Financials bottoming?...

[the artist FKA zipp]

Just received a copy of the Q4 financials for ULAA FY2023. Here's an updated plot of "net cash" with the new data point (green bar on the lower right)...

The two most recent, year-over-year green bars show a decline of $935 thousand which is a good improvement generally for the YOY comparisons in the chart.

I need to comment that this latest data point is from an UN-audited report by U of L circulated internally; the other green bars above are from the annual audited reports. To gauge that bias, I calculated last year's net cash from the unaudited report. It was $1.997 million higher than net cash is now. So, a decline of $935 thousand from last year may overstate the audited result by about a million dollars. We'll know in a few months.

With the caveat that I've been fooled before looking for things to bottom, the decline in net cash may be improving. Following is a similar analysis of net position...

 

[the artist FKA zipp]

Net position for the most recent quarter declined almost $3 million YOY which is down from an average decline of $9 million in the next bar chart for comparable 12-month periods...

This final chart continues to show that liquidity is very low and neither improving or getting worse. This chart is ULAA's net position in its more liquid assets which are more than fully encumbered.

Just about everything stops getting better or worse eventually. This may be U of L's time to turn the corner financially. The question then becomes how long to repair the damage?

The unaudited quarterly numbers for net position in Q4 2022 were almost exactly where the audited financials landed...

 

[beantowncard]

So if inflows are flat, what cost-cutting was done to stanch the bleeding?

 

[the artist FKA zipp]

Operating expenses for sports were up $1.3 million this past year. Total operating expenses were down $7.3 million.

Net position declined by about $2.7 million.

This is comparing unaudited results for FY2023 to audited results for the year prior. Audited numbers for 2023 won't be available for a few months. I wouldn't make any bold claims based on these preliminary numbers...