skills/three-statement-model-builder/references/output-and-review.md

# Output and Review

Final response order:
1. Status and artifact mode.
2. Scenario summary.
3. Key assumptions and operating drivers.
4. Cash conversion, liquidity, debt, and covenant read-through.
5. Calculation integrity, decision readiness, hard failures, and warnings.
6. Source caveats, missing data, and next diligence.
7. Artifact paths.

A good summary explains what drives revenue, EBITDA, cash, leverage, and liquidity. Avoid saying the model is "linked" or "decision-ready" unless the run log and checks support it.

On the first visible workbook tab and in the cover note, show two explicitly labeled status fields:
- `Calculation integrity`: formula, tie-out, directionality and error-scan results.
- `Decision readiness`: source support, unresolved operating or financing assumptions, missing diligence and permitted circulation posture.

Do not show one unqualified `Model status: OK`, `Overall: OK`, `Model checks: OK`, or `QA posture: OK` when decision readiness is `OPEN`, `partial`, `screen-grade`, or `not-decision-ready`. Apply this on every visible status surface, including the `Checks` sheet: show mechanical tests as `Calculation integrity` and repeat or link to the consistent `Decision readiness` posture. A passing cash tie does not establish debt availability or covenant capacity.

For a strategic alternatives operating model, explain how volume and price/mix, margin, working capital, capex and cash conversion create the downside read-through. When debt documentation is unavailable, state that debt draws and cash sweeps are illustrative and do not characterize liquidity or covenant capacity as validated.

Use findings tables for issues: area, severity, evidence, impact, fix, and owner/next step. Open questions should focus on source gaps and assumptions that can change cash or credit conclusions.