{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "finance.operationally_available_cash",
    "slug": "operationally_available_cash",
    "domain": "finance",
    "defaultLabel": "Operationally Available Cash",
    "description": "Unrestricted cash adjusted for near-term working-capital effects — i.e. the cash that is actually deployable after accounting for receivables coming in, payables going out, and accrued obligations crystallizing in the next reporting period. More conservative than `finance.total_unrestricted_cash` because it nets out the cash a healthy AR/AP cycle is already promising or claiming. The board reads this as the \"real\" cash position when working capital is material to the business (typical at Series A+, when AR/AP cycles get sizeable). Common pitfall: at early stage AR is small and AP is mostly payroll/SaaS, so this collapses to unrestricted cash — once enterprise deals or 60-day net terms appear, the gap widens fast.",
    "fieldType": "currency",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "preSeed",
      "seed",
      "seriesA",
      "seriesB",
      "seriesC",
      "public"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "preSeed": "recommended",
      "seed": "recommended",
      "seriesA": "core",
      "seriesB": "core",
      "seriesC": "core",
      "public": "core"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "finance.total_unrestricted_cash + finance.net_working_capital_adjustment. The working-capital adjustment is signed (positive when AR collection > AP outflow over the horizon, negative otherwise).",
    "whyItMatters": "Best single-number answer to \"how much cash do we really have to deploy this quarter\" once working capital is material. Substituted for unrestricted cash in the runway denominator at growth stage.",
    "interpretationGuidance": "A large negative gap between unrestricted and operationally-available cash means working-capital headwinds are eating into apparent runway — common when DSO is lengthening. Track the gap quarter-over-quarter; widening signals deteriorating collections or stretched payables. No published industry threshold — interpretation is company- and cycle-specific.",
    "relatedKpiIds": [
      "finance.total_unrestricted_cash",
      "finance.net_working_capital_adjustment",
      "finance.current_asset_adjustments",
      "finance.current_liability_adjustments",
      "finance.runway_months"
    ],
    "calculationPolicy": {
      "inclusionRules": [
        "Start with `finance.total_unrestricted_cash` (all unrestricted cash + cash equivalents, not segregated for a specific purpose).",
        "Add the signed `finance.net_working_capital_adjustment` for the lookahead horizon (positive when AR collections exceed AP outflows over the window, negative otherwise).",
        "Use the same lookahead horizon as the company's burn calculation — typically one reporting period (month or quarter)."
      ],
      "exclusionRules": [
        "Restricted cash (collateral for leases, prepaid customer balances, escrow). It is not deployable.",
        "Long-term receivables that will not collect within the lookahead horizon.",
        "Undrawn venture debt or credit facilities — those are funding capacity, not cash."
      ],
      "requiredInputs": [
        "Period-end unrestricted cash balance.",
        "AR aging bucketed by collection horizon.",
        "AP aging + scheduled cash outflows over the lookahead horizon.",
        "Any accrued obligations crystallizing in the horizon (payroll true-ups, employer-tax payments)."
      ],
      "dataSourcePriority": [
        "Audited or reviewed balance sheet for cash + AR + AP + accruals.",
        "Treasury / FP&A working-capital forecast as a fallback when accounting is closing-period-only."
      ],
      "edgeCases": [
        "Multi-currency cash: convert each currency to reporting currency at a stable period-end rate, then sum.",
        "Customer prepayments held in restricted accounts: NOT deployable — flag separately.",
        "Pending acquisition or M&A consideration earmarked but not yet wired: exclude from operationally-available; show as a memo line."
      ],
      "validationChecks": [
        "Operationally-available cash ≤ total unrestricted cash + maximum-net-positive working-capital swing — if it exceeds, the working-capital adjustment is wrong.",
        "When working capital is small (typical pre-Series-A), this should be within ~5% of `finance.total_unrestricted_cash`. Wide divergence at early stage is a calculation red flag."
      ],
      "commonMiscomputations": [
        "Using total cash (including restricted) — inflates the deployable position and overstates runway.",
        "Omitting the working-capital adjustment entirely — defaults back to unrestricted cash and misses the AR/AP timing mismatch that this KPI exists to capture.",
        "Mixing fiscal-year-end snapshot with mid-quarter working-capital adjustment — periods must align.",
        "Treating an undrawn credit facility as \"operationally available\" — facility access is not cash on hand."
      ]
    },
    "metricBasis": {
      "timeBasis": "point_in_time",
      "moneyBasis": "cash",
      "production": "computed"
    }
  }
}