Pioneer Ag Supply Watch
Farm inputs distributor · Senior loan · $16.0M deployed · Last report Oct 15
Performance
Last 12 months’ revenue, monthly.
$78.0M
−2.8% vs budget
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
17.0%
−0.9 pts vs budget
Last 12 months’ EBITDA after approved adjustments, monthly.
$5.3M
−6.5% vs budget
Adj. EBITDA ÷ revenue.
6.8%
Budget 7.1%
Results vs budget and last year
As of Sep 30 · monthly
| Last 12 months | Actual | Budget | vs budget | Last year |
|---|---|---|---|---|
| Revenue | $78.0M | $80.2M | −2.8% | $76.2M |
| Gross margin | 17.0% | 17.9% | −0.9 pts | 16.7% |
| Operating costs | $8.0M | $7.8M | +2.0% | $7.7M |
| Adj. EBITDA | $5.3M | $5.7M | −6.5% | $5.2M |
From reported to adjusted EBITDA
What was added back, and why
Last 12 months · $M
- Reported EBITDA$4.2M
- + Seasonal inventory write-down$0.5M
- + Warehouse move (one-time)$0.3M
- + Owner pay normalized to market$0.2M
- + Non-cash stock pay$0.1M
- Adjusted EBITDA$5.3M
Reported and adjustedAdded back
| Step | Amount | Running total |
|---|---|---|
| Reported EBITDA | $4.2M | $4.2M |
| Seasonal inventory write-down | +$0.5M | $4.7M |
| Warehouse move (one-time) | +$0.3M | $5.0M |
| Owner pay normalized to market | +$0.2M | $5.2M |
| Non-cash stock pay | +$0.1M | $5.3M |
| Adjusted EBITDA | $5.3M | $5.3M |
Adjustments are 21% of the total. The warehouse move cost stops after this year.
Improvement plan
Progress on the working-capital plan
Cost savings achieved$0.6M of $1.4M
- Cut inventory by $1.1M35% done
- Move large co-ops to 30 day termsOn track
- Close the Fresno warehouseDone
- Weekly cash call every TuesdayOn track
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