MACROSLM · FINANCIAL DUE DILIGENCE — PROJECT HALITESTRICTLY PRIVATE & CONFIDENTIAL · DRAFT

QUALITY OF EARNINGS · LTM TO 2026-05-31

Reported EBITDA of $18.2m holds up — but some of the ask is soft

Management proposes $3.0m of add-backs to reach $21.2m. Toggle each adjustment below to build your own defensible number: the diligence view supports the high-quality add-backs and haircuts the pulled-forward revenue, run-rate churn, and capitalized R&D.

REPORTED → ADJUSTED EBITDA BRIDGE ($m)click a row to include / exclude

Adjustment	Amount	Quality
Reported EBITDA (LTM)	18.2
✓Owner / related-party comp normalization	+1.4	HIGH
✓Non-recurring legal settlement	+0.8	HIGH
✓One-time ERP implementation cost	+0.5	HIGH
✓Below-market related-party lease	+0.3	LOW
Subtotal — management add-backs	+3.0
✓Pulled-forward revenue (out of period)	(0.9)	HIGH
✓Run-rate churn not yet in LTM	(0.6)	MEDIUM
✓Capitalized R&D — expense normalize	(0.5)	MEDIUM
Subtotal — diligence adjustments	(2.0)
Adjusted EBITDA	19.2

$19.2madjusted EBITDA (your view)

vs reported ($18.2m)+$1.0m

vs management ask ($21.2m)($2.0m)

Purchase-price impact of the haircut at 9.0x~$18m EV

EARNINGS-QUALITY SCORECARD

Revenue durability (recurring %)78%

Accruals ratio (vs peers)Elevated

DSO trend (12-mo)47 → 58d

Gross-margin stabilityStable

Customer concentration (top 3)41%

Add-back quality (weighted)Medium

DILIGENCE FLAGS

Revenue timing. A $0.9m Q4 deal shipped 6 days before period-end with unusual terms — likely pulled forward.
DSO drift. Receivables days rose 47→58; test collectability and channel-stuffing risk.
R&D capitalization. Policy capitalizes more than peers; normalizing lowers EBITDA $0.5m.

Illustrative diligence databook for an anonymized target (Project Halite). Figures are representative of the deliverable, not a specific company. Toggling is interactive; every add-back links to the supporting invoice, contract, or GL entry in the full workbook.