EQUITY RESEARCH / INTERACTIVE ENVIRONMENT
Cedarpath Software
Update the earnings model and reconcile it with revised company guidance.
WHAT YOU’RE LOOKING AT
One environment. Your answer.
A fictional software company lowers full-year revenue guidance to $108M. The old model still projects $120M, and its quarterly cells reconcile internally.
Read the evidence and make your choices. The grader checks your numbers, the trap, and your decision. Edit and grade again.
The data room4 documents · Read the excerpts before you decide
Second-quarter guidance releaseGuidance release §2
Updated full-year revenue guidance is $108M, replacing the prior $120M outlook. This update is the latest disclosure in the exercise.
Back to correction ↓First-half resultsResults table row 1
First-quarter revenue is $25M and second-quarter revenue is $27M; first-half revenue totals $52M.
Back to correction ↓Prior estimate workbookRevenue forecast row 12
The old model contains Q1 $25M, Q2 $27M, Q3 $33M, and Q4 $35M. These sum to the superseded $120M annual outlook.
Back to correction ↓Model update instructionsResearch update policy §3
Carry the latest guidance into the forecast. For this authored example, allocate the remaining full-year revenue evenly across Q3 and Q4.
Back to correction ↓Available tools in the scripted example4 tools
read_releaseRead the latest guidance and effective date.query_estimatesInspect the current quarterly forecast.update_modelApply revised assumptions with a dated source.submit_revisionExplain the revised forecast and source.
Try the task.
The interactive task is loading. You can also follow the scripted example below.
THE SCRIPTED EXAMPLE
Follow the same task, step by step.
See a plausible mistake, the correction, and the reasoning behind each check.
AGENT ATTEMPT
Follow the attempt.
Scripted calls. Highlighted: the missed trap.
query_estimates$25M + $27M + $33M + $35M = $120M.
Tool arguments
{"line":"revenue","period":"full_year"}read_releaseLatest full-year guidance: $108M.
Tool arguments
{"document":"guidance-release"}submit_revisionMissed trapThe guidance is mentioned in prose but no forecast cell changes.
Tool arguments
{"full_year_revenue_m":120,"model_updated":true}
The model is updated. Full-year revenue remains $120M; the revised $108M guidance is noted in the commentary.
SENIOR CORRECTION
What changes, and why.
Authored illustration; no actual expert review.
The model is updated. Full-year revenue remains $120M; the revised $108M guidance is noted in the commentary.
Retain $52M first-half actuals. $108M − $52M leaves $56M; set Q3 and Q4 to $28M each under the exercise allocation rule.
The correction
Mentioning guidance is not the same as carrying it through the model. The annual total and supporting quarter cells must use the same current assumption.
Exact evidence
$108M, replacing the prior $120M outlook.
Guidance release §2Allocate the remaining full-year revenue evenly across Q3 and Q4.
Research update policy §3
GRADING
Same checks. Better answer.
The same exercise grader scores the starting answer and reference correction below. Try your own answer to compare.
| What is checked | Agent attempt | After correction |
|---|---|---|
01Numbers right? | 1 / 2 checks pass The authored model instruction allocates remaining revenue evenly across Q3 and Q4. | 2 / 2 checks pass Annual revenue must equal $52M first-half actuals plus your Q3 and Q4 forecasts. |
02Traps caught? | 0 / 2 checks pass Use the latest $108M guidance release, which supersedes the $120M outlook. | 2 / 2 checks pass Use the latest $108M guidance release, which supersedes the $120M outlook. |
03Sound decision? | 0 / 1 checks pass Publish the revision only once the current source and all forecast cells reconcile. | 1 / 1 checks pass Publish the revision only once the current source and all forecast cells reconcile. |
Fictional, authored environment. Your submission is scored by a deterministic exercise grader; the walkthrough shows a scripted example.
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