Assess whether working capital should be a walk-away (2a3d1d)

SITUATION A Phase II that found groundwater impact put revenue-quality bridge from bookings to cash in front of integration-risk PMO in a roll-up of three regional service companies. This M&A Due Diligence / Legal, IP, and Regulatory close is working capital should be from revenue-quality bridge from bookings to cash, and the live options are Proceed, Reprice, Walk.

DECISION Integration-risk PMO in a roll-up of three regional service companies must choose Proceed / Reprice / Walk / Hold using revenue-quality bridge from bookings to cash after a Phase II that found groundwater impact.

HYPOTHESES TO TEST 1. The population in revenue-quality bridge from bookings to cash is the one a Phase II that found groundwater impact named, so Proceed follows for this Legal, IP, and Regulatory file. 2. The population in revenue-quality bridge from bookings to cash is adjacent only to a Phase II that found groundwater impact; Reprice is the honest M&A Due Diligence call. 3. A roll-up of three regional service companies already contained a Phase II that found groundwater impact before revenue-quality bridge from bookings to cash arrived; no new Legal, IP, and Regulatory path. 4. Provenance on revenue-quality bridge from bookings to cash after a Phase II that found groundwater impact is broken; do not pick Proceed or Reprice yet.

ANALYSIS REQUIRED 1. Separate a one-off add-back from a recurring earnings issue in revenue-quality bridge from bookings to cash. 2. Map reps, earnout mechanics, and integration risk a roll-up of three regional service companies would inherit. 3. Tie quality-of-earnings, working-capital, and contingent items in revenue-quality bridge from bookings to cash to working capital should be. 4. For this M&A Due Diligence Legal, IP, and Regulatory file, read revenue-quality bridge from bookings to cash against a Phase II that found groundwater impact and write the one fact that would move working capital should be for integration-risk PMO.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / Legal, IP, and Regulatory packet (revenue-quality bridge from bookings to cash after a Phase II that found groundwater impact). Lead with the M&A Due Diligence option revenue-quality bridge from bookings to cash can support after a Phase II that found groundwater impact, then the two facts that force it, then the Monday action for integration-risk PMO in a roll-up of three regional service companies.

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 integration-risk PMO - Hypothesis scorecard against revenue-quality bridge from bookings to cash: supported / rejected / untestable - Owner and next date for integration-risk PMO in a roll-up of three regional service companies - What changes working capital should be if a Phase II that found groundwater impact is later withdrawn