Your Cohort, home
ThornePortfolio monitoring
Fractional CFO by Your Cohort Powered by Decision OS

Corvid Logistics At risk No new money

Regional trucking and logistics · Loan + revenue share · $9.0M deployed · Last report Oct 8

Overview

What changed this month

  • Cash fell $0.3M to $0.6M. Payroll on Wednesday Nov 11 is $0.31M short, and the forecast reaches $0.0M by Jan 1.
  • The debt service coverage ratio is 0.86x against 1.20x required. This is a covenant breach, 28.3% past the limit.
  • Fuel and driver overtime pushed costs up while two large shippers cut volume. Earnings are 27% below budget.
Ending cash across operating accounts at the last weekly close.
$0.6M
Prior $0.9M · −$0.3M
At riskWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$1.9M
Prior $2.2M · −13.6%
At riskMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
0.86x
Prior 0.97x · −0.11x · min 1.20x
At riskMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
3 wks
Prior 5 wks · −2 wks
At riskWeekly · 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
71 d
Prior 66 d · +5 d · target 50 d
At riskMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
18.5%
Prior 18.9% · −0.4 pts
WatchMonthly · as of Sep 30

Cash, next 13 weeks

Ending cash by week · updated Tuesdays
Cash, next 13 weeksBar chart of weekly ending cash. Actual $900k on Oct 30 and $600k on Nov 6; forecast $500k on Nov 13 to $0 on Jan 22. Lowest forecast week Jan 1 at $0. Minimum cash $750k: 11 of 11 forecast weeks below it. Two weeks of spending $900k: 11 of 11 forecast weeks below it. $0$250k$500k$750k$1M$1.3M 2 weeks of spending $900kMinimum cash $750k Low $0 Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $900k on Oct 30 and $600k on Nov 6; forecast $500k on Nov 13 to $0 on Jan 22. Lowest forecast week Jan 1 at $0. Minimum cash $750k: 11 of 11 forecast weeks below it. Two weeks of spending $900k: 11 of 11 forecast weeks below it. $0$500k$1M$1.5M Low $0 Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $750k2 weeks of spending $900k
Next week in
$0.4M
Next week out
$0.5M
Net cash flow
−$0.1M
Ending cash, Nov 13
$0.5M
Cash low point
$0 · Jan 1
Last week, plan vs actual
$0.8M → $0.6M
Forecast accuracy, 4 wks
88.2%
Invoices 90+ days late
$0.6M

Decisions for you

Checked against the deal documents before they reach you

Emergency payroll advance, $0.31M

Blocked by policy

Corvid asks for $0.31M to cover payroll on Wednesday Nov 11. Policy does not allow new money here without an IC override.

Covenants

1 of 4 breached · Q3 certificate due Nov 14
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.Breached
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.11.6% room
Equipment and other capital spending this fiscal year, against the yearly cap.30% room
Interest coverage29.6% 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