# Celestica working capital and invoice finance

This package separates Celestica's reported September-quarter cash flows from a hypothetical invoice-financing experiment. All observed financial values are consolidated USD millions, not an AI-only allocation. The source is the Form 10-Q filed October 26, 2026.

`cash-flow-rows.json` preserves 36 original cash-flow row names and four period columns extracted from the saved filing. The documented source hash and table index allow comparison with the original HTML. Reported dashes in those numeric cells are zero; unknown contract or counterfactual fields in `evidence.json` remain null.

Run `node invoice-cycle.mjs` to reproduce `results.json`, followed by `node verify.mjs`. No network or paid service is needed.

The historical reconciliation uses CFO 389.7, gross PP&E 274.1, asset sales 11.9 and net financing 3,298.1 to explain a 3,425.6 cash increase. The 3,391.3 net equity receipt arose from an offering completed August 7, not a new October funding event. Receivables-sale proceeds are already inside CFO and are not added to the cash bridge again.

The 1,297.5 quarterly receivables-sale volume combines two program types. The 1,000 ceiling belongs to the main revolving program; 700.8 is its quarter-end sold-receivable stock. These objects do not share a perimeter or measurement period. The 4.2 discount charge divided by volume is not an annual borrowing rate. No actual no-sale CFO or incremental factoring-cash estimate is produced; cohort dates, discount allocation, remittances and alternative funding actions are not specified.

## The hypothetical experiment

Twelve invoices of 100 are issued weekly. Each has an associated 90 cash cost and is paid in full four weeks later. An accepted sale pays 99 upfront; the bank owns the subsequent 100 collection. The outstanding sold-face limit is 400. Customer collections precede that week's new purchases. This is a chosen timing convention, not a measured intraday peak.

Three cases sell no invoices, sell throughout, or stop new sales after week 4. Their peak supplier funding requirements are 360, 0 and 324, respectively, with ending supplier cash of 120, 108 and 116 before any financing interest. Negative cash paths identify funding that must be supplied or operations that must change; the model does not assume an unfinanced company can keep producing. It also tracks the bank's separate cash requirement, rather than treating the advance as costless capital.

All customers pay, with no default, repurchase, currency movement, transit collection, tax or other fee. Valid transfer and collection rights are assumed for the experiment; the model does not claim Celestica's arrangements are legally nonrecourse. None of the scenario amounts is calibrated to Celestica.

`render-figures.mjs` writes three wide and three mobile SVGs. Use `--png` with Sharp available (or its absolute module path in `AIC_SHARP_MODULE`) to regenerate PNGs. The original evidence dates and scenario labels should accompany any reuse.