{"id": "001", "title": "FY2025 net revenue reconciliation", "difficulty": "easy", "instructions": "What was FY2025 net revenue, and do SAP and the management accounts agree? Reconcile the reported amount and name your sources.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/001/task.json", "included_in_published_results": true}
{"id": "002", "title": "Largest customer accounts", "difficulty": "easy", "instructions": "Who were the top five customers in FY2025, and what share of revenue did each have?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/002/task.json", "included_in_published_results": true}
{"id": "003", "title": "Overdue receivables", "difficulty": "easy", "instructions": "How much of year-end AR was over 90 days overdue, and from which customers?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/003/task.json", "included_in_published_results": true}
{"id": "004", "title": "Management proposed EBITDA adjustments", "difficulty": "easy", "instructions": "List management's proposed EBITDA adjustments and their total.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/004/task.json", "included_in_published_results": true}
{"id": "005", "title": "Largest supplier and contract", "difficulty": "easy", "instructions": "Which supplier is largest, what share of purchases does it have, and when does its contract expire?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/005/task.json", "included_in_published_results": true}
{"id": "006", "title": "Monthly revenue outlier", "difficulty": "easy", "instructions": "Which FY2025 month is an outlier for revenue, and by how much? Use the January–November monthly mean as the comparison.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/006/task.json", "included_in_published_results": true}
{"id": "007", "title": "Closing cash and bank reconciliation", "difficulty": "easy", "instructions": "What cash balance should the net-debt bridge start from at 31 December 2025, and does it agree to the bank statements?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/007/task.json", "included_in_published_results": true}
{"id": "008", "title": "Headcount and payroll", "difficulty": "easy", "instructions": "What were headcount and total payroll cost in each year? Use total recorded payroll expense, including salaries, benefits, booked bonuses and severance.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/008/task.json", "included_in_published_results": true}
{"id": "009", "title": "Reported EBITDA", "difficulty": "easy", "instructions": "What reported EBITDA do the management accounts show for each year?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/009/task.json", "included_in_published_results": true}
{"id": "010", "title": "Reported gross margins", "difficulty": "easy", "instructions": "What was gross margin in each year?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/010/task.json", "included_in_published_results": true}
{"id": "011", "title": "Inventory balances and days", "difficulty": "easy", "instructions": "What was inventory at each year end, and how many days of cost of sales does it cover? Use net inventory after recorded reserves and full-year reported product cost net of rebate; also disclose gross stock and the rebate denominator effect.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/011/task.json", "included_in_published_results": true}
{"id": "012", "title": "Year-end DSO", "difficulty": "easy", "instructions": "What was DSO at each year end? Use closing net trade AR divided by full-year reported net revenue, with a 365-day year; disclose overdue AR separately.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/012/task.json", "included_in_published_results": true}
{"id": "013", "title": "Customer credits", "difficulty": "easy", "instructions": "How much was credited to customers in each year, as a share of gross sales? Use credits posted in each fiscal year and gross sales before credits.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/013/task.json", "included_in_published_results": true}
{"id": "014", "title": "Operating expense categories", "difficulty": "easy", "instructions": "Break down FY2025 operating expenses by category; which grew most? Measure growth in dollars and use the management accounts categories, excluding depreciation, interest and entity income tax.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/014/task.json", "included_in_published_results": true}
{"id": "015", "title": "Active customer counts", "difficulty": "easy", "instructions": "How many customers bought in each year?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/015/task.json", "included_in_published_results": true}
{"id": "016", "title": "Revenue growth by customer cohort", "difficulty": "medium", "instructions": "Bridge revenue growth by customer: new, lost and retained.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/016/task.json", "included_in_published_results": true}
{"id": "017", "title": "Customer concentration and control", "difficulty": "medium", "instructions": "What is customer concentration at group level, not account level? Which relationships are established, and which aren't?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/017/task.json", "included_in_published_results": true}
{"id": "018", "title": "Management accounts and trial balance", "difficulty": "medium", "instructions": "Can we rely on the management accounts as the basis for the earnings analysis? Explain any differences from the trial balance.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/018/task.json", "included_in_published_results": true}
{"id": "019", "title": "Freight cutoff correction", "difficulty": "medium", "instructions": "What adjustment to FY2025 EBITDA do year-end cost cutoff issues require?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/019/task.json", "included_in_published_results": true}
{"id": "020", "title": "Monthly operating working capital", "difficulty": "medium", "instructions": "Build monthly net working capital and explain the year-end movement. Cover each month of FY2025. Use net trade AR plus net inventory and operating prepayments, less gross operating AP and accruals. Show the supplier rebate receivable separately; exclude cash, financing, interest, corporate tax, deposits and bonuses.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/020/task.json", "included_in_published_results": true}
{"id": "021", "title": "Overdue customer balance and deal treatment", "difficulty": "medium", "instructions": "How should the overdue C412 balance affect adjusted EBITDA, the working-capital peg or the price?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/021/task.json", "included_in_published_results": true}
{"id": "022", "title": "Slow stock adjustment", "difficulty": "medium", "instructions": "What adjustment does unprovided slow-moving stock require, to EBITDA and to working capital?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/022/task.json", "included_in_published_results": true}
{"id": "023", "title": "Closing debt-like items", "difficulty": "medium", "instructions": "Identify and quantify debt-like items at 31 December 2025.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/023/task.json", "included_in_published_results": true}
{"id": "024", "title": "Related-party transactions", "difficulty": "medium", "instructions": "Identify related-party transactions and any off-market terms.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/024/task.json", "included_in_published_results": true}
{"id": "025", "title": "Gross-margin bridge", "difficulty": "medium", "instructions": "What drove the gross-margin change from FY2024 to FY2025?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/025/task.json", "included_in_published_results": true}
{"id": "026", "title": "Monthly revenue pattern and unusual sale", "difficulty": "medium", "instructions": "Compare monthly revenue patterns in FY2024 and FY2025, with and without the December order.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/026/task.json", "included_in_published_results": true}
{"id": "027", "title": "Payment days and year-end stretch", "difficulty": "medium", "instructions": "What was DPO at year end compared with the rest of FY2025?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/027/task.json", "included_in_published_results": true}
{"id": "028", "title": "Severance and recurrence", "difficulty": "medium", "instructions": "How much severance was paid in each year, and to how many people?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/028/task.json", "included_in_published_results": true}
{"id": "029", "title": "Actual versus budget", "difficulty": "medium", "instructions": "Compare FY2025 actuals with budget and explain the three largest variances. Rank the largest independent dollar variances, avoiding double counting subtotals and their components.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/029/task.json", "included_in_published_results": true}
{"id": "030", "title": "Subsequent credits and cutoff", "difficulty": "medium", "instructions": "Does any post-year-end credit require an adjustment to FY2025 revenue and EBITDA?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/030/task.json", "included_in_published_results": true}
{"id": "031", "title": "Kestrel payment terms", "difficulty": "medium", "instructions": "Did any customer's payment terms change during FY2025? What was the effect on receivables?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/031/task.json", "included_in_published_results": true}
{"id": "032", "title": "Capex versus depreciation", "difficulty": "medium", "instructions": "Compare capex with depreciation in each year.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/032/task.json", "included_in_published_results": true}
{"id": "033", "title": "Year-end covenant compliance", "difficulty": "medium", "instructions": "Was the company within its loan covenant at 31 December 2025?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/033/task.json", "included_in_published_results": true}
{"id": "034", "title": "Bonus correction and net debt", "difficulty": "medium", "instructions": "How should the FY2025 bonus affect adjusted EBITDA and the net-debt bridge?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/034/task.json", "included_in_published_results": true}
{"id": "035", "title": "Warehouse rent normalisation", "difficulty": "medium", "instructions": "What rent does the company pay, to whom, and how does it compare with market?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/035/task.json", "included_in_published_results": true}
{"id": "036", "title": "Unusual December sale", "difficulty": "hard", "instructions": "Assess the unusual December sale: amount, recognition, recurrence and sensitivity.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/036/task.json", "included_in_published_results": true}
{"id": "037", "title": "Management growth and run-rate claims", "difficulty": "hard", "instructions": "Do the records support management's \"broad customer demand\" claim and its expected run rate?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/037/task.json", "included_in_published_results": true}
{"id": "038", "title": "Supported adjusted EBITDA", "difficulty": "hard", "instructions": "Assess each EBITDA adjustment and give a supported adjusted EBITDA.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/038/task.json", "included_in_published_results": true}
{"id": "039", "title": "Management margin explanation", "difficulty": "hard", "instructions": "Do the cited efficiencies explain the margin improvement?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/039/task.json", "included_in_published_results": true}
{"id": "040", "title": "Earnings to operating and free cash flow", "difficulty": "hard", "instructions": "Bridge reported EBITDA to operating and free cash flow and explain weaker cash conversion.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/040/task.json", "included_in_published_results": true}
{"id": "041", "title": "Normalised working-capital peg", "difficulty": "hard", "instructions": "Recommend a normalised working-capital peg, with the adjustments you excluded. Use the arithmetic mean of FY2025 monthly operating NWC; show reported and adjusted series. Separate accounting corrections from normal-payment and dormant-stock comparability sensitivities, and explain excluded liabilities and uncertain losses.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/041/task.json", "included_in_published_results": true}
{"id": "042", "title": "Defensible run-rate EBITDA", "difficulty": "hard", "instructions": "What is a defensible FY2025 run-rate EBITDA?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/042/task.json", "included_in_published_results": true}
{"id": "043", "title": "Kestrel dependence and downside", "difficulty": "hard", "instructions": "How dependent is the business on Kestrel? Show the effect if Kestrel returned to FY2024 levels. Assume the same supplier mix and variable cost rate, with fixed operating costs unchanged. Retest any volume-linked supplier allowance.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/043/task.json", "included_in_published_results": true}
{"id": "044", "title": "Supplier economics and margin sustainability", "difficulty": "hard", "instructions": "Is the FY2025 gross margin sustainable given the rebate and the supplier contract renewal?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/044/task.json", "included_in_published_results": true}
{"id": "045", "title": "Owner-related normalisations", "difficulty": "hard", "instructions": "Quantify all owner-related normalisations.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/045/task.json", "included_in_published_results": true}
{"id": "046", "title": "Year-end presentation and cash timing", "difficulty": "hard", "instructions": "Is there evidence of year-end window dressing? Consider revenue, costs, payables and capex.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/046/task.json", "included_in_published_results": true}
{"id": "047", "title": "Supported covenant headroom", "difficulty": "hard", "instructions": "What is covenant headroom on supported EBITDA compared with management's figure?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/047/task.json", "included_in_published_results": true}
{"id": "048", "title": "Missing evidence requests", "difficulty": "hard", "instructions": "What important information is missing from the room, and what should we request?\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/048/task.json", "included_in_published_results": true}
{"id": "049", "title": "Enterprise to equity bridge", "difficulty": "hard", "instructions": "Bridge enterprise value to equity value using the items in the room. Use the non-binding enterprise-value indication and the primary adjusted FY2025 monthly-average NWC peg. Keep the agreed peg fixed in a normal-payment sensitivity and show uncertain exposures separately.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/049/task.json", "included_in_published_results": true}
{"id": "050", "title": "Deal-team red-flag memo", "difficulty": "hard", "instructions": "Write a red-flag memo: the five most important issues for the deal team.\n\nOutput: write your complete answer to `response.md`, including the documents you relied on and your reasoning.", "company": "Meridian Industrial Supply LLC", "data_room": "tasks/meridian/data-room", "task_file": "tasks/meridian/tasks/050/task.json", "included_in_published_results": true}