WORK & ANALYSIS
Analysis of pricing, expansion, financing and transaction decisions, with the assumptions and calculations behind each conclusion.
CASE STUDIES
Childcare capacity and debt coverage
Additional enrollment can reduce the cash available for debt service when it requires new staff. Financing a classroom opening depends on the age groups being served and the time required to fill the additional places.
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Pricing and revenue management · intercity coach
Advance discounts can reduce departure contribution when they displace full-fare passengers. Decisions on fare availability and additional services require a demand forecast for each departure, including the passengers likely to book later.
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Single-family rental underwriting
Mortgage debt reduces the equity required to acquire a rental property. It also reduces the income available to replenish reserves after a vacancy, extending the owner's financial exposure beyond the interruption in rent.
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Growth capital · boutique fitness
Peak class availability affects member retention and the operating cash available for a second location. An expansion forecast must account for the timetable at the first studio as well as the proposed opening date.
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Whole-fund distribution timing
In this illustrative whole-fund waterfall, delayed distributions increase the LP's accrued preference and can eliminate GP carry. The resulting increase in the LP's distributed multiple accompanies a lower annualized return.
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Sale preparation · Business services
Slower customer payments can reduce cash available for acquisition financing while increasing the seller's closing proceeds. Receivable quality and the agreed working-capital target determine the treatment.
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Power markets · Valuation
A fixed electricity price reduces exposure to wholesale markets. The seller's delivery obligations determine the cost of production shortfalls and the cash flows available to investors.
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