PageIndex Documentation

File: README.md Copy Chapter

Updates

• [Aug '26] 🔥 PageIndex SDK: local and cloud modes — one client to index, retrieve, and chat on your machine (with your own LLM API key) or on PageIndex Cloud.
• [Aug '26] ⚡ PageIndex Flash: fast tree index generation for text-based PDFs, now the default indexing method in PageIndex SDK local mode.
• Scale PageIndex to Millions of Documents: PageIndex File System is a file-level tree indexing layer that lets PageIndex reason over an entire corpus, not just a single document.
• PageIndex App: a human-like document analysis agent for long professional documents.

What is PageIndex?

Are you frustrated with vector database retrieval accuracy for long and complex documents? Vector-based RAG retrieves by semantic similarity. But similarity ≠ relevance — what retrieval actually needs is relevance, and relevance requires reasoning. On professional documents that demand contextual understanding, domain expertise, and multi-step reasoning, similarity search misses what is relevant but not similar, and returns what is similar but not relevant.

Inspired by AlphaGo, PageIndex replaces the vector index with a hierarchical tree index and lets an LLM reason its way through it, the way a human expert turns to and reads the right section of a long report. Retrieval happens in two steps:

1. Index: generate a tree-structure index for each document
2. Retrieve: agentically search that tree with LLM reasoning

TL;DR Copy Section

PageIndex is a vectorless, reasoning-based RAG engine that mirrors how humans read, delivering traceable, explainable, and context-aware retrieval, with no vector DBs or chunking.

Compare with Vector RAG Copy Section

It is ideal for financial reports, legal documents, regulatory filings, technical manuals, medical literature, academic textbooks, and any other long, complex professional document.

Quickstart

pip install -U pageindex

import os
from pageindex import PageIndexClient

os.environ["OPENAI_API_KEY"] = "your-openai-key"

client = PageIndexClient(
    index="gpt-6-luna",                 # model to build the tree index
    chat="gpt-6-sol",                   # model to search the tree
)
doc_id = client.submit_document("report.pdf")["doc_id"]

answer = client.chat("What was the 2023 operating margin?", doc_id=doc_id)
print(answer)

Model Recommendations Copy Section

• index=: a basic model is sufficient. The tree structure itself is extracted from the document layout without an LLM; the index model only summarizes and refines it, which a basic model does well.
• chat=: use the best model you can afford. The chat model searches the tree to retrieve information. See Query cost and accuracy.

Have a Claude subscription? PageIndex can use your subscription to call Claude models through Claude Code: usage is covered by your plan, no API key needed. Install with pip install -U "pageindex[claude]", then prefix model names with claude-code/, e.g., index="claude-code/haiku", chat="claude-code/opus" (see example).

[Use PageIndex through the SDK client →](https://docs.pageindex.ai/getting-started) Copy Section

Configure other models, streaming, multi-document search, citations, and more.

[Integrate PageIndex with your own agent →](https://docs.pageindex.ai/sdk/agents) Copy Section

Drop PageIndex tools into the OpenAI Agents SDK, the Claude Agent SDK, or any other framework.

Benchmarks

Local indexing cost and time Copy Section

Building a tree locally runs about $0.001 per page with gpt-5.6-luna as the index model, so a 1,000-page textbook costs a little over a dollar and a few minutes, once, and every later question reuses it. PageIndex is designed not to rely heavily on the model used at index time, so in our experiments a basic model does not hurt quality.

Indexing time also scales predictably with document length. In the same local setup, the benchmark documents (9 to 1,098 pages) finished in roughly 13 seconds to 4.5 minutes.

Query cost and accuracy Copy Section

PageIndex-OSS-Benchmark measures exactly the setup in the quickstart above (PageIndexClient() in local mode, flash indexing, no OCR) on 62 lookup questions over 34 PDFs (1,945 pages) drawn from MMLongBench-Doc-V2. Every question's answer is a fact stated in running text, so a wrong answer is a retrieval or reading failure, not a reasoning one.

Full results, data, and the runner are in the benchmark repo.

Cost per query vs. native PDF input Copy Section

The alternative to retrieval is handing the model the whole PDF on every question. That cost grows with the document; PageIndex's does not, because it reads only the nodes its reasoning reaches. On documents where both routes return the same answer, native PDF input costs 2.1× more at 52 pages and 16.6× more at 420 (gpt-5.6-sol, prompt caching excluded) — and at 805 pages the document no longer fits in the context window at all.

Leading accuracy on FinanceBench Copy Section

PageIndex reached a state-of-the-art 98.7% accuracy on FinanceBench (financial document QA benchmark), vastly outperforming vector-based RAG.

Explore the full FinanceBench evaluation results and the blog post.

PageIndex Cloud

The open-source version is ideal for text-heavy PDFs and local workflows. With PageIndex Cloud, document indexing and storage run in the cloud: PageIndex handles parsing, OCR, image understanding, tree-index construction, and managed storage for you. The chat and retrieval layer remains compatible with your model, so you can search the cloud-hosted index using the model provider your application already uses.

Moving indexing and storage from Local to Cloud only requires a PageIndex API key:

import os
from pageindex import PageIndexClient

os.environ["PAGEINDEX_API_KEY"] = "your-pageindex-key"
os.environ["OPENAI_API_KEY"] = "your-openai-key"

client = PageIndexClient(
    index="cloud",                       # build and store the index in PageIndex Cloud
    chat="gpt-6-sol",                    # use your preferred compatible model for chat
)
doc_id = client.submit_document("report.pdf", wait=True)["doc_id"]
print(client.chat("What was the 2023 operating margin?", doc_id=doc_id))

More About PageIndex Cloud Copy Section

• Scale PageIndex to Millions of Documents: PageIndex File System is a Cloud-only, file-level tree indexing layer that lets PageIndex reason over an entire corpus, not just a single document.

Ready to Try It? Copy Section

• Get a PageIndex API key
• Read the PageIndex Cloud documentation

For dedicated deployment (VPC or on-premises), contact us or book a demo.

⭐ Support Us

Leave us a star 🌟 if you like our project. Thank you!

Please cite this work as:

Mingtian Zhang, Yu Tang and PageIndex Team,
"PageIndex: Next-Generation Vectorless, Reasoning-based RAG",
PageIndex Blog, Sep 2025.

Or use the BibTeX citation.

@article{zhang2025pageindex,
  author = {Mingtian Zhang and Yu Tang and PageIndex Team},
  title = {PageIndex: Next-Generation Vectorless, Reasoning-based RAG},
  journal = {PageIndex Blog},
  year = {2025},
  month = {September},
  note = {https://pageindex.ai/blog/pageindex-intro},
}

© 2026 PageIndex AI

File: requirements.txt Copy Chapter

litellm>=1.105.1,<1.106
openai>=1.70.0
requests>=2.28.0

MCP retries use Retry(allowed_methods=...), added in urllib3 1.26.

urllib3>=1.26
openai-agents>=0.20.0
mcp>=1.19.0,<3

pymupdf # optional

PyPDF2==3.0.1
pypdfium2==5.13.0
python-dotenv>=1.2.2
pyyaml>=6.0.3
regex>=2024.0.0
sortedcontainers==2.4.0
Pillow>=9.0

File: cookbook/pageindex-vs-vector-10k/nvidia-10k-questions.json Copy Chapter

[
{
"id": "md_1",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2025_10K"
],
"question": "Which independent subcontractors did NVIDIA's 10-K for fiscal year 2022 say handled the assembly, test and packaging work for most of NVIDIA's products, and which companies does NVIDIA's 10-K for fiscal year 2025 name for that work on its final products?",
"answer": "FY2022 10-K: Amkor Technology, King Yuan Electronics, Omni Logistics, Siliconware Precision Industries and Wistron. FY2025 10-K: Hon Hai Precision Industry, Wistron and Fabrinet.",
"key_points": [
"The FY2022 10-K names Amkor Technology, King Yuan Electronics, Omni Logistics, Siliconware Precision Industries and Wistron for assembly, testing and packaging.",
"The FY2025 10-K names Hon Hai Precision Industry, Wistron and Fabrinet for assembly, testing and packaging of final products."
]
},
{
"id": "md_2",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, what range of expiration dates did the company's currently issued patents span?",
"answer": "Its currently issued patents had expiration dates from February 2022 to June 2045.",
"key_points": [
"NVIDIA's currently issued patents expire between February 2022 and June 2045."
]
},
{
"id": "md_4",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, how far ahead had NVIDIA begun placing supply orders compared with its earlier practice, how much did it pay in prepayments for long-term supply agreements during the year, and how much remained unpaid under those agreements at fiscal year-end?",
"answer": "NVIDIA had moved from ordering with roughly six months' lead time to ordering at least twelve months in advance; prepayments for long-term supply agreements were $1.87 billion in fiscal 2022 (a main driver of working-capital changes); $1.58 billion remained unpaid under those agreements as of January 30, 2022.",
"key_points": [
"NVIDIA previously ordered with about six months' lead time but had begun placing orders at least twelve months in advance.",
"NVIDIA paid $1.87 billion in prepayments for long-term supply agreements in fiscal 2022 (these prepayments and higher trade receivables primarily drove working-capital changes).",
"$1.58 billion remained unpaid under those long-term supply agreements at fiscal year-end (January 30, 2022)."
]
},
{
"id": "md_5",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2026_10K"
],
"question": "How did NVIDIA describe the rollout of accounting functionality for its new enterprise resource planning (ERP) system in its 10-K for fiscal year 2022, compared with its 10-K for fiscal year 2026?",
"answer": "The fiscal 2022 10-K planned the implementation of the new ERP system's accounting functionality for fiscal 2023. The risk factors say NVIDIA expected to start implementing accounting and consolidation functionality in the first quarter of fiscal 2023. Item 9A says the consolidated financial reporting and general ledger module would be implemented in fiscal 2023, as part of a phased ERP upgrade begun in fiscal 2022. The fiscal 2026 10-K describes the rollout as still in progress: NVIDIA continues to design and implement updated accounting functionality (risk factors) and is continuing a phased ERP upgrade (Item 9A).",
"key_points": [
"Fiscal 2022 10-K: implementation of the new ERP system's accounting functionality was planned for fiscal 2023 (risk factors: accounting and consolidation functionality, commencing in the first quarter; Item 9A: the consolidated financial reporting and general ledger module, in a phased upgrade begun in fiscal 2022).",
"Fiscal 2026 10-K: the rollout was still in progress (risk factors: NVIDIA continues to design and implement updated accounting functionality; Item 9A: a continuing phased ERP upgrade)."
]
},
{
"id": "md_9",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2024_10K"
],
"question": "As reported in NVIDIA's 10-K for fiscal year 2022, what was the net gross-margin impact in fiscal 2022 from inventory provisions combined with sales of previously written-down items, and what was the corresponding fiscal 2024 impact as reported in NVIDIA's 10-K for fiscal year 2024?",
"answer": "An unfavorable impact of 0.9% in fiscal 2022 (FY2022 10-K) and an unfavorable impact of 2.7% in fiscal 2024 (FY2024 10-K).",
"key_points": [
"The FY2022 10-K reports an unfavorable 0.9% gross margin impact for fiscal 2022.",
"The FY2024 10-K reports an unfavorable 2.7% gross margin impact for fiscal 2024."
]
},
{
"id": "md_10",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, how much goodwill was allocated to the Graphics reporting unit when fiscal year 2022 closed?",
"answer": "$361 million (out of total goodwill of $4.35 billion; Compute & Networking held $3.99 billion).",
"key_points": [
"Goodwill allocated to the Graphics reporting unit was $361 million as of January 30, 2022."
]
},
{
"id": "md_16",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, how much goodwill was recorded in the Mellanox purchase price allocation and to which segment was it assigned, and what was that reporting unit's total goodwill balance at the end of fiscal 2022?",
"answer": "Mellanox goodwill of $3,431 million, allocated to the Compute & Networking segment; Compute & Networking goodwill was $3.99 billion as of January 30, 2022 (of $4.35 billion total goodwill).",
"key_points": [
"The Mellanox purchase price allocation recorded $3,431 million of goodwill.",
"Goodwill from the Mellanox acquisition was allocated to the Compute & Networking segment.",
"Compute & Networking reporting unit goodwill was $3.99 billion as of January 30, 2022."
]
},
{
"id": "md_18",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, what vesting schedules could restricted stock units granted to employees follow, subject to certain exceptions?",
"answer": "Either a four-year schedule with 25% vesting on a date near the first grant anniversary and 6.25% quarterly thereafter, or a three-year schedule with 40% near the first anniversary and 7.5% quarterly thereafter.",
"key_points": [
"Employee RSUs vest over four years (25% near first anniversary, then 6.25% quarterly) or three years (40%, then 7.5% quarterly)."
]
},
{
"id": "md_20",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, how much of the long-term income tax payable was the remaining one-time transition tax, how much of NVIDIA's gross unrecognized tax benefits would affect its effective tax rate if recognized, and which significant tax jurisdictions, covering which fiscal years, were actively examining NVIDIA at fiscal year-end?",
"answer": "The long-term portion of the one-time transition tax payable was $251 million; $808 million of the gross unrecognized tax benefits (of $1.01 billion in total) would affect the effective tax rate if recognized; Germany, India, Israel and the United States were examining NVIDIA for fiscal years 2005 through 2019.",
"key_points": [
"$251 million of long-term income tax payable was the long-term portion of the one-time transition tax (as of January 30, 2022).",
"$808 million of gross unrecognized tax benefits would affect the effective tax rate if recognized (out of $1.01 billion in total).",
"Germany, India, Israel and the United States were examining NVIDIA, covering fiscal years 2005 through 2019."
]
},
{
"id": "md_21",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2025_10K"
],
"question": "For the In Re NVIDIA Corporation Securities Litigation class action, what next step and date did NVIDIA's 10-K for fiscal year 2022 report for the plaintiffs' Ninth Circuit appeal, and according to its 10-K for fiscal year 2025, on what date did the Ninth Circuit's judgment take effect and what then happened to the case?",
"answer": "Fiscal 2022 10-K: the plaintiffs' appeal of the dismissal was pending at the Ninth Circuit, with oral argument scheduled for May 10, 2022. Fiscal 2025 10-K: after the Supreme Court dismissed NVIDIA's writ as improvidently granted, the Ninth Circuit's judgment took effect on February 20, 2025 and the case was remanded to the district court for further proceedings.",
"key_points": [
"Fiscal 2022 10-K: the plaintiffs' Ninth Circuit appeal was pending, with oral argument scheduled for May 10, 2022.",
"Fiscal 2025 10-K: on February 20, 2025, the Ninth Circuit's judgment took effect and the case was remanded to the district court."
]
},
{
"id": "md_25",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2023_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2023, which large cloud service providers did NVIDIA list as competitors whose in-house teams build chips and software for AI or accelerated computing?",
"answer": "Alibaba Group, Alphabet, Amazon and Baidu.",
"key_points": [
"The FY2023 10-K names Alibaba Group, Alphabet, Amazon and Baidu as these cloud competitors."
]
},
{
"id": "md_28",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "Compare how NVIDIA's 10-K for fiscal year 2023 and its 10-K for fiscal year 2024 described year-end supply commitments: in the fiscal 2023 filing, what share of total supply came from purchase obligations plus prepaid supply agreements at the end of fiscal 2023, and in the fiscal 2024 filing, what factor did NVIDIA say had affected its year-end commitments for inventory and manufacturing capacity?",
"answer": "FY2023 10-K: at the end of fiscal 2023, purchase obligations and prepaid supply agreements made up more than half of NVIDIA's total supply. FY2024 10-K: purchase commitments and obligations for inventory and manufacturing capacity at the end of fiscal 2024 were impacted by shortening lead times for certain components.",
"key_points": [
"At the end of fiscal 2023, purchase obligations and prepaid supply agreements were more than half of total supply.",
"Year-end fiscal 2024 purchase commitments and obligations for inventory and capacity were impacted by shortening lead times for certain components."
]
},
{
"id": "md_31",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2023_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2023, over what range of dates do NVIDIA's currently issued patents expire, and what does the filing say NVIDIA could face if its products are held to violate another party's intellectual property and it cannot secure a license?",
"answer": "Its currently issued patents expire between March 2023 and June 2045. Without a license, NVIDIA could be subject to substantial liabilities or have to suspend or discontinue manufacturing and selling one or more of its products.",
"key_points": [
"NVIDIA's currently issued patents expire between March 2023 and June 2045.",
"Without a license, NVIDIA could face substantial liabilities or have to suspend or discontinue manufacturing and selling one or more products."
]
},
{
"id": "md_32",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2026_10K"
],
"question": "How did NVIDIA's description of the fines available under the California Consumer Privacy Act change between its 10-K for fiscal year 2023 and its 10-K for fiscal year 2026?",
"answer": "The fiscal 2023 10-K said the CCPA allows statutory fines of up to $7,500 per violation; the fiscal 2026 10-K gives no dollar cap and says only that the CCPA provides for substantial fines for intentional violations.",
"key_points": [
"The fiscal 2023 10-K said the CCPA allows statutory fines of up to $7,500 per violation.",
"The fiscal 2026 10-K says the CCPA provides substantial fines for intentional violations, without stating a dollar amount."
]
},
{
"id": "md_34",
"type": "No filing named",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "NVIDIA once recorded inventory charges of about $1.04 billion on inventory it held plus $1.13 billion on purchase obligations exceeding its demand expectations. Excess supply of which products were these charges largely tied to, and what net unfavorable effect on gross margin did NVIDIA report for that fiscal year from inventory provisions after offsetting sales of previously written-down items?",
"answer": "Largely excess supply of NVIDIA Ampere architecture Gaming and Data Center products, particularly relative to expected demand in China; the net unfavorable impact on gross margin was 7.5% (fiscal 2023).",
"key_points": [
"The charges largely related to excess supply of Ampere architecture Gaming and Data Center products, particularly against expected demand in China.",
"The net unfavorable gross margin impact from inventory provisions, net of sales of written-down items, was 7.5% (fiscal 2023)."
]
},
{
"id": "md_39",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2023_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2023, how much net cash did NVIDIA pay for income taxes during fiscal year 2023, and which U.S. tax law requirement does the filing say significantly increased its current taxes that year?",
"answer": "Net cash paid for income taxes was $1,404 million. The TCJA requirement to capitalize and amortize research and development expenses, which took effect in fiscal 2023, significantly increased current taxes (with a corresponding deferred tax benefit and a greater FDII deduction).",
"key_points": [
"Net cash paid for income taxes in fiscal year 2023 was $1,404 million.",
"Mandatory capitalization and amortization of R&D expenses under the TCJA, starting in fiscal 2023, significantly increased current taxes."
]
},
{
"id": "md_42",
"type": "No filing named",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K",
"NVIDIA_2025_10K"
],
"question": "In the fiscal year in which NVIDIA wrote off its prepayment for the abandoned Arm acquisition as a termination cost, what total stock-based compensation expense did NVIDIA's income statement include across cost of revenue, R&D and SG&A, and how much aggregate unearned stock-based compensation expense remained at the end of that year?",
"answer": "Fiscal 2023: stock-based compensation expense in the income statement totaled $2,710 million (cost of revenue $138M, R&D $1,892M, SG&A $680M), and aggregate unearned stock-based compensation expense was $6.56 billion as of January 29, 2023.",
"key_points": [
"Stock-based compensation expense in the fiscal 2023 income statement totaled $2,710 million.",
"Aggregate unearned stock-based compensation expense was $6.56 billion as of January 29, 2023."
]
},
{
"id": "md_45",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2023_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2023, how much of its other non-inventory purchase obligations at fiscal year-end related to multi-year agreements for cloud services?",
"answer": "$2.23 billion, out of $3.14 billion of other non-inventory purchase obligations as of January 29, 2023.",
"key_points": [
"$2.23 billion of other non-inventory purchase obligations related to multi-year cloud service agreements (of $3.14 billion in total, at January 29, 2023)."
]
},
{
"id": "md_46",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "When NVIDIA retired all of the treasury shares it then held, how many shares were retired, and by how much did the retirement reduce retained earnings?",
"answer": "349 million treasury shares were retired, becoming authorized but unissued shares; the excess of repurchase price over par reduced retained earnings by $12.0 billion (and additional paid-in capital by $20 million).",
"key_points": [
"349 million treasury shares were retired.",
"The retirement reduced retained earnings by $12.0 billion."
]
},
{
"id": "md_47",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2023_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2023, how much was added to the deferred tax valuation allowance during fiscal year 2023, what kinds of deferred tax assets does the allowance cover, and how large were NVIDIA's federal capital loss carryforwards at the end of that fiscal year?",
"answer": "Additions were $577 million, taking the allowance from $907 million to $1,484 million. It covers capital loss carryforwards, state, and certain other deferred tax assets. Federal capital loss carryforwards were $1.38 billion as of January 29, 2023, beginning to expire in fiscal 2024.",
"key_points": [
"Additions to the deferred tax valuation allowance in fiscal year 2023 were $577 million.",
"The valuation allowance relates to capital loss carryforwards, state, and certain other deferred tax assets.",
"Federal capital loss carryforwards were $1.38 billion as of January 29, 2023."
]
},
{
"id": "md_55",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "How did NVIDIA's discussion of export-control effects on its Hong Kong operations change between its 10-K for fiscal year 2023 and its 10-K for fiscal year 2024? Cover what each filing says about relocating operations away from China and Hong Kong, and what the fiscal 2024 filing says about Hong Kong's role in distributing NVIDIA's products.",
"answer": "The fiscal 2023 10-K said NVIDIA was required to transition certain operations out of China (including Hong Kong), which could be costly and time consuming. The fiscal 2024 10-K said NVIDIA had transitioned some testing, validation, and supply and distribution operations out of China and Hong Kong, and warned that export controls could disrupt the supply and distribution chain for a substantial portion of its products, which are warehoused in and distributed from Hong Kong.",
"key_points": [
"Fiscal 2023 10-K: NVIDIA was required to transition certain operations out of China, including Hong Kong, which could be costly and time consuming.",
"Fiscal 2024 10-K: NVIDIA had transitioned some testing, validation, and supply and distribution operations out of China and Hong Kong.",
"Fiscal 2024 10-K: export controls could disrupt supply and distribution for a substantial portion of products warehoused in and distributed from Hong Kong."
]
},
{
"id": "md_58",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2024_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2024, how large was the deferred tax valuation allowance at the end of fiscal 2024, which deferred tax assets did it cover, and how much in U.S. federal capital loss carryforwards did NVIDIA hold and when do they start to expire?",
"answer": "A $1.6 billion valuation allowance (versus $1.5 billion a year earlier), covering capital loss carryforwards and certain state and other deferred tax assets judged unlikely to be realized; federal capital loss carryforwards were $1.4 billion, beginning to expire in fiscal 2025.",
"key_points": [
"The valuation allowance was $1.6 billion at the end of fiscal 2024.",
"It related to capital loss carryforwards and certain state and other deferred tax assets not likely to be realized.",
"Federal capital loss carryforwards were $1.4 billion, beginning to expire in fiscal year 2025."
]
},
{
"id": "md_60",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2024_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2024, what change in the fair value of NVIDIA's investment portfolio did its market-risk sensitivity analysis show for a parallel shift of plus or minus 0.5% in the yield curve?",
"answer": "$93 million, as of the end of fiscal 2024.",
"key_points": [
"A parallel plus-or-minus 0.5% yield-curve shift would change the investment portfolio's fair value by $93 million at fiscal 2024 year-end."
]
},
{
"id": "md_62",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2024_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2024, by how much did share repurchases reduce total shareholders' equity in fiscal 2024 in the consolidated statement of shareholders' equity, and how many shares did that cover? What does NVIDIA say its repurchase program aims to do, and how much repurchase authorization remained at the end of fiscal 2024?",
"answer": "Repurchases of 21 million shares reduced total shareholders' equity by $9,746 million in fiscal 2024; the program aims to offset dilution from shares issued to employees; $22.5 billion of authorization remained as of January 28, 2024.",
"key_points": [
"Repurchases of 21 million shares reduced total shareholders' equity by $9,746 million in fiscal 2024.",
"The repurchase program aims to offset dilution from shares issued to employees.",
"Remaining repurchase authorization was $22.5 billion as of January 28, 2024."
]
},
{
"id": "md_63",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "NVIDIA lengthened the estimated useful lives of most of its server, storage and network equipment, and of its assembly and test equipment, starting in fiscal year 2024. By how much did its 10-K for fiscal year 2023 estimate this change would raise fiscal 2024 operating income, by how much did its 10-K for fiscal year 2024 report that operating income actually rose from the change, and what overall useful-life range for property and equipment did the fiscal 2024 10-K state?",
"answer": "The fiscal 2023 10-K estimated a $133 million increase in fiscal 2024 operating income. The fiscal 2024 10-K reported a $135 million increase ($33 million from cost of revenue and $102 million from operating expenses; $114 million net income, $0.05 per share). The fiscal 2024 10-K gives property and equipment useful lives of three to seven years.",
"key_points": [
"Fiscal 2023 10-K estimated the change would increase fiscal 2024 operating income by $133 million.",
"Fiscal 2024 10-K reported the change increased fiscal 2024 operating income by $135 million.",
"Fiscal 2024 10-K states property and equipment useful lives of three to seven years."
]
},
{
"id": "md_66",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2024_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2024, what was the total fair value, measured at vesting, of the RSUs and PSUs that vested during fiscal 2024, and how much cash did NVIDIA pay that year for taxes related to restricted stock units?",
"answer": "RSUs and PSUs vesting in fiscal 2024 had a total vest-date fair value of $8.2 billion; payments related to tax on restricted stock units were $2,783 million.",
"key_points": [
"Vest-date fair value of RSUs and PSUs vesting in fiscal 2024 totaled $8.2 billion.",
"Payments related to tax on restricted stock units were $2,783 million in fiscal 2024."
]
},
{
"id": "md_67",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "Compare what NVIDIA reported about value changes on its equity stakes in other companies in its 10-K for fiscal year 2023 and its 10-K for fiscal year 2024: what unrealized loss on publicly traded equity securities did the fiscal 2023 filing record for fiscal 2023, and in the fiscal 2024 filing, what fourth-quarter event produced an unrealized gain on a private company investment, and how large was that gain?",
"answer": "FY2023 10-K: NVIDIA recorded $61 million of unrealized losses on publicly traded equity securities in other income (expense), net, in fiscal 2023. FY2024 10-K: in the fourth quarter of fiscal 2024, one of NVIDIA's private company investees completed a secondary equity raise, which produced a $178 million unrealized gain.",
"key_points": [
"The fiscal 2023 10-K recorded $61 million of unrealized losses on publicly traded equity securities in fiscal 2023.",
"In Q4 fiscal 2024, a private company investee's secondary equity raise produced a $178 million unrealized gain for NVIDIA."
]
},
{
"id": "md_69",
"type": "No filing named",
"filings": [
"NVIDIA_2024_10K",
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "In the putative class action alleging securities-law violations over NVIDIA's statements about channel inventory and how crypto mining affected GPU demand, how did the Ninth Circuit panel rule on the district court's dismissal, and on what date did NVIDIA file its petition for rehearing en banc?",
"answer": "A majority of the three-judge Ninth Circuit panel affirmed in part and reversed in part the dismissal, with the third judge dissenting on the ground that the district court did not err. NVIDIA petitioned for rehearing en banc on October 10, 2023 (denied on November 15, 2023).",
"key_points": [
"A two-judge majority of the Ninth Circuit panel affirmed in part and reversed in part the dismissal; the third judge dissented.",
"NVIDIA filed its petition for rehearing en banc on October 10, 2023."
]
},
{
"id": "md_71",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2024_10K"
],
"question": "Compare NVIDIA's 10-K for fiscal year 2024 with its 10-K for fiscal year 2022 on customer concentration. In each filing, for the most recent fiscal year in which NVIDIA's direct sales to a single customer reached at least 10% of total revenue (ignoring any estimate of indirect purchases through partners), what share of total revenue did that customer represent, and to which segment were the sales attributed?",
"answer": "Fiscal 2024 10-K: sales to one customer were 13% of fiscal 2024 total revenue, attributable to the Compute & Networking segment (the separately estimated ~19% indirect customer is excluded). Fiscal 2022 10-K: no customer reached 10% in fiscal 2022 or 2021; in fiscal 2020 one customer represented 11% of total revenue, attributable primarily to the Graphics segment.",
"key_points": [
"Fiscal 2024 10-K: one customer represented 13% of fiscal 2024 total revenue, attributable to Compute & Networking.",
"Fiscal 2022 10-K: one customer represented 11% of fiscal 2020 total revenue, attributable primarily to Graphics."
]
},
{
"id": "md_73",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, where is NVIDIA's supply chain mainly concentrated, what was the total of its outstanding commitments for inventory purchases plus long-term supply and capacity at fiscal year-end, and what drove the increase in those commitments from the prior year?",
"answer": "Its supply chain is mainly concentrated in the Asia-Pacific region. As of January 26, 2025, the commitments totaled $30.8 billion. The increase was led by commitments, capacity and components for new product introductions, including the Blackwell architecture.",
"key_points": [
"NVIDIA's supply chain is mainly concentrated in the Asia-Pacific region.",
"Outstanding inventory purchase and long-term supply and capacity obligations were $30.8 billion as of January 26, 2025.",
"The increase was led by commitments, capacity and components for new product introductions, including Blackwell."
]
},
{
"id": "md_77",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, how large is NVIDIA's presence in Israel: roughly how many employees does it have in the region affected by the conflict in and around Israel, what do they mainly work on, and what were its long-lived assets located in Israel at fiscal year-end?",
"answer": "About 4,700 employees in the region, who mainly support research and development, operations, and sales and marketing for NVIDIA's networking products; long-lived assets (property and equipment) in Israel were $840 million as of January 26, 2025.",
"key_points": [
"NVIDIA had approximately 4,700 employees in the region around Israel.",
"Those employees primarily support NVIDIA's networking products (R&D, operations, sales and marketing).",
"Long-lived assets located in Israel were $840 million as of January 26, 2025."
]
},
{
"id": "md_81",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, what was the hypothetical $100 investment in NVIDIA stock worth at the end of the five-year stock performance graph, how many shares did NVIDIA buy back in fiscal 2025 and at what total cost, and how much did it pay in cash dividends that year?",
"answer": "$100 invested on January 26, 2020 was worth $2,287.06 on January 26, 2025. In fiscal 2025 NVIDIA repurchased 310 million shares for $34.0 billion and paid $834 million in cash dividends.",
"key_points": [
"$100 invested in NVIDIA stock on January 26, 2020 was worth $2,287.06 by January 26, 2025.",
"NVIDIA repurchased 310 million shares for $34.0 billion in fiscal 2025.",
"NVIDIA paid $834 million of cash dividends in fiscal 2025."
]
},
{
"id": "md_89",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, how much stock-based compensation expense was charged to research and development in fiscal 2025, and how is stock-based compensation treated when NVIDIA reports results for its Compute & Networking and Graphics segments?",
"answer": "$3,423 million of fiscal 2025 stock-based compensation was in research and development (out of $4,737 million total). It is not allocated to either segment; it is included in the "All Other" category.",
"key_points": [
"Fiscal 2025 stock-based compensation in research and development was $3,423 million.",
"Stock-based compensation is not allocated to Compute & Networking or Graphics; it sits in the All Other category."
]
},
{
"id": "md_90",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "How many RSUs, PSUs and market-based PSUs vested during the year according to NVIDIA's 10-K for fiscal year 2025, and how many vested during the year according to its 10-K for fiscal year 2026?",
"answer": "Fiscal 2025: 173 million vested (weighted average grant-date fair value $24.89). Fiscal 2026: 146 million vested ($39.14).",
"key_points": [
"173 million RSUs, PSUs and market-based PSUs vested in fiscal 2025.",
"146 million RSUs, PSUs and market-based PSUs vested in fiscal 2026."
]
},
{
"id": "md_91",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, how concentrated were its accounts receivable at the end of fiscal 2025: how many direct customers did NVIDIA single out, and what percentage of the receivables balance did each account for?",
"answer": "Two direct customers, which accounted for 17% and 16% of NVIDIA's accounts receivable balance as of January 26, 2025.",
"key_points": [
"Two direct customers accounted for 17% and 16% of the accounts receivable balance as of January 26, 2025."
]
},
{
"id": "md_93",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, by how much did the foreign-derived intangible income (FDII) deduction reduce fiscal 2025 income tax expense in the reconciliation from the 21% U.S. federal statutory rate, and what reasons does MD&A give for the effective tax rate rising from fiscal 2024?",
"answer": "FDII reduced fiscal 2025 income tax expense by $2,976 million, or 3.5 percentage points. MD&A says the effective tax rate (13.3% versus 12.0%) rose mainly because of higher pre-tax income and because fiscal 2024 had benefited from a discrete item tied to an audit resolution.",
"key_points": [
"FDII reduced fiscal 2025 income tax expense by $2,976 million, or 3.5 percentage points of the rate.",
"MD&A attributes the higher fiscal 2025 effective tax rate mainly to higher pre-tax income.",
"MD&A also cites a prior-year discrete benefit from an audit resolution."
]
},
{
"id": "md_94",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "How did the segment-information note's description of NVIDIA's Graphics segment change from the 10-K for fiscal year 2025 to the 10-K for fiscal year 2026? Say what the fiscal 2025 note said the segment's Omniverse Enterprise software was for, and which offerings the fiscal 2026 note lists for the segment.",
"answer": "FY2025 10-K: among other offerings, Graphics included Omniverse Enterprise software for building and operating industrial AI and digital twin applications. FY2026 10-K: Graphics lists only GeForce GPUs for gaming and PCs and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; Omniverse, GeForce NOW, vGPU and infotainment are no longer listed.",
"key_points": [
"FY2025 10-K: Graphics' Omniverse Enterprise software was for building and operating industrial AI and digital twin applications.",
"FY2026 10-K: Graphics includes only GeForce GPUs for gaming and PCs and Quadro/NVIDIA RTX GPUs for workstation graphics."
]
},
{
"id": "md_95",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2025_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2025, between which fiscal years do the lease periods of NVIDIA's operating leases expire?",
"answer": "Between fiscal years 2026 and 2037.",
"key_points": [
"NVIDIA's operating lease periods expire between fiscal years 2026 and 2037."
]
},
{
"id": "md_97",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "How many developers worldwide were using CUDA and NVIDIA's other software tools according to NVIDIA's 10-K for fiscal year 2026, compared with its 10-K for fiscal year 2025, and how did the fiscal 2026 filing size the startup base reached through the Inception program?",
"answer": "Over 7.5 million developers in the FY2026 10-K versus over 5.9 million in the FY2025 10-K; the FY2026 10-K says NVIDIA works with tens of thousands of startups through Inception (the FY2025 10-K said thousands).",
"key_points": [
"The FY2026 10-K cites over 7.5 million developers using CUDA and NVIDIA's other software tools.",
"The FY2025 10-K cites over 5.9 million such developers.",
"The FY2026 10-K says NVIDIA partners with tens of thousands of startups through Inception."
]
},
{
"id": "md_98",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2026_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2026, how many separate risks does the Risk Factors Summary list under the heading for risks related to NVIDIA's global operating business?",
"answer": "Eleven; the new one versus the prior year is that commercial arrangements expose NVIDIA to counterparty risks.",
"key_points": [
"The fiscal 2026 risk summary lists 11 risks under Risks Related to Our Global Operating Business."
]
},
{
"id": "md_101",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2026_10K"
],
"question": "How did the opening list of example causes of disruption in NVIDIA's business-disruption risk factor change between its 10-K for fiscal year 2023 and its 10-K for fiscal year 2026: which item named in the fiscal 2023 list is dropped, and which items does the fiscal 2026 list add?",
"answer": "The fiscal 2023 list named cloud service provider outages, which the fiscal 2026 list no longer names. The fiscal 2026 list adds critical infrastructure failures, supplier disruptions and abrupt regulatory changes, and frames the items as factors that have caused and/or could cause disruptions.",
"key_points": [
"Fiscal 2023 10-K: the list names cloud service provider outages, an item absent from the fiscal 2026 list.",
"Fiscal 2026 10-K: the list adds critical infrastructure failures and supplier disruptions.",
"Fiscal 2026 10-K: the list also adds abrupt regulatory changes."
]
},
{
"id": "md_105",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "How many years of cybersecurity experience, across government and private-sector roles, did NVIDIA cite for its Chief Security Officer in its 10-K for fiscal year 2026, versus its 10-K for fiscal year 2025?",
"answer": "Over 18 years in the FY2026 10-K versus over 17 years in the FY2025 10-K.",
"key_points": [
"The FY2026 10-K credits the Chief Security Officer with over 18 years of experience.",
"The FY2025 10-K credits the Chief Security Officer with over 17 years of experience."
]
},
{
"id": "md_108",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2026_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2026, to what size did NVIDIA enlarge its commercial paper program during the year, and which of its senior note issues had less than one year of remaining term at fiscal year-end?",
"answer": "NVIDIA enlarged its commercial paper program to $25.0 billion (in January 2026, from $575 million). The 3.20% Notes Due 2026 were the only senior notes with less than one year of remaining term (about 0.6 years; $1.0 billion).",
"key_points": [
"NVIDIA enlarged its commercial paper program to $25.0 billion (in January 2026).",
"The 3.20% Notes Due 2026 had less than one year of remaining term (about 0.6 years; $1.0 billion principal)."
]
},
{
"id": "md_111",
"type": "No filing named",
"filings": [
"NVIDIA_2026_10K"
],
"question": "When NVIDIA licensed Groq's language processing unit technology on a non-exclusive basis and brought on some Groq employees, how much consideration did it pay at closing, and how much more was payable within one year?",
"answer": "$13.0 billion was paid at closing (shown as a Groq, Inc. outflow in investing activities), and a further $4 billion, inclusive of imputed interest, was payable within one year and recorded in accrued and other current liabilities.",
"key_points": [
"NVIDIA paid $13.0 billion at closing for the Groq arrangement.",
"A further $4 billion, inclusive of imputed interest, was payable within one year."
]
},
{
"id": "md_112",
"type": "Several facts from one named filing",
"filings": [
"NVIDIA_2026_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2026, how large was the valuation allowance against deferred tax assets at the end of fiscal 2026, and how much valuation allowance did NVIDIA release after concluding that some state deferred tax assets had become realizable on a more-likely-than-not basis?",
"answer": "$768 million as of January 25, 2026; NVIDIA released $711 million of valuation allowance on certain state deferred tax assets, based on recent jurisdictional taxable income and expected future earnings.",
"key_points": [
"The valuation allowance was $768 million as of January 25, 2026.",
"NVIDIA released $711 million of valuation allowance on certain state deferred tax assets."
]
},
{
"id": "md_114",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2026_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2026, what amortization expense does NVIDIA estimate for fiscal year 2027 on the net carrying amount of its intangible assets?",
"answer": "$923 million.",
"key_points": [
"Estimated fiscal 2027 amortization expense for intangible assets is $923 million."
]
},
{
"id": "md_117",
"type": "Compare two fiscal years",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2026_10K"
],
"question": "How did the amount of cumulative undistributed subsidiary earnings that NVIDIA intended to indefinitely reinvest change between its 10-K for fiscal year 2023 and its 10-K for fiscal year 2026, and in which countries did the fiscal 2023 filing say those earnings were held?",
"answer": "Fiscal 2023 10-K: about $1.05 billion held by subsidiaries in Israel and $245 million held by subsidiaries in the United Kingdom, as of January 29, 2023 (about $1.3 billion combined). Fiscal 2026 10-K: about $1.4 billion held by certain subsidiaries, with no countries named, as of January 25, 2026.",
"key_points": [
"Fiscal 2023 10-K: about $1.05 billion held by subsidiaries in Israel was to be indefinitely reinvested.",
"Fiscal 2023 10-K: about $245 million held by subsidiaries in the United Kingdom was to be indefinitely reinvested.",
"Fiscal 2026 10-K: about $1.4 billion of undistributed earnings held by certain subsidiaries was to be indefinitely reinvested."
]
},
{
"id": "md_118",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2026_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2026, how much of the gross unrecognized tax benefits at the end of fiscal 2026 would affect NVIDIA's effective tax rate if recognized?",
"answer": "$3.7 billion, as of January 25, 2026 (out of a gross balance of $4,420 million).",
"key_points": [
"$3.7 billion of the unrecognized tax benefits would affect the effective tax rate if recognized."
]
},
{
"id": "md_125",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K"
],
"question": "NVIDIA chose to adopt ahead of its required date the FASB update requiring acquirers to apply ASC 606 when recognizing and measuring contract assets and contract liabilities taken on in a business combination. In which fiscal quarter did NVIDIA adopt that update?",
"answer": "NVIDIA early adopted the standard in the third quarter of fiscal year 2022.",
"key_points": [
"NVIDIA early adopted the standard in the third quarter of fiscal year 2022."
]
},
{
"id": "md_126",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K"
],
"question": "What estimated fair value did NVIDIA report for its 2.20% senior notes at the last fiscal year-end before it paid them off, and on what date did it repay them?",
"answer": "At the last fiscal year-end they were outstanding (January 31, 2021), the 2.20% notes had a Level 2 fair value of $1,011 million; NVIDIA repaid the $1.00 billion of 2.20% notes on August 16, 2021.",
"key_points": [
"At the last fiscal year-end before repayment, the 2.20% notes had an estimated (Level 2) fair value of $1,011 million.",
"NVIDIA repaid the 2.20% notes ($1.00 billion) on August 16, 2021."
]
},
{
"id": "md_127",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "NVIDIA once simplified its corporate structure by moving the economic rights to certain foreign-held intellectual property back to the United States through domesticating one of its foreign subsidiaries. On what date did this happen, and how large was the discrete tax benefit it produced?",
"answer": "It happened on June 28, 2021, and produced a discrete tax benefit of $244 million, mainly from re-valuing deferred tax assets net of deferred tax liabilities.",
"key_points": [
"The domestication took place on June 28, 2021.",
"It produced a discrete tax benefit of $244 million."
]
},
{
"id": "md_129",
"type": "No filing named",
"filings": [
"NVIDIA_2023_10K",
"NVIDIA_2024_10K",
"NVIDIA_2025_10K"
],
"question": "NVIDIA found a defect in a component sourced from a third party and built into some of its Data Center products. In which fiscal year did NVIDIA record a net warranty liability mainly because of this defect, and in that year's second quarter, how much did it record in product warranty liabilities primarily for the defect?",
"answer": "Fiscal year 2023. In the second quarter of fiscal 2023, NVIDIA recorded $122 million in product warranty liabilities, primarily related to this defect.",
"key_points": [
"NVIDIA recorded a net warranty liability during fiscal year 2023, primarily in connection with this third-party component defect.",
"In the second quarter of fiscal 2023, NVIDIA recorded $122 million in product warranty liabilities, primarily related to this defect."
]
},
{
"id": "md_134",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2023_10K"
],
"question": "Under NVIDIA's Amended and Restated 2007 Equity Incentive Plan, the company's remaining stock options were all fully vested. By what month were the last of those options due to lapse if holders did not exercise them?",
"answer": "The last of the outstanding, fully vested stock options would expire by December 2023 if not exercised.",
"key_points": [
"The last outstanding stock options under the 2007 Plan would expire by December 2023 if not exercised."
]
},
{
"id": "md_135",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2023_10K",
"NVIDIA_2024_10K",
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "In the consolidated shareholder derivative litigation pending in federal court in the Northern District of California over NVIDIA's alleged misstatements about channel inventory and cryptocurrency mining's effect on GPU demand, on what date did the court administratively close the case, and what event did it say would lead it to reopen the case?",
"answer": "The court administratively closed the case on February 22, 2022, stating it would reopen it once the appeal in the In re NVIDIA Corporation Securities Litigation class action is resolved.",
"key_points": [
"The court administratively closed the derivative case on February 22, 2022.",
"It would reopen the case once the appeal in the In re NVIDIA Corporation Securities Litigation action is resolved."
]
},
{
"id": "md_142",
"type": "No filing named",
"filings": [
"NVIDIA_2022_10K",
"NVIDIA_2023_10K",
"NVIDIA_2024_10K"
],
"question": "NVIDIA's purchase of Mellanox brought with it an in-process research and development asset that was at first carried without amortization. In which fiscal quarter did NVIDIA start amortizing that asset, and at what amount was it valued?",
"answer": "NVIDIA began amortizing the Mellanox IPR&D asset during the first quarter of fiscal year 2023; the asset was valued at $630 million.",
"key_points": [
"NVIDIA began amortizing the Mellanox IPR&D intangible asset during the first quarter of fiscal year 2023.",
"The Mellanox IPR&D intangible asset was valued at $630 million."
]
},
{
"id": "md_143",
"type": "No filing named",
"filings": [
"NVIDIA_2024_10K",
"NVIDIA_2025_10K",
"NVIDIA_2026_10K"
],
"question": "Besides the derivative suits filed in federal courts, a further putative derivative action over NVIDIA's alleged misstatements about channel inventory and cryptocurrency mining was brought in the Delaware Court of Chancery. What is that case's caption, and on what date was it filed?",
"answer": "It is Horanic v. Huang, et al. (Case No. 2023-1096-KSJM), filed on October 30, 2023.",
"key_points": [
"The Chancery action is captioned Horanic v. Huang, et al.",
"It was filed on October 30, 2023."
]
},
{
"id": "md_153",
"type": "No filing named",
"filings": [
"NVIDIA_2026_10K"
],
"question": "How does NVIDIA characterize the payments its intellectual property license arrangement with Groq, Inc. required, and how much goodwill did NVIDIA record in connection with that arrangement?",
"answer": "NVIDIA says the arrangement required significant, nonrefundable payments. It recorded $14.4 billion of goodwill in connection with the arrangement, alongside a $2.5 billion developed technology intangible asset.",
"key_points": [
"The payments required under the Groq IP license arrangement were significant and nonrefundable.",
"NVIDIA recorded $14.4 billion of goodwill in connection with the Groq license arrangement."
]
},
{
"id": "md_155",
"type": "No filing named",
"filings": [
"NVIDIA_2026_10K"
],
"question": "In a private, unregistered issuance connected with acquiring a company, NVIDIA gave common stock to a single key employee of that business. How many shares were issued, and roughly what were they worth?",
"answer": "174,676 shares of common stock, valued at approximately $31 million based on the closing price on the issuance date (December 15, 2025).",
"key_points": [
"NVIDIA issued 174,676 shares of common stock to the key employee.",
"The shares were valued at approximately $31 million."
]
},
{
"id": "md_160",
"type": "One fact from a named year",
"filings": [
"NVIDIA_2022_10K"
],
"question": "According to NVIDIA's 10-K for fiscal year 2022, by how much did the company's interest rate sensitivity analysis as of January 30, 2022 estimate that the fair value of its investment portfolio would decrease if the yield curve shifted upward in parallel by 0.5%?",
"answer": "About $33 million. (The same analysis, which applied a zero percent yield floor, estimated a $22 million increase for a 0.5% downward shift.)",
"key_points": [
"A 0.5% upward parallel shift in the yield curve would decrease the investment portfolio's fair value by $33 million as of January 30, 2022."
]
},
{
"id": "md_161",
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File: examples/results/2023-annual-report-truncated_structure.json Copy Chapter

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File: examples/results/2023-annual-report_structure.json Copy Chapter

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File: examples/results/earthmover_structure.json Copy Chapter

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File: examples/results/four-lectures_structure.json Copy Chapter

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File: examples/results/q1-fy25-earnings_structure.json Copy Chapter

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"start_index": 2,
"end_index": 2,
"node_id": "0007",
"summary": "The partial document outlines Disney's financial guidance and outlook for fiscal 2025, including the deconsolidation of Star India and its impact on operating income for the Entertainment and Sports segments. It highlights expectations for Q2 fiscal 2025, such as a modest decline in Disney+ subscribers, adverse impacts on Sports segment income, and pre-opening expenses for Disney Cruise Line. For the full fiscal year 2025, it projects high-single-digit adjusted EPS growth, $15 billion in cash from operations, and segment operating income growth across Entertainment, Sports, and Experiences. The CEO emphasizes strong Q1 results, including box office success, improved profitability in streaming, advancements in ESPN\u2019s digital strategy, and continued investment in global experiences."
}
],
"node_id": "0000",
"summary": "The partial document is a report from The Walt Disney Company detailing its financial performance for the first fiscal quarter of 2025, ending December 28, 2024. Key points include:\n\n1. Financial Results: \n - Revenue increased by 5% to $24.7 billion. \n - Income before taxes rose by 27% to $3.7 billion. \n - Diluted EPS grew by 35% to $1.40. \n - Total segment operating income increased by 31% to $5.1 billion, and adjusted EPS rose by 44% to $1.76. \n\n2. Entertainment Segment: \n - Operating income increased by $0.8 billion to $1.7 billion. \n - Direct-to-Consumer operating income rose by $431 million to $293 million, with advertising revenue up 16% (excluding Disney+ Hotstar in India). \n - Disney+ and Hulu subscriptions increased by 0.9 million, while Disney+ subscribers decreased by 0.7 million. \n - Content sales/licensing income grew by $536 million, driven by the success of Moana 2. \n\n3. Sports Segment: \n - Operating income increased by $350 million to $247 million. \n - Domestic ESPN advertising revenue grew by 15%. \n\n4. Experiences Segment: \n - Operating income remained at $3.1 billion, with a 6 percentage-point adverse impact due to Hurricanes Milton and Helene and pre-opening expenses for the Disney Treasure. \n - Domestic Parks & Experiences income declined by 5%, while International Parks & Experiences income increased by 28%. \n\nThe report also includes non-GAAP financial measures and notes the impact of Disney+ Hotstar's advertising revenue in India."
},
{
"title": "SUMMARIZED FINANCIAL RESULTS",
"start_index": 3,
"end_index": 3,
"nodes": [
{
"title": "SUMMARIZED SEGMENT FINANCIAL RESULTS",
"start_index": 3,
"end_index": 3,
"node_id": "0009",
"summary": "The partial document provides a summarized overview of financial results for the first quarter of fiscal years 2025 and 2024. Key points include:\n\n1. Overall Financial Performance:\n - Revenues increased by 5% from $23,549 million in 2024 to $24,690 million in 2025.\n - Income before income taxes rose by 27%.\n - Total segment operating income grew by 31%.\n - Diluted EPS increased by 35%, and diluted EPS excluding certain items rose by 44%.\n - Cash provided by operations increased by 47%, while free cash flow decreased by 17%.\n\n2. Segment Financial Results:\n - Revenue growth was observed in the Entertainment segment (9%) and Experiences segment (3%), while Sports revenue remained flat.\n - Segment operating income for Entertainment increased significantly by 95%, while Sports shifted from a loss to a positive income. Experiences segment operating income remained stable.\n\n3. Non-GAAP Measures:\n - The document highlights the use of non-GAAP financial measures such as total segment operating income, diluted EPS excluding certain items, and free cash flow, with references to further details and reconciliations provided elsewhere in the report."
}
],
"node_id": "0008",
"summary": "The partial document provides a summarized overview of financial results for the first quarter of fiscal years 2025 and 2024. Key points include:\n\n1. Overall Financial Performance:\n - Revenues increased by 5% from $23,549 million in 2024 to $24,690 million in 2025.\n - Income before income taxes rose by 27%.\n - Total segment operating income grew by 31%.\n - Diluted EPS increased by 35%, and diluted EPS excluding certain items rose by 44%.\n - Cash provided by operations increased by 47%, while free cash flow decreased by 17%.\n\n2. Segment Financial Results:\n - Revenue growth was observed in the Entertainment segment (9%) and Experiences segment (3%), while Sports revenue remained flat.\n - Segment operating income for Entertainment increased significantly by 95%, while Sports shifted from a loss to a positive income. Experiences segment operating income remained stable.\n\n3. Non-GAAP Measures:\n - The document highlights the use of non-GAAP financial measures such as total segment operating income, diluted EPS excluding certain items, and free cash flow, with references to further details and reconciliations provided in later sections."
},
{
"title": "DISCUSSION OF FIRST QUARTER SEGMENT RESULTS",
"start_index": 4,
"end_index": 4,
"nodes": [
{
"title": "Star India",
"start_index": 4,
"end_index": 4,
"node_id": "0011",
"summary": "The partial document discusses the first-quarter segment results, focusing on the Star India joint venture formed between the Company and Reliance Industries Limited (RIL) on November 14, 2024. The joint venture combines Star-branded entertainment and sports television channels, Disney+ Hotstar, and certain RIL-controlled media businesses, with RIL holding a 56% controlling interest, the Company holding 37%, and a third-party investment company holding 7%. The Company now recognizes its 37% share of the joint venture\u2019s results under "Equity in the income of investees." Additionally, the document provides financial results for the Entertainment segment, showing a 9% increase in total revenues and a 95% increase in operating income compared to the prior-year quarter. The growth in operating income is attributed to improved results in Content Sales/Licensing and Direct-to-Consumer, partially offset by a decline in Linear Networks."
},
{
"title": "Entertainment",
"start_index": 4,
"end_index": 4,
"nodes": [
{
"title": "Linear Networks",
"start_index": 5,
"end_index": 5,
"node_id": "0013",
"summary": "The partial document provides financial performance details for Linear Networks and Direct-to-Consumer segments for the quarters ending December 28, 2024, and December 30, 2023. Key points include:\n\n1. Linear Networks:\n - Revenue decreased by 7%, with domestic revenue remaining flat and international revenue declining by 31%.\n - Operating income decreased by 11%, with domestic income stable and international income dropping by 39%.\n - Domestic operating income was impacted by higher programming costs (due to the 2023 guild strikes), lower affiliate revenue (fewer subscribers), lower technology costs, and higher advertising revenue (driven by political advertising but offset by lower viewership).\n - International operating income decline was attributed to the Star India Transaction.\n - Equity income from investees decreased due to lower income from A+E Television Networks, reduced advertising and affiliate revenue, and the absence of a prior-year gain from an investment sale.\n\n2. Direct-to-Consumer:\n - Revenue increased by 9%, driven by higher subscription revenue due to increased pricing and more subscribers, partially offset by unfavorable foreign exchange impacts.\n - Operating income improved significantly, moving from a loss in the prior year to a profit, reflecting subscription revenue growth."
},
{
"title": "Direct-to-Consumer",
"start_index": 5,
"end_index": 7,
"node_id": "0014",
"summary": "The partial document provides a financial performance overview of various segments for the quarter ended December 28, 2024, compared to the prior-year quarter. Key points include:\n\n1. Linear Networks:\n - Revenue decreased by 7%, with domestic revenue flat and international revenue down 31%.\n - Operating income decreased by 11%, with domestic income flat and international income down 39%, primarily due to the Star India transaction.\n - Equity income from investees declined by 29%, driven by lower income from A+E Television Networks and the absence of a prior-year gain on an investment sale.\n\n2. Direct-to-Consumer (DTC):\n - Revenue increased by 9%, and operating income improved significantly from a loss of $138 million to a profit of $293 million.\n - Growth was driven by higher subscription revenue due to pricing increases and more subscribers, partially offset by higher costs and lower advertising revenue.\n - Key metrics showed slight changes in Disney+ and Hulu subscriber numbers, with increases in average monthly revenue per paid subscriber due to pricing adjustments.\n\n3. Content Sales/Licensing and Other:\n - Revenue increased by 34%, and operating income improved significantly, driven by strong theatrical performance, particularly from "Moana 2," and contributions from "Mufasa: The Lion King."\n\n4. Sports:\n - ESPN revenue grew by 8%, with domestic and international segments showing increases, while Star India revenue dropped by 90%.\n - Operating income for ESPN improved by 15%, while Star India shifted from a loss to a small profit.\n\nThe document highlights revenue trends, operating income changes, and key drivers for each segment, including programming costs, subscriber growth, pricing adjustments, and content performance."
},
{
"title": "Content Sales/Licensing and Other",
"start_index": 7,
"end_index": 7,
"node_id": "0015",
"summary": "The partial document discusses the financial performance of Disney's streaming services, content sales, and sports segment. Key points include:\n\n1. Disney+ Revenue: Domestic and international Disney+ average monthly revenue per paid subscriber increased due to pricing hikes, partially offset by promotional offerings. International revenue also benefited from higher advertising revenue.\n\n2. Hulu Revenue: Hulu SVOD Only revenue remained stable, with pricing increases offsetting lower advertising revenue. Hulu Live TV + SVOD revenue increased due to pricing hikes.\n\n3. Content Sales/Licensing: Revenue and operating income improved significantly, driven by strong theatrical distribution results, particularly from "Moana 2," and contributions from "Mufasa: The Lion King."\n\n4. Sports Revenue: ESPN domestic and international revenues grew, while Star India revenue declined sharply. Operating income for ESPN improved, with domestic income slightly down and international losses reduced. Star India showed a notable recovery in operating income."
}
],
"node_id": "0012",
"summary": "The partial document discusses the first-quarter segment results, focusing on the Star India joint venture formed between the Company and Reliance Industries Limited (RIL) on November 14, 2024. The joint venture combines Star-branded entertainment and sports television channels and the Disney+ Hotstar service in India, with RIL holding a 56% controlling interest, the Company holding 37%, and a third-party investment company holding 7%. The Company now recognizes its 37% share of the joint venture\u2019s results under \u201cEquity in the income of investees.\u201d Additionally, the document provides financial results for the Entertainment segment, showing a 9% increase in total revenues compared to the prior year, driven by growth in Direct-to-Consumer and Content Sales/Licensing and Other, despite a decline in Linear Networks. Operating income increased by 95%, primarily due to improved results in Content Sales/Licensing and Other and Direct-to-Consumer, partially offset by a decrease in Linear Networks."
},
{
"title": "Sports",
"start_index": 7,
"end_index": 7,
"nodes": [
{
"title": "Domestic ESPN",
"start_index": 8,
"end_index": 8,
"node_id": "0017",
"summary": "The partial document discusses the financial performance of ESPN, including domestic and international operations, as well as Star India, for the current quarter compared to the prior-year quarter. Key points include:\n\n1. Domestic ESPN: \n - Decrease in operating results due to higher programming and production costs, primarily from expanded college football programming rights and changes in the College Football Playoff (CFP) format.\n - Increase in advertising revenue due to higher rates.\n - Revenue from sub-licensing CFP programming rights.\n - Affiliate revenue remained comparable, with rate increases offset by fewer subscribers.\n\n2. International ESPN: \n - Decrease in operating loss driven by higher fees from the Entertainment segment for Disney+ sports content.\n - Increased programming and production costs due to higher soccer rights costs.\n - Lower affiliate revenue due to fewer subscribers.\n\n3. Star India: \n - Improved operating results due to the absence of significant cricket events in the current quarter compared to the prior-year quarter, which included the ICC Cricket World Cup.\n\n4. Key Metrics for ESPN+:\n - Paid subscribers decreased from 25.6 million to 24.9 million.\n - Average monthly revenue per paid subscriber increased from $5.94 to $6.36, driven by pricing increases and higher advertising revenue."
},
{
"title": "International ESPN",
"start_index": 8,
"end_index": 8,
"node_id": "0018",
"summary": "The partial document discusses the financial performance of ESPN, including domestic and international operations, as well as Star India, for the current quarter compared to the prior-year quarter. Key points include:\n\n1. Domestic ESPN: \n - Decrease in operating results due to higher programming and production costs, primarily from expanded college football programming rights and changes in the College Football Playoff (CFP) format.\n - Increase in advertising revenue due to higher rates.\n - Revenue from sub-licensing CFP programming rights.\n - Affiliate revenue remained comparable, with rate increases offset by fewer subscribers.\n\n2. International ESPN: \n - Decrease in operating loss driven by higher fees from the Entertainment segment for Disney+ sports content.\n - Increased programming and production costs due to higher soccer rights costs.\n - Lower affiliate revenue due to fewer subscribers.\n\n3. Star India: \n - Improved operating results due to the absence of significant cricket events in the current quarter compared to the ICC Cricket World Cup in the prior-year quarter.\n\n4. Key Metrics for ESPN+:\n - Paid subscribers decreased from 25.6 million to 24.9 million.\n - Average monthly revenue per paid subscriber increased from $5.94 to $6.36, driven by pricing increases and higher advertising revenue."
},
{
"title": "Star India",
"start_index": 8,
"end_index": 8,
"node_id": "0019",
"summary": "The partial document discusses the financial performance of ESPN, including domestic and international operations, as well as Star India, for a specific quarter. Key points include:\n\n1. Domestic ESPN: \n - Decrease in operating results due to higher programming and production costs, primarily from expanded college football programming rights, including additional College Football Playoff (CFP) games under a revised format.\n - Increase in advertising revenue due to higher rates.\n - Revenue from sub-licensing CFP programming rights.\n - Affiliate revenue remained comparable to the prior year due to effective rate increases offset by fewer subscribers.\n\n2. International ESPN: \n - Decrease in operating loss driven by higher fees from the Entertainment segment for sports content on Disney+.\n - Increased programming and production costs due to higher soccer rights costs.\n - Lower affiliate revenue due to fewer subscribers.\n\n3. Star India: \n - Improvement in operating results due to the absence of significant cricket events in the current quarter compared to the prior year, which included the ICC Cricket World Cup.\n\n4. Key Metrics for ESPN+:\n - Paid subscribers decreased from 25.6 million to 24.9 million.\n - Average monthly revenue per paid subscriber increased from $5.94 to $6.36, driven by pricing increases and higher advertising revenue."
}
],
"node_id": "0016",
"summary": "The partial document discusses the financial performance of Disney's streaming services, content sales, and sports segment. Key points include:\n\n1. Disney+ Revenue: Domestic and international Disney+ average monthly revenue per paid subscriber increased due to pricing hikes, partially offset by promotional offerings. International revenue also benefited from higher advertising revenue.\n\n2. Hulu Revenue: Hulu SVOD Only revenue remained stable, with pricing increases offsetting lower advertising revenue. Hulu Live TV + SVOD revenue increased due to pricing hikes.\n\n3. Content Sales/Licensing: Revenue and operating income improved significantly, driven by strong theatrical performance, particularly from "Moana 2," and contributions from "Mufasa: The Lion King."\n\n4. Sports Revenue: ESPN domestic and international revenues grew, while Star India revenue declined sharply. Operating income for ESPN improved, with domestic income slightly down and international income showing significant recovery. Star India showed a notable turnaround in operating income."
},
{
"title": "Experiences",
"start_index": 9,
"end_index": 9,
"node_id": "0020",
"summary": "The partial document provides financial performance details for the Parks & Experiences segment, including revenues and operating income for domestic and international operations, as well as consumer products. It highlights a 3% increase in total revenue and stable operating income compared to the prior year. Domestic parks and experiences were negatively impacted by hurricanes, leading to lower volumes and higher costs, despite increased guest spending. International parks and experiences saw growth in operating income due to higher guest spending, increased attendance, and new offerings. The document also notes increased corporate expenses due to a legal settlement and a $143 million loss related to the Star India Transaction."
}
],
"node_id": "0010",
"summary": "The partial document discusses the first-quarter segment results, focusing on the Star India joint venture formed between the Company and Reliance Industries Limited (RIL) on November 14, 2024. The joint venture combines Star-branded entertainment and sports television channels, Disney+ Hotstar, and certain RIL-controlled media businesses, with RIL holding a 56% controlling interest, the Company holding 37%, and a third-party investment company holding 7%. The Company now recognizes its 37% share of the joint venture\u2019s results under "Equity in the income of investees." Additionally, the document provides financial results for the Entertainment segment, showing a 9% increase in total revenues and a 95% increase in operating income compared to the prior-year quarter. The growth in operating income is attributed to improved results in Content Sales/Licensing and Direct-to-Consumer, partially offset by a decline in Linear Networks."
},
{
"title": "OTHER FINANCIAL INFORMATION",
"start_index": 9,
"end_index": 9,
"nodes": [
{
"title": "Corporate and Unallocated Shared Expenses",
"start_index": 9,
"end_index": 9,
"node_id": "0022",
"summary": "The partial document provides a financial overview of revenues and operating income for Parks & Experiences, including Domestic, International, and Consumer Products segments, comparing the quarters ending December 28, 2024, and December 30, 2023. It highlights a 3% increase in overall revenue and stable operating income. Domestic Parks and Experiences were negatively impacted by Hurricanes Milton and Helene, leading to closures, cancellations, higher costs, and lower attendance, despite increased guest spending. International Parks and Experiences saw growth in operating income due to higher guest spending, increased attendance, and new offerings, offset by higher costs. The document also notes a $152 million increase in corporate and unallocated shared expenses due to a legal settlement and a $143 million loss related to the Star India Transaction."
},
{
"title": "Restructuring and Impairment Charges",
"start_index": 9,
"end_index": 9,
"node_id": "0023",
"summary": "The partial document provides financial performance details for the Parks & Experiences segment, including revenues and operating income for domestic and international operations, as well as consumer products. It highlights a 3% increase in overall revenue and stable operating income compared to the prior year. Domestic parks and experiences were negatively impacted by hurricanes, leading to lower volumes and higher costs, despite increased guest spending. International parks and experiences saw growth in operating income due to higher guest spending, increased attendance, and new offerings, though costs also rose. Additionally, corporate and unallocated shared expenses increased due to a legal settlement, and a $143 million loss was recorded related to the Star India Transaction."
},
{
"title": "Interest Expense, net",
"start_index": 10,
"end_index": 10,
"node_id": "0024",
"summary": "The partial document provides a financial analysis of interest expense, net, equity in the income of investees, and income taxes for the quarters ending December 28, 2024, and December 30, 2023. Key points include:\n\n1. Interest Expense, Net: A decrease in interest expense due to lower average rates and debt balances, partially offset by reduced capitalized interest. Interest income and investment income declined due to lower cash balances, pension-related costs, and investment losses compared to prior-year gains.\n\n2. Equity in the Income of Investees: A $89 million decrease in income from investees, primarily due to lower income from A+E and losses from the India joint venture.\n\n3. Income Taxes: An increase in the effective income tax rate from 25.1% to 27.8%, driven by a non-cash tax charge related to the Star India Transaction, partially offset by favorable adjustments related to prior years, lower foreign tax rates, and a comparison to unfavorable prior-year effects of employee share-based awards."
},
{
"title": "Equity in the Income of Investees",
"start_index": 10,
"end_index": 10,
"node_id": "0025",
"summary": "The partial document provides a financial analysis of interest expense, net, equity in the income of investees, and income taxes for the quarters ended December 28, 2024, and December 30, 2023. It highlights a decrease in net interest expense due to lower average rates and debt balances, offset by reduced capitalized interest. Interest income and investment income declined due to lower cash balances, pension-related costs, and investment losses. Equity income from investees decreased significantly, driven by lower income from A+E and losses from the India joint venture. The effective income tax rate increased due to a non-cash tax charge related to the Star India Transaction, partially offset by favorable adjustments related to prior years, lower foreign tax rates, and a comparison to unfavorable prior-year effects."
},
{
"title": "Income Taxes",
"start_index": 10,
"end_index": 10,
"node_id": "0026",
"summary": "The partial document provides a financial analysis of interest expense, net, equity in the income of investees, and income taxes for the quarters ended December 28, 2024, and December 30, 2023. It highlights a decrease in net interest expense due to lower average rates and debt balances, offset by reduced capitalized interest. Interest income and investment income declined due to lower cash balances, pension-related costs, and investment losses. Equity income from investees dropped significantly, driven by lower income from A+E and losses from the India joint venture. The effective income tax rate increased due to a non-cash tax charge related to the Star India Transaction, partially offset by favorable adjustments related to prior years, lower foreign tax rates, and a comparison to unfavorable prior-year effects."
},
{
"title": "Noncontrolling Interests",
"start_index": 11,
"end_index": 11,
"node_id": "0027",
"summary": "The partial document covers two main points:\n\n1. Noncontrolling Interests: It discusses the net income attributable to noncontrolling interests, which decreased by 63% compared to the prior-year quarter. The decrease is attributed to the prior-year accretion of NBC Universal\u2019s interest in Hulu. The calculation of net income attributable to noncontrolling interests is based on income after royalties, management fees, financing costs, and income taxes.\n\n2. Cash from Operations: It details cash provided by operations and free cash flow, showing an increase in cash provided by operations by $1.0 billion to $3.2 billion in the current quarter. The increase is driven by lower tax payments, higher operating income at Entertainment, and higher film and television production spending, along with the timing of payments for sports rights. Free cash flow decreased by $147 million compared to the prior-year quarter."
},
{
"title": "Cash from Operations",
"start_index": 11,
"end_index": 11,
"node_id": "0028",
"summary": "The partial document covers two main points:\n\n1. Noncontrolling Interests: It discusses the net income attributable to noncontrolling interests, which decreased by 63% in the quarter ended December 28, 2024, compared to the prior-year quarter. The decrease is attributed to the prior-year accretion of NBC Universal\u2019s interest in Hulu. The calculation of net income attributable to noncontrolling interests includes royalties, management fees, financing costs, and income taxes.\n\n2. Cash from Operations: It details cash provided by operations and free cash flow for the quarter ended December 28, 2024, compared to the prior-year quarter. Cash provided by operations increased by $1.0 billion, driven by lower tax payments, higher operating income at Entertainment, and higher film and television production spending, along with the timing of payments for sports rights. Free cash flow decreased by $147 million due to increased investments in parks, resorts, and other property."
},
{
"title": "Capital Expenditures",
"start_index": 12,
"end_index": 12,
"node_id": "0029",
"summary": "The partial document provides details on capital expenditures and depreciation expenses for parks, resorts, and other properties. It highlights an increase in capital expenditures from $1.3 billion to $2.5 billion, primarily due to higher spending on cruise ship fleet expansion in the Experiences segment. The document also breaks down investments and depreciation expenses by category (Entertainment, Sports, Domestic and International Experiences, and Corporate) for the quarters ending December 28, 2024, and December 30, 2023. Depreciation expenses increased from $823 million to $909 million, with detailed figures provided for each segment."
},
{
"title": "Depreciation Expense",
"start_index": 12,
"end_index": 12,
"node_id": "0030",
"summary": "The partial document provides details on capital expenditures and depreciation expenses for parks, resorts, and other properties. It highlights an increase in capital expenditures from $1.3 billion to $2.5 billion, primarily due to higher spending on cruise ship fleet expansion in the Experiences segment. The breakdown of investments and depreciation expenses is provided for Entertainment, Sports, Domestic and International Experiences, and Corporate segments for the quarters ending December 28, 2024, and December 30, 2023. Depreciation expenses also increased from $823 million to $909 million, with detailed segment-wise allocations."
}
],
"node_id": "0021",
"summary": "The partial document provides a financial overview of revenues and operating income for Parks & Experiences, including Domestic, International, and Consumer Products segments, comparing the quarters ending December 28, 2024, and December 30, 2023. It highlights a 3% increase in total revenue and stable operating income. Domestic Parks and Experiences were negatively impacted by Hurricanes Milton and Helene, leading to closures, cancellations, higher costs, and lower attendance, despite increased guest spending. International Parks and Experiences saw growth in operating income due to higher guest spending, increased attendance, and new offerings, offset by increased costs. The document also notes a rise in corporate and unallocated shared expenses due to a legal settlement and a $143 million loss related to the Star India Transaction."
},
{
"title": "THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME",
"start_index": 13,
"end_index": 13,
"node_id": "0031",
"summary": "The partial document provides a condensed consolidated statement of income for The Walt Disney Company for the quarters ended December 28, 2024, and December 30, 2023. It includes details on revenues, costs and expenses, restructuring and impairment charges, net interest expense, equity in the income of investees, income before income taxes, income taxes, and net income. It also breaks down net income attributable to noncontrolling interests and The Walt Disney Company. Additionally, it provides earnings per share (diluted and basic) and the weighted average number of shares outstanding (diluted and basic) for both periods."
},
{
"title": "THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS",
"start_index": 14,
"end_index": 14,
"node_id": "0032",
"summary": "The partial document is a condensed consolidated balance sheet for The Walt Disney Company, comparing financial data as of December 28, 2024, and September 28, 2024. It details the company's assets, liabilities, and equity. Key points include:\n\n1. Assets: Breakdown of current assets (cash, receivables, inventories, content advances, and other assets), produced and licensed content costs, investments, property (attractions, buildings, equipment, projects in progress, and land), intangible assets, goodwill, and other assets. Total assets increased slightly from $196.2 billion to $197 billion.\n\n2. Liabilities: Includes current liabilities (accounts payable, borrowings, deferred revenue), long-term borrowings, deferred income taxes, and other long-term liabilities. Total liabilities remained relatively stable.\n\n3. Equity: Details Disney shareholders' equity, including common stock, retained earnings, accumulated other comprehensive loss, and treasury stock. Noncontrolling interests are also included. Total equity increased from $105.5 billion to $106.7 billion.\n\n4. Overall Financial Position: The balance sheet reflects a stable financial position with slight changes in assets, liabilities, and equity over the period."
},
{
"title": "THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS",
"start_index": 15,
"end_index": 15,
"node_id": "0033",
"summary": "The partial document provides a condensed consolidated statement of cash flows for The Walt Disney Company for the quarters ended December 28, 2024, and December 30, 2023. It details cash flow activities categorized into operating, investing, and financing activities. Key points include:\n\n1. Operating Activities: Net income increased from $2,151 million in 2023 to $2,644 million in 2024. Other significant changes include variations in depreciation, deferred taxes, equity income, content costs, and changes in operating assets and liabilities, resulting in cash provided by operations of $3,205 million in 2024 compared to $2,185 million in 2023.\n\n2. Investing Activities: Investments in parks, resorts, and other properties increased significantly in 2024 ($2,466 million) compared to 2023 ($1,299 million), leading to higher cash used in investing activities.\n\n3. Financing Activities: The company saw a net cash outflow in financing activities, including commercial paper borrowings, stock repurchases, and debt reduction. In 2024, cash used in financing activities was $997 million, a significant improvement from $8,006 million in 2023.\n\n4. Exchange Rate Impact: Exchange rates negatively impacted cash in 2024 by $153 million, compared to a positive impact of $79 million in 2023.\n\n5. Overall Cash Position: The company\u2019s cash, cash equivalents, and restricted cash decreased from $14,235 million at the beginning of the 2023 period to $5,582 million at the end of the 2024 period."
},
{
"title": "DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS",
"start_index": 16,
"end_index": 16,
"node_id": "0034",
"summary": "The partial document provides an overview of Disney's Direct-to-Consumer (DTC) product offerings, key definitions, and metrics. It details the availability of Disney+, ESPN+, and Hulu as standalone services or bundled offerings in the U.S., including Hulu Live TV + SVOD, which incorporates Disney+ and ESPN+. It explains the global reach of Disney+ in over 150 countries and the various purchase channels, including websites, third-party platforms, and wholesale arrangements. The document defines "paid subscribers" as those generating subscription revenue, excluding extra member add-ons, and outlines how subscribers are counted for multi-product offerings. It also describes the calculation of average monthly revenue per paid subscriber for Hulu, ESPN+, and Disney+, including revenue components like subscription fees, advertising, and add-ons, while noting differences in revenue allocation and the impact of wholesale arrangements on average revenue."
},
{
"title": "NON-GAAP FINANCIAL MEASURES",
"start_index": 17,
"end_index": 17,
"nodes": [
{
"title": "Diluted EPS excluding certain items",
"start_index": 17,
"end_index": 18,
"node_id": "0036",
"summary": "The partial document discusses the use of non-GAAP financial measures, specifically diluted EPS excluding certain items (adjusted EPS), total segment operating income, and free cash flow. It explains that these measures are not defined by GAAP but are important for evaluating the company's performance. The document highlights that these measures should be reviewed alongside comparable GAAP measures and may not be directly comparable to similar measures from other companies. It provides details on the adjustments made to diluted EPS, including the exclusion of certain items affecting comparability and amortization of TFCF and Hulu intangible assets, to better reflect operational performance. The document also includes a reconciliation table comparing reported diluted EPS to adjusted EPS for specific quarters, showing the impact of excluded items such as restructuring charges and intangible asset amortization. Additionally, it notes the challenges in providing forward-looking GAAP measures due to unpredictable factors."
},
{
"title": "Total segment operating income",
"start_index": 19,
"end_index": 20,
"node_id": "0037",
"summary": "The partial document focuses on the evaluation of the company's performance through two key financial metrics: total segment operating income and free cash flow. It explains that total segment operating income is used to assess the performance of operating segments separately from non-operational factors, providing insights into operational results. A reconciliation table is provided, showing the calculation of total segment operating income for two quarters, highlighting changes in various components such as corporate expenses, restructuring charges, and interest expenses. Additionally, the document discusses free cash flow as a measure of cash available for purposes beyond capital expenditures, such as debt servicing, acquisitions, and shareholder returns. A summary of consolidated cash flows and a reconciliation of cash provided by operations to free cash flow are presented, comparing figures for two quarters and highlighting changes in cash flow components."
},
{
"title": "Free cash flow",
"start_index": 20,
"end_index": 20,
"node_id": "0038",
"summary": "The partial document provides a reconciliation of the company's consolidated cash provided by operations to free cash flow for the quarters ended December 28, 2024, and December 30, 2023. It highlights a $1,020 million increase in cash provided by operations, a $1,167 million increase in investments in parks, resorts, and other property, and a $147 million decrease in free cash flow."
}
],
"node_id": "0035",
"summary": "The partial document discusses the use of non-GAAP financial measures by the company, including diluted EPS excluding certain items (adjusted EPS), total segment operating income, and free cash flow. It explains that these measures are not defined by GAAP but are important for evaluating the company's performance. The document emphasizes that these measures should be reviewed alongside comparable GAAP measures and may not be directly comparable to similar measures from other companies. It highlights the company's inability to provide forward-looking GAAP measures or reconciliations due to uncertainties in predicting significant items. Additionally, the document details the rationale for excluding certain items and amortization of TFCF and Hulu intangible assets from diluted EPS to enhance comparability and provide a clearer evaluation of operational performance, particularly given the significant impact of the 2019 TFCF and Hulu acquisition."
},
{
"title": "FORWARD-LOOKING STATEMENTS",
"start_index": 21,
"end_index": 21,
"node_id": "0039",
"summary": "The partial document outlines the inclusion of forward-looking statements in an earnings release, emphasizing that these statements are based on management's views and assumptions about future events and business performance. It highlights that actual results may differ materially due to various factors, including company actions (e.g., restructuring, strategic initiatives, cost rationalization), external developments (e.g., economic conditions, competition, consumer behavior, regulatory changes, technological advancements, labor market activities, and natural disasters), and their potential impacts on operations, profitability, content performance, advertising markets, and taxation. The document also references additional risk factors and analyses detailed in the company's filings with the SEC, such as annual and quarterly reports."
},
{
"title": "PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION",
"start_index": 22,
"end_index": 22,
"node_id": "0040",
"summary": "The partial document provides information about The Walt Disney Company's prepared management remarks and a conference call scheduled for February 5, 2025, at 8:30 AM EST/5:30 AM PST, accessible via a live webcast on their investor website. It also mentions that a replay of the webcast will be available on the site. Additionally, contact details for Corporate Communications (David Jefferson) and Investor Relations (Carlos Gomez) are provided."
}
]
}

File: examples/results/Regulation Best Interest_Interpretive release_structure.json Copy Chapter

{
"doc_name": "Regulation Best Interest_Interpretive release.pdf",
"doc_description": "A detailed analysis of the SEC's interpretation of the "solely incidental" prong of the broker-dealer exclusion under the Investment Advisers Act of 1940, including its historical context, application guidance, economic implications, and regulatory considerations.",
"structure": [
{
"title": "Preface",
"start_index": 1,
"end_index": 2,
"node_id": "0000",
"summary": "The partial document outlines an interpretation by the Securities and Exchange Commission (SEC) regarding the "solely incidental" prong of the broker-dealer exclusion under the Investment Advisers Act of 1940. It clarifies that brokers or dealers providing advisory services that are incidental to their primary business and for which they receive no special compensation are excluded from the definition of "investment adviser" under the Act. The document includes a historical and legislative context, the scope of the "solely incidental" prong, guidance on its application, and economic considerations related to the interpretation. It also provides contact information for further inquiries and specifies the effective date of the interpretation as July 12, 2019."
},
{
"title": "Introduction",
"start_index": 2,
"end_index": 6,
"node_id": "0001",
"summary": "The partial document discusses the regulation of investment advisers under the Advisers Act, specifically focusing on the "broker-dealer exclusion," which exempts brokers and dealers from being classified as investment advisers under certain conditions. Key points include:\n\n1. Introduction to the Advisers Act: Overview of the regulation of investment advisers and the broker-dealer exclusion, which applies when advisory services are "solely incidental" to brokerage business and no special compensation is received.\n\n2. Historical Context and Legislative History: Examination of the historical practices of broker-dealers providing investment advice, distinguishing between auxiliary advice as part of brokerage services and separate advisory services.\n\n3. Interpretation of the Solely Incidental Prong: Clarification of the "solely incidental" condition of the broker-dealer exclusion, including its application to activities like investment discretion and account monitoring.\n\n4. Economic Considerations: Discussion of the potential economic effects of the interpretation and application of the broker-dealer exclusion.\n\n5. Regulatory Developments: Reference to the Commission's 2018 proposals, including Regulation Best Interest (Reg. BI), the Proposed Fiduciary Interpretation, and the Relationship Summary Proposal, aimed at enhancing standards of conduct and investor understanding.\n\n6. Public Comments and Feedback: Summary of public comments on the scope and interpretation of the broker-dealer exclusion, highlighting disagreements and requests for clarification on the "solely incidental" prong.\n\n7. Adoption of Interpretation: The Commission's adoption of an interpretation to confirm and clarify its position on the "solely incidental" prong, complementing related rules and forms to improve investor understanding of broker-dealer and adviser relationships."
},
{
"title": "Interpretation and Application",
"start_index": 6,
"end_index": 8,
"nodes": [
{
"title": "Historical Context and Legislative History",
"start_index": 8,
"end_index": 10,
"node_id": "0003",
"summary": "The partial document discusses the historical context and legislative development of the Investment Advisers Act of 1940. It highlights the findings of a congressional study conducted by the SEC between 1935 and 1939, which identified issues with distinguishing legitimate investment counselors from unregulated "tipster" organizations and problems in the organization and operation of investment counsel institutions. The document explains how these findings led to the passage of the Advisers Act, which broadly defined "investment adviser" and established regulatory oversight for those providing investment advice for compensation. It also addresses the exclusion of certain professionals, such as broker-dealers, from the definition of "investment adviser" if their advice is incidental to their primary business and not specially compensated. Additionally, the document explores the scope of the "solely incidental" prong of the broker-dealer exclusion, referencing interpretations and rules by the SEC, including a 2005 rule regarding fee-based brokerage accounts."
},
{
"title": "Scope of the Solely Incidental Prong of the Broker-Dealer Exclusion",
"start_index": 10,
"end_index": 14,
"node_id": "0004",
"summary": "The partial document discusses the "broker-dealer exclusion" under the Investment Advisers Act, specifically focusing on the "solely incidental" prong. It examines the scope of this exclusion, emphasizing that investment advice provided by broker-dealers is considered "solely incidental" if it is connected to and reasonably related to their primary business of effecting securities transactions. The document references historical interpretations, court rulings (e.g., Financial Planning Association v. SEC and Thomas v. Metropolitan Life Insurance Company), and legislative history to clarify this standard. It highlights that the frequency or importance of advice does not determine whether it meets the "solely incidental" standard, but rather its relationship to the broker-dealer's primary business. The document also provides guidance on applying this interpretation to specific practices, such as exercising investment discretion and account monitoring, noting that certain discretionary activities may fall outside the scope of the exclusion."
},
{
"title": "Guidance on Applying the Interpretation of the Solely Incidental Prong",
"start_index": 14,
"end_index": 22,
"node_id": "0005",
"summary": "The partial document provides guidance on the application of the "solely incidental" prong of the broker-dealer exclusion under the Advisers Act. It focuses on two key areas: (1) the exercise of investment discretion by broker-dealers over customer accounts and (2) account monitoring. The document discusses the Commission's interpretation that unlimited investment discretion is not "solely incidental" to a broker-dealer's business, as it indicates a primarily advisory relationship. However, temporary or limited discretion in specific scenarios (e.g., cash management, tax-loss sales, or margin requirements) may be consistent with the "solely incidental" prong. It also addresses account monitoring, stating that agreed-upon periodic monitoring for buy, sell, or hold recommendations may align with the broker-dealer exclusion, while continuous monitoring or advisory-like services would not. The document includes examples, refinements to prior interpretations, and considerations for broker-dealers to adopt policies ensuring compliance. It concludes with economic considerations, highlighting the potential impact on broker-dealers, customers, and the financial advice market."
}
],
"node_id": "0002",
"summary": "The partial document discusses the historical context and legislative history of the Advisers Act of 1940, focusing on the roles of broker-dealers in providing investment advice. It highlights two distinct ways broker-dealers offered advice: as part of traditional brokerage services with fixed commissions and as separate advisory services for a fee. The document examines the concept of "brokerage house advice," detailing the types of information and services provided, such as market analyses, tax information, and investment recommendations. It also references a congressional study conducted between 1935 and 1939, which identified issues with distinguishing legitimate investment counselors from "tipster" organizations and problems in the organization and operation of investment counsel institutions. These findings led to the enactment of the Advisers Act, which broadly defined "investment adviser" to regulate those providing investment advice for compensation. The document also references various reports, hearings, and literature that informed the development of the Act."
},
{
"title": "Economic Considerations",
"start_index": 22,
"end_index": 22,
"nodes": [
{
"title": "Background",
"start_index": 22,
"end_index": 23,
"node_id": "0007",
"summary": "The partial document discusses the U.S. Securities and Exchange Commission's (SEC) interpretation of the "solely incidental" prong of the broker-dealer exclusion, clarifying its understanding without creating new legal obligations. It examines the potential economic effects of this interpretation on broker-dealers, their associated persons, customers, and the broader financial advice market. The document provides background data on broker-dealers, including their assets, customer accounts, and dual registration as investment advisers. It highlights compliance costs for broker-dealers to align with the interpretation and notes the limited circumstances under which broker-dealers exercise temporary or limited investment discretion. The document also references the lack of data received during the Reg. BI Proposal to analyze the economic impact further."
},
{
"title": "Potential Economic Effects",
"start_index": 23,
"end_index": 28,
"node_id": "0008",
"summary": "The partial document discusses the economic effects and regulatory implications of the SEC's interpretation of the "solely incidental" prong of the broker-dealer exclusion from the definition of an investment adviser. Key points include:\n\n1. Compliance Costs: Broker-dealers currently incur costs to align their practices with the "solely incidental" prong, and the interpretation may lead to additional costs for evaluating and adjusting practices.\n\n2. Impact on Broker-Dealer Practices: Broker-dealers providing advisory services beyond the scope of the interpretation may need to adjust their practices, potentially resulting in reduced services, loss of customers, or a shift to advisory accounts.\n\n3. Market Effects: The interpretation could lead to decreased competition, increased fees, and a diminished number of broker-dealers offering commission-based services. It may also shift demand from broker-dealers to investment advisers.\n\n4. Regulatory Adjustments: Broker-dealers may choose to register as investment advisers, incurring new compliance costs, or migrate customers to advisory accounts of affiliates.\n\n5. Potential Benefits: Some broker-dealers may expand limited discretionary services or monitoring activities, benefiting investors with more efficient access to these services.\n\n6. Regulatory Arbitrage Risks: The interpretation raises concerns about regulatory arbitrage, though these risks may be mitigated by enhanced standards of conduct for broker-dealers.\n\n7. Amendments to Regulations: The document includes amendments to the Code of Federal Regulations, adding an interpretive release regarding the "solely incidental" prong, dated June 5, 2019."
}
],
"node_id": "0006",
"summary": "The partial document discusses the SEC's interpretation of the "solely incidental" prong of the broker-dealer exclusion, clarifying that it does not impose new legal obligations but may have economic implications if broker-dealer practices deviate from this interpretation. It provides background on the potential effects on broker-dealers, their associated persons, customers, and the broader financial advice market. The document includes data on the number of registered broker-dealers, their customer accounts, total assets, and the prevalence of dual registrants (firms registered as both broker-dealers and investment advisers) as of December 2018."
}
]
}