MICS - Earnings call transcript Q4 2022 | Algorhythm Holdings Inc.

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Operator

Good day, everyone, and welcome to The Singing Machine Fiscal 2022 Earnings Report. At this time all participants are in listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]. Please note this call may be recorded, and I will be standing by if you need any assistance. pleasure the my Brendan over now Hopkins. is to conference turn to It go Please ahead.

Brendan Hopkins

for today. joining everyone you, Thank us

We have the XXXX. Act a that provisions get conference started. of brief are are Safe Harbor for call Securities the information and made historical the pursuant contained Safe looking Private of herein, forward statements to this Except in statements then Harbor we'll Reform Litigation

materially that call future to involve statements known differ forecasted Forward-looking periods cause in of actual results turn Gary risks that uncertainties and With CEO our may and like to Singing said, over from results. would Machine. The Atkinson, unknown I to the

Gary Atkinson

karaoke the Lionel to to in they I'm Brendan. CEO. the and business. obstacles Bernardo history. period very executed to the to Marquis, of a of a series our Atkinson, The Thank overcame taking products channel demand XXXX morning global daily support well. a proud entire that ensure Officer. March thanking time team name and participate our say our But everyone My had strong found partners way and our year challenges Melo, XX, needed Singing our to supply Good Chief XX to XXXX for We We the chain products. I'm start related for is very in want call to significant global retail our consumer well and number Machine’s a company's headwinds faced call. critical earnings as Revenue ended fiscal Gary in by off by months company's unique listen you, joined I CFO; everyone. morning this was

operations. wanted additional Lionel results the celebrate key But Marquis will some details into Our accomplishments. CFO I to provide of

X% approximately market, growth year, generated in or managed million $XX.X represents to net sales. worldwide we First, we chain This of deliver from last million one products challenging in supply to the $X.X over still karaoke year. $XX.X generating over the the last versus obstacles million the fiscal despite all million

drive years, more our for potential operations the walk the of unpack has with important to uplist our the he stage the of the of fiscal and And and leading in relationship is we world. technology throughout Walmart a critical shareholder our a key electronics last the the Lionel’s through our call. XXXX. of we've technology several completed during incremental chain And cemented reconstitution, played of the for I partner, Stingray. But disruptions the Stingray key they with by in this role critical consumer initiatives that, strategic growth revenue fiscal later we in you team does relationship our that most licensing of Bernardo number year. -- digital will in This launched his results to a expanding wanted success providers next content for details call of the Secondly, division. year NASDAQ supply a emphasizing new the step year. last during set of our through going their part one before to finally,

cultivating the In terms in of spent best of China. have relationships supply decades Southern chain, we some manufacturing

result, time to holiday on product budget meet a able As the season. on to were and retail we U.S. secure

year, news ocean Long in our million container is surge containers holidays. all, get time the have we hit come the The in ports this vessels leveraged shipping team per line to Our that Hong from time, of relationships disruption, unprecedented pricing. last an and $XX,XXX product logistics the Kong stabilized they is to unexpected the container Beach noteworthy our from China operations our where estimate approximately per that LA in from year. were hit causing peak to $X,XXX to roughly and far in by XX-foot suffered way knowledge and network docks skyrocket prices container of container bottom and good In $X.X during over extensive caused that It the to down prices they've so container. to

being elevated would above turn summary, CFO. said Lionel normal. to remain call I that still With However, brief Marquis, prices the to this company over like

Lionel Marquis

headwinds Thank you solid you, alluded today's to. particularly also the all for face consider year, operational I thank earnings results as that Gary. the XXXX, some believe delivered wanted the call. during the when year I to and participants in we fiscal economic Gary we very

like to I'd sales First, our discuss XXXX. for growth

That million ended for million. represents March were a fiscal the XX, Our our XXXX when months sales revenues growth to year. prior the X% $XX.X compared for XX $XX.X of

I think growth. In strength a fiscal our primarily strong and the due it's two sales factors. worth year-over-year enjoyed we sales resiliency of to XXXX, growth noting very that

First, we the of consumers bulk during the pandemic. finding the safe of from entertainment home-centric benefited emphasis on and forms global

well received. revenue These XX% almost Secondly, carpool fiscal led to factors proved Singing launched which Machines growth successfully two very karaoke its XXXX. be to device in

you can to headwinds factor a hard ‘XX consider banner supply as banner fiscal a of it be year, chain imagine when and you Now the year. all then XXXX such in outperforming

This the benefit new major our strong product and very is recognition a consumer virtually every of States. any launches remained United demand the through to and in delivered strong, retailer overall we consumer without brand testament meaningful steady stimulate However, demand, reach growth. to

and perspective, gross the for decrease increases various The States. to year. and in XXXX million getting XX% China in financial in by inherent heavy costs, a was million decrease minimizing fiscal for the $XX.X year from shipping any of of product represents do year. fiscal emphasis price our fiscal markets XXX the performance come increases experienced a significant moderately. impact United in year. This of shipping the down shipping end driven Overall, heavily on in generated cases margins, $XX.X overall margins some gross generated cost not reduction these We impact the don't goods sold, we cost largely rest income outsized Provided logistics the from was The approximately basis gross cost approximately placed profit. calendar the on their have a margin during in compressions. an As for impact have currently stabilized in the we points. has discretionary to environment change, of logistics spending control conditions From expect

selling a almost As our ended the to expenses XX% $X.X for from result, million decreased XXXX, $X.X fiscal XX, year million. March

private some these from in we and advance legal, cost Our expenses benefited costs earnings travel of part approximately services efforts I onetime accounting going professional in net for represents Partly and $X.XX control much which we were and the in uplisting in reductions XXXX. in preparation XXXX $XXX,XXX, August NASDAQ expenses the of in reduced these of other planning undertaken sales and these related in-person incurred -- and limitations of the effect these marketing results the The offsetting gain abate a operations which to nature believe seeing that forward. other expenses. of generated professional per of net advance services degree in placement on anticipate share. a both were

uncertainty. cash hand during March balance our in NASDAQ. significantly the to held company the Turning than recent our overall overall from uplisting our fiscal meaningful economic ’XX, coupled The to steps taken raise has with XXXX, had of and the conjunction sheet, we we of million to its $XXX,XXX higher we the XX, period $X.X financial end at on proceeds in approximately of million strength cash enhance with is capital which $X.X as flexibility

on So point, we provide at calendar to see and turn to is my and developments over unfolding. report how this recent call like color additional Gary that discuss remainder back I'd the the of the to year

Gary Atkinson

in call, Bernardo. to Bernardo bit Go point recap Lionel. I it turn will like the fiscal a ‘XX on you, us a At ahead this Melo, over who would to sales. Thank give of

Bernardo Melo

all just I little big to in throughout, also of are what want sure America the Machine and dominant, some in taking an with retailers new thank in has have Singing everyone. like the retail with before. clubs listening would listeners. today. business karaoke of know morning, lot like to BrandsMart also recap retailers business a with a those we're home Walmart Good regional that those especially with the landscape. we for BJ’s, been we box retailers. Sam's those North warehouse all and mentioned do representing major and retailers Costco, And that dropship we our bit Club like doing company box I'm Target, Amazon you big for doing interest I the retailers doing and e-commerce I like and segment, Richard, like that P.C.

space the to but So that set year so business dominate lot of doing increasing everyone $XX,XXX definitely the segment, around anywhere been somewhere container also big upwards like XXXX way we network years. and advance. of as fiscal I'll from calendar challenge With retail karaoke home $X,XXX, talk and year, from in well. doing XXXX, for year a Gary our around all highlighted about level, many a was the container. being a all feet with And for almost a six said, we've we year reference X.X prices usually business two a to of in

we place So we before incur these have programs in costs.

able a costs, accept were day sales still Friday products us through sales and they retailers as have have sell-through The holiday we we those for said, of before had the get well. now. holidays With And retailers that a Fortunately, of windows pass sell promotional not Black clean XX out lot lot of we some did did coming the with We in. going price could good to were increases. good at retail. but very being with strong that enough, for fast some

delays first December, over those Some as fourth in there to shipments our at late and year, calendar were quarter did get the very port, quarter. carried

that's in that inventory fourth ordering restrict the having across And just stock in also of as board. lot of retailers not did quarter the the quarter. open-to-buy that And relevant but were XXXX non-karaoke, a dollars during the So as the inventory in. because was coming fourth

have that. no calling that reported else, than companies their we're many different we anyone earnings. in So were And as

machine potential. in very a lot upgrade We well. Canada cleaned that able We Australia. distributor introduce and at with -- by partnership did finishing our Increased direct business backend our a were WiFi business That has able we're in Costco also to there. up our to our going of

with that's better positioned throughout to We in partnership larger UK. UK distributor, much the in our the handle signed retailers key those also a new product a

are good. things those So

key the the us technology secured We we've little through the calling Looking we're allows TV, machine. which to feet to new Sing with for us, app bit, there. four because it our that and business the in introduce very it's key forward stream app And business cellphone, brand machine Walmart space Cast, with gained of a conjunction consumer a CE. allowed the and the

be to -- start. off to We’ve at that Walmart advantage new technology. new and two already two So introduced items of we're taking technology seem good CE, a I they mean,

Another toys CE only thing maybe consumer. licensing help analysis but is celebrations that deals that also only within expand we're some like on to signing on our department, for and on doing will things partnerships, also the us to key some retail started We've key not direct focusing other and heavy testing that. some departments like distribution to not

structure. the it’s be just for So we to to on top are leaders business distribution we key karaoke reliant as And and expanding to how have going we're these strong be for as on currently outside in to could a that consumer, us all direct to working partnerships to well metrics as not then be point see And industry, expand as on which two retail our very our seems other of testing normal some it. well.

be the some stick I'll on And that announcing backend. in being of it I'll calls. earnings additional future to With back we'll those sure questions around turn I'm for Gary. So said,

Gary Atkinson

our mindful some time. fiscal a I that Perfect thank highlight just to completed we team strong during I'm for I key gears we as Q&A, the that, minutes company that but sure established time ‘XX and some believe shift innovation non-financial have momentum want growth and of quickly few forward. accomplishments to move to you save before Bernardo. make for I want take

purpose August of firstly, and million simple. fiscal the we during opportunities majority than take in our is The a years. primary placement We successfully more advantage shareholder of of pretty basically XX the this our shareholder we legacy to and XXXX. believe reinvigorate ‘XX, of. to certain we growth had had the management this private out transaction was $XX innovation completed So And buy team rationale back -- ideally company that was situated identified for base

growing. order very hardware-only to majority company we our to and However, for the it view into continue keep successfully was we verticals the former in shareholder and had traditional other critical felt music a content expanded that

this to of made to us for Ultimately, exchange, transform and fiscal successful started We put we sense summer part ‘XX lot will the a at the our our time. to process, pursuing growth in national also uplist platform back uplisting As that of believe NASDAQ in of hard company, investors an moving share NASDAQ the work serve story we to this that as a well the last led new this execute spring. forward. and we

Secondly, with plays company music and of leading that were margins, average a for also and The thinking content Stingray. strategic well in also we drive very we relationship into their our can we have global subscription streaming WiFi finally, received capability enabled these our price our by Q&A, important are before bigger. technology-driven digital team. customer new casting capture technology the was services coming expanded process most incremental growth key our of capabilities emerging products machine, subscription-based new model. keep terms a to and opportunities central the to follow-on per more to are role jump leverage consumer improved in the sales we And back more. Walmart believe in electronics We They

all lucrative overall want karaoke, market to to done. shifting dominate in continue to market in thinking we being the number intend the aspects reach our We penetration We look as leverage to in in on improve we into car larger, underway brands are market more number our to we into being one We coming as have one also and karaoke. efforts our seek in-home the home of expand Overall, already our But we from leader leader well-known smart and on connected strategy providing continue updates markets. into devices, additional forward to to the execute to these our the TVs. business future.

anyone like open that now So it have. questions I for to time, at this any up would might

Operator

Aegis our comes Capital. with from Instructions] first question [Operator And Rommel Dionisio

Rommel Dionisio

products for saw Walmart line of the in full electronic Thanks my and importantly. on press assortment question. being taking morning. good release in I of Hi, about June a early more side, available

And space it's peak But in from it's Just yeah, how you there. shelf wondering into key significant been and weeks, Obviously I far, so of expansion several of of a terms not I some know season. peak initial of win relate outlook Walmart. just Thank more and sort few could feedback that's the going if the retailer in like a just a you. next gone months just placement wonder season.

Bernardo Melo

take Yeah, thank one. that I'll you the for call.

code is that, trying used October, one karaoke, Stingray we're Although them. we've thought QR off And Numbers which to are that Sing normally us are the see partnered promising accessing we model are set people And model is out on that it QR points it. it. in them. really A machine. we're mostly Number right said actually to karaoke the bat. -- of of that they're seen QR how sets was encouraging mid-May buying this Chatter start. to understanding to right of called engagement this is seeing in the a on are going that a May right right and are And really what with year, which when doing are not they QR are Cast, able box. code off right company off people to using of a put to code. we the traditional are that But outside to allows September, Originally, using determine the up good setting people sometimes numbers couple engaging people for what sort for find for be code

introduce model. two the So Sing we're to Cast able

well. a up still could is things that, as there, more karaoke That's and us. of and product also a then still holding new like new Vblog traditional area is category We technology mic product karaoke, a encouraging. also for new been technology podcasting, which for be us, brand professional our which there's although introduced of our for And traditional

excited conversations from believe wants the that we're not that on section and in or So the XXXX. for it. already about even had expand XXXX, to feedback buyer was it We she

start. about And to good off we're really we're a happy So it.

Gary Atkinson

customers other just from then Bernardo takeaway And anytime far. with higher point, sensitive. price that well the you mine. concern And Typically there the was performed assortment deal add They've Walmart, just higher concerns one well. so so really are have. price to sale And And to key whether would the the is the are so actually of points a their said, what far points performing perform. in was price they other

a sign well. promising that's So as

Rommel Dionisio

clarify high that's to Walmart on that, most specifically, $XX this, previous [indiscernible]. -- you the $XXX. to Gary, the point before what just And you're like, Thank -- at got referring you just could price you. the

Gary Atkinson

was in point the high $XX, $XX. there, toy here was previous some previous high was The but department. done and product, the features line in which We've

Now we're carrying three $XX. items above

carrying three we're the a have in encouraging October which item we promotion more. sales, even all led elevate So in cool rollback, all been which a And for very And $XXX has and that items us. to for going And the a $XXX, really items, a $XXX think item steady $XX, we even was initially, is a beginning along. $XXX.

Rommel Dionisio

Thanks feedback. much, great That's gentlemen. Great. so

Operator

comes Corey Opportunities question And with our Deutsch Fund. Paradigm next from

Corey Deutsch

and Gary, Hey Lionel Bernardo.

foremost, on attractive and back autonomy significant business high taking milestones, year, a very congrats including and to fantastic growth First focusing and arenas. on

I wanted to you So congratulate first.

Bernardo Melo

Thank you.

Gary Atkinson

Thank you, Corey.

Corey Deutsch

subscription the line? a to hurt you going of and revenue, bit. you straight obviously click if just which goes when company's the was supply forward, the of wondering could see the partnership, on that Stingray, guys revenue understanding, with margins my subscription how about context macroeconomics, from partnership that do margins issues Stingray lot this last bottom the Second, the year, But chain combined think double the and a you I how in given

Gary Atkinson

you and address thank Sure, that the I question, for can Corey.

-- working. way think that the sticky of I service that can when about broadly we hardware the it's subscription So had impact tightly we music integrated on business We've is how seen seen the I be. just and think the that, We've when it a based significant machine.

with else machine. launched on high into higher for price situation that music which Costco anything we'd called pedestal Sing this cast to built saw up Cast, converted and the Cast their instance, was people karaoke that similar mobile seen a Walmart of strong new a we're we Sing has new content before. bat the phone In from through So rate to we and that point enables to retention WiFi introduced their the the seeing customers Club, services we electronics directly WiFi numbers, those consumer program, technology again, new TV. astronomically at line. Sam's videos right the and very just technology off initially subs than And paying their And

So the much the effort I point take overall to the that integrate apparent. with the music, think when broader is success machines the we is more

Corey Deutsch

with line, margin at and go subscription relative some frankly, any margins forward, about that to And you is you great at more if has Yes, color. SKUs. look due how traction. just can product you company a catalog, focus that's see clearly, of partnership, it's the really bottom is there think and obviously, How revenue. guess and go achieve and a the margin you you to the -- as How shift? shown do you that offers Gary. the the do recently Stingray commentary, helpful. to appreciate or that about changing quite If partnership, I very SKUs focus attractive think it more are the those I that which number follow don't look in up where forward? product your blended,

Gary Atkinson

hardware margin certainly Sure, of referring that to we overall mean, so think I a are percentage portfolio lower have drivers. our I you're large --

do us, mainly key deliver retail doesn't relationships. those to of just foot will. in it are of maintaining we it, because driven it's we sort continue sort So And the know our of promotionally our products. shelf lot door. don't but a to and the are on essential to bottom if of necessarily terms retail line, -- of margin a We keeps to for those in profits competitors -- know one lot Those our hold of the just they’re space,

that of So integrated takeaway well of of from I But we're new offerings, developing not question that the lot our definitely focusing your the we're going from to work think is with more music a right. sort be going Stingray that. karaoke to the terms energy walk content in away products

the So it's content consumer. it's that just been built the proven, subscription service more -- we do with the experiences for better music the for the in, and itself. And

Bernardo Melo

-- new us us one with entertainment. this see Stingray And of -- strong and deliver that ecosystem. has in Roku been a include Stingray to -- to a looking lot is good for but higher works -- in the that or Yeah, the been And with such at opportunity we're things of in-car been as Stingray huge us and enough great product a margin, heavily bit also introduced to as that helping that Corey, the partner car has us those like we TV, us conversations. well a partnerships, they've

going So to also product those be development on therefore, to we're addressing focus segments. our trying

Corey Deutsch

That lot sense. of makes a

be big get generally to that understanding is penetrate box to want awareness well that's relationships just product, I experience, online margin new space, congratulations. becoming I couple as knowledge and me is, and guys that that truly So if saying think consumer and products and that, past something the have that retail, technology with over seek team, marketplaces, products is have integrated. the while allows attracted your is invaluable therefore the And acknowledge continue you shelf managed say may as the the indispensable. subscription have developed to not brand you and clear it you of I to attractive, and helps to on some quarters essentially, that as which again, with abundantly I'm what you're your with correctly, innovative

a guys really you for So and I you company. efforts to your do great drive thank everything really

Gary Atkinson

words. kind appreciate those certainly We Corey. you, Thank

Operator

Century [Operator Eric our from question Third Nickerson take We'll with Instructions] Partners. next

Eric Nickerson

guys. morning, good Hey,

the revenue subscription ask were little on a subscription fiscal ’XX, What ’XX? the bit that. in On sales more business,

Bernardo Melo

So maybe --

Gary Atkinson

Bernard?

Bernardo Melo

you. I don't can in -- our obviously didn't hear our statement. we -- the earnings in we Yes, revenue so Yeah, break out

they're revenue, north sort growing different us as million well can but it was $X a out pretty and for significantly. material number I not be of yet, So to tell segment that enough just a of for breaking that you

So question. that hopefully that addresses your

Eric Nickerson

Yeah, two of like correct? Would I sounds have I it. guess years. I or much that or on grow of become be where? like talk guess million guess sales I enough. its all. you're something margins company mean, that lot you that's got know, I And good And to it's $X.X couple, to presuming and guess So a the mean to I and, somewhere, rates three future that, X% over a next forget triple significant. with digit growth you the I it's the about

So correct least years. that at I for am in next that, to the expect just you few exponentially, grow

Gary Atkinson

we think I do. Yeah,

into number sell is market that though machines the we factor, key the right. of think I

services So to customers those are the machines. buying are the that best to the way sell the

a technology of So karaoke into Stingray to and that of is our convert the traditional more more machine more machines, from services. those more of supports machine an goal integrated

Stingray now that products keep and of on releasing that's to So us that to more that is support burden and just trying new innovate that's the right continue platform. kind more

Eric Nickerson

good Okay, enough.

the of year envelope offerings the this we some guess here's secondary $X $X you about million raised million finances. on of Just inventory. a We and a year's the buybacks. -- And between sheet the net last back and lot got did, see balance I to questions I at look I just of

to it stuff? receivables? are till? ahead to finance the in to inventory Do how's whatever we need for financial So money guessing and of inventory, I'm have we We into of that which look secondaries? money you me enough bank -- finance going to terms year, How's -- situation go need is lined and you have it that that in what been most the the set more holidays leads has Are wonder, more we up up? financing have this sunk the look? How do the

Lionel Marquis

that financing. We've with that each anniversary notice We situation. year, currently right alternative will, you evergreen. got give continue don't market for agreements working what now. terminate. -- evergreen if is now. I'm not If a have served kind having because alternative Certainly working right Crossmark about up type It's on and well. Horse to market It's financing of termination as And us on an no have has point. us financing there's I'm Iron the cheapest of that financing the we financing, on for to have concern of the the on diligently we to renewal we move But

to You went we buy it mentioned the of went out portion parent But out first that went large the former million to me the of lot company, buy year. it corporation. $X [ph]. you last of raised A approximately sell tranche the over -- $X parent to a million if will, not

with million of that did operating the inventory. $X which So we to use $X capital, down of buy approximately million, much working us left capital,

near far. will, raised if plans from what so and We have than care from there's to us operations what and had we not inventory in buy for not to future. have said, sufficient another that is the year. do we that the logistics on that's year is inventory. cost on this active having We'll and no the inventory If inventory we hand, this least been there. you -- between the all and for that going going at that also operate in we're take Now, It the last operation a next We're think existing, And we inventory its stuff in for moved. placement, help containers which be to we we'll contemplating do I start that's at less situation. for have time. obsolescence will here, to raise have involved -- do year, there believe have we've issue sufficient cost to going up this that what of point XX months start again projections to our is have be financing of cash are

Eric Nickerson

One and yeah. the for by on I Then increased you more over statements. we over the quickly educate Lionel. income deficit income one got income. My of on amount here like the is something net shows direction the is understanding figure balance accumulated financial bottom the line. I we the net on go me our your and through adjust million. noticed other accumulated looked Okay, of this $XXX,XXX said you, more, directly in sheet, it can should deficit maybe by that net the $X.X

Why do accounting I there? system happened or -- Speakers]. what if you [Multiple not So can your understand

Lionel Marquis

I'm I tell what the -- at I'll I'll not for not question. I'm what I do understand understand you, it question. look and you -- is your I a sure take I sure because

Eric Nickerson

Well, put making it why know on. of want income $X.X or simpler. that net but me accumulated an shows I let later I'll million. to $XXX,XXX give the now, is. had me of Maybe That's deficit right I'd you call call what We increase like. And just something. a

Lionel Marquis

to that we it? six but a I'll look happened months, over I'll take at because and it with equity a lot look a that, so at take take may Why have Yeah. of see, offline, with something have do don't because things past this the

Eric Nickerson

to few install questions a just majority on Directors our the quickies owner? new wanting he Is about and Board? Okay, any

Gary Atkinson

that. I'll sure. tackle Yeah,

add had each to in sort Directors of So the moving to forward. of getting nothing Board. of believe filings other process has that the still relationship obviously XXD know we're their did Bitnile know But in I that say working been understanding I the mutual that to intentions publicly announced yet. and one they

positive. Bitnile. to Chairman -- our just So He Executive We've looking Todd met who of business, is it far us the spoken I will for been and grow. of it's say so very supportive has very with been very, Ault, been has and help ways

So those are make of -- in we Directors number we'll moving any together. right And disclosures. been do, haven't we finalized Board. on there's confident But no we the sort now, once obviously, very of of forward terms

Eric Nickerson

to or management going want or impact Okay, that has he anything proposed any strategy would you what that, guys changes shifts do like forward?

Gary Atkinson

not like in of is And has like very, adamant in now. what put words with to with felt like faith, I mouth. sees this feel like team there has far, so shown lot every felt the and expand. all undervalued, retail and distribution to really And -- major think. appreciating and was not of existing opportunities that But very clear help business. he he looking felt don't I run to we No, Street wasn't been He that's us support no. the I have just opportunity a of lot he were we he's management he want mean, a I the I to mean, that box his we have he's place retailer. the big single

I think that. it So I'll at leave

Lionel Marquis

Hey, Eric.

earlier. Lionel it’s to question again, back Sorry, your come to just

back a look in majority the retirement a was we of in the because decrease at If -- shares when took there the deficit treasury August. statements when purchased accumulated million consolidated $X.X buyback you equity, the of shareholder -- accumulated that out take shareholders of of notice you'll in we the sorry

the parent and you shares took and So that the deficit. shares in a what retirement $X.X you pickup bought approximately But back and we of and if million will, had retired reduced was out $X.X treasury a when million. $XXX,XXX approximately buyback, that share redemption of was the accumulated treasury that's of treasury

was deficit. to So million $X.X the the hit net accumulated

Operator

line time. the -- that. the was Okay, questions middle during know, got are disconnected at there and of just further this you is no And Eric's I currently operator. currently letting this

Gary Atkinson

listen fiscal first our our next earnings fiscal look speaking of you We asked call I that quarter yearend All forward for the all the cover to ‘XX. month questions. Perfect. great you, and thank everybody to to Well, for right. appreciate to with ‘XX results thanks everybody taking everybody. time some

a around corner. everybody. That All right today. Thanks, our call Have concludes talk day the you right. we'll all great soon. Take care. So and to

Operator

Thanks for This earnings XXXX fiscal does Singing today's Machine program. joining The conclude report.

weekend. You disconnect have and now may great a

Algorhythm (RIME) 15 Jul 222022 Q4 Earnings call transcript