“FY2025 revenue of $48.2 million”
SourcedExcel model — Model_v12.xlsx · RevenueBuild sheet · cell C8 · value 48,200,000 · as of 2025-06-30
Project Alder · Reference Case · As of 2025-06-30
Illustrative workflow — reference data · Draft for review
Every key figure and claim in the draft memo, with its source and review status. A reviewer works through the flagged items before sign-off.
Each figure or statement used in the memo appears below with where it came from and its review status. Nothing in the draft is unaccounted for.
“FY2025 revenue of $48.2 million”
SourcedExcel model — Model_v12.xlsx · RevenueBuild sheet · cell C8 · value 48,200,000 · as of 2025-06-30
“EBITDA margin of 22.4%”
Derived — verifiedExcel model — Model_v12.xlsx · P&L sheet · cell B8 · value 10,796,800 · as of 2025-06-30
Excel model — Model_v12.xlsx · P&L sheet · cell B4 · value 48,200,000 · as of 2025-06-30
How it is derived: EBITDA (P&L!B8) divided by revenue (P&L!B4).
“revenue growth of 17.8% year over year”
SourcedPublic filing excerpt — Condensed income statement · as of 2025-06-30
“Revenue for the trailing twelve months was $48.2 million, an increase of 17.8% over the prior-year period ($40.9 million).”
“the top ten customers account for more than 40% of revenue”
SourcedEarnings call transcript — Section 7 — Q&A: customer base · as of 2025-05-14
“Our top ten customers together still represent a little over 40% of revenue, and we are working to broaden the mid-market base.”
“management guidance implies EBITDA margin expansion of roughly 150-200 bps by FY2027”
Derived — needs analystPublic filing excerpt — Management's discussion and analysis (MD&A) · as of 2025-06-30
“Management expects continued operating leverage as the payments and analytics modules scale, with adjusted EBITDA margin expected to improve modestly through fiscal 2027.”
What to verify: Derived from qualitative MD&A language; the 150-200 bps quantification is an analyst reading, not a stated figure. An analyst must confirm the margin bridge with management before the committee relies on it.
“the base case assumes net leverage of 4.0x at close”
Unresolved — escalateInternal note — Financing assumptions · as of 2025-06-24
“Base case assumes net leverage of 4.0x at close. Pending lender feedback — not yet confirmed. Do not treat as final.”
What to verify: Assumption only. The internal model note states it is pending lender feedback and not yet confirmed. Must be resolved with financing counterparties before committee sign-off.
“comparable vertical-software transactions cleared at 4.9x-6.8x EV/Revenue”
Sourced — verify before useData export — comps.csv · rows 2-9 · as of 2025-06-20
“EV/Revenue multiples for the eight listed transactions range from 4.9x to 6.8x.”
What to verify: Verify comparability: the vendor export mixes deal sizes and end markets; confirm which transactions are genuinely comparable before quoting the range to the committee.
“net revenue retention has remained above 108% in each of the last four quarters”
SourcedEarnings call transcript — Section 4 — CFO remarks: retention · as of 2025-05-14
“Net revenue retention has remained above 108% in each of the last four quarters.”
Candidate material rejected at source review. No claim in the memo relies on it.
Unattributed industry blog post on vertical-software multiples
Excluded — source policyUnattributed source: no named author or publisher and no verifiable methodology. Fails the workflow source policy, so it was excluded from drafting and no claim may cite it.