skills/earnings-events/references/modules/M009-8-k-and-event-filing-triage.md

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<!-- Module: 009 | Title: 8-K and Event Filing Triage -->

## PART II - SOURCE INTELLIGENCE AND FILINGS | MODULE 009

# 8-K and Event Filing Triage

> Mission. Classify current reports by materiality, financial impact, transaction type, and required model action.

## Decision output

Objective: Classify current reports by materiality, financial impact, transaction type, and required model action. The completed work product must be reproducible from evidence, show the downstream financial or decision effect when material, state the strongest contrary case, and define a dated update rule.

## Explicit operating procedure

1. Identify the 8-K item number, event date, filing date, incorporated exhibits, and whether the filing furnishes or files information with different legal consequences.

1. Classify the event into operating results, material agreement, acquisition/disposition, financing/default, impairment/restructuring, auditor/control, management/board, Reg FD disclosure, or other material category.

1. Read the exhibit or underlying agreement when economics depend on contract terms; do not rely on the 8-K summary alone.

1. Quantify immediate and contingent effects on revenue, cost, assets/liabilities, cash, debt, covenants, shares, taxes, and valuation.

1. Determine whether the event changes the model now, creates a monitoring item, or has no material analytical effect. Record the reason.

1. For earnings 8-Ks, reconcile furnished tables with the later 10-Q/10-K and preserve any definition or non-GAAP differences.

## Required evidence and model bridge

- Primary-source set: EDGAR filings, exhibits, prior-period filings, debt documents, ownership forms. Preserve exact document/version, date, period, and source location for every material factual input used in 8-k and event filing triage.

- For each key concept - item numbers, exhibits, operating versus financing events, liquidity, transaction terms, model action - state whether it is a reported fact, analyst calculation, management claim, external estimate, or judgment. Quantitative concepts must retain raw components and units; qualitative concepts must retain the specific evidence and counterevidence.

- Map only economically relevant findings into the model or decision record. Process-control modules such as 8-k and event filing triage may have no direct valuation line; in that case document the downstream error or governance risk the control prevents.

## Metrics and calculation controls

| Metric / concept | Construction | Required validation |
| --- | --- | --- |
| event value impact | Change in probability-weighted equity value attributable to the event after updating operating, financing, dilution, and timing assumptions. | event value impact: Recalculate independently from cited source data; verify definition, period, units, scope, signs, and any reconciliation to reported financial or operating totals. |
| liquidity impact | Change in unrestricted cash plus committed undrawn liquidity less forecast cash needs and near-term maturities caused by the event. | liquidity impact: Tie cash, debt, facilities, maturities, and fixed charges to balance-sheet/footnote data; stress availability restrictions, refinancing assumptions, and downside cash generation. |
| model-action latency | Elapsed time from verified material event to completion of the required model, valuation, risk-register, and memo update. | model-action latency: Verify start/end timestamps or periods from source records, use a consistent calendar/business-day convention, and test outliers rather than averaging them away. |



## Worked application

> Case: an acquisition is financed with cash and new debt.

- Reconstruct the relevant reported fact from primary evidence before interpreting the case. For 8-k and event filing triage, show the raw components rather than only the resulting ratio or narrative.

- Build the causal chain through item numbers, exhibits, operating versus financing events, liquidity, then identify which link is directly observed and which link remains an assumption.

- Calculate event value impact, liquidity impact, model-action latency from sourced components under the reported/base interpretation and at least one skeptical alternative interpretation.

- Translate the difference between cases into the variable that matters for 8-k and event filing triage: evidence quality, revenue, operating profit/NOPAT, free cash flow, invested capital, financing/dilution, risk, or valuation. Mark non-applicable links instead of inventing them.

- Expert consistency test: quantify first-order financial effects and second-order covenant, customer, and integration effects.

- Precommit the specific future filing, KPI, customer/supplier observation, regulator action, or market input that would materially invalidate the 8-k and event filing triage conclusion.

## Failure tests

- FAIL if item numbers cannot be defined and reproduced from the source pack.

- FAIL if a material current report or exhibit is treated as immaterial before quantifying the event, contractual obligation, financing, or required model action.

- FAIL if the 8-k and event filing triage conclusion depends on an unstated assumption, unreconciled definition, or evidence that cannot be traced to its source/version.

- FAIL if evidence materially inconsistent with the 8-k and event filing triage conclusion is omitted, reclassified, or dismissed without a documented definition, materiality, causal, timing, and source-quality analysis.

## Completion test

A senior reviewer must be able to reproduce the 8-k and event filing triage conclusion, vary the most sensitive assumption independently, trace the change through the model, understand the strongest opposing case, and identify the next evidence that would force an update. If any link is missing, the module remains open.