The single financial pane of truth — P&L, quality of earnings, profitability, FP&A and acquisition-cohort economics.
Margin is expanding, but ≈ $9M of EBITDA still sits between today's 14.8% margin and the 16% exit target — held in unintegrated cohorts and SG&A. Convert synergy and add-backs into reported EBITDA before the buyer's diligence.
7 of 8 headline metrics improving vs prior · still off target: Revenue Growth (YoY) 18.0% vs 20.0%, Blended Gross Margin 33.5% vs 35.0%, Adjusted EBITDA $116M vs $120M
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.
≈ $9M of EBITDA stands between 14.8% margin and the 16% target — the swing that re-rates the equity.
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
ISC (67d), Signet (66d), Staples account (67d) lifting blended DSO.
How $785M of revenue converts to $116M adjusted EBITDA.
| Revenue | $785M | 100.0% |
| Cost of goods sold | ($522M) | (66.5%) |
| Gross profit | $263M | 33.5% |
| SG&A | ($151M) | (19.2%) |
| Adjusted EBITDA | $116M | 14.8% |
Diligence-grade add-back walk.
Organic vs. acquisitive vs. price/mix vs. cost.
Forecast discipline, synergy realization and productivity.
EBITDA uplift and synergy realization by acquired brand.
| Brand | Year | Revenue | ARR | EBITDA % | Synergy | Status |
|---|---|---|---|---|---|---|
| Firecom | 2021 | $34M | $12M | 9→14% | 92% | Integrated |
| DavEd Fire Systems | 2021 | $22M | $8M | 8→13% | 90% | Integrated |
| AFA Protective Systems | 2022 | $96M | $52M | 11→16% | 88% | Integrated |
| RFI Enterprises | 2023 | $58M | $19M | 10→13% | 74% | In progress |
| Integrated Security & Comms (ISC) | 2024 | $41M | $14M | 9→11% | 55% | In progress |
| ECD Systems | 2024 | $37M | $13M | 9→12% | 78% | In progress |
| Signet | 2024 | $29M | $9M | 8→9% | 40% | Early |
One click into the owning view — each reads the same live governed dataset.