On the operational side, we vetted and challenged our supply chain (in order to ensure we were paying fair prices and receiving quality), we improved our payroll and HR processes (which accounts for roughly half our annual spending), and continue to improve the accuracy of our member accounts. We rebuilt our internal control structure and monthly accounting closing and financial reporting processes. We paid relentless attention to our daily cash flows while at the same time paying our bills on time. All this resulted in positive financial results which are summarized in the below table:
During the year, we continuously adapted to market conditions and maintained a disciplined spending approach, particularly in balancing our labor costs relative to our revenue, as well as squeezing unnecessary operating expenses. We vastly improved compared to last year and were better by: (a) $684K in our overall net operating results, (b) $603K in net income, and (c) $284K in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). EBITDA is a common measure of cash flow and useful in establishing a value of a company. This was accomplished by continuous improvements implemented by management and staff. We are stewards of our Club and charged with the obligations passed down from our former members / founders, to safeguard and protect the future of our Club for future generations. - Riley Loftin, Club Controller
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