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Halcyon Home Health At risk No new money

Home health agency · Senior loan · $13.5M deployed · Last report Oct 12

Overview

What changed this month

  • Cash fell $0.2M to $0.9M, below the $1.0M minimum in the loan plan. The lowest point ahead is $0.6M in mid-February.
  • The Q3 debt service coverage ratio is 1.08x against the 1.20x required. This is a covenant breach.
  • Medicare Advantage payers are paying slower: 61 days on average, up from 52. Nursing agency costs are running 14% over budget.
Ending cash across operating accounts at the last weekly close.
$0.9M
Prior $1.1M · −$0.2M
At riskWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$3.1M
Prior $3.3M · −6.1%
At riskMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.08x
Prior 1.15x · −0.07x · min 1.20x
At riskMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
5 wks
Prior 7 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
64 d
Prior 61 d · +3 d · target 50 d
At riskMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
34.0%
Prior 34.4% · −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 $1.1M on Oct 30 and $900k on Nov 6; forecast $900k on Nov 13 to $600k on Jan 22. Lowest forecast week Jan 1 at $600k. Minimum cash $1M: 11 of 11 forecast weeks below it. Two weeks of spending $1.2M: 11 of 11 forecast weeks below it. $0$250k$500k$750k$1M$1.3M$1.5M 2 weeks of spending $1.2MMinimum cash $1M Low $600k Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $1.1M on Oct 30 and $900k on Nov 6; forecast $900k on Nov 13 to $600k on Jan 22. Lowest forecast week Jan 1 at $600k. Minimum cash $1M: 11 of 11 forecast weeks below it. Two weeks of spending $1.2M: 11 of 11 forecast weeks below it. $0$500k$1M$1.5M Low $600k Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $1M2 weeks of spending $1.2M
Next week in
$0.5M
Next week out
$0.5M
Net cash flow
+$0.0M
Ending cash, Nov 13
$0.9M
Cash low point
$600k · Jan 1
Last week, plan vs actual
$1.0M → $0.9M
Forecast accuracy, 4 wks
91.8%
Invoices 90+ days late
$0.8M

Decisions for you

Checked against the deal documents before they reach you

Forbearance through Jan 31

IC review Nov 12

Halcyon asks Thorne to hold off enforcing the DSCR breach until Jan 31. Terms are drafted: a 1.0% fee, weekly cash reporting and a hiring freeze.

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.11.4% room
Equipment and other capital spending this fiscal year, against the yearly cap.25% room
Interest coverage16% 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