What you get, exhibit by exhibit
A narrative PDF and a matching Excel databook. The exhibits below use illustrative figures; lenders can request a full redacted sample.
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Executive summary
Reported to adjusted EBITDA and SDE bridge, the single QoE Adjusted Earnings for DSC figure, DSC sensitivity at the proposed debt service, and ranked findings.
| FY-2 | FY-1 | TTM | |
|---|---|---|---|
| Reported net income | 412 | 468 | 495 |
| Accepted adjustments | 186 | 204 | 221 |
| QoE Adjusted EBITDA | 598 | 672 | 716 |
| DSC at proposed debt | 1.38x |
Illustrative figures, $000s.
SOP compliance cross-reference
Each Appendix 15 requirement mapped to the exhibit and page where it is satisfied, so reviewers find it in seconds.
Four-source reconciliation
Accountant-prepared statements, tax returns, internal financials, and IRS transcripts, tied by period with variances explained.
Cash proof
Receipts and disbursements rebuilt from bank statements and reconciled to the income statement and tax return for FY-2, FY-1, and TTM. Unreconciled differences quantified.
| TTM | Amount |
|---|---|
| Deposits per bank statements | 4,982 |
| Less transfers, loans, owner contributions | (161) |
| Revenue per cash proof | 4,821 |
| Revenue per income statement | 4,836 |
| Unreconciled difference | (15) 0.3% |
Add-back matrix
Seller-proposed vs. accepted adjustment, support reference, and recurring or non-recurring classification for every item.
| Item | Proposed | Accepted | Basis |
|---|---|---|---|
| Owner compensation to market | 95 | 62 | Market salary for GM role |
| "One-time" legal fees | 38 | 0 | Recurring three years running |
| Related-party rent to market | 24 | 24 | Lease vs. appraisal |
Revenue quality
Top-10 customer concentration, contract and relationship continuity, margin trends, and sustainability after the sale.
Normalization detail
Related-party transactions, owner compensation, deferred maintenance and capex, and the cash-to-accrual bridge where needed.
Independence & scope
Independence representation, qualifications, procedures performed, data relied on, and limitations.
Want the full redacted sample?
We'll send the PDF and databook with the vendor panel packet.