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Pioneer Ag Supply Watch

Farm inputs distributor · Senior loan · $16.0M deployed · Last report Oct 15

Overview

What changed this month

  • Cash dropped $0.2M to $2.1M. The plan dips to $1.3M the week of Dec 18, under the $1.5M minimum.
  • Farmers are buying fertilizer later this season, so earnings are 6.5% below budget.
  • Inventory is $1.1M above plan. Customers are paying in 49 days on average, up from 45.
Ending cash across operating accounts at the last weekly close.
$2.1M
Prior $2.3M · −$0.2M
WatchWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$5.3M
Prior $5.4M · −1.9%
WatchMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.29x
Prior 1.33x · −0.04x · min 1.20x
WatchMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
7 wks
Prior 8 wks · −1 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
55 d
Prior 53 d · +2 d · target 50 d
WatchMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
17.0%
Prior 17.4% · −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 $2.3M on Oct 30 and $2.1M on Nov 6; forecast $1.9M on Nov 13 to $2.1M on Jan 22. Lowest forecast week Dec 18 at $1.3M. Minimum cash $1.5M: 2 of 11 forecast weeks below it. Two weeks of spending $1.8M: 7 of 11 forecast weeks below it. $0$500k$1M$1.5M$2M$2.5M$3M 2 weeks of spending $1.8MMinimum cash $1.5M Low $1.3M Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $2.3M on Oct 30 and $2.1M on Nov 6; forecast $1.9M on Nov 13 to $2.1M on Jan 22. Lowest forecast week Dec 18 at $1.3M. Minimum cash $1.5M: 2 of 11 forecast weeks below it. Two weeks of spending $1.8M: 7 of 11 forecast weeks below it. $0$1M$2M$3M Low $1.3M Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $1.5M2 weeks of spending $1.8M
Next week in
$1.4M
Next week out
$1.6M
Net cash flow
−$0.2M
Ending cash, Nov 13
$1.9M
Cash low point
$1.3M · Dec 18
Last week, plan vs actual
$2.3M → $2.1M
Forecast accuracy, 4 wks
94.0%
Invoices 90+ days late
$0.5M

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
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.7.5% room
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.16.4% room
Equipment and other capital spending this fiscal year, against the yearly cap.26.7% room
Ending cash must stay at or above this amount every week.40% 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