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Ironclad Fabrication On track

Metal fabrication · Senior loan · $18.0M deployed · Last report Oct 9

Overview

What changed this month

  • Cash rose $0.3M to $5.6M, well above the $2.0M minimum. The lowest point ahead is $5.7M in late November.
  • Earnings are 6% above budget. A new defense contract lifted volume and margin.
  • Customers are paying faster: 41 days on average, down from 44.
Ending cash across operating accounts at the last weekly close.
$5.6M
Prior $5.3M · +$0.3M
On trackWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$9.8M
Prior $9.5M · +3.2%
On trackMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.72x
Prior 1.68x · +0.04x · min 1.20x
On trackMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
26 wks
Prior 24 wks · +2 wks
On trackWeekly · 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
47 d
Prior 49 d · −2 d · target 50 d
On trackMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
24.5%
Prior 24.2% · +0.3 pts
On trackMonthly · as of Sep 30

Cash, next 13 weeks

Ending cash by week · updated Tuesdays
Cash, next 13 weeksBar chart of weekly ending cash. Actual $5.3M on Oct 30 and $5.6M on Nov 6; forecast $5.8M on Nov 13 to $7M on Jan 22. Lowest forecast week Nov 27 at $5.7M. Minimum cash $2M: every forecast week clears it. Two weeks of spending $2.4M: 0 of 11 forecast weeks below it. $0$2M$4M$6M$8M$10M 2 weeks of spending $2.4MMinimum cash $2M Low $5.7M Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $5.3M on Oct 30 and $5.6M on Nov 6; forecast $5.8M on Nov 13 to $7M on Jan 22. Lowest forecast week Nov 27 at $5.7M. Minimum cash $2M: every forecast week clears it. Two weeks of spending $2.4M: 0 of 11 forecast weeks below it. $0$2.5M$5M$7.5M$10M Low $5.7M Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $2M2 weeks of spending $2.4M
Next week in
$1.2M
Next week out
$1.0M
Net cash flow
+$0.2M
Ending cash, Nov 13
$5.8M
Cash low point
$5.7M · Nov 27
Last week, plan vs actual
$5.3M → $5.6M
Forecast accuracy, 4 wks
98.3%
Invoices 90+ days late
$0.1M

Decisions for you

Checked against the deal documents before they reach you

Nothing waiting. Requests from the company appear here after the contract check.

Covenants

All 4 passing · Q3 certificate due Nov 14
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.22.2% room
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.43.3% room
Equipment and other capital spending this fiscal year, against the yearly cap.40% room
Ending cash must stay at or above this amount every week.180% 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