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Summit Air & Heat
October 2026 · Accrual basis · Prepared Nov 3, 2026 for Dana Ortiz, owner
At a glance Against September and the targets set with you
What changed this month
- Revenue up 6%: repairs carried the month.Repair work was 38% of revenue against 24% in September; installs were $4,900 lighter. Net profit rose $3,930 to $28,070.
- Materials cost up 18% on September.Two supplier bills for the Riverside and Oak Lane jobs landed in one month and gross margin slipped to 41.8%. Both are billed on in November.
- Collections slowed to 41 days.$38,800 is more than 30 days old across nine invoices, up from $24,100. Half of it would cover a month of payroll.
Key risks
- Largest customer is 22% of revenueAbove 15%, it lowers the multiple a buyer would pay.
- Receivables take 41 days to collectUp from 34 in June. Cash is covering it for now.
- Gross margin under the 42% targetThe price list has not changed since 2024.
Indicative value Not available yet · an accountant’s estimate, not a certified appraisal
2.5× to 3.5× on $412,000 of owner earnings (pretax income plus add-backs). The asset floor is $610K to $690K; the cash-flow cross-check lands inside the range.
Each point of gross margin is worth about $26,000 of value. Maintenance plans at 12% of revenue leave room to grow the multiple; the largest customer pulls it down.
KPI results 15 KPIs against the targets set with you · Oct against Sep
10 of 15 on track. Profit, cash and growth are on target. Gross margin, collections and customer concentration are the three to work on; the actions are on page 7.
| KPI | Result | Target | On track | Trend | Importance |
|---|---|---|---|---|---|
| AProfitability | |||||
| Revenue | $226,400 | $215,000 | ▲ +6.0% | Critical | |
| Gross margin | 41.8% | 42% | ▼ −1.2 pts | High | |
| Net margin | 12.4% | 12% | ▲ +1.1 pts | Critical | |
| Technician labor, % of revenue | 26.7% | ≤ 28% | ▲ −2.0 pts | Medium | |
| Overhead, % of revenue | 29.4% | ≤ 30% | ▲ −2.3 pts | Medium | |
| Margin of safety | 29.7% | ≥ 25% | ▲ +3.4 pts | High | |
| BCash and liquidity | |||||
| Cash on hand, months of overhead | 3.2 | ≥ 3.0 | ▼ 3.3 | Critical | |
| Operating cash flow | $41,270 | > $0 | ▲ $18,900 | High | |
| Current ratio | 1.9 | ≥ 2.0 | ▼ 2.1 | Medium | |
| Quick ratio | 1.7 | ≥ 1.0 | ▼ 1.9 | Medium | |
| CCollections and payments | |||||
| Receivable days | 41 | ≤ 35 | ▼ +3 days | High | |
| Payable days | 29 | ≤ 45 | 3 days longer | Low | |
| DGrowth and mix | |||||
| Revenue vs the same month last year | +10.0% | ≥ 8% | ▲ 7.1% last month | Medium | |
| Maintenance plans, % of revenue | 11.9% | ≥ 15% | — no change | Medium | |
| Largest customer, % of revenue | 22% | ≤ 15% | ▼ 21% | Critical | |
Alerts Thresholds crossed this month
- Receivable days above 40 for the first time this year.Nine invoices over 30 days total $38,800. Riverside Property Group is $14,200 of it.
- Largest customer above 20% for the second month.A buyer discounts above 15%. Two property-management prospects would bring it under.
Strategies to improve Off-track KPIs only
- Gross margin.A price list review before January; materials have risen 18% since the last one. Each point is worth about $2,300 a month.
- Current ratio.Pay the two supplier bills from November collections rather than the reserve; the ratio returns to 2.0 once Riverside pays.
- Receivable days.Reminders on the nine invoices over 30 days by Nov 10; a card-on-file option for new residential work.
- Maintenance plans.Quote the plan to the 12 regulars who had a repair this quarter; 15% of revenue needs about 60 more plans.
- Largest customer.Two property-management prospects are in the pipeline. Winning one brings the share under 18%; both, under 15%.
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See planned Pro+ reportingProfitability October against September, and the year so far
| Account | Oct | Sep | Change | Year to date |
|---|---|---|---|---|
| Income | 226,400 | 213,600 | +6.0% | 2,168,000 |
| Service calls and repairs | 138,100 | 121,900 | +13.3% | 1,246,600 |
| Installations | 61,300 | 66,200 | −7.4% | 683,100 |
| Maintenance plans | 27,000 | 25,500 | +5.9% | 238,300 |
| Cost of sales | 131,800 | 121,750 | +8.3% | 1,257,400 |
| Materials and parts | 71,400 | 60,500 | +18.0% | 661,900 |
| Technician and subcontract labor | 60,400 | 61,250 | −1.4% | 595,500 |
| Gross profit (41.8%) | 94,600 | 91,850 | +3.0% | 910,600 |
| Operating expenses | 66,530 | 67,710 | −1.7% | 648,200 |
| Payroll: office and owner | 38,200 | 38,200 | 0 | 372,400 |
| Rent | 7,400 | 7,400 | 0 | 74,000 |
| Vehicles and fuel | 6,900 | 6,300 | +9.5% | 63,800 |
| Insurance | 3,150 | 3,150 | 0 | 31,500 |
| Advertising | 2,400 | 3,350 | −28.4% | 27,900 |
| Depreciation | 2,000 | 2,000 | 0 | 20,000 |
| Utilities | 1,980 | 1,840 | +7.6% | 18,600 |
| Interest | 1,634 | 1,690 | −3.3% | 17,100 |
| Office supplies and software | 1,120 | 1,180 | −5.1% | 11,400 |
| Professional fees | 0 | 2,600 | — | 8,400 |
| Other, reclassified from uncategorized | 1,746 | 0 | — | 3,100 |
| Net income (12.4%) | 28,070 | 24,140 | +16.3% | 262,400 |
Twelve months Revenue 6% up on last month; net profit the highest of the year
RevenueOctoberNet profit
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See planned Pro+ reportingCash Where October’s cash came from and where it went
Cash bridge From net income to the Oct 31 bank balance
Opening cash $221,900 on Sep 30; closing cash $213,400 on Oct 31. The month made $41,270 from operations; draws and the loan took $49,770.
Cash, next thirteen weeks Not available yet · base case: current customers and costs
Projected cashReserve $100,000
Payroll is covered through January in the base case. Hiring one technician in November would bring cash to the reserve by week 11; losing the largest customer would cross it in week 7.
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See planned Pro+ reportingBalance sheet Oct 31 against Sep 30
| Account | Oct 31 | Sep 30 | Change |
|---|---|---|---|
| Current assets | 556,900 | 541,300 | +15,600 |
| Cash: operating, payroll and reserve | 213,400 | 221,900 | −8,500 |
| Accounts receivable | 292,100 | 268,300 | +23,800 |
| Inventory: parts and equipment | 41,600 | 40,900 | +700 |
| Prepaid insurance and other | 9,800 | 10,200 | −400 |
| Fixed assets, net of depreciation | 186,500 | 188,500 | −2,000 |
| Total assets | 743,400 | 729,800 | +13,600 |
| Current liabilities | 293,100 | 257,800 | +35,300 |
| Accounts payable | 128,400 | 104,300 | +24,100 |
| Credit cards | 11,200 | 9,800 | +1,400 |
| Payroll and sales tax payable | 24,600 | 23,100 | +1,500 |
| Customer deposits | 31,900 | 23,600 | +8,300 |
| Van and equipment loans, due within a year | 97,000 | 97,000 | 0 |
| Long-term loans | 152,000 | 160,100 | −8,100 |
| Equity | 298,300 | 311,900 | −13,600 |
| Net income this month | 28,070 | 24,140 | |
| Owner draws this month | −41,670 | −19,800 | |
| Total liabilities and equity | 743,400 | 729,800 | +13,600 |
Receivables $292,100 · 41 days
Nine invoices are more than 30 days old: Riverside Property Group $14,200, Oak Lane Apartments $9,600, seven others $15,000.
Payables $128,400 · 29 days
Both supplier bills from the materials jump are in the current bucket and due Nov 15.
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See planned Pro+ reportingIndicative value Not available yet · an accountant’s estimate, not a certified appraisal
Three methods on one scale The earnings multiple sets the range; the asset value is the floor
What moves the value
| Driver | Now | Effect | What we suggest |
|---|---|---|---|
| Recurring maintenance plans | 12% of revenue | Room to lift the multiple | Every 10 points of recurring revenue adds about 0.1× to the multiple. Target 15% within six months, 20% within a year. |
| Largest customer | 22% of revenue | Lowers the multiple | Above 15% a buyer discounts. Two new property-management accounts would bring it under. |
| Gross margin | 41.8% | Each point ≈ $26,000 | A price list review before January; materials have risen 18% since the last one. |
| Key-person risk | Owner runs most jobs | Not in the model | A lead technician who can quote and close would reduce it. Worth discussing next quarter. |
Value against the goal
At the current pace of profit growth the gap closes in about three years; lifting gross margin two points and adding 60 maintenance plans would close it in two.
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See planned Pro+ reportingNext steps Three for the owner, two for the firm
- Reminders on the nine invoices over 30 daysOwnerBy Nov 10
- Quote the maintenance plan to 12 regularsOwnerBy Nov 21
- Meet the two property-management prospectsOwnerBefore the next report
- Price list proposalFirmDec 5
- Reclassify the Undeposited Funds balance of $3,750FirmDone Nov 3
Figures checked against the books
- $226,400 revenueProfit and Loss, Oct 2026
- 12.4% net marginProfit and Loss, Oct 2026
- 41 days to collectA/R aging, Oct 31
- $213,400 cashBalance Sheet, Oct 31
- $41,270 operating cash flowBalance Sheet movements, Oct 31
Every figure in this report was read from QuickBooks Online on Nov 3, 2026 and matched to the statement it comes from. If the books change after approval, the report is flagged for another look.
Sign-off
Basis and sources. Accrual basis. Profit and Loss and Balance Sheet for October 2026, A/R and A/P aging as of Oct 31, all read from QuickBooks Online. Targets were set with the owner at the start of the year. The indicative value is an estimate from the same figures and published small-business multiples, prepared by your accountant; it is not a certified appraisal. Prepared solely for the owner of Summit Air & Heat.
KPI definitions How each figure on page 2 is worked out
- Gross margin
- Gross profit ÷ revenue. Revenue less materials and technician labor.
- Net margin
- Net income ÷ revenue, after all operating expenses and interest.
- Technician labor, % of revenue
- Technician and subcontract labor ÷ revenue.
- Overhead, % of revenue
- Operating expenses ÷ revenue.
- Margin of safety
- (Revenue − break-even revenue) ÷ revenue. Break-even is operating expenses ÷ gross margin.
- Cash on hand, months of overhead
- Cash ÷ monthly operating expenses.
- Operating cash flow
- Net income plus depreciation, adjusted for the change in receivables, inventory, prepaids, payables and deposits.
- Current ratio
- Current assets ÷ current liabilities.
- Quick ratio
- (Cash + receivables) ÷ current liabilities.
- Receivable and payable days
- Balance × days in the month ÷ revenue (or cost of sales).
- Owner earnings
- Pretax income plus owner salary, interest, depreciation and one-off costs, trailing twelve months.
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