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Tidewater Marine Services Watch

Marine repair and dockage · Loan + revenue share · $7.5M deployed · Last report Oct 13

Overview

What changed this month

  • Cash is $1.4M, down $0.1M. It stays above the $1.25M minimum, but only by $0.15M today.
  • Boat season is slowing. Repair backlog fell to 5 weeks from 8, so revenue is flat while costs hold.
  • An $18k payment went to a related party over the weekend. We flagged it for review.
Ending cash across operating accounts at the last weekly close.
$1.4M
Prior $1.5M · −$0.1M
WatchWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$3.6M
Prior $3.6M · no change
WatchMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.38x
Prior 1.39x · −0.01x · min 1.20x
WatchMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
10 wks
Prior 10 wks · no change
WatchWeekly · 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
52 d
Prior 52 d · no change · target 50 d
WatchMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
28.0%
Prior 28.1% · −0.1 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 $1.5M on Oct 30 and $1.4M on Nov 6; forecast $1.3M on Nov 13 to $1.7M on Jan 22. Lowest forecast week Dec 11 at $1.1M. Minimum cash $1.3M: 2 of 11 forecast weeks below it. Two weeks of spending $1.5M: 7 of 11 forecast weeks below it. $0$500k$1M$1.5M$2M 2 weeks of spending $1.5MMinimum cash $1.3M Low $1.1M Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $1.5M on Oct 30 and $1.4M on Nov 6; forecast $1.3M on Nov 13 to $1.7M on Jan 22. Lowest forecast week Dec 11 at $1.1M. Minimum cash $1.3M: 2 of 11 forecast weeks below it. Two weeks of spending $1.5M: 7 of 11 forecast weeks below it. $0$500k$1M$1.5M$2M Low $1.1M Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $1.3M2 weeks of spending $1.5M
Next week in
$0.5M
Next week out
$0.6M
Net cash flow
−$0.1M
Ending cash, Nov 13
$1.3M
Cash low point
$1.1M · Dec 11
Last week, plan vs actual
$1.5M → $1.4M
Forecast accuracy, 4 wks
95.6%
Invoices 90+ days late
$0.2M

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
Ending cash must stay at or above this amount every week.12% room
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.14.8% room
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.15% room
Equipment and other capital spending this fiscal year, against the yearly cap.30% 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