DPO is defined as: 365 * (average accounts payable between FY2016 and FY2017) \/ (FY2017 COGS + change in inventory between FY2016 and FY2017). Round your answer to two decimal places. Address the question by using the line items and information shown within the balance sheet and the P&L statement.","gold_answer":93.86,"model_answer":" To calculate Amazon's FY2017 days payable outstanding (DPO), we need to first calculate the average accounts payable between FY2016 and FY2017. The average accounts payable can be calculated by taking the sum of the beginning and ending accounts payable balances and dividing it by 2.\n\nBeginning accounts payable (December 31, 2016) = $25,309\nEnding accounts payable (December 31, 2017) = $34,616\nAverage accounts payable = ($25,309 + $34,616) \/ 2 = $29,963\n\nNext, we need to calculate the cost of goods sold (COGS) for FY2017. COGS can be found on the consolidated statements of operations as \"Cost of sales\" (line item 2).\n\nCOGS (FY2017) = $114,817\n\nWe also need to calculate the change in inventory between FY2016 and FY2017. The change in inventory can be calculated by subtracting the beginning inventory balance from the ending inventory balance.\n\nBeginning inventory (December 31, 2016) = $11,461\nEnding inventory (December 31, 2017) = $16,047\nChange in inventory = $4,586\n\nNow we have all the necessary information to calculate DPO:\n\nDPO = 365 * ($29,963 \/ ($114,817 + $4,586)) = 77.9 days\n\nRounding this number to two decimal places gives us a DPO of approximately 78 days for Amazon in FY2017.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_08286","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"By drawing conclusions from the information stated only in the income statement, what is Amazon's FY2019 net income attributable to shareholders (in USD millions)?","gold_answer":11588,"model_answer":" Based on the information provided in the income statement, Amazon's FY2019 net income attributable to shareholders is $11,588 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03882","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Amcor's year end FY2020 net AR (in USD millions)? Address the question by adopting the perspective of a financial analyst who can only use the details shown within the balance sheet.","gold_answer":1616,"model_answer":" As a financial analyst, I can see from the balance sheet that Amcor's year-end FY2020 net AR (accounts receivable, net of allowance for credit losses) is $3,140.7 million. This information is found in the Note 23 - Quarterly Financial Information (Unaudited) section of the balance sheet, which lists the quarterly financial data for the fiscal year ended June 30, 2020. The net AR amount represents the total accounts receivable minus the allowance for credit losses, and it reflects the company's outstanding debts that are owed by its customers.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01935","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What was the key agenda of the AMCOR's 8k filing dated 1st July 2022?","gold_answer":"Amcor Finance (USA), Inc. and Amcor Flexibles North America, Inc., entered into supplemental indentures relating to Guaranteed Senior Notes due 2026 and 2028. This involved the substitution of the Substitute Issuer (Amcor Flexibles North America) for the Former Issuer (Amcor Finance) and the assumption of covenants under the indentures. (In essence a novation agreement)","model_answer":" The key agenda of AMCOR's 8-K filing dated July 1, 2022, was to provide information about the Second Supplemental Indenture, which was entered into by Amcor Finance (USA), Inc., Amcor Flexibles North America, Inc., and Deutsche Bank Trust Company Americas on June 30, 2022. This Supplemental Indenture modified the Indenture dated April 28, 2016, as amended and\/or supplemented from time to time, under which the Securities were issued. The Second Supplemental Indenture changed the issuer of the securities from Amcor Finance (USA), Inc. to Amcor Flexibles North America, Inc.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01936","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the nature & purpose of AMCOR's restructuring liability as oF Q2 of FY2023 close?","gold_answer":"87% of the total restructuring liability is related Employee liabilities.","model_answer":" Based on the information provided in Amcor plc's Quarterly Report on Form 10-Q for the quarter ended December 31, 2022, the nature and purpose of the company's restructuring liability as of the second quarter (Q2) of fiscal year 2023 are not explicitly disclosed. The report does not provide a specific mention of any restructuring liability or expense related to the company's reorganization efforts during the period.\n\nHowever, it is worth noting that Amcor plc has been undergoing a transformation program aimed at simplifying its operations, improving efficiency, and reducing costs. This program may have resulted in some restructuring charges or liabilities, but the details of these are not presented in the Q2 2023 report. It is possible that more information about the restructuring liability will be provided in subsequent reports or filings.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01930","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How much was the Real change in Sales for AMCOR in FY 2023 vs FY 2022, if we exclude the impact of FX movement, passthrough costs and one-off items?","gold_answer":"The Real Growth was flat in FY 2023 vs FY 2022.","model_answer":" 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, can be calculated as follows:\n\nFirst, we need to calculate the reported sales growth for Amcor in FY 2023 vs FY 2022. Based on the information provided, net sales for the Amcor Group increased by 1% on a reported basis.\n\nNext, we need to adjust for the impact of foreign exchange rates. Movements in foreign exchange rates had no material impact on net sales for the quarter. Therefore, the impact of FX movement on sales is zero.\n\nThird, we need to adjust for the pass-through of higher raw material costs. Price increases of approximately $775 million (representing 5% growth) related to the pass through of higher raw material costs. This means that without the pass-through costs, sales would have been 5% lower.\n\nFourth, we need to adjust for one-off items. There were no significant one-off items affecting comparability in FY 2023 or FY 2022.\n\nTherefore, 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, can be calculated as follows:\n\nReported sales growth: 1%\nAdjustment for FX movement: 0%\nAdjustment for pass-through costs: -5%\nAdjustment for one-off items: 0%\nReal sales growth: -4%\n\nSo, 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, was a decline of 4%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01928","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What Was AMCOR's Adjusted Non GAAP EBITDA for FY 2023","gold_answer":"AMCOR's Adj. EBITDA was $2,018mn in FY 2023","model_answer":" Sure! Based on the information provided in the reconciliation of non-GAAP measures, Amcor's adjusted non-GAAP EBITDA for fiscal year 2023 was $1,829 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00799","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has AMCOR's quick ratio improved or declined between FY2023 and FY2022? If the quick ratio is not something that a financial analyst would ask about a company like this, then state that and explain why.","gold_answer":"The quick ratio has slightly improved from 0.67 times to 0.69 times between FY 2023 and FY 2022.(3.4% jump)","model_answer":" The quick ratio, also known as the acid-test ratio, is a financial metric that measures a company's ability to pay its short-term liabilities with its liquid assets. It is calculated by dividing a company's quick assets (cash, accounts receivable, and inventories) by its current liabilities.\n\nBased on the information provided in Amcor plc's Annual Report on Form 10-K for the fiscal year ended June 30, 2023, the company's quick ratio has improved compared to the previous fiscal year. The quick ratio for fiscal year 2023 was 0.84, while it was 0.76 in fiscal year 2022. This improvement suggests that Amcor plc has become more capable of meeting its short-term obligations with its liquid assets.\n\nThe quick ratio is an important metric for financial analysts to consider when evaluating a company's financial health because it provides insight into a company's ability to manage its short-term financial obligations. A higher quick ratio generally indicates that a company is in a better position to cover its short-term liabilities and respond to unexpected expenses or revenue disruptions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01079","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are major acquisitions that AMCOR has done in FY2023, FY2022 and FY2021?","gold_answer":"Amcor completed these acquisitions during FY2023:\n-100% equity interest of a flexibles manufacturing company in the Czech Republic\n- 100% equity interest in a medical device packaging manufacturing site in\nShanghai, China.\n-acquisition of a New Zealand-based leading manufacturer of state-of-the-art, automated protein\npackaging machines.","model_answer":" Based on the information provided in the given pieces of context, Amcor has made the following acquisitions in the mentioned fiscal years:\n\n* FY2023: Amcor signed an agreement to acquire a small manufacturer of flexible packaging for food, home care, and personal care applications in India.\n* FY2022: No significant acquisitions were mentioned in the provided context for FY2022.\n* FY2021: No significant acquisitions were mentioned in the provided context for FY2021.\n\nTherefore, Amcor's major acquisition in the mentioned fiscal years was the one made in FY2023, which was the acquisition of a small manufacturer of flexible packaging for food, home care, and personal care applications in India.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01148","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What industry does AMCOR primarily operate in?","gold_answer":"Amcor is a global leader in packaging production for various use cases.","model_answer":" Based on the provided information, AMCOR primarily operates in the packaging industry, specifically in the development and production of responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00684","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does AMCOR have an improving gross margin profile as of FY2023? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"No. For AMCOR there has been a slight decline in gross margins by 0.8%.","model_answer":" Based on the information provided in the Consolidated Statements of Income, Amcor's gross profit margin has decreased from 19.4% in FY2022 to 18.5% in FY2023. This suggests that Amcor's gross margin profile is not improving as of FY2023.\n\nHowever, it's important to note that the decrease in gross profit margin is mainly due to the negative impact of disposed and ceased operations, unfavorable plant costs, and unfavorable SG&A and other costs, which were largely impacted by inflationary pressures. These factors may not necessarily reflect a long-term trend in Amcor's gross margin profile.\n\nIn addition, it's worth mentioning that the packaging industry, where Amcor operates, is highly competitive, and companies in this industry often face pressure to maintain their pricing power and profitability amidst raw material cost fluctuations and changing customer preferences. Therefore, while Amcor's gross margin profile may not be improving in the short term, the company's ability to innovate, differentiate its products, and manage its costs will continue to play a crucial role in determining its long-term profitability.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03069","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Answer the following question as if you are an equity research analyst and have lost internet connection so you do not have access to financial metric providers. According to the details clearly outlined within the P&L statement and the statement of cash flows, what is the FY2015 depreciation and amortization (D&A from cash flow statement) % margin for AMD?","gold_answer":0.042,"model_answer":" As an equity research analyst, I can calculate the FY2015 depreciation and amortization (D&A) % margin for AMD using the information provided in the P&L statement and the statement of cash flows.\n\nFirstly, we need to calculate the total depreciation and amortization expense for FY2015. We can find this information in the statement of cash flows, where it states that \"Depreciation and amortization\" was $167 million.\n\nNext, we need to calculate the gross profit for FY2015. We can find this information in the P&L statement, where it states that the cost of sales was $2,911 million and the gross margin was 27%. Therefore, the gross profit for FY2015 was $1,080 million ($3,991 million - $2,911 million).\n\nNow, we can calculate the D&A % margin by dividing the total depreciation and amortization expense by the gross profit:\n\nD&A % margin = (Total Depreciation and Amortization Expense \/ Gross Profit) x 100%\n= ($167 million \/ $1,080 million) x 100%\n= 15.4%\n\nTherefore, the FY2015 depreciation and amortization (D&A) % margin for AMD is approximately 15.4%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00917","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove operating margin change as of the FY22 for AMD? If operating margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"The decrease in AMD's operating income was primarily driven by amortization of intangible assets associated with the Xilinx acquisition","model_answer":" The operating margin change for AMD in FY22 was driven by several factors, including the acquisition of Xilinx, Inc., which expanded AMD's technology and product portfolio and established the company in multiple embedded markets where it had traditionally not had a significant presence. Additionally, AMD experienced growth in its semi-custom SoC products, which have higher margins compared to other product lines. However, the company also faced increased competition and pricing pressure in certain markets, which impacted its gross margin. Furthermore, AMD had to absorb additional operating expenses related to the integration of Xilinx into its operations. As a result, the company's operating margin percentage decreased in FY22 compared to the previous year.\n\nOperating margin can be a useful metric for evaluating a company's profitability, as it provides insight into the efficiency of its operations and how well it is generating profits from its revenue. However, for a company like AMD that has recently undergone a significant acquisition and is facing industry-specific challenges, it may be more informative to consider other metrics as well, such as net income or cash flow from operations, to get a fuller picture of the company's financial performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01198","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove revenue change as of the FY22 for AMD?","gold_answer":"In 2022, AMD reported Higher sales of their EPYC server processors, higher semi-custom product sales, and the inclusion of Xilinx embedded product sales","model_answer":" Sure! Based on the information provided, the revenue change for AMD in FY22 was primarily driven by a 24% decrease in unit shipments, partially offset by a 19% increase in average selling price. The decrease in unit shipments was due to challenging PC market conditions and significant inventory correction across the PC supply chain experienced during the second half of 2022. The increase in average selling price was primarily driven by a richer mix of Ryzen mobile processor sales.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00757","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Did AMD report customer concentration in FY22?","gold_answer":"Yes, one customer accounted for 16% of consolidated net revenue","model_answer":" Yes, AMD did report customer concentration in FY22. According to the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, one customer accounted for 16% of their consolidated net revenue for the year ended December 31, 2022. The customer was identified as a customer in the gaming segment.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01279","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for AMD in FY22?","gold_answer":"In 2022, AMD brought in the most cashflow from Operations","model_answer":" Based on the information provided in the Consolidated Statements of Cash Flows, the operating activities of AMD brought in the most cash flow in FY22, with a total of $3.6 billion in net cash provided by operating activities. This was primarily due to the company's net income of $1.3 billion, adjusted for non-cash adjustments of $4.1 billion, as well as net cash outflows of $1.8 billion from changes in operating assets and liabilities. In contrast, the investing activities of AMD used up $686 million in cash in FY22, while the financing activities provided $2 billion in cash. Therefore, among the three categories, operating activities had the highest positive impact on AMD's cash flow in FY22.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00563","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"From FY21 to FY22, excluding Embedded, in which AMD reporting segment did sales proportionally increase the most?","gold_answer":"Data Center","model_answer":" Based on the information provided in the Form 10-K for the fiscal year ended December 25, 2022, the reporting segment where sales proportionally increased the most, excluding Embedded, is the Gaming segment. According to the table on page 99, Gaming segment revenue increased by 17% from 2021 to 2022, while Client segment revenue decreased by 10%. Therefore, the answer is (b) Gaming.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00222","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does AMD have a reasonably healthy liquidity profile based on its quick ratio for FY22? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"Yes. The quick ratio is 1.57, calculated as (cash and cash equivalents+Short term investments+Accounts receivable, net+receivables from related parties)\/ (current liabilities).","model_answer":" Based on the information provided in the consolidated balance sheets, AMD's quick ratio for FY22 is not readily available. The quick ratio is a liquidity metric that measures a company's ability to pay its short-term debts and other liabilities with its current assets. To calculate the quick ratio, we would need to know the value of AMD's current assets and current liabilities.\n\nHowever, based on the information provided, we can see that AMD has a significant amount of cash and cash equivalents, short-term investments, accounts receivable, and other current assets that could be used to pay off its current liabilities. Additionally, AMD's current liabilities are relatively low compared to its total assets. This suggests that AMD has a reasonably healthy liquidity profile.\n\nIt's worth noting that the quick ratio may not be the most relevant metric to measure liquidity for AMD given its specific business model and industry. For example, AMD's business may be heavily reliant on long-term contracts or have unique payment terms that affect its liquidity. In such cases, other metrics like the current ratio or cash flow from operations may provide a better picture of AMD's liquidity.","label":"Refusal"}
{"financebench_id":"financebench_id_00995","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are the major products and services that AMD sells as of FY22?","gold_answer":"AMD sells server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and Adaptive System-on-Chip (SoC) products for data centers; CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers; discrete GPUs, and semi-custom SoC products and development services; and embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.","model_answer":" Based on the information provided in the Notes to Consolidated Financial Statements, NOTE 1 \u2013 The Company, Advanced Micro Devices, Inc. (AMD) sells the following products and services as of FY22:\n\n* x86 microprocessors (CPUs)\n* Graphics processing units (GPUs)\n* Accelerated processing units (APUs)\n* Chipsets\n* Data center and professional GPUs\n* Embedded processors\n* Semi-custom System-on-Chip (SoC) products\n* Microprocessor and SoC development services and technology\n* Data processing units (DPUs)\n* Field Programmable Gate Arrays (FPGAs)\n* Adaptive SoC products\n\nAdditionally, AMD may sell or license portions of its intellectual property (IP) portfolio from time to time.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01964","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What was the largest liability in American Express's Balance Sheet in 2022?","gold_answer":"Customer deposits","model_answer":" The largest liability in American Express's Balance Sheet in 2022 was Long-Term Debt, which amounted to $42,573 million. This is stated in the Table of Contents under \"Long-Term Debt\" for the year ended December 31, 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01981","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Was American Express able to retain card members during 2022?","gold_answer":"Yes","model_answer":" Unfortunately, I don't have enough information to give a clear answer to that question. The provided text does not mention card member retention specifically, so I cannot provide an affirmative or negative response.","label":"Refusal"}
{"financebench_id":"financebench_id_00720","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove gross margin change as of the FY2022 for American Express? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"Performance is not measured through gross margin","model_answer":" The question asks about the driving factors behind the gross margin change for American Express in FY2022. However, I must point out that gross margin may not be a useful metric for a company like American Express, as it primarily deals with financial services and not physical goods.\n\nInstead, it would be more appropriate to focus on metrics such as revenue growth, profitability, and customer acquisition costs. These metrics can provide insights into American Express's financial performance and how it compares to previous years.\n\nTherefore, I cannot provide an answer to the original question regarding gross margin change for American Express in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00723","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does AMEX have an improving operating margin profile as of 2022? If operating margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Performance is not measured through operating margin","model_answer":" Based on the information provided in the Table of Contents, American Express Company's operating margin profile improved in 2022. The company reported an operating margin of 12.8% in 2022, up from 11.5% in 2021. This improvement suggests that American Express Company's efforts to drive growth momentum and accelerate new card acquisitions are paying off. Additionally, the company's focus on marketing and business development expenses, which increased 24% year-over-year, has contributed to the growth in operating margin.\n\nHowever, it's worth noting that the usefulness of operating margin as a metric for evaluating American Express Company's performance may be limited due to the company's unique business model and industry. As a financial services company, American Express Company's profitability is heavily influenced by interest rates, credit reserve builds, and net losses associated with its Amex Ventures equity investments. These factors can impact the company's operating margin and make it difficult to compare with other companies in different industries. Therefore, while the improving operating margin profile is a positive sign, it's essential to consider other metrics and factors when evaluating American Express Company's overall financial performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01028","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are the geographies that American Express primarily operates in as of 2022?","gold_answer":"United States, EMEA, APAC, and LACC","model_answer":" Sure! Based on the information provided in the passage, American Express primarily operates in approximately 103 countries and territories as of 2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00476","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under American Express' name as of 2022?","gold_answer":"There are none","model_answer":" Sure! Based on the information provided in Exhibit 4.1 of the SEC filing, the following debt securities are registered to trade on a national securities exchange under American Express' name as of 2022:\n\n* None\n\nThe exhibit lists the instruments defining the rights of holders of long-term debt securities of the Company and its subsidiaries, which are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The Company agrees to furnish copies of these instruments to the SEC upon request. Therefore, we can conclude that there are no debt securities registered to trade on a national securities exchange under American Express' name as of 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01351","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How much has the effective tax rate of American Express changed between FY2021 and FY2022?","gold_answer":"The effective tax rate for American Express has changed\/dropped from 24.6% in FY 2021 to 21.6% in FY 2022.","model_answer":"The effective tax rate of American Express decreased from 24.6% in FY2021 to 21.6% in FY2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05718","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How much (in USD billions) did American Water Works pay out in cash dividends for FY2020? Compute or extract the answer by primarily using the details outlined in the statement of cash flows.","gold_answer":0.4,"model_answer":" The answer to your question can be found in the Consolidated Statements of Cash Flows section of the financial statements. In the CASH FLOWS FROM OPERATING ACTIVITIES section, it states that \"Dividends ($1.82 declared per common share)\" were $327 million. Therefore, the answer to your question is $327 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04254","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Basing your judgments off of the cash flow statement and the income statement, what is American Water Works's FY2021 unadjusted operating income + depreciation and amortization from the cash flow statement (unadjusted EBITDA) in USD millions?","gold_answer":1832,"model_answer":" Sure! Based on the information provided in the Cash Flow Statement and Income Statement, we can calculate American Water Works's FY2021 unadjusted operating income + depreciation and amortization (EBITDA) as follows:\n\nUnadjusted Operating Income:\nFrom the Income Statement, we have:\nOperating income = $1,196 million\n\nDepreciation and Amortization:\nFrom the Cash Flow Statement, we have:\nDepreciation and amortization = $636 million\n\nTherefore, Unadjusted EBITDA = Operating income + Depreciation and Amortization\n= $1,196 million + $636 million\n= $1,832 million\n\nSo, American Water Works's FY2021 unadjusted EBITDA is $1,832 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00070","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does American Water Works have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. American Water Works had postivie working capital of $ 124Mn by FY 2022.","model_answer":" Based on the information provided in the Consolidated Balance Sheets for American Water Works Company, Inc. and Subsidiary Companies for the year ended December 31, 2022, the company has negative working capital. This is calculated by subtracting the total current liabilities ($10,926) from the total current assets ($1,250), resulting in a negative working capital balance of $9,676.\n\nWorking capital is typically considered a useful metric for companies because it provides insight into a company's ability to pay its short-term debts and obligations. A negative working capital indicates that a company may struggle to meet its short-term financial obligations, which could impact its financial health and stability. However, it's important to note that working capital may not be a relevant metric for all companies, particularly those with unique business models or industry-specific factors that affect their liquidity and cash flow.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02608","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"In agreement with the information outlined in the income statement, what is the FY2015 - FY2017 3 year average net profit margin (as a %) for Best Buy? Answer in units of percents and round to one decimal place.","gold_answer":0.028,"model_answer":" Based on the information provided in the income statement, the FY2015 - FY2017 3-year average net profit margin for Best Buy is 2.6%.\n\nHere's how I calculated it:\n\nFY2015: Net earnings from continuing operations attributable to Best Buy Co., Inc. shareholders = $897 million; Revenue = $39,528 million\nFY2016: Net earnings from continuing operations attributable to Best Buy Co., Inc. shareholders = $1,207 million; Revenue = $39,403 million\nFY2017: Net earnings from continuing operations attributable to Best Buy Co., Inc. shareholders = $1,375 million; Revenue = $39,403 million\n\nAverage revenue for the three years = ($39,528 + $39,403 + $39,403) \/ 3 = $39,460 million\nAverage net earnings from continuing operations attributable to Best Buy Co., Inc. shareholders for the three years = ($897 + $1,207 + $1,375) \/ 3 = $1,136 million\n\nTherefore, the FY2015 - FY2017 3-year average net profit margin for Best Buy is 2.6% (1,136 \/ 39,460 x 100).","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04417","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the year end FY2019 total amount of inventories for Best Buy? Answer in USD millions. Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5409,"model_answer":" The total amount of inventories for Best Buy at the end of FY2019 is not directly stated in the provided financial statements. However, we can calculate it using the information given in the balance sheets.\n\nAs of February 2, 2019, the Company had $4,607 million in inventory (see Note 15, Retail square footage). This amount represents the retail value of the inventory, which is recorded net of reserves for obsolescence and shrinkage.\n\nTherefore, the year-end FY2019 total amount of inventories for Best Buy is $4,607 million, as reported in the Company's consolidated balance sheet.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01077","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are major acquisitions that Best Buy has done in FY2023, FY2022 and FY2021?","gold_answer":"Best Buy closed two acquisitions, both these companies were already partially owned by Best Buy, but Best Buy acquired all outstanding shares of these two companies during FY 2022: (1) Current Health Ltd and (2) Two Peaks, LLC d\/b\/a Yardbird Furniture","model_answer":" Sure! Based on the information provided in the given context, here are the major acquisitions made by Best Buy in FY2023, FY2022, and FY2021:\n\nFY2023 (ended January 28, 2023):\n\n* Acquisition of Nichols Distribution, LLC (a distributor of outdoor living products) for net cash consideration of $79 million.\n\nFY2022 (ended January 29, 2022):\n\n* No material acquisitions were mentioned in the given context for FY2022.\n\nFY2021 (ended January 30, 2021):\n\n* Acquisition of Pacific Sales Kitchen and Bath Centers, LLC (a chain of kitchen and bath remodeling stores) for an undisclosed amount.\n\nIt's worth noting that these are just the major acquisitions mentioned in the given context and there may have been other smaller acquisitions or investments made by Best Buy in these fiscal years that are not mentioned in the provided information.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01275","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Best Buy in FY2023?","gold_answer":"Best Buy generated the most cash flow from operating activities in FY 2023 ($1.8 bn)","model_answer":" Based on the information provided, the operating activities of Best Buy brought in the most cash flow in FY2023. According to the Consolidated Statements of Cash Flows, the total cash provided by operating activities was $1,824 million, while the total cash used in investing activities was $(962) million, and the total cash used in financing activities was $(1,806) million. Therefore, the operating activities had a positive cash flow of $1,824 million, while the investing and financing activities had negative cash flows of $(962) million and $(1,806) million, respectively.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00685","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Are Best Buy's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Yes, the margins have been consistent, there has been a minor decline of 1.1% in gross margins between FY2022 and FY2023.","model_answer":" Based on the information provided in the context, Best Buy's gross margins have not been historically consistent, and they have fluctuated by more than roughly 2% each year. The company's gross profit rate decreased in fiscal 2023, primarily due to lower product margin rates, including increased promotions, lower services margin rates, driven by the incremental customer benefits and associated costs from its Best Buy Totaltech membership offering compared to its previous Total Tech Support offer, and options for each location, including whether a store should remain open.\n\nIn addition, the company's gross margin has been impacted by various factors such as the lapping of strong sales in fiscal 2022 and fiscal 2021 that were driven by heightened demand during the pandemic for stay-at-home focused purchases and the benefit of government stimulus payments, the shift of consumer spending back into service areas such as travel and dining, and the effects of macroeconomic factors driving, for example, lower forecasted revenue growth.\n\nTherefore, it can be concluded that gross margins are not a relevant metric for a company like Best Buy, as they are heavily influenced by external factors beyond the company's control, and the company's business model is not designed to maintain stable gross margins. Instead, Best Buy focuses on providing a wide range of products and services to its customers, and its business performance is largely dependent on consumer spending patterns and preferences.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01902","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which Best Buy product category performed the best (by top line) in the domestic (USA) Market during Q2 of FY2024?","gold_answer":"The entertainment segment experienced the highest growth of 9% during Q2 FY2024, primarily from gaming division.","model_answer":" Based on the information provided, the Best Buy product category that performed the best (by top line) in the domestic (USA) market during Q2 of FY2024 was Computing and Mobile Phones, with a comparable sales percentage change of (6.4)%. This means that the revenue for this category decreased by 6.4% compared to the same period in the previous year.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00288","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Was there any drop in Cash & Cash equivalents between FY 2023 and Q2 of FY2024?","gold_answer":"Yes, there was a decline of ~42% between FY2023 and Q2 of FY 2024.","model_answer":" Yes, there was a decrease in cash and cash equivalents between FY 2023 and Q2 of FY2024. The table shows that cash and cash equivalents decreased from $1,874 million in FY 2023 to $1,093 million in Q2 of FY2024. This represents a drop of $781 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00460","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Was there any change in the number of Best Buy stores between Q2 of FY2024 and FY2023?","gold_answer":"Yes, there is decline in number stores by 1.32% from 982 stores in Q2 FY 2023 to 969 by the end of Q2 FY2024.","model_answer":" Yes, there was a change in the number of Best Buy stores between Q2 of FY2024 and FY2023. According to the information provided, Best Buy had 908 stores at the beginning of Q2 of FY2024, and 931 stores at the end of Q2 of FY2024. This represents an increase of 23 stores during the quarter. Additionally, the company opened 5 Outlet Centers during the quarter, bringing the total number of Best Buy stores and Outlet Centers to 969 at the end of Q2 of FY2024.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04660","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Considering the data in the balance sheet, what is Block's (formerly known as Square) FY2016 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":1.73,"model_answer":" Sure! Based on the information provided in the balance sheet, we can calculate Block's (formerly known as Square) FY2016 working capital ratio as follows:\n\nTotal current assets: $1,001,425\nTotal current liabilities: $705,563\n\nWorking capital ratio: $1,001,425 \/ $705,563 = 1.43\n\nRounding to two decimal places, the working capital ratio for FY2016 is 1.43.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_07661","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Using the cash flow statement, answer the following question to the best of your abilities: how much did Block (formerly known as Square) generate in cash flow from operating activities in FY2020? Answer in USD millions.","gold_answer":382,"model_answer":" Sure! Based on the information provided in the cash flow statement, Block (formerly known as Square) generated $381.6 million in cash flow from operating activities in FY2020.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03838","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square)? Answer in units of percents and round to one decimal place. Approach the question asked by assuming the standpoint of an investment banking analyst who only has access to the statement of income.","gold_answer":1.015,"model_answer":" The FY2019 - FY2020 total revenue growth rate for Block (formerly known as Square) is 34.8%.\n\nTo calculate this, we can look at the total net revenue for both years:\n\nFY2019: $3,298,177\nFY2020: $9,497,578\n\nThe difference between these two numbers is $6,209,401. To calculate the percentage increase, we can divide this number by the FY2019 revenue, then multiply by 100:\n\n($6,209,401 \/ $3,298,177) * 100 = 34.8%\n\nSo, the total revenue growth rate for Block (formerly known as Square) from FY2019 to FY2020 was 34.8%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10285","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"We need to calculate a financial metric by using information only provided within the balance sheet. Please answer the following question: what is Boeing's year end FY2018 net property, plant, and equipment (in USD millions)?","gold_answer":12645,"model_answer":" Based on the information provided in the Consolidated Statements of Financial Position, the net property, plant, and equipment for Boeing at the end of fiscal year 2018 is $12,645 million.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01091","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has Boeing reported any materially important ongoing legal battles from FY2022?","gold_answer":"Yes. Multiple lawsuits have been filed against Boeing resulting from a 2018 Lion Air crash and a 2019 Ethiopian Airlines crash.","model_answer":" Yes, Boeing has reported several materially important ongoing legal battles as of FY2022. The company has been involved in multiple legal actions related to the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302, including a Deferred Prosecution Agreement with the U.S. Department of Justice that resolved the Department of Justice\u2019s investigation into Boeing regarding the evaluation of the 737 MAX by the Federal Aviation Administration. Additionally, the company faces risks related to legal and regulatory matters, including the outcome of litigation and government inquiries and investigations involving its business, which could have a material effect on its financial position and results of operations.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01290","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Who are the primary customers of Boeing as of FY2022?","gold_answer":"Boeing's primary customers as of FY2022 are a limited number of commercial airlines and the US government. The US government accounted for 40% of Boeing's total revenues in FY2022.","model_answer":" Based on the information provided in the Table of Contents, the primary customers of Boeing as of FY2022 are:\n\n* Commercial airlines worldwide, particularly in the Middle East and Asia Pacific regions\n* Non-U.S. airlines, who represent a significant portion of Commercial Airplanes' total backlog\n* The U.S. government, which is served by Boeing's Defense, Space & Security (BDS) segment\n\nIt's worth noting that while the text mentions the impact of sanctions and export controls on Boeing's operations in Russia, it does not specify whether Russian airlines are among Boeing's primary customers.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00464","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Is Boeing's business subject to cyclicality?","gold_answer":"Yes, Boeing's business is subject to cyclicality due to its exposure to the airline industry which is a cyclical industry.","model_answer":" Yes, Boeing's business is subject to cyclicality. The company itself states that the airline industry is cyclical and very competitive, and experiences significant profit swings and constant challenges to be more cost competitive. Additionally, the company notes that significant deterioration in the global economic environment, the airline industry generally, or the financial stability of one or more of its major customers could result in fewer new orders for aircraft or services, or could cause customers to seek to postpone or cancel contractual orders and\/or payments to the company, which could result in lower revenues, profitability, and cash flows and a reduction in its contractual backlog.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00517","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Are there any product categories \/ service categories that represent more than 20% of Boeing's revenue for FY2022?","gold_answer":"Yes. Boeing has product and service categories that represent more than 20% of Boeing's revenue for FY2022. These categories are Commercial Airplanes which comprises 39% of total revenue, Defence which comprises 35% of total revenue and Services which comprises 26% of total revenue.","model_answer":" Yes, there are two product categories that represent more than 20% of Boeing's revenue for FY2022:\n\n1. Commercial Airplanes: Revenues from commercial airplanes were $25,867 million, representing 41% of total revenues.\n2. Defense, Space & Security: Revenues from defense, space & security were $23,162 million, representing 35% of total revenues.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00494","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What production rate changes is Boeing forecasting for FY2023?","gold_answer":"Boeing forecasts an increase in the production rates for the 737, 777X and 787 aircrafts in 2023.","model_answer":" Based on the information provided, Boeing is forecasting a gradual increase in production rates for the 737 program to 5 per month in 2023. However, it's important to note that the exact production rate changes for FY2023 are not explicitly stated in the given text.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00585","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How does Boeing's effective tax rate in FY2022 compare to FY2021?","gold_answer":"Effective tax rate in FY2022 was 0.62%, compared to  -14.76% in FY2021.","model_answer":" Based on the information provided in the Notes to the Consolidated Financial Statements, Boeing's effective tax rate in FY2022 was (3.5%) compared to 14.4% in FY2021. This significant decrease in effective tax rate is mainly attributed to the reach-forward loss on the 787 program recorded in FY2021, which resulted in a higher tax benefit in FY2022. Additionally, the non-operating pension income included in Other income, net, also contributed to the decrease in effective tax rate in FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00678","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Boeing have an improving gross margin profile as of FY2022? If gross margin is not a useful metric for a company like this, then state that and explain why.","gold_answer":"Yes. Boeing has an improving gross margin profile as of FY2022. Gross profit improved from $3,017 million in FY2021 to $3,502 million in FY2022. Gross margin % improved from 4.8% in FY2021 to 5.3% in FY2022.","model_answer":" Based on the information provided in the Consolidated Statements of Operations and the Notes to the Consolidated Financial Statements, it appears that Boeing's gross margin profile has improved slightly from 2020 to 2022.\n\nIn 2020, Boeing's consolidated gross margin was 15.5%, which decreased to 13.8% in 2021, but then increased to 16.3% in 2022. This suggests that Boeing's gross margin profile has improved over the past two years.\n\nHowever, it's worth noting that the improvement in gross margin may be attributed to various factors such as cost-cutting measures, product mix, and pricing strategies, rather than just an increase in revenue. Additionally, the gross margin percentage can fluctuate based on the mix of commercial and defense contracts, as well as the profitability of each program. Therefore, it's important to consider other metrics as well when evaluating Boeing's financial performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03473","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2017 return on assets (ROA) for Coca Cola? ROA is defined as: FY2017 net income \/ (average total assets between FY2016 and FY2017). Round your answer to two decimal places. Give a response to the question by relying on the details shown in the balance sheet and the P&L statement.","gold_answer":0.01,"model_answer":" To calculate the FY2017 return on assets (ROA) for Coca Cola, we need to first calculate the average total assets between FY2016 and FY2017. We can do this by taking the sum of total assets for both years and dividing by 2:\n\nAverage total assets = (Total assets FY2016 + Total assets FY2017) \/ 2\n= ($87,270 + $91,968) \/ 2\n= $94,619\n\nNext, we can calculate the FY2017 net income using the following formula:\n\nFY2017 net income = Net income attributable to shareowners of The Coca-Cola Company - Preferred stock dividends\n= $1,248 - $13\n= $1,235\n\nNow we can calculate the ROA using the formula provided:\n\nROA = FY2017 net income \/ Average total assets\n= $1,235 \/ $94,619\n= 0.013067\n\nRounding to two decimal places, the FY2017 ROA for Coca Cola is 0.0131 or 1.31%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_09724","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Coca Cola's FY2021 COGS % margin? Calculate what was asked by utilizing the line items clearly shown in the income statement.","gold_answer":0.397,"model_answer":" Sure, I can help you with that!\n\nTo calculate Coca Cola's FY2021 COGS % margin, we need to use the following line items from the Consolidated Statements of Income:\n\n* Net Operating Revenues: $38,655 million\n* Cost of goods sold: $15,357 million\n\nThe formula to calculate the COGS % margin is:\nCOGS % margin = (Cost of goods sold \/ Net Operating Revenues) x 100%\n\nNow, let's plug in the numbers:\nCOGS % margin = ($15,357 million \/ $38,655 million) x 100%\n= 40.06%\n\nSo, Coca Cola's FY2021 COGS % margin is approximately 40.06%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06272","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Coca Cola's FY2022 dividend payout ratio (using total cash dividends paid and net income attributable to shareholders)? Round answer to two decimal places. Answer the question asked by assuming you only have access to information clearly displayed in the cash flow statement and the income statement.","gold_answer":0.8,"model_answer":" Based on the information provided in the financial statements, the FY2022 dividend payout ratio for Coca-Cola can be calculated as follows:\n\nDividend payout ratio = Total cash dividends paid \/ Net income attributable to shareholders\n\nTotal cash dividends paid = $7,617 million (from the Consolidated Statements of Shareowners' Equity)\nNet income attributable to shareholders = $9,542 million (from the Consolidated Statements of Income)\n\nTherefore, the FY2022 dividend payout ratio for Coca-Cola is:\n\nDividend payout ratio = $7,617 million \/ $9,542 million = 0.798 or 79.8%\n\nSo, rounding up to two decimal places, Coca-Cola's FY2022 dividend payout ratio is approximately 80%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10130","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Based on the information provided primarily in the balance sheet and the statement of income, what is FY2020 days payable outstanding (DPO) for Corning? DPO is defined as: 365 * (average accounts payable between FY2019 and FY2020) \/ (FY2020 COGS + change in inventory between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":63.86,"model_answer":" Based on the information provided, we can calculate Corning's FY2020 days payable outstanding (DPO) as follows:\n\nAverage accounts payable = ($7,816 - $152) \/ 2 = $3,942\nCOGS = $2,438\nChange in inventory = $2,320 - $2,133 = $187\n\nNow, let's calculate DPO:\nDPO = 365 * ($3,942 \/ ($2,438 + $187)) = 365 * 1.61 = 586.65 days\n\nRounding this to two decimal places gives us a DPO of approximately 587 days for Corning in FY2020.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02981","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Taking into account the information outlined in the income statement, what is the FY2019 - FY2021 3 year average unadjusted operating income % margin for Corning? Answer in units of percents and round to one decimal place.","gold_answer":0.103,"model_answer":" Based on the information provided in the income statement, the FY2019 - FY2021 3-year average unadjusted operating income % margin for Corning can be calculated as follows:\n\nFY2019: Operating income = $1,306 million; Net sales = $11,503 million; Operating income % margin = 11.3%\nFY2020: Operating income = $509 million; Net sales = $11,303 million; Operating income % margin = 4.5%\nFY2021: Operating income = $2,112 million; Net sales = $14,082 million; Operating income % margin = 15.0%\n\nAverage unadjusted operating income % margin (FY2019 - FY2021) = ($1,306 + $509 + $2,112) \/ ($11,503 + $11,303 + $14,082) x 100%\n= 12.7%\n\nTherefore, the FY2019 - FY2021 3-year average unadjusted operating income % margin for Corning is 12.7%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00005","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Corning have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Corning had a positive working capital amount of $831 million by FY 2022 close. This answer considers only operating current assets and current liabilities that were clearly shown in the balance sheet.","model_answer":" Based on the information provided in the exhibit, Corning's working capital was $2.4 billion at the end of 2022. Since the company's current assets exceed its current liabilities, Corning has positive working capital.\n\nWorking capital is a useful metric for Corning because it indicates the company's ability to pay off its short-term debts and maintain its operations. A positive working capital also suggests that the company has sufficient liquidity to take advantage of new opportunities or respond to unexpected challenges.\n\nTherefore, based on the available data, Corning does have positive working capital as of FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01346","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How much has the effective tax rate of Corning changed between FY2021 and FY2022?","gold_answer":"The effective tax rate of Corning has changed from 20% in FY2021 to 23% in FY 2022.","model_answer":" The effective tax rate of Corning has changed from 20.2% in FY2021 to 17.5% in FY2022, a decrease of 2.7 percentage points.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04209","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Using only the information within the balance sheet, how much total assets did Costco have at the end of FY2021? Answer in USD millions.","gold_answer":59268,"model_answer":" Sure! Using the information provided in the balance sheet, we can see that Costco had $59,268 million in total assets at the end of FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_05915","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2018 fixed asset turnover ratio for CVS Health? Fixed asset turnover ratio is defined as: FY2018 revenue \/ (average PP&E between FY2017 and FY2018). Round your answer to two decimal places. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the balance sheet.","gold_answer":17.98,"model_answer":" To calculate the fixed asset turnover ratio for CVS Health in FY2018, we need to first calculate the average property, plant, and equipment (PP&E) for the year ending December 31, 2018. We can do this by taking the total PP&E at the beginning of the year and adding it to the total PP&E at the end of the year, then dividing by 2.\n\nAccording to the balance sheet provided, the total PP&E at the beginning of 2018 was $94,462 million, and the total PP&E at the end of 2018 was $95,131 million. Therefore, the average PP&E for 2018 is:\n\nAverage PP&E = (94,462 + 95,131) \/ 2 = 94,801.5 million\n\nNext, we need to calculate the revenue for 2018. According to the P&L statement, the total revenues for 2018 were $194,579 million.\n\nNow, we can calculate the fixed asset turnover ratio as follows:\n\nFixed Asset Turnover Ratio = Revenue \/ Average PP&E\n= 194,579 \/ 94,801.5\n= 2.06\n\nTherefore, the fixed asset turnover ratio for CVS Health in FY2018 was 2.06.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01244","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has CVS Health paid dividends to common shareholders in Q2 of FY2022?","gold_answer":"Yes, CVS paid a $ 0.55 dividend per share every quarter in FY2022","model_answer":" Yes, CVS Health has paid dividends to common shareholders in Q2 of FY2022. According to the information provided in the Table of Contents, the quarterly cash dividend was $0.55 per share during 2022, and the Board authorized a 10% increase in the quarterly cash dividend to $0.605 per share effective in 2023. This means that the dividend payment for Q2 of FY2022 would have been $0.55 per share.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01107","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has CVS Health reported any materially important ongoing legal battles from 2022, 2021 and 2020?","gold_answer":"Yes, CVS Health has been involved in multiple ongoing legal battles. Some notable legal dispute areas for CVS are: (1) usual and customary pricing litigation: where it's claimed that CVS\u2019s retail pharmacies overcharged for prescription drugs; (2) PBM litigation and investigations: where it's claimed that that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products; and (3) controlled substances litigation: legal matters around opioids for which CVS has agreed to pay up to $4.3 billion to claimants in remediation and $625 million to attorneys and fees","model_answer":" Yes, CVS Health has reported several materially important ongoing legal battles in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The company has been cooperating with the government with respect to subpoenas, CIDs, and other requests for information regarding opioids from state Attorneys General and insurance and other regulators of several U.S. jurisdictions. The Company has also been named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its prescription processing practices. Additionally, in November 2021, the Company was found liable by a jury in a trial in federal court in Ohio, and the court issued a judgment jointly against the three defendants in the amount of $651 million to be paid over 15 years, and also ordered certain injunctive relief. The Company is appealing the judgment and has not accrued a liability for this matter.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00790","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Is CVS Health a capital-intensive business based on FY2022 data?","gold_answer":"Yes, CVS Health requires an extensive asset base to operate, which is evident from its ROA of only 1.82% in 2022 and 3.39% in 2021, though it should be noted that a significant portion of this asset base is goodwill, and CVS's fixed assets\/total assets ratio is on the lower side of 5.6%.","model_answer":" Based on the information provided in the Notes to Consolidated Financial Statements and the Table of Contents for CVS Health Corporation's annual report, it appears that the company had a significant amount of assets and liabilities related to its retail locations, pharmacy benefits manager, and health insurance products. Specifically, the company reported total assets of $148.9 billion and total liabilities of $113.4 billion as of December 31, 2022.\n\nGiven the large size of these balance sheet accounts, it seems likely that CVS Health is a capital-intensive business. This is because the company has invested significantly in physical assets such as retail stores and medical clinics, as well as intangible assets such as software and intellectual property related to its pharmacy benefits management and health insurance operations. Additionally, the company has a significant amount of goodwill and other intangible assets on its balance sheet, which suggests that it has made substantial investments in its business over time.\n\nTherefore, based on the available evidence, it appears that CVS Health is indeed a capital-intensive business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00822","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Were there any board member nominees who had substantially more votes against joining than the other nominees?","gold_answer":"Yes, his name is Richard A. Johnson","model_answer":" Based on the votes set forth above, it appears that Virginia C. Drosos had substantially more votes against her joining the Board than the other nominees. Ms. Drosos received 294,935 votes against her election, while the other nine nominees received between 4,827,808 and 6,884,223 votes against their election. Therefore, the answer to the question is yes, Virginia C. Drosos had substantially more votes against joining the Board than the other nominees.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00839","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Foot Locker's new CEO have previous CEO experience in a similar company to Footlocker?","gold_answer":"Yes. She was previous CEO of Ulta Beauty which means she had to manage a large retail company that has brick and mortar + online business. So yes she was a CEO in a similar company to Foot Locker before this.","model_answer":" Based on the information provided, Foot Locker's new CEO, Mary N. Dillon, does not have previous CEO experience in a similar company to Foot Locker. The bio provided in Exhibit 99.1 mentions her leadership roles at PepsiCo and McDonald's Corp., but does not mention any previous CEO experience in a similar company to Foot Locker. Therefore, the answer is no.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04103","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) \/ (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) \/ (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) \/ (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.","gold_answer":-3.7,"model_answer":" To calculate the cash conversion cycle (CCC) for General Mills in FY2019, we need to first calculate the days inventory outstanding (DIO), days sales outstanding (DSO), and days payable outstanding (DPO).\n\n1. Days Inventory Outstanding (DIO):\nAverage inventory = ($14,490.0 - $15,419.6) \/ 2 = $14,954.8 million\nCOGS = $6,188.8 million (fiscal year 2019)\nDIO = 365 * ($14,954.8 \/ $6,188.8) = 70.4 days\n2. Days Sales Outstanding (DSO):\nAverage accounts receivable = ($14,490.0 - $15,419.6) \/ 2 = $14,954.8 million\nRevenue = $2,346.4 million (fiscal year 2019)\nDSO = 365 * ($14,954.8 \/ $2,346.4) = 63.5 days\n3. Days Payable Outstanding (DPO):\nAverage accounts payable = ($14,490.0 - $15,419.6) \/ 2 = $14,954.8 million\nCOGS + change in inventory = $6,188.8 + ($14,954.8 - $15,419.6) \/ 2 = $6,188.8 + $14,954.8 = $21,143.6 million\nDPO = 365 * ($14,954.8 \/ $21,143.6) = 69.5 days\n\nNow we can calculate the cash conversion cycle:\nCCC = DIO + DSO - DPO = 70.4 + 63.5 - 69.5 = 64.9 days\n\nTherefore, the FY2019 cash conversion cycle for General Mills is 64.9 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03471","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"By drawing conclusions from the information stated only in the statement of financial position, what is General Mills's FY2020 working capital ratio? Define working capital ratio as total current assets divided by total current liabilities. Round your answer to two decimal places.","gold_answer":0.68,"model_answer":" Sure! Based on the information provided in the statement of financial position, we can calculate General Mills's FY2020 working capital ratio as follows:\n\nTotal current assets: $5,121.3 million\nTotal current liabilities: $7,491.5 million\n\nWorking capital ratio = Total current assets \/ Total current liabilities\n= $5,121.3 million \/ $7,491.5 million\n= 0.68\n\nRounding this value to two decimal places gives us a working capital ratio of 0.68. This means that for every dollar of current liability, General Mills has approximately 68 cents of current assets to pay those liabilities.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04854","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"According to the information provided in the statement of cash flows, what is the FY2020 free cash flow (FCF) for General Mills? FCF here is defined as: (cash from operations - capex). Answer in USD millions.","gold_answer":3215,"model_answer":" According to the Consolidated Statements of Cash Flows, the FY2020 free cash flow (FCF) for General Mills is $3,676.2 million. This is calculated by subtracting the purchases of land, buildings, and equipment ($484.7 million) from the net cash provided by operating activities ($4,160.9 million).","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_10136","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the cash flow statement and the income statement. Here's the question: what is the FY2022 retention ratio (using total cash dividends paid and net income attributable to shareholders) for General Mills? Round answer to two decimal places.","gold_answer":0.54,"model_answer":" Sure! To calculate the retention ratio, we need to know the total cash dividends paid and the net income attributable to shareholders for General Mills in FY2022.\n\nAccording to the Consolidated Statements of Cash Flows, the total cash dividends paid in FY2022 were $2.04 per share.\n\nThe net income attributable to shareholders for General Mills in FY2022 was $2,707.3 million.\n\nNow, we can calculate the retention ratio using the following formula:\n\nRetention Ratio = (Net Income Attributable to Shareholders - Total Cash Dividends Paid) \/ Net Income Attributable to Shareholders\n\nPlugging in the values, we get:\n\nRetention Ratio = ($2,707.3 million - $2.04 per share) \/ $2,707.3 million\n\nRetention Ratio = 0.965 or 65.1% when rounded to two decimal places.\n\nTherefore, the FY2022 retention ratio for General Mills is approximately 65.1%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00651","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Is growth in JnJ's adjusted EPS expected to accelerate in FY2023?","gold_answer":"No, rate of growth in adjusted EPS is expected to decelerate slightly from 3.6% in FY2022 to 3.5% in FY2023.","model_answer":" Based on the information provided, Johnson & Johnson's adjusted operational EPS is expected to grow between 2.5% - 4.5% in FY2023, which represents a deceleration from the 3.5% growth reported in FY2022. Therefore, the answer is no, growth in JnJ's adjusted EPS is not expected to accelerate in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01484","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How did JnJ's US sales growth compare to international sales growth in FY2022?","gold_answer":"US sales increased 3.0% vs international sales decline of 0.6%.","model_answer":" Based on the provided data, Johnson & Johnson's US sales grew by 2.9% in FY2022, while international sales decreased by 1.9%. Therefore, JnJ's US sales growth outperformed international sales growth in FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00956","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Are JnJ's FY2022 financials that of a high growth company?","gold_answer":"No, JnJ's FY2022 financials are not of a high growth company as sales grew by 1.3% in FY2022.","model_answer":" Based on the information provided in JNJ's FY2022 financials, it appears that the company's revenue and earnings have grown at a steady pace over the past few years. Specifically, JNJ's net sales increased by 1.9% in FY2022 compared to the previous year, while its net earnings increased by 4.5% over the same period. Additionally, JNJ's five-year shareholder return performance graph shows a cumulative total return of 136.19%, which suggests that the company has delivered strong returns to its shareholders over the long term.\n\nHowever, it's worth noting that JNJ's growth rates are not as high as those of some other companies in the healthcare industry, particularly in the pharmaceutical sector. For example, JNJ's five-year annualized revenue growth rate is around 4%, while its five-year annualized earnings growth rate is around 7%. While these growth rates are still considered respectable for a large, established company like JNJ, they may not be as high as those of smaller, more agile companies in the industry.\n\nTherefore, based on the available evidence, it seems that JNJ can be characterized as a moderate-growth company, rather than a high-growth company. However, it's important to note that this assessment is based solely on the information provided in JNJ's FY2022 financials and does not take into account any external factors or market trends that may impact the company's future growth prospects.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00669","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove gross margin change as of FY2022 for JnJ? If gross margin is not a useful metric for a company like this, then please state that and explain why.","gold_answer":"For FY22, JnJ had changes in gross margin due to: One-time COVID-19 vaccine manufacturing exit related costs, Currency impacts in the Pharmaceutical segment, Commodity inflation in the MedTech and Consumer Health segments, partially offset by Supply chain benefits in the Consumer Health segment.","model_answer":" The gross margin change for Johnson & Johnson (JNJ) in fiscal year 2022 (FY2022) was driven by several factors. Gross profit increased by 13.4% from $54.157 billion in FY2020 to $63.854 billion in FY2022. This increase was primarily due to higher sales across all three business segments, Consumer Health, Pharmaceutical, and MedTech, which represented approximately 14.0%, 11.0%, and 11.0% of total consolidated revenues, respectively.\n\nThe Company's long-standing policy of pricing products responsibly, as stated in the Economic and Market Factors section, may have contributed to the increase in gross profit. Additionally, the Company's focus on innovation and research and development, with an investment of $14.603 billion in FY2022, may have led to improved product mix and increased sales.\n\nHowever, it's worth noting that the usefulness of gross margin as a metric for a company like Johnson & Johnson may be limited due to the diversity of their product offerings and business segments. Gross margin may not accurately reflect the profitability of each segment or product line, and therefore, should be considered in conjunction with other metrics, such as operating income and net earnings, to get a more comprehensive picture of the Company's financial performance.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00711","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Roughly how many times has JnJ sold its inventory in FY2022? Calculate inventory turnover ratio for FY2022; if conventional inventory management is not meaningful for the company then state that and explain why.","gold_answer":"JnJ sold its inventory 2.7 times in FY2022.","model_answer":" I don't have enough information to calculate inventory turnover ratio for FY2022. Note 19 to the Consolidated Financial Statements included in Item 8 of this report mentions legal proceedings but doesn't provide information regarding inventory management or turnover ratio. Additionally, the Shareholder Return Performance Graphs do not include data on inventory turnover. Thus, I cannot answer your question.","label":"Refusal"}
{"financebench_id":"financebench_id_01487","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Did JnJ's net earnings as a percent of sales increase in Q2 of FY2023 compared to Q2 of FY2022?","gold_answer":"Yes, net earnings as a percent of sales increased from 20% in Q2 of FY2022 to 20.1% in Q2 of FY2023.","model_answer":" Yes, Johnson & Johnson's net earnings as a percent of sales increased in Q2 of FY2023 compared to Q2 of FY2022. The company's net earnings as a percent of sales increased from 26.1% in Q2 of FY2022 to 26.5% in Q2 of FY2023. This represents an increase of 0.4 percentage points.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01488","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which business segment of JnJ will be treated as a discontinued operation from August 30, 2023 onward?","gold_answer":"The Consumer Health business segment will be treated as a discontinued operation from August 30, 2023 onward.","model_answer":" Sure! Based on the information provided, the Consumer Health business segment of Johnson & Johnson will be treated as a discontinued operation from August 30, 2023, onward. This is stated in the press release issued by the company on August 30, 2023, which states that the company will present its Consumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of 2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01490","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the amount of the gain accruing to JnJ as a result of the separation of its Consumer Health business segment, as of August 30, 2023?","gold_answer":"JnJ will make a gain of approximately $20 billion from the separation of its Consumer Health business segment.","model_answer":" The gain accruing to Johnson & Johnson (JNJ) as a result of the separation of its Consumer Health business segment as of August 30, 2023, is approximately $20 billion. This information can be found in the company's press release dated August 30, 2023, where it is stated that \"the New Consumer Health Company\u2019s ability to succeed as a standalone publicly traded company\" is one of the anticipated benefits of the separation. Additionally, the company's updated full-year 2023 guidance mentions that the gain on the separation of the Consumer Health business is included in the adjusted operational sales growth rate.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01491","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the amount of the cash proceeds that JnJ realised from the separation of Kenvue (formerly Consumer Health business segment), as of August 30, 2023?","gold_answer":"JnJ realised $13.2 billion in cash proceeds from the separation of Kenvue.","model_answer":" Sure! The answer to your question can be found in the press release issued by Johnson & Johnson on August 30, 2023, which is Exhibit 99.1 attached to the Form 8-K filing.\n\nAccording to the press release, Johnson & Johnson secured $13.2 billion in cash proceeds from the Kenvue debt offering and initial public offering.\n\nTherefore, the amount of cash proceeds that Johnson & Johnson realized from the separation of Kenvue (formerly Consumer Health business segment) as of August 30, 2023, is $13.2 billion.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00299","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which of JPM's business segments had the lowest net revenue in 2021 Q1?","gold_answer":"Corporate. Its net revenue was -$473 million.","model_answer":" Based on the information provided in the Note 25 \u2013 Business segments section of JPMorgan Chase\u2019s 2020 Form 10-K, the Corporate segment had the lowest net revenue in 2021 Q1, with a net revenue of $1,687 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02119","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"If JPM went bankrupted by the end by 2021 Q1 and liquidated all of its assets to pay its shareholders, how much could each shareholder get?","gold_answer":"They could receive $66.56 per share.","model_answer":" I don't have enough information to give a helpful answer. The amount of money each shareholder would receive in the event of JPMorgan Chase's bankruptcy and liquidation would depend on several factors, such as the value of the company's assets, the amount of its liabilities, and the number of outstanding shares. Without knowing these details, it's impossible for me to provide an accurate estimate. Additionally, it's worth noting that bankruptcy and liquidation are complex processes that can take time and involve various legal and financial considerations.","label":"Refusal"}
{"financebench_id":"financebench_id_00394","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"In 2022 Q2, which of JPM's business segments had the highest net income?","gold_answer":"Corporate & Investment Bank. Its net income was $3725 million.","model_answer":" The answer to your question can be found in the \"Segment Results\" section of the text you provided. According to the table presented, the business segment with the highest net income in 2022 Q2 was Asset & Wealth Management, with a net income of $1,478 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00206","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Are JPM's gross margins historically consistent (not fluctuating more than roughly 2% each year)? If gross margins are not a relevant metric for a company like this, then please state that and explain why.","gold_answer":"Since JPM is a financial institution, gross margin is not a relevant metric.","model_answer":" Based on the information provided in the JPMorgan Chase & Co.\/2022 Form 10-K, it appears that the company's gross margins have not been historically consistent, as they have fluctuated by more than roughly 2% each year.\n\nAccording to the Notes to Consolidated Financial Statements, page 154, the company's gross margin has varied between 63.8% and 68.3% over the past five years. This range represents a fluctuation of approximately 4.5% to 5.5% over the period.\n\nTherefore, based on the available evidence, it does not appear that JPM's gross margins are historically consistent, and they have exhibited some volatility over time.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02049","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Looking at VaR, did the risk that JPM faced in the second fiscal quarter of 2023 decrease compared to the same period in the prior year?","gold_answer":"Yes. It decreased.","model_answer":" Yes, the average total VaR for JPM decreased by $7 million for the three months ended June 30, 2023, compared with the same period in the prior year. This is according to the information provided in the text.","label":"Correct Answer"}
{"financebench_id":"financebench_id_10499","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Kraft Heinz's FY2019 inventory turnover ratio? Inventory turnover ratio is defined as: (FY2019 COGS) \/ (average inventory between FY2018 and FY2019). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the balance sheet and the P&L statement.","gold_answer":6.25,"model_answer":" To calculate Kraft Heinz's FY2019 inventory turnover ratio, we first need to calculate the average inventory between FY2018 and FY2019. We can do this by taking the total inventory at the end of FY2018 ($1,783 million) and adding it to the total inventory at the end of FY2019 ($2,721 million), then dividing by 2 to get the average inventory for the two years:\n\nAverage inventory = ($1,783 million + $2,721 million) \/ 2 = $2,252 million\n\nNext, we need to calculate the cost of goods sold (COGS) for FY2019. We can find this information in the consolidated statements of income:\n\nCOGS = $16,830 million\n\nNow we can calculate the inventory turnover ratio by dividing COGS by the average inventory:\n\nInventory turnover ratio = COGS \/ Average inventory = $16,830 million \/ $2,252 million = 7.45\n\nRounding to two decimal places, we get:\n\nInventory turnover ratio = 7.45 (rounded to 7.5)\n\nTherefore, Kraft Heinz's FY2019 inventory turnover ratio is approximately 7.5.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04412","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue \/ (average total assets between FY2019 and FY2020). Round your answer to two decimal places.","gold_answer":1.33,"model_answer":" To calculate Lockheed Martin's FY2020 asset turnover ratio, we need to first calculate the average total assets between FY2019 and FY2020. We can do this by taking the average of the beginning and ending balances of total assets for those years:\n\nAverage total assets = (Total assets at December 31, 2019 + Total assets at December 31, 2020) \/ 2\n\nUsing the values provided in the balance sheets, we get:\n\nAverage total assets = ($47,528 + $50,710) \/ 2 = $49,124\n\nNext, we need to calculate the FY2020 revenue. We can do this by looking at the consolidated statements of earnings, where we find the following information:\n\nRevenue = Net sales + Other income\n\nUsing the values provided in the consolidated statements of earnings, we get:\n\nRevenue = $6,833 (Net sales) + $128 (Other income) = $6,961\n\nNow we can calculate the asset turnover ratio:\n\nAsset turnover ratio = Revenue \/ Average total assets\n= $6,961 \/ $49,124\n= 0.1417\n\nRounding to two decimal places, we get:\n\nAsset turnover ratio = 0.14\n\nTherefore, Lockheed Martin's FY2020 asset turnover ratio is approximately 0.14.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03031","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Lockheed Martin's FY2021 net working capital? Define net working capital as total current assets less total current liabilities. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the balance sheet.","gold_answer":5818,"model_answer":" As an investment analyst, I can see from the balance sheet that Lockheed Martin's total current assets for FY2021 were $19,815 million and its total current liabilities were $13,997 million. Therefore, the company's net working capital for FY2021 was $5,818 million.\n\nHere's how I calculated it:\n\nNet Working Capital = Total Current Assets - Total Current Liabilities\n= $19,815 - $13,997\n= $5,818","label":"Correct Answer"}
{"financebench_id":"financebench_id_03718","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Lockheed Martin's 2 year total revenue CAGR from FY2020 to FY2022 (in units of percents and round to one decimal place)? Provide a response to the question by primarily using the statement of income.","gold_answer":0.004,"model_answer":" Based on the information provided in the Consolidated Statements of Earnings, Lockheed Martin's 2-year total revenue CAGR from FY2020 to FY2022 is 4.5%.\n\nTo calculate the CAGR, we need to find the total revenue for each year and then calculate the average growth rate over the two years.\n\nTotal revenue for FY2020 = $54,928 million\nTotal revenue for FY2021 = $56,435 million\nTotal revenue for FY2022 = $55,984 million\n\nNow, let's calculate the growth rate for each year:\n\nFY2021 vs. FY2020: ($56,435 - $54,928) \/ $54,928 = 0.027 or 2.7%\nFY2022 vs. FY2021: ($55,984 - $56,435) \/ $56,435 = -0.012 or -1.2%\n\nSince we have a negative growth rate in FY2022 compared to FY2021, we will exclude this year from our calculation.\n\nTherefore, the 2-year total revenue CAGR from FY2020 to FY2022 is: (2.7% + 2.7%) \/ 2 = 4.5%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04171","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Basing your judgments off of the balance sheet, what is the year end FY2018 amount of accounts payable for MGM Resorts? Answer in USD millions.","gold_answer":303,"model_answer":" Based on the information provided in the balance sheet, the year-end FY2018 amount of accounts payable for MGM Resorts is $302,578,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03849","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average of capex as a % of revenue for MGM Resorts? Answer in units of percents and round to one decimal place. Please utilize information provided primarily within the statement of cash flows and the statement of income.","gold_answer":0.079,"model_answer":" Based on the information provided in the statements of cash flows and income, we can calculate the capital expenditures (capex) as a percentage of revenue for MGM Resorts for FY2018-FY2020 as follows:\n\nFY2018: Capex = $1,407,733 \/ Revenue = $5,716,672 = 24.6%\nFY2019: Capex = $1,296,170 \/ Revenue = $5,831,051 = 22.2%\nFY2020: Capex = $728,254 \/ Revenue = $5,162,082 = 14.1%\n\nAverage Capex \/ Revenue for FY2018-FY2020 = (24.6% + 22.2% + 14.1%) \/ 3 = 21.3%\n\nTherefore, the FY2018-FY2020 3-year average of capex as a % of revenue for MGM Resorts is approximately 21.3%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00382","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which region had the Highest EBITDAR Contribution for MGM during FY2022?","gold_answer":"Las Vegas resorts contributed ~90% of company level EBITDAR during FY2022.","model_answer":" Based on the information provided, the Las Vegas Strip Resorts segment had the highest EBITDAR contribution for MGM during FY2022, with an Adjusted Property EBITDAR of $3.1 billion, representing an increase of 81% compared to the prior year.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01912","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which region had the worst topline performance for MGM during FY2022?","gold_answer":"MGM China experienced the worst topline performance amongst the other regions presented. Its revenue declined 44% in FY2022 whereas the other regions presented increased their revenues.","model_answer":" Based on the information provided in the exhibit, the region with the worst topline performance for MGM during FY2022 was MGM China. According to the table showing key gaming statistics for MGM China, casino revenue decreased by 47% compared to the prior year, VIP table games turnover decreased by 44%, and main floor table games drop decreased by 45%. Additionally, license fee expense increased from $6 million in the prior year quarter to $3 million in the current quarter. Overall, MGM China's net revenues decreased by 44% compared to the prior year, indicating a significant decline in topline performance.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01911","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What was MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator?","gold_answer":"As adjusted EBIT is negative, coverage ratio is zero","model_answer":" The interest coverage ratio for MGM Resorts International using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator can be calculated as follows:\n\nAdjusted EBIT (FY2022): $3,540 million\nAnnual Interest Expense (FY2022): $594 million\n\nInterest Coverage Ratio = Adjusted EBIT \/ Annual Interest Expense\n= $3,540 million \/ $594 million\n= 6.0 times\n\nTherefore, MGM's interest coverage ratio using FY2022 Adjusted EBIT as the numerator and annual Interest Expense as the denominator is 6.0 times.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01254","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has MGM Resorts paid dividends to common shareholders in FY2022?","gold_answer":"Yes. MGM maintained 0.01$ per share annual dividend through out FY 2022.","model_answer":" Yes, MGM Resorts has paid dividends to common shareholders in FY2022. According to the information provided in the Consolidated Statements of Stockholders' Equity, the company paid a quarterly dividend of $0.01 per share throughout 2022.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00407","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which type of debt received the largest investment among the short term investments for MGM in H1 FY2023?","gold_answer":"the biggest short term investment is in corporate bonds (almost 82% of the total investment)","model_answer":" Based on the information provided, the largest investment among the short-term investments for MGM in H1 FY2023 was in U.S. government securities, with a fair value of $57,696 thousand as of June 30, 2023. This is followed by U.S. agency securities with a fair value of $29,049 thousand, commercial paper and certificates of deposit with a fair value of $4,561 thousand, and corporate bonds with a fair value of $416,420 thousand.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04700","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2016 COGS for Microsoft? Please state answer in USD millions. Provide a response to the question by primarily using the statement of income.","gold_answer":32780,"model_answer":" Sure! The FY2016 COGS (Cost of Goods Sold) for Microsoft is $60,542 million. This information can be found in the Statement of Income section of the provided text, under the \"Gross Margin\" heading.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00552","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has Microsoft increased its debt on balance sheet between FY2023 and the FY2022 period?","gold_answer":"No. Microsoft decreased its debt by $2.5bn in FY 2023 vs FY 2022.","model_answer":" Yes, Microsoft has increased its debt on balance sheet between FY2023 and the FY2022 period. According to the financial statements, the company's long-term debt increased from $111.6 billion in FY2022 to $123.2 billion in FY2023, an increase of $11.6 billion or 10%. This information can be found in Note 8 of the financial statements, which provides a summary of the company's long-term debt.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04458","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"We want to calculate a financial metric. Please help us compute it by basing your answers off of the statement of income and the statement of cash flows. Here's the question: what is the FY2015 unadjusted EBITDA % margin for Netflix? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement).","gold_answer":0.054,"model_answer":" Sure, I can help you with that!\n\nTo calculate the FY2015 unadjusted EBITDA % margin for Netflix, we will need to refer to the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows.\n\nFirst, let's calculate the unadjusted operating income for FY2015:\n\nUnadjusted operating income = Operating income - Other income (expense)\n\nUsing the figures from the Consolidated Statements of Operations, we have:\n\nUnadjusted operating income = $305,826 - ($31,225 + $132,716) = $141,885\n\nNext, let's calculate the depreciation and amortization (D&A) expenses for FY2015:\n\nD&A expenses = Depreciation and amortization of property, equipment and intangibles + Amortization of streaming content assets + Amortization of DVD content assets\n\nUsing the figures from the Consolidated Statements of Cash Flows, we have:\n\nD&A expenses = $62,283 + $3,405,382 + $79,380 = $3,547,045\n\nNow, let's calculate the unadjusted EBITDA:\n\nUnadjusted EBITDA = Unadjusted operating income + D&A expenses\n\nSubstituting the values we have obtained, we get:\n\nUnadjusted EBITDA = $141,885 + $3,547,045 = $3,688,930\n\nFinally, to calculate the unadjusted EBITDA % margin, we can divide the unadjusted EBITDA by the total revenues:\n\nUnadjusted EBITDA % margin = Unadjusted EBITDA \u00f7 Total revenues\n\nUsing the figure from the Consolidated Statements of Operations, we have:\n\nUnadjusted EBITDA % margin = $3,688,930 \u00f7 $6,779,511 = 0.54 or 54%\n\nTherefore, the FY2015 unadjusted EBITDA % margin for Netflix is 54%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03282","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is Netflix's year end FY2017 total current liabilities (in USD millions)? Base your judgments on the information provided primarily in the balance sheet.","gold_answer":5466,"model_answer":" Based on the information provided in the Consolidated Balance Sheet, Netflix's year-end FY2017 total current liabilities are $5,466,312 in USD millions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04302","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the statement of income, what is Nike's three year average of cost of goods sold as a % of revenue from FY2016 to FY2018? Answer in units of percents and round to one decimal place.","gold_answer":0.551,"model_answer":" Based on the information provided in the statement of income, we can calculate the cost of goods sold (COGS) as a percentage of revenue for Nike over the past three years.\n\nFiscal Year 2016:\nGross profit = $14,971\nRevenue = $32,452\nCOGS = Gross profit - Revenue = $14,971 - $32,452 = -$17,481\nCOGS as a percentage of revenue = (-$17,481 \/ $32,452) x 100% = -53.9%\n\nFiscal Year 2017:\nGross profit = $15,312\nRevenue = $34,384\nCOGS = Gross profit - Revenue = $15,312 - $34,384 = -$19,072\nCOGS as a percentage of revenue = (-$19,072 \/ $34,384) x 100% = -55.5%\n\nFiscal Year 2018:\nGross profit = $15,956\nRevenue = $36,432\nCOGS = Gross profit - Revenue = $15,956 - $36,432 = -$20,476\nCOGS as a percentage of revenue = (-$20,476 \/ $36,432) x 100% = -56.2%\n\nAverage COGS as a percentage of revenue for FY2016 to FY2018 = (-53.9% + -55.5% + -56.2%) \/ 3 = -55.2%\n\nTherefore, Nike's three-year average cost of goods sold as a percentage of revenue from FY2016 to FY2018 is approximately -55.2%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_03531","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"According to the details clearly outlined within the balance sheet, how much total current assets did Nike have at the end of FY2019? Answer in USD millions.","gold_answer":16525,"model_answer":" According to the balance sheet, Nike had $16,525 million in total current assets at the end of FY2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04080","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"When primarily referencing the income statement and the statement of financial position, what is the FY2021 inventory turnover ratio for Nike? Inventory turnover ratio is defined as: (FY2021 COGS) \/ (average inventory between FY2020 and FY2021). Round your answer to two decimal places.","gold_answer":3.46,"model_answer":" Sure, I can help you with that!\n\nTo calculate the inventory turnover ratio for Nike in FY2021, we need to first calculate the cost of goods sold (COGS) for FY2021. We can find this information in the consolidated statements of income:\n\nCOGS = Gross Profit - Demand Creation Expense - Operating Overhead Expense\n\nUsing the figures provided in the financial statements, we get:\n\nCOGS = $19,962 - $3,114 - $9,911 = $7,937 million\n\nNext, we need to calculate the average inventory between FY2020 and FY2021. We can find this information in the notes to the consolidated financial statements:\n\nAverage Inventory = (Inventories at May 31, 2021 + Inventories at May 31, 2020) \/ 2\n\nUsing the figures provided in the notes, we get:\n\nAverage Inventory = ($13,538 + $12,269) \/ 2 = $12,903 million\n\nNow we can calculate the inventory turnover ratio:\n\nInventory Turnover Ratio = COGS \/ Average Inventory\n= $7,937 \/ $12,903\n= 0.62\n\nRounding to two decimal places, we get:\n\nInventory Turnover Ratio = 0.62\n\nTherefore, Nike's inventory turnover ratio for FY2021 is 0.62.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01163","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Among operations, investing, and financing activities, which brought in the most (or lost the least) cash flow for Nike in FY2023?","gold_answer":"Among the three, cash flow from operations was the highest for Nike in FY2023.","model_answer":" Based on the information provided, it appears that the most cash flow for Nike in FY2023 came from operating activities. According to the Consolidated Statements of Cash Flows, cash provided by operations was $5,070 million, while cash used by investing activities was $1,481 million and cash used by financing activities was $7,447 million. Therefore, among the three categories, operations brought in the most cash flow for Nike in FY2023.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00080","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Paypal have positive working capital based on FY2022 data? If working capital is not a useful or relevant metric for this company, then please state that and explain why.","gold_answer":"Yes. Paypal has a positive working capital of $ 1.6Bn as of FY2022 end.","model_answer":" Based on the information provided in the given context, PayPal's working capital position as of December 31, 2022, cannot be determined to be positive or negative. The reason for this is that the necessary financial statement elements to calculate working capital, such as current assets and current liabilities, are not disclosed in the provided text. Therefore, it is not possible to calculate PayPal's working capital ratio for FY2022.\n\nHowever, it is worth mentioning that PayPal's management has stated that they do not experience meaningful seasonality with respect to net revenues. Additionally, the Company does not have any significant commitments for capital expenditures or other future obligations that could impact its liquidity position. This suggests that PayPal's liquidity needs may not be significantly affected by seasonal fluctuations or large upcoming expenses. Nonetheless, without further information on current assets and liabilities, it remains impossible to assess PayPal's working capital position.","label":"Refusal"}
{"financebench_id":"financebench_id_04980","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2021 capital expenditure amount (in USD billions) for PepsiCo? Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows.","gold_answer":4.6,"model_answer":" As an investment analyst, I can see from the Consolidated Statement of Cash Flows that the fiscal year 2021 capital expenditure amount for PepsiCo is not explicitly disclosed. However, I can calculate it using the information provided in the statement.\n\nAccording to the statement, the net change in property, plant, and equipment was $2,710 million for fiscal year 2021. This includes depreciation and amortization expenses of $2,548 million and capital expenditures of $176 million. Therefore, the total capital expenditure amount for fiscal year 2021 is $176 million.\n\nTo convert this amount to USD billions, we can divide it by 1,000, since there are 1,000 millions in a billion. So, the FY2021 capital expenditure amount for PepsiCo is $0.176 billion or $176 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01009","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are the geographies that Pepsico primarily operates in as of FY2022?","gold_answer":"As of FY2022, Pepsico primarily operates in the following geographies: North America, Latin America, Europe, Africa, Middle East, South Asia, Asia Pacific, Australia, New Zealand and China.","model_answer":" Based on the information provided in Exhibit 21 of PepsiCo's Annual Report on Form 10-K for the year ended December 25, 2021, the company primarily operates in the following geographies as of FY2022:\n\n* United States\n* Canada\n* Latin America (including Mexico, Brazil, Argentina, and other countries in Central and South America)\n* Europe\n* Asia (including China, India, Japan, and other countries in the Asia-Pacific region)\n* Australia\n\nNote that PepsiCo also has operations in over 200 countries and territories worldwide through its authorized bottlers, contract manufacturers, and other third parties. However, the above-mentioned regions are the primary geographies where the company operates directly.","label":"Correct Answer"}
{"financebench_id":"financebench_id_04481","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA % margin for PepsiCo? Calculate unadjusted EBITDA using unadjusted operating income and D&A (from cash flow statement). Give a response to the question by relying on the details shown in the statement of cash flows and the P&L statement.","gold_answer":0.165,"model_answer":" Based on the information provided in the Consolidated Statement of Income and the Consolidated Statement of Cash Flows, we can calculate the FY2022 unadjusted EBITDA % margin for PepsiCo as follows:\n\n1. Unadjusted Operating Income:\nUnadjusted operating income for FY2022 is $11,512 million, as per the Consolidated Statement of Income.\n2. Depreciation and Amortization (D&A):\nDepreciation and amortization expenses for FY2022 are $2,763 million, as per the Consolidated Statement of Cash Flows.\n3. Unadjusted EBITDA:\nUnadjusted EBITDA = Unadjusted Operating Income + Depreciation and Amortization (D&A)\nUnadjusted EBITDA = $11,512 million + $2,763 million\nUnadjusted EBITDA = $14,275 million\n4. EBITDA % Margin:\nEBITDA % Margin = Unadjusted EBITDA \/ Net Revenue\nEBITDA % Margin = $14,275 million \/ $86,392 million\nEBITDA % Margin = 16.6%\n\nTherefore, the FY2022 unadjusted EBITDA % margin for PepsiCo is 16.6%.","label":"Correct Answer"}
{"financebench_id":"financebench_id_03620","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2022 unadjusted EBITDA less capex for PepsiCo? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization [from cash flow statement]. Answer in USD millions. Respond to the question by assuming the perspective of an investment analyst who can only use the details shown within the statement of cash flows and the income statement.","gold_answer":9068,"model_answer":" As an investment analyst, I can calculate the FY2022 unadjusted EBITDA less capex for PepsiCo using the information provided in the Consolidated Statement of Cash Flows and the Consolidated Statement of Income.\n\nFirst, I will calculate unadjusted operating income by taking the operating profit from the Consolidated Statement of Income and adding back impairment and other charges, restructuring and impairment charges, acquisition and divestiture-related charges, and gain associated with the Juice Transaction. This gives me a total of $13,854 million in unadjusted operating income for FY2022.\n\nNext, I will add depreciation and amortization, which totals $2,763 million for FY2022, based on the information provided in the Consolidated Statement of Cash Flows.\n\nTherefore, unadjusted EBITDA for PepsiCo in FY2022 is $16,617 million ($13,854 million + $2,763 million).\n\nTo calculate capex, I will look at the Consolidated Statement of Cash Flows and see that capital expenditures for FY2022 were $2,187 million.\n\nNow, I can calculate unadjusted EBITDA less capex:\nUnadjusted EBITDA less Capex = $16,617 million - $2,187 million = $14,430 million\n\nSo, the FY2022 unadjusted EBITDA less capex for PepsiCo is $14,430 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_01328","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the quantity of restructuring costs directly outlined in Pepsico's income statements for FY2022? If restructuring costs are not explicitly outlined then state 0.","gold_answer":"Pepsico's restructuring costs in FY2022 amounted to $411 million .","model_answer":" The quantity of restructuring costs directly outlined in Pepsico's income statement for FY2022 is $411 million. This amount is reported as a separate line item in the Consolidated Statement of Income under \"Operating Activities\" and represents cash payments for restructuring charges.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00735","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has Pepsico reported any materially important ongoing legal battles from FY2022 and FY2021?","gold_answer":"No, Pepsico is not involved in material legal battles.","model_answer":" Based on the information provided in the Form 10-K Annual Report for the year ended December 31, 2022, PepsiCo has not reported any materially important ongoing legal battles in FY2022 and FY2021. The company's disclosure regarding legal proceedings can be found in Item 3. Legal Proceedings, which states that \"There are no material pending legal proceedings to which the Company or any subsidiary is a party or of which any property of the Company or any subsidiary is the subject.\" Therefore, it appears that PepsiCo did not have any significant ongoing legal battles during FY2022 and FY2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01476","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"As of FY2023Q1, by how many percentage points did Pepsico raise full year guidance in respect of core constant currency EPS growth?","gold_answer":"Pepsico raised full year guidance in respect of core constant currency EPS growth by 1 percentage point.","model_answer":" Sure! Based on the information provided, PepsiCo raised its full-year guidance for core constant currency EPS growth by 1 percentage point, from 8% previously to 9% now.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01474","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"As of FY2023Q1, why did Pepsico raise full year guidance for FY2023?","gold_answer":"Pepsico experienced a strong start to FY2023.","model_answer":" Sure! Based on the provided context, PepsiCo raised its full-year guidance for FY2023 due to its strong start to the year, with organic revenue growth of 14.3% and core constant currency EPS change of 18%. The company now expects its full-year 2023 organic revenue to increase 8% (previously 6%) and core constant currency EPS to increase 9% (previously 8%). This optimistic outlook is attributed to the investments made by the company to become an \"even Faster, even Stronger, and even Better\" organization by Winning with pep+, which are laying the foundation for durable and sustainable growth.","label":"Correct Answer"}
{"financebench_id":"financebench_id_01482","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"At the Pepsico AGM held on May 3, 2023, what was the outcome of the shareholder vote on the shareholder proposal for a congruency report by Pepsico on net-zero emissions policies?","gold_answer":"The shareholder proposal for a congruency report by Pepsico on net-zero emissions policies was defeated.","model_answer":" Sure! Based on the information provided in the passage, the outcome of the shareholder vote on the shareholder proposal for a congruency report by PepsiCo on net-zero emissions policies was that it was defeated. According to the passage, \"The shareholder proposal regarding a congruency report on net-zero emissions policies was defeated\" (emphasis added). Specifically, the vote was 19,718,780 votes for and 977,228,788 votes against, with 23,200,321 abstentions and 172,969,325 broker non-votes.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00705","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"By how much did Pepsico increase its unsecured five year revolving credit agreement on May 26, 2023?","gold_answer":"$400,000,000 increase.","model_answer":" Sure! The answer to the question can be found by comparing the two credit agreements mentioned in the text.\n\nThe first credit agreement, which was terminated on May 26, 2023, was for $3,800,000,000. The second credit agreement, which was entered into on May 26, 2023, was for $4,200,000,000.\n\nTherefore, PepsiCo increased its unsecured five-year revolving credit agreement by $400,000,000, from $3,800,000,000 to $4,200,000,000.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00882","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"As of May 26, 2023, what is the total amount Pepsico may borrow under its unsecured revolving credit agreements?","gold_answer":"Total amount Pepsico may borrow under unsecured revolving credit agreements = $8,400,000,000.","model_answer":" Sure! Based on the information provided, as of May 26, 2023, PepsiCo may borrow up to $4,200,000,000 in U.S. Dollars and\/or Euros under its unsecured revolving credit agreements, including a $750,000,000 swing line subfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis. This is based on the combined commitments under the 2023 364 Day Credit Agreement and the 2023 Five Year Credit Agreement.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00302","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Did Pfizer grow its PPNE between FY20 and FY21?","gold_answer":"Yes, change in PPNE was positive year over year","model_answer":" Yes, Pfizer did grow its PPNE (Prevnar) revenue between FY20 and FY21. According to the provided information, Emerging markets revenues increased $12.3 billion, or 147%, in 2021 to $20.7 billion from $8.4 billion in 2020, reflecting an operational increase of $12.2 billion, or 145%, and a favorable impact from foreign exchange of approximately 2%. The operational increase in emerging markets was primarily driven by revenues from Comirnaty and growth from certain products in the Hospital therapeutic area, Eliquis and PC1, partially offset by a decline from the Prevnar family.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02416","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are three main companies acquired by Pfizer mentioned in this 10K report?","gold_answer":"Trillium, Array, and Therachon","model_answer":" Based on the information provided in the 2021 Form 10-K report for Pfizer Inc., the three main companies acquired by Pfizer mentioned in the report are:\n\n1. Wyeth (acquired in 2009)\n2. Hospira (acquired in 2015)\n3. Allergan (acquired in 2016)\n\nThese acquisitions are discussed in various sections of the 10-K report, including the \"Overview of Our Performance, Operating Environment, Strategy and Outlook\" section and Note 2. The proposed acquisition of Wyeth is also mentioned in the report, which is targeted to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00702","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Were there any potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019?","gold_answer":"Yes, the gain on completion of Consumer Healthcare JV Transaction","model_answer":" Yes, there were potential events that are not in Pfizer's standard business operations that substantially increased net income in 2019. According to the Notes to Consolidated Financial Statements, Pfizer Inc. and Subsidiary Companies, Note 17, Segment, Geographic and Other Revenue Information, the gain on the completion of the Consumer Healthcare JV transaction in 2019 increased net income by $8,107 million. This event was not part of Pfizer's standard business operations and substantially increased net income in 2019.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00724","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"For Pfizer, which geographic region had the biggest drop in Q22023 year over year revenues (on a percentage basis)?","gold_answer":"Developed Rest of the World","model_answer":" Based on the information provided, the geographic region with the biggest drop in Q2 2023 year over year revenues (on a percentage basis) for Pfizer was Emerging Markets, with a decrease of 53% compared to the same period in the previous year. This is reflected in the table summarizing revenues by geographic area, where Emerging Markets revenues decreased from $6.0 billion in Q2 2022 to $2.8 billion in Q2 2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00283","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"How much does Pfizer expect to pay to spin off Upjohn in the future in USD million?","gold_answer":77.78,"model_answer":" According to the provided text, Pfizer expects to incur costs of approximately $700 million in connection with separating Upjohn. This amount has been partially incurred since its inception, with around 90% of the total cost already paid. Therefore, the remaining amount that Pfizer expects to pay to spin off Upjohn in the future is approximately $70 million.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_02419","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"As of Q2'2023, is Pfizer spinning off any large business segments?","gold_answer":"Yes, it's spinning off Upjohn.","model_answer":" Yes, as of Q2 2023, Pfizer is in the process of separating its Upjohn business, which is a large business segment. The company has already incurred approximately 90% of the estimated $700 million separation costs since inception.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00601","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove the reduction in SG&A expense as a percent of net sales in FY2023?","gold_answer":"Lower marketing expenses and leverage of incentive compensation due to higher sales. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" The reduction in SG&A expenses as a percentage of net sales in FY2023 was primarily driven by leverage of marketing expenses and incentive compensation due to higher sales, 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":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?","gold_answer":"Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the information provided in Exhibit 3, Ulta Beauty's condensed consolidated balance sheets, the increase in merchandise inventories balance at the end of FY2023 was driven by a $104,233 increase in net inventory purchases, as well as a $331,003 decrease in deferred revenue. These factors contributed to an overall increase in merchandise inventories of $1,603,451 at the end of FY2023, compared to $1,499,218 at the end of FY2022.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00605","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What percent of Ulta Beauty's total spend on stock repurchases for FY 2023 occurred in Q4 of FY2023?","gold_answer":"36%. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Unfortunately, the information provided in the given text does not contain information about Ulta Beauty's total spend on stock repurchases for FY 2023 or any information regarding stock repurchases during Q4 of FY2023. Therefore, I cannot provide an answer to your question based on the given context.","label":"Refusal"}
{"financebench_id":"financebench_id_00606","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Did Ulta Beauty's wages expense as a percent of net sales increase or decrease in FY2023?","gold_answer":"Wages expense as a percent of net sales increased in FY2023. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.","model_answer":" Based on the information provided in Exhibit 1, Ulta Beauty's wages expense as a percentage of net sales decreased in FY2023. In FY2023, wages expense was $762.7 million, which represents 23.6% of net sales. In FY2022, wages expense was $650.0 million, which represents 23.8% of net sales. So, wages expense as a percentage of net sales decreased by 0.2% from FY2022 to FY2023.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00746","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Which debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023?","gold_answer":"There are none","model_answer":" Based on the information provided in the Form 10-K for Ulta Beauty, Inc., the following debt securities are registered to trade on a national securities exchange under Ulta Beauty's name as of FY2023:\n\n* None\n\nThe exhibit index lists the company's Second Amended and Restated Loan Agreement, dated August 23, 2017, among Ulta Beauty, Inc., Ulta Salon, Cosmetics & Fragrance, Inc., the subsidiaries of Ulta Beauty signatory thereto, Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A. and PNC Bank, National Association, but it does not mention any debt securities registered to trade on a national securities exchange.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00521","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What are major acquisitions that Ulta Beauty has done in FY2023 and FY2022?","gold_answer":"Ulta Beauty did not make any acquisitions in FY2023 and FY2022.","model_answer":" Based on the information provided in the Consolidated Statements of Income and Notes to Consolidated Financial Statements, Ulta Beauty has not reported any significant acquisitions in FY2023 or FY2022. The Company's focus has been on expanding its store count and investing in strategic initiatives to drive market share gains over the long term.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00859","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Among all of the derivative instruments that Verizon used to manage the exposure to fluctuations of foreign currencies exchange rates or interest rates, which one had the highest notional value in FY 2021?","gold_answer":"Cross currency swaps. Its notional value was $32,502 million.","model_answer":" The derivative instrument with the highest notional value in FY 2021 was cross currency swaps, with a notional amount of $32,502 million at December 31, 2021.","label":"Correct Answer"}
{"financebench_id":"financebench_id_02024","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"As of FY 2021, how much did Verizon expect to pay for its retirees in 2024?","gold_answer":"The estimated pension benefits were $1097 million, and the estimated health care and life insurance benefits were $862 million.","model_answer":" The answer to the question can be found in the following sentence from the provided text:\n\n\"Contributions to our other postretirement benefit plans are estimated to be approximately $860 million in 2022.\"\n\nTherefore, as of FY 2021, Verizon expected to pay approximately $860 million for its other postretirement benefit plans in 2024.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00215","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Is Verizon a capital intensive business based on FY 2022 data?","gold_answer":"Yes. Verizon's capital intensity ratio was approximately 2.774729. This means that it took approximately $2.77 of assets to generate $1 of revenue and thus, Verizon can be considered capital intensive.","model_answer":" Yes, Verizon appears to be a capital-intensive business based on the FY 2022 data provided. The company reported $23,087 million in capital expenditures for 2022, which is a significant amount compared to the previous year's $20,286 million. This suggests that Verizon invests heavily in assets such as property, plant, and equipment, as well as intangible assets like patents, copyrights, and licenses, in order to maintain and grow its operations. Additionally, the notes to the consolidated financial statements indicate that the company has a large amount of property, plant, and equipment, which further supports the conclusion that Verizon is a capital-intensive business.","label":"Correct Answer"}
{"financebench_id":"financebench_id_00216","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Does Verizon have a reasonably healthy liquidity profile based on its quick ratio for FY 2022? If the quick ratio is not relevant to measure liquidity, please state that and explain why.","gold_answer":"No. The quick ratio was approximately 0.54 for Verizon. It indicated that Verizon does not have a healthy liquidity profile.","model_answer":" Based on the information provided in the Verizon 2022 Annual Report on Form 10-K, the company has a quick ratio of 1.47 as of December 31, 2022. The quick ratio is calculated by dividing the sum of cash and cash equivalents, accounts receivable, and inventories by current liabilities.\n\nA quick ratio of 1.47 indicates that Verizon has a reasonably healthy liquidity profile. This means that the company has sufficient liquid assets to cover its short-term obligations, which is a positive sign for its financial health.\n\nIt's worth noting that the quick ratio is just one metric used to assess a company's liquidity, and it may not be relevant in all cases. For example, if a company has a large portion of its assets tied up in illiquid or hard-to-value assets, the quick ratio may not accurately reflect its true liquidity position. However, based on the information provided, the quick ratio appears to be a useful indicator of Verizon's liquidity profile.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_00566","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Has Verizon increased its debt on balance sheet between 2022 and the 2021 fiscal period?","gold_answer":"No. Verizon's debt decreased by $229 million.","model_answer":" Yes, Verizon has increased its debt on balance sheet between 2022 and the 2021 fiscal period. The total long-term debt increased from $9,178 million in 2021 to $13,199 million in 2022, which represents an increase of $4,021 million or 43.6%. Additionally, the debt maturing within one year also increased from $5,024 million in 2021 to $6,809 million in 2022, which represents an increase of $1,785 million or 35.6%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06247","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is FY2018 days payable outstanding (DPO) for Walmart? DPO is defined as: 365 * (average accounts payable between FY2017 and FY2018) \/ (FY2018 COGS + change in inventory between FY2017 and FY2018). Round your answer to two decimal places. Please base your judgments on the information provided primarily in the statement of financial position and the P&L statement.","gold_answer":42.69,"model_answer":" Based on the information provided, we can calculate the FY2018 days payable outstanding (DPO) for Walmart as follows:\n\nAverage accounts payable between FY2017 and FY2018:\n\nFY2017 ending inventory: $43,783\nFY2018 ending inventory: $45,141\n\nAverage accounts payable = ($43,783 + $45,141) \/ 2 = $44,469\n\nCost of goods sold (COGS) for FY2018:\n\nFY2018 COGS = $116,526 (from the P&L statement)\n\nChange in inventory between FY2017 and FY2018:\n\nChange in inventory = FY2018 ending inventory - FY2017 ending inventory\n= $45,141 - $43,783\n= $1,358\n\nNow, let's calculate DPO:\n\nDPO = 365 * (average accounts payable \/ (FY2018 COGS + change in inventory))\n\nSubstituting the values, we get:\n\nDPO = 365 * ($44,469 \/ ($116,526 + $1,358))\n\nRounding to two decimal places, we get:\n\nDPO = 365 * 0.42\n\nTherefore, the FY2018 days payable outstanding (DPO) for Walmart is approximately 158.31 days.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_04784","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"Based on the information provided primarily in the statement of income, what is the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart? Answer in units of percents and round to one decimal place.","gold_answer":0.002,"model_answer":" The FY2018 - FY2019 change in unadjusted operating income % margin for Walmart is -0.4% (negative four-tenths of a percent).\n\nExplanation:\n\nTo find the change in unadjusted operating income % margin, we need to compare the operating income as a percentage of net sales between FY2018 and FY2019.\n\nFY2018: Operating income as a percentage of net sales = 5.3% (see note 1)\nFY2019: Operating income as a percentage of net sales = 5.2% (see note 2)\n\nThe difference between these two percentages is -0.1% (negative one-tenth of a percent), which represents the decline in unadjusted operating income % margin from FY2018 to FY2019.\n\nRounding to one decimal place, the FY2018 - FY2019 change in unadjusted operating income % margin for Walmart is -0.4%.","label":"Incorrect Answer"}
{"financebench_id":"financebench_id_06741","model_name":"llama2","eval_mode":"singleStore","temp":0.01,"question":"What is the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart? Define unadjusted EBITDA as unadjusted operating income + depreciation and amortization from the cash flow statement. Answer in units of percents and round to one decimal place. Calculate what was asked by utilizing the line items clearly shown in the P&L statement and the cash flow statement.","gold_answer":0.062,"model_answer":" Sure, I'd be happy to help! Based on the information provided in the P&L statement and Cash Flow Statement, we can calculate the unadjusted EBITDA % margin for Walmart for fiscal years 2018-2020 as follows:\n\nFiscal Year 2018:\n\n* Unadjusted Operating Income = $20,437\n* Depreciation and Amortization = $10,529\n* Unadjusted EBITDA = $30,966\n* Net Sales = $485,873\n\nEBITDA % Margin = (Unadjusted EBITDA \/ Net Sales) x 100%\n= (30,966 \/ 485,873) x 100%\n= 6.36%\n\nFiscal Year 2019:\n\n* Unadjusted Operating Income = $21,957\n* Depreciation and Amortization = $10,678\n* Unadjusted EBITDA = $32,635\n* Net Sales = $500,343\n\nEBITDA % Margin = (Unadjusted EBITDA \/ Net Sales) x 100%\n= (32,635 \/ 500,343) x 100%\n= 6.52%\n\nFiscal Year 2020:\n\n* Unadjusted Operating Income = $20,568\n* Depreciation and Amortization = $10,987\n* Unadjusted EBITDA = $31,555\n* Net Sales = $519,926\n\nEBITDA % Margin = (Unadjusted EBITDA \/ Net Sales) x 100%\n= (31,555 \/ 519,926) x 100%\n= 6.06%\n\nAverage EBITDA % Margin for FY2018-FY2020 = (6.36% + 6.52% + 6.06%) \/ 3\n= 6.24%\n\nTherefore, the FY2018 - FY2020 3 year average unadjusted EBITDA % margin for Walmart is 6.24%.","label":"Correct Answer"}