{"kind":"Skill","metadata":{"namespace":"community","name":"3-statement-model","version":"0.1.0"},"spec":{"description":"Complete, populate and fill out 3-statement financial model templates (Income Statement, Balance Sheet, Cash Flow Statement) . Use when asked to fill out model templates, complete existing model frameworks, populate financial models with data, complete a partially filled IS/BS/CF framework, or link integrated financial statements within an existing template structure. Triggers include requests to fill in, complete, or populate a 3-statement model template","files":{"SKILL.md":"---\nname: 3-statement-model\ndescription: Complete, populate and fill out 3-statement financial model templates (Income Statement, Balance Sheet, Cash Flow Statement) . Use when asked to fill out model templates, complete existing model frameworks, populate financial models with data, complete a partially filled IS/BS/CF framework, or link integrated financial statements within an existing template structure. Triggers include requests to fill in, complete, or populate a 3-statement model template\n---\n\n# 3-Statement Financial Model Template Completion\n\nComplete and populate integrated financial model templates with proper linkages between Income Statement, Balance Sheet, and Cash Flow Statement.\n\n## ⚠️ CRITICAL PRINCIPLES — Read Before Populating Any Template\n\n**Environment — Office JS vs Python:**\n- **If running inside Excel (Office Add-in / Office JS):** Use Office JS directly. Write formulas via `range.formulas = [[\"=D14*(1+Assumptions!$B$5)\"]]` — never `range.values` for derived cells. No separate recalc; Excel computes natively. Use `context.workbook.worksheets.getItem(...)` to navigate tabs.\n- **If generating a standalone .xlsx file:** Use Python/openpyxl. Write `ws[\"D15\"] = \"=D14*(1+Assumptions!$B$5)\"`, then run `recalc.py` before delivery.\n- **Office JS merged cell pitfall:** Do NOT call `.merge()` then set `.values` on the merged range — throws `InvalidArgument` because the range still reports its pre-merge dimensions. Instead write value to top-left cell alone, then merge + format the full range: `ws.getRange(\"A1\").values = [[\"INCOME STATEMENT\"]]; const h = ws.getRange(\"A1:G1\"); h.merge(); h.format.fill.color = \"#1F4E79\";`\n- All principles below apply identically in either environment.\n\n**Formulas over hardcodes (non-negotiable):**\n- Every projection cell, roll-forward, linkage, and subtotal MUST be an Excel formula — never a pre-computed value\n- When using Python/openpyxl: write formula strings (`ws[\"D15\"] = \"=D14*(1+Assumptions!$B$5)\"`), NOT computed results (`ws[\"D15\"] = 12500`)\n- The ONLY cells that should contain hardcoded numbers are: (1) historical actuals, (2) assumption drivers in the Assumptions tab\n- If you find yourself computing a value in Python and writing the result to a cell — STOP. Write the formula instead.\n- Why: the model must flex when scenarios toggle or assumptions change. Hardcodes break every downstream integrity check silently.\n\n**Verify step-by-step with the user:**\n1. **After mapping the template** → show the user which tabs/sections you've identified and confirm before touching any cells\n2. **After populating historicals** → show the user the historical block and confirm values/periods match source data\n3. **After building IS projections** → run the subtotal checks, show the user the projected IS, confirm before moving to BS\n4. **After building BS** → show the user the balance check (Assets = L+E) for every period, confirm before moving to CF\n5. **After building CF** → show the user the cash tie-out (CF ending cash = BS cash), confirm before finalizing\n6. **Do NOT populate the entire model end-to-end and present it complete** — break at each statement, show the work, catch errors early\n\n## Formatting — Professional Blue/Grey Palette (Default unless template/user specifies otherwise)\n\n**Keep colors minimal.** Use only blues and greys for cell fills. Do NOT introduce greens, yellows, oranges, or multiple accent colors — a clean model uses restraint.\n\n| Element | Fill | Font |\n|---|---|---|\n| Section headers (IS / BS / CF titles) | Dark blue `#1F4E79` | White bold |\n| Column headers (FY2024A, FY2025E, etc.) | Light blue `#D9E1F2` | Black bold |\n| Input cells (historicals, assumption drivers) | Light grey `#F2F2F2` or white | Blue `#0000FF` |\n| Formula cells | White | Black |\n| Cross-tab links | White | Green `#008000` |\n| Check rows / key totals | Medium blue `#BDD7EE` | Black bold |\n\n**That's 3 blues + 1 grey + white.** If the template has its own color scheme, follow the template instead.\n\nFont color signals *what* a cell is (input/formula/link). Fill color signals *where* you are (header/data/check).\n\n## Model Structure\n\n### Identifying Template Tab Organization\n\nTemplates vary in their tab naming conventions and organization. Before populating, review all tabs to understand the template's structure. Below are common tab names and their typical contents:\n\n| Common Tab Names | Contents to Look For |\n|------------------|----------------------|\n| IS, P\u0026L, Income Statement | Income Statement |\n| BS, Balance Sheet | Balance Sheet |\n| CF, CFS, Cash Flow | Cash Flow Statement |\n| WC, Working Capital | Working Capital Schedule |\n| DA, D\u0026A, Depreciation, PP\u0026E | Depreciation \u0026 Amortization Schedule |\n| Debt, Debt Schedule | Debt Schedule |\n| NOL, Tax, DTA | Net Operating Loss Schedule |\n| Assumptions, Inputs, Drivers | Driver assumptions and inputs |\n| Checks, Audit, Validation | Error-checking dashboard |\n\n**Template Review Checklist**\n- Identify which tabs exist in the template (not all templates include every schedule)\n- Note any template-specific tabs not listed above\n- Understand tab dependencies (e.g., which schedules feed into the main statements)\n- Locate input cells vs. formula cells on each tab\n\n### Understanding Template Structure\n\nBefore populating a template, familiarize yourself with its existing layout to ensure data is entered in the correct locations and formulas remain intact.\n\n**Identifying Row Structure**\n- Locate the model title at top of each tab\n- Identify section headers and their visual separation\n- Find the units row indicating $ millions, %, x, etc.\n- Note column headers distinguishing Actuals vs. Estimates periods\n- Confirm period labels (e.g., FY2024A, FY2025E)\n- Identify input cells vs. formula cells (typically distinguished by font color)\n\n**Identifying Column Structure**\n- Confirm line item labels in leftmost column\n- Verify historical years precede projection years\n- Note the visual border separating historical from projected periods\n- Check for consistent column order across all tabs\n\n**Working with Named Ranges**\nTemplates often use named ranges for key inputs and outputs. Before entering data:\n- Review existing named ranges in the template (Formulas → Name Manager in Excel)\n- Common named ranges include: Revenue growth rates, cost percentages, key outputs (Net Income, EBITDA, Total Debt, Cash), scenario selector cell\n- Ensure inputs are entered in cells that feed into these named ranges\n\n### Projection Period\n- Templates typically project 5 years forward from last historical year\n- Verify historical (A) vs. projected (E) columns are clearly separated\n- Confirm columns use fiscal year notation (e.g., FY2024A, FY2025E)\n\n## Margin Analysis\n\n**Note: The following margin analysis should only be performed if prompted by the user or if the template explicitly requires it. If no prompt is given, skip this section.**\n\nCalculate and display profitability margins on the Income Statement (IS) tab to track operational efficiency and enable peer comparison.\n\n### Core Margins to Include\n\n| Margin | Formula | What It Measures |\n|--------|---------|------------------|\n| Gross Margin | Gross Profit / Revenue | Pricing power, production efficiency |\n| EBITDA Margin | EBITDA / Revenue | Core operating profitability |\n| EBIT Margin | EBIT / Revenue | Operating profitability after D\u0026A |\n| Net Income Margin | Net Income / Revenue | Bottom-line profitability |\n\n### Income Statement Layout with Margins\n\nDisplay margin percentages directly below each profit line item:\n- Gross Margin % below Gross Profit\n- EBIT Margin % below EBIT\n- EBITDA Margin % below EBITDA\n- Net Income Margin % below Net Income\n\n## Credit Metrics\n\n**Note: The following Credit analysis should only be performed if prompted by the user or if the template explicitly requires it. If no prompt is given, skip this section.**\n\nCalculate and display credit/leverage metrics on the Balance Sheet (BS) tab to assess financial health, debt capacity, and covenant compliance.\n\n### Core Credit Metrics to Include\n\n| Metric | Formula | What It Measures |\n|--------|---------|------------------|\n| Total Debt / EBITDA | Total Debt / LTM EBITDA | Leverage multiple |\n| Net Debt / EBITDA | (Total Debt - Cash) / LTM EBITDA | Leverage net of cash |\n| Interest Coverage | EBITDA / Interest Expense | Ability to service debt |\n| Debt / Total Cap | Total Debt / (Total Debt + Equity) | Capital structure |\n| Debt / Equity | Total Debt / Total Equity | Financial leverage |\n| Current Ratio | Current Assets / Current Liabilities | Short-term liquidity |\n| Quick Ratio | (Current Assets - Inventory) / Current Liabilities | Immediate liquidity |\n\n### Credit Metric Hierarchy Checks\n\nValidate that Upside shows strongest credit profile:\n- Leverage: Upside \u003c Base \u003c Downside (lower is better)\n- Coverage: Upside \u003e Base \u003e Downside (higher is better)\n- Liquidity: Upside \u003e Base \u003e Downside (higher is better)\n\n### Covenant Compliance Tracking\n\nIf debt covenants are known, add explicit compliance checks comparing actual metrics to covenant thresholds.\n\n## Scenario Analysis (Base / Upside / Downside)\n\nUse a scenario toggle (dropdown) in the Assumptions tab with CHOOSE or INDEX/MATCH formulas.\n\n| Scenario | Description |\n|----------|-------------|\n| Base Case | Management guidance or consensus estimates |\n| Upside Case | Above-guidance growth, margin expansion |\n| Downside Case | Below-trend growth, margin compression |\n\n**Key Drivers to Sensitize**: Revenue growth, Gross margin, SG\u0026A %, DSO/DIO/DPO, CapEx %, Interest rate, Tax rate.\n\n**Scenario Audit Checks**: Toggle switches all statements, BS balances in all scenarios, Cash ties out, Hierarchy holds (Upside \u003e Base \u003e Downside for NI, EBITDA, FCF, margins).\n\n## SEC Filings Data Extraction\n\nIf the template specifically requires pulling data from SEC filings (10-K, 10-Q), see [references/sec-filings.md](references/sec-filings.md) for detailed extraction guidance. This reference is only needed when populating templates with public company data from regulatory filings.\n\n## Completing Model Templates\n\nThis section provides general guidance for completing any 3-statement financial model template while preserving existing formulas and ensuring data integrity.\n\n### Step 1: Analyze the Template Structure\n\nBefore entering any data, thoroughly review the template to understand its architecture:\n\n**Identify Input vs. Formula Cells**\n- Look for visual cues (font color, cell shading) that distinguish input cells from formula cells\n- Common conventions: Blue font = inputs, Black font = formulas, Green font = links to other sheets\n- Use Excel's Trace Precedents/Dependents (Formulas → Trace Precedents) to understand cell relationships\n- Check for named ranges that may control key inputs (Formulas → Name Manager)\n\n**Map the Template's Flow**\n- Identify which tabs feed into others (e.g., Assumptions → IS → BS → CF)\n- Note any supporting schedules and their linkages to main statements\n- Document the template's specific line items and structure before populating\n\n### Step 2: Filling in Data Without Breaking Formulas\n\n**Golden Rules for Data Entry**\n\n| Rule | Description |\n|------|-------------|\n| Only edit input cells | Never overwrite cells containing formulas unless intentionally replacing the formula |\n| Preserve cell references | When copying data, use Paste Values (Ctrl+Shift+V) to avoid overwriting formulas with source formatting |\n| Match the template's units | Verify if template uses thousands, millions, or actual values before entering data |\n| Respect sign conventions | Follow the template's existing sign convention (e.g., expenses as positive or negative) |\n| Check for circular references | If the template uses iterative calculations, ensure Enable Iterative Calculation is turned on |\n\n**Safe Data Entry Process**\n1. Identify the exact cells designated for input (usually highlighted or labeled)\n2. Enter historical data first, then verify formulas are calculating correctly for those periods\n3. Enter assumption drivers that feed forecast calculations\n4. Review calculated outputs to confirm formulas are working as intended\n5. If a formula cell must be modified, document the original formula before making changes\n\n**Handling Pre-Built Formulas**\n- If formulas reference cells you haven't populated yet, expect temporary errors (#REF!, #DIV/0!) until all inputs are complete\n- When formulas produce unexpected results, trace precedents to identify missing or incorrect inputs\n- Never delete rows/columns without checking for formula dependencies across all tabs\n\n### Step 3: Validating Formulas\n\n**Formula Integrity Checks**\n\nBefore relying on template outputs, validate that formulas are functioning correctly:\n\n| Check Type | Method |\n|------------|--------|\n| Trace precedents | Select a formula cell → Formulas → Trace Precedents to verify it references correct inputs |\n| Trace dependents | Verify key inputs flow to expected output cells |\n| Evaluate formula | Use Formulas → Evaluate Formula to step through complex calculations |\n| Check for hardcodes | Projection formulas should reference assumptions, not contain hardcoded values |\n| Test with known values | Input simple test values to verify formulas produce expected results |\n| Cross-tab consistency | Ensure the same formula logic applies across all projection periods |\n\n**Common Formula Issues to Watch For**\n- Mixed absolute/relative references causing incorrect results when copied across periods\n- Broken links to external files or deleted ranges (#REF! errors)\n- Division by zero in early periods before revenue ramps (#DIV/0! errors)\n- Circular reference warnings (may be intentional for interest calculations)\n- Inconsistent formulas across projection columns (use Ctrl+\\ to find differences)\n\n**Validating Cross-Tab Linkages**\n- Confirm values that appear on multiple tabs are linked (not duplicated)\n- Verify schedule totals tie to corresponding line items on main statements\n- Check that period labels align across all tabs\n\n### Step 4: Quality Checks by Sheet\n\nPerform these validation checks on each sheet after populating the template:\n\n**Income Statement (IS) Quality Checks**\n- Revenue figures match source data for historical periods\n- All expense line items sum to reported totals\n- Subtotals (Gross Profit, EBIT, EBT, Net Income) calculate correctly\n- Tax calculation logic is appropriate (handles losses correctly)\n- Forecast drivers reference assumptions tab (no hardcodes)\n- Period-over-period changes are directionally reasonable\n\n**Balance Sheet (BS) Quality Checks**\n- Assets = Liabilities + Equity for every period (primary check)\n- Cash balance matches Cash Flow Statement ending cash\n- Working capital accounts tie to supporting schedules (if applicable)\n- Retained Earnings rolls forward correctly: Prior RE + Net Income - Dividends +/- Adjustments = Ending RE\n- Debt balances tie to debt schedule (if applicable)\n- All balance sheet items have appropriate signs (assets positive, most liabilities positive)\n\n**Cash Flow Statement (CF) Quality Checks**\n- Net Income at top of CFO matches Income Statement Net Income\n- Non-cash add-backs (D\u0026A, SBC, etc.) tie to their source schedules/statements\n- Working capital changes have correct signs (increase in asset = use of cash = negative)\n- CapEx ties to PP\u0026E schedule or fixed asset roll-forward\n- Financing activities tie to changes in debt and equity accounts on BS\n- Ending Cash matches Balance Sheet Cash\n- Beginning Cash equals prior period Ending Cash\n\n**Supporting Schedule Quality Checks**\n- Opening balances equal prior period closing balances\n- Roll-forward logic is complete (Beginning + Additions - Deductions = Ending)\n- Schedule totals tie to main statement line items\n- Assumptions used in calculations match Assumptions tab\n\n### Step 5: Cross-Statement Integrity Checks\n\nAfter validating individual sheets, confirm the three statements are properly integrated:\n\n| Check | Formula | Expected Result |\n|-------|---------|-----------------|\n| Balance Sheet Balance | Assets - Liabilities - Equity | = 0 |\n| Cash Tie-Out | CF Ending Cash - BS Cash | = 0 |\n| Net Income Link | IS Net Income - CF Starting Net Income | = 0 |\n| Retained Earnings | Prior RE + NI - Dividends - BS Ending RE | = 0 (adjust for SBC/other items as needed) |\n\n### Step 6: Final Review\n\nBefore considering the model complete:\n- Toggle through all scenarios (if applicable) to verify checks pass in each case\n- Review all #REF!, #DIV/0!, #VALUE!, and #NAME? errors and resolve or document\n- Confirm all input cells have been populated (search for placeholder values)\n- Verify units are consistent across all tabs\n- Save a clean version before making any additional modifications\n\n## Model Validation and Audit\n\nThis section consolidates all validation checks and audit procedures for completed templates.\n\n### Core Linkages (Must Always Hold)\n\nSee [references/formulas.md](references/formulas.md) for all formula details.\n\n| Check | Formula | Expected Result |\n|-------|---------|-----------------|\n| Balance Sheet Balance | Assets - Liabilities - Equity | = 0 |\n| Cash Tie-Out | CF Ending Cash - BS Cash | = 0 |\n| Cash Monthly vs Annual | Closing Cash (Monthly) - Closing Cash (Annual) | = 0 |\n| Net Income Link | IS Net Income - CF Starting Net Income | = 0 |\n| Retained Earnings | Prior RE + NI + SBC - Dividends - BS Ending RE | = 0 |\n| Equity Financing | ΔCommon Stock/APIC (BS) - Equity Issuance (CFF) | = 0 |\n| Year 0 Equity | Equity Raised (Year 0) - Beginning Equity Capital (Year 1) | = 0 |\n\n### Sign Convention Reference\n\n| Statement | Item | Sign Convention |\n|-----------|------|-----------------|\n| CFO | D\u0026A, SBC | Positive (add-back) |\n| CFO | ΔAR (increase) | Negative (use of cash) |\n| CFO | ΔAP (increase) | Positive (source of cash) |\n| CFI | CapEx | Negative |\n| CFF | Debt issuance | Positive |\n| CFF | Debt repayments | Negative |\n| CFF | Dividends | Negative |\n\n### Circular Reference Handling\n\nInterest expense creates circularity: Interest → Net Income → Cash → Debt Balance → Interest\n\nEnable iterative calculation in Excel: File → Options → Formulas → Enable iterative calculation. Set maximum iterations to 100, maximum change to 0.001. Add a circuit breaker toggle in Assumptions tab.\n\n### Check Categories\n\n**Section 1: Currency Consistency**\n- Currency identified and documented in Assumptions\n- All tabs use consistent currency symbol and scale\n- Units row matches model currency\n\n**Section 2: Balance Sheet Integrity**\n- Assets = Liabilities + Equity (for each period)\n- Formula: Assets - Liabilities - Equity (must = 0)\n\n**Section 3: Cash Flow Integrity**\n- Cash ties to BS (CF Ending Cash = BS Cash)\n- Cash Monthly vs Annual: Closing Cash (Monthly) = Closing Cash (Annual)\n- NI ties to IS (CF Net Income = IS Net Income)\n- D\u0026A ties to schedule\n- SBC ties to IS\n- ΔAR, ΔInventory, ΔAP tie to WC schedule\n- CapEx ties to DA schedule\n\n**Section 4: Retained Earnings**\n- RE roll-forward check: Prior RE + NI + SBC - Dividends = Ending RE\n- Show component breakdown for debugging\n\n**Section 5: Working Capital**\n- AR, Inventory, AP tie to BS\n- DSO, DIO, DPO reasonability checks (flag if outside normal ranges)\n\n**Section 6: Debt Schedule**\n- Total Debt ties to BS (Current + LT Debt)\n- Interest calculation ties to IS\n\n**Section 6b: Equity Financing**\n- Equity issuance proceeds tie to BS Common Stock/APIC increase\n- Cash increase from equity = Equity account increase (must balance)\n- Equity Raise Tie-Out: ΔCommon Stock/APIC (BS) = Equity Issuance (CFF) (must = 0)\n- Year 0 Equity Tie-Out: Equity Raised (Year 0) = Beginning Equity Capital (Year 1)\n\n**Section 6c: NOL Schedule**\n- Beginning NOL (Year 1 / Formation) = 0 (new business starts with zero NOL)\n- NOL increases only when EBT \u003c 0 (losses must be realized to generate NOL)\n- DTA ties to BS (NOL Schedule DTA = BS Deferred Tax Asset)\n- NOL utilization ≤ 80% of EBT (post-2017 federal limitation)\n- NOL balance is non-negative (cannot utilize more than available)\n- NOL generated only when EBT \u003c 0\n- Tax expense = 0 when taxable income ≤ 0\n\n**Section 7: Scenario Hierarchy**\n- Absolute metrics: Upside \u003e Base \u003e Downside (NI, EBITDA, FCF)\n- Margins: Upside \u003e Base \u003e Downside (GM%, EBITDA%, NI%)\n- Credit metrics: Upside \u003c Base \u003c Downside for leverage (inverted)\n\n**Section 8: Formula Integrity**\n- COGS, S\u0026M, G\u0026A, R\u0026D, SBC driven by % of Revenue (no hardcodes)\n- Consistent formulas across projection years\n- No #REF!, #DIV/0!, #VALUE! errors\n\n**Section 9: Credit Metric Thresholds**\n- Flag metrics as Green/Yellow/Red based on covenant thresholds\n- Summary of any red flags\n\n### Master Check Formula\n\nAggregate all section statuses into a single master check:\n- If all sections pass → \"✓ ALL CHECKS PASS\"\n- If any section fails → \"✗ ERRORS DETECTED - REVIEW BELOW\"\n\n### Quick Debug Workflow\n\nWhen Master Status shows errors:\n1. Scroll to find red-highlighted sections\n2. Identify which check category has failures\n3. Navigate to source tab to investigate\n4. Fix the underlying issue\n5. Return to Checks tab to verify resolution\n","references/formatting.md":"# Formatting Standards Reference\n\n| Element | Format |\n|---------|--------|\n| Hard-coded inputs | Blue font |\n| Formulas | Black font |\n| Links to other sheets | Green font |\n| Check cells | Red if error, green if balanced |\n| Negative values | Parentheses, not minus signs |\n| Currency | No decimals for large figures, 2 decimals for per-share |\n| Percentages | 1 decimal place |\n| Headers | Bold, bottom border |\n| Units row | Include units row below headers ($ millions, %, etc.) |\n\n## Visual Separation Guidelines\n\n- Thin vertical border between historical and projected columns\n- Thick bottom border after section totals (e.g., Total Assets)\n- Single bottom border for subtotals\n- Double bottom border for grand totals\n\n## Total and Subtotal Row Formatting\n\nAll total and subtotal rows must use **bold font formatting** for their numerical values to clearly distinguish aggregated figures from individual line items.\n\n### Income Statement (P\u0026L) Tab\n| Row | Formatting |\n|-----|------------|\n| Gross Revenue | Bold |\n| Total Cost of Revenue | Bold |\n| Gross Profit | Bold |\n| Total SG\u0026A | Bold |\n| EBITDA | Bold |\n| EBIT | Bold |\n| EBT | Bold |\n| Net Profit After Tax | Bold |\n\n### Balance Sheet Tab\n| Row | Formatting |\n|-----|------------|\n| Total Current Assets | Bold |\n| Total Non-Current Assets | Bold |\n| Total Other Assets | Bold |\n| Total Assets | Bold |\n| Total Current Liabilities | Bold |\n| Total Non-Current Liabilities | Bold |\n| Total Equity | Bold |\n| Total Liabilities and Equity | Bold |\n\n### Cash Flow Statement Tab\n| Row | Formatting |\n|-----|------------|\n| Cash Generated from Operations Before Working Capital Changes | Bold |\n| Total Working Capital Changes | Bold |\n| Net Cash Generated from Operations | Bold |\n| Net Cash Flow from Investing Activities | Bold |\n| Net Cash Flow from Financing Activities | Bold |\n| Closing Cash Balance | Bold |\n\n**Note:** This list is non-exhaustive. Apply bold formatting to any row that represents a total, subtotal, or summary calculation across the model.\n\n## Balance Sheet Check Row Formatting\n\nThe Balance Sheet check row (below Total Liabilities and Equity) uses conditional number formatting that displays non-zero values in red. When the balance sheet balances correctly (check = 0), the values display in black or standard formatting.\n\n| Check Value | Font Color |\n|-------------|------------|\n| = 0 (balanced) | Black (standard) |\n| ≠ 0 (error) | Red |\n\n**Implementation:** Apply custom number format `[Red][\u003c\u003e0]0.00;[Red][\u003c\u003e0](0.00);0.00` or use Excel conditional formatting with the rule \"Cell Value ≠ 0\" → Red font.\n\n## Margin Row Formatting\n\n| Element | Format |\n|---------|--------|\n| Margin % rows | Indent, italics, 1 decimal place |\n| Positive trend | No special formatting (or subtle green) |\n| Negative trend | Flag for review (subtle yellow) |\n| Below peer average | Consider highlighting for discussion |\n\n## Credit Metric Formatting\n\n| Element | Format |\n|---------|--------|\n| Leverage multiples | 1 decimal with \"x\" suffix (e.g., 2.5x) |\n| Percentages | 1 decimal with \"%\" suffix |\n| Net Debt negative | Parentheses, indicates net cash position |\n| Section header | Bold, \"CREDIT METRICS\" |\n| Separator line | Thin border above credit metrics section |\n\n## Credit Metric Threshold Colors\n\n| Metric | Green | Yellow | Red |\n|--------|-------|--------|-----|\n| Total Debt / EBITDA | \u003c 2.5x | 2.5x-4.0x | \u003e 4.0x |\n| Net Debt / EBITDA | \u003c 2.0x | 2.0x-3.5x | \u003e 3.5x |\n| Interest Coverage | \u003e 4.0x | 2.5x-4.0x | \u003c 2.5x |\n| Debt / Total Cap | \u003c 40% | 40%-60% | \u003e 60% |\n| Current Ratio | \u003e 1.5x | 1.0x-1.5x | \u003c 1.0x |\n| Quick Ratio | \u003e 1.0x | 0.75x-1.0x | \u003c 0.75x |\n\n## Conditional Formatting for Checks Tab\n\n- Cell contains pass indicator → Green fill\n- Cell contains fail indicator → Red fill\n- Cell contains warning → Yellow fill\n- Difference cells = 0 → Light green fill\n- Difference cells ≠ 0 → Light red fill\n\n## Margin Reasonability Flags\n\n- Gross Margin \u003c 0% → ERROR: Review COGS\n- Gross Margin \u003e 80% → WARNING: Verify revenue/COGS\n- EBITDA Margin \u003c 0% → FLAG: Operating losses\n- EBITDA Margin \u003e 50% → WARNING: Unusually high\n- Net Margin \u003c 0% → FLAG: Net losses (may be acceptable in growth phase)\n- Net Margin \u003e Gross Margin → ERROR: Formula issue\n","references/formulas.md":"# Formula Reference\n\n**IMPORTANT:** Use the formulas outlined in this reference document unless otherwise specified by the user.\n\n---\n\n## Core Linkages\n\n```\nBalance Sheet:        Assets = Liabilities + Equity\nNet Income:           IS Net Income → CF Operations (starting point)\nCash Flow:            ΔCash = CFO + CFI + CFF\nCash Tie-Out:         Ending Cash (CF) = Cash (BS Asset)\nCash Monthly/Annual:  Closing Cash (Monthly) = Closing Cash (Annual)\nRetained Earnings:    Prior RE + Net Income - Dividends = Ending RE\nEquity Raise:         ΔCommon Stock/APIC (BS) = Equity Issuance (CFF)\nYear 0 Equity:        Equity Raised (Year 0) = Beginning Equity (Year 1)\n```\n\n## Gross Profit Calculation\n\n**IMPORTANT:** Gross Profit must be calculated from Net Revenue, not Gross Revenue.\n\n```\nNet Revenue - Cost of Revenue = Gross Profit\n```\n\n| Term | Definition |\n|------|------------|\n| Gross Revenue | Total revenue before any deductions |\n| Net Revenue | Gross Revenue - Returns - Allowances - Discounts |\n| Cost of Revenue | Direct costs attributable to production of goods/services sold |\n| Gross Profit | Net Revenue - Cost of Revenue |\n\n**Note:** Always use Net Revenue (also called \"Net Sales\" or simply \"Revenue\" on most financial statements) as the starting point for profitability calculations. Gross Revenue overstates the true top-line performance.\n\n## Margin Formulas\n\n```\nGross Margin %      = Gross Profit / Net Revenue\nEBITDA              = EBIT + D\u0026A  (or = Gross Profit - OpEx)\nEBITDA Margin %     = EBITDA / Net Revenue\nEBIT Margin %       = EBIT / Net Revenue\nNet Income Margin % = Net Income / Net Revenue\n```\n\n## Credit Metric Formulas\n\n```\nTotal Debt            = Current Portion of Debt + Long-Term Debt\nNet Debt              = Total Debt - Cash\nTotal Debt / EBITDA   = Total Debt / EBITDA (from IS)\nNet Debt / EBITDA     = Net Debt / EBITDA (from IS)\nInterest Coverage     = EBITDA / Interest Expense (from IS)\nNet Int Exp % Debt    = Net Interest Expense / Long-Term Debt\nDebt / Total Cap      = Total Debt / (Total Debt + Total Equity)\nDebt / Equity         = Total Debt / Total Equity\nCurrent Ratio         = Total Current Assets / Total Current Liabilities\nQuick Ratio           = (Total Current Assets - Inventory) / Total Current Liabilities\n```\n\n## Forecast Formulas (% of Net Revenue Method)\n\n```\nCost of Revenue (Forecast) = Net Revenue × Cost of Revenue % Assumption\nS\u0026M (Forecast)             = Net Revenue × S\u0026M % Assumption\nG\u0026A (Forecast)             = Net Revenue × G\u0026A % Assumption\nR\u0026D (Forecast)             = Net Revenue × R\u0026D % Assumption\nSBC (Forecast)             = Net Revenue × SBC % Assumption\n```\n\n## Working Capital Formulas\n\n```\nAccounts Receivable\n  Prior AR\n  + Revenue (from IS)\n  - Cash Collections (plug)\n  = Ending AR\n  DSO = (AR / Revenue) × 365\n\nInventory\n  Prior Inventory\n  + Purchases (plug)\n  - COGS (from IS)\n  = Ending Inventory\n  DIO = (Inventory / COGS) × 365\n\nAccounts Payable\n  Prior AP\n  + Purchases (from Inventory calc)\n  - Cash Payments (plug)\n  = Ending AP\n  DPO = (AP / COGS) × 365\n\nNet Working Capital = AR + Inventory - AP\nΔWC = Current NWC - Prior NWC\n```\n\n## D\u0026A Schedule Formulas\n\n```\nBeginning PP\u0026E (Gross)\n+ CapEx\n= Ending PP\u0026E (Gross)\n\nBeginning Accumulated Depreciation\n+ Depreciation Expense\n= Ending Accumulated Depreciation\n\nPP\u0026E (Net) = Gross PP\u0026E - Accumulated Depreciation\n```\n\n## Debt Schedule Formulas\n\n```\nBeginning Debt Balance\n+ New Borrowings\n- Repayments\n= Ending Debt Balance\n\nInterest Expense = Avg Debt Balance × Interest Rate\n  (Use beginning balance to avoid circularity, or iterate if circular refs enabled)\n```\n\n## Retained Earnings Formula\n\n```\nBeginning Retained Earnings\n+ Net Income (from IS)\n+ Stock-Based Compensation (SBC) (from IS)\n- Dividends\n= Ending Retained Earnings\n```\n\n## NOL (Net Operating Loss) Schedule Formulas\n\n```\nNOL CARRYFORWARD SCHEDULE\n\nBeginning NOL Balance (Year 1 / Formation = 0)\n+ NOL Generated (if EBT \u003c 0, then ABS(EBT), else 0)\n- NOL Utilized (limited by taxable income and utilization cap)\n= Ending NOL Balance\n\nSTARTING BALANCE RULE\n\nFor a new business or first modeled period:\n  Beginning NOL Balance = 0\n  NOL can only increase through realized losses (EBT \u003c 0)\n  NOL cannot be created from thin air or assumed\n\nNOL UTILIZATION CALCULATION\n\nPre-Tax Income (EBT)\n  If EBT \u003e 0:\n    NOL Available = Beginning NOL Balance\n    Utilization Limit = EBT × 80%  (post-2017 federal limit)\n    NOL Utilized = MIN(NOL Available, Utilization Limit)\n    Taxable Income = EBT - NOL Utilized\n  If EBT ≤ 0:\n    NOL Utilized = 0\n    Taxable Income = 0\n    NOL Generated = ABS(EBT)\n\nTAX CALCULATION WITH NOL\n\nTaxes Payable = MAX(0, Taxable Income × Tax Rate)\n  (Taxes cannot be negative; losses create NOL asset instead)\n\nDEFERRED TAX ASSET (DTA) FOR NOL\n\nDTA - NOL Carryforward = Ending NOL Balance × Tax Rate\nΔDTA = Current DTA - Prior DTA\n  (Increase in DTA = non-cash benefit on CF)\n  (Decrease in DTA = non-cash expense on CF)\n```\n\n## Balance Sheet Structure\n\n```\nASSETS\n  Cash (from CF ending cash)\n  Accounts Receivable (from WC)\n  Inventory (from WC)\n  Total Current Assets\n  \n  PP\u0026E, Net (from DA)\n  Deferred Tax Asset - NOL (from NOL schedule)\n  Total Non-Current Assets\n  Total Assets\n\nLIABILITIES\n  Accounts Payable (from WC)\n  Current Portion of Debt (from Debt)\n  Total Current Liabilities\n  \n  Long-Term Debt (from Debt)\n  Total Liabilities\n\nEQUITY\n  Common Stock\n  Retained Earnings (from RE schedule)\n  Total Equity\n\nCHECK: Assets - Liabilities - Equity = 0\n```\n\n## Cash Flow Statement Structure\n\n```\nCASH FROM OPERATIONS (CFO)\n  Net Income (LINK: IS)\n  + D\u0026A (LINK: DA schedule)\n  + Stock-Based Compensation (SBC) (LINK: IS or Assumptions)\n  - ΔDTA (Deferred Tax Asset) (LINK: NOL schedule; increase in DTA = use of cash)\n  - ΔAR (LINK: WC)\n  - ΔInventory (LINK: WC)\n  + ΔAP (LINK: WC)\n  = CFO\n\nCASH FROM INVESTING (CFI)\n  - CapEx (LINK: DA schedule)\n  = CFI\n\nCASH FROM FINANCING (CFF)\n  + Debt Issuance (LINK: Debt)\n  - Debt Repayment (LINK: Debt)\n  + Equity Issuance (LINK: BS Common Stock/APIC)\n  - Dividends (LINK: RE schedule)\n  = CFF\n\nNet Change in Cash = CFO + CFI + CFF\nBeginning Cash\n+ Net Change in Cash\n= Ending Cash (LINK TO: BS Cash)\n```\n\n## Income Statement Structure\n\n```\nNet Revenue\n  Growth %\n(-) Cost of Revenue\n  % of Net Revenue\n────────────────\nGross Profit (= Net Revenue - Cost of Revenue)\n  Gross Margin %\n\n(-) S\u0026M\n  % of Net Revenue\n(-) G\u0026A\n  % of Net Revenue\n(-) R\u0026D\n  % of Net Revenue\n(-) D\u0026A\n(-) SBC\n  % of Net Revenue\n────────────────\nEBIT\n  EBIT Margin %\n\nEBITDA\n  EBITDA Margin %\n\n(-) Interest Expense\n────────────────\nEBT (Pre-Tax Income)\n(-) NOL Utilization (from NOL schedule, reduces taxable income)\n────────────────\nTaxable Income\n(-) Taxes (Taxable Income × Tax Rate)\n────────────────\nNet Income\n  Net Income Margin %\n```\n\n## Check Formulas\n\n```\nBS Balance Check:       = Assets - Liabilities - Equity  (must = 0)\nCash Tie-Out:           = BS Cash - CF Ending Cash       (must = 0)\nRE Roll-Forward:        = Prior RE + NI + SBC - Div - BS RE  (must = 0)\nDTA Tie-Out:            = NOL Schedule DTA - BS DTA      (must = 0)\nEquity Raise Tie-Out:   = ΔCommon Stock/APIC (BS) - Equity Issuance (CFF)  (must = 0)\nYear 0 Equity Tie-Out:  = Equity Raised (Year 0) - Beginning Equity (Year 1)  (must = 0)\nCash Monthly vs Annual: = Closing Cash (Monthly) - Closing Cash (Annual)  (must = 0)\nNOL Utilization Cap:    = NOL Utilized ≤ EBT × 80%       (must be TRUE for post-2017)\nNOL Non-Negative:       = Ending NOL Balance ≥ 0         (must be TRUE)\nNOL Starting Balance:   = Beginning NOL (Year 1) = 0     (must be TRUE for new business)\nNOL Accumulation:       = NOL increases only when EBT \u003c 0 (losses generate NOL)\n```\n","references/sec-filings.md":"# SEC Filings Data Extraction Reference\n\n**When to Use:** Only reference this file when a model template specifically requires pulling data from SEC filings (10-K, 10-Q). For templates that provide data directly or use other data sources, this reference is not needed.\n\n---\n\n## Extracting Data from SEC Filings (10-K / 10-Q)\n\nWhen populating a model template with public company data, extract financials directly from SEC filings.\n\n### Step 1: Locate the Filing\n\n1. Use SEC EDGAR: `https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany\u0026CIK=[TICKER]\u0026type=10-K`\n2. For quarterly data, use `type=10-Q`\n\n### Step 2: Identify Filing Currency\n\nBefore extracting data, identify the reporting currency:\n- Check the cover page or header for reporting currency\n- Look at statement headers (e.g., \"in thousands of U.S. dollars\")\n- Review Note 1 (Summary of Significant Accounting Policies)\n\n**Common Currency Indicators**\n\n| Indicator | Currency |\n|-----------|----------|\n| $, USD | US Dollar |\n| €, EUR | Euro |\n| £, GBP | British Pound |\n| ¥, JPY | Japanese Yen |\n| ¥, CNY, RMB | Chinese Yuan |\n| CHF | Swiss Franc |\n| CAD, C$ | Canadian Dollar |\n\nSet model currency to match filing; document in Assumptions tab.\n\n### Step 3: Navigate to Financial Statements\n\nWithin the 10-K or 10-Q, locate:\n- **Item 8** (10-K) or **Item 1** (10-Q): Financial Statements\n- Key sections to extract:\n  - Consolidated Statements of Operations (Income Statement)\n  - Consolidated Balance Sheets\n  - Consolidated Statements of Cash Flows\n  - Notes to Financial Statements (for schedule details)\n\n### Step 4: Data Extraction Mapping\n\n**Income Statement (from Consolidated Statements of Operations)**\n\n| Filing Line Item | Model Line Item |\n|------------------|-----------------|\n| Net revenues / Net sales | Revenue |\n| Cost of goods sold | COGS |\n| Selling, general and administrative | SG\u0026A |\n| Depreciation and amortization | D\u0026A |\n| Interest expense, net | Interest Expense |\n| Income tax expense | Taxes |\n| Net income | Net Income |\n\n**Balance Sheet (from Consolidated Balance Sheets)**\n\n| Filing Line Item | Model Line Item |\n|------------------|-----------------|\n| Cash and cash equivalents | Cash |\n| Accounts receivable, net | AR |\n| Inventories | Inventory |\n| Property, plant and equipment, net | PP\u0026E (Net) |\n| Total assets | Total Assets |\n| Accounts payable | AP |\n| Short-term debt / Current portion of LT debt | Current Debt |\n| Long-term debt | LT Debt |\n| Retained earnings | Retained Earnings |\n| Total stockholders' equity | Total Equity |\n\n**Cash Flow Statement (from Consolidated Statements of Cash Flows)**\n\n| Filing Line Item | Model Line Item |\n|------------------|-----------------|\n| Net income | Net Income |\n| Depreciation and amortization | D\u0026A |\n| Changes in accounts receivable | ΔAR |\n| Changes in inventories | ΔInventory |\n| Changes in accounts payable | ΔAP |\n| Capital expenditures | CapEx |\n| Proceeds from issuance of common stock | Equity Issuance |\n| Proceeds from / Repayments of debt | Debt activity |\n| Dividends paid | Dividends |\n\n### Step 5: Extract Supporting Detail from Notes\n\nFor schedules, pull from Notes to Financial Statements:\n- **Note: Debt** → Maturity schedule, interest rates, covenants\n- **Note: Property, Plant \u0026 Equipment** → Gross PP\u0026E, accumulated depreciation, useful lives\n- **Note: Revenue** → Segment breakdowns, geographic splits\n- **Note: Leases** → Operating vs. finance lease obligations\n\n### Step 6: Historical Data Requirements\n\nExtract 3 years of historical data minimum:\n- 10-K provides 3 years of IS/CF, 2 years of BS\n- For 3rd year BS, pull from prior year's 10-K\n- Use 10-Qs to fill in quarterly granularity if needed\n\n### Data Extraction Checklist\n\n- Identify reporting currency and scale (thousands, millions)\n- 3 years historical Income Statement\n- 3 years historical Cash Flow Statement\n- 3 years historical Balance Sheet\n- Verify IS Net Income = CF starting Net Income (each year)\n- Verify BS Cash = CF Ending Cash (each year)\n- Extract debt maturity schedule from notes\n- Extract D\u0026A detail or useful life assumptions\n- Note any non-recurring / one-time items to normalize\n\n### Handling Common Filing Variations\n\n| Variation | How to Handle |\n|-----------|---------------|\n| D\u0026A embedded in COGS/SG\u0026A | Pull D\u0026A from Cash Flow Statement |\n| \"Other\" line items are material | Check notes for breakdown |\n| Restatements | Use restated figures, note in assumptions |\n| Fiscal year ≠ calendar year | Label with fiscal year end (e.g., FYE Jan 2025) |\n| Non-USD reporting currency | Adapt model currency to match filing |\n"},"import":{"commit_sha":"9affc6e683bbaf66361058117027cf5a50bf1861","imported_at":"2026-05-18T20:09:40Z","license_text":"\n                                 Apache License\n                           Version 2.0, January 2004\n                        http://www.apache.org/licenses/\n\n   TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION\n\n   1. 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