PPavionExecutive Cockpit
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PPavion · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Fire Safety · Security · Integration.

$785M
Revenue (modeled)
21+
Acquisitions since 2020
2,800
Employees
#4 SDM Top Systems Integrators
SDM ranking
Owner: Wind Point Partners (2020) · CEO Joseph Oliveri · CFO Abu Zeya · HQ Chantilly, Virginia
Where we stand

Executive scorecard

Pavion · Board Pack · 1 · Executive Summary
Total Revenue
$785M
prior $665M
Revenue Growth (YoY)
18.0%
prior 24.0%
Adjusted EBITDA
$116M
prior $92M
Adj. EBITDA Margin
14.8%
prior 13.8%
ARR (Recurring)
$314M
prior $262M
Recurring Revenue Mix
40.0%
prior 37.0%
Net Revenue Retention
106.0%
prior 103.0%
Rule of 40
33
prior 38
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Pavion · Board Pack · 2 · Performance
Revenue by business unit
Security45%
Fire Safety35%
Integration20%
Security
$353M
+14% · EBITDA 16.2% · Rec 44%
Fire Safety
$275M
+9% · EBITDA 15.5% · Rec 46%
Integration
$157M
+18% · EBITDA 11.8% · Rec 24%
Roll-up validation

Acquisition cohort economics

Pavion · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Firecom2021$34M$12M9%→14% (+5)92%Integrated
DavEd Fire Systems2021$22M$8M8%→13% (+5)90%Integrated
AFA Protective Systems2022$96M$52M11%→16% (+5)88%Integrated
RFI Enterprises2023$58M$19M10%→13% (+3)74%In progress
Integrated Security & Comms (ISC)2024$41M$14M9%→11% (+2)55%In progress
ECD Systems2024$37M$13M9%→12% (+3)78%In progress
Signet2024$29M$9M8%→9% (+1)40%Early

Integrated cohorts show ~5pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Pavion · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
4.2x
target 4.0x
Covenant Headroom
1.3x
target 1.0x
DSCR
1.8x
target 1.5x
Liquidity (cash + revolver)
$132M
Free Cash Flow
$48M
target $55M
Cash Conversion Cycle
31d
target 25d
DSO (Days Sales Outstanding)
54d
target 48d
M&A Synergy Realization
78.0%
target 100.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 31d) and FCF improve.
Governance

Watch-list & priority actions

Pavion · Board Pack · 5 · Risk & Actions
●Southeast region margin driftceo
Southeast GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Oracle expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), Signet (66d), Staples account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Staples credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/ON-X attach on Integration installs.
Material external signals
[News] Oracle announces new US cloud regions · Oracle→ multi-region DC security opportunity
[EDGAR] FedEx 10-K: elevated hub-automation capex · FedEx→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Southeast accounts

Structural data researched from public sources; financials are modeled estimates (Pavion is privately held). AI summary generated by Azure OpenAI (GPT-4.1).