CLE Lite workspaces and level pages

001-equity-research-analyst/NOTICE.md

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+# NOTICE: data sources and terms (001-equity-research-analyst)
+
+This package redistributes public files collected for the task. Each file keeps its publisher's terms; its source, version, retrieval time, hash and licence note are in PROVENANCE.md.
+
+The level instructions and the documents listed below are part of the task scenario; the organisations and people in them are fictional:
+
+- `workspace/t1/Correspondence/2025-09-29-coverage.eml`
+- `workspace/t2/Correspondence/2026-02-12-results.eml`
+- `workspace/t4/Correspondence/2026-04-13-capital.eml`
+- `workspace/t1/Research/Handbook/research-practice.docx`
+
+## Publishers
+
+- U.S. Census Bureau, Economic Indicators Division: 72 files
+- U.S. Government Publishing Office / Office of the Federal Register: 6 files
+- U.S. Securities and Exchange Commission: 15 files
+- U.S. Securities and Exchange Commission EDGAR; filer Commvault Systems, Inc.: 362 files
+- U.S. Securities and Exchange Commission EDGAR; filer Datadog, Inc.: 297 files
+- U.S. Securities and Exchange Commission EDGAR; filer Dynatrace, Inc.: 447 files
+- U.S. Securities and Exchange Commission EDGAR; filer Elastic N.V.: 326 files
+- U.S. Securities and Exchange Commission EDGAR; filer HashiCorp, Inc.: 7 files
+- U.S. Securities and Exchange Commission EDGAR; filer New Relic, Inc.: 225 files
+- U.S. Securities and Exchange Commission EDGAR; filer Rubrik, Inc.: 199 files

001-equity-research-analyst/test/t1.md

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+## Background
+
+This is level 1 of 5. The records for this level are in `workspace/t1/`.
+
+## Task
+
+Hi,
+
+Please build the historical financial model for our Datadog and Rubrik coverage discussion, using information available at October 1, 2025. I need to understand how their reported operating performance translates into cash generation.
+
+Cover the six fiscal quarters ending with each company's latest second quarter, and the latest trailing year. Include revenue, operating results, operating cash flow, investment in property and software, free cash flow and expensed stock compensation. Show the sensitivity after that compensation charge separately from cash remaining after equity-award withholding payments. Keep the actual fiscal periods identifiable.
+
+Explain the first-half operating-cash-flow improvement with a numerical driver bridge against the corresponding prior half. I want to see how much of it is underlying operating improvement and how much is compensation, and what customer cash, commissions and the other operating balances each contributed. Reconcile the current-half receivable, deferred-revenue and deferred-commission movements between the cash statement and the balance sheet, including what the revenue and collection populations imply for that attribution.
+
+Use our usual research conventions and leave a working Excel model in workspace/t1/results/coverage_model.xlsx. Make it a model we can extend through future results, with the underlying period calculations and source references retained.
+
+Thanks,
+Mara
+
+## Input
+
+- `workspace/t1/`: the records supplied with the work (`Census/`, `Correspondence/`, `Filings/`, `Research/`, `Rules/`).
+
+## Output
+
+- `workspace/t1/results/coverage_model.xlsx`

001-equity-research-analyst/test/t2.md

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+## Background
+
+This is level 2 of 5 and continues the work of the earlier levels. The new files for this level are in `workspace/t2/`. The records from the start are in `workspace/t1/`, and the earlier results are in `workspace/t1/results/`.
+
+## Task
+
+Hi,
+
+The intervening results and outlooks are now in. Please start from workspace/t1/results/coverage_model.xlsx and build the expectations model before I revise our financial assumptions.
+
+For Rubrik, relate Subscription ARR Contribution to recognised-revenue operating profitability over the trailing period in the coverage model. Carry the disclosed adjustment basis through the reconciliation, then show the expense capacity and cash generation required by the final-quarter outlook. Compare the resulting operating requirements with the actual year-to-date history. Preserve the qualifications on the margin target and distinguish the explicit quarter outlook from the remainder implied by the annual outlook.
+
+For Datadog, follow the second-quarter outlook through the completed year. Separate quarterly performance already delivered from revisions to the period still ahead, for revenue and non-GAAP operating income. Carry the first 2026 outlook into the model, including what it requires after the opening quarter.
+
+Leave the working expectations model in workspace/t2/results/expectations.xlsx. We will use it to compare the demands of the outlooks.
+
+Thanks,
+Mara
+
+## Input
+
+- `workspace/t1/`: the records supplied with the work (`Census/`, `Correspondence/`, `Filings/`, `Research/`, `Rules/`).
+- `workspace/t2/`: the files that came with level t2 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t1/results/`: the results of level t1.
+
+## Output
+
+- `workspace/t2/results/expectations.xlsx`

001-equity-research-analyst/test/t3.md

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+## Background
+
+This is level 3 of 5 and continues the work of the earlier levels. The new files for this level are in `workspace/t3/`. The records from the start are in `workspace/t1/`, and the earlier results are in `workspace/t1/results/` to `workspace/t2/results/`.
+
+## Task
+
+Hi,
+
+Datadog's full annual filing has arrived. Please investigate the change since our first-half review before I use the expectations model in the research meeting.
+
+Use the original half-year baseline and workspace/t2/results/expectations.xlsx. I need the second half compared with the corresponding prior half, with the changes in operating profitability and operating cash flow attributed to their drivers. Carry the customer-cash reconciliation into this comparison. Relate management's adjusted operating result to the compensation costs retained or excluded, and compare the realised second-half margin with the forward operating hurdle in our model.
+
+Extend the compensation view to amounts capitalised during the year. Show how the change in compensation-inclusive cash generation divides between the first and second halves. Reconcile the year's cash and noncash investment in property and software with its half-year and year-end asset disclosures.
+
+I also need to know whether treating current development and customer-acquisition investment as period costs changes the conclusion on operating progress. Retain compensation in that sensitivity. Quantify what the disclosures support.
+
+Please send a focused research note with its numerical exhibits in workspace/t3/results/datadog_quality.docx. I'll be reading the note on its own, so it has to stand up by itself, with our normal source references.
+
+Thanks,
+Mara
+
+## Input
+
+- `workspace/t1/`: the records supplied with the work (`Census/`, `Correspondence/`, `Filings/`, `Research/`, `Rules/`).
+- `workspace/t2/`: the files that came with level t2 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t3/`: the files that came with level t3 (`Census/`, `Filings/`).
+- `workspace/t1/results/`: the results of level t1.
+- `workspace/t2/results/`: the results of level t2.
+
+## Output
+
+- `workspace/t3/results/datadog_quality.docx`

001-equity-research-analyst/test/t4.md

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+## Background
+
+This is level 4 of 5 and continues the work of the earlier levels. The new files for this level are in `workspace/t4/`. The records from the start are in `workspace/t1/`, and the earlier results are in `workspace/t1/results/` to `workspace/t3/results/`.
+
+## Task
+
+Hi,
+
+Rubrik's annual report, results release and proxy are now available. Please investigate the change in financial resilience before I use the new full-year outlook.
+
+I need a capital workbook separating cash generated by the business from financing and its related uses, with the resulting liquidity reconciled to the investment balances. Distinguish debt principal from carrying value and actual common shares from the earnings-per-share denominator.
+
+Show ordinary conversion exposure at the disclosed conversion and capped-call price anchors under all-share settlement and under principal paid in cash with the premium in shares. Bring the cash and share outcomes together, without assuming a current market price. Make the settlement model reusable at other prices. Also reconcile the year's common-share movement, distinguishing employee issuance from acquisitions and transfers between share classes.
+
+Use the compensation treatment from the Datadog note alongside the capital analysis. Close the expense and cash hurdles from workspace/t2/results/expectations.xlsx, and retain the new full-year outlook as the starting point for the next results cycle. Leave the working capital model in workspace/t4/results/rubrik_capital.xlsx.
+
+Thanks,
+Mara
+
+## Input
+
+- `workspace/t1/`: the records supplied with the work (`Census/`, `Correspondence/`, `Filings/`, `Research/`, `Rules/`).
+- `workspace/t2/`: the files that came with level t2 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t3/`: the files that came with level t3 (`Census/`, `Filings/`).
+- `workspace/t4/`: the files that came with level t4 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t1/results/`: the results of level t1.
+- `workspace/t2/results/`: the results of level t2.
+- `workspace/t3/results/`: the results of level t3.
+
+## Output
+
+- `workspace/t4/results/rubrik_capital.xlsx`

001-equity-research-analyst/test/t5.md

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+## Background
+
+This is level 5 of 5 and continues the work of the earlier levels. The new files for this level are in `workspace/t5/`. The records from the start are in `workspace/t1/`, and the earlier results are in `workspace/t1/results/` to `workspace/t4/results/`.
+
+## Task
+
+Hi,
+
+We now have the subsequent two quarters for both names. Please backtest the earlier expectations and reassess how much of the apparent cash improvement is available to shareholders for our coverage review.
+
+Use the earlier models and the compensation treatment from the annual note. Bring the trailing cash comparison and expectations analysis forward.
+
+For Rubrik, reconcile the half-year cash retained, actual employee shares issued and liquid-resource movement with workspace/t4/results/rubrik_capital.xlsx. Compare the current compensation charge with the cash cost of neutralising that issuance. Then test whether the available liquid resources could fund ordinary note settlement and neutralise the new employee issuance at the two contractual price anchors, under both settlement choices. Show the self-funding price regions and how the funding requirement and remaining dilution behave across the contractual price regimes. Make clear which share populations your neutrality sensitivity covers.
+
+Also show an optimistic ceiling using the cash still implied by the full-year outlook, before further equity issuance or other capital uses. State the assumptions the static sensitivities require.
+
+Leave the research report and numerical stress exhibits in workspace/t5/results/ownership_review.pdf. When you look at what changed, keep the earlier information dates.
+
+Thanks,
+Mara
+
+## Input
+
+- `workspace/t1/`: the records supplied with the work (`Census/`, `Correspondence/`, `Filings/`, `Research/`, `Rules/`).
+- `workspace/t2/`: the files that came with level t2 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t3/`: the files that came with level t3 (`Census/`, `Filings/`).
+- `workspace/t4/`: the files that came with level t4 (`Census/`, `Correspondence/`, `Filings/`).
+- `workspace/t5/`: the files that came with level t5 (`Census/`, `EDGAR/`, `Filings/`).
+- `workspace/t1/results/`: the results of level t1.
+- `workspace/t2/results/`: the results of level t2.
+- `workspace/t3/results/`: the results of level t3.
+- `workspace/t4/results/`: the results of level t4.
+
+## Output
+
+- `workspace/t5/results/ownership_review.pdf`

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