IRRλ() improves Excels XIRR() (internal rate of return) function.
Microsoft replaced Excel's IRR() function with XIRR(). XIRR() is an improvement over IRR() but suffers from inconclusive results under certain circumstances and a requirement that it must start on a non-zero cell that makes it very difficult to use for many financial models. BXL's IRRλ() solves one of those issues by selecting only non-zero cash flows and their associated dates.
IRRλ( Values, Dates)
Values
(Required) A row of investments (negative) and distributions (positive). The first entry, whether 0 or an amount, must be for the first period in the timeline and subsequent entries must correspond to periods in the timeline; however, the timeline may extend beyond the end of values.
Dates
(Required) The model's timeline.