The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.
Liquidity is sound at $132M (≈ 7 weeks cover), but $12.9M of working capital is trapped in receivables — pull DSO from 54d to 48d to self-fund the next deal rather than draw the $151M of covenant capacity.
5 of 5 headline metrics improving vs prior · still off target: Free Cash Flow $48M vs $55M, Cash Conversion Cycle 31d vs 25d, DSO (Days Sales Outstanding) 54d vs 48d
Move to credit hold pending paydown; reforecast ARR net of likely churn.
Distress filings + overdue AR; churn risk High on $6.4M account.
Sets deal capacity and refinancing risk.
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $12.9M of one-time cash.
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
ISC (67d), Signet (66d), Staples account (67d) lifting blended DSO.
Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $28.7M.
$116M EBITDA converts to $48M FCF (41%).
Monthly, $M.
Normalizing laggard brands to 50-day DSO releases ~$8.5M one-time.
Total AR $116M
Overdue (>60d) = $19.1M.
Highest DSO first.
| Account | Revenue | DSO | Credit risk |
|---|---|---|---|
| Staples | $6.4M | 67d | High |
| Kaiser Permanente | $12.9M | 63d | Medium |
| American Petroleum Institute | $4.1M | 59d | Medium |
| Bloomberg | $14.2M | 58d | Low |
| Align Technology | $7.2M | 55d | Medium |
| IBM | $9.7M | 52d | Medium |
| UPS | $11.3M | 49d | Low |
Working-capital lever.
| Supplier | Spend | DPO | OTIF | Risk |
|---|---|---|---|---|
| Axis Communications | $64M | 45d | 96% | Low |
| Honeywell | $58M | 42d | 93% | Low |
| Motorola Solutions | $41M | 38d | 90% | Medium |
| Hanwha Vision | $27M | 36d | 89% | Medium |
| Milestone Systems | $23M | 40d | 95% | Low |
| Crestron | $19M | 44d | 92% | Low |
One click into the owning view — each reads the same live governed dataset.