Financial Statements Level 2

For secured finance professionals ready to move beyond the fundamentals and develop the advanced analytical skills that distinguish great lenders from good ones, the Financial Statements Level 2 course delivers the deepest, most practically applied financial statement training available in the industry — purpose-built for credit analysts, underwriters, portfolio managers, and relationship officers who are making real lending decisions every day.

Building directly on the foundation of Level 1, this course takes participants into the critical disciplines that drive sound credit analysis: earnings quality assessment and EBITDA normalization, alongside a rigorous framework for distinguishing genuinely defensible adjustments from the kind of aggressive, covenant-gaming add-backs that should raise red flags and slow approval. The course then advances into sophisticated cash flow analysis, free cash flow calculation, debt service coverage across traditional EBITDA, cash-based, and fixed charge methodologies, cash conversion cycle dynamics, seasonal and cyclical working capital modeling, and a comprehensive suite of liquidity, leverage, profitability, and activity ratios, all tied together with practical guidance on how ratio analysis should directly inform covenant design, credit facility sizing, loan pricing, and ongoing portfolio surveillance. Five rich, hands-on case studies give participants the experience of working through real-world credit scenarios, calculating and stress-testing coverage ratios, designing appropriate covenant packages, and delivering a fully supported lending decision that any credit committee would respect.

Please contact dcastagna@sfnet.com with any questions or to learn more.