{ "reviewDate": "2026-10-19", "scope": "All 11 company pages, portfolio scorecards, data downloads and shared financial calculations", "status": "Source and calculation review completed; applied corrections and unresolved gaps are separate.", "changes": [ { "title": "Netflix: company FCF versus cash-flow proxy", "status": "Corrected", "detail": "Pershing’s FY2021 Netflix company FCF is now −$158.894m. The separate CFO less PP&E proxy remains −$131.975m. The $26.919m other-assets cash outflow explains the difference.", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000030/nflx-20231231.htm", "location": "MD&A FCF reconciliation, printed p.27" }, { "title": "Market capitalisation: use the right share denominator", "status": "Corrected / withheld", "detail": "Four Berkshire holdings and nine Pershing names had vendor caps that exactly implied diluted average EPS shares; Microsoft’s vendor denominator was also unestablished. Berkshire now uses explicitly dated common-share value proxies. Ten additional Pershing raw caps are withheld; Microsoft, Amazon and S&P Global have separately labelled June-share estimates, and QSR retains its sourced economic-share calculation. Unsupported cap-dependent ratios are unavailable. Raw vendor observations and dated prices are preserved.", "url": "pershing-quotes.json", "location": "Per-company evidence and raw observations" }, { "title": "Berkshire: no significant catastrophe event does not mean zero losses", "status": "Corrected", "detail": "The broad total-catastrophe-loss field is now unavailable instead of zero. A separate flag records that no event exceeded the reported $150m pre-tax threshold.", "url": "https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf", "location": "PDF pp.17 and 35" }, { "title": "Missing figures filled from sources", "status": "Added", "detail": "Added ASML High/Low NA recognition and a cumulative shipment milestone; Meta FX-neutral ad growth; Tortilla leases, franchise income, store split and LFL; Evolution availability and half-year geography; portfolio closing shares, book values, Microsoft cash/debt and ICE buyback zeros; and Valaris split-period financing and closing-share observations. Each field includes its source and calculation or reporting basis.", "url": "site-data-audit.json", "location": "Detailed changes and evidence" }, { "title": "BAM: avoid double-counting activated commitments", "status": "Clarified", "detail": "The fee-bearing capital bridge now explains that reported inflows already include deployment of previously uncalled commitments. Deployment must not be added again. The separate annual margin table now also includes its sourced 2021 value.", "url": "https://bam.brookfield.com/sites/brookfield-bam-v2/files/BAM-IR-Master/Supplemental-Information/2026/2026-Q2-Supplemental-BAM.pdf", "location": "Printed pp.6 and 28" }, { "title": "Definitions and evidence kept consistent", "status": "Clarified", "detail": "ASML quarterly annual-sales coverage is labelled not applicable; Q3 investment gains and downpayment effects are explained. Coca-Cola’s prior adjusted-FCF source was added. Newly filled fields no longer carry stale missing-data notes.", "url": "berkshire-holdings-data.json", "location": "Dated sources and calculation inputs" } ], "coverage": [ { "company": "Altius", "page": "index.html", "checked": "Annual 2021–2025 and current interim metrics, six latest snapshots, portfolio carrying values, bridge and selected event figures were checked against primary reports. No new numerical correction found.", "limits": "Earlier royalty-definition breaks and the conflicting 2021 MD&A comparative remain explicit." }, { "company": "Berkshire", "page": "berkshire.html", "checked": "Annual and interim financial/insurance data and all five holdings’ historical financial inputs were reconciled; 104 independent arithmetic checks passed. Share-count evidence now supports dated equity-value proxies.", "limits": "The holdings financials remain FY2025 snapshots. Prices are dated vendor observations; actual shares are from separately dated filings. Alphabet’s full D&A remains unavailable." }, { "company": "Pershing", "page": "pershing.html", "checked": "All 16 operating-company scorecards, fund data and all 15 manager-wide 13F rows were covered. Fresh arithmetic, latest-source and selected historical checks supplement the 18 October review; 177 arithmetic checks passed.", "limits": "This is not a fresh extraction of every historical field. Missing share-class denominators, lease/software components and S&P Global perimeter history remain qualified. Manager forecasts stay dated estimates." }, { "company": "ASML", "page": "asml.html", "checked": "Annual and quarterly financials, product units, bookings and backlog were checked, including Q3 2026. 110 arithmetic checks passed. Five missing EUV recognition/shipment observations were added.", "limits": "Physical shipment counts differ from revenue recognition. Quarterly bookings are no longer disclosed. Backlog/annual-sales coverage is not applicable to a quarter." }, { "company": "Brookfield BAM", "page": "bam.html", "checked": "The 29 annual observations prepared on 19 October were retained; latest supplement figures, strategy totals, operating leverage, Oaktree comparison and model arithmetic were rechecked.", "limits": "2021 fee-eligible uncalled commitments remain unresolved (approximately $40bn versus an implied $44bn). Pre-listing scope, share denominators and large insurance mandates limit comparisons." }, { "company": "Alibaba", "page": "alibaba.html", "checked": "The 208 sourced historical observations prepared earlier on 19 October were retained. All 76 reporting-basis/period selections, margins, FCF reconciliations and original June-quarter comparisons were retested.", "limits": "Current combined-commerce and Cloud/AI scope cannot be projected backwards across all five years. Earlier variants remain separate; missing current-scope annual figures are not zero." }, { "company": "Netflix", "page": "netflix.html", "checked": "Annual 2021–2025 and Q2/H1 2025–2026 financials, content cash flow and per-share calculations were checked. The dedicated page’s 2021 FCF was already correct; the duplicate Pershing field was corrected.", "limits": "Exact membership and ARM reporting stopped in 2025. Membership milestones are bounds; exceptional receipts prevent a simple normalized-FCF claim. Q3 is scheduled after this review date." }, { "company": "Meta", "page": "meta.html", "checked": "Annual and interim financials, segment results and cash-flow formulas were checked alongside Netflix (81 combined formula checks). Seven missing constant-currency advertising-growth figures were added.", "limits": "Reality Labs capex, platform ROAS, standalone advertising FCF and comparable early DAP-based ARPP remain undisclosed. Q3 is scheduled after this review date." }, { "company": "Tortilla", "page": "tortilla.html", "checked": "Core cash-flow, debt, earnings, store and restated interim values were checked. Twelve fields were added, including leases, franchise income, the 2024 estate split and selected LFL figures.", "limits": "FY2022 company-operated store prose conflicts; H1 2025 estate timing is unclear. Full French closure cash costs and kitchen/store unit economics remain gaps." }, { "company": "Evolution", "page": "evolution.html", "checked": "Core financials, FCF, shares, operating counts and regional definitions were checked. Seventeen fields were added: availability and calculated H1 regional/regulated measures. Tortilla/Evolution together passed 95 arithmetic checks.", "limits": "The 2021 game count and later-definition Latin America split remain unavailable. Utilisation, studio ROIC and new-game revenue share are not inferred." }, { "company": "Valaris / Transocean", "page": "valaris-transocean.html", "checked": "Core financials, debt/cash definitions, financing flows and current merger status were reviewed; 82 arithmetic checks passed. Six source observations fill eight displayed cells, including the 2022 closing-share change.", "limits": "The review did not re-extract every operating-statistics or merger-projection row. Fresh-start periods stay separate. Interim cash interest, maintenance-only capex and realised merger savings remain unavailable." } ], "remainingGaps": [ { "kind": "Not disclosed", "detail": "Examples: Reality Labs capex; advertising ROAS; Tortilla kitchen utilisation and full French closure cash costs; Evolution studio utilisation/ROIC; maintenance-only offshore rig capex." }, { "kind": "Not comparable / not applicable", "detail": "Examples: Alibaba’s current segment perimeter before its recast; Tortilla France before acquisition; Valaris full-year 2021 cash flows across fresh-start accounting; ASML quarterly coverage using an annual-sales denominator." }, { "kind": "Conflicting evidence", "detail": "Examples: BAM 2021 uncalled fee runway; Tortilla 2022 own-store count; Altius’s original 2021 MD&A comparative. Conflicts remain documented rather than resolved by guessing." }, { "kind": "Not yet verified", "detail": "Examples: some portfolio share-class, lease and software histories; some operating-statistics and merger-projection rows. Existing source provenance is retained, with bounded review coverage above." }, { "kind": "Dated or prospective", "detail": "Market prices remain 16 October snapshots. Period labels govern financials; the review does not certify that every company uses its newest available release. Merger synergies, management growth assumptions and scenario outputs are not realised results." } ], "evidenceDetails": { "altius-asml": { "auditDate": "2026-10-19", "scope": [ "Altius fundamentals, portfolio, events, latest balances", "ASML 30 metrics across 10 annual/quarterly periods, definitions and rendering code" ], "readOnlySiteAudit": true, "findings": [ { "company": "ASML", "severity": "missing_fillable", "summary": "Five displayed missing observations can be filled: four High NA/Low NA recognition cells and Q4 2025 cumulative High NA shipment milestone.", "verified": "Q2 and Q3 2026 issuer prepared remarks p.1; AGM p.15; Q2/Q3 total EUV counts visually rechecked in Q3 presentation p.9." }, { "company": "ASML", "severity": "context", "summary": "Q3 2026 net margin is correct, but add a period-specific note that pre-tax income includes EUR509.7m gain on equity investments, with management identifying approximately EUR0.5bn Mistral revaluation. Operating EBIT excludes that gain. Q3 CFO/FCF also correct but heavily affected by customer downpayments.", "fields": [ "periods[9].fieldNotes.netmargin", "periods[9].fieldNotes.ocf", "periods[9].fieldNotes.fcf" ], "sources": [ "https://ml-eu.globenewswire.com/Resource/Download/5bcb0f5c-1729-4046-baad-849ca7feb9a3", "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b" ], "locations": [ "Q3 US GAAP financial statements PDF pp.2,5,9", "Q3 prepared remarks PDF pp.1–2" ] }, { "company": "ASML", "severity": "label", "summary": "Five quarterly coverage cells are structurally not applicable under the metric definition backlog/annual system sales, rather than missing disclosures. Add fieldStatus/fieldNotes or render Not applicable for these cells; do not insert quarterly-system-revenue denominators.", "fields": [ "periods[5:10].coverage" ] }, { "company": "Altius", "severity": "none", "summary": "No new numerical correction found in the 88 displayed annual/interim financial metric cells, six latest point values, 13 portfolio rows, seven potash subrows, eight bridge values, or selected event numbers. Fresh primary documents reconcile them. Existing historical comparability caveats are necessary." }, { "company": "ASML", "severity": "none", "summary": "No new numerical error found among 254 populated metric-period observations. All 110 arithmetic identities recomputed without discrepancy. Current quarter Q3 2026 already included. Preserve calculated Q3 FCF11350.4m even though rounded presentation prints11351m; source financial statements give11797.6-413.3-33.9=11350.4." }, { "company": "Altius", "severity": "minor_scope_label", "summary": "Portfolio LRC description names four operating assets but Q2 results also discuss Finniss revenue from stockpiles. Change Operating assets: to Operating assets include: (or add Finniss with stockpile/restart qualifier) so the four-name list is not read as exhaustive. Numeric carrying value595.479m remains correct.", "file": "dist/altius-portfolio.js", "source": "https://altiusminerals.com/_resources/press-releases/nr-20260810.pdf", "location": "PDF page3" } ], "proposedPatches": [ { "file": "dist/asml-data.json", "path": "periods[8].high", "period": "Q2 2026", "before": null, "after": 1, "unit": "units recognised", "source": "https://ourbrand.asml.com/asset/1fd3908a-0381-47b5-9b69-a3094f656651/2026_07_15-ASML-Transcript-investor-call-Q2-2026.pdf", "location": "PDF page 1", "status": "Reported", "calculation": null, "fieldSource": "https://ourbrand.asml.com/asset/1fd3908a-0381-47b5-9b69-a3094f656651/2026_07_15-ASML-Transcript-investor-call-Q2-2026.pdf", "fieldNote": "Q2 2026 investor call prepared remarks, PDF p.1, report sales of one High NA EUV system." }, { "file": "dist/asml-data.json", "path": "periods[8].low", "period": "Q2 2026", "before": null, "after": 15, "unit": "units recognised", "source": "https://ourbrand.asml.com/asset/1fd3908a-0381-47b5-9b69-a3094f656651/2026_07_15-ASML-Transcript-investor-call-Q2-2026.pdf", "location": "PDF page 1", "status": "Calculated", "calculation": "16 total EUV recognised - 1 High NA recognised", "fieldSource": "https://ourbrand.asml.com/asset/1fd3908a-0381-47b5-9b69-a3094f656651/2026_07_15-ASML-Transcript-investor-call-Q2-2026.pdf", "fieldNote": "Calculated: 16 total EUV units recognised less 1 High NA unit = 15 Low NA units. Physical shipments are separate." }, { "file": "dist/asml-data.json", "path": "periods[9].high", "period": "Q3 2026", "before": null, "after": 1, "unit": "units recognised", "source": "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b", "location": "PDF page 1", "status": "Reported", "calculation": null, "fieldSource": "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b", "fieldNote": "Q3 2026 investor call prepared remarks, PDF p.1, report sales of one High NA EUV system." }, { "file": "dist/asml-data.json", "path": "periods[9].low", "period": "Q3 2026", "before": null, "after": 16, "unit": "units recognised", "source": "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b", "location": "PDF page 1", "status": "Calculated", "calculation": "17 total EUV recognised - 1 High NA recognised", "fieldSource": "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b", "fieldNote": "Calculated: 17 total EUV units recognised less 1 High NA unit = 16 Low NA units. Physical shipments are separate." }, { "file": "dist/asml-data.json", "path": "periods[6].highcumulative", "period": "Q4 2025", "before": null, "after": 8, "unit": "cumulative shipment milestones", "source": "https://ourbrand.asml.com/asset/d5e933d7-78d0-406c-aed7-a46626e63381/2026_-AGM-_presentation.pdf", "location": "PDF page 15", "status": "Reported cumulative milestone", "fieldNote": "2026 AGM presentation, p.15, explicitly reports eight High NA systems shipped in total through end-2025. Same year-end observation as FY2025; not eight shipments during Q4." } ], "primaryChecked": [ { "id": "S1", "title": "FY2022 audited financial statements", "url": "https://altiusminerals.com/_resources/financials/ye-2022-fs-march-7-final-1678236862.pdf", "localEvidence": "S1.txt" }, { "id": "S2", "title": "FY2023 audited financial statements", "url": "https://altiusminerals.com/_resources/financials/FS-2023-Q4.pdf", "localEvidence": "S2.txt" }, { "id": "S3", "title": "FY2025 audited financial statements, including FY2024 comparatives", "url": "https://altiusminerals.com/_resources/financials/AMC%20FS%20Q4%202025.pdf", "localEvidence": "S3.txt" }, { "id": "S4", "title": "FY2022 MD&A", "url": "https://altiusminerals.com/_resources/financials/ye-2022-mda-mar-7-filing4-1678236891.pdf", "localEvidence": "S4.txt" }, { "id": "S6", "title": "FY2025 MD&A", "url": "https://altiusminerals.com/_resources/financials/AMC%20MDA%20Q4%202025.pdf", "localEvidence": "S6.txt" }, { "id": "S8", "title": "Q1 2026 financial statements", "url": "https://altiusminerals.com/_resources/financials/AMC-FS-2026-Q1.pdf", "localEvidence": "S8.txt" }, { "id": "S9", "title": "Q1 2026 MD&A", "url": "https://altiusminerals.com/_resources/financials/AMC-MDA-2026-Q1.pdf", "localEvidence": "S9.txt" }, { "id": "S10", "title": "Q2 2026 financial statements", "url": "https://altiusminerals.com/_resources/financials/AMC%20FS%20Q2%202026.pdf", "localEvidence": "S10.txt" }, { "id": "S11", "title": "Q2 2026 results release", "url": "https://altiusminerals.com/_resources/press-releases/nr-20260810.pdf", "localEvidence": "S11.txt" }, { "id": "S12", "title": "Original FY2021 audited financial statements", "url": "https://altiusminerals.com/_resources/financials/ye-2021-fs-march-9-final-1646872043.pdf", "localEvidence": "S12.txt" }, { "id": "S13", "title": "6 October 2026 early warning release · latest share count, p.2", "url": "https://altiusminerals.com/_resources/press-releases/nr-20261006.pdf", "localEvidence": "S13.txt" }, { "id": "S14", "title": "Q2 2026 MD&A · interim attributable revenue and reconciliation", "url": "https://altiusminerals.com/_resources/financials/AMC%20MDA%20Q2%202026.pdf", "localEvidence": "S14.txt" }, { "id": "ASML annual21", "url": "https://www.sec.gov/Archives/edgar/data/937966/000093796622000013/asml-20211231.htm" }, { "id": "ASML annual22", "url": "https://www.sec.gov/Archives/edgar/data/937966/000093796623000014/asml-20221231.htm" }, { "id": "ASML annual24", "url": "https://ourbrand.asml.com/m/79d325b168e0fd7e/original/2024-Annual-Report-based-on-US-GAAP.pdf" }, { "id": "ASML fullannual", "url": "https://ourbrand.asml.com/m/71076aaad607de4d/original/asml-2025-annual-report-based-on-us-gaap.pdf" }, { "id": "ASML presentation25", "url": "https://investor.asml.com/static-files/ed9e64a6-1bdc-4d9b-aa24-85108c2e31c9" }, { "id": "ASML presentation26", "url": "https://investor.asml.com/static-files/44d4bee1-b2f9-41b7-b3f8-1bf28f993fe6" }, { "id": "ASML quarter", "url": "https://ml-eu.globenewswire.com/Resource/Download/5bcb0f5c-1729-4046-baad-849ca7feb9a3" }, { "id": "ASML remarks22", "url": "https://investor.asml.com/static-files/8595099e-4390-49f1-9813-0406d038aae6" }, { "id": "ASML remarks23", "url": "https://investor.asml.com/static-files/62102bfe-adc8-4993-9f44-1c28a01eae19" }, { "id": "ASML remarks24", "url": "https://investor.asml.com/static-files/a6b90371-ce4b-4945-b2c3-9498aeda2760" }, { "id": "ASML highna", "url": "https://ourbrand.asml.com/asset/d5e933d7-78d0-406c-aed7-a46626e63381/2026_-AGM-_presentation.pdf" }, { "id": "ASML transcript325", "url": "https://investor.asml.com/static-files/cb251f1e-003a-437f-bd48-642470f5fd60" }, { "id": "ASML shipment125", "url": "https://investor.asml.com/news-releases/news-release-details/q1-2025-financial-results" }, { "id": "ASML Q22026HighNA", "url": "https://ourbrand.asml.com/asset/1fd3908a-0381-47b5-9b69-a3094f656651/2026_07_15-ASML-Transcript-investor-call-Q2-2026.pdf", "page": 1 }, { "id": "ASML Q32026HighNA", "url": "https://investor.asml.com/static-files/40c56a6b-1460-4f69-9340-6a869560d24b", "page": 1, "localEvidence": "remarks326.txt" } ], "coverage": { "Altius": { "presentMetricCells": 88, "arithmeticChecks": 24, "latestPointValues": 6, "portfolioRows": 13, "potashSubrows": 7, "bridgeValues": 8, "selectedEvents": 7, "freshlyVerified": "All displayed annual/interim financial inputs compared with FY2022, FY2023, FY2025, Q1/Q2 2026 financial statements and corresponding MD&A tables. Portfolio amounts compared with Q2 financial statements pp.2,10–12. Latest share count checked against6Octreleasep.2. Allsources downloaded anew using www hostname after bare-host403." }, "ASML": { "presentMetricCells": 254, "missingMetricCellsBefore": 46, "fillableMissingCells": 5, "arithmeticChecks": 110, "freshlyVerified": "All annual financial inputs checked across2022/2024/2025 annual statements; all fivequarter financial columns checked againstQ32026USGAAPfinancialstatementspp.6–9. Product categoryunit counts checked in annualNote2tables and screenshots of Q425p.8,Q126p.9,Q326p.9. BookingsFY2021–25 plusQ3/Q42025 checked againstQ425presentationpp.17–18; backlog2024/25 p.12; backlog2022/23 andphysicalEUVshipments against2022/23preparedremarks. HighNAmilestones compared with launchhistory, Q12025releaseand2026AGM. Q3 2025 HighNA1 checked video transcript. Latestavailableperiod confirmed issuerquarterlyresultspage14Oct2026." }, "reusedPriorReview": "Prior18Octoberreview was used as a navigation map and for preserving documented limitations; calculations and core financial inputs were rechecked. Original 2021 Altius issuer discrepancy and missing modern-definition2021–22rec as t remain unresolved rather than independently repaired." }, "remainingGaps": [ { "company": "ASML", "countAfterFills": 41, "categories": { "physicalDUVshipments": 10, "physicalNXEshipments": 7, "quarterlyHighNAshipments": 5, "quarterlyCumulativeHighNA": 4, "quarterlyBacklog": 4, "quarterlyBookings2026": 3, "quarterlyBookToBill2026": 3, "quarterlyAnnualBacklogCoverageNotApplicable": 5 }, "reason": "Separate physical dispatch totals not established; do not copy recognised sales. From2026 quarterlybookings ceased andbacklog isannual. Incompleteannual2026 reportingmustnotbesynthetic." }, { "company": "Altius", "reason": "FY2021 auditedIFRS81.682m conflicts with laterMD&A81.778m; originalattributableroyalty83.930m conflicts with later84.026m. Keeporiginal/auditedlabels and disclosure. 2021–22 modern economic-ownership royalty recast not established. LaterbalancesafterJulytransaction cannot be derived simplybyaddingissuanceproceeds." } ], "freshness": { "Altius": "LatestreportedfinancialperiodQ22026,latestshareobservation6Oct2026; officialpressreleaseindexchecked19Oct.", "ASML": "Q32026released14Oct2026; alreadyonpage.", "marketPrices": "No marketpricechangesmadeorrecommended." } }, "berkshire": { "auditDate": "2026-10-19", "scope": [ "Berkshire fundamentals FY2021–2025, Q1/Q2/H1 2026", "Insurance three operating groups, GEICO ratios, float and reserve observations", "Five equity holdings: Alphabet, American Express, Apple, Bank of America, Coca-Cola", "FY2025/FY2024 holdings financials; dated quotes and current source links" ], "summary": "No transcription error established in displayed Berkshire historical financial or insurance series, or in the five holdings FY2025/FY2024 financial inputs. Four vendor market-cap denominators exactly use weighted-average diluted EPS shares, with BAC also using the preceding quarter. Recommend explicit dated common-equity proxies for displayed total equity values/P/FCF, preserving vendor snapshots. One hidden insurance total-loss field is overbroad; one Coca-Cola prior-year adjusted-FCF source link is missing.", "coverage": { "berkshirePeriodRows": 8, "berkshireNumericValuesIncludingArrays": 320, "independentlyRecomputedIdentities": 104, "arithmeticFailures": [], "holdingsCompanies": 5, "holdingsFinancialNumericInputs": 50, "recheckedPrimaryEvidence": "Reopened/downloaded B1–B12 and inspected source financial tables, share notes, insurance results, balance/cash statements, annual letter/compensation and transaction disclosures. Reopened all five holdings FY2025 primary sources; rechecked every stored numeric financial field, including prior-year inputs and current financial-share perimeter. Compared vendor implied shares with current issuer disclosures. CFO−capex, per-share values, segment sums, class conversions and ratio formulas reviewed.", "inherited": "Existing 18 Oct review and metric ledger were used as the inventory/checklist and to identify existing caveats; conclusions below are rechecked. Historical price observations themselves were not re-queried this turn; their 18 Oct vendor reproduction remains inherited.", "latestAvailability": "Berkshire current news menu still lists Q2 2026 as latest earnings. Existing links for GOOGL Q2, AXP Q2, Apple Q3 FY2026, BAC Q3 and KO Q2 were reopened. Search did not establish a newer AXP release; do not claim exhaustive proof of absence. FY2025 display is explicitly a completed-year snapshot and should not be silently overwritten with interim values.", "tests": "node verify-berkshire.mjs passed (render/calculation/navigation/source identity checks). Independent Python recomputation of 104 identities passed. Browser visual testing not performed." }, "findings": [ { "id": "BRK-CAP-GOOGL", "severity": "low", "category": "market-cap basis qualification", "file": "dist/berkshire-holdings-data.json", "path": "holdings[0].marketCap", "before": 4165415.7, "after": 4165415.7, "unit": "USD millions", "price": 340.59, "priceDate": "2026-10-16", "vendorImpliedShares": 12230.000000000002, "proposedDisplayLabel": "Common equity value proxy", "proposedBasis": "16 Oct 2026 quote × reported ordinary shares at 2026-06-30; not a same-date observed market cap", "sharesEvidence": { "shares": 12230, "date": "2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm", "location": "Printed p.5, consolidated balance sheet", "type": "actual common shares issued and outstanding, three classes, rounded to millions", "note": "This produces the existing vendor cap. Apply the GOOGL quote to all classes only as an explicit proxy: GOOG and GOOGL can trade at different prices; private Class B has no separate quoted price. Excludes preferred capital of 18,023m at June 2026. Do not add preferred capital to common market cap." }, "vendorDifferencePercent": 0.0, "recommendation": "Keep original marketCap as raw vendor observation (or copy unchanged to vendorMarketCap); add commonEquityValueProxy and dated shares metadata. Render proxy for P/FCF, but preserve original vendor cap in input/evidence disclosure. The after value is a dated calculated proxy, not a correction to the historical vendor observation." }, { "id": "BRK-CAP-AXP", "severity": "low", "category": "vendor denominator discrepancy", "file": "dist/berkshire-holdings-data.json", "path": "holdings[1].marketCap", "before": 212927.61, "after": 211673.25, "unit": "USD millions", "price": 313.59, "priceDate": "2026-10-16", "vendorImpliedShares": 679.0, "proposedDisplayLabel": "Common equity value proxy", "proposedBasis": "16 Oct 2026 quote × reported ordinary shares at 2026-06-30; not a same-date observed market cap", "sharesEvidence": { "shares": 675, "date": "2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/4962/000000496226000318/q226exhibit992.htm", "location": "Printed pp.2 and 4, diluted average versus end-of-period shares", "type": "actual period-end common shares, rounded to millions", "note": "Vendor cap/price gives 679m, the Q2 diluted weighted-average common shares. It is not 675m actual period-end common shares. New proxy is approximate because issuer share count is rounded." }, "vendorDifferencePercent": 0.592592592592589, "recommendation": "Keep original marketCap as raw vendor observation (or copy unchanged to vendorMarketCap); add commonEquityValueProxy and dated shares metadata. Render proxy for P/FCF, but preserve original vendor cap in input/evidence disclosure. The after value is a dated calculated proxy, not a correction to the historical vendor observation." }, { "id": "BRK-CAP-AAPL", "severity": "low", "category": "vendor denominator discrepancy", "file": "dist/berkshire-holdings-data.json", "path": "holdings[2].marketCap", "before": 5053902.61896, "after": 5017594.43198, "unit": "USD millions", "price": 343.46, "priceDate": "2026-10-16", "vendorImpliedShares": 14714.676, "proposedDisplayLabel": "Common equity value proxy", "proposedBasis": "16 Oct 2026 quote × reported ordinary shares at 2026-06-27; not a same-date observed market cap", "sharesEvidence": { "shares": 14608.963, "date": "2026-06-27", "url": "https://www.apple.com/newsroom/pdfs/fy2026q3/FY26_Q3_Consolidated_Financial_Statements.pdf", "location": "PDF pp.1–2: diluted average 14,714,676 thousand; actual issued/outstanding 14,608,963 thousand", "type": "actual period-end common shares, source is thousands converted to millions", "note": "Vendor cap/price exactly reproduces 14,714.676m Q3 diluted weighted-average EPS shares; use 14,608.963m actual shares for the dated ordinary equity proxy." }, "vendorDifferencePercent": 0.7236174121325378, "recommendation": "Keep original marketCap as raw vendor observation (or copy unchanged to vendorMarketCap); add commonEquityValueProxy and dated shares metadata. Render proxy for P/FCF, but preserve original vendor cap in input/evidence disclosure. The after value is a dated calculated proxy, not a correction to the historical vendor observation." }, { "id": "BRK-CAP-BAC", "severity": "medium", "category": "vendor denominator discrepancy", "file": "dist/berkshire-holdings-data.json", "path": "holdings[3].marketCap", "before": 373681.866, "after": 354649.921, "unit": "USD millions", "price": 51.23, "priceDate": "2026-10-16", "vendorImpliedShares": 7294.2, "proposedDisplayLabel": "Common equity value proxy", "proposedBasis": "16 Oct 2026 quote × reported ordinary shares at 2026-09-30; not a same-date observed market cap", "sharesEvidence": { "shares": 6922.7, "date": "2026-09-30", "url": "https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-26-000481/bac09302026ex991.htm", "location": "Printed p.14, selected financial data; pp.9 and 19 also corroborate", "type": "actual period-end common shares, millions to one decimal", "note": "Vendor cap/price gives 7,294.2m, exactly Q2 diluted weighted-average EPS shares. Q3 diluted average is 7,222.2m; neither is the 6,922.7m actual period-end shares. P/E and price/book use price directly and are not affected." }, "vendorDifferencePercent": 5.3664032819564556, "recommendation": "Keep original marketCap as raw vendor observation (or copy unchanged to vendorMarketCap); add commonEquityValueProxy and dated shares metadata. Render proxy for P/FCF, but preserve original vendor cap in input/evidence disclosure. The after value is a dated calculated proxy, not a correction to the historical vendor observation." }, { "id": "BRK-CAP-KO", "severity": "low", "category": "vendor denominator discrepancy", "file": "dist/berkshire-holdings-data.json", "path": "holdings[4].marketCap", "before": 404990.7, "after": 404009.3739177, "unit": "USD millions", "price": 93.9, "priceDate": "2026-10-16", "vendorImpliedShares": 4313.0, "proposedDisplayLabel": "Common equity value proxy", "proposedBasis": "16 Oct 2026 quote × reported ordinary shares at 2026-07-27; not a same-date observed market cap", "sharesEvidence": { "shares": 4302.549243, "date": "2026-07-27", "url": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0001628280-26-050503/ko-20260703.htm", "location": "Cover: 4,302,549,243 shares outstanding as of July 27; printed p.2: Q2 diluted average 4,313m", "type": "actual cover-date common shares, excludes treasury", "note": "Vendor cap/price gives 4,313m Q2 diluted weighted-average shares. Exact later cover-date ordinary count is available. Share date is July 27, not quarter end July 3. Could instead use rounded July 3 period-end figure if uniform quarter-end basis is preferred, but do not label the cover count July 3." }, "vendorDifferencePercent": 0.2428968597396608, "recommendation": "Keep original marketCap as raw vendor observation (or copy unchanged to vendorMarketCap); add commonEquityValueProxy and dated shares metadata. Render proxy for P/FCF, but preserve original vendor cap in input/evidence disclosure. The after value is a dated calculated proxy, not a correction to the historical vendor observation." }, { "id": "BRK-CAT-SCOPE", "severity": "low", "category": "unrendered raw data scope", "file": "dist/berkshire-data.json", "path": "insuranceLatest.catLossPretax", "before": 0, "after": null, "source": "https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf", "location": "PDF p.17, Note 13; PDF p.35 significant-event threshold", "reason": "Filing states no significant catastrophe events, meaning losses above $150m per event. It does not disclose zero total catastrophe losses. Rendered HTML correctly says no significant events; do not change that to zero losses.", "implementation": "Set broad catLossPretax null, add significantCatastropheEvents false and significanceThresholdPretax 150, with note. Keep 1,100m previous California wildfire value labelled significant-event loss in traditional claims table. Update build-berkshire.py and dist JSON; current HTML need not change." }, { "id": "BRK-KO-PRIOR-ADJ-SOURCE", "severity": "low", "category": "missing source attribution", "file": "dist/berkshire-holdings-data.json", "path": "holdings[4].priorAdjustedSource", "before": null, "after": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0000021344-25-000005/a2024q4earningsreleaseex-9.htm", "location": "Printed p.30, free cash flow reconciliation", "value": 10782, "unit": "USD millions", "reason": "Existing priorAdjustedFcf=10,782 is correct, but current adjustedSource points only to FY2025 release p.29, which supplies 11,365 rather than FY2024 10,782. Add separate source to support displayed adjusted-FCF growth.", "implementation": "Add priorAdjustedSource / priorAdjustedSourcePages=30 and render both years in adjusted FCF evidence/calculation disclosure. No numerical change." } ], "implementation": [ "dist/berkshire-holdings.js: ratio currently h.marketCap/fcf (line 25), adjusted ratio line 46, card quote cap line 49, valuation-basis paragraph lines 18–19, definitions at end. Select h.commonEquityValueProxy for total-equity/FCF ratios and label approximate dated share basis; retain h.marketCap or vendorMarketCap in evidence.", "For bank P/E and P/B retain price/FY2025 EPS and price/FY2025 BVPS; cap change does not affect these.", "For Alphabet the value is unchanged, but label all-common-share GOOGL-price proxy and exclude preferred equity from common cap. All book values continue to use their FY2025 dates and original actual shares.", "Do not replace holdings financial FY2025 inputs with interim values; the completed-year comparison and dates are correct.", "If withholding caps instead of adding proxies, renderer needs explicit null handling to avoid showing $0, Infinity, or erroneous P/FCF." ], "gaps": [ { "path": "holdings[0].da", "value": null, "status": "legitimate unresolved disclosure gap", "reason": "Alphabet FY2025 cash flow separately gives PP&E depreciation 21,136m; reviewed 10-K does not isolate complete intangible amortisation. Keep EBITDA unfilled, show operating income/depreciation; do not assume amortisation zero." }, { "path": "holdings[1,3] FCF/EBITDA", "status": "not meaningful by design", "reason": "Lending/funding is operating activity; bank FCF/P-FCF/EBITDA deliberately not computed, not missing source data." }, { "path": "Berkshire/holding annual histories", "status": "no missing numeric cells in current declared series", "reason": "All 8 Berkshire rows and 5 holdings completed-year cards populated within their declared scopes; holdings do not claim five-year series. Broader historical extension would be additional feature work." }, { "path": "market prices", "status": "dated external observation", "reason": "16 October quotes preserved. No new same-date market-price verification or quote refresh in this audit; no reason to label snapshot incorrect merely because dated." } ], "sourcesChecked": [ { "id": "B1", "title": "2023 annual report · retrospective 2021–23 comparatives", "url": "https://www.berkshirehathaway.com/2023ar/2023ar.pdf" }, { "id": "B2", "title": "2025 Form 10-K · 2023–25 comparatives", "url": "https://www.berkshirehathaway.com/2025ar/202510-k.pdf" }, { "id": "B3", "title": "Q1 2026 Form 10-Q", "url": "https://www.berkshirehathaway.com/qtrly/1stqtr26.pdf" }, { "id": "B4", "title": "Q2 2026 Form 10-Q", "url": "https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf" }, { "id": "B5", "title": "2022 annual report · 2021 balance-sheet components", "url": "https://www.berkshirehathaway.com/2022ar/2022ar.pdf" }, { "id": "B6", "title": "2025 earnings release · operating earnings definition", "url": "https://www.berkshirehathaway.com/news/feb2826.pdf" }, { "id": "B7", "title": "Q2 2026 earnings release", "url": "https://www.berkshirehathaway.com/news/aug0826.pdf" }, { "id": "B8", "title": "2025 shareholder letter and annual report", "url": "https://www.berkshirehathaway.com/2025ar/2025ar.pdf" }, { "id": "B9", "title": "2026 proxy statement · management compensation", "url": "https://www.berkshirehathaway.com/meet01/2026proxystatement.pdf" }, { "id": "B10", "title": "18 September 2026 · chairman succession", "url": "https://www.berkshirehathaway.com/news/sep1826.pdf" }, { "id": "B11", "title": "24 July 2026 · Taylor Morrison acquisition completed", "url": "https://www.berkshirehathaway.com/news/jul2426.pdf" }, { "id": "B12", "title": "2 January 2026 · OxyChem acquisition completed", "url": "https://www.berkshirehathaway.com/news/jan0226.pdf" }, { "id": "GOOGL-FY25", "title": "FY2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm" }, { "id": "AXP-FY25", "title": "FY2025 statistical appendix", "url": "https://www.sec.gov/Archives/edgar/data/4962/000000496226000037/q425exhibit992.htm" }, { "id": "AAPL-FY25", "title": "FY2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm" }, { "id": "BAC-FY25", "title": "FY2025 earnings release", "url": "https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-26-000020/bac12312025ex991.htm" }, { "id": "KO-FY25", "title": "FY2025 Form 10-K", "url": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0001628280-26-010047/0001628280-26-010047.pdf" }, { "id": "GOOGL-SHARES", "title": "Printed p.5, consolidated balance sheet", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm" }, { "id": "AXP-SHARES", "title": "Printed pp.2 and 4, diluted average versus end-of-period shares", "url": "https://www.sec.gov/Archives/edgar/data/4962/000000496226000318/q226exhibit992.htm" }, { "id": "AAPL-SHARES", "title": "PDF pp.1–2: diluted average 14,714,676 thousand; actual issued/outstanding 14,608,963 thousand", "url": "https://www.apple.com/newsroom/pdfs/fy2026q3/FY26_Q3_Consolidated_Financial_Statements.pdf" }, { "id": "BAC-SHARES", "title": "Printed p.14, selected financial data; pp.9 and 19 also corroborate", "url": "https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-26-000481/bac09302026ex991.htm" }, { "id": "KO-SHARES", "title": "Cover: 4,302,549,243 shares outstanding as of July 27; printed p.2: Q2 diluted average 4,313m", "url": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0001628280-26-050503/ko-20260703.htm" }, { "id": "KO-FY24-ADJUSTED", "title": "FY2024 FCF reconciliation p.30", "url": "https://investors.coca-colacompany.com/filings-reports/all-sec-filings/content/0000021344-25-000005/a2024q4earningsreleaseex-9.htm" } ], "noSiteFilesEdited": true }, "pershing": { "reviewDate": "2026-10-19", "scope": "Pershing fund,15manager-wide13Frows,16operating scorecards and17legacyissuer/vehiclecards", "assurance": "Read-only source and calculation audit; not a professional audit opinion or blanket independent validation of every historical number. No site files edited.", "findings": [ { "id": "MSFT-2026-cash", "company": "MSFT", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[0].history[4].cash", "jsonPath": [ "companies", 0, "history", 4, "cash" ], "before": null, "after": 20935, "unit": "USD millions", "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast", "location": "FY2026 Q4 release balance sheet30June2026, cash row", "reason": "Cash and cash equivalents only; excludes55,908m short-term investments.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[4].fieldNotes.cash unavailable note; add fieldSources.cash with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "MSFT-2026-debt", "company": "MSFT", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[0].history[4].debt", "jsonPath": [ "companies", 0, "history", 4, "debt" ], "before": null, "after": 40294, "unit": "USD millions", "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast", "location": "FY2026 Q4 release balance sheet30June2026, current/long-term debt rows", "reason": "Calculated9,227 current debt +31,067 long-term debt; exclude lease liabilities.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[4].fieldNotes.debt unavailable note; add fieldSources.debt with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "MSFT-2026-netDebt", "company": "MSFT", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[0].history[4].netDebt", "jsonPath": [ "companies", 0, "history", 4, "netDebt" ], "before": null, "after": 19359, "unit": "USD millions", "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast", "location": "Balance sheet30June2026; transparent arithmetic", "reason": "Calculated40,294 debt−20,935 cash. Consistent cash-only definition; not net of marketable securities.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[4].fieldNotes.netDebt unavailable note; add fieldSources.netDebt with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "AMZN-2021-periodEndShares", "company": "AMZN", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[1].history[0].periodEndShares", "jsonPath": [ "companies", 1, "history", 0, "periodEndShares" ], "before": null, "after": 10175, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1018724/000101872424000008/amzn-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported outstanding common shares at31December, excludes treasury stock and unvested awards. Amazon prior figures already restated for2022 split; do not multiply again.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[0].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "AMZN-2022-periodEndShares", "company": "AMZN", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[1].history[1].periodEndShares", "jsonPath": [ "companies", 1, "history", 1, "periodEndShares" ], "before": null, "after": 10242, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1018724/000101872424000008/amzn-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported outstanding common shares at31December, excludes treasury stock and unvested awards. Amazon prior figures already restated for2022 split; do not multiply again.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[1].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "AMZN-2023-periodEndShares", "company": "AMZN", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[1].history[2].periodEndShares", "jsonPath": [ "companies", 1, "history", 2, "periodEndShares" ], "before": null, "after": 10383, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported outstanding common shares at31December, excludes treasury stock and unvested awards. Amazon prior figures already restated for2022 split; do not multiply again.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[2].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "AMZN-2024-periodEndShares", "company": "AMZN", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[1].history[3].periodEndShares", "jsonPath": [ "companies", 1, "history", 3, "periodEndShares" ], "before": null, "after": 10593, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported outstanding common shares at31December, excludes treasury stock and unvested awards. Amazon prior figures already restated for2022 split; do not multiply again.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[3].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "AMZN-2025-periodEndShares", "company": "AMZN", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[1].history[4].periodEndShares", "jsonPath": [ "companies", 1, "history", 4, "periodEndShares" ], "before": null, "after": 10731, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported outstanding common shares at31December, excludes treasury stock and unvested awards. Amazon prior figures already restated for2022 split; do not multiply again.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[4].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "UBER-2021-periodEndShares", "company": "UBER", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[3].history[0].periodEndShares", "jsonPath": [ "companies", 3, "history", 0, "periodEndShares" ], "before": null, "after": 1949.316, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1543151/000154315124000012/uber-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported common shares outstanding at31December, not weighted-average diluted shares. Original Uber financial statements use thousands; converted to millions.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[0].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "UBER-2022-periodEndShares", "company": "UBER", "classification": "fillable_gap", "file": "dist/pershing-tech-upgrade.json", "fieldPath": "companies[3].history[1].periodEndShares", "jsonPath": [ "companies", 3, "history", 1, "periodEndShares" ], "before": null, "after": 2005.486, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1543151/000154315124000012/uber-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Reported common shares outstanding at31December, not weighted-average diluted shares. Original Uber financial statements use thousands; converted to millions.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[1].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ALC-2021-periodEndShares", "company": "ALC", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[3].history[0].periodEndShares", "jsonPath": [ "companies", 3, "history", 0, "periodEndShares" ], "before": null, "after": 490.1, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1167379/000116737924000008/alc-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Issuer rounded common shares outstanding at31December, excludes treasury shares; not499.7m issued shares. Preserve one-decimal source precision.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[0].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ALC-2022-periodEndShares", "company": "ALC", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[3].history[1].periodEndShares", "jsonPath": [ "companies", 3, "history", 1, "periodEndShares" ], "before": null, "after": 491.8, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1167379/000116737924000008/alc-20231231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Issuer rounded common shares outstanding at31December, excludes treasury shares; not499.7m issued shares. Preserve one-decimal source precision.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[1].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ALC-2023-periodEndShares", "company": "ALC", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[3].history[2].periodEndShares", "jsonPath": [ "companies", 3, "history", 2, "periodEndShares" ], "before": null, "after": 493.2, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1167379/000116737926000014/alc-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Issuer rounded common shares outstanding at31December, excludes treasury shares; not499.7m issued shares. Preserve one-decimal source precision.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[2].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ALC-2024-periodEndShares", "company": "ALC", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[3].history[3].periodEndShares", "jsonPath": [ "companies", 3, "history", 3, "periodEndShares" ], "before": null, "after": 494.6, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1167379/000116737926000014/alc-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Issuer rounded common shares outstanding at31December, excludes treasury shares; not499.7m issued shares. Preserve one-decimal source precision.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[3].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ALC-2025-periodEndShares", "company": "ALC", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[3].history[4].periodEndShares", "jsonPath": [ "companies", 3, "history", 4, "periodEndShares" ], "before": null, "after": 487.4, "unit": "million shares", "source": "https://www.sec.gov/Archives/edgar/data/1167379/000116737926000014/alc-20251231.htm", "location": "Consolidated statement of equity / year-end balance sheet; matching dated column", "reason": "Issuer rounded common shares outstanding at31December, excludes treasury shares; not499.7m issued shares. Preserve one-decimal source precision.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[4].fieldNotes.periodEndShares unavailable note; add fieldSources.periodEndShares with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ICE-2023-buybacksCash", "company": "ICE", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[2].history[2].buybacksCash", "jsonPath": [ "companies", 2, "history", 2, "buybacksCash" ], "before": null, "after": 0, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1571949/000157194925000003/ice-20241231.htm", "location": "FY2024 Form10-K Note12, printedpp122–123, stock repurchase table; share repurchases suspended May2022", "reason": "Company explicitly states no programme/open-market repurchases in2023 or2024; employee tax-withholding treasury receipts remain separate. This is a verified zero.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[2].fieldNotes.buybacksCash unavailable note; add fieldSources.buybacksCash with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "ICE-2024-buybacksCash", "company": "ICE", "classification": "fillable_gap", "file": "dist/pershing-networks-upgrade.json", "fieldPath": "companies[2].history[3].buybacksCash", "jsonPath": [ "companies", 2, "history", 3, "buybacksCash" ], "before": null, "after": 0, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1571949/000157194925000003/ice-20241231.htm", "location": "FY2024 Form10-K Note12, printedpp122–123, stock repurchase table; share repurchases suspended May2022", "reason": "Company explicitly states no programme/open-market repurchases in2023 or2024; employee tax-withholding treasury receipts remain separate. This is a verified zero.", "evidenceStatus": "Primary statement context newly checked19Oct2026", "followThrough": "Replace the stale history[3].fieldNotes.buybacksCash unavailable note; add fieldSources.buybacksCash with URL/location. If duplicated in annual/priorAnnual, keep matching-period fields consistent." }, { "id": "MSFT-vendor-cap", "company": "MSFT", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.MSFT.marketCap", "jsonPath": [ "quotes", "MSFT", "marketCap" ], "before": 3938777.25, "after": null, "unit": "USD millions", "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies7,445m shares; latest30June closing shares are7,427m, Q4 diluted7,443m and FY2026 diluted7,453m. Vendor denominator is not established. Do not assert an exact Q4 match for Microsoft.", "impliedSharesMillions": 7445, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.MSFT.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "AMZN-vendor-cap", "company": "AMZN", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.AMZN.marketCap", "jsonPath": [ "quotes", "AMZN", "marketCap" ], "before": 2725750, "after": null, "unit": "USD millions", "source": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies10903m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 10903, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.AMZN.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "META-vendor-cap", "company": "META", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.META.marketCap", "jsonPath": [ "quotes", "META", "marketCap" ], "before": 1820127.95, "after": null, "unit": "USD millions", "source": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies2566m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 2566, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.META.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "UBER-vendor-cap", "company": "UBER", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.UBER.marketCap", "jsonPath": [ "quotes", "UBER", "marketCap" ], "before": 144233.32875, "after": null, "unit": "USD millions", "source": "https://investor.uber.com/news-events/news/press-release-details/2026/Uber-Announces-Results-for-Second-Quarter-2026/default.aspx", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies2050.22m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 2050.225, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.UBER.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "NFLX-vendor-cap", "company": "NFLX", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.NFLX.marketCap", "jsonPath": [ "quotes", "NFLX", "marketCap" ], "before": 300549.489, "after": null, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000212/nflx-20260630.htm", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies4261.3m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 4261.3, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.NFLX.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "V-vendor-cap", "company": "V", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.V.marketCap", "jsonPath": [ "quotes", "V", "marketCap" ], "before": 764153.78, "after": null, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1403161/000140316126000103/q32026earningsrelease.htm", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies1898m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 1898, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.V.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "MA-vendor-cap", "company": "MA", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.MA.marketCap", "jsonPath": [ "quotes", "MA", "marketCap" ], "before": 545181.86, "after": null, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000083/ma-20260630.htm", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies883m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 883, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.MA.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "ICE-vendor-cap", "company": "ICE", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.ICE.marketCap", "jsonPath": [ "quotes", "ICE", "marketCap" ], "before": 91442.96, "after": null, "unit": "USD millions", "source": "https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-Reports-Second-Quarter-2026/default.aspx", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies566m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 566, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.ICE.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "SPGI-vendor-cap", "company": "SPGI", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.SPGI.marketCap", "jsonPath": [ "quotes", "SPGI", "marketCap" ], "before": 126958.62, "after": null, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/64040/000006404026000040/spgi2q2026-earningsrelease.htm", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies295.5m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 295.5, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.SPGI.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." }, { "id": "QSR-vendor-cap", "company": "QSR", "classification": "withhold_unverified_market_cap", "file": "dist/pershing-quotes.json", "fieldPath": "quotes.QSR.marketCap", "jsonPath": [ "quotes", "QSR", "marketCap" ], "before": 34412.6, "after": null, "unit": "USD millions", "source": "https://www.sec.gov/Archives/edgar/data/1618756/000161875626000041/qsr_2026630xpressrelease.htm", "location": "Quarterly income statement EPS share denominator; balance sheet where available", "reason": "Vendor market cap divided by price implies460m shares, exactly the June2026 quarter diluted weighted-average EPS denominator. That is a period-average earnings denominator, not a verified16October common share count.", "impliedSharesMillions": 460, "sourceShareBasis": "Q4 FY2026 for MSFT, Q3 FY2026 for Visa, Q2 calendar2026 for others", "preserveRawAs": "quotes.QSR.unverifiedMarketCap", "followThrough": "Keep price/tradeTime. Preserve raw cap; set marketCap null and auditNote. Do not silently recompute current market cap from historical shares. Update quote basis/audit status and ledger. QSR has an independently sourced economic-share estimate in renderer that can remain labelled." } ], "coverage": [ { "company": "MSFT", "annualYears": [ 2022, 2023, 2024, 2025, 2026 ], "businessObserved": 22, "businessNulls": 3, "currentDataAsOf": "2026-06-30", "freshScope": "FY2026 annual CFO182935, cash capex115948, annual diluted7453, endshares7427; newly filled balance-sheet gaps. Latest quarterly Azure43%, Cloud59.3bn, RPO678bn context checked.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast" ] }, { "company": "AMZN", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 25, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "Q2 release TTM CFO161403, gross capex173028, companyFCF−7604 versus proxy−11625; H1 cash capex98411 and advertising19809. Annual end-share gaps extracted from2023/2025 statements.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx" ] }, { "company": "META", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 25, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "Q2/H1 release CFO64088, capex49113, FoA operating23394 and RL−4619; gross versus lease-adjusted cash distinction checked. Dedicated agent handles other updates.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/" ] }, { "company": "UBER", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 20, "businessNulls": 5, "currentDataAsOf": "2026-06-30", "freshScope": "Q2 trips3867m, MAPCs208m, grossbookings58022, GAAPop1890/nonGAAP2143; H1CFO5213/capex135. Older endshares extracted.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://investor.uber.com/news-events/news/press-release-details/2026/Uber-Announces-Results-for-Second-Quarter-2026/default.aspx" ] }, { "company": "NFLX", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 20, "businessNulls": 5, "currentDataAsOf": "2026-06-30", "freshScope": "Q2 revenue12559.938, H1CFO7034.017/capex414.774 and content flow matchingperiod checked. Dedicated agent handles exceptional cash/accounting and annualshare backfills.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000212/nflx-20260630.htm" ] }, { "company": "V", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 20, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "FY2025CFO23059, capex1482; June2026nine-monthCFO16342, capex1178, as-converted diluted basis checked. Period-end multiclass economicshare count not established.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1403161/000140316125000077/q42025earningsrelease.htm" ] }, { "company": "MA", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 23, "businessNulls": 2, "currentDataAsOf": "2026-06-30", "freshScope": "FY2025CFO17648 plus separate software726; H1income/cashbridge and Q2diluted883 context checked. Historical endshares require A+B scope; withheld rather than use ClassA alone.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm" ] }, { "company": "ICE", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 20, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "FY2025CFO4662−capex373−software418=3871; adjustedFCF4187 separate. H1CFO3324/software230; verified2023/24 buybackzeros.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-Reports-Strong-Full-Year-2025-Results/" ] }, { "company": "ALC", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 25, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "FY2025CFO2271−PP&E543=1728; companyFCF1733 includes5assetproceeds. IFRS share rollforward supplies endshares excludingtreasury.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://s1.q4cdn.com/963204942/files/doc_earnings/2025/q4/earnings-result/Q4-2025-Press-Release.pdf" ] }, { "company": "SPGI", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 11, "businessNulls": 9, "currentDataAsOf": "2026-06-30", "freshScope": "July2026 Article11 FY2025proforma13589 revenue/6140opprofit; Q2recast separatefrom originalgroup; priorH1op2937 correction retained. Vendorcap uses Q2diluted295.5 whileclosing294.8.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/64040/000110465926080571/tm2619099d2_ex99-1.htm" ] }, { "company": "QSR", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 30, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "Q2systemrestaurants33156, comparable3.8%, netdebt12546/leverage4.1x; TTMFCF1632. Economicshareclasses remain separate fromparentcommonbookvalue.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1618756/000161875626000041/qsr_2026630xpressrelease.htm" ] }, { "company": "BN", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 35, "businessNulls": 0, "currentDataAsOf": "2026-06-30", "freshScope": "Q2supplement FBC672159, FRE808 atassetmanagerlevel, corporateborrowings14711; DE/fees notindustrialFCF; priorwithheldvendorcap retained.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://bn.brookfield.com/sites/brookfield-bn-v2/files/Brookfield-BN-IR-V2/2026/Q2/2026-Q2-BN-Supplemental.pdf" ] }, { "company": "HHH", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 14, "businessNulls": 11, "currentDataAsOf": "2026-06-30", "freshScope": "Q2MPC EBT134.7, NOI70.5; Juneclaimsreserves2115.416; endshares59.657062/common equity3960.396; preferrednotdouble-subtracted; Vantagestubnotannualised.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1981792/000162828026053303/hhhearningsreleaseq22026.htm" ] }, { "company": "FNMA", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 19, "businessNulls": 1, "currentDataAsOf": "2026-06-30", "freshScope": "Q2supplement networth116497 and standardisedCET1−32654 checked; companyearnings/totalnetworth not commonclaim.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/310522/000031052226000065/a226exhibit993.htm" ] }, { "company": "FMCC", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 24, "businessNulls": 1, "currentDataAsOf": "2026-06-30", "freshScope": "Q2netincome3838, networth77769, Treasury preference146570; delinquency0.60% context checked.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/1026214/000102621426000047/a2q2026financialsuppleme.htm" ] }, { "company": "SEG", "annualYears": [ 2021, 2022, 2023, 2024, 2025 ], "businessObserved": 16, "businessNulls": 4, "currentDataAsOf": "2026-06-30", "freshScope": "June unrestrictedcash117.795 versus restricted9.179; H1CFO−11.763/capex20.894; saleproceeds137.416 separatefromrecurringcash.", "priorScopeReused": "18Oct2026 metric-validity-ledger context review and five-year extraction retained for remaining historical numeric cells; not all historical cells re-fetched in this pass.", "newPrimaryUrls": [ "https://www.sec.gov/Archives/edgar/data/2009684/000110465926091217/seg-20260630x10q.htm" ] } ], "checks": { "independentArithmeticIdentities": 177, "arithmeticMismatches": 0, "fundEquityBridgeDifference": 0, "fundBalanceDifference": 0, "managerWide13fRows": 15, "managerWide13fSum": 19465692772, "primary13fValuesAndShares": "All15rows cross-checked againstSECinfotable; total reconciles. No NAV weighting inferred.", "fundFreshChecks": "Latest official NAV13Oct2026=78.86USD/50.40price and59.51GBP/38.00price; YTD−6.9%. Septemberfactsheet capital/fees/dividend/share count matched; Juneinterim balance/income/equity bridge matched. Other fees/bond/managerforecast inputs rely on18Octreview.", "rendererChecks": [ "node verify-pershing.mjs PASS", "node verify-pershing-history.mjs PASS:349 business observations/41 explained gaps/59 annualFCF identities", "node verify-pershing-charts.mjs PASS:462 chart selections for16issuers" ] }, "implementationDependencies": [ { "file": "dist/pershing.js", "location": "company(h), capForRatio and quoteHtml", "effect": "q.marketCap=null already suppresses vendor cap and P/FY2025FCF; headline safely falls back to price/reportedEPS. QSR economicShares branch is sourced historical common+exchangeableunits, independently labelled. Preserve it." }, { "file": "dist/pershing-investor.js", "location": "companyBlock(), cap, TTM P/FCF/FCFyield and owner-cash-range", "effect": "nullcap suppresses dependent ratios and the owner-cash-range calculator. QSR overrides with q.price*c.balance.valuationShares (June454.959024m) and labelsJuneeconomicshare estimate; preserve. Change generic vendor-equity-cap basis wording to explain withheld/share-denominator issue where appropriate." }, { "file": "dist/pershing-models.js", "effect": "No automatic fallback market cap calculation found. No formula change required; ownerRange only called with renderer-approvedcap." }, { "file": "dist/pershing-quotes.json", "effect": "Update top-level basis/audit status; preserve16Octvendorprice timestamp and raw oldcap in unverifiedMarketCap. Include cap-specific evidenceURLs and sharebasis, no vague new verifiedclaim." }, { "file": "dist/metric-validity-ledger.json / dist/market-data-audit.json / dist/validity-review.json", "effect": "Append19Octcorrections; do not overwrite18Octrawreproducedevidence. Old reproducedfeed does notestablishvalidcapitalisation." } ], "alreadyKnownClosingShareBases": [ { "company": "MSFT", "date": "2026-06-30", "millionShares": 7427, "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast" }, { "company": "AMZN", "date": "2026-06-30", "millionShares": 10783, "source": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx" }, { "company": "SPGI", "date": "2026-06-30", "millionShares": 294.8, "source": "https://www.sec.gov/Archives/edgar/data/64040/000006404026000040/spgi2q2026-earningsrelease.htm" }, { "company": "QSR", "date": "2026-06-30", "millionEconomicShares": 454.959024, "note": "349.205651common+105.753373exchangeableunits; alreadyinbalanceobject", "source": "https://www.sec.gov/Archives/edgar/data/1618756/000161875626000045/qsr-20260630.htm" } ], "overlapWithDedicatedAgents": { "META": "FY2024/25 period-endshares2534/2530m; dedicatedagent haspaths andsource.", "NFLX": "FY2021/22/23 split-adjustedendshares4439.63107/4453.46776/4327.59584m; dedicatedagenthaspaths andsource." }, "unresolved": [ { "scope": "Currentmarketcapitalisation", "detail": "No16Octperiod-endsharecount verified for flaggedcaps; nine exactly useEPSdilutedaverages. MSFT does notexactlymatch but itsdenominatoralso unestablished. HHHvendorcap remainsunindependentlyverified, no exactdilutedmatchestablished; ALCandBNcapsalreadyabsent." }, { "scope": "Historical remaining missing fields", "detail": "MA and Visa multishareclasseconomicperiod-enddenominators notcompleted. MAclassAalone mustnotbeused; Visa conversionratiosmayvary. ALCearlierbuybackcash,MSFTFY26leaseprincipal andotherseparatesoftware/leasecomponents notverified here." }, { "scope": "SPGI", "detail": "CurrentperimeterFY2021–24 gapsandcashflowremain; original-groupannualseriesavailable separately. Recastrelease referencesFY23/24but source reviewedshowsFY25andquarters; noverifiedmatchinghistoricalvalues extracted." }, { "scope": "Intentionalbusinessgaps", "detail": "HHHpreacquisitioninsuranceKPIs, SEG2021carveout, Netflixannualviewinggrowth, UberoldnonGAAPmetrics andGSE2021framework observations remainexplainednulls. Nointerpolation." }, { "scope": "Freshness", "detail": "Latestreviewedcompanyfinancials generallyJune2026 (MSFTcompletedFY26); thispassdoesnotcertifynoissuerhasreleasedlaterfinancials. OfficialPSHNAVlatest13Octconfirmed; quotepricesremaindated16Octsnapshots." }, { "scope": "Priceandforecasts", "detail": "Vendorpricefeednotindependentlyvalidated. ManagerforecastsareAugust13publishedJuneestimates, notfuturefacts. Preservetheirqualification." }, { "scope": "VisualQA", "detail": "No browservisualchecks performed by thisread-onlyagent." } ] }, "netflix-meta": { "asOf": "2026-10-19", "scope": [ "Netflix dedicated page and data", "Meta dedicated page and data", "Netflix and Meta repeated Pershing tech histories" ], "siteFilesEdited": false, "summary": { "confirmedNumericErrors": 1, "confirmedFillableMetricCells": 15, "coreFinancialConclusion": "Dedicated Netflix and Meta populated core financial figures matched source filings and tested arithmetic; no numerical correction required there. One reported-company-FCF error in repeated Pershing Netflix history. Seven Meta constant-currency ad growth cells and eight period-end share counts are publicly fillable (some concurrently filled by another audit worker)." }, "corrections": [ { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/4/history/0/companyFcf", "ticker": "NFLX", "period": "FY2021", "before": -131.975, "after": -158.894, "unit": "USD million", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000030/nflx-20231231.htm", "locator": "MD&A Cash Flows, Non-GAAP reconciliation of free cash flow, printed p.27; 2021 column. OCF392.610−PP&E524.585−other-assets26.919=−158.894.", "note": "Preserve standard fcf=-131.975 if defined as OCF−cash PP&E; companyFcf must reflect the company reconciliation and cannot equal that simplified figure in2021. Add otherAssetsCashOutflow=26.919 and field note/source. Check history default/mapping does not overwrite companyFcf." } ], "gapFills": [ { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/2/history/0/periodEndShares", "ticker": "META", "period": "FY2021", "beforeAtAuditStart": null, "currentObservedBeforeWrite": 2741, "after": 2741, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000012/meta-20231231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2021; common-stock shares in millions", "alsoFill": { "path": "/companies/2/history/0/bookValuePS", "value": 45.55964976286027, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/2/history/1/periodEndShares", "ticker": "META", "period": "FY2022", "beforeAtAuditStart": null, "currentObservedBeforeWrite": 2614, "after": 2614, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000012/meta-20231231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2022; common-stock shares in millions", "alsoFill": { "path": "/companies/2/history/1/bookValuePS", "value": 48.09219586840092, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/2/history/2/periodEndShares", "ticker": "META", "period": "FY2023", "beforeAtAuditStart": null, "currentObservedBeforeWrite": 2561, "after": 2561, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2023; common-stock shares in millions", "alsoFill": { "path": "/companies/2/history/2/bookValuePS", "value": 59.80788754392815, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/2/history/3/periodEndShares", "ticker": "META", "period": "FY2024", "beforeAtAuditStart": null, "currentObservedBeforeWrite": null, "after": 2534, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2024; common-stock shares in millions", "alsoFill": { "path": "/companies/2/history/3/bookValuePS", "value": 72.07458563535911, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/2/history/4/periodEndShares", "ticker": "META", "period": "FY2025", "beforeAtAuditStart": null, "currentObservedBeforeWrite": null, "after": 2530, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2025; common-stock shares in millions", "alsoFill": { "path": "/companies/2/history/4/bookValuePS", "value": 85.86679841897234, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/4/history/0/periodEndShares", "ticker": "NFLX", "period": "FY2021", "beforeAtAuditStart": null, "currentObservedBeforeWrite": null, "after": 4439.63107, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000030/nflx-20231231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2021;2021original443963107×10 November2025split /1e6", "alsoFill": { "path": "/companies/4/history/0/bookValuePS", "value": 3.5699470857158406, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/4/history/1/periodEndShares", "ticker": "NFLX", "period": "FY2022", "beforeAtAuditStart": null, "currentObservedBeforeWrite": null, "after": 4453.46776, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2022;2025filing2022/2023comparatives already10-for-1 split adjusted /1e6", "alsoFill": { "path": "/companies/4/history/1/bookValuePS", "value": 4.665443227549042, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/pershing-tech-upgrade.json", "path": "/companies/4/history/2/periodEndShares", "ticker": "NFLX", "period": "FY2023", "beforeAtAuditStart": null, "currentObservedBeforeWrite": null, "after": 4327.59584, "unit": "million shares", "sourceURL": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm", "locator": "Consolidated statements of stockholders equity; balance at31December2023;2025filing2022/2023comparatives already10-for-1 split adjusted /1e6", "alsoFill": { "path": "/companies/4/history/2/bookValuePS", "value": 4.757448190910544, "formula": "equity USDm / period-end shares m; based on disclosed share rounding" }, "note": "Remove stale fieldNotes.periodEndShares saying not extracted; preserve weighted average dilutedShares separately." }, { "file": "dist/meta-data.json", "path": "/periods/annual/0/adRevenueConstantCurrencyGrowth", "inputPath": "meta-inputs.json/annual/0/adRevenueConstantCurrencyGrowth", "period": "2021", "before": null, "after": 35, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2022/Meta-Reports-Fourth-Quarter-and-Full-Year-2021-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; Twelve Months Ended31December currentyear column; advertising revenue excludingFX effect year-over-year change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 113314, "unit": "USD million" }, "note": "Company-reported rounded annual advertising growth. Do not substitute consolidated constant-currency revenue growth. Update build-meta.py metric limitation currently says latestQ2/H1only, and per-cell sourceIds/sourcesByMetric." }, { "file": "dist/meta-data.json", "path": "/periods/annual/1/adRevenueConstantCurrencyGrowth", "inputPath": "meta-inputs.json/annual/1/adRevenueConstantCurrencyGrowth", "period": "2022", "before": null, "after": 4, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2023/Meta-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; Twelve Months Ended31December currentyear column; advertising revenue excludingFX effect year-over-year change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 119538, "unit": "USD million" }, "note": "Company-reported rounded annual advertising growth. Do not substitute consolidated constant-currency revenue growth. Update build-meta.py metric limitation currently says latestQ2/H1only, and per-cell sourceIds/sourcesByMetric." }, { "file": "dist/meta-data.json", "path": "/periods/annual/2/adRevenueConstantCurrencyGrowth", "inputPath": "meta-inputs.json/annual/2/adRevenueConstantCurrencyGrowth", "period": "2023", "before": null, "after": 16, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2024/Meta-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Initiates-Quarterly-Dividend/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; Twelve Months Ended31December currentyear column; advertising revenue excludingFX effect year-over-year change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 131569, "unit": "USD million" }, "note": "Company-reported rounded annual advertising growth. Do not substitute consolidated constant-currency revenue growth. Update build-meta.py metric limitation currently says latestQ2/H1only, and per-cell sourceIds/sourcesByMetric." }, { "file": "dist/meta-data.json", "path": "/periods/annual/3/adRevenueConstantCurrencyGrowth", "inputPath": "meta-inputs.json/annual/3/adRevenueConstantCurrencyGrowth", "period": "2024", "before": null, "after": 22, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Reports-Fourth-Quarter-and-Full-Year-2024-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; Twelve Months Ended31December currentyear column; advertising revenue excludingFX effect year-over-year change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 161513, "unit": "USD million" }, "note": "Company-reported rounded annual advertising growth. Do not substitute consolidated constant-currency revenue growth. Update build-meta.py metric limitation currently says latestQ2/H1only, and per-cell sourceIds/sourcesByMetric." }, { "file": "dist/meta-data.json", "path": "/periods/annual/4/adRevenueConstantCurrencyGrowth", "inputPath": "meta-inputs.json/annual/4/adRevenueConstantCurrencyGrowth", "period": "2025", "before": null, "after": 22, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; Twelve Months Ended31December currentyear column; advertising revenue excludingFX effect year-over-year change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 196595, "unit": "USD million" }, "note": "Company-reported rounded annual advertising growth. Do not substitute consolidated constant-currency revenue growth. Update build-meta.py metric limitation currently says latestQ2/H1only, and per-cell sourceIds/sourcesByMetric." }, { "file": "dist/meta-data.json", "path": "/periods/quarterly/0/adRevenueConstantCurrencyGrowth", "period": "Q2 2025", "before": null, "after": 22, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Reports-Second-Quarter-2025-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; three/sixmonthsended30June2025 column; advertising revenue excludingFX effect YoY change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 46643, "unit": "USD million" }, "note": "Use2025release to compare against2024, not2026release2025comparative column." }, { "file": "dist/meta-data.json", "path": "/periods/halfYear/0/adRevenueConstantCurrencyGrowth", "period": "H1 2025", "before": null, "after": 21, "unit": "%", "sourceURL": "https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Reports-Second-Quarter-2025-Results/default.aspx", "locator": "Reconciliation of GAAP to Non-GAAP results; three/sixmonthsended30June2025 column; advertising revenue excludingFX effect YoY change", "relatedVerifiedValue": { "adRevenueConstantCurrency": 89259, "unit": "USD million" }, "note": "Use2025release to compare against2024, not2026release2025comparative column." } ], "legitimateGaps": [ "No standalone Reality Labs capex, advertising FCF or standalone AI operating profit disclosed; keep null rather than reclassifying RL operating loss as capex.", "No platform-wide ROAS or consistent time-spent-per-person data; keep missing.", "Comparable DAP-based Meta annual ARPP2021–22 not disclosed/recast in reviewed materials. Do not use historical MAP-based annual ARPP.", "Exact Netflix paid memberships/ARM stopped routine reporting2025; >325m Q42025 milestone is not exact year-end.", "Netflix normalized FCF requires tax and transaction adjustments; gross $2.8bn termination-receipt removal alone is not exact normalized FCF." ], "latestPeriod": { "Netflix": "Q2/H1 2026 remains latest at19Oct; Q32026 scheduled20Oct", "Meta": "Q2/H1 2026 remains latest at19Oct; Q32026 scheduled21Oct", "sources": [ { "url": "https://ir.netflix.net/investor-news-and-events/financial-releases/press-release-details/2026/Netflix-to-Announce-Third-Quarter-2026-Financial-Results/default.aspx" }, { "url": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-to-Announce-Third-Quarter-2026-Results/default.aspx" } ] }, "coverage": { "rawFinancialChecks": 168, "rawFinancialAutomatedExactMatches": 158, "remainingRawFinancialChecksResolved": { "2": "Meta2023grossPP&E27266 and proceeds221 match original2023filing;2025comparative PP&E27045 is net presentation, not a contradiction.", "8": "MetaQ2 cashflow OCF, financeleaseprincipal, SBC, depreciation both2025/26 not in 10-Q quarterly cashflow; verified in29Jul2026earningsrelease quarterlyCF tables." }, "segmentValueChecks": 45, "arithmeticChecks": 81, "supplementalManualChecks": [ "Netflix2021–24memberships, average memberships and ARM", "Netflix2025split/restateddilutedshares", "Netflix2026letter guidance, viewhours and terminationcashqualification", "Meta2021–25DAP/adimpressions/adpriceannualgrowth", "MetaARPP2023recastquarters plus annual2024/25 and interim2025/26 components", "Meta2026constantcurrencyadtable exact values and growth", "MetaPP&Enet/gross and leaseprincipal reconciliations", "Cross-page common revenue/OCF/dilutedshare data compared; differences in FCFdefinitions intentional except notedNFLX2021companyFCF" ], "limits": [ "Not a line-by-line verification of every narrative legal/governance statement.", "Engagement archival2023–25 headlines were inspected for use/qualifiers in data, not all original What We Watched article URLs re-opened.", "All stale dated snapshots are distinguished from wrong numbers.", "No browser visualQA performed." ] }, "sourcesChecked": [ { "id": "meta-k2023", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000012/meta-20231231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "meta-k2024", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680125000017/meta-20241231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "meta-k2025", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "meta-q2026", "url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S1", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S2", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000030/nflx-20231231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S3", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528025000044/nflx-20241231.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S4", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000033/ex991_q425.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S8", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000029/ex991_q423.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S5", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000212/nflx-20260630.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "netflix-S9", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528024000127/ex991_q124.htm", "method": "Full local HTML filing parsed for XBRL financial figures; selected narrative/cashflow/family tables inspected" }, { "id": "meta-r2026", "url": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx", "method": "Quarterly and halfyear CF/FCF, FXadgrowth, operationalhighlights viaweb" }, { "id": "netflix-q226-letter", "url": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000211/ex991_q226.htm", "method": "Latest guidance/engagement and cashflow qualification" } ] }, "tortilla-evolution": { "audit_date": "2026-10-19", "mode": "read-only; no site files changed", "summary": "No substantive wrong stored core financial values found in reviewed Tortilla/Evolution data. Found 29 fillable metric cells (27 if optional regulated-share ratios omitted). 95 recomputed calculation checks passed. Missing cells include legitimate non-disclosures and incompatible periods and are not all defects.", "coverage": { "tortilla": { "metric_definitions": 34, "periods": 7, "numeric_metric_cells_before": 139, "null_metric_cells_before": 99 }, "evolution": { "metric_definitions": 42, "periods": 7, "numeric_metric_cells_before": 233, "null_metric_cells_before": 61 } }, "findings": [ { "id": "TE01", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[0].leaseLiabilities": 31.66209, "periods.annual[1].leaseLiabilities": 36.723891 }, "source": "t_FY22", "source_url": "https://www.investegate.co.uk/index.php/announcement/rns/tortilla-mexican-grill--mex/annual-results-publication-of-annual-report/7331638", "source_location": "Consolidated statement of financial position and note 14; RNS lines 663–672 / 1563–1593", "kind": "Reported", "notes": "GBP millions. FY2022 balance-sheet sum and maturity table equal £36,723,891; lease movement note prints £36,723,889, a £2 discrepancy. Use balance-sheet/maturity figure and retain source note. FY2021 current £5,830,987 + non-current £25,831,103." }, { "id": "TE02", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[2].leaseLiabilities": 35.203839 }, "source": "t_FY23", "source_url": "https://www.lse.co.uk/rns/MEX/annual-results-and-publication-of-annual-report-gm0wmczy71n7jfd.html", "source_location": "Statement of financial position and note 13, carrying amount by maturity", "kind": "Reported", "notes": "GBP millions: £5,670,902 current + £29,532,937 non-current. Do not substitute undiscounted £43,356,322." }, { "id": "TE03", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[0].franchiseIncome": 0.306121, "periods.annual[1].franchiseIncome": 0.647851 }, "source": "t_FY22", "source_url": "https://www.investegate.co.uk/index.php/announcement/rns/tortilla-mexican-grill--mex/annual-results-publication-of-annual-report/7331638", "source_location": "Note 4 Revenue (RNS lines 1245–1255)", "kind": "Reported", "notes": "GBP millions. Franchise income, matching consolidated annual metric; not consumer system sales." }, { "id": "TE04", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[2].franchiseIncome": 0.826916 }, "source": "t_FY23", "source_url": "https://www.lse.co.uk/rns/MEX/annual-results-and-publication-of-annual-report-gm0wmczy71n7jfd.html", "source_location": "Note 4 Revenue (RNS lines 1073–1079)", "kind": "Reported", "notes": "GBP millions. FY2022 comparative £647,851 independently confirms prior year." }, { "id": "TE05", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[3].ownSites": 81, "periods.annual[3].franchiseSites": 36 }, "source": "t_FY24", "source_url": "https://tortillagroup.co.uk/wp-content/uploads/Annual-Results-2024.pdf", "source_location": "Printed p.7, Property portfolio and strategy", "kind": "Calculated from reported counts", "notes": "Explicit end-2024 inventory: own 68 UK + 13 France = 81; franchise 7 SSP + 5 Compass + 10 Middle East + 14 France = 36; total 117. Add source-specific provenance and replace current metric caveat saying 2024 split is not established. About-company text at publication date is a different snapshot." }, { "id": "TE06", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[3].ukLflPct": -0.1 }, "source": "t_FY25", "source_url": "https://www.investegate.co.uk/announcement/rns/tortilla-mexican-grill--mex/final-results-replacement/9688615", "source_location": "Alternative performance measures table, FY24 comparative (RNS lines 352–357)", "kind": "Reported", "notes": "Latest audited-results APM table explicitly labels UK LFL -0.1%. Original FY2024 release also calls -0.1% in-store growth; preserve original source/scope caveat rather than claiming these are an identical all-channel definition." }, { "id": "TE07", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.annual[3].ukInStoreLflPct": -0.1, "periods.annual[3].ukDeliveryLflPct": -11.2 }, "source": "t_FY24", "source_url": "https://tortillagroup.co.uk/wp-content/uploads/Annual-Results-2024.pdf", "source_location": "Printed p.9, Financial review / Revenue (PDF lines 460–464)", "kind": "Reported", "notes": "The source explicitly gives whole-year in-store -0.1% and delivery -11.2%. Retain separate channel metrics; do not replace with year-end +6% exit-growth snapshot." }, { "id": "TE08", "type": "fillable_gap", "severity": "medium", "company": "tortilla", "before": null, "after": { "periods.halfYear[0].ukLflPct": 5.0 }, "source": "t_H125", "source_url": "https://tortillagroup.co.uk/wp-content/uploads/H125-RNS-Interim-Results-1.pdf", "source_location": "Printed pp.1 and 8; UK operational trading disclosure", "kind": "Reported", "notes": "Operational UK LFL disclosure from original H125; financial metrics must continue to use the H126 restatement. Label this provenance separately, because the restatement concerns French financial accounts. H125 in-store/delivery fields should stay null unless matching half-year values are found; disclosed 6.3% delivery is Q2-only." }, { "id": "TE09", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.annual[0].availabilityPct": 99.87, "periods.annual[1].availabilityPct": 99.88 }, "source": "e_ar2022", "source_url": "https://attachment.news.eu.nasdaq.com/a92e701de9e33b766f57cc3c4d980a0ef", "source_location": "Printed p.15; system availability 2022 and 2021 comparison", "kind": "Reported", "notes": "Percent, excluding scheduled maintenance. 2021 also independently confirmed in ar2021 (PDF text lines 558–565). Current 2024 and 2025 entries already match 99.96% and 99.90%. Add annual input keys or explicit build mapping and sourcesByMetric ar2022." }, { "id": "TE10", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.annual[2].availabilityPct": 99.93 }, "source": "e_ar2023", "source_url": "https://attachment.news.eu.nasdaq.com/a29647ec7d119ec5e20884a5a616d09c9", "source_location": "Printed p.15; System availability", "kind": "Reported", "notes": "Percent, excluding scheduled maintenance. 2022 comparative also confirms 99.88%." }, { "id": "TE11", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.halfYear[0].europeRevenue": 369.9, "periods.halfYear[0].asiaRevenue": 411.0, "periods.halfYear[0].northAmericaRevenue": 145.5, "periods.halfYear[0].latamRevenue": 73.8, "periods.halfYear[0].otherRevenue": 45.0, "periods.halfYear[0].regulatedRevenue": 465.1 }, "source": "e_h12025", "source_url": "https://mb.cision.com/Main/12069/4207965/3583126.pdf", "source_location": "Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table", "kind": "Calculated", "notes": "EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1." }, { "id": "TE13", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.halfYear[0].regulatedShare": 44.49810708439333 }, "source": "e_h12025", "source_url": "https://mb.cision.com/Main/12069/4207965/3583126.pdf", "source_location": "Same geographical table; ratio to H1 consolidated net revenue", "kind": "Calculated", "notes": "Optional additional fill: calculated regulated revenue / same H1 net revenue. Do not average quarterly 45% and44% /48% and49%; numerator is rounded EUR0.1m, so display about44.5% /48.8%. Existing annual metric definition says company-rounded reported share and must be extended with period-level Calculated classification." }, { "id": "TE12", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.halfYear[1].europeRevenue": 340.1, "periods.halfYear[1].asiaRevenue": 388.3, "periods.halfYear[1].northAmericaRevenue": 159.7, "periods.halfYear[1].latamRevenue": 94.3, "periods.halfYear[1].otherRevenue": 48.4, "periods.halfYear[1].regulatedRevenue": 502.8 }, "source": "e_h12026", "source_url": "https://storage.mfn.se/bbf67910-dce3-4b0c-8228-de12e62c78f6/evo-q2-2026-07-17-eng.pdf", "source_location": "Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table", "kind": "Calculated", "notes": "EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1." }, { "id": "TE14", "type": "fillable_gap", "severity": "medium", "company": "evolution", "before": null, "after": { "periods.halfYear[1].regulatedShare": 48.77622886411921 }, "source": "e_h12026", "source_url": "https://storage.mfn.se/bbf67910-dce3-4b0c-8228-de12e62c78f6/evo-q2-2026-07-17-eng.pdf", "source_location": "Same geographical table; ratio to H1 consolidated net revenue", "kind": "Calculated", "notes": "Optional additional fill: calculated regulated revenue / same H1 net revenue. Do not average quarterly 45% and44% /48% and49%; numerator is rounded EUR0.1m, so display about44.5% /48.8%. Existing annual metric definition says company-rounded reported share and must be extended with period-level Calculated classification." } ], "calculation_checks": { "total": 95, "passed": 95 }, "verified_critical_points": [ { "company": "tortilla", "scope": "FY2021–23 cash operations, tangible capex, bank-interest cash and lease cash; revenue, net result, gross margins, net debt; FY2024–25 cash statements and statutory revenue/profit; H125 restated and H126 all core cash/earnings/debt/store values", "result": "Matches primary RNS or interim PDF. H126 after leases/interest/capex -£1.809m; H125 restated -£4.048m. FY25 group revenue £73.989937m is correct statutory value despite £73.8m erroneous release headline. FY24 CFO £10.585298m correctly uses latest comparative, not original £10.512826m." }, { "company": "evolution", "scope": "2021–25 live/RNG/net revenue, operating/net profit, CFO/capex/leases/cash taxes, weighted-average basic shares and FCF calculations; regional classification; regulated revenue and mix; launch flow and operating-count qualification; H125/H126 financials and share counts", "result": "Values checked against annual statements/notes and H126 match. 2023 CFO £/EUR typo in original report correctly resolved by 2024 comparative to €1,168.447m. 2024/25 adjusted EBITDA excludes noncash other operating income. H126 working-capital release €44.655m versus H125 absorption €24.660m correctly disclosed. Annual launch count88/110/109/113 totals420 average105; 2021 unavailable comparable group total appropriately retained." } ], "preserve_gaps_and_limitations": [ "Tortilla FY2022 own-store count remains ambiguous: release About says65 and property paragraph explicitly62 (59 Tortilla+3 Chilango). This is a true source conflict; keep null and explain. Do not infer 65 just to force82 total.", "Tortilla H125 estate figures in original report refer to September2025 and not June29; do not use37 franchised atSeptember as H1 endpoint.", "Tortilla gross margin in France H12665.5% is whole-half; 70% is exit margin. Current dataset correctly differentiates them.", "France did not belong to Tortilla before2024. Missing pre-acquisition French segment fields should be not applicable, not zero.", "No complete public series established for Tortilla kitchen utilisation, ingredient cost per meal, restaurant-specific labour/sales, repeat purchase, transaction spend, realised site payback, or French closure cash exit costs. Avoid using group employee cost as restaurant labour, or £573k group closure charge as full French cash bill.", "Tortilla management £1.1m annual avoided-loss statement has existing transcript sourcing. This turn did not independently re-transcribe the full October1 presentation. It is already correctly labelled management estimate, not proven cash savings.", "Evolution 2021 LatAm/Other split unavailable on comparable later definition; 2021 combined Other96.3 cannot populate the later Other metric. New-game revenue share, studio utilisation and studio ROIC remain unavailable.", "Evolution H1 table/customer/launch counts are not inferred from later press boilerplate; annual counts are qualified > or approximate, not exact audited productivity denominators.", "Source PDFs/primary announcements used. Some direct HTTP fetches of current PDFs were blocked; web-tool PDF text supplied those sections. Existing official annual-report PDF copies were read locally. No independent audit opinion is being issued; do not describe every sentence or all hidden input fields as re-certified.", "Latest financial-report indexes checked: Evolution still lists Jan–June2026 as latest; Tortilla latest interim dated29Sep2026. Evolution19Oct2026 buyback announcement is a newer corporate-action snapshot, not a new financial reporting period and should not overwrite H1/annual shares." ], "sources_checked": { "t_FY21": { "title": "FY2021 annual results", "date": "2022-04-11", "url": "https://www.investegate.co.uk/announcement/rns/tortilla-mexican-grill--mex/annual-results/6904144", "checked": "2026-10-19" }, "t_FY22": { "title": "FY2022 annual results", "date": "2023-03-27", "url": "https://www.investegate.co.uk/index.php/announcement/rns/tortilla-mexican-grill--mex/annual-results-publication-of-annual-report/7331638", "checked": "2026-10-19" }, "t_FY23": { "title": "FY2023 annual results", "date": "2024-04-24", "url": "https://www.lse.co.uk/rns/MEX/annual-results-and-publication-of-annual-report-gm0wmczy71n7jfd.html", "checked": "2026-10-19" }, "t_FY25": { "title": "FY2025 audited annual results, replacement announcement; includes FY2024 comparatives", "date": "2026-07-27", "url": "https://www.investegate.co.uk/announcement/rns/tortilla-mexican-grill--mex/final-results-replacement/9688615", "checked": "2026-10-19" }, "t_H126": { "title": "H1 FY2026 interim results; includes restated H1 FY2025", "date": "2026-09-29", "url": "https://tortillagroup.co.uk/wp-content/uploads/H1-FY26-RNS-Interim-Results.pdf", "checked": "2026-10-19" }, "e_ar2021": { "title": "Evolution Annual Report 2021", "url": "https://evolution-com-media.s3.eu-central-1.amazonaws.com/s3fs-public/1550307.pdf", "locations": "Printed pp.3 (tables),18 (launch components),22 (First Person titles),24 (customers); PDF page index is printed page +1.", "checked": "2026-10-19" }, "e_ar2022": { "title": "Evolution Annual Report 2022", "url": "https://attachment.news.eu.nasdaq.com/a92e701de9e33b766f57cc3c4d980a0ef", "officialLanding": "https://www.evolution.com/investors/financial-publications/press-releases/evolution-annual-report-2022-6290af36", "locations": "Printed pp.4 (88 launches),7/18 (tables),25 (customer count),75 (income statement),76 (balance sheet),78 (cash flow),81 (ex-treasury shares),93 (regions),97 (EPS),101 (leases),106–107 (acquisitions).", "checked": "2026-10-19" }, "e_ar2023": { "title": "Evolution Annual Report 2023", "url": "https://attachment.news.eu.nasdaq.com/a29647ec7d119ec5e20884a5a616d09c9", "officialLanding": "https://www.evolution.com/investors/financial-publications/press-releases/evolution-annual-report-2023-8c52ef0e", "locations": "Printed pp.4 (110 launches),16 (customer concentration),17 (tables),26 (shares),69 (income statement),70 (balance sheet),72 (cash flow),87 (regions),98 (leases).", "checked": "2026-10-19" }, "e_ar2024": { "title": "Evolution Annual Report 2024", "url": "https://storage.mfn.se/c/aHR0cHM6Ly9tYi5jaXNpb24uY29tL01haW4vMTIwNjkvNDEzNTk2NS8zMzkwNzg1LnBkZg/evolution-annual-report-2024.pdf", "downloadUrl": "https://mb.cision.com/Main/12069/4135965/3390785.pdf", "locations": "Printed pp.4 (109 launches),13 (customers),14 (tables),25 (shares),59 (109 launches and tables),77 (income),78 (balance),80 (cash flow),95 (regions),101 (EPS),107 (leases).", "checked": "2026-10-19" }, "e_ar2025": { "title": "Evolution Annual Report 2025", "url": "https://storage.mfn.se/c/aHR0cHM6Ly9tYi5jaXNpb24uY29tL01haW4vMTIwNjkvNDMyOTk1NC80MDIxMTAyLnBkZg/annual_report_english_2026_04_01.pdf", "downloadUrl": "https://mb.cision.com/Main/12069/4329954/4021102.pdf", "locations": "Printed pp.5 (113 launches),7/15 (tables),14 (customers and concentration),23 (shares),85 (income),86 (balance),88 (cash flow),98 (tax accounting),102 (players geography),107 (effective tax),109 (EPS),116 (leases),126 (adjusted EBITDA reconciliation).", "checked": "2026-10-19" }, "e_h12026": { "title": "Evolution Interim Report January–June 2026", "url": "https://storage.mfn.se/bbf67910-dce3-4b0c-8228-de12e62c78f6/evo-q2-2026-07-17-eng.pdf", "officialLanding": "https://www.evolution.com/investors/financial-publications/press-releases/evolution-interim-report-january-june-2026", "locations": "pp.2 (CEO regional comments),4 (H1),5 (regional quarterly tables),8 (income),11 (cash flow),12 (shares and KPIs),13 (APM reconciliation). Report not independently reviewed.", "checked": "2026-10-19" }, "t_FY24": { "title": "Tortilla FY2024 annual results", "url": "https://tortillagroup.co.uk/wp-content/uploads/Annual-Results-2024.pdf", "checked": "2026-10-19" }, "t_H125": { "title": "Tortilla H1 FY2025 original report: operational LFL only; financials superseded by H126", "url": "https://tortillagroup.co.uk/wp-content/uploads/H125-RNS-Interim-Results-1.pdf", "checked": "2026-10-19" }, "e_h12025": { "title": "Evolution H1 2025 report", "url": "https://mb.cision.com/Main/12069/4207965/3583126.pdf", "checked": "2026-10-19" } }, "fillable_cells": 29 }, "valaris-transocean": { "page": "valaris-transocean", "audit_date": "2026-10-19", "mode": "Read-only; site and input files not edited", "summary": { "confirmed_wrong_numbers": 0, "fillable_source_fields": 6, "extra_display_cells_from_2021_share_fill": 2, "computed_arithmetic_checks": 82, "computed_arithmetic_errors": 0, "applicable_non_null_cells": 368, "applicable_null_cells": 134, "note": "Six underlying source additions are proposed: 2021 successor closing shares plus five financing observations. Closing shares also populate annual 2021 snapshot and permit 2022 change calculation. Arithmetic checks cover each populated FCF, FCF/share, net debt, G&A/revenue, adjusted margin, annual net-debt/EBITDA; not all source facts received a fresh direct extraction." }, "findings": [ { "id": "VAL-2021-CLOSING-SHARES", "severity": "fillable_gap", "input_file": "valaris-history-inputs.json", "input_path": "rows[id=2021-successor].metrics.period_end_shares", "before": null, "after": 75.0, "unit": "million shares", "classification": "Reported closing shares reconciled from equity roll-forward", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Note 9 Shareholders equity, page 114: balance December 31 2021, common shares 75.0m, treasury shares cost zero; no share awards vested during the eight-month successor period, page 116. FY2022 10-K balance sheet also lists 75.0m issued at December 31 2021.", "implementation": "Set period_end_shares.value=75.0 with source_id k2023, scope December 31 2021 successor closing balance and explicit roll-forward note. Annual 2021 snapshot already copies this field from successor. Rebuild produces 75.0 in both displays and 2022 shareChange=0.2m. Do not combine predecessor share counts." }, { "id": "VAL-2021-FINANCING-1", "severity": "fillable_gap", "output_file": "dist/valaris-transocean-data.json", "output_path": "companies.valaris.periods.restructuring[label=Jan–Apr 2021].values.cashDebtProceeds", "before": null, "after": 520.0, "unit": "USD million", "classification": "Reported cash flow", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns.", "note": "Issuance of First Lien Notes, four months ended April 30 2021; before separately disclosed 1.4m issuance costs. Cash issuance occurred in the predecessor cash-flow column even though notes continued after emergence.", "implementation": "Add explicit 2021 split-period financing input rows and map their period IDs to Jan–Apr 2021 / May–Dec 2021 labels, or add source-backed override in builder. Do not fill full-year 2021 financial-flow slots; preserve fresh-start split. Do not force predecessor debt repayments to zero: 129.9m payments to predecessor creditors is a separate reorganisation flow requiring classification." }, { "id": "VAL-2021-FINANCING-2", "severity": "fillable_gap", "output_file": "dist/valaris-transocean-data.json", "output_path": "companies.valaris.periods.restructuring[label=May–Dec 2021].values.cashDebtProceeds", "before": null, "after": 0, "unit": "USD million", "classification": "Reported cash flow", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns.", "note": "Both debt-issuance lines explicitly show dashes in the eight-month successor column.", "implementation": "Add explicit 2021 split-period financing input rows and map their period IDs to Jan–Apr 2021 / May–Dec 2021 labels, or add source-backed override in builder. Do not fill full-year 2021 financial-flow slots; preserve fresh-start split. Do not force predecessor debt repayments to zero: 129.9m payments to predecessor creditors is a separate reorganisation flow requiring classification." }, { "id": "VAL-2021-FINANCING-3", "severity": "fillable_gap", "output_file": "dist/valaris-transocean-data.json", "output_path": "companies.valaris.periods.restructuring[label=May–Dec 2021].values.cashDebtRepayments", "before": null, "after": 0, "unit": "USD million", "classification": "Reported cash flow", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns.", "note": "Redemption line and all financing flows show dashes in the eight-month successor column; no debt cash repayment in that period.", "implementation": "Add explicit 2021 split-period financing input rows and map their period IDs to Jan–Apr 2021 / May–Dec 2021 labels, or add source-backed override in builder. Do not fill full-year 2021 financial-flow slots; preserve fresh-start split. Do not force predecessor debt repayments to zero: 129.9m payments to predecessor creditors is a separate reorganisation flow requiring classification." }, { "id": "VAL-2021-FINANCING-4", "severity": "fillable_gap", "output_file": "dist/valaris-transocean-data.json", "output_path": "companies.valaris.periods.restructuring[label=Jan–Apr 2021].values.cashRepurchases", "before": null, "after": 0, "unit": "USD million", "classification": "Reported cash flow", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns.", "note": "Payments for share repurchases explicitly dash in four-month predecessor column.", "implementation": "Add explicit 2021 split-period financing input rows and map their period IDs to Jan–Apr 2021 / May–Dec 2021 labels, or add source-backed override in builder. Do not fill full-year 2021 financial-flow slots; preserve fresh-start split. Do not force predecessor debt repayments to zero: 129.9m payments to predecessor creditors is a separate reorganisation flow requiring classification." }, { "id": "VAL-2021-FINANCING-5", "severity": "fillable_gap", "output_file": "dist/valaris-transocean-data.json", "output_path": "companies.valaris.periods.restructuring[label=May–Dec 2021].values.cashRepurchases", "before": null, "after": 0, "unit": "USD million", "classification": "Reported cash flow", "source_url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "source_date": "2024-02-22", "source_location": "Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns.", "note": "Payments for share repurchases explicitly dash in eight-month successor column.", "implementation": "Add explicit 2021 split-period financing input rows and map their period IDs to Jan–Apr 2021 / May–Dec 2021 labels, or add source-backed override in builder. Do not fill full-year 2021 financial-flow slots; preserve fresh-start split. Do not force predecessor debt repayments to zero: 129.9m payments to predecessor creditors is a separate reorganisation flow requiring classification." } ], "verified_high_risk_points": [ "FCF equals operating cash flow minus cash capex, excluding rig sales; annual Valaris 2025 202.7m versus company Adjusted FCF340.6m properly distinguished.", "Transocean 2021–25 CFO, cash capex, debt principal/carrying amount, cash interest, and financing cash flows reconcile to annual statements.", "Transocean 2024 GAAP diluted weighted shares 925m is correct despite loss; 75m convertible effect is included. H1 2026 diluted shares1125m correct; Q2-only1202m is not incorrectly substituted.", "Exact Transocean 2023,2024,2025 and H1 2025 closing share counts are balance-sheet dates, not only later cover dates; H1 2026 rounded1117m disclosed in balance sheet.", "Valaris 2023–25 adjusted EBITDA141.3/485.4/642.2m confirmed in proxy reconciliations. H1 2026 derived66.7+96.5=163.2m has correct calculated provenance.", "Valaris annual cash interest2022–25 and2021 predecessor/successor periods confirmed; amounts are net of capitalised interest as labelled.", "Valaris2023 issuance1103m versus1100m face,571.8m redemption versus550m face, and38.6m separate issuance costs correctly distinguish cash from principal.", "Valaris2021 flows remain split at fresh-start accounting. Net debt uses principal less unrestricted cash, excludes ARO and restricted cash.", "Valaris2024/25 utilisation and floater/jackup daily revenues match official operating statistics.", "Pending merger and conditional future-target labels are preserved; no realized synergies entered. October15 revolver agreement remains conditional on closing; Aquila retirement is standalone financing." ], "gaps_to_keep": [ { "fields": "Both companies H1 2025/H1 2026 cashInterest", "reason": "No separately reported interim cash-interest amount located in the reviewed 10-Qs; accrued interest expense is not a substitute." }, { "fields": "cleanRigCost and maintenanceCapex", "reason": "No consistent matched same-rig clean-cost or maintenance-only cash-capex history established. Repair expense and combined maintenance/upgrades capex cannot substitute." }, { "fields": "Valaris FY2021 consolidated flow slots", "reason": "Predecessor and successor accounting boundaries and share ownership changed. Existing split-period presentation is necessary." }, { "fields": "Valaris H1 2025 revenueEfficiency", "reason": "Q2-only96% found, but a verified H1 combined figure was not located; cannot average quarterly percentages without denominator weights." }, { "fields": "Transocean H1 debt/share proceeds; Valaris share proceeds", "reason": "Cash flow omitted or aggregated lines do not establish separately disclosed zeros." }, { "fields": "Realized merger savings and total integration budget", "reason": "Pre-close realization cannot be measured; complete budget not quantified. Forecasts must remain prospective." } ], "sources_checked": [ { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm", "title": "FY2023 Form 10-K", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480826000029/val-20251231.htm", "title": "FY2025 Form 10-K", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480826000141/val-20260630.htm", "title": "Q2 2026 Form 10-Q", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.valaris.com/news/news-details/2022/Valaris-Reports-Fourth-Quarter-2021-Results/default.aspx", "title": "Q4 2021 results", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.valaris.com/news/news-details/2023/Valaris-Reports-Fourth-Quarter-2022-Results/default.aspx", "title": "Q4 2022 results", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480826000138/a06302026ex991pressrelease.htm", "title": "Q2 2026 results", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480824000048/val-20240417.htm", "title": "2024 Proxy; FY2023 reconciliation", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480825000063/val-20250417.htm", "title": "2025 Proxy; FY2024 reconciliation", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Valaris", "url": "https://www.sec.gov/Archives/edgar/data/314808/000031480826000085/val-20260416.htm", "title": "2026 Proxy; FY2025 reconciliation", "coverage": "Read primary statement/reconciliation or operating-statistics sections; dates and scopes retained." }, { "company": "Transocean", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000145150523000029/rig-20221231x10k.htm", "title": "Transocean FY2022 Form 10-K", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000145150524000015/rig-20231231x10k.htm", "title": "Transocean FY2023 Form 10-K", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm", "title": "Transocean FY2025 Form 10-K", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000145150525000079/rig-20250630x10q.htm", "title": "Transocean June 2025 Form 10-Q", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm", "title": "Transocean June 2026 Form 10-Q", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-reports-fourth-quarter-and-full-year-2021-results", "title": "FY2021 earnings and reconciliations", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-reports-fourth-quarter-and-full-year-2025-results", "title": "FY2025 earnings and reconciliations", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Transocean", "url": "https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-announces-amended-and-restated-credit-agreement", "title": "Amended credit agreement and Aquila redemption", "coverage": "Read primary statement, debt, EPS, cash-flow or relevant financing release sections." }, { "company": "Merger", "url": "https://www.sec.gov/Archives/edgar/data/314808/000114036126039551/ef20083773_8k.htm", "title": "October 14 2026 Valaris 8-K", "coverage": "Fixed exchange ratio 15.235; October 13 CADE decision; expected publication October 15/16 and subsequent 15-day finality; Q4 closing remains conditional." }, { "company": "Merger", "url": "https://www.sec.gov/Archives/edgar/data/1451505/000110465926115680/tm269762-10_defm14a.htm", "title": "October 14 definitive merger proxy", "coverage": "Indexed primary result confirms November 24 shareholder meetings and 53/47 illustrative ownership; other detailed historical-projection fields were inspected in site data but not independently re-extracted in this bounded audit." } ], "coverage_limits": [ "No fresh full-source revalidation of all 368 populated cells; focused independent audit plus82 formula checks.", "Remaining Valaris2022 operating statistics, Transocean individual historical efficiency/EBITDA series and exact every historical merger-projection row were not fully re-extracted; existing provenance was reviewed.", "No independently verified CADE Official Journal publication date or later finality confirmation found; current conditional status text is appropriate.", "No browser visual QA performed in this research subtask." ] } }, "verification": { "automatedChecks": { "passedSuites": 15, "suiteNames": [ "verify-alibaba.mjs", "verify-bam-history.mjs", "verify-berkshire.mjs", "verify-evolution.mjs", "verify-holdings.mjs", "verify-investor.mjs", "verify-meta.mjs", "verify-netflix.mjs", "verify-pershing-charts.mjs", "verify-pershing-history.mjs", "verify-pershing.mjs", "verify-portfolio.mjs", "verify-tortilla.mjs", "verify-valaris-transocean.mjs", "verify-validity.mjs" ], "checks": "Calculation identities, source fields, chart selections, interactive controls, CSV, missing-value handling, cap withholding, equity-value proxies, JSON parsing, local assets and HTML IDs all passed.", "correctedDataRebuilds": "Four affected data generators reproduce the reviewed output; the correction replay is idempotent." }, "visualQA": "Browser visual QA unavailable in this environment.", "marketPrices": "Retained dated vendor observations; not independently validated as exchange prices.", "scopeLimit": "Whole-site coverage does not mean every numeric field received a new independent primary-source extraction. See the per-company scope and limitations." }, "evidenceDetailsNote": "The detailed sections retain read-only research findings. Their proposed changes were reviewed and applied by the site editor as summarised in changes; earlier vendor snapshots remain historical evidence.", "editorialUpdate": { "date": "2026-10-19", "scope": "Historical information only. Forecasts, hypothetical financial models and forward-looking portfolio estimates removed after this data review. Historical numbers and saved notes preserved.", "verification": "16 existing check suites and JavaScript syntax checks passed; 6816 historical numeric/null fields unchanged. Browser visual QA unavailable." } }