go those questions. calling well Thanks, go parts our XX-K. you best provide report. the the some Nasrat. annual everybody, you, of March Thank to of XXXX do of received today. ending all for our questions, filed a the Yesterday, and bunch answer important of That's answer statements, some some of year XX, for we It's the in fiscal over then questions, I my financials. context as finance-related financial through I the I'll as
that we this not. We as criteria, we there's the filer qualified year. this -- And I ever know time are will is first be got for to revenue won't answer we non-accelerated all, of a no, certain to they accelerated somebody started, I before noticed we -- were meet question, got for First if filer, wanted an that I criteria, even this and specifically, going don't a year.
were and million, was compared was increase million a a $XX.X that The So $X.X the compared million year last or last operating year's XXX% for year million, increase $X.X increase to income income. $XX.X P&L. Total that's million $XX.X $XX.X to or million starting XX%. the with revenues operating is in
such obvious, questions and Elite of say, launch business I product the bit about is bunch or, pretty this model of increase, that year changed launch big due on want it's line has commercial to a label successful product alone. of increase should Got our I label why line. talk a in Elite the to the how the commercial and the that little
different had under Before take but And parties. business they prior licensing it very third were also in they we product, business capital the to requirements, labels. market the had when label. launched own lower their same we had product investment the we distribute own in the But would our would you capital Most margin was -- not past, dollars our would we years of do that we a from model. that. our when working and The requirements much
had much lower investment. just percentage-wise, a higher it we upfront percentage was So margin we that although because little didn't have margin dollars, probably
This previous of in-house. we and them these though, products, year, brought most took license we
that. transformed and do mass And required That product provide. mass. sense and large a model, were viable. it commercially, to financially, we this in a We It made enough So, commercially critical working investment we Elite to which line. had we and had company, products had our established this capital that able we critical we business made infrastructure, the
But revenues, it our look as if you you higher had as see I did on that. see. profit at So financials, -- then significantly we get significantly dollars, you margin margins higher percentage-wise, a dollars, from question
-- infrastructure, are even the much the that begun. the that are upfront bigger. in-house the much, the dollars marketing capital are slightly support operations as dollars lower required look though distribution overheads we've percentage, if to is working at But investment, were the that and reason and you it's So And it much the bigger. percentage-wise, a for the
looking So we're that's what for.
if line. We've at product successful established we're and So you is where become a and demonstrates been niche it success. in line a bring it's our of well executed markets supplier, as product have look Elite after trusted this was first P&L to the the just -- expanding it year X this our strategy we very year, in-house, and
our I a results ended. One of And I an get backward-looking. that items more month "Well, part insight questions when future-related, or And did about forward-looking of the methotrexate, you a of view. events XX, how year the just a forward-looking shows P&L note, look talk the to so about, thing should that It's of into questions. for It it's you occurred material do approval last want we we there you a lot footnote that says, at a after P&L, happened on It's in a more subsequent financial something XX. year?" the is you there's there's this couple have you And ago. which event have that footnote. a that March gives statement
So before. that's We filed approved. it a we got product ANDA. an that We filed and developed we it. It had filed
from financial right is you from which than lot sure, ANDAs about X new that in the And Now April you will, commercial X subsequent are be for well perspective, me, that it's events products. those also you always look our X and commercially a Nasrat company at and looking finance at approved his for footnote look there weeks statements, go, talk generic I'm presentation. approved there. But there launched acquired as can ago, are less launch. in commercially, as ANDAs a just we
approved products right X there. have We
why probably $XX income little questions a on financial those I that's So to on place operating all a question I our the get income a is that's but our $XX forward-looking, -- look is to million, in for net received answer million. statements.
next probably the that's So part.
Moving down the P&L statement.
other line. expense and income the in X income tax line the see there's large the You'll items even below
All of these are noncash.
have accounting, we technical that more All or to these of address. are GAAP accounting less
X, goes an record the derivative revenue. stock-based nor cash. out first expense, with price. never goes do are cash cash for we side, to expense stock these receive for the ever never and price items record we liabilities fluctuate and revenue that pay up, There's there's Stock down. nor any We We our stock So have price side. the
see So I I'm price hope go happy hope I all up. and to the it are, continues. you
question no XXXX. there. the longer point they paid by what's stock-based While happen have these the longer have a I'm liabilities receive liabilities, now about to of [area], them. no it's did with really I the And kind a moot We been on of all on going because liabilities. They're March XX, stock-based
And with to that. regards there's discuss nothing so really going forward to
and however, they're items. they're Those there. of derivatives, are the X warrant still the books. the The derivatives, That's X still on
The benefit third an million. look of have $XX.X actually income down, you item, it's if income further tax we item, our expense tax
year. been as last rules, have income. our is back call asset wasn't to our our the always accounting deferred adds sheet. this tax net that on that balance a the operating is They've million So sheet. deferred This of NOLs, to And then. on them. tax asset, which accruing XX-plus we every balance profitable $XX Elite due to is Except years, the losses related there been There's over our really
us. allow remove level profitable we we and reserve Elite to of assume So a reserve forward sufficient to going place those weren't the to required on a that demonstrate released. able will of in available gone. We profits The us were be NOLs to past. But future them expectation were meaning wasn't reserve that to -- are to doubts these now able sufficient was because sufficiently profits,
our against apply we that future credits tax tax really They're liabilities.
do increase case, $XX.X and result to in the million. that, a onetime it's is So noncash in income, this
have below income line increase. a and because kind It's it's a in of to value the us. exactly as So future, It's we our that's the adding tax. to not NOLs income these go noncash like negative onetime do
credits. are They tax
as look next be can $XX million these owe tax we taxes it in you credits. that to will IRS the So utilizing by the paid at
quite to a going it's us item forward. valuable So
income. what what net the focus larger So together, end really cash We operating That's those that's work you with the That's generates on on. growth. here we income. the all items put business. up that's than X real income operating and real you That's
The care other on. nature. and sure These work disclosed. properly And have make take I accounted that accounting are to in I gap just to technical myself is that for something they're properly
on compare to the burn cash We cash moving flow to that flow million. had for So you cash an operating year and $X.X statement. $X.X of positive million, the prior a of
that's is positive a million gone a -- Again, $X we growth have, flow. negative. a a company textbook for million from an a cash went that to need has capital, a of whenever $X.X as working and There's there stage. company rapid we example increased this strain that through on encounters So is
$XX increased million. year So receivables during and this around inventory we have of
But takes So means more sales, rotate our means that And it the support inventory growing call, and receivables, growth flows. receivables means flows. what see cash inventory, into then our on flow the start, it you're the demonstrated that's you'll cash cash for it through this XX a months cash using around statement. to when going in I rapid strain to positive growing more sales
positive. have go $X.X is operating and months, had we here million you cash it for million You'll burn of towards a X to in note, $X in for gone back months and the XX-Q months, December X our if we burn cash and December, XX
we million cash cash from $X.X million burn. went burn that $X.X So to
So this the the and direction. we're occurred, shows heading you in positive rotation has
payment one XX I in terms, net on, pretty nothing standard unusual and question there. XX on industry, the terms we just like move on receivable, get generally net everybody have I else payment to did the days, Before accounts
working look and liabilities. essentially working Easy capital. The demonstrate $XX financials, capital has explanation, the clearly to profits went minus million that. thing sheet. We this had year. working from drive balance We million capital always during It's to is current they $XX assets at that doubled. I current our On
million these had look note, really up $XX the They up liabilities, interesting $X current but another Those to liabilities, our are so by I Moving were our that's compared increase accounts year They have liabilities. on and operating million $X.X our -- we and receivables down payable slight expenses. our this But last were in slightly. were a inventory to accrued you year. and liabilities, item, at million.
and accruals. receivables thanks to our large the So you just through performance such was a balance It is shows our through and that funded not strengthening, payables of sheet liabilities, profits great increase and P&L. and in it
our balance went out at if is million. our the net equity sheet. went doubled, that's what again, rounding balance you when have $XX a -- $XX The profitable from strong sheet million to look equity happens section Again, you from and So our business. equity,
don't strongest up, the ever if that. Elite. So for -- are on financials to there's without sum these debate things that's I any think
The profits. strengthen. record sheet have We have we record balance continues revenues, to
capital working debt increase continues the Our low. is is and increasing, to
Looking future to ANDAs X but XX. We pointing financial they'll future hope statements, a after future March towards pipeline leading have added performance, forward, they continued revenues, well-stocked are the we approved that growth. contribute were that
things So considered, was all year. year, a good I'd good a say, very
our comments. his CEO, provide Nasrat Hakim, will Now Mr.
