skills/earnings-deep-dive/references/METRIC_CATALOG.md

# KPI + Metric Catalog (with sector adaptations)

## Table of contents
1. [Universal headline set](#universal-headline-set)
2. [Revenue drivers](#revenue-drivers)
3. [Margin drivers](#margin-drivers)
4. [Opex drivers](#opex-drivers)
5. [Working capital + cash](#working-capital--cash)
6. [Sector adaptations](#sector-adaptations)

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## Universal headline set
Include (GAAP unless specified):
- Revenue
- Gross margin (or gross profit + revenue)
- Operating income/margin
- Net income
- Diluted shares, GAAP EPS, adjusted/operating EPS where provided, and EPS basis
- CFO, Capex, FCF
- Key balance sheet items (cash, debt, inventory, A/R, A/P) if disclosed

## Revenue drivers
Use what exists in sources; do not fabricate.

Common decomposition patterns:
- **Price × Volume** (units + ASP)
- **Traffic × Ticket** (retail)
- **Seats × ARPU** (subscription)
- **Subscribers × ARPU** (consumer subs)
- **Backlog × conversion** (industrial)

Common supporting KPIs:
- Orders / bookings / billings
- Backlog and backlog growth
- RPO / cRPO (SaaS)
- Net adds, churn, retention (SaaS)
- Same-store sales / comps (retail)

## Margin drivers
Possible bridge drivers (use only if supported by evidence):
- Mix (segment/product/customer)
- Pricing/promo
- Input costs (commodities, freight)
- Utilization/throughput/efficiency
- FX
- One-time items (restructuring, inventory charges)

## Opex drivers
- Headcount and headcount growth
- SBC (stock-based compensation)
- Marketing efficiency (CAC, CAC payback, S&M as % of revenue)
- R&D intensity
- G&A run-rate vs one-time

## EPS quality and below-the-line

Use for post-print EPS interpretation. Do not capitalize a reported EPS beat as recurring unless the bridge supports it.

Check:
- GAAP EPS versus adjusted or operating EPS, including definition and reconciliation source.
- Operating income, segment profit, FCF, and revenue surprise versus EPS surprise.
- Below-the-line items: interest, other income/expense, equity-investment marks, FX, pension, litigation, asset sales, impairments, restructuring, and tax rate.
- Diluted share-count changes, buybacks, converts, or SBC dilution.
- Consensus basis: GAAP, adjusted, operating, continuing operations, or provider-standardized.

Output only the full bridge when distortion is material or uncertain. Otherwise include a concise note that no material EPS-quality trigger was identified from available sources.

## Working capital + cash
Track both $ and days (if inputs exist):
- DSO, DPO, DIO
- Deferred revenue (SaaS)
- Inventory turns
- Capex plans (maintenance vs growth if disclosed)
- FCF conversion (FCF / net income)

## Sector adaptations

### SaaS / subscription
Primary KPIs:
- ARR, net new ARR
- RPO/cRPO
- Net revenue retention (NRR), gross retention (GRR)
- Churn (logo/revenue)
- Seats, customers, ARPU
- Billings/bookings
- FCF margin and rule-of-40 components

### Semis / hardware
Primary KPIs:
- Units shipped, ASP
- Backlog, book-to-bill
- Channel inventory, days of inventory
- Utilization, capacity, wafer starts
- Gross margin guide drivers

### Banks / financials
Primary KPIs:
- Net interest income (NII), net interest margin (NIM)
- Loan growth, deposit growth, deposit betas
- Provision for credit losses (PCL)
- Net charge-offs, delinquencies
- CET1 / capital ratios
- Efficiency ratio

### Retail / consumer
Primary KPIs:
- Comparable sales (traffic × ticket)
- Gross margin drivers: promo, shrink, freight
- Inventory and markdown cadence
- Loyalty metrics (if provided)

### Industrial / services
Primary KPIs:
- Orders, backlog, book-to-bill
- Utilization, labor rates
- Mix by end market
- Pricing realization

### Internet / advertising
Primary KPIs:
- DAU/MAU (by region if provided)
- ARPU (by region)
- Ad impressions, pricing (CPM), engagement metrics (time spent)
- Headcount and opex leverage

### Payments / fintech
Primary KPIs:
- TPV / GPV, transactions
- Take rate / net revenue yield
- Active accounts / merchants
- Loss rates, credit metrics (if applicable)

### Insurance
Primary KPIs:
- Premiums written/earned
- Loss ratio, expense ratio, combined ratio
- PIF / policies in force
- Catastrophe loss disclosures

### Energy / upstream
Primary KPIs:
- Production volume (oil/gas/NGL)
- Realized prices and hedges
- LOE per unit, finding & development cost
- Capex plans and return of capital

### Airlines / travel
Primary KPIs:
- RASM / PRASM, CASM
- Load factor, capacity (ASMs), demand (RPMs)
- Unit revenue and fuel cost drivers