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package/examples/earnings-analysis/earnings-analysis.raw.md

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-> markform-workspace@ markform /Users/levy/wrk/aisw/markform
-> node packages/markform/dist/bin.mjs export packages/markform/examples/earnings-analysis/earnings-analysis.form.md --format markdown
-
-# Company Quarterly Analysis Worksheet
-
-This worksheet supports systematic research on a company for a given quarter.It has two parts: a relatively static company profile, and a period-specific analysis section.
-
-Part 1: Company Profile — Foundational information that changes slowly.Update as needed but expect most content to persist quarter-to-quarter.Part 2: Quarterly Analysis — Period-specific analysis.Complete fresh each quarter.
-
-## 1. Identity and Structure
-
-**Company legal name:**
-_(empty)_
-
-**Ticker(s):**
-_(empty)_
-
-List at least one ticker symbol. Add multiple if the company trades on different exchanges.
-
-**HQ / key operating regions:**
-_(empty)_
-
-**Fiscal year end:**
-_(empty)_
-
-Enter month name (e.g., December) or MM-DD format (e.g., 12-31).
-
-**Reporting cadence:**
-_(none selected)_
-
-**Business model type:**
-_(none selected)_
-
-Check all that apply. At least one is required.
-
-**Other business model (if applicable):**
-_(empty)_
-
-Describe any other business model types not covered above.
-
-**Subsidiaries / key entities:**
-_(empty)_
-
-**One-paragraph summary (plain English):**
-_(empty)_
-
-Provide a plain-English summary of what the company does. Minimum 100 words (approximately 400 characters).
-
-## 2. History and Evolution
-
-**Timeline (key pivots):**
-_(empty)_
-
-List 8-12 key pivotal moments in the company's history. One event per line.
-
-**Transformative acquisitions / divestitures:**
-_(empty)_
-
-**Leadership changes that mattered:**
-_(empty)_
-
-**Past crises and responses:**
-_(empty)_
-
-**What single strategic move best explains the current model?:**
-_(empty)_
-
-Analyst prompt: Explain the strategic move that best explains the current business model. Minimum 50 words.
-
-## 3. Operations and Distribution
-
-**Core operating activities (R&D, manufacturing, distribution):**
-_(empty)_
-
-**Key locations (R&D hubs, manufacturing, data centers):**
-_(empty)_
-
-**Distribution model:**
-_(none selected)_
-
-**Other distribution model (if applicable):**
-_(empty)_
-
-**Mix of direct vs indirect (if disclosed):**
-_(empty)_
-
-Enter percentages that should sum to 100% (e.g., "Direct: 60%, Indirect: 40%").
-
-**Key partners required to deliver the product:**
-_(empty)_
-
-**Capacity constraints / bottlenecks:**
-_(empty)_
-
-## 4.1 Offerings - Primary Family
-
-Tie every revenue line to something someone buys. Use "families," not SKUs.This section ideally uses repeating groups (future feature). For now, model one offering family.
-
-**Offering family name:**
-_(empty)_
-
-**Value proposition (1 sentence):**
-_(empty)_
-
-Maximum 50 words. Describe the core value in one sentence.
-
-**Delivery type:**
-_(none selected)_
-
-**Revenue type:**
-_(none selected)_
-
-**Primary KPIs:**
-_(empty)_
-
-## 4.2 Offerings - Bundles and Cross-Sell
-
-**What is bundled?:**
-_(empty)_
-
-**Attach paths (what gets added after first purchase):**
-_(empty)_
-
-**Cannibalization risks:**
-_(empty)_
-
-## 5.1 Pricing Structure
-
-Make "pricing power" concrete.
-
-**Offering family:**
-_(empty)_
-
-**List price / typical range:**
-_(empty)_
-
-Include currency and range (e.g., "$99-$499 USD" or "€50/month").
-
-**Discounting norms:**
-_(none selected)_
-
-**Contract length (B2B):**
-_(empty)_
-
-**Renewal terms:**
-_(empty)_
-
-**Price escalators:**
-_(empty)_
-
-**Who pays vs who uses:**
-_(empty)_
-
-**ARPU/ASP drivers:**
-_(empty)_
-
-**Pricing changes last 12-18 months:**
-_(empty)_
-
-## 5.2 Margin and Cost Structure
-
-**Primary cost drivers (COGS, hosting, labor, content, etc.):**
-_(empty)_
-
-**Gross margin drivers (pricing, mix, utilization, scale, FX):**
-_(empty)_
-
-**Contribution margin framework (if applicable):**
-_(empty)_
-
-**Customer Acquisition Cost (CAC):**
-_(empty)_
-
-**Payback period:**
-_(empty)_
-
-**Lifetime Value (LTV):**
-_(empty)_
-
-**Churn rate (%):**
-_(empty)_
-
-**Operating leverage (fixed vs variable costs):**
-_(empty)_
-
-**Biggest margin risks:**
-_(empty)_
-
-## 6.1 Customer Segmentation
-
-**Segment 1 (size, needs, willingness to pay):**
-_(empty)_
-
-**Segment 2:**
-_(empty)_
-
-**Segment 3:**
-_(empty)_
-
-**Geography mix:**
-_(empty)_
-
-Enter percentages that should sum to 100% (e.g., "Americas: 55%, EMEA: 30%, APAC: 15%").
-
-**Buyer vs user vs influencer:**
-_(empty)_
-
-## 6.2 Buying Motion
-
-**What triggers purchase?:**
-_(empty)_
-
-**Decision cycle length:**
-_(empty)_
-
-**Replacement/upgrade cycle (if relevant):**
-_(empty)_
-
-**Retention/churn drivers (if recurring):**
-_(empty)_
-
-## 6.3 Concentration and Notable Customers
-
-**Customer concentration risk (top customer %):**
-_(empty)_
-
-**Notable customers / logos (B2B):**
-_(empty)_
-
-**Channel partner dependencies:**
-_(empty)_
-
-## 7. Market and Competition
-
-**Primary markets competed in:**
-_(empty)_
-
-**TAM/SAM/SOM (and confidence):**
-_(empty)_
-
-Include currency values with confidence level (e.g., "TAM: $50B (high), SAM: $10B (medium), SOM: $500M (low)").
-
-**Market growth rate and cyclicality:**
-_(empty)_
-
-**Competitors by category (direct + substitutes):**
-_(empty)_
-
-**Basis of competition (ranked top 5):**
-_(empty)_
-
-List exactly 5 competitive factors, ranked by importance. First item is most important.
-
-**Moat diagnosis:**
-_(none selected)_
-
-**Moat explanation:**
-_(empty)_
-
-Required if any moat is checked above. Explain why these moats apply. Minimum 25 words.
-
-**Competitive risks (price wars, bundling, platform shifts):**
-_(empty)_
-
-## 8.1 Supply Constraints
-
-**Key inputs / suppliers / single-source dependencies:**
-_(empty)_
-
-**Manufacturing/fulfillment model:**
-_(empty)_
-
-**Critical commodities / bottlenecks:**
-_(empty)_
-
-**Logistics and inventory risks:**
-_(empty)_
-
-**Geopolitical choke points:**
-_(empty)_
-
-## 8.2 Macro Sensitivity
-
-**Top 5 macro variables that historically mattered:**
-_(empty)_
-
-List exactly 5 macro variables, ranked by importance.
-
-**Transmission mechanism (how each impacts revenue/margin/cash):**
-_(empty)_
-
-Minimum 50 words. Explain how each macro variable impacts the business.
-
-**Historical episodes (recession/inflation/FX/supply shock):**
-_(empty)_
-
-**Leading indicators to monitor pre-earnings:**
-_(empty)_
-
-## 9. Financial History
-
-**3-5 year trend summary (revenue, margin, EPS, FCF):**
-_(empty)_
-
-Minimum 75 words. Cover revenue, margin, EPS, and free cash flow trends.
-
-**Capital return policy (buybacks/dividends):**
-_(empty)_
-
-**Major inflection points (product cycles, pricing shifts, regulation):**
-_(empty)_
-
-**Stock performance context (vs index/peers):**
-_(empty)_
-
-**Multiples context vs history:**
-_(empty)_
-
-## 10. Open Questions
-
-**Top unanswered questions (ranked by impact):**
-_(empty)_
-
-**How to answer (data / calls / sources):**
-_(empty)_
-
-**Deadline (before earnings, next quarter, etc.):**
-_(empty)_
-
-Enter a date (YYYY-MM-DD format) or descriptive text (e.g., "Before Q2 earnings").
-
-## Q1. Cover Sheet
-
-This section is period-specific. Complete fresh each quarter.
-
-Recommended Operating Cadence:T-21 to T-14: Refresh model + read filings; pick "what matters this quarter"T-14 to T-7: Build expectations stack; peer read-across; gather alt data / checksT-7 to T-2: Base/Bull/Bear scenarios + probabilities; pre-mortem; draft trade structureT-1: Confirm options pricing + positioning; finalize risks and stopsEarnings day: Watchlist + rapid interpretation planT+1 to T+2: Post-mortem; update model; document learnings
-
-**One-sentence thesis (pre-earnings):**
-_(empty)_
-
-Maximum 50 words. State your core thesis before the earnings release.
-
-**What matters this quarter (top 3 drivers):**
-_(empty)_
-
-## Q2.1 Sourcing Log
-
-Check what you actually used. Fill the log as you go.
-
-Maintain a log of sources accessed. Record: Date accessed, Source name, Type/tier, Link or file path, Key takeaways. At least 3 sources required.
-
-**Sources accessed (Date | Source | Type | Link | Takeaways):**
-_(empty)_
-
-## Q2.2 SEC / Regulatory Documents
-
-**SEC documents reviewed:**
-- [ ] 10-K (latest)
-- [ ] 10-Q (latest)
-- [ ] 8-K earnings release (current quarter)
-- [ ] Prior quarter 8-K earnings release
-- [ ] Proxy (DEF 14A)
-- [ ] S-1 / 20-F / 6-K (if applicable)
-- [ ] Insider trading filings (Forms 3/4/5)
-- [ ] 13D/13G
-- [ ] 13F read-through (if relevant)
-
-## Q2.3 Company Communications
-
-**Company communications reviewed:**
-- [ ] Earnings press release
-- [ ] Earnings call webcast/transcript
-- [ ] Prepared remarks + Q&A notes
-- [ ] Investor presentation / slide deck
-- [ ] Investor day materials (last 18 months)
-- [ ] Product announcements / pricing updates
-- [ ] Guidance updates / pre-announcements
-
-## Q2.4 External / Market Sources
-
-**External sources reviewed:**
-- [ ] Sell-side consensus snapshot
-- [ ] Key sell-side notes
-- [ ] Relevant news (top 3 links)
-- [ ] Industry data
-- [ ] Peer earnings read-across
-- [ ] Options market data (implied move/IV/skew)
-- [ ] Short interest / borrow / CTB
-- [ ] Alternative data (traffic/app downloads/card spend)
-
-**Sell-side consensus source:**
-_(empty)_
-
-**Key sell-side analyst names:**
-_(empty)_
-
-**Relevant news links (top 3):**
-_(empty)_
-
-**Industry data source:**
-_(empty)_
-
-**Peer earnings tickers:**
-_(empty)_
-
-**Options market data source:**
-_(empty)_
-
-**Short interest data source:**
-_(empty)_
-
-**Alternative data source:**
-_(empty)_
-
-**Other sources used:**
-_(empty)_
-
-## Q2.5 Key Experts and Analysts
-
-**Key experts (Name | Angle | Lead time | Hit rate | Tier):**
-_(empty)_
-
-Format each entry as: Name | Angle | Typical lead time | Hit rate assessment | Tier
-
-## Q3. Business Model Snapshot
-
-**How the company makes money:**
-_(empty)_
-
-2-4 sentences; 25-75 words explaining how the company generates revenue.
-
-**Revenue segments (Segment: X%):**
-_(empty)_
-
-List each segment with percentage of revenue. Format: "Segment Name: XX%". Percentages should sum to 100%.
-
-**Price changes recently?:**
-_(none selected)_
-
-**Price change details (if Yes):**
-_(empty)_
-
-**Volume/demand indicators:**
-_(empty)_
-
-**Mix shift risk:**
-_(empty)_
-
-**Key KPIs to track this quarter (KPI: why it matters):**
-_(empty)_
-
-Format: "KPI Name: Why it matters this quarter". 3-8 KPIs required.
-
-## Q4.1 Income Statement
-
-**Revenue:**
-_(empty)_
-
-**Revenue YoY %:**
-_(empty)_
-
-**Revenue QoQ %:**
-_(empty)_
-
-**Gross margin %:**
-_(empty)_
-
-**Gross margin YoY (bps):**
-_(empty)_
-
-**Gross margin QoQ (bps):**
-_(empty)_
-
-**Operating margin %:**
-_(empty)_
-
-**Diluted EPS:**
-_(empty)_
-
-**Key expense drivers (R&D, SG&A):**
-_(empty)_
-
-**One-time items / adjustments:**
-_(empty)_
-
-## Q4.2 Balance Sheet / Liquidity
-
-**Cash & equivalents:**
-_(empty)_
-
-**Net debt (negative for net cash):**
-_(empty)_
-
-**Working capital changes affecting earnings quality:**
-_(empty)_
-
-**Covenant / refinancing / maturity wall:**
-_(empty)_
-
-## Q4.3 Cash Flow and Capital Return
-
-**Operating cash flow:**
-_(empty)_
-
-**Free cash flow:**
-_(empty)_
-
-**FCF definition used:**
-_(empty)_
-
-**Buybacks (amount or share count):**
-_(empty)_
-
-**Dividends (amount or per-share):**
-_(empty)_
-
-**Stock-based comp trend:**
-_(empty)_
-
-## Q4.4 Quality Checks
-
-**Unusual accruals / reserve releases?:**
-_(none selected)_
-
-**Working capital pull-forward?:**
-_(none selected)_
-
-**Margin change drivers:**
-_(none selected)_
-
-**Margin change notes:**
-_(empty)_
-
-## Q5.1 Company Guidance
-
-**Revenue guidance:**
-_(empty)_
-
-**Margin guidance:**
-_(empty)_
-
-**EPS/Op income guidance:**
-_(empty)_
-
-**KPI guidance:**
-_(empty)_
-
-**Qualitative guidance:**
-_(empty)_
-
-## Q5.2 Street Consensus
-
-**Consensus as-of date:**
-_(empty)_
-
-**Consensus source:**
-_(empty)_
-
-**Consensus revenue:**
-_(empty)_
-
-**Consensus EPS:**
-_(empty)_
-
-**Consensus key KPIs:**
-_(empty)_
-
-## Q5.3 Your Estimate (Base)
-
-**Your revenue estimate:**
-_(empty)_
-
-**Your EPS estimate:**
-_(empty)_
-
-**Your KPI estimates:**
-_(empty)_
-
-**Variance vs consensus (%):**
-_(empty)_
-
-## Q5.4 Whisper / Buyside Bar
-
-Only fill if evidence-based.
-
-**Whisper revenue:**
-_(empty)_
-
-**Whisper EPS:**
-_(empty)_
-
-**Whisper evidence:**
-_(empty)_
-
-Required if whisper values are provided. Explain the source of whisper estimates.
-
-## Q5.5 Market-Implied
-
-**Options implied move 1-day (%):**
-_(empty)_
-
-**Skew indicates:**
-_(none selected)_
-
-**Unusual open interest / flows:**
-_(empty)_
-
-## Q6.1 Driver Model - Driver 1
-
-Simple, explicit, testable assumptions. At least 2 drivers required.
-
-**Driver name:**
-_(empty)_
-
-**Leading indicators observed (what/when/source):**
-_(empty)_
-
-**Assumption (base):**
-_(empty)_
-
-**Sensitivity: if +/-X%, EPS impact = Y:**
-_(empty)_
-
-**What breaks this assumption:**
-_(empty)_
-
-## Q6.2 Driver Model - Driver 2
-
-**Driver name:**
-_(empty)_
-
-**Leading indicators observed:**
-_(empty)_
-
-**Assumption (base):**
-_(empty)_
-
-**Sensitivity:**
-_(empty)_
-
-**What breaks this assumption:**
-_(empty)_
-
-## Q6.3 Driver Model - Driver 3 (optional)
-
-**Driver name:**
-_(empty)_
-
-**Leading indicators observed:**
-_(empty)_
-
-**Assumption (base):**
-_(empty)_
-
-**Sensitivity:**
-_(empty)_
-
-**What breaks this assumption:**
-_(empty)_
-
-## Q6.4 Margin Bridge
-
-All margin impacts should sum to total margin change.
-
-**Mix impact (bps):**
-_(empty)_
-
-**Pricing impact (bps):**
-_(empty)_
-
-**Input costs impact (bps):**
-_(empty)_
-
-**FX impact (bps):**
-_(empty)_
-
-**One-offs impact (bps):**
-_(empty)_
-
-## Q7.1 Scenarios - Base Case
-
-Probabilities across Base/Bull/Bear should sum to 100%.
-
-**Probability (%):**
-_(empty)_
-
-**Revenue:**
-_(empty)_
-
-**EPS:**
-_(empty)_
-
-**Key KPI:**
-_(empty)_
-
-**Narrative (1-2 sentences):**
-_(empty)_
-
-**Expected stock reaction and why:**
-_(empty)_
-
-## Q7.2 Scenarios - Bull Case
-
-**Probability (%):**
-_(empty)_
-
-**Revenue:**
-_(empty)_
-
-**EPS:**
-_(empty)_
-
-**Key KPI:**
-_(empty)_
-
-**What surprises?:**
-_(empty)_
-
-**Expected reaction:**
-_(empty)_
-
-## Q7.3 Scenarios - Bear Case
-
-**Probability (%):**
-_(empty)_
-
-**Revenue:**
-_(empty)_
-
-**EPS:**
-_(empty)_
-
-**Key KPI:**
-_(empty)_
-
-**What breaks?:**
-_(empty)_
-
-**Expected reaction:**
-_(empty)_
-
-## Q7.4 Surprise Triggers
-
-**Key surprise triggers (ranked):**
-_(empty)_
-
-## Q8. Management and Risks
-
-**Management tone last quarter:**
-_(none selected)_
-
-**Key commitments/promises to track:**
-_(empty)_
-
-**Top 5 risks into this print (specific, not generic):**
-_(empty)_
-
-**Regulatory/legal watch items:**
-_(empty)_
-
-**Competitive threats / share shifts:**
-_(empty)_
-
-**Macro sensitivities (rates, FX, commodities, consumer):**
-_(empty)_
-
-## Q9. Valuation and Reaction
-
-**Valuation metrics used:**
-_(none selected)_
-
-**Other valuation metric:**
-_(empty)_
-
-**Current vs historical range:**
-_(none selected)_
-
-**Why (valuation rationale):**
-_(empty)_
-
-Required. Explain your valuation assessment. Minimum 15 words.
-
-**Avg earnings move last 8 quarters (%):**
-_(empty)_
-
-**What typically drives reaction:**
-_(none selected)_
-
-**Reaction pattern notes:**
-_(empty)_
-
-**Short interest trend:**
-_(empty)_
-
-**Flow / sentiment:**
-_(empty)_
-
-**Crowded factor exposure:**
-_(empty)_
-