{
  "estimate_level": "rough_screening_first_pass",
  "confidence": "Low: conditional house seller/ownership and funding cases; no claim of disclosed exercise terms.",
  "operating_growth": {
    "bear": [
      -0.08,
      -0.03,
      0,
      0.02
    ],
    "base": [
      0.06,
      0.08,
      0.065,
      0.05
    ],
    "bull": [
      0.14,
      0.15,
      0.12,
      0.09
    ]
  },
  "realized_price_mix": {
    "bear": 0,
    "base": 0.015,
    "bull": 0.02
  },
  "variable_input_inflation": {
    "bear": 0.04,
    "base": 0.025,
    "bull": 0.025
  },
  "fixed_cash_inflation": {
    "bear": 0.065,
    "base": 0.055,
    "bull": 0.07
  },
  "variable_cash_cost_share": 0.6,
  "entity_profit_growth": {
    "AI ONE25%outside": {
      "bear": [
        -0.05,
        -0.08,
        -0.02,
        0
      ],
      "base": [
        0.06,
        0.08,
        0.06,
        0.05
      ],
      "bull": [
        0.15,
        0.16,
        0.13,
        0.1
      ]
    },
    "Roombox15%outside": {
      "bear": [
        0,
        -0.05,
        0,
        0.01
      ],
      "base": [
        0.08,
        0.1,
        0.08,
        0.06
      ],
      "bull": [
        0.18,
        0.18,
        0.15,
        0.12
      ]
    },
    "Other observed nonparent-profit cohort": {
      "bear": [
        -0.03,
        -0.03,
        0,
        0.01
      ],
      "base": [
        0.04,
        0.04,
        0.035,
        0.03
      ],
      "bull": [
        0.08,
        0.08,
        0.065,
        0.05
      ]
    }
  },
  "put_exercise_fraction_of_original_covered_pool": {
    "bear": [
      0.35,
      0.35,
      0.3,
      0
    ],
    "base": [
      0,
      0.2,
      0.3,
      0.5
    ],
    "bull": [
      0,
      0.1,
      0.3,
      0.6
    ]
  },
  "earnout_cash_fraction": {
    "bear": [
      0.25,
      0.35,
      0.25,
      0.15
    ],
    "base": [
      0.1,
      0.25,
      0.3,
      0.35
    ],
    "bull": [
      0.1,
      0.2,
      0.3,
      0.4
    ]
  },
  "put_price_multiplier_house": {
    "bear": 1.75,
    "base": 1.0,
    "bull": 1.15
  },
  "earnout_price_multiplier_house": {
    "bear": 1.5,
    "base": 1.0,
    "bull": 1.2
  },
  "put_earnings_elasticity": {
    "bear": 0.5,
    "base": 1.0,
    "bull": 1.25
  },
  "earnout_earnings_elasticity": {
    "bear": 0.5,
    "base": 1.0,
    "bull": 1.25
  },
  "seller_time_value_rate": 0.02,
  "bank_rate": {
    "bear": 0.045,
    "base": 0.025,
    "bull": 0.025
  },
  "lease_interest_rate": 0.025,
  "annual_other_cash_finance_fee": 20,
  "annual_maintenance_capex": 100,
  "expansion_capex_per_incremental_revenue": 0.02,
  "software_asset_life": 4,
  "annual_lease_principal_proxy": 147.908,
  "annual_ROU_DA_proxy": 147.908,
  "contract_delivery_fraction_of_opening": {
    "bear": [
      0.3,
      0.3,
      0.1,
      0
    ],
    "base": [
      0.5,
      0.4,
      0.1,
      0
    ],
    "bull": [
      0.65,
      0.3,
      0.05,
      0
    ]
  },
  "contract_refund_fraction_of_opening": {
    "bear": [
      0.3,
      0,
      0,
      0
    ],
    "base": [
      0,
      0,
      0,
      0
    ],
    "bull": [
      0,
      0,
      0,
      0
    ]
  },
  "fixed_AI_ONE_is_extra_to_seller_pools_house": true,
  "fixed_AI_ONE_schedule": [
    0,
    250,
    250,
    250
  ],
  "bank_repayment_house": [
    3005.627,
    3143.726,
    2317.313,
    1446.912
  ],
  "cash_floor_months_of_revenue": 1.0,
  "unsettled_claim_cash_reserve_fraction": 1.0,
  "equity_issue_discount": 0.2,
  "maximum_new_credit_above_repaid_maturity_assumed": 0,
  "rollover_fraction_of_maturing_principal": 1.0,
  "reference_opening_contract_delivery_house": [
    0.5,
    0.4,
    0.1,
    0
  ],
  "source_basis": "H1coreOP1214.861m and actualcash costs/delivery are observable. Newacquisitions are annualized only as explicit elapsedperiod financial proxies; no futureM&A/guidance growth assumed. Source putPV3715.008m/earnoutFV1419.910m are conditional expectedcash pricepoints, not caps.",
  "transaction_mapping": "HOUSE ONLY: assume put-covered fractions of the separately observed nonparent cohorts; allocate observed3715mpricepoint by their put-covered annual profit claims. Settling any fraction extinguishes the identical fraction of that covered cohort claim from future parentEPS. Actual put-to-entity mapping/strike/exercise dates are not disclosed. The no-exercise sensitivity retains both liabilities/reserves and all currentNCI.",
  "pricing_rule": "Forward HOUSE cashpoint scales with the same acquired-cohort earnings plus2%time value and explicit adverse multipliers. Earnouts use acquired-cohort profit index and never change ownership. Floors at25%of the initial pricepoint are houseprudence, not known contractual minima; no maximum is asserted.",
  "customer_cash_rule": "Acquiredcash is already in Juneactualcash. Opening2593.943mcustomeradvances are earned/refunded over scenarios. Recognizing prepaid revenue subtracts the same amount from cashflow, deliverycosts remain in the operatingcashcost pool, refunds reducecash/liability without becoming new revenue. Remaining obligations stay reserved; compensationreceivables generate no cash.",
  "financing_rule": "Repay house maturity ladder, pay modeled sellerclaims once, reserve pendingclaims/customerobligations. Conditional bankrefinancing limited to principal repaid in that year; any excess need uses discounted newequity with basicshare dilution and sourcecurrentprice stress. Neither refinancing nor equityissuance is presented as committed.",
  "tax_rule": "30%normalized cash/book tax on taxable operating income and bankinterest. SellerPVunwind is conservatively nondeductible. No taxrefund onloss. NCIentityincome is already aftertax and is subtracted once.",
  "falsifiers": [
    "Course delivery/refunds or acquired-unit earnings invalidate normalized service activity.",
    "Actual put mapping/exercise/price formula differs materially from conditional cohort assumption.",
    "Seller cash exceeds source-FV-based points, credit cannot roll, or required dilution is unavailable.",
    "H1other-income/expense normalization omits a recurringoperatingcost or currententityNIcontains additional special gains."
  ]
}