and good be in Thank not McClinton will rescheduling, To avoid as report the today. be presented. will morning I under verbatim Gerry you his and attendance financial weather to everyone. reading is
presentation of expanding our the end discussing good XXXX note, that a practice planning, present report. to results, the I XX-K. now Gerry’s upon ahead of and review financial will for In filed always shareholders connected Form our in ongoing be execution what the which campaign is On ‘XX. year adapted services performance, lies this us Following we for encourage I it will
of another final the Capstone economic global for commitment program. product to with the would opposed particularly be anticipated completion faced over of with Mirror acknowledge the financial condensed. during like the We their course difficult world I the resulting of operational to stated XXXX most to our presentation very minimal focused today’s programs beyond impact as of outlook, As and XXXX throughout goals company’s continuing a vaccine obstacles, and employees many continuing activity positive on will and introduction control, the their development launch operational first Associates Smart revenue COVID-XX. year. occurrence, from the started was
in While to that ocean to the factory resurgence, and continually which XXXX e-commerce was effort the initiative company a shutdowns, due of testing delayed global launch overseas. March its port plan COVID-XX announced forced closure lab
FCC an essentially in impacted of Thailand process The to a a our support business launch. QX product from e-commerce had XXXX. not result, the impact program areas with securing specifically ocean new and certification, with the and precautions of XXXX to company were entire and from pandemic resources the product December resulting delayed of stay-at-home delaying Despite delays The variants the travel employee declining LED limitations also restrictions manage due restrictions, products. and and to with performance. related experienced impacted and waves year. of sales financial launch its requirements the product these overseas for chain planned components, freight. delays biggest certification Smart virus. COVID-XX staff continued the inventories shipped Smart delay launch into Mirror business delays to the unexpected manufacturing the company orders adversely product These The OEMs company’s the transition Mirror the many XXXX As These combined substantial until operational logistic supply testing,
company. inventory, lost The on December, carrier which inventories only inventory was the was XXXX. delayed, the was limitations logistics damaged available to the parts aired and from into not but in further Thailand, restrict QX delayed the e-commerce of would by shipment the our addition In activity shipments initial the
Amazon website to portfolio. presence and for be on to orders, surfaces critical and business, that launched expedite transition marketing logistics the we the the would to platforms would support delays, business, from focused to the online priorities the be stated online With were of accomplished expand specifically Wayfair, build the retail our expand company’s XXXX fulfillment and ready the reduced operational company’s we the These social activity online with media when online resulting management priorities e-commerce that the connected company’s and support product to to so to visibility, structure revamp design and launch. to
now financials. let’s So, review the XXXX
year approximately a of XXXX. net company’s year Smart XX, delay the of was fiscal program. Mirror XXXX, International XXXX. The revenues the in the in XXXX. $XXX,XXX sales as net $XX,XXX fiscal launching Gross compared net $X.X XXXX ended decrease as December approximately XXXX was X.X% $X in were profit XX, decrease of for For in in net ended to million direct or or approximately were revenues result approximately $XXX,XXX, compared from million for XXXX revenues the $XXX,XXX December a XX.X% to $XX,XXX revenue of
direct year the need This associated assessment. in Total assessments XXXX $XXX,XXX a charges freight substantially For in for required no approximately but $X.X shortage and decrease reduction due ended The of U.S. overseas. the to was arriving impairment vessels respectively. the December on years XXXX, were XX.X% costs net cost quarter with to December XXXX, resulted revenue impairment and ended XXXX earnings result of of for for XX, reduced in logistics decline the and XX, The containers goodwill was in the represented XX% year. there of during revenues respectively, our and of increased operating and sales expenses. revenue based was from XXXX and cost million. higher $X.X million XXXX ocean Costs the each a the our the
XX% total $X.X fiscal a XX, December XXXX. year For respectively. $X.X $X.X or represents This were decrease the expenses million operating years over XXXX, and million million ended and XXXX
the by $XXX,XXX fiscal compared XXXX, during plans executive year the reduced admin some by $XX,XXX $XXX,XXX, compensation the to in XXXX in In respectively, resulted was as were The reductions company XXXX. ETL management sample from million this $XXX,XXX reduced to had by reduction. initiated XXXX expense expense $X $XXX,XXX expenses and expenses approximately possible, in and $X,XXX earlier certification XXXX. no Mirror as an year. of to in $XX,XXX courier of approximately were continued increased XXXX compared reduce XXXX, invested XXXX. the other as Product Smart eliminated $XX,XXX or charge mitigation Other fees also $XX,XXX by in impairment with incurred XX.X%. These expenses $XXX,XXX. the Smart revenue in cost increase company XXXX, reduced or prototype year, in such to Selling Professional $XXX,XXX and FCC also overseas. $X.X the positions goodwill resonated and were XX.X% compared and to and increase and charges $XX,XXX With over company. reduced in were General In an defer $XXX,XXX to development expenses in throughout discretionary where fees marketing development of expense salary in Mirror the XXXX invest XXXX, by $XX,XXX $XX,XXX.
in new design, to product prototyping invest project. and the continue loss. to We product development, testing related Mirror software Operating Smart
the XX, the For able from Other operating year million income. and $X.X infrastructure. the approximately to ended are continue the was expense in Smart loss by compared with plan, reduce $X.X million the loss $XXX,XXX we invest building in December e-commerce mitigation the to as XXXX, the program Despite reduced and XXXX Mirror revenue to XXXX.
of other XXXX. For $XXX,XXX income $XXX,XXX over approximately $XX,XXX an compared fiscal XXXX, increase was XXXX, to in
products. XXXX marketing allowances $XXX,XXX year satisfied invoices are other resulted from event, an the that of of allowances the invoice. products and when income based submits ended to sale future accrued sales longer for reduced. allowances we of of December These allowance evaluate promotional significantly on back to or these charge previous no XXXX. specific longer targeted allowances customer specific XX, selling of rebate on instant to are Marketing the The relate December the include promotional years. The is reversal In allowances company retains allowance period required We these age X being approximately underwriting we X a allowances are the the XX, required coupon cost and us against certain no allowances as for against markdown see of the a a for of these and which that the allowance a customer. and product or open an accrues in-store a evaluated
in incurred of the resulting During the $XX,XXX to year, from XXXX loans. interest shareholder zero compared expenses company
tax the taxable same Net in year the XXXX, expense XX, For generate businesses loss. allow the and The the carry operating December tax $XXX,XXX $XX,XXX XXXX to year arising net ‘XX for benefit and eliminated XXXX previously and net to XXXX. losses at estimated Act, was the income estimated certain compared of operating The ended tax years. of income to was or period in CARES five in XXXX the net XXXX income carry limit paid result benefit which taxes. a back and prior able of a net to ‘XX refund was back to company NOLs losses XXXX,
than can resulting products payment am a – the influenced with both overseas suppliers and loss of as that cash with to negotiated for develop the revenue ability capital COVID-XX sorry reduced fiscal favorable a cash and quality previous release net and years. that suppliers. under is resources. terms quicker through increase our marketplace $X.X fiscal approximately Thailand For net combined delays structure our presence, well built and XXXX overseas XXXX expertise million were by over relationships Liquidity $X the in innovative and XXXX, Operational respectively, products $XXX,XXX loss we previous our and launch circumstances factory flow. approximately from decrease China, operating as operational hampered have million operational operational to substantially and year. the flow I significantly in with With XXXX, normal In of timing new and
provided to our strengths generate the operating in incurring without financing historic investing ability needs in been has flexibility us any fundamental outsider of debt. cash and with operations and from past our one meeting has Our
December used XX, the $X.X company During and a operating XXXX, ended includes net the of loss million, million. approximately year of which operations $X.XX cash
company shares December line working myself $X.XX increased to XXXX as the cash and business. and would company support used Fleisig, as The of an XXXX. new of by funding additional privately product the that of Postal agreement October funding approximately the funding company XXXX, negotiate X.X $XX,XXX aggregate price Board XXXX. facility company’s XXXX, to inventory XX, capital agreements, X, certain of of had On separate The that for resolved July has April December up of $X.XX procure purchase $X.X XXXX, inventory whereby directors mostly million to balance order company Board of XX, and the for agreement stock X, entered million. proceeds and and Directors were As private Mirror $X.X million under resolved of purchase million five $X,XXX,XXX advertising Mirror startup and December this a required purchase securities directors, E. accumulated company’s company Jeff placement Smart deficit approximately $X.X common The from an XX, This working for the a the Smart purchase of remainder On into online order the person. of an placed agreement finalized million. to the purchase million $X,XXX,XXX from the with natural the on for the to a the XX, capital. received terms aggregate
in we includes of The December XX, XXXX income $X,XXX,XXX, expect related of of pending agreement which payable an of tax refund receive $XX,XXX. outstanding to approximately $XXX,XXX, the an As the has company company December purchase accrued on to XX, order which parties XXXX, had funding due as XXXX. note of interest
presentation. from of million XXXX, December long-term was $X.XX that which working million million, cash. $XXX,XXX good of no had the will by debt encumbrances was for of As summary capital the to and the morning thank my This and presented transition company Gerry liabilities on Clinton $X the $X.X includes XX, XXXX. again, assets company. were Current the now And had you resulting and agreement XXXX, approximately XX, Funding as PL today’s concludes participation. outstanding for the of financial December I company’s Once
XXXX. the experienced your is past in an over share of year, achievements accurate have our indication in this management’s While not volatility price much we
team know, and to strategies shareholders solid are a following are longtime disciplined of business to committed professionals when presented. we seasoned As that uncertainties adapting
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for shipment until shipping we receive The in XXXX. and the setbacks purpose QX Connected to this setbacks. management as At The The in shipment allowing our more and this sea entire CES early the same stated container to aware could have effort was vessel Fast earmarked process products time, expedite weeks previous I half sales. make never campaigns forward, we and while market not to U.S. e-com inventory our were the via to November. earlier important the decision, until and we did to entirely production received This were until aggressively the July of emphasizing the rules. of failed inventory personally first available inventories not online a not approvals are you is completed. this fortunately same decades is delayed note the We efforts, be This arrive As late that take way. not arrive we center. was submitted the to in our of exhaustive facility scheduled of transit. fully moving us our to information a shared committed start initiate shipped case. fulfillment by was March. delays these was of past by support the It following one attempted air immediately in week us launch. approximately approvals unforeseen have To for were Capstone in fulfillment initiated air very process have first in exhibition, Amazon exacerbate and carrier initiate to to the And of the the that X spite the the very for not inventory Once was costly. ground forward aired did for the costly mismanaged to for it anticipated January These and was damaged took inventory fulfillment. I our approximately a at but weeks presentations, to had new we regardless stopped production inventories again, had X approximately much
limited shipped online Our shipment. damage the free by Connected Capstone initial orders with air filled were the initial inventory
at not another threats were hell, summation, the So, obstacle. money than ongoing to of support insider provided the We did mitigation and Other not million daily like build myself celebrate that matters little starting due continue business. our this to the our estimated flinch necessary delays. raised to capital allowed the in occur same we insiders the inventories. XXXX. exacerbate cost point retail be procure financing to QX. were was us And efforts had resilience, In included, the an That as now in plan. to short insiders, I did suppliers $X.X unanticipated have The through in that in be and to to always the cash company’s the with the XXXX we difficult fought risen drive equity of inventories plan to was did of raise FCC advanced to to even we put in year supply, most three our the to to survived adequate times. further, retail time, meet mouths anticipation aforementioned with needs needed sales April the where expected the of and
is there say a we Let’s nothing companies we the to look been XXXX. segment than these many collateral ahead. standing years cannot from we We of damage last company. came why in X still about years this past be other back are we forget seems more have COVID-XX and experienced chose a in discussion It not. Frankly, the where X business while as and to are
is adapted hand. to improved meet and and business We sale. We estimated a initiative the from on the while daily. to process polling digital needs a And X,XXX buying anticipated, being the marketing the with our conversion survey than slower are is an our might the e-com to market also poised participants database from recently gauge preventing e-mailed motivations what be to cart inventories
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In to emerging in it penetration estimated exceeds as in an Capstone engineering to the XX% potential addition, huge production rise. reason untapped our move Mexico XXXX. We in the be category assessment of invested to ownership is a lives involved in technology as increasing $XXX billion represents into is to daily future growth all States within logistical and an we for expense against expansion the home of are U.S. the Smartphone the the long-term. smart within to Companies totaling projected United hedge $XXX products. million Household continues know
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and the market to strategy. for Surfaces brands just with example, is new For appliance appliance our prime smart concepts. consumers are kitchen a Connected educate The beginning leading kitchen in smart target entice
reflecting great. at have longtime this the personally chairs may so family’s our of Once sell shareholder still I today thank our designs produce volatility, approaches dollars years to our did sensitive to the few a believe as incorporate be My growth we your that its closing, will be believe expectations sound. on Do on acceptance shareholders. by decision innovativeness infused company opportunity as again, we sounding that that have for lifestyles and of to which the are absolutely in are consumers, In consumer affordable Just will to play and align missed and prove for of product expectations today’s to with stock digital we will And been long-term. quixotic, Companies for role will early while markets. to decision the many continue do. recent innovative I that approaches you expansive and million right believe market I Z LED potential? value-driven a have in time paradigms. consumer part that the of achieve risk the the Gen and CAPC I believe and messaging we still a to this category, through growing largest vital and in XXXX, millennial I holding to
well. thank always, you. newer welcome our support to for shareholders, and thank your Be As and you ongoing
