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Verifiable outcomes

Numbers defended with source-linked citations. Claims linked to the evidence behind them.

Forensic QoE

Detect earnings-quality issues before LOI with deterministic tests.

IC-ready deliverables

Draft memos, valuation bridges, and risk registers from the same evidence.

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Toolo

SubjectCrestwood Pre-LOI screen

Please perform a Pre-LOI screen on Crestwood Equity Partners.

Reconcile EBITDA across all periods
Run forensic QoE: Beneish, Benford's, lapping
Highlight accounting risks and IC blockers
Draft a short IC memo with key findings

Sources ingested

42 documents processed

2m ago

10-K (2023) [1]Investor Deck [3]+39 more

EBITDA reconciled

3 material adjustments identified

6m ago

EBITDA Bridge [4]Adj. Reconciliation [5]

Beneish flagged

M-score: -2.35 (manipulation risk)

9m ago

Beneish Output [6]Benford's Test [7]Lapping Analysis [8]

IC memo draft

Compiling observations and next steps

In progress

IC Memo (Draft)

olo works from your data room and public sources.Outputs carry source-linked citations.

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The future stateof underwriting

Move from answer generation to defensible decisions.

Start with trusted data

Ingest filings, transcripts, decks, contracts, and your data room.

Apply deterministic tests

Run forensic, valuation, and risk frameworks consistently.

Deliver with confidence

Outputs are cited, audit-ready, and designed for IC review.

Built for

QoE report

Forensic findings with severity, context, and source citations.

ololand.ai

Crestwood Equity PartnersPre-LOI Forensic QoE Report

May 10, 2024

FindingSeverity

Revenue recognition - reseller channelHigh

EBITDA add-backs - insufficient supportHigh

Related-party transactions - undisclosedMedium

Customer concentration > 25%Medium

Policy change - capitalizationLow

Revenue recognition - reseller channel [12]

Model bridge

Deterministic valuation with transparent assumptions.

Crestwood DCF Model

9.0x10.0x11.0x

WACC 9.0%$14.2$16.1$18.0

WACC 10.0%$12.6$14.3$15.9

WACC 11.0%$11.2$12.7$14.2

Key assumptions

Terminal growth2.5%

Exit year2029

Net debt (MM)$1,245

Management Forecast [23]

IC memo

Draft memo highlighting key risks and decision drivers.

Investment Committee Memo (Draft)

Crestwood Equity Partners

May 10, 2024

Recommendation

Proceed to diligence with caution.

Key positives

Strong free cash flow generation
Diversified customer base
Favorable industry tailwinds

Key risks / IC blockers

High earnings quality risk
Weak support for EBITDA add-backs
Related-party transactions lack transparency

Beneish Output [6]

What finance teams say

We cut a week of diligence prep down to a couple of hours. The citations and tests gave the IC real confidence.

- PE Associate

The QoE screen surfaced issues we would have missed until much later. Exactly what we needed pre-LOI.

- Independent Sponsor

Best way to turn a data room into defensible outputs. Our memos are better and our team is faster.

- Head of Corporate Development

Staff olo on your next deal.