Bellwood-QoE

You have 8 hours of wall-clock time for this task. Your machine has 2 CPUs, 8 GiB of RAM and no GPU. When the time is up, you are stopped and your work is graded as it stands.

Tyler got pulled onto the Haverly closing statement review this week, so I need you to pick up his Bellwood databook under Change Order 3 and finish it. It's Friday, May 22, and Alex wants our numbers next week.

What I need is the quality of earnings on Bellwood's twelve months to March 31, 2026: management's adjustments and our diligence adjustments to LTM EBITDA, net working capital with a proposed target, and net debt and debt-like items. Keep it on the same basis and conventions as our Haverly QoE. Set the target at the average of the twelve month-ends from April 2025 through March 2026. Take working capital and net debt on the definitions and accounting principles in the latest draft of the purchase agreement, as if the deal closed on July 15 on the March 31, 2026 balance sheet.

Tyler's workbook and everything we have on Bellwood are in the engagement folder. Mark up his workbook rather than starting a new one: keep his tabs, columns, line labels, units and signs, put each corrected figure in the cell that holds his, add any new line just above the total on its tab, and say in the notes column what each line is based on. Save it as /output/HAV25 Bellwood QoE databook.xlsx.