Working-capital true-up analyst must resolve whether integration costs were

SITUATION Working-capital true-up analyst in a public acquirer facing HSR and sector regulators has one working extract — revenue-quality bridge from bookings to cash — after a founder who will not sign a non-compete. If revenue-quality bridge from bookings to cash cannot support integration costs were sandbagged, the only defensible M&A Due Diligence output is hold.

DECISION Working-capital true-up analyst in a public acquirer facing HSR and sector regulators must choose Proceed / Reprice / Walk / Hold using revenue-quality bridge from bookings to cash after a founder who will not sign a non-compete.

HYPOTHESES TO TEST 1. Revenue-quality bridge from bookings to cash reads as Proceed once a founder who will not sign a non-compete is lined up to the same M&A Due Diligence population. 2. Revenue-quality bridge from bookings to cash is closer to Reprice after a founder who will not sign a non-compete; Proceed would over-claim this Earnings and Revenue Quality extract. 3. Walk is still live in revenue-quality bridge from bookings to cash for working-capital true-up analyst in a public acquirer facing HSR and sector regulators. 4. Revenue-quality bridge from bookings to cash is missing the fact working-capital true-up analyst needs after a founder who will not sign a non-compete; stop this M&A Due Diligence close.

ANALYSIS REQUIRED 1. Name the document working-capital true-up analyst still needs before signing. 2. Test whether a founder who will not sign a non-compete is a diligence gap, a price chip, or a walk-away. 3. Separate a one-off add-back from a recurring earnings issue in revenue-quality bridge from bookings to cash. 4. For this M&A Due Diligence Earnings and Revenue Quality file, read revenue-quality bridge from bookings to cash against a founder who will not sign a non-compete and write the one fact that would move integration costs were sandbagged for working-capital true-up analyst.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / Earnings and Revenue Quality packet (revenue-quality bridge from bookings to cash after a founder who will not sign a non-compete). The follow-on Earnings and Revenue Quality action is what working-capital true-up analyst does next: implement the option, assign an owner, and log the missing fact.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on integration costs were sandbagged, then the evidence in revenue-quality bridge from bookings to cash, then the action for working-capital true-up analyst - Hypothesis scorecard against revenue-quality bridge from bookings to cash: supported / rejected / untestable - Earnings and Revenue Quality finding in revenue-quality bridge from bookings to cash that a second reviewer can re-perform - Missing page in revenue-quality bridge from bookings to cash after a founder who will not sign a non-compete, if any