I'm a for I XXXX for everyone, the transformative believe Runway. and today. it thank Thanks, joining for our be you, as earnings Rent year will excited Jackie, really call
resources a new investments focused on internal our are era where We our have customers. for majority for company, of the the entered
next decade. massive for and the which As the is to is expected see before, we we've off growth and rental, pioneered, subscription shared fashion over market taking
It's our this a built infrastructure belief to brand that and we have capture opportunity.
changing a conviction are value profitable that We have become we by March grow to is in and same already experience more with subscription to minimal kicked offer this impact tangible price response programs year strategy incredible. business 'XX, gross customer We the our customer versus margins fiscal of quarter-over-quarter. for to items our ensuring all the that our way this has off by and early we the been year anticipated adding
path strong I'm throughout more let's as guidance we to out our our share of XXXX, fiscal and but key this finish earnings profitability. to bottom we XXXX. the on out both laid to report close to and call the revenue two, XX% XXXX; the show excited beginning had year: progress to exceeded for XX% X on we XXXX, one, I'm fiscal pleased in at On priorities first, fiscal a call, grow to that line. top
posted X I'm up proud million, and million to XX% fiscal adjusted year revenue $X.X for generating of XXXX. EBITDA $XXX from full positive consecutive we revenue goals. IPO, first annual $XXX.X of quarters XXXX, the XX% year. growth grew We we both -- million In that to which fiscal share since year-over-year EBITDA in accelerated our adjusted achieved
fixed by cash base, business. rate. million interest we We Fiscal our and expense the notable Runway We cutting in firmly run Financial discipline over substantially reduced our during took culture. embedded extended stronger a 'XX as XXXX $XX the next QX million years. $XX debt actions our operating X maturity in for is financially our operating was approximately versus rightsized expenses position the decisive to cost Rent fixed
peers the either than designs. XXXX of comparable 'XX, cost have our XX% XX% product margin full consignment and that our have gross is product Share after year we through rental decisions on we are product important is in the better online of almost lower or impact on on exclusive fulfillment through acquired costs demonstrated highlighted basis. and We traditional our cumulative made The a by acquisitions. progress RTR Equally since program by retailers many
Our product healthy, efficient. is a advantage cost rental business. for rightsized provides acquisition is structure success gross We our product margins powerful acquisition believe our our are competitive increasingly our and
satisfied a Our at primary leads base margin cash we task is improved were subscriber fiscal larger The was to free our XXXX structure, subscriber current not to our with thing in flow. growth. grow
in revenue price improvements year We experience. especially the or XXXX, price the profitability, active that that correspond for we given though in customer our XXX,XXX took April beneficial not meaningful with growth, the hurt We've increase increase and subscribers. we to value believe ended did mentioned before subscriber
We relationships our our long-term product. with subscription customers have via
And and for XXXX that experience critical their that which feel strategy it's beyond. getting always better, is they is our
growth subscribers, our April greater that of which us discuss all-time over which on call already active this As will X, signs to XXXX, of in early we've working. are later XXX,XXX rebounded record I strategies, gives detail, high an
XXXX, discuss our profitability. Before our for to free to plans fiscal I I want flow path discuss cash
cloud. cash her just of XX As sees global building my opportunity way Runway thinks and a a Rent captures life's in the Closet business, the completely wardrobe that as to customer #X a about company my work, who The different in self-funding founder that is for the years ago. create goal the it's this generates massive than
at willing subscriber market margins our She's growing secondhand. job are rent, profitability. flow A capture free lead good and costs current that and to subscribe should to to cash news and the to gross goals built. it's The is these fixed we larger open base She's consistent.
making While through rapid progress. Scarlett more we walk will details, are
at $XX XX%. in free flow in cash better fiscal than approximately XXXX, fiscal is XXXX in least expected cash Our million reduction consumption of a
improvement our can The be further As to of the we active with subscriber business. expect level in million this our shortly, discuss consumption might average minimum understand. business XXX,XXX $XX XX% from for complicated will growth a we details consistent our subscribers, with cash guidance year, a base
So cash we information towards important additional illustrate are are the generating making flow. strides to help providing we free
reach we on enough outline, we contribute It's are active think to will is growth Scarlett base as that ahead of to towards imperative subscriber to that we cash begin growth significant well capitalize our within us. and of Finally, sustain that requirements. generate itself able an opportunities lies
XXXX walk through to how you me Let we fiscal grow in plan beyond. and
to every retention experience acquisition. Our the revolve benefits growth of and as their Rent organic around We doing customers Runway. so our customer believe provides seeking to improve important as plans with well facet
believe on customer our improvement Improvements we focusing can retention. experience their that see leave total in presentation retention, of drive About first so further enjoy days. to who can powerful you be can do While earnings within we growth. XX of to their us experience drivers the strong half revenue that subscribers
go While we beyond benefits aim that. to the more customers, well of those retain
of customers, longer. subscribers a at rate but newer fraction them Thus, leave also tenured keep these longer us subscribers. would Our significantly add improvements the retention of only more not
customers customers someone have Finally, our The for our more are of been historical us they subscriber growth about almost driving key organic XX% from know. acquisitions and to hear satisfied business. organic, of majority
been our best always marketers. have customers Our
experience our program the positive items our word every launch, We New the changing more of value customers to items from base with more off to all a same will item mouth. year price. undoubtedly extra subscription are by an offering create include we to started about hear trying bang via shipment. XX% With this our shipment, for X per shifted in programs of X
styles simple they the per designer beats quality are month, customers course, pricing fast who XX-item for of substantial of more fashion pay more fashion. X So $XXX head-to-head now previously. sustainable way Each subscribers for believe hundreds items and XX of a to designer now dressed. shipments for course, of variety majority we brands items But math item with the go real by the our is Runway with constantly versus get to Rent This meant costs and plan. our fashion, $XX. in X is fast of offering rotating The receiving
items is various likelihood from many behavior We extra had far, wear of rental every Giving directly per there's across items items data that more us her wear how a from our to customers related fit, month. subscription her means testing shipment economic will from more be seen we've demonstrating results Thus launch. loyalty higher exciting more environments, [indiscernible]. item she'll will items and years
active highlights number grown highest Few subscriber are: to subscribers active of had. as count over ever XXXX, X, XXX,XXX has of we've the subscribers April
had have all new we seeing customer been amongst tenured and than both Rent completely the customers churning customers loyalty our expected, Runway less. base significantly We meaning are higher improvements full to
Former rejoining our subscribers program. are
just March for of up were of the to churners XX% prior Acquisitions launch. from what was month
positively. extremely reacted have subscribers paused Our
of total of decline seen have our XXXX point a April We fiscal at as XX% percentage to from of the X, in population percentage paused as XXXX. a XX% several end subscribers
example is the one few years. Here of great past over far come how we've
launch, the Following processed the seen of highest we've some winter DSD in and the since volumes fall our of XXXX. of units
were However, associates. our meaning to nearly XX% far years need this they we productivity X volume ops year, the what rates, double ago, are process so same fewer
our the rest experience. ahead in improvements loyalty, we Looking investing deeply are for XXXX, customer into of to drive
month. wearing multiple Rent subscription a Typical with and a year, physical where immensely. and pieces retailers Rent interacting the digital is the of matters to and Runway The receiving, few fundamentally sites purchasing experience per times are subscribers Runway sense makes app because our see times several a product. per and This website selecting, returning other clients experience model has than our fashion e-commerce whereas different
over customers are we pillars drives X by biggest it job for rich former customers improvement. opportunities our continue informed easier collected around current from have for XXXX. It's delightful making in There our data pillars time. what are loyalty and their our and to our of more and These strategy
are when of is wants those inventory product Our her in best-in-class the service discovery; third she of and first the getting efficiency use wants ease second, X of and of it; more increasing strategic is opportunities: experience. pillars our she
when to customer XXXX, it. CapEx we to base more to Regarding inventory, product the subscribers. of and in In anticipated growth $XX in million million getting invest first our are planning pillar rental she wants she existing support wants her $XX
on are focused that relevant cases as today use workwear. are her We to such
shipment. and that of more for in her her We depth love brands picking greater so and next customers browsing styles desired amongst she's stock when are styles investing are in
our a inventory and optimize cycle, also pricing base. renewed freshness to leveraging at its in We right focus the inventory of exiting inventory monetization moment our algorithms have life our strategically on
best-in-class is be items with way a to want customers filter better, platform. subscriber our pillar related find, Runway product we Right to and But month. at second the each retailers is has now, inventory many from us most Our to how search for fashion how Rent discovery. given at par select
this my of new fashion, the for basis women the is our freedom already and to styles. awesome and is brands yourself a express Closet point, my designer this The one vision is try competitive in powerful. Giving want Closet variety you something Runway to access matrix in [indiscernible] At that an is Rent Cloud. has through And however of the of opinion Cloud advantages. the biggest
To it this to easier fully more on customers want advantage, access to this for way make we fun fashion. capitalize and
in options place will and upcoming to understand vacation and wardrobe this have our keep our we our very access for that So are trends her the algorithms we to many need best updated. have forefront that pillar, customers of the for advantage experience. beach the features day that office competitive her and customer as to invest in We tools, we just bring as
create Best-in-class X on inspired. wants which areas she needs to passive means Rent We doesn't life to of products she the AI Runway: set discovery, large discovery understand and a her curations will created be prospects first, subscription. what to to use and know by product across plan will This come myriad our the could humans, of immersive tools. subscribers of powered allow better by ways she
to we get database it Second, and to and improve it's done active she aim knows what so XXXX, efficiently. search product wants for. she's catalog leveraging wants when looking exactly is in she much work technology, and to filters, By what discovery she quicker find foundational
q somewhat stall This available her and unique is dead items recommending challenge rental. to satisfy end, now, to right is always wants Third, plan a but similar needs. hits it's to are we she something, never we ensure discovery. not When she
and full discovery on progress In for a showcases has few styled on we unavailable the product been since styled Rent made up-leveled on which we've in out launch. the presents site the on to to overall This items, is our outfit much asked pages, feature, with weeks and model already XXXX. how images usability called rent have similar of Look, the the feature rent right that's just in We if item coupled site, an any shift engagement rolled seeing March, now. the to [indiscernible] higher
integration new service. of also the catalog product We've our completed search into new
As months, customers into set. more fresher and like of a other result, we coming to by over tap improvements data features richer yield set the filters, to powered the results. robust discovery search better product will can attributes this And see
for our use ease of XXXX pillar efficiency and of strategic third Our improving is experience. the
performance One this where tackling points to already our we today. that and way since these of our competitors app We've pages speed is over an are key our made by we XX%. funnel X to by much site improvements is have making entry faster, lag speed area and behind improved site
deeper onboarding how their so our ensure associates, their and programs with revamping the have of they completely our education with Another Runway. use new that they if to want what CX right focus at needed, to us is area direct from on are experience receiving beginning subscribers subscriber the fingertips for process, contact Rent
our to in the And XX% pickup. delivery transportation offerings. where happen shipment cost continues savings return As simultaneously, at-home XX QX serving markets, XXXX, to you pickup XX% Transportation pickup who and XXXX, we of the the at in we the and benefit home pickup end base. at-home for subscriber QX adoption available saw service know, of At higher. subscribers XX% [indiscernible], per now were access of is that the from is had amongst in our launched at-home
experience. always in and those than at-home strong lower churn and this us we've are data we're that believed of loyalty. X Runway, customers do the for The shows who between of a energy significantly the year improvement continuous the where attention not. of era pickup, our majority We've transitioned correlation to pillars on pickup home And use customer strategic Rent emblematic the at focused rates new who the
customer fashion circular and growing, for we've scale, fashion of and extreme need market the will enable we built help capture focus and multibillion opportunity to that Now technology the is subscription. to the believe robust infrastructure us dollar we
strong expect should loyalty economics improvements customer our strategy the profitable, subscribers our our and While customer even are over our time. are that from unit make we better already economics XXXX
in over it at And least We back with XX% plans believe I'll our will active business subscriber growth that, bring our to turn XXXX. to Scarlett.