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Cloudspire Technologies · CSPR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $650.0M | Σ tranche principal (face value) | debt=650.0 |
| Net debt | $595.0M | Total debt − cash | debt=650.0 · cash=55.0 |
| Gross leverage (Debt / EBITDA) | 6.77x | Total debt ÷ EBITDA | debt=650.0 · ebitda=96.0 |
| Secured leverage | 6.77x | Secured debt ÷ EBITDA | secured=650.0 · ebitda=96.0 |
| Net leverage | 6.20x | Net debt ÷ EBITDA | netDebt=595.0 · ebitda=96.0 |
| Interest coverage (EBIT / interest) | 1.02x | EBIT ÷ interest expense | ebit=67.2 · interest=65.7 |
| EBITDA / interest | 1.46x | EBITDA ÷ interest expense | ebitda=96.0 · interest=65.7 |
| FCF / debt | 0.7% | Free cash flow ÷ total debt | fcf=4.76 · debt=650.0 |
| Debt service coverage | 1.06x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=96.0 · capex=19.2 · taxes=0.39 · interest=65.7 · amort=6.5 |
| Cash conversion | 80.0% | (EBITDA − capex) ÷ EBITDA | ebitda=96.0 · capex=19.2 |
| Liquidity ratio | 1.59x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=115.0 · stObl=72.2 |
| Current ratio | 0.89x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=170.0 · curLiab=190.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=115.0 |
Credit scorecard — deterministic, auditable
Score 37.6 / 100 · High| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 6.20 | 2 | 7 | 2.4 | 15 | 5.0 | 0.0 | 0.0 |
| Coverage | LTM EBITDA / interest expense | 1.46 | 5 | 1 | 1.7 | 15 | 2.5 | 0.4 | 0.0 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 1.59 | 2 | 0.5 | 7.3 | 10 | 7.8 | 6.0 | 4.0 |
| Free cash flow | LTM FCF / total debt | 0.01 | 0.12 | -0.02 | 2.0 | 10 | 2.8 | 0.5 | 0.0 |
| Maturity risk | Share of debt maturing within 3 periods | 1.00 | 0 | 0.5 | 0.0 | 10 | 0.0 | 0.0 | 0.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.02 | 0.01 | 0.05 | 6.8 | 10 | 6.8 | 6.8 | 6.8 |
| Revenue stability | Std-dev of annual revenue growth | 0.01 | 0.03 | 0.15 | 8.0 | 8 | 8.0 | 8.0 | 8.0 |
| Asset coverage | Asset base / total debt | 0.77 | 2 | 0.6 | 1.5 | 12 | 1.5 | 1.5 | 1.5 |
| Industry risk | Sector factor (config.ts) | 0.80 | 1 | 0 | 8.0 | 10 | 8.0 | 8.0 | 8.0 |
| Total | 37.6 | 100 | 42.4 | 31.1 | 28.2 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 33.9 → 37.6
- ▲ Net leverage fell from 7.5x to 6.2x (+2.4 pts, positive)
- ▲ Interest coverage increased from 1.3x to 1.5x (+0.7 pts, positive)
- ▼ Liquidity ratio fell from 1.7x to 1.6x (-0.5 pts, negative)
- ▲ FCF / debt increased from -0.8% to 0.7% (+1.1 pts, positive)
- • Near-term maturity share unchanged at 100%
- • Margin volatility unchanged at 2.3 pts
- • Revenue volatility unchanged at 1.0 pts
- • Asset coverage unchanged at 0.77x
- • Industry risk factor unchanged at 0.80
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: no breachSevere Downside: 5 failed tests; first breach FY2026E
Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
| FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
|---|---|---|---|---|---|
| Current metric | 9.61x | 12.18x | 12.48x | 12.39x | 12.12x |
| Covenant | ≤ 8.00x | ≤ 8.00x | ≤ 8.00x | ≤ 8.00x | ≤ 8.00x |
| Headroom | −1.61x (-20%) | −4.18x (-52%) | −4.48x (-56%) | −4.39x (-55%) | −4.12x (-52%) |
| Status | BREACH | BREACH | BREACH | BREACH | BREACH |
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 5.3x | 4.4x | 3.6x | 2.8x | 2.0x |
| EBITDA / cash interest | 1.7x | 2.0x | 2.4x | 3.4x | 3.9x | |
| DSCR | 1.2x | 1.4x | 1.6x | 2.1x | 2.4x | |
| Liquidity ($M) | $121M | $138M | $60M | $111M | $178M | |
| Downside | Net debt / EBITDA | 7.2x | 7.9x | 7.3x | 7.0x | 6.7x |
| EBITDA / cash interest | 1.1x | 1.1x | 1.2x | 1.3x | 1.4x | |
| DSCR | 0.8x | 0.8x | 0.9x | 0.9x | 1.0x | |
| Liquidity ($M) | $101M | $83M | $60M | $60M | $60M | |
| Severe Downside | Net debt / EBITDA | 9.6x | 12.2x | 12.5x | 12.4x | 12.1x |
| EBITDA / cash interest | 0.8x | 0.7x | 0.7x | 0.7x | 0.8x | |
| DSCR | 0.6x | 0.5x | 0.5x | 0.6x | 0.6x | |
| Liquidity ($M) | $80M | $60M | $60M | $60M | $60M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Cloudspire Technologies — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Cloudspire Technologies — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |