{"summary":{"engine":"lbo","engine_version":"lbo-1.0.0","passed":7,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","checked_at":"2026-09-05T13:30:28.309693+00:00"},"conventions":{"basis":"short-form 3-statement LBO.","senior_sizing":"Senior debt = min(leverage, interest-coverage, fixed-charge-coverage) tests — the debt-sizing methodology. Mezzanine plugs to the total leverage multiple.","taxes":"Levered: taxed on (EBIT - interest) with NOL carryforward. The interest tax shield IS captured.","cash":"Un-swept FCF accumulates; a revolver draws to a minimum-cash floor; exit uses NET debt (debt - cash).","returns":"Per exit year: exit EV - transaction costs - net debt + cash, less equity invested, less management incentive. IRR = MOIC^(1/year) - 1 (single entry/exit equity flow).","attribution":"Gain decomposed into EBITDA growth (at entry multiple), multiple expansion (on exit EBITDA), debt paydown, cash generation, transaction costs (entry+exit), management incentive. Sums to value-to-equity.","variant_returns":"Variant cases reconcile S&U + the annual model only; returns are proven transitively (base proves the returns formula, variants prove the annual model that feeds it) because LibreOffice cannot recalc the workbook's XLOOKUP-based returns section."},"tolerances":{"cash":0.01,"irr":0.001},"cases":[{"id":"lbo_base","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","cells":"Excel-cached base returns/attribution"}},{"id":"lbo_leverage_3_0x","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","toggle":"K6=3.0","recalc":"LibreOffice"}},{"id":"lbo_growth_low","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","toggle":"row9 growth","recalc":"LibreOffice"}},{"id":"lbo_exit_10x","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","cells":"sensitivity grid col I (factor 1.0), exit 10.0x"}},{"id":"lbo_exit_11x","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","cells":"sensitivity grid col I (factor 1.0), exit 11.0x"}},{"id":"lbo_exit_13x","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","cells":"sensitivity grid col I (factor 1.0), exit 13.0x"}},{"id":"lbo_exit_14x","status":"pass","source":{"workbook":"lbo.xlsx","sha256":"104ca60467b18b5812d810597742923afa7ed9a4f409ec8d128d1feba9b267f6","cells":"sensitivity grid col I (factor 1.0), exit 14.0x"}}]}