2.1
Nothing is dropped
Every number in the filing is extracted, always. Classification decides what gets circled. It never decides what gets kept. Anything that cannot be classified stays marked unknown; there is no catch-all bucket.
Circle-ups for comfort letters
Every number in the filing. Circled, traced, ready for review.
Signed Off reads a filing, whether a 10-K, 10-Q, prospectus or proxy statement. It extracts every number in it, classifies each one, and circles those that belong in the comfort letter. Your team reviews item by item and downloads a circled PDF. Nothing is dropped, and every item points back to its page.
§1 · The review
The filing on the left. Every item on the right.
A page of the filing, as filed, with the circles drawn on it. Beside it, the items panel: each number, whether it is circled, and why it may deserve a second look.
Halvard Instruments, Inc.10-K · FY20250001628280-26-004117
Page 47 / 1681,284 numbers · 312 circled
Item 7 · Management's Discussion and Analysis
Results of Operations
Net revenue for fiscal 2025 was $4,812.3 million, an increase of 11.4% compared to $4,319.6 million in fiscal 2024. The increase was primarily driven by growth in our Precision Metrology segment, which contributed $2,106.7 million of net revenue (see Note 14), and by the acquisition of Orell Sensing GmbH completed on March 3, 2025.
Gross margin was 61.2% in fiscal 2025 compared to 59.8% in fiscal 2024, reflecting favorable product mix and lower freight costs. Operating expenses increased to $1,904.5 million, including $84.1 million of acquisition-related charges.
As of December 31, 2025, we had cash and cash equivalents of $1,207.9 million and no outstanding borrowings under our $750.0 million revolving credit facility, which matures in 2029.
| (in millions) | 2025 | 2024 | Change |
|---|---|---|---|
| Precision Metrology | 2,106.7 | 1,842.0 | 14.4% |
| Industrial Optics | 1,733.9 | 1,611.2 | 7.6% |
| Services | 971.7 | 866.4 | 12.2% |
| Total net revenue | 4,812.3 | 4,319.6 | 11.4% |
Fig. 1 · Review screen, page 47 of an illustrative 10-K. Issuer and figures are fictional. The red dot marks the Comfort Letter deliverable; a dashed circle marks a number suggested for review.
§2 · Principles
Four commitments the software is built around.
2.2
Every figure has a source
Each item carries its page and its place in the filing: part, item, section, table. The circles are drawn on the filing page itself, beside the items panel, so a number is always read in context.
2.3
Rules have the last word
The software recommends what to circle. Then a fixed set of items is never circled, as a final override: page numbers, note numbers, exhibit references and, on a 10-K or 10-Q, the audited financial statements. No large language model decides what is extracted or circled.
2.4
Review is auditable
When a reviewer circles or uncircles an item, the change is attributed to them. A review pass records who started it, who completed it, which items each person viewed, and a snapshot of the items at completion. Each run records which version of the software made its recommendations.
§3 · Method
Four stages, from filing to circled pages.
Start a circle-up from a filing. Search the issuer by name and pick one of its public filings. Progress is shown live: the filing is viewable immediately and circles appear on the page as the run goes. If section detection is unsure, the run pauses, asks a person to confirm the sections, then resumes.
01 · Retrieve
The filing and its images are retrieved and prepared to display exactly as filed.
02 · Structure
The filing is split into its pages, and its parts, items, sections and tables are identified.
03 · Numbers
Every number on every page is extracted by fixed rules, the same every time.
04 · Circle
The software recommends what to circle. Items that are never circled, such as page numbers and note references, are excluded last.
§4 · Coverage
Every kind of number, wherever it sits on the page.
A 10-K, 10-Q, prospectus or proxy statement, read as filed. Text, tables and images alike.
- Text
- Every number in body paragraphs, captions, footnotes and headings.
- Tables
- Financial tables and data tables. Circle a whole table, or chosen rows, columns or cells.
- Images
- Numbers inside images are read too, and flagged for review.
- Structured data
- Where the filing includes the SEC's structured data, it is used as a check alongside reading the page.
§5 · Judgment
More than one deliverable. More than one filing.
5.1 · Deliverables
One number, several circles
Every circle-up has a Comfort Letter deliverable, drawn in red. Teams add their own deliverables, each with a name and a color. A number circled into several deliverables is drawn with concentric rings, and each deliverable has its own circled PDF.
5.2 · Prior judgments
Earlier decisions carry forward
When your organization has an earlier circle-up for the same issuer, items are matched between the two filings. Matching decisions are carried forward, a prior reviewer's uncircle is respected, and every difference is surfaced for review. The panel shows the prior page and prior state.
Promoted · Demoted · Differs from prior · New
§6 · Start
Start with a filing you know.
Create an account and start a circle-up from a filing. Search the issuer by name and pick one of its public filings. Pricing is usage-based.