and everyone. morning you Thank Beth good
As David the many regards progress made company significant fourth and XXXX. have in Beth have throughout we shared the of quarter and during
about let's financials. my historical consistent our to basis. be the comments talk Please a will regarding in how So mind practices expenses with that's bear on translated non-GAAP
high the EBITDA XXXX of for again XXXX end quarter were Revenue the high range than results EBITDA once the guidance culminating with well Our more our of adjusted exceeded at in solid. results. guidance was the fourth our while adjusted margin end range doubled full-year
also with of ended We’ve another cash achieved flow free free in strong quarter cash to and flow XXXX a substantial XXXX. improvement compared
a take was and Total Now let's quarter, look year-over-year at for up basis these results. modestly constant China currency on but flat a million revenue results. excluding $XX.X closer fourth the
higher mix the variable $X.X some fees of quarter $XX.X revenue to strategic fees at customers X% largely recurring was fixed subscription of the of increase the compared revenue to million by shift variable revenue fixed fixed quarter revenues. driven of ago was tiers Fourth revenue representing also The million period. Fourth moving year incorporate was higher agreements ago instead million period. shift evolving an our compared to towards low continue for $X.X to partner variable to more eBay GMV. purely more was which The result as year
have substantially revenue as stabilize revenue transition quarter completed variable in and customers. for to we going had any likely to Still we quarter view in variable larger is fourth believe forward [indiscernible] XXXX our the
$X.X to annual revenue flat an basis from our XX% revenue from X% and million a total down China includes basis. currency for operations. Looking X% this at revenue. Fixed performance revenue constant increased expanded total on an of And headwind million XXXX $XXX on was XXXX, but approximately
revenue variable declined While XX%.
revenue period customer the to year by XXXX Brands just year from compared in type. for represented turning as Now XXXX, revenue ago revenue David increased mentioned total under for full XXXX. and our XX% XX% over the of up to XX%
expansions higher As in to generally overall we've better rates well a past customers have revenue growth compared retention. the as mentioned higher per brands customer as average higher rate of and retail
up Marketplace's of by XX% to comprise China. was revenue product, to marketplaces from the year except across period revenue. million and all total for the revenue growth ago Turning X% fourth geographies $XX.X benefited platform performance compared quarter,
compared Excluding period. X% was marketplaces revenue to China up ago year the
$XX.X and we encouraged to see the are XXXX back marketplaces XX% revenue marketplaces half acceleration million revenue was and of revenue of comprised the For total in for the year.
[EMEA] revenue. U.S. Digital with marketing a posted up was quarters in Amazon quarter Consistent last advertising another few growth of the $X.X X% and prior revenue of XX% driver million, the from total growth for the of period about main represented was year with as
comprised revenue of marketing up revenue. digital XXXX was XX% $XX.X million, and X% total For
category reporting the a other of not ago result for our the particular period one-time $X.X as fourth revenue quarter XXXX from quarter in of the of from did repeat the that quarter year XX% was in strategic partner revenue Lastly fourth down million a from XXXX.
perspective the in geographic a revenue From Declined X% from the quarter. U.S.
However, international China. by total EMEA to revenue double-digit of revenue Australia X% in and the quarter in by in growth declines increased offset driven XX%
As clients relationships T-shirts, in Jewellery, Randa Groupe. the expanded Dog Rocky such the FullBeauty, Crazy details eLuxury, some accessories, Bling and Brands customer Rue we with notable as quarter Gilt
which are customer which reflected in becoming driver in performance. less that are business important to customer count overall gauge count meaningful our metric an our the Expansions is exemplifies growth not
and the both in is the year-over-year XX% to new basis. mix for notably of customer just our full which $XX,XXX region China from office year-over-year nearly total approximately Customer quarterly deals retail customer XXXX entered year July and by year X.X% customers impacted by improvement of for increased of in XXXX. sequential fourth counts there over with XXXX our increased on the and size highlighted We runoff shift the XXXX customers. the the following per quarter and smaller This average churn closure was revenue
$X.X XX%. for to the representing substantially adjusted across prior the in line items million margin during improved to million to results the nearly reported point all expense basis compared These EBITDA include increase in improvements quarter year X,XXX $X.X period EBITDA quarter. Adjusted
even reported million For year expense line all the $X.X million EBITDA improvement than substantial, prior year across XX.X% than period EBITDA more was XXXX of was reported improvements and an items. more $XX.X double adjusted again the with adjusted in adjusted margin EBITDA represented
also and in The XXXX income to quarter GAAP return XXX,XXX reorganization EBITDA income in million in of discipline a a in and adjusting cost GAAP net the at year coming million to our strong to strengthen aimed reallocating in improvement net make for XXXX was of for net and $X.X and compared direct a at the capital experienced a our of was loss XXXX. loss improvement to growth net top-line prior $X.X million compared was the and $X.X period and international support result enable operations. to our U.S. which strict sales, investments services in July further significant
Cash balance million, cash Turning July we the and for with and up the of million $X.X results. were sheet, the reorganization. million $X.X related XXXX of strong during payments the to quarter year includes equivalents year $X.X finished and for the $XX.X this million
for Free million quarter cash million year the marking $X.X $XX annual million for the improvement $X.X and XXXX. was flow from of substantial a
the was that XXXX. So
expectations upcoming the Let's about over talk year.
evolve we're As our to understanding of and business. that overall relevant continue will business objectives and and the providing insights metrics and has sure with are that to offer be we align our our information our operations that want to
make some in changes provide we quarter of we starting result to first metrics plan XXXX. a to As the
annual disclose digital where bundled hour going to forward our buy an increasing GMV arrangements. in in platform marketing plan total an tied because not to do not business especially is portion GMV we of to Specifically,
of in thus is GMV marketing and underreporting. to GMV spend visibility starting our less metric most tied be the revenue we particular could meaning have our digital ad now For as to
count average many disclose increasingly expansion customers our not Also of customer total customer revenue of do and going per of an are number brands forward overall performance. base or our less plan customer we customers total making do the significant count add not evaluation for our has relevant to to to who customer opportunities because
a less we lower smaller Edition meaningful towards introduction also going customers forward. at render the price of is point will this metric believe Starter Furthermore, which geared
begin generated this our at the on a the report However, regular pace which a we of over are on we segment percentage to moving help to will more you towards basis from gauge time. strategic brands basis trailing customer revenues XX-month
predict Now the to Starter improvements let’s meaningful said smaller drive magnitude are our time or ramping performance revenue launch the underway. David the foreseeable the of based quarter is the expected and the of continued XXXX second and believe in discuss for partner At sales of on a traction part business anticipate revenue initial is positioned timing through those the for to it's as whether guidance. we to Entering eBay a and stabilization eBay growth headcount, strategic we initiatives initiatives remains we a we Edition that same well and of it and while future. the is variable anticipate headwinds part difficult
it reasons which those expected towards For the quite with year rather we work year floor revenue range we than revenue and increasing establishing an only as establishing comfortable we progresses. are will incrementally full are
side expect in fund sales continue On and the as partnership capacity of marketing to we customer and events expansion make to additional U.S. strategic to sales as well the investments promote growth. marketing expense to
with supporting well in our plan current new as product R&D brands to to on to brands a offering We enhance our customers. focus acquiring continue base specific as also invest customer
of the of XXXX $X.X million for range to result of adjusted a in EBITDA $XX.X guidance to and we the $X quarter issuing million million. in the are range As revenue million first $XX.X
outlined For potential the minimum various are initiatives take of on upside guidance $XXX we hold. XXXX, with depending quickly full-year above how of revenue a issuing million the
growth. million upside are adjusted on higher-than-guided EBITDA of minimum potential We of a issuing guidance based $XX with topline
XX% touch David's XX% of XXXX. to margin growth to EBITDA by combined adjusted wanted year-over-year long-term and comment revenue I goal about a rate on our ahead, of further Looking range
new strict a incremental channels model from cost-efficient objective both growth We and continue profitability to and indirect aim customer with of initiatives product ship to Edition its offerings and like reduce continuing on more balance towards a Starter brands, revenue with cost continued churn the achieve this discipline. through to opportunity revenue focus to
and we channels brand delivered focus closing, XXXX return-to-revenue have on segment winning are with call. as built XXXX strong In profitability, efficiency direct a in flow foundation highlighted in earlier improved in about particular on we cash enthusiastic the we believe pleased growth. the and pillar overall leveraging strategic We and entered for the in
We believe to have profitability the a and on we people, years. right strategy, execute and the over growth balanced processes, coming objectives our
to With that, questions. we’d call operator, like the open now for
