Everything on the Search Terms tab comes from the Sponsored Products search term report in your bulk file.
What it shows
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Wasted spend: search terms that spent with no sales, and their share of total search term spend. This is also the pool the Recovery Forecast is built from.
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High-ACOS spend: terms that sold, but above your target.
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Harvest candidates: search terms that are converting through auto, broad or phrase targeting but are not targeted on exact match anywhere in your Sponsored Products campaigns. Terms you already target as positive keywords or product targets are excluded. Terms coming from auto campaigns are labelled "(auto)".
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Winners without protection: exact-match winners that have no negative exact keyword shielding them in neighbouring campaigns.
Every section has a "How is this calculated?" note with the source, why it matters, and what to do.
Sponsored Brands and Sponsored Display
If your file also carries a Sponsored Brands search term report, The Badger reads it and shows it in its own block, marked as not included in the figures above. Sponsored Display search terms are not included. Terms you target in Sponsored Brands are not checked when building harvest candidates, so a term can appear as a candidate even though a Sponsored Brands campaign already targets it.
"No Sponsored Products Search Term Report in this file."
The bulk file was exported without search term data. The rest of the audit still runs. To fill this tab, go back to Bulk operations in Amazon Ads, tick the option that includes Sponsored Products search term data, download the file again, and drop it.
The N-Gram Analyzer
The N-Gram Analyzer at https://sheets.adbadger.com/ngram reads the same Sponsored Products search term report and breaks the terms into word patterns, so you can see which individual words drain spend without ever selling.