Luvu Brands Inc

Greetings, ladies and gentlemen, and welcome to Luvu Brands Incorporated's Fiscal Full Year 2022 Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. It is now my pleasure to introduce Mr. Alexander Sanikov, the company's Chief Financial Officer. Mr. Sanikov, you may begin.

Thank you, Ali, and thank you to everyone who joined us today for Louis Brandt's fiscal 2022 conference call. Joining me today is Louis Friedman, our founder, president, and chief executive officer, and Jordan Friedman, our sales director. We filed our annual report on Form 10-K for the year ended June 30, 2022, and issued an earnings release that highlighted the company's full-year performance. There are a number of items that we look forward to discussing with you this afternoon, including Louisville Brand's financial results for the year ended June 30, 2022, the recent developments in Louisville Brand's operational activities, as well as the company's near-term plans for the future. At the conclusions of this call, we will be answering questions during a brief Q&A session. Before we get started, I would like to remind you that some of the information discussed will include forward-looking statements regarding future events and our future financial performance. These include statements about our future expectations, financial projections, and our plans and prospects. Actual results may differ materially from those set forth in such statements. For discussion of these risks and uncertainties, you should review the company's filings with the SEC, which includes today's press release. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligations to update them except as required by applicable law. Our discussion today will include non-GAAP financial measures, including EBITDA and adjusted EBITDA. These non-GAAP measures should be considered as an addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of the most directly comparable GAAP financial measures to such non-GAAP financial measures has been provided as a supplemental financial information in our press release. Now with that completed, I'd like to start the call with a few words from Louis Brandt's founder and CEO, Louis Friedman. Louis?

Good morning. Good afternoon, everyone. And thank you, Alex, and thank you, everyone, for joining us this afternoon. We are pleased with our full year's results. For the year ending June 30, 2022, we reported record sales of $26.3 million, an increase of 14% over the prior fiscal year. This year also marks our 20th anniversary. During the year, Luvu surpassed $260 million in lifetime net revenue, which is a significant achievement for our brands and a testament to the incredibly hard work and unraveling commitment of our managers and associates. As we continue to navigate in this difficult environment, we have implemented initiatives designed to generate cost of goods savings, streamline workflows, and lower operating costs through automation, repurposing our raw materials, and outsourcing to Mexico. The savings generated from these lean initiatives will allow us to continue to invest in our brands, our products, our customers, and our retailers. We remain confident that our digital savvy omni-channel operating model will support continued growth and enable us to create meaningful value for our shareholders in the years ahead. In short, our belief in our ability to reach our vision for YouVu brands is stronger today than it's ever been. At this point, I'll turn the presentation over to Jordan, who'll discuss our digital mass market approach for sales and brand awareness.