Assess whether working capital should be a walk-away from revenue-quality

SITUATION Carve-out separation lead received revenue-quality bridge from bookings to cash after an earnout based on 'adjusted EBITDA' with no dictionary in a roll-up of three regional service companies. Proceed or Reprice must follow from that extract if the file can settle whether working capital should be a walk-away.

DECISION Carve-out separation lead in a roll-up of three regional service companies must choose Proceed / Reprice / Walk / Hold using revenue-quality bridge from bookings to cash after an earnout based on 'adjusted EBITDA' with no dictionary.

HYPOTHESES TO TEST 1. Carve-out separation lead can defend Proceed from revenue-quality bridge from bookings to cash after an earnout based on 'adjusted EBITDA' with no dictionary in a M&A Due Diligence challenge. 2. Carve-out separation lead cannot defend Proceed from revenue-quality bridge from bookings to cash; Reprice is what the extract actually supports after an earnout based on 'adjusted EBITDA' with no dictionary. 3. An earnout based on 'adjusted EBITDA' with no dictionary never reached the population in revenue-quality bridge from bookings to cash — reopen intake, do not close working capital should be. 4. Two facts in revenue-quality bridge from bookings to cash after an earnout based on 'adjusted EBITDA' with no dictionary conflict for carve-out separation lead; hold this Earnings and Revenue Quality file.

ANALYSIS REQUIRED 1. Name the document carve-out separation lead still needs before signing. 2. Test whether an earnout based on 'adjusted EBITDA' with no dictionary 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 an earnout based on 'adjusted EBITDA' with no dictionary and write the one fact that would move working capital should be for carve-out separation lead.

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 an earnout based on 'adjusted EBITDA' with no dictionary). The follow-on Earnings and Revenue Quality action is what carve-out separation lead does next: implement the option, assign an owner, and log the missing fact.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on working capital should be, then the evidence in revenue-quality bridge from bookings to cash, then the action for carve-out separation lead - Hypothesis scorecard against revenue-quality bridge from bookings to cash: supported / rejected / untestable - Regulatory or exam hook Earnings and Revenue Quality would cite - Earnings and Revenue Quality finding in revenue-quality bridge from bookings to cash that a second reviewer can re-perform