Quality of earnings, 13-week cash, covenant runway, working-capital unlock and the value levers behind the PE thesis.
Liquidity of $2100M (≈ 194 weeks of cover) and $9990M of deal capacity make capital the lever, not the constraint. Free the trapped cash first: normalizing DSO to 48d releases ≈ $-324.9M and clears $11.2M of overdue receivables.
8 of 8 headline metrics improving vs prior · still off target: Revenue $3.83B vs $4.10B, EBITDA $1.85B vs $2.00B, EBITDA Margin 48.4% vs 50.0%
Move to credit hold pending paydown; reforecast ARR net of likely churn.
Distress filings + overdue AR; churn risk High on $6.4M account.
Sets deal capacity and refinancing risk.
Closing the DSO gap releases ≈ $-324.9M of one-time cash; $11.2M is already >60 days overdue and at collection risk.
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
ISC (67d), Nippon Wealth Management (66d), Reliance Industries Staff Superannuation Fund account (67d) lifting blended DSO.
$1796.09M of add-backs (97% of adj.) — the diligence-grade walk.
Organic vs. acquisitive vs. price/mix vs. cost.
Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $16.82M.
Net Debt/EBITDA deleveraging path against the 5.5x covenant ceiling.
Normalizing laggard brands to a 50-day DSO releases ~$5.0M of one-time cash.
Concentrated in newer cohorts (ISC, Signet, RFI) where billing discipline lags integration — the fastest cash win this fiscal year.
Annuity growth and where EBITDA is generated.
Total AR $68M
Overdue (>60d) = $11.2M at collection risk.
Accounts ranked by DSO and credit/churn risk.
| Account | Revenue | DSO | NRR | Credit/Churn |
|---|---|---|---|---|
| Reliance Industries Staff Superannuation Fund | $3.75M | 67d | 97% | High |
| Brookfield Corporation | $7.56M | 63d | 104% | Medium |
| Aditya Birla Sun Life Insurance | $2.4M | 59d | 100% | Medium |
| Rajiv Mehra | $8.32M | 58d | 112% | Low |
| ICICI Prudential Life | $4.22M | 55d | 105% | Medium |
| IBM | $5.68M | 52d | 101% | Medium |
| UPS | $6.62M | 49d | 106% | Low |
| Bharat Insurance | $10.9M | 47d | 108% | Low |
| State Bank of India Employees Pension Fund | $9.43M | 44d | 119% | Low |
| HDFC Life Insurance | $3.4M | 41d | 110% | Low |
EBITDA uplift, DSO normalization and synergy realization (as-acquired → current).
| Brand (cohort) | Acq. | Revenue | EBITDA % | DSO | Integration | Synergy | Status |
|---|---|---|---|---|---|---|---|
| Nippon Large Cap Fund | 2021 | $19.92M | 5.27→8.2% | 71→58d | 100% | 92% | Integrated |
| Nippon Tax Saver Fund | 2021 | $12.89M | 4.69→7.62% | 66→54d | 100% | 90% | Integrated |
| Nippon Hybrid Fund | 2022 | $56.26M | 6.45→9.38% | 68→56d | 95% | 88% | Integrated |
| Equity Portfolio: Hybrid Fund | 2023 | $33.99M | 5.86→7.62% | 70→61d | 82% | 74% | In progress |
| Debt Portfolio: Hybrid Fund | 2024 | $24.03M | 5.27→6.45% | 73→67d | 60% | 55% | In progress |
| Nippon AIF Growth Opportunities | 2024 | $21.68M | 5.27→7.03% | 71→60d | 80% | 78% | In progress |
| Nippon Wealth Management | 2024 | $16.99M | 4.69→5.27% | 69→66d | 45% | 40% | Early |
Partner spend, DPO (working-capital lever), delivery and risk.
| Supplier | Category | Spend | DPO | OTIF | Score | Risk |
|---|---|---|---|---|---|---|
| SEBI | Video Surveillance | $37.5M | 45d | 96% | 91 | Low |
| Market Data Provider | Fire & Access | $33.99M | 42d | 93% | 88 | Low |
| Fund Admin System | Critical Comms | $24.03M | 38d | 90% | 85 | Medium |
| Risk Engine | Video Surveillance | $15.82M | 36d | 89% | 83 | Medium |
| CRM | Video VMS | $13.48M | 40d | 95% | 87 | Low |
| Portfolio Management | AV / Collaboration | $11.13M | 44d | 92% | 86 | Low |