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PE funds with $700B AUM use one space for all their work
Usage and outcomes from a platform also used by firms representing 40% of consulting revenue.
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The project is a spreadsheet sensitivity model built
for animating driver-to-output flow-through, where a
driver block feeds the income statement, working
capital, and cash - recalculating live in the browser
from a small set of assumptions.
•
Drivers
—DSO 45 days•
Full through to
Balance sheetreads “— the model stays internally consistent”
•
Key Metrics
Free Cash FlowEnding Cash
AutoSave
A1
×✓fx
Metric
FY2024A
FY2025E
1
Revenue
125.0
137.5
2
Revenue Growth
10.0%
10.0%
3
Gross Profit
81.3
90.8
4
Gross Margin
65.0%
66.0%
5
EBITDA
31.3
35.8
6
EBITDA Margin
25.0%
26.0%
7
D&A
5.0
5.5
8
EBIT
26.3
30.3
9
Capex
6.3
6.9
10
Capex % of Revenue
5.0%
5.0%
11
Revenue
125.0
137.5
12
Revenue Growth
10.0%
10.0%
13
Gross Profit
81.3
90.8
14
Gross Margin
65.0%
66.0%
Key Metrics
$138.2MEnding ARR
$97.1MTotal Revenue
84.4%Gross Margin
ARR scales 22x from FY22 to FY26E, revenue 25x as the cohort base matures
$6.3M$138M
tracelight.ai
Scenario
Bear
Base
Bull
Drivers
Revenue Growth (m/m)12%
→ IS · BS (AR, Equity) · CF
DSO (days)45
→ BS (AR) · CF (ΔWC)
Capex % of Revenue5%
→ IS (D&A) · BS (PP&E) · CF
Pick a scenario or drag any slider - the workbook recalculates in your browser
EBITDA Margin30.0%
Free Cash Flow$1,316,430
Ending Cash$1,816,430
Monthly Cash Balance$2200k$1800k$1600k$1200k$800k$400k
Dec-25Mar-26Jun-26Sep-26Dec-26
Tracelight
Chat
Audit
Trace
Review this model for formula issues. inconsistent logic, and broken links
Got it. I’ll scan the workbook, trace cross-sheet logic, check key formulas and assumptions, and flag anything that needs review.
Wrote 4 todos
Searchingformulas across workbook
Checkinghardcoded inputs and links
Looking at'IS'!B12:H64
Tracing precedents'IS'!F20:F30
Reviewing
1/5Use cases
AssumptionsStress-test the LBO
Entry multiple10.0x
EBITDA growth8.5%
Debt paydown55%
HypothesisReturns are driven by the bridge — margin expansion adds ~0.4x MOIC.
EBITDA bridgeEntry → exit · $M
IC-ready
$42.0
+10.7
+7.8
$60.5
Entry EBITDA+ Organic growth+ MarginExit EBITDA
MOIC2.4x
IRR26%
Exit EBITDA$60.5M
First-look LBO
Excel
Underwriting modelDriver tree · built bottom-up
Volume
920k
Price
$38.5
Revenue
$35.4M
Opex
$21.9M
EBITDA
$8.7M
IC tables
Ready
Schema & links
Chat
Review
Trace
Underwriting agent
Scope the driver tree and build the model to our conventions
The driver tree is scoped from the CIM and management plan, then each schedule is built bottom-up.
Schedules built6 / 6
IC tables4 / 4
Build complete — handing over to model review.
MediumOpex double-counts freight in the cost tree
Model review flagged one issue before IC — fix suggested in the workbook.
Type message,/for commands,@to mention
Agent
M
Send
Full underwriting valuation
Excel
IC Memo.pptx
1
2
3
4
Returns summary — base case
140
+96
+52
320
Entry+ EBITDA+ MultipleExit
MOIC2.3x
IRR24%
Exit EBITDA$74M
Source: LBO Model.xlsx · Tracelight1
Slide 1 of 4
Chat
Review
Trace
IC deck
Build the IC deck from the live model
Slides are generated from the model — cases, returns bridge and sensitivities, each figure cited to its source cell.
Slides drafted12 / 12
Figures cited38 / 38
Cross-checked against the underlying model — no stale numbers.
Type message,/for commands,@to mention
AgentMSend
IC deck
PowerPoint
FDD Report.pptx
1
2
3
Bridge to Adjusted EBITDAFY2024 quality of earnings, $M
12.4
+0.6
+0.4
+0.5
+0.3
14.2
ReportedLegalCompRun-rateRentAdjusted
Reported$12.4M
Adjustments+$1.8M
Adj. EBITDA$14.2M
Source: QoE_schedule.xlsx · Tracelight1
Slide 1 of 3
Chat
Review
Trace
Presentation
Turn the QoE analysis into a client-ready deck for the update call
Deck built from the workbook in your firm template. The slides stay live — when the workbook changes, both the PowerPoint and HTML versions update.
Slides generated3 / 3
Template checks passed12 / 12
Showing “Bridge to Adjusted EBITDA” — exported to PowerPoint and HTML.
Type message,/for commands,@to mention
AgentMSend
EBITDA bridge
PowerPoint
Review
The new frontier of review
High-stakes work deserves the highest level of confidence.
HighTerminal value double-counts exit multiple and growth
MediumDebt schedule doesn’t tie to balance sheet
MediumOpening balance doesn’t match prior close
HighTax sign flipped in cash flow bridge
HighSUM range drops first line item
LowRevenue build rounds before growth calc
HighHardcoded override buried in formula row
MediumInconsistent units, one input in 000s
Twice as accurate
2x the errors caught vs the next best tool, on real deal models
AutoSave
Search (Cmd + Ctrl + U)
A1
fx
Metric
FY2024A
FY2025E
FY2026E
FY2027E
FY2028E
FY2029E
FY2029F
FY2026G
1
Revenue
125.0
137.5
151.3
166.4
181.4
195.9
166.4
Jan 25
2
EBITDA
$13.1M
$240K
$10.1M
$6.2M
52.6
58.8
46.6
Jan 25
3
Revenue Growth
10.0%
10.0%
10.0%
9.0%
8.0%
10.0%
Jan 25
4
Gross Profit
81.3
90.8
101.4
112.3
123.4
134.2
112.3
Jan 25
5
Gross Margin
65.0%
66.0%
67.0%
67.5%
68.0%
68.5%
68.5%
Jan 25
6
EBITDA Margin
25.0%
26.0%
27.0%
28.0%
29.0%
30.0%
26.0%
Jan 25
7
D&A
5.0
5.5
6.1
6.7
7.3
7.9
6.1
Jan 25
8
EBIT
26.3
30.3
34.7
39.9
45.3
50.9
39.9
Jan 25
9
Capex
6.3
6.9
7.6
8.3
9.1
9.8
7.6
Jan 25
10
Capex % of Revenue
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Jan 25
11
Revenue
125.0
137.5
151.3
166.4
181.4
195.9
166.4
Jan 25
12
Revenue Growth
10.0%
10.0%
10.0%
9.0%
8.0%
10.0%
Jan 25
13
Gross Profit
81.3
90.8
101.4
112.3
123.4
134.2
112.3
Jan 25
14
Gross Margin
65.0%
66.0%
67.0%
67.5%
68.0%
68.5%
68.5%
Jan 25
15
Gross Margin
65.0%
66.0%
67.0%
67.5%
68.0%
68.5%
68.5%
Jan 25
16
Gross Margin
65.0%
66.0%
67.0%
67.5%
68.0%
68.5%
68.5%
Jan 25
17
EBITDA
31.3
35.8
40.8
46.6
52.6
58.8
46.6
Jan 25
18
EBITDA Margin
25.0%
26.0%
27.0%
28.0%
29.0%
30.0%
26.0%
Jan 25
19
D&A
5.0
5.5
6.1
6.7
7.3
7.9
6.1
Jan 25
20
EBIT
26.3
30.3
34.7
39.9
45.3
50.9
39.9
Jan 25
21
Capex
6.3
6.9
7.6
8.3
9.1
9.8
7.6
Jan 25
22
Capex % of Revenue
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Jan 25
23
Capex % of Revenue
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Jan 25
Sheet1
+ReadyAccessibility: Good to go
+150%
AutoSave
Search (Cmd + Ctrl + U)
1
2
3
FY24 Financial Overview
$6.4MNet Profit$9.1MOperating Profit
$12.6MEBITDA$48.2MFY24 Revenue
Click to add notes
Slide 1 of 3English (United States)Accessibility: Good to go
+150%
Out of sync with model
EBITDA is $12.6M on this slide, but the model shows $13.1M
The model is the source of truth
Update EBITDA
Every number cited
Trace any figure from slide to cell to source
AutoSave
Search (Cmd + Ctrl + U)
A1
×✓fx
A
B
C
D
E
1
Total Revenue
$1,560.00
5.00 / 25.00
$1,560.00
2026E
2
Gross Revenue
$2,327.52
15.32 / 10.38
$2,327.52
2027E
3
EBITDA
$240.00
8.53 / 15.00
$240.00
2026E
4
Gross Profit
$1,045.20
3.23 / 6.45
$1,045.20
2025E
5
Net Revenue
$780.00
4.30 / 9.60
$780.00
2025E
6
Operating Revenue
$1,784.00
8.53 / 19.80
$1,784.00
2026E
7
Subscription MRR
$899.00
8.53 / 19.80
$899.00
2026E
7
Enterprise Revenue
$540.00
8.53 / 19.80
$540.00
2026E
7
SMB Revenue
$420.00
8.53 / 19.80
$420.00
2026E
8
Consumer Revenue
$522.00
3.23 / 4.50
$522.00
2025E
9
Platform Revenue
$1,481.00
4.30 / 9.60
$1,481.00
2025E
10
Service Revenue
$522.00
3.23 / 4.50
$522.00
2024E
11
Partner Revenue
$1,170.00
15.32 / 10.38
$1,170.00
2024E
12
International Revenue
$648.00
8.53 / 19.80
$648.00
2023E
13
Domestic Revenue
$648.00
8.53 / 19.80
$648.00
2024E
14
Product Revenue
$648.00
8.53 / 19.80
$648.00
2025E
15
Recurring Revenue
$648.00
8.53 / 19.80
$648.00
2025E
16
Total ARR
$648.00
8.53 / 19.80
$648.00
2026E
Revenue Model
+ReadyAccessibility: Good to go
+
150%Review Changes(3)
LBO
B2:Z25
UndoApprove
B30:F40
UndoApprove
B46:M52
UndoApprove
Sources & Uses
Track every change
See every agent edit and what it affects downstream