Ann: March 2022 Quarterly Report and Appendix 4C, page-3

Nice. Positive cashflow might have been due to timing, but I like it anyway.


Read charts right to left.
This is the closest they've ever been to cashflow positive for a full 12 months.

Dark blue and orange are absolute values - cash receipts vs expenses.
Other colours show certain expense categories as a % of receipts.

Teal, total expenses as a % of receipts can be used as an indicator of cashflow. Once it falls under the 100% mark, it's cashflow positive for the 12 month period. The 12 month to this quarter - 108%. This quarter alone - 60%, which is a record, but that's affected by seasonality and timing.


Quarterly expenses/receipts breakdown (instead of rolling 12 months above) -



It shows expenses being low this quarter. That's because of Product Operating Costs. Because of less reseller revenue? I like the improvement, unless it's a one-off timing benefit.

Receipt only -


Quarterly receipts are very seasonal, but it's very consistent growth (practically linear) when you change it to rolling 12 months (though with some acquisitions).

Having the student count finally rise again after 5 flat quarters helped.