[User] How is mall net operating income (NOI) useful in evaluating mall operating performance?

[Assistant] Commercial property can be exempt from property tax for up to twelve years if the building is newly constructed in Cotai and also qualifies for Tourism Utility Status. The initial exemption is for the first six years.


[User] What are the leverage ratios for the U.S. and Singapore credit facilities as of December 31, 2023?

[Assistant] 3.3x for the U.S. and 1.7x for Singapore


[User] What percentage of Hilton's energy was sourced from grid electricity in 2023?

[Assistant] 57.0%


[User] How much waste was generated per square meter at Hilton's properties in 2023?

[Assistant] 0.0056 metric tons


[User] What is the ethnic diversity percentage of Hilton's U.S. workforce as of December 31, 2023?

[Assistant] 72 percent


[User] What proportion of Hilton’s U.S. hotel leadership was ethnically diverse as of the end of 2023?

[Assistant] 29 percent


[User] What types of benefits does Hilton offer to its employees?

[Assistant] Hilton offers competitive pay and benefits including a variety of compensation programs, comprehensive benefit programs, and an employee stock purchase plan with a 15 percent discount.


[User] What measures does Hilton implement to support diversity and inclusion?

[Assistant] Hilton implements Team Member Resource Groups, Pathway Programs for economic mobility, and annual trainings on unconscious bias, inclusive culture, preventing human trafficking, and anti-harassment.


[User] What type of business operations are subject to local regulatory control regarding gaming licenses?

[Assistant] Business operations at gaming facilities are subject to the licensing and regulatory control of the local regulatory agency responsible for gaming licenses and operations in those jurisdictions.


[User] What is required of hotel owners if they do not participate in the company's insurance programs?

[Assistant] If hotel owners do not participate in the company's insurance programs, they must purchase insurance programs that are consistent with the company's requirements.


[User] Are U.S. franchised hotels allowed to participate in the company's insurance programs?

[Assistant] No, U.S. franchised hotels are not permitted to participate in the company's insurance programs.


[User] What types of risks are usually covered by the company's insurance policies?

[Assistant] The company's insurance policies typically cover general liability, property, business interruption, terrorism, and other risks associated with their business operations.


[User] What agencies conducted unannounced inspections at several companies in the automotive sector on March 15, 2022?

[Assistant] The European Commission and the U.K. Competition and Markets Authority


[User] What are the potential remedies if a violation is found by the European Commission or the U.K. Competition and Markets Authority in their investigation of automotive companies?

[Assistant] Imposing a fine and/or the prohibition or restriction of certain business practices


[User] What are the two main categories into which Ford Motor Company classifies its costs and expenses, excluding those related to Ford Credit?

[Assistant] Cost of sales and selling, administrative, and other expenses.


[User] What types of costs does Ford Motor Company include in its 'cost of sales' category?

[Assistant] Costs included in the 'cost of sales' category are material costs, freight costs, warranty and product recall costs, labor and other costs related to development and production, depreciation and amortization, and other associated costs.


[User] What is the focus of the 'selling, administrative, and other expenses' category at Ford Motor Company?

[Assistant] This category includes labor and other costs not directly related to development and production, such as advertising and sales promotion costs.


[User] How does Ford Motor Company handle its structural costs in relation to production volume changes?

[Assistant] Structural costs do not have a direct proportional relationship to production volume and include costs like manufacturing, engineering, and administrative expenses, which can be adjusted over time in response to external factors.


[User] What was Ford Blue's EBIT in 2023 and how did it change from 2022?

[Assistant] Ford Blue's EBIT in 2023 was $7,462 million, an increase of $615 million from 2022.


[User] What factors led to the increase in the 2023 full year EBIT of Ford Blue?

[Assistant] The increase in Ford Blue's 2023 full year EBIT was primarily driven by a favorable mix, lower commodity costs, higher wholesales, and net pricing, along with some increases in warranty and material costs partially offsetting the gains.


[User] How did Ford Pro's EBIT in 2023 compare to the previous year, and what contributed to this change?

[Assistant] Ford Pro's EBIT in 2023 was $7,222 million, showing a substantial increase of $4,000 million from 2022. This improvement was largely due to higher net pricing and lower commodity costs, alongside an increase in wholesales.


[User] What caused the significant loss in Ford Model e's EBIT in 2023?

[Assistant] Ford Model e's significant EBIT loss in 2023, amounting to $4,701 million, was primarily due to lower net pricing, higher material costs, and increased costs associated with production increases and launching new supplier contracts.


[User] What was the carrying value of the joint venture with AGC Equity Partners as of December 31, 2023?

[Assistant] $57,874


[User] What was the equity interest percentage in the joint venture with AGC Equity Partners at the end of 2023?

[Assistant] 20.00%


[User] How much federal net operating loss carryforwards did the company have at the end of 2023, and how much of it is expected to be realized?

[Assistant] The company had federal net operating loss carryforwards of $109.6 million at the end of 2023, of which $88.7 million is expected to be realized.


[User] What is the total value of foreign net operating losses reported, and what is the valuation allowance percentage applied to them?

[Assistant] The total value of foreign net operating losses reported was $133.5 million, with a valuation allowance of approximately 73.8%.


[User] Where is the information usually included in Item 8 found in this Annual Report?

[Assistant] The information usually included in Item 8 is found in Item 15(a) of this Annual Report.


[User] Is the information from Item 8 presented in another part of the same document?

[Assistant] Yes, in Item 15(a)


[User] Does Item 15(a) serve as a reference point for other sections within the annual report regarding financial information?

[Assistant] Yes, it serves as a reference for Item 8.


[User] Can the content of Item 8 be directly accessed in the document?

[Assistant] No, Item 8 references to get the information from Item 15(a).


[User] When is the latest year that compound patent protection for DARZALEX extends to in Europe?

[Assistant] 2032


[User] Which subsidiary of Johnson & Johnson owns patents specifically related to STELARA?

[Assistant] Janssen Biotech, Inc.


[User] What percentage of a global firm's workforce was based in strategic locations as of December 2023?

[Assistant] 41%


[User] What are some of the competitive pressures faced by large financial firms like Goldman Sachs?

[Assistant] Large financial firms like Goldman Sachs face competitive pressures including the need to commit capital to support international operations, competition from larger financial institutions with more resources, and competitors with more targeted service offerings such as independent advisory firms. They also face competition based on the types of financial products and client experiences offered, with some competitors providing products and technologies that Goldman Sachs may not.


[User] How do regulatory differences impact the competitive landscape for U.S.-based financial firms like Goldman Sachs when compared to their non-U.S. counterparts?

[Assistant] Regulatory differences can impact the competitive landscape by providing non-U.S.-based firms with more flexibility in certain activities such as proprietary trading and investing in hedge and private equity funds outside the U.S., which are restricted for U.S.-based firms like Goldman Sachs under the Dodd-Frank Act.


[User] What changes to the calculation of Risk-Weighted Assets (RWAs) are proposed in the U.S. regulation changes set for 2025?

[Assistant] The proposed changes include replacing the Advanced approach with an Expanded Risk-Based approach, which eliminates the use of internal models to calculate RWAs for credit and operational risk. It also incorporates the application of the SCB requirements.


[User] When are the near final market risk rules issued by the PRA expected to become effective in the U.K.?

[Assistant] July 1, 2025


[User] What are the conditions under which a Bank Holding Company (BHC) must receive approval from the Federal Reserve Board (FRB) for any dividend payments, stock repurchases, or other capital distributions?

[Assistant] A Bank Holding Company must receive approval from the FRB for any dividend payments, stock repurchases, or other capital distributions, except for those on newly issued capital instruments, if it is required to resubmit its capital plan due to a material change in risk profile, financial condition, or corporate structure since the last submission, or if directed by the FRB.


[User] What are the limitations placed on the payment of dividends by U.S. depository institutions according to federal and state laws?

[Assistant] U.S. federal and state laws restrict the payment of dividends by U.S. depository institutions to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. The recent earnings test limits dividends to not exceed the sum of the current year's net income plus retained net income from the two previous years without regulatory approval. The undivided profits test restricts dividends to not exceed the entity's accumulated net profits not paid out or transferred to surplus, unless both regulatory and shareholder approval are received.


[User] What powers does the Special Resolution Regime in the U.K. confer on the Bank of England regarding financial institutions?

[Assistant] The U.K. Special Resolution Regime confers substantially the same powers on the Bank of England, as the U.K. resolution authority, as the powers given to E.U. resolution authorities, including the ability to impose a temporary stay and to recapitalize a failing entity by writing down or converting its unsecured debt into equity.


[User] What are the capital categories established under FDICIA for FDIC-insured banks?

[Assistant] The capital categories established under FDICIA for FDIC-insured banks are well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized.


[User] How does the Volcker Rule limit a banking entity's investment in covered funds?

[Assistant] The Volcker Rule limits a banking entity's investment in each covered fund to 3% or less of the fund’s net asset value, and limits the aggregate investment in all such funds to 3% or less of the entity's Tier 1 capital.


[User] What is the nature of IBM's relationship with its strategic partners in competitional terms?

[Assistant] IBM collaborates with its strategic partners on some projects but competes with them in other areas.


[User] In which ways does IBM compete in its industry?

[Assistant] IBM competes through technology innovation, performance, price, quality, brand, breadth of capabilities, products and services, talent, client relationships and trust, and its ability to deliver business value to clients.


[User] How does IBM maintain its leadership in the tech industry?

[Assistant] IBM optimizes its portfolio through organic and inorganic innovations and effective resource allocation, driving current performance and extending its innovation leadership into the future.


[User] What distinguishes IBM from other tech providers?

[Assistant] IBM's differentiation comes from its combination of deep expertise in technology, incumbent relationships with enterprises, a broad go-to-market strategy that includes a partner ecosystem, and a strong emphasis on innovation.


[User] What are IBM's primary competencies in competing against other tech companies?

[Assistant] IBM's primary competencies include its diverse range of tech and consulting services, its capability for innovation, and its establishment in mission-critical infrastructure supported by advanced research capabilities.


[User] How does IBM's service and product offerings in the tech sector stand out from competitors?

[Assistant] IBM offers a unique blend of software and consulting services that are distinguished by innovation, global reach, deep industry expertise, and a robust research foundation.


[User] What specific competitive advantages does IBM leverage in the hybrid cloud infrastructure market?

[Assistant] IBM leverages investments in high-value capabilities like security, scalability, and reliability, designed especially for mission-critical and regulated workloads, to differentiate from competitors in the hybrid cloud infrastructure market.


[User] What unique features does IBM's Financing service offer to gain a competitive edge?

[Assistant] IBM's Financing service manages credit and residual value risks, provides flexibility in contracts, offers global capabilities, and facilitates client acquisition of IT solutions, thereby generating a competitive advantage.


[User] What are IBM's future prospects and preparedness for new business opportunities?

[Assistant] IBM is positioned for accelerated growth with a focus on quantum computing, supported by its ongoing investments in portfolio optimization, and strong innovation credentials.


[User] Where can information about IBM's legal proceedings be found in its 2023 Annual Report to Stockholders?

[Assistant] Information about IBM's legal proceedings can be found in note R, 'Commitments & Contingencies', on pages 95 to 97 of IBM's 2023 Annual Report to Stockholders.


[User] Where is the Investor Relations office of Intuit Inc. located?

[Assistant] The Investor Relations office of Intuit Inc. is located at P.O. Box 7850, Mountain View, California 94039-7850.


[User] What is the purpose of Management's Discussion and Analysis in corporate financial reporting?

[Assistant] The purpose of Management's Discussion and Analysis (MD&A) in corporate financial reporting is to provide an overview that helps shareholders understand a company's business, strategies, current trends, and future prospects through discussions on financial statements, operations, liquidity, and capital resources.


[User] What are some typical sections included in the Management's Discussion and Analysis of a corporate financial report?

[Assistant] Typical sections included in the Management's Discussion and Analysis of a corporate financial report are Executive Overview, Critical Accounting Policies and Estimates, Results of Operations, and Liquidity and Capital Resources.


[User] What changes occurred after the acquisition of Credit Karma by a company on December 3, 2020?

[Assistant] After the acquisition on December 3, 2020, Credit Karma began operating as a separate reportable segment, including its results from the date of acquisition and accounting for all direct expenses related to selling, marketing, product development, and general administrative tasks.


[User] How was The Rocket Science Group LLC (Mailchimp) integrated into a company's structure after its acquisition on November 1, 2021?

[Assistant] After its acquisition on November 1, 2021, The Rocket Science Group LLC (Mailchimp) was integrated into the Small Business & Self-Employed segment of the acquiring company, and its operations were included in the consolidated results from the acquisition date.


[User] What strategic change involving the Mint offering occurred on August 1, 2022, in a company?

[Assistant] On August 1, 2022, a strategic realignment occurred in a company where the Mint offering was moved from the Consumer segment to the Credit Karma segment.


[User] How is artificial intelligence (AI) impacting various industries according to recent trends?

[Assistant] Artificial intelligence (AI) is impacting various industries by enabling the development of new technologies that provide personalized experiences, deliver data-driven insights, and increase the speed of service, which is intensifying competition and changing customer expectations globally.


[User] What were the key financial highlights for a company in fiscal 2023?

[Assistant] The key financial highlights for the company in fiscal 2023 included significant growth in revenue and operating income, with notable increases in specific segments such as Small Business & Self-Employed and Consumer.


[User] Why is investment in information technology infrastructure and security measures critical for companies managing financial information?

[Assistant] Investment in information technology infrastructure and security measures is critical for companies managing financial information due to the increasing risks of fraud, the necessity for robust data security, and the need to protect personal customer information.


[User] What factors can influence the estimates and assumptions regarding the future values and remaining useful lives of a company’s acquired intangible assets?

[Assistant] Estimates and assumptions about future values and remaining useful lives of a company's acquired intangible assets can be influenced by a variety of factors, including external ones like industry and economic trends, and internal ones such as changes in the company's business strategy and internal forecasts.


[User] What financial support structures were implemented by ICE NGX to fund its operations?

[Assistant] ICE NGX implemented a $200 million letter of credit issued by a major Canadian chartered bank, backed by default insurance underwritten by Export Development Canada, and also held $15 million in restricted cash to fund the first loss amount under the default insurance policy.


[User] How much did ICE Clear Europe contribute to the ICE Clearing Houses as of December 31, 2023?

[Assistant] $297 million


[User] What services does the ICE Bonds platform provide and what is its focus?

[Assistant] The ICE Bonds platform provides electronic markets supporting multiple trading protocols like click-to-trade, RFQ, and auctions, focusing on enhancing efficiency across fixed income markets.


[User] What are the key priorities outlined in the cybersecurity strategy described?

[Assistant] The key priorities of the cybersecurity strategy include assessing risk, prioritizing testing, identifying remedial actions and validating improvements.


[User] What performance criteria are considered critical for the ICE trading platforms?

[Assistant] Critical performance criteria for the ICE trading platforms include speed, reliability, resilience, capacity, and security.


[User] What does the ICE Data Services technology aim to achieve with its integrated platforms?

[Assistant] The ICE Data Services technology aims to enable real-time processing and delivery of information, accelerate new product development and improve production reliability.


[User] What organizations do the cybersecurity leaders hold memberships in?

[Assistant] The cybersecurity leaders hold memberships in the Financial Services Information Sharing and Analysis Center (FS-ISAC), the cross-sector Analysis and Resiliency Center (ARC) in the U.S., the Financial Sector Cyber Collaboration Centre (FSCCC) in the U.K., and similar organizations across the EMEA and APAC regions.


[User] How does the company evaluate and test its cybersecurity program?

[Assistant] The company evaluates and tests its cybersecurity program through internal assessments and assessments by third-parties, including external security assessors, consultants, and auditors.


[User] What is the purpose of the company's third-party risk management program?

[Assistant] The purpose of the company's third-party risk management program is to assess vendors' cybersecurity processes, ensuring that they maintain compliance with the company's cybersecurity standards.


[User] How many fixed income securities does the Fixed Income and Data Services segment evaluate pricing for?

[Assistant] nearly three million


[User] What actions is the EPA taking under the 2016 Lautenberg Chemical Safety for the 21st Century Act?

[Assistant] The EPA is moving forward with risk analysis and management of high priority chemicals.


[User] What changes are occurring with vehicle safety regulations outside of the U.S.?

[Assistant] Many countries are adopting more stringent vehicle safety regulations and are likely to implement even stricter standards in the future.


[User] How do differences between North American and UNECE based regulations impact vehicle development?

[Assistant] These differences add complexity and costs to vehicle development.


[User] What is the impact of varying NCAP ratings on vehicles?

[Assistant] Varying NCAP ratings can add complexity and cost to vehicles.


[User] What agency was GM's Ultium Cells LLC joint venture required to report potential violations to in February 2023?

[Assistant] Environmental Protection Agency (EPA)


[User] What were the violations that GM self-disclosed to the EPA related to?

[Assistant] Requirements for the import of new chemical substances under the Toxic Substances Control Act (TSCA)


[User] What was the approximate amount of civil penalties agreed upon in the consent agreement with the EPA in November 2023?

[Assistant] $5.1 million


[User] Under what conditions might the civil penalties assessed to GM and Ultium Cells LLC increase?

[Assistant] The penalties could increase depending on the import activity prior to receipt of a TSCA 5(e) order


[User] Who shares responsibility for the civil penalties according to the terms of the consent agreement with the EPA?

[Assistant] GM and Ultium Cells LLC


[User] What strategies does General Motors plan to implement to adapt to customer preferences and ensure growth?

[Assistant] General Motors plans to invest in EVs, hybrids, AVs, software-enabled services, and other new business opportunities while strengthening their market position in profitable ICE vehicles like trucks and SUVs. They aim to execute their strategy with a commitment to sustainable operations and a leading health and safety culture.


[User] What is the weighted-average useful life of the total acquired identifiable intangible assets?

[Assistant] 12.0 years


[User] What were Intuit's interest payments on the term loan during the fiscal years ending July 31, 2023 and July 31, 2022, respectively?

[Assistant] $230 million and $42 million


[User] What is the future expiration year for the state net operating loss carryforwards mentioned in the fiscal reporting?

[Assistant] 2028


[User] How many shares were available for grant under the Restated 2005 Plan as of July 31, 2023?

[Assistant] 19.0 million


[User] What was the total number of shares available for grant under the Credit Karma Plan at the start of the fiscal year 2020?

[Assistant] 4,298


[User] What services does Iron Mountain provide to protect organizations' information and reduce storage costs?

[Assistant] Iron Mountain provides services such as storing physical records and data backup media, offering information management solutions, and providing data center space for enterprise-class colocation and hyperscale deployments.


[User] What significant milestones did Iron Mountain achieve in its history by the end of 2023?

[Assistant] By the end of 2023, Iron Mountain served more than 225,000 customers across various industries in 60 countries, employed approximately 27,000 people, and was listed on the New York Stock Exchange as a part of the Standard & Poor’s 500 Index and the MSCI REIT index.


[User] What is Project Matterhorn and what are its goals for Iron Mountain?

[Assistant] Project Matterhorn is a global program initiated by Iron Mountain to accelerate the growth of its business by transforming its operating model and adopting a solution-based sales approach. The project aims to optimize shared services and best practices to better meet customer needs.


[User] How has Iron Mountain transitioned its business to adapt to changes in information storage?

[Assistant] Iron Mountain has shifted towards a hybrid of physical and digital media storage solutions to adapt to the increase in digital information by customers. The company focuses on growth in physical storage and complementary digital services.


[User] What types of specialized storage services does Iron Mountain offer?

[Assistant] Iron Mountain offers specialized storage services including secure shredding of used documents, storing and handling of fine arts, and consumer storage solutions that leverage data analytics for customer acquisition.


[User] What was the SRO's accrued amount as a receivable for CAT implementation expenses as of December 31, 2023?

[Assistant] Approximately $97 million


[User] What could be the impact on securities exchanges if the SEC's proposed rule prohibiting volume-based transaction pricing is adopted?

[Assistant] It would negatively impact the securities exchanges’ ability to compete with off-exchange trading venues.


[User] What are the proposed legislative changes in the EU regarding data service providers?

[Assistant] The proposed changes include new or expanded requirements such as conflict of interest and transparency rules, regulation of prices and fees, and imposition of market access rules for third-country providers.


[User] What changes did the FCA propose in its December 2023 consultation regarding the U.K. commodity derivatives framework?

[Assistant] The FCA proposed to revise the U.K. commodity derivatives framework by revoking the MIFID II position limit requirements and transferring the power to set position limits and controls from the FCA to the operator of trading venues. Additionally, it required U.K. trading venues to set position limits for critical and related contracts, establish accountability thresholds, and report enhanced position data.


[User] What are the implications of the European Commission's legislative proposals on clearing services published in December 2022?

[Assistant] The European Commission's legislative proposals aim to amend EMIR and framework provisions to boost clearing within the EU and reduce reliance on non-EU CCPs. This involves introducing an operational account requirement that could mandate EU-based firms to clear a proportion of their derivatives business at an EU CCP, potentially affecting business operations and increasing costs for non-EU access.


[User] What did the FCA require regarding the continued publication of certain LIBOR settings after 2021?

[Assistant] The FCA required the IBA to continue publishing certain LIBOR settings under a 'synthetic' methodology for a temporary period beyond the standard cessation date of December 31, 2021.


[User] What are the potential consequences of the company being involved in lawsuits related to their acquisitions?

[Assistant] An adverse resolution of lawsuits related to acquisitions may require the company to pay substantial damages or impose restrictions on how they conduct business, which could adversely affect their financial condition and operating results.


[User] How do cyberattacks affect the company's relationship with its customers?

[Assistant] Cyberattacks could make customers unable or reluctant to use the company's electronic platforms or other products and services, potentially resulting in a loss of customers and negatively impacting the company's business.


[User] What steps has the company taken to manage cybersecurity risks?

[Assistant] The company operates an Information Security program designed to prevent, detect, track, and mitigate cyber incidents, which has detected and mitigated such incidents in the past.


[User] What factors could potentially lead to a decline in the company's fees?

[Assistant] A decline in the company's fees could be caused by competitive pressure or regulatory changes.


[User] How is the GCLA managed and what elements are included in the U.S. dollar-denominated GCLA?

[Assistant] The GCLA is managed based on internal liquidity risk models and includes unencumbered U.S. government and agency obligations, eligible as collateral in Federal Reserve open market operations, and certain overnight U.S. dollar cash deposits.


[User] What were the short-term and long-term debt ratings of GSIB as of December 2023?

[Assistant] As of December 2023, GSIB's short-term debt rating was F1 according to Fitch and P-1 according to Moody’s, and the long-term debt rating was A+ by Fitch, A1 by Moody's, and A+ by S&P.


[User] What was the effect on Goldman Sachs' cash and cash equivalents at the end of 2023?

[Assistant] Goldman Sachs' cash and cash equivalents decreased by $248 million to $241.58 billion at the end of 2023.


[User] What is the purpose of the Economic Value of Equity (EVE) measurement in assessing financial risk?

[Assistant] The Economic Value of Equity (EVE) measurement is used to assess the longer-term interest rate risk exposure on non-trading assets and liabilities by determining the net impact of interest rate changes on the present value of their cash flows.


[User] How does Goldman Sachs utilize scenario analysis in its risk management strategy?

[Assistant] Goldman Sachs uses scenario analysis to estimate the impact of specified events on multiple risk factors simultaneously, including both direct and associated exposures in various market conditions such as sovereign stress testing.


[User] What is the estimated loss for Goldman Sachs if there is a one basis point increase in credit spreads on derivatives as of December 2023?

[Assistant] $2 million


[User] What are the market risk values for Goldman Sachs' equity and debt positions not included in VaR as of December 2023?

[Assistant] Equity positions were valued at $1,562 million and debt positions were valued at $2,446 million.


[User] What methods does Goldman Sachs use to manage credit exposure from derivatives and securities financing transactions?

[Assistant] Goldman Sachs employs netting agreements and collateral agreements to manage credit exposures. Netting agreements allow receivables and payables with counterparties to be offset, while collateral agreements enable Goldman Sachs to obtain collateral from counterparts on an upfront or contingent basis and to terminate transactions if the counterparty's credit rating falls below a specified level.


[User] How does Goldman Sachs estimate the future exposure of derivatives and securities financing transactions?

[Assistant] Goldman Sachs estimates future exposure by considering market movements within a specified confidence level and taking into account netting and collateral arrangements. This potential exposure is an estimate of the likely future exposure that could arise over the life of a transaction.


[User] What are the components of collateral as described for accounting purposes?

[Assistant] The components of collateral include cash collateral and the fair value of securities collateral, primarily comprising U.S. and non-U.S. government and agency obligations received under credit support agreements. However, this collateral is not eligible for netting under U.S. GAAP.


[User] How does Hewlett Packard Enterprise justify the exclusion of transformation costs from its non-GAAP financial measures?

[Assistant] Hewlett Packard Enterprise justifies the exclusion of transformation costs from its non-GAAP financial measures by stating these are discrete costs related to specific transformation programs (HPE Next Plan and Cost Optimization and Prioritization Plan), which were necessary for business and IT infrastructure transformation following significant divestitures and changes in the product portfolio. These costs have been materially declining and are not expected to recur beyond fiscal 2023, making their exclusion useful for comparing operating performance across multiple periods.


[User] What risks are associated with the non-GAAP income tax rate used in the calculations?

[Assistant] The non-GAAP income tax rate is subject to change due to the rapidly evolving global tax environment, significant changes in the geographic earnings mix including due to acquisition activity, or other strategic or operational changes.


[User] What does FCF stand for, and how is it calculated?

[Assistant] FCF stands for Free Cash Flow. It is calculated as cash flow from operations, excluding the impact of proceeds received from a one-time Itanium litigation judgment, less net capital expenditures, and adjusted for exchange rate fluctuations on cash, cash equivalents, and restricted cash.


[User] How does FCF contribute to business strategy?

[Assistant] FCF is used by management and investors to determine the amount of cash available for investment in businesses, repurchasing stock, and other purposes, as well as evaluating historical and prospective liquidity.


[User] What are the limitations of using non-GAAP financial measures?

[Assistant] Non-GAAP financial measures have analytical limitations, they might not fully capture the economic loss in value of certain assets, can significantly impact equivalent GAAP earnings measures and cash flows, and may be calculated differently across companies, which limits their usefulness for comparative purposes.


[User] What was the change in cash and cash equivalents for Hewlett Packard Enterprise from the beginning to the end of the fiscal year 2023?

[Assistant] $182 decrease


[User] What was the total equity of Hewlett Packard Enterprise on October 31, 2023?

[Assistant] $21,238 million


[User] What was the total amount of pre-tax charges recorded by the company in fiscal 2022 due to operational disruptions in Russia and Belarus?

[Assistant] $161 million


[User] How is the stock-based compensation expense determined for service-based and performance or market condition awards at Hewlett Packard Enterprise?

[Assistant] For service-based awards, the stock-based compensation expense is determined at the aggregate grant level, whereas for awards with performance or market conditions, it is determined at the individual vesting tranche level.


[User] How many properties does Hilton have worldwide as of December 31, 2023?

[Assistant] 7,530 properties


[User] What types of insurance coverage does the company maintain for its employees?

[Assistant] The company maintains workers' compensation or equivalent coverage for all employees, and health coverages for some U.S. and Puerto Rico employees, with third-party insurance protection for costs over specified thresholds.


[User] What was the net unit growth percentage for Hilton in the year ended December 31, 2023?

[Assistant] 4.9 percent


[User] How many countries and territories did Hilton's development pipeline encompass as of the end of 2023?

[Assistant] 118


[User] How does the company manage fluctuations in foreign currency exchange rates?

[Assistant] The company hedges foreign currency exchange-based cash flow variability of certain fees using forward contracts designated as hedging instruments. Additionally, it holds short-term forward contracts to offset exposure to fluctuations in its foreign currency denominated cash balances and intercompany financing arrangements, without designating these forward contracts as hedging instruments.


[User] What factors contribute to the seasonality of the hospitality industry?

[Assistant] The seasonality of the hospitality industry is influenced by variations in the levels of demand experienced at different properties, depending on their location, type of property, and the competitive mix within the specific location.


[User] What criteria define the comparable hotels in the company's system?

[Assistant] Comparable hotels are defined as those that have been active and operating in the system for at least one full calendar year as of the end of the current period, were open on January 1st of the previous year, have not changed brand or ownership type during the current or comparable periods reported, and have not undergone large-scale capital projects, sustained substantial property damage, encountered business interruption, or lacked available comparable results.


[User] How did occupancy and Average Daily Rate (ADR) change year-over-year at the end of 2023?

[Assistant] At the end of 2023, occupancy improved by 4.6 percentage points and Average Daily Rate (ADR) increased by 5.4 percent compared to the previous year.


[User] What was the net change in owned and leased hotels expenses resulting from currency fluctuations?

[Assistant] There was a net increase of $142 million in owned and leased hotels expenses, which included a $143 million increase on a currency neutral basis and a $1 million decrease due to favorable currency exchange rates.


[User] How did the expenses from comparable owned and leased hotels change and what were the contributing factors?

[Assistant] Expenses from comparable owned and leased hotels increased by $137 million on a currency neutral basis due to increased occupancy and cost inflation which drove higher labor costs, utilities, other operating expenses, and an increase in rent expense.


[User] What factors contributed to the increase in amortization expense in 2023?

[Assistant] The increase in amortization expense in 2023 was partially offset by the full amortization of certain intangible assets and certain software project costs, but was driven by new software additions.


[User] How does HP Inc. aim to address the specific challenges in the Personal Systems and Printing segments?

[Assistant] HP Inc. plans to innovate new products and services, improve operations, and adapt business models focusing on end-to-end process efficiencies, sales execution, and optimizing sales coverage models in response to competitive pressures and market demands.


[User] What impact do the geopolitical conflicts have on HP Inc.'s business and financial performance?

[Assistant] Geopolitical conflicts, such as the Russian invasion of Ukraine and tensions across the Taiwan Strait, contribute to global macroeconomic challenges that significantly affect HP Inc.'s business and financial performance.


[User] What is the revenue source distribution for HP Inc. globally?

[Assistant] Approximately 65% of HP Inc.'s net revenue comes from outside the United States.


[User] What factors influence HP's critical accounting estimates?

[Assistant] Significant levels of estimation uncertainty and potential material impacts on financial condition or results of operations.


[User] How does HP handle variable consideration in revenue recognition?

[Assistant] HP estimates the variable consideration using the expected value or most likely amount method, and reduces the transaction price at the time of revenue recognition for various customer and distributor incentives.


[User] What impact would a 25 basis point change in certain assumptions have on HP's net periodic benefit cost in fiscal year 2023?

[Assistant] A change in the discount rate would result in a 5 million adjustment, expected increase in compensation levels would result in a 1 million adjustment, and expected long-term return on plan assets would result in a 14 million adjustment.


[User] What are the key factors HP considers when making adjustments to inventory valuation?

[Assistant] HP factors in future demand, market conditions, technology changes, supply constraints, product life cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues when making adjustments to inventory valuation.


[User] What methods are used by HP to determine the fair value of a reporting unit during a quantitative goodwill impairment test?

[Assistant] In a quantitative goodwill impairment test, HP uses estimates and assumptions such as revenue growth rates, operating margins for future cash flows, risk-adjusted discount rates, and future economic and market conditions.


[User] What factors impact the company's goodwill impairment evaluation?

[Assistant] The company's evaluation for goodwill impairment is impacted by revenue growth rates, operating margins, future economic and market conditions, risk-adjusted discount rates, and the determination of appropriate market comparables.


[User] How does the company handle legal contingencies?

[Assistant] The company records a liability for legal contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. They review these liabilities quarterly, adjusting for negotiations, settlements, rulings, and advice of legal counsel.


[User] What was the total net income for Gilead Sciences, Inc. in 2023?

[Assistant] $5,613 million


[User] How are revenue recognition and Gross-to-Net deductions related in the context of product sales?

[Assistant] Revenue from product sales is recognized when control of the product is transferred to the customer, generally upon shipment or delivery, and it is net of estimated rebates and chargebacks, patient co-pay assistance, prompt pay discounts, distributor fees, sales return provisions, and other related deductions. These deductions, known as Gross-to-Net deductions, are estimated and recorded in the period in which the related product sales occur.


[User] How is diluted earnings per share calculated for Gilead?

[Assistant] Diluted earnings per share for Gilead is calculated by dividing the net income attributable to Gilead by the weighted-average number of shares of common stock and other dilutive securities outstanding during the period.


[User] What financial recording practice is applied when upfront payments allocated to IPR&D projects don't have an alternative future use?

[Assistant] They are expensed as incurred on the Consolidated Statements of Income.


[User] What are the primary drugs included in Symtuza and which company commercializes it?

[Assistant] Symtuza includes cobicistat, emtricitabine, and tenofovir alafenamide, and it is commercialized by Janssen Sciences Ireland Unlimited Company.


[User] What are the three business segments of Goldman Sachs as mentioned in their 2023 Form 10-K?

[Assistant] The three business segments of Goldman Sachs are Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.


[User] How does Global Banking & Markets generate its revenues according to Goldman Sachs's 2023 Form 10-K?

[Assistant] Global Banking & Markets generates revenues from investment banking fees (advisory and underwriting), FICC (Fixed Income, Currency and Commodities) intermediation and financing activities, equity intermediation and financing activities, relationship lending, acquisition financing, and investing activities related to its operations.


[User] What are the key elements of the Business Continuity & Technology Resilience Program outlined in Goldman Sachs' strategy for managing business disruptions?

[Assistant] The key elements of the Business Continuity & Technology Resilience Program include crisis management, business continuity, technology resilience, business recovery, assurance and verification, and process improvement.


[User] What diversity and inclusion goals has Goldman Sachs set for its workforce by 2025?

[Assistant] By 2025, Goldman Sachs aims to have women professionals represent 40% of their vice presidents globally, Black professionals to represent 7% of their vice president population in the Americas and the U.K., and for Hispanic/Latinx professionals to constitute 9% of their vice president population in the Americas.


[User] In 2023, how many employees at a global firm were trained in Mental Health First Aid certification?

[Assistant] 600


[User] How does GM promote safety and well-being among its employees?

[Assistant] GM empowers employees to 'Speak Up for Safety' and provides the Employee Safety Concern Process, alongside its commitment to return people home safely each day.


[User] What incentives does GM offer as part of its Total Rewards package to support employee wellness?

[Assistant] GM's Total Rewards package supports physical, emotional, and financial wellness through compensation, a 401(k) program, paid time off, health care plans, and GM Family First savings on vehicles, parts, and services.


[User] What are GM's strategies for environmental and emission regulations compliance?

[Assistant] GM complies with stringent emission standards by obtaining necessary certifications, adapting to new regulations like the Tier 4 Multipollant Rule, and exploring zero emission vehicles to meet increasing requirements.


[User] What are the primary components of the Corporate Average Fuel Economy (CAFE) standards enforced by the National Highway Traffic Safety Administration (NHTSA) in the United States?

[Assistant] The CAFE standards are applied to three separate fleets: domestic cars, import cars, and light-duty trucks. Manufacturers can meet these standards through various means, including using credits from previous and upcoming model years, purchasing credits from other manufacturers, or paying civil penalties.


[User] How have CARB's regulations adjusted in response to changes in the EPA's GHG emission standards?

[Assistant] CARB amended its regulations in December 2018 to specify that should the EPA alter its GHG emission stringency, compliance with the EPA’s standards would no longer deem a manufacturer compliant with CARB's separate GHG requirements.


[User] What are the projected years covered by the new CAFE and GHG emission standards proposed by NHTSA and the EPA?

[Assistant] NHTSA has proposed new CAFE standards covering the 2027 to 2031 model years, while the EPA has proposed GHG standards extending from 2027 to 2032.


[User] What significant changes did the Canadian federal government make in its 2030 Emissions Reduction Plan concerning ZEVs?

[Assistant] The Canadian 2030 Emissions Reduction Plan introduced increasingly stringent ZEV supply regulations starting with 20% ZEVs required in 2026 and moving towards a 100% requirement by 2035.


[User] What actions have the U.S. NHTSA and EPA taken to preempt California’s ZEV and GHG standards, and what were the outcomes?

[Assistant] NHTSA and the EPA initially took actions to preempt California’s GHG and ZEV standards, but later repealed these preemptions and rescinded withdrawals, allowing California and adopting states to enforce these standards, despite the actions facing litigation.


[User] What initiative does the Basel, Rotterdam and Stockholm Conventions focus on?

[Assistant] chemical regulations


[User] What new requirement did the European market introduce regarding chemical substances?

[Assistant] Suppliers of parts and vehicles to the European market are required to disclose substances of concern in parts.


[User] How did the writers' and actors' strikes affect the Company's entertainment segment in 2023?

[Assistant] The writers' and actors' strikes in 2023 adversely impacted the Company's entertainment segment by disrupting the number and timing of planned program productions and deliveries compared to 2022.


[User] What was the total loss the company incurred in association with the sale of the eOne Music business in 2021?

[Assistant] $118.3 million


[User] What factors contributed to the decrease in royalty expense in 2023?

[Assistant] Lower sales of certain Partner Brands products with higher royalty rates, exit of certain license agreements in December 2022, and lower royalty expense associated with the eOne Film & TV business.


[User] What was the amount of impairment of goodwill in 2023, and what percentage of net revenues did it represent?

[Assistant] $1,191.2 million, 23.8% of net revenues


[User] What led to the reduced amortization of intangible assets in 2023?

[Assistant] The decrease in 2023 reflects the discontinuation of amortization expense associated with intangible assets included with the sale of the eOne Film and TV business to Lionsgate, lower expense due to the impairment of the Company's definite-lived intangible asset, eOne Trademark during the second quarter of 2023, lower expense due to the partial impairment of the Company's definite-lived Power Rangers intangible assets during the fourth quarter of 2022, and lower expense due to certain classic gaming properties becoming fully amortized during the first quarter of 2023.


[User] What was the total loss on the disposal of business in 2023, and how did this compare as a percentage of net revenues to previous years?

[Assistant] The Loss on disposal of business in 2023 was $539.0 million, or 10.8% of net revenues. In 2022 and 2021, the loss on disposal was significantly lower at $22.1 million, or 0.4% of net revenues, and $108.8 million, or 1.7% of net revenues, respectively.


[User] How did selling, distribution, and administration expenses change in 2023 compared to previous years?

[Assistant] Selling, distribution and administration expenses decreased to $1,480.4 million, or 29.6% of net revenues in 2023, from $1,666.1 million, or 28.4% of net revenues, in 2022. In 2021, expenses were $1,432.7 million, or 22.3% of net revenues. The decline in 2023 was driven by lower compensation expense associated with workforce reductions, lower costs for professional services, and lower freight and warehousing expenses due to reduced shipments.


[User] What was the impairment loss recorded for the right-of-use asset in the fourth quarter of 2023?

[Assistant] $2.7 million


[User] How much expense did the company incur in 2023 due to currency losses from Argentina to the U.S.?

[Assistant] $3.9 million


[User] What was the gain recognized from the legal settlement related to the eOne dispute in 2021?

[Assistant] $26.7 million


[User] What was the net impact on earnings from changes in the fair value of forward-starting interest rate swaps not designated as cash-flow hedges as of January 28, 2023?

[Assistant] An unrealized loss of $142 was recognized through net earnings.


[User] What role does Marina Bay Sands play in promoting business and leisure tourism in Asia?

[Assistant] Marina Bay Sands serves as a prominent icon in promoting business and leisure tourism in Asia due to its distinctive design, multitude of amenities, and its position as a key element of the Singapore skyline. It is recognized globally, partly due to exposure through social media and various forms of media.


[User] How does the management experience of Mr. Robert G. Goldstein benefit the company?

[Assistant] Mr. Robert G. Goldstein's extensive experience and respected reputation in the gaming and resort industry provide significant leadership and strategic benefits to the company. He has been a vital member of the executive team since the early stages of the company's development, contributing to its growth and success.


[User] How does the company approach environmental concerns in its Integrated Resort operations?

[Assistant] The company seeks to reduce environmental impacts by implementing strategies such as lowering utility costs, improving staffing efficiencies, and centralizing transportation, marketing, sales, and procurement which contributes to more sustainable operations.


[User] What unique features does The Londoner Macao offer to its visitors?

[Assistant] The Londoner Macao offers a range of unique features including replicas of iconic London landmarks like the Houses of Parliament and the Elizabeth Tower, interactive guest experiences, and thematic elements that reflect London's cultural heritage.


[User] What revenue sources does Shoppes at Venetian primarily rely on from its tenants?

[Assistant] Shoppes at Venetian generates mall revenue primarily through base minimum rents, overage rents, and reimbursements for common area maintenance (CAM) and other expenditures.


[User] What are the total gross leasable area (GLA) and some significant tenants of Shoppes at Four Seasons as of December 31, 2023?

[Assistant] As of December 31, 2023, the Shoppes at Four Seasons had a total GLA of 249,373 square feet, with significant tenants including Cartier, Chanel, Louis Vuitton, Hermès, Gucci, Dior, Versace, Zegna, Loro Piana, Saint Laurent, Balenciaga, Loewe, Roger Vivier, Christian Louboutin, Alexander McQueen, Miu Miu, Tiffany & Co., and Rimowa.


[User] What percentage of the total leasable area is occupied by luxury, women's, men's, and mixed fashion categories at the malls as of December 31, 2023?

[Assistant] As of December 31, 2023, luxury, women's, men's, and mixed fashion categories occupied 34% of the total leasable area at the malls.


[User] Which mall has the largest gross leasable area among the malls listed, and what are some of its notable tenants?

[Assistant] Shoppes at Venetian has the largest gross leasable area among the malls listed, with 818,686 square feet, hosting notable tenants such as ZARA, Victoria's Secret, UNIQLO, Tiffany & Co., Rolex, Bvlgary, MUJI, Marks & Spencer, Tommy Hilfiger, Cartier, Chaumet, Longines, Omega, Polo Ralph Lauren, and Kenzo.


[User] What types of insurance coverage does the company provide to its employees at no premium cost, as part of their general employee benefits package?

[Assistant] The company provides its employees with several types of insurance at no premium cost, including medical/prescription, dental, vision, short-term disability, life, and accidental death and disability insurance.


[User] What was the financial impact of the TSAs and TMAs on Johnson & Johnson's consolidated statements of earnings for fiscal year 2023?

[Assistant] The financial impact of the Transition Services Agreements (TSAs) and the Trade Manufacturing Agreements (TMAs) on Johnson & Johnson's consolidated statements of earnings for fiscal year 2023 was immaterial.


[User] What were the vaccine related exit costs reported by Johnson & Johnson in their 2023 annual report?

[Assistant] $0.8 billion


[User] What factors contributed to the determination of talc litigation as a critical audit matter?

[Assistant] The determination that talc litigation was a critical audit matter was based on significant management judgments required in assessing the likelihood of incurring a loss, estimating the potential loss or range of loss, and timing of settlement payments, all of which necessitated a high degree of auditor judgment, subjectivity, and effort in evaluating these assessments.


[User] What are the foundational components of JPMorgan Chase's corporate culture?

[Assistant] The foundational components of JPMorgan Chase's corporate culture include its purpose, values, and guiding "Business Principles".


[User] What are the four central corporate tenets represented by JPMorgan Chase's Business Principles?

[Assistant] The four central corporate tenets of JPMorgan Chase's Business Principles are exceptional client service, operational excellence, a commitment to integrity, fairness, and responsibility, and cultivation of a great team and winning culture.


[User] How does JPMorgan Chase support its diversity, equity, and inclusion strategies?

[Assistant] JPMorgan Chase supports its diversity, equity, and inclusion strategies through its Business Resource Groups and global Diversity, Equity & Inclusion centers of excellence.


[User] What percentage of the Firm's employment opportunities in 2023 were filled by external candidates?

[Assistant] Approximately 60% of the Firm’s employment opportunities in 2023 were filled by external candidates.


[User] What is JPMorgan Chase's approach to promoting an inclusive work environment during the recruitment process?

[Assistant] JPMorgan Chase promotes an inclusive work environment during the recruitment process by focusing on career coaching, mentorship, and prioritizing the unique skills of candidates over traditional degree requirements.


[User] What are the essential elements covered in the onboarding training for new hires at JPMorgan Chase?

[Assistant] The onboarding training for new hires at JPMorgan Chase covers compliance with the Firm’s Code of Conduct, Firm policies, and standards, including those related to cybersecurity.


[User] How does JPMorgan Chase ensure that its compensation practices align with its Business Principles and culture?

[Assistant] JPMorgan Chase’s compensation philosophy includes pay-for-performance practices, aligns with shareholder interests, and reinforces the Firm's culture and Business Principles through a balanced and integrated consideration of risk, controls, and conduct.


[User] What types of technologies does the Mortgage Technology segment employ to enhance operational efficiency?

[Assistant] Speed, reliability, resilience, capacity,...


[User] What is the main purpose of the strategic acquisitions and relationships pursued by the company?

[Assistant] The main purpose of the strategic acquisitions and relationships pursued by the company is to strengthen its competitive position globally, broaden product offerings and services, and enhance stockholder value as measured by return on invested invested capital, earnings accretion, and cash flow growth.


[User] What specific regulatory bodies oversee the U.S. futures exchange, ICE Futures U.S.?

[Assistant] The U.S. futures exchange, ICE Futures U.S., is regulated by the Commodity Futures Trading Commission (CFTC) under the Commodity Exchange Act.


[User] What regulatory obligations are imposed on U.S. regulated investment advisers under the Investment Advisers Act of 1940?

[Assistant] Regulatory obligations under the Investment Advisers Act of 1940 include management and distribution of products and services, record-keeping, compliance oversight, operational and marketing requirements, disclosure obligations, and prohibitions on fraudulent activities.


[User] Why is ICE Mortgage Technology subject to the examination by the Federal Financial Institutions Examination Council (FFIEC) and its member agencies?

[Assistant] ICE Mortgage Technology is subject to examination by the FFIEC and its member agencies because it serves as a third-party technology service provider to financial institutions that are directly regulated by these agencies.


[User] What are the expected consequences of the EMIR 3.0 proposals for ICE Futures Europe and ICE Clear Europe?

[Assistant] The EMIR 3.0 proposals could lead to a reduction in traded and cleared contracts at ICE Futures Europe and ICE Clear Europe, as they introduce requirements for certain EU market participants to maintain accounts at an EU CCP and to clear transactions in derivatives deemed systemically important, including those traded and cleared at these entities.


[User] What are some of the risks associated with owning and operating clearing houses?

[Assistant] Risks associated with owning and operating clearing houses include defaults by clearing members, risks related to investing margin and guaranty funds, and the cost of operating the clearing houses.


[User] How could changes in interest rate levels, inflation, and financial markets volatility impact a business?

[Assistant] Changes in interest rate levels, inflation, and financial markets volatility, which are caused by conditions that are beyond a company's control, can adversely impact its business.


[User] What are the potential consequences of the Russia-Ukraine conflict on a company's business?

[Assistant] The Russia-Ukraine conflict can lead to government interventions related to the energy crisis, potentially impacting a company's business negatively.


[User] What factors could lead to a substantial decline in the market data subscriptions and trading volumes?

[Assistant] Factors such as adverse market conditions, weak macroeconomic environment, industry-wide cost-cutting, market consolidation, changes in trading demand, regulatory or legislative changes, political uncertainty, climate change impacts, decreased financial market volatility, heightened financial regulations, defaults by market participants, unfavorable changes in contract specifications, and reduced access to capital could lead to a substantial decline in market data subscriptions and trading volumes.