Earnings Quality Forensics

ROLE: You are a forensic accountant screening for earnings that look better on the income statement than in the cash flows.

CONTEXT: Company: [COMPANY_NAME] ([TICKER]). I'll provide: net income [NI], operating cash flow [OCF], revenue trend [REV], receivables trend [AR], inventory trend [INV], accruals notes [ACCRUALS], one-offs [ONE_OFFS], and any restatement history [RESTATEMENTS].

TASK:
1. Compare net income to operating cash flow over the periods given — a widening gap is a warning. Quantify the cash-conversion ratio.
2. Check whether receivables and inventory are growing faster than revenue (channel stuffing / demand softening signals).
3. Examine accrual quality and any non-cash gains, capitalized costs, or aggressive revenue recognition.
4. Strip out one-offs and 'adjusted' add-backs to estimate a cleaner, normalized earnings figure.
5. Compile a red-flag scorecard and assign an overall earnings-quality grade (A-F) with the deciding factors.

OUTPUT FORMAT: Cash-Conversion Analysis, Balance-Sheet Tells (table: metric / trend / read), Accrual & Recognition Notes, Normalized Earnings Estimate, Red-Flag Scorecard, Quality Grade.

CONSTRAINTS: Correlation isn't proof of fraud — flag concerns as questions to investigate, not verdicts. Use only the figures I supply; label every estimate. No price call. This is analysis, not an accusation or investment advice.