{
  "title": "Credit Memo: Alphabet Inc.",
  "date": "2026-02-13",
  "recommendation": "APPROVE",
  "executive_summary": "Borrower meets all standard covenants. Strong financial position. Note: EBITDA is shrinking (CAGR -1.7%)",
  "financial_highlights": {
    "Revenue": 307394,
    "EBITDA": 88164,
    "Total Debt": 13253,
    "Cash": 24048,
    "Net Debt": -10795
  },
  "growth_analysis": {
    "Revenue CAGR (3Y)": 9.2,
    "EBITDA CAGR (3Y)": -1.7,
    "Revenue YoY": 8.7,
    "EBITDA YoY": 17.8
  },
  "covenant_analysis": {
    "leverage_test": "PASS",
    "coverage_test": "PASS"
  }
}