_`. {{< step n="1" title="Build opening-paragraph cells" >}} - `IL_Opening_Revenue` — current quarter total revenue - `IL_Opening_RevenueGrowth` — YoY growth % - `IL_Opening_GrossMargin` — current quarter gross margin % - `IL_Opening_GrowthDirection` — IF-based "grew/declined/held flat" - `IL_Opening_Phrase` — concatenated narrative phrase The concatenated phrase looks like: ``` ="revenue " & IL_Opening_GrowthDirection & " " & TEXT(ABS(IL_Opening_RevenueGrowth),"0.0%") & " to " & TEXT(IL_Opening_Revenue,"$#,##0M") ``` Result: *"revenue grew 12.3% to $156M"*. {{< /step >}} {{< step n="2" title="Build segment-result cells" >}} For each reportable segment: - `IL_Segment_SaaS_Revenue` — current segment revenue - `IL_Segment_SaaS_Growth` — YoY % - `IL_Segment_SaaS_Phrase` — narrative ("SaaS revenue grew 18.4% to $98M, driven by strong renewals") The "driven by" tail is hand-written (qualitative); the numbers come from cells. {{< /step >}} {{< step n="3" title="Build balance-sheet snapshot cells" >}} - `IL_Cash_EOQ` — cash and equivalents at end of quarter - `IL_Debt_EOQ` — total debt at end of quarter - `IL_NetCash_EOQ` — formula: `IL_Cash_EOQ - IL_Debt_EOQ` - `IL_Cash_Phrase` — *"We ended the quarter with [IL_Cash_EOQ] in cash and [IL_Debt_EOQ] in debt, for net cash of [IL_NetCash_EOQ]."* {{< /step >}} {{< step n="4" title="Build operational-highlight cells" >}} - `IL_Headcount_EOQ` — employees at end of quarter - `IL_Headcount_Change` — change from prior quarter - `IL_Customers_EOQ` — customer count - `IL_KPI_NRR` — net revenue retention or similar headline KPI {{< /step >}} {{< step n="5" title="Build forward-guidance cells" >}} - `IL_Guidance_NextQ_Low` — low end of next-quarter revenue range - `IL_Guidance_NextQ_High` — high end - `IL_Guidance_FY_Revenue` — full-year revenue guidance - `IL_Guidance_Phrase` — *"For the next quarter, we expect revenue of [IL_Guidance_NextQ_Low] to [IL_Guidance_NextQ_High]."* Guidance comes from your latest forecast version in Adaptive Planning. See [Compare Planning Versions](/wiki/build-reports/compare-planning-versions/) if you maintain multiple forecast versions. {{< /step >}} ## Step 3 — Build the Word template {{< step n="6" title="Create the template structure" >}} Start a new Word document with the section headings. Leave the narrative paragraphs as placeholder text — they'll be hand-written each quarter. {{< /step >}} {{< step n="7" title="Link the cells into the template" >}} For each section, use the OfficeConnect Word links pane to insert the named cells in place. See [OfficeConnect for Word](/wiki/word-powerpoint/word/officeconnect-for-word/) for the linking mechanics. Example linked sentence in the opening paragraph: > "In the third quarter, [IL_Opening_Phrase], with gross margin of [IL_Opening_GrossMargin]." After refresh: > "In the third quarter, revenue grew 12.3% to $156M, with gross margin of 78.2%." {{< /step >}} {{< step n="8" title="Save as a template (.dotx)" >}} Save the file as `Investor_Letter_Template.dotx`. Each quarter, open the template to create a new dated copy. {{< /step >}} ## Step 4 — Cycle through a quarter close {{< step n="9" title="Open the template and save as a dated copy" >}} File → New → from `Investor_Letter_Template.dotx`. Save the new file as `Investor_Letter_2026Q3.docx`. {{< /step >}} {{< step n="10" title="Refresh Excel first, then Word" >}} Refresh the OfficeConnect source workbook for the new quarter. Save. Then in Word, OfficeConnect tab → **Refresh**. Every linked phrase updates to the new quarter's data. {{< /step >}} {{< step n="11" title="Hand to the CEO for narrative" >}} The CEO writes the qualitative narrative around the now-current numbers: what drove the quarter, what to expect, what's new strategically. {{< /step >}} {{< step n="12" title="Final review and disconnection" >}} Once the CEO has finalized the narrative, you can optionally break the links to lock the file as a static historical record. See [Recovering Broken Links](/wiki/word-powerpoint/powerpoint/recovering-broken-links/) (the PowerPoint guide; the Word break-link procedure is similar via **Manage Links → Break Link**). {{< /step >}} {{< warning >}} Once an investor letter ships, archive a static copy with links broken. If anyone later refreshes the live-linked version, the historical document changes — a serious problem if regulators or investors ask for a copy of the document as filed. {{< /warning >}} ## Style considerations - **Round consistently.** Format your linked dollar amounts the same way every quarter ($M rounded to one decimal, or whole millions — pick one). - **Use the same tense and voice each quarter.** The cells provide numbers; the writer provides voice. A drift in style is jarring; the linked numbers are the anchor. - **Refresh the template seldom.** Once you've built it, leave it alone except for adding/removing sections. Tinkering between quarters introduces bugs. ## Result Each quarter the investor letter takes an hour of CEO time plus 30 minutes of refresh-and-review, instead of a day of typing and proofreading. The numbers are right by construction. ## Next steps - [MD&A Automated Draft](/wiki/word-powerpoint/word/mda-automated-draft/) — the related management-discussion document. - [OfficeConnect for Word](/wiki/word-powerpoint/word/officeconnect-for-word/) — the underlying linking mechanics. - [Charts That Update with the Period](/wiki/word-powerpoint/powerpoint/period-aware-charts/) — period-aware chart patterns for the accompanying deck.