Brightwater Packaging Watch
Packaging manufacturer · Loan + revenue share · $18.5M deployed · Last report Oct 15
Overview
What changed this month
- Cash dropped $0.5M to $2.4M. The plan keeps it above the $1.5M minimum; the lowest point is $1.6M in mid-December.
- Earnings are 9% below budget. The pricing reset that should fix this is three weeks late.
- Customers are paying slower: 58 days on average, up from 54.
Ending cash across operating accounts at the last weekly close.
$2.4M
Prior $2.9M · −$0.5M
WatchWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$6.2M
Prior $6.4M · −3.1%
WatchMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.31x
Prior 1.36x · −0.05x · min 1.20x
WatchMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
11 wks
Prior 13 wks · −2 wks
WatchWeekly · as of Nov 6
Days sales outstanding: how many days customers take to pay on average, last 3 months. Lower is better. New, added by Your Cohort
58 d
Prior 54 d · +4 d · target 50 d
At riskMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
21.4%
Prior 21.1% · +0.3 pts
On trackMonthly · as of Sep 30
Cash, next 13 weeks
Ending cash by week · updated Tuesdays
ActualForecastCash low pointMinimum cash $1.5M2 weeks of spending $1.8M
| Week ending | Ending cash | Type | Against the lines |
|---|---|---|---|
| Oct 30 | $2.9M | Actual | Clear |
| Nov 6 | $2.4M | Actual | Clear |
| Nov 13 | $2.2M | Forecast | Clear |
| Nov 20 | $2M | Forecast | Clear |
| Nov 27 | $1.8M | Forecast | Clear |
| Dec 4 | $2.1M | Forecast | Clear |
| Dec 11 | $1.7M | Forecast | Below 2 weeks of spending |
| Dec 18 | $1.6M | Forecast · lowest | Below 2 weeks of spending |
| Dec 25 | $1.9M | Forecast | Clear |
| Jan 1 | $2.2M | Forecast | Clear |
| Jan 8 | $2M | Forecast | Clear |
| Jan 15 | $2.3M | Forecast | Clear |
| Jan 22 | $2.5M | Forecast | Clear |
- Next week in
- $4.1M
- Next week out
- $4.3M
- Net cash flow
- −$0.2M
- Ending cash, Nov 13
- $2.2M
- Cash low point
- $1.6M · Dec 18
- Last week, plan vs actual
- $2.6M → $2.4M
- Forecast accuracy, 4 wks
- 96.9%
- Invoices 90+ days late
- $0.7M
Decisions for you
Checked against the deal documents before they reach you
Extra $0.3M for equipment repair
Needs consentGoes over the $1.2M yearly equipment cap. Recommended: approve if they show the 60-day payback.
New $0.6M equipment lease
Not allowedThe agreement allows up to $0.5M. Suggested reply: offer $0.5M instead.
Covenants
All 4 passing · Q3 certificate due Nov 14
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.8.6% room
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.9.2% room
Equipment and other capital spending this fiscal year, against the yearly cap.25% room
Ending cash must stay at or above this amount every week.60% room
New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition
