Diagnosis: three numbers

Reconcile the three statements first, then ratios. One number in isolation says nothing.

Task: Lots of data and no starting point.

[Before you start, do three things]
1. Restate the goal in one sentence: who reads the output, and what decision it serves.
2. If I have not given you the following, ask me. Do not assume:
   - business model
   - available data
   - year-on-year
   - the biggest worry
3. Say how you plan to do it (at most 5 steps) and wait for my go-ahead.

[Go through each of these]
- three numbers: revenue growth, gross margin, cash cycle
- compare with last year and budget
- which one needs action
- one verifiable target for next quarter

[Process]
1. Confirm basis and period; do the statements reconcile
2. Find the three biggest movements and their causes
3. Compute key ratios against history and peers
4. Separate accounting effects from operating ones
5. Give one actionable recommendation

[Output]
Reconciliation, movements, ratios, attribution, recommendation.

[Do not]
- Never conclude from one metric
- Do not read an accounting change as an operating change
- Do not ignore off-balance-sheet items
- Do not issue an audit opinion