git:20260721.c0c852c to git:20260924.b016647

---

description: Deep-read a 10-K annual report and output a structured markdown digest — abstract, section summaries, key metrics, and sourced references. Output in English or Traditional Chinese.

---

# 10-K Report Digest

## ⚠️ Data Verification — Do This Before Any Analysis

Before running the digest, confirm the filing details:

1. **Identify the filing** — confirm ticker, fiscal year-end, and exact 10-K filing date from SEC EDGAR.

2. **State your source** — note where the document came from (e.g., "SEC EDGAR, FY2024 10-K filed 2025-02-05") at the top of the output.

3. **Flag incomplete data** — if only partial sections are available, list what is missing before proceeding.

> ⚠️ **Source unavailable.** If the full 10-K cannot be retrieved, display this warning and proceed only with the sections provided.

---

Produce a clean, structured markdown document that distills a company's 10-K annual report into an abstract, per-section summaries, a digest of key metrics, and full source references. Designed for quick comprehension — not trading signals. Output language is selectable: English or Traditional Chinese (繁體中文).

## How to Use

```

# Analyze by ticker (fetches latest 10-K)

/10k-digest AAPL

# Paste 10-K text directly

/10k-digest [paste 10-K sections here]

# Specify fiscal year

/10k-digest MSFT FY2024

# Output in Traditional Chinese

/10k-digest NVDA --lang zh-TW

# Save output to file

/10k-digest GOOGL --output googl-10k-digest.md

```

---

## Output Document Structure

The skill produces a single markdown document with the following sections in order.

---

### 1. Cover Block

```

# [Company Name] ([TICKER]) — 10-K Digest

**Fiscal Year:** [FY20XX ending MM/DD/YYYY]

**Filed:** [Filing date]

**Source:** SEC EDGAR — [Direct URL to filing]

**Prepared:** [Today's date]

**Language:** English | 繁體中文

```

---

### 2. Abstract

A 3–5 sentence executive summary of the entire 10-K. Cover:

- What the company does (core business in one sentence)

- Year-over-year financial performance headline (revenue, profit, FCF)

- The single most important strategic development disclosed in this filing

- The most material risk disclosed

- Overall filing tone (transparent / cautious / optimistic)

---

### 3. Section Summaries

Summarize each major 10-K section. For each section, write 2–4 sentences capturing the substance — not just restating headings.

#### 3.1 Business Overview (Item 1)

- Core products/services and revenue model

- Key markets and customer segments

- Significant changes to business described in this filing (new products, acquisitions, divestitures)

#### 3.2 Risk Factors (Item 1A)

- Total number of risk factors disclosed

- Top 3 risks by disclosure prominence (listed first, given most space, or new this year)

- Any risks added or removed vs. prior filing (state "N/A if prior not available")

- One-line assessment: are risks standard boilerplate or specific and material?

#### 3.3 Selected Financial Data / Properties (Items 1B–2)

- Key quantitative highlights from Selected Financial Data if present

- Material properties or facilities disclosed

#### 3.4 Management's Discussion & Analysis — MD&A (Item 7)

- Revenue: total and YoY growth; organic vs. inorganic split if stated

- Gross margin and operating margin trend

- Management's stated explanation for performance changes

- Forward-looking statements: what management guided or projected

- Liquidity summary: cash position, debt level, upcoming maturities

#### 3.5 Financial Statements (Items 8)

- Revenue, net income, EPS (GAAP) — current year vs. prior year

- Operating cash flow and free cash flow (OCF minus capex)

- Total assets, total debt, shareholders' equity

- Auditor name and opinion type (unqualified / qualified / adverse)

- Any restatements or material changes in accounting policy noted

#### 3.6 Quantitative Disclosures about Market Risk (Item 7A)

- Primary market risks disclosed (interest rate, FX, commodity)

- Sensitivity disclosures if provided (e.g., "1% rate rise = $X impact")

#### 3.7 Controls and Procedures (Item 9A)

- Management's conclusion on effectiveness of internal controls

- Any material weaknesses or significant deficiencies disclosed

#### 3.8 Legal Proceedings (Item 3)

- Active material litigation or regulatory matters

- Estimated financial exposure if disclosed

#### 3.9 Executive Compensation & Governance (Items 10–13, from Proxy if incorporated)

- CEO/CFO compensation summary

- Board composition notes (independence, tenure)

- Any significant governance changes

---

### 4. Key Metrics Table

Provide a concise metrics table drawn directly from the financial statements. Use exact figures from the filing; do not estimate.

```

| Metric | Current FY | Prior FY | YoY Change |

|---------------------------|-----------------|-----------------|------------|

| Revenue | $X.XX B | $X.XX B | +X.X% |

| Gross Profit | $X.XX B | $X.XX B | +X.X% |

| Gross Margin % | XX.X% | XX.X% | +X bps |

| Operating Income | $X.XX B | $X.XX B | |

| Operating Margin % | XX.X% | XX.X% | |

| Net Income (GAAP) | $X.XX B | $X.XX B | |

| EPS Diluted (GAAP) | $X.XX | $X.XX | |

| Operating Cash Flow | $X.XX B | $X.XX B | |

| Capital Expenditures | $X.XX B | $X.XX B | |

| Free Cash Flow | $X.XX B | $X.XX B | |

| Cash & Equivalents | $X.XX B | $X.XX B | |

| Total Debt | $X.XX B | $X.XX B | |

| Net Debt / (Net Cash) | $X.XX B | $X.XX B | |

| Shares Outstanding (dil.) | X.XX B | X.XX B | |

```

Note below the table: data source (filing section and page number if available).

---

### 5. Highlights & Concerns

Two short lists that give the reader the "so what" without leaving the digest. Draw every item directly from the filing and cite the source Item.

**Highlights** — up to 5 of the strongest positives disclosed this year (e.g., record revenue, margin expansion, new products/segments, strong FCF conversion, new buyback authorization, market-share gains). Format: `- **[Headline]** — [one sentence] *(Item X)*`

**Concerns** — up to 5 of the most material negatives or warning signs (e.g., decelerating growth, margin compression, rising leverage, customer/supplier concentration, new risk factors, active litigation, going-concern language). Format: `- **[Headline]** — [one sentence] *(Item X)*`

---

### 6. Management Outlook & Forward Guidance

Capture every forward-looking commitment made in the filing. Present as a table.

```

| Guidance Item | What Management Said | Time Horizon | Source |

|----------------------------|-------------------------------------|--------------|------------|

| Revenue growth | [target / range / directional] | [FY / multi] | Item 7 |

| Margin target | [gross / operating target] | [horizon] | Item 7 |

| Capex / capacity | [planned spend or expansion] | [horizon] | Item 7 |

| Capital allocation | [dividend / buyback / debt / M&A] | [horizon] | Item 7/8 |

| Strategic priorities | [product roadmap, new markets] | [horizon] | Item 1/7 |

```

Only include rows the filing actually addresses. If the 10-K gives no explicit guidance (common — 10-Ks are backward-looking), state that and summarize any qualitative forward statements instead.

---

### 7. Prior-Year Promise Tracker

An accountability audit: take the forward-looking statements, targets, and stated priorities from **last year's** 10-K (Item 7 MD&A) and score whether they materialized in this year's results. This is the single most differentiating part of the digest — it measures management credibility over time.

```

| Prior-Year Commitment (FY[N-1] 10-K) | FY[N] Actual Result | Verdict | Notes |

|-----------------------------------------|------------------------------|-------------|------------------|

| [what management said they would do] | [what actually happened] | ✅ Delivered | [brief context] |

| [e.g., "expand operating margin"] | [e.g., "margin +120 bps"] | 🟡 Partial | [brief context] |

| [e.g., "launch product X in H2"] | [e.g., "slipped to next FY"] | ❌ Missed | [brief context] |

```

Verdict legend: ✅ Delivered · 🟡 Partial · ❌ Missed · ⏳ Too early to judge.

Close with a one-line **Management Credibility read**: e.g., "4/5 prior commitments delivered — high follow-through." If the prior-year 10-K is unavailable, state `N/A — prior filing not retrieved` and skip the table.

---

### 8. Bull vs. Bear Synthesis

A lightweight face-off built strictly from evidence in this filing — not a full valuation call (defer to `bear-case`, `stock-eval`, and `stock-valuation` for that).

**Bull case** — 3–4 strongest points from this filing supporting the stock.

**Bear case** — 3–4 strongest points from this filing arguing against it.

**Net read** — one sentence weighing the two, consistent with the Investment Signal below.

---

### 9. Notable Disclosures

Bullet list of up to 8 items that are worth investor attention but don't fit neatly into section summaries:

- New segment or business unit disclosures

- Changes in accounting estimates or policies

- Related party transactions

- Auditor changes

- Going concern language (if any)

- New share repurchase authorizations or dividend changes

- Material acquisitions or divestitures announced

- Specific named customers or suppliers with concentration risk

---

### 10. Source References

List all sources cited in this digest. Format:

```

## References

1. **SEC EDGAR Filing** — [Company] 10-K, FY[XXXX]

URL: https://www.sec.gov/cgi-bin/browse-edgar?...

Filed: [Date] | Accession No.: [XXXXXXXXXX-XX-XXXXXX]

2. **Item 1 — Business** (pp. X–X of filing)

3. **Item 1A — Risk Factors** (pp. X–X of filing)

4. **Item 7 — MD&A** (pp. X–X of filing)

5. **Item 8 — Financial Statements** (pp. X–X of filing)

6. **Item 9A — Controls and Procedures** (pp. X–X of filing)

7. **Exhibit 13 / Annual Report to Shareholders** (if incorporated by reference)

8. [Any additional sources used, e.g. earnings press release, investor presentation]

```

If page numbers are unavailable (e.g., pasted text), reference by Item number and section heading.

---

## Language Mode

When `--lang zh-TW` is specified, output the **entire document** in Traditional Chinese (繁體中文), including:

- All section headings translated

- All narrative summaries written in Traditional Chinese

- All tables with Chinese column headers

- Cover block language field: `語言：繁體中文`

- Keep ticker symbols, financial figures, and SEC item numbers in their original form

Suggested Traditional Chinese headings for the interpretation sections: 亮點與隱憂 (Highlights & Concerns), 管理層展望 (Management Outlook & Forward Guidance), 上年度承諾兌現 (Prior-Year Promise Tracker), 多空對決 (Bull vs. Bear Synthesis).

English mode is the default when no `--lang` flag is given.

---

## File Output

When `--output <filename>` is specified:

- Save the digest as a markdown file at the specified path

- If no path separator is present, save in the current directory

- Confirm the file path after saving: `✓ Digest saved to: <path>`

- Default filename if `--output` flag is present without a name: `<TICKER>-10k-digest.md`

---

## Thesis Invalidation

After delivering the digest, note what would make this document stale:

**Re-run this digest when:**

- [ ] Company files next 10-K or 10-K/A amendment

- [ ] Material 8-K filed disclosing a restatement or auditor change

- [ ] 12 months have elapsed since the filing date

```

╔══════════════════════════════════════════════╗

║ INVESTMENT SIGNAL ║

╠══════════════════════════════════════════════╣

║ Signal: BULLISH / NEUTRAL / BEARISH ║

║ Confidence: HIGH / MEDIUM / LOW ║

║ Horizon: SHORT / MEDIUM / LONG-TERM ║

║ Score: X.X / 10 ║

╠══════════════════════════════════════════════╣

║ Action: BUY / HOLD / SELL ║

║ Conviction: STRONG / MODERATE / WEAK ║

╚══════════════════════════════════════════════╝

```

Score Guide: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish

Confidence: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals)

Horizon: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)