{
 "notes": "Report 1 confirms the fix: the corrected monthly series now ties exactly to the independently-verified 2025 annual totals (€3,972,987.99 gross / €93,583.20 fee / 2.4% blended fee rate), and payout counts roughly doubled vs. the original buggy report — consistent with it having silently dropped close to half of all payouts for a reason we never fully root-caused, but which is now moot since the corrected figures cross-foot cleanly. #1 is now safe to put in front of Tobias, with the one caveat I'll carry into the memo: nothing in this warehouse captures Tidewick's own platform-plan billing of merchants (the `plans`/`subscriptions`/`invoices` tables here model each merchant's billing of *their* customers, not Tidewick's billing of the merchant) — so I can only report the processing-fee half of the revenue split, not the plan-fee half.\n\nOn refunds, I did the arithmetic behind Report 2 and 3 by hand: subtracting Apparel's numbers from the company totals shows the *non-Apparel* refund rate was stable at ~2-3% through 2024, but spiked to 4.9% in 2025-Q2 and 9.1% in 2025-Q3 before dropping back to 4.2% in Q4 — a 3-4x jump that Apparel's own flat/improving trend doesn't explain. Apparel itself looks structural (19-26% every quarter, actually lowest in the latest quarter), so that part of #3 is answered and not worsening. But this non-Apparel spike is new information worth chasing on this last night before the memo, since it could be a specific merchant issue (e.g. a product recall or quality problem) rather than normal seasonal variation. I'm spending two slots to localize it (by vertical, then by merchant) and a third to cross-check the payments-based refund figures against the independent `order_returns` table, given how costly the earlier monthly-revenue bug was — I don't want to hand Tobias a refund narrative built on a single, unverified source.",
 "requests": [
  {
   "title": "Refund Rate by Vertical and Quarter, 2025",
   "question": "Which vertical(s) outside Apparel & Footwear drove the rise in company-wide refund rate through 2025, especially the Q2-Q3 spike?",
   "grain": "one tenant industry vertical and one calendar quarter, 2025 only",
   "columns": [
    "vertical",
    "quarter",
    "merchant_count",
    "payment_count",
    "gross_captured_eur",
    "amount_refunded_eur",
    "refund_rate_pct"
   ],
   "details": "Source: payments joined to tenants (tenants.industry), filtered to status reflecting captured/refunded/partially_refunded with captured_at in calendar year 2025. Convert amount and amount_refunded to EUR via exchange_rates (base_code='EUR', quote_code=payments.currency_code, as_of=date(captured_at)), dividing local amount by the matched rate, consistent with the validated method used in prior reports this week. Group by tenants.industry (null industry as 'Unknown') and calendar quarter of captured_at. Order by vertical name ascending, then quarter ascending (expect up to ~44 rows for ~11 verticals x 4 quarters).",
   "builds_on": [
    "Refund Rate by Merchant Vertical, 2025",
    "Company-Wide Refund Rate Trend by Quarter, 2024-2025",
    "Apparel & Footwear Refund Rate Trend by Quarter, 2024-2025"
   ]
  },
  {
   "title": "Merchant-Level Quarterly Refund Rate, 2025 (excluding Apparel & Footwear)",
   "question": "Which specific non-Apparel merchant(s) caused the refund-rate spike in 2025-Q2/Q3?",
   "grain": "one tenant (merchant), for 2025, with quarterly refund rates as columns",
   "columns": [
    "merchant_name",
    "vertical",
    "gross_captured_eur_fy2025",
    "refund_rate_q1_pct",
    "refund_rate_q2_pct",
    "refund_rate_q3_pct",
    "refund_rate_q4_pct",
    "refund_rate_fy2025_pct"
   ],
   "details": "Source: payments joined to tenants, excluding tenants.industry = 'Apparel & Footwear', filtered to status reflecting captured/refunded/partially_refunded with captured_at in calendar year 2025. Convert amount and amount_refunded to EUR via exchange_rates as in the vertical-quarter report. For each tenant, compute refund_rate_pct (amount_refunded_eur / gross_captured_eur * 100) separately for each of Q1-Q4 2025 and for the full year, pivoted into one row per tenant. Restrict to tenants with at least 20 qualifying payments in 2025 total, to avoid single-payment noise (note in the report how many tenants were excluded by this threshold). Order by refund_rate_q3_pct descending, tie-break merchant_name ascending; print the top 30 rows.",
   "builds_on": [
    "Refund Rate by Vertical and Quarter, 2025",
    "Merchant Refund Rate Outliers, 2025 (merchants with 50+ captured payments)"
   ]
  },
  {
   "title": "Refund Figures Cross-Check: Payments vs Order Returns, 2025",
   "question": "Do the payments-table refund amounts we've been reporting agree with the independent order_returns (RMA) records, or is one source overstating/understating refunds?",
   "grain": "one calendar quarter, 2025",
   "columns": [
    "quarter",
    "amount_refunded_eur_from_payments",
    "refund_total_eur_from_order_returns",
    "difference_eur",
    "difference_pct_of_payments_figure"
   ],
   "details": "Compute two independent quarterly totals for 2025, both converted to EUR via exchange_rates (base_code='EUR', quote_code=currency_code, as_of=date of the relevant event, dividing by the matched rate): (1) sum of payments.amount_refunded for payments with captured_at in that quarter (same definition used in this week's other refund reports); (2) sum of order_returns.refund_total for returns with status='refunded' and refunded_at in that quarter. Report both totals side by side per quarter along with the absolute and percentage difference between them. Order chronologically 2025-Q1 to 2025-Q4 (4 rows).",
   "builds_on": [
    "Company-Wide Refund Rate Trend by Quarter, 2024-2025"
   ]
  }
 ]
}