Update to Equity Council

{
  "description": "Reconcile public-company accounts, cash conversion, capital structure and dilution into auditable per-share economics for equity research, valuation or forensic accounting review.",
  "included_files": [
    {
      "relative_path": "agents/openai.yaml",
      "size_in_bytes": 246
    }
  ],
  "name": "equity-financials",
  "skill_md_contents": "---\nname: equity-financials\ndescription: Reconcile public-company accounts, cash conversion, capital structure and dilution into auditable per-share economics for equity research, valuation or forensic accounting review.\n---\n\n# Equity Financials\n\nTurn reported accounts into comparable economic inputs without erasing unfavorable costs. Read the [operating contract](../../references/operating-contract.md), [evidence standard](../../references/evidence-standard.md), and relevant [sector lens](../../references/sector-lenses.md). Use the [specialist handoff](../../references/agent-protocol.md) when working for a council director. This pass supplies valuation inputs; it does not select the final winner.\n\n## Workflow\n\n1. Freeze issuer, security, cutoff, reporting currency and periods. Open statements and notes behind material database values. Distinguish instant balances from period flows, standalone quarters from cumulative cash flows, original filings from restatements, and missing tags from zero. Record claim IDs and the normalization bridge before calculating peer ratios.\n2. Reconcile reported profit to adjusted profit and operating cash flow. Explain recurring restructuring, capitalized costs, acquisitions, working-capital timing, customer advances, factoring and supplier financing when material. Diagnose whether cash conversion improved through operations or by borrowing from future periods. Keep management adjustments visible rather than accepting their labels.\n3. Estimate maintenance and growth investment separately where evidence permits; retain ranges when their split is unobservable. Test returns on incremental capital, acquisition spending and through-cycle margins. Growth without associated capacity, working capital or reinvestment needs an explanation. Do not equate CFO minus capex with freely distributable owner cash.\n4. Build current and forecast capital-structure bridges: usable cash, debt, leases, preferred claims, minorities, maturities, covenants and contingencies as relevant. Restricted cash is not automatically available for debt repayment. Match enterprise or equity cash flows to the eventual valuation method.\n5. Reconcile beginning shares plus issuance, vested awards, option exercises and acquisition consideration minus repurchases to ending shares. Separate actual shares, weighted-average EPS shares and contingent dilution. Include exercise proceeds or convertible claim removal consistently when conversion is modeled. Forecast repurchases require funding; gross buybacks do not prove shrinking ownership dilution.\n6. Treat SBC as an economic expense or model its dilution/offsetting cash cost coherently. Explain the convention and avoid mechanically charging the same cost twice. Derive scenario terminal equity value per scenario share count, not today's denominator.\n\n## Sector and interpretation checks\n\nFor banks and insurers, use equity, regulatory capital, funding and distributable-capital economics; generic industrial net debt and FCF can mislead. For REITs, reconcile FFO/AFFO and recurring property/leasing costs. For cyclicals, separate current utilization and prices from sustainable economics. Accounting warning signs justify targeted verification, not unsupported fraud allegations.\n\n## Output contract\n\nReturn a dated financial brief with source-linked normalized inputs; reported-to-economic, cash-flow and share-count bridges; formulas, units and periods; consequential adjustment ranges; financing or dilution constraints; strongest benign explanation for warning signs; and unresolved inputs that could change valuation. Label reported facts, assumptions and calculations. Hand off internally consistent scenario-ready values with complete, conditional or blocked status; do not invent missing figures to complete a table.\n"
}