$XXX fourth up joining our we In us quarter for the local fourth thanks for with third X% delivered million, earnings and of XXXX quarter, Hello, the compared billings quarter. call.
there is from the it. improvement to no a quarter, sugarcoat drove fourth we sequential While way to third
these significant November, began were category performance headwinds local continued billings results XXXX. discuss, early will and was experiencing better December, our our in Our in us you as Though, in hear for disappointed. business headwinds local
our demand, business but our are business, forward, improving We supply areas, customer doing not and drive promotional to of living on better focused spin our and marketplace. of cost make marketing and improve to meaningfully grow against efficient, profitability, today, leveraging are a a rigor. taking to potential base operational inventory improve much our and three both full steps structure To up our drive marketplace the and we are our backdrop transform side of streamlined we to more
structure. To begin, the year, progress. let's where Last today. made to an our where with base launched is plan start align already a with we is cost have the area This expenses business we and cost reduce notable
to $XXX our We million have by goal reduce substantially cost X base achieved annually. Phase our
the actions Phase were migration towards of Our our sizing the oriented and facilities sales, X to footprint. completion cloud, of our right
X, another the Phase by also $XX end committed of costs announced we we of million out to XXXX. When taking
of this X Given restructuring. business and decided have performance, our recent expand to Phase accelerate we
Our structure plan original cost to our $XXX additional of an size is million by is cost reduce plan. now which the annually, our Xx reduction
of cost costs. achieve reductions will X Phase professional XXXX. Our done of as by to quarter The of end should relate reducing will globally. savings actions, the positions be and majority savings payroll The software, reductions, related eliminating we by approximately which such our these second remaining are technology, services to non-payroll XXX primarily
finished cloud. to our also have migration We the
us the focused ahead the there believe number hosting that in an more years We save will forward, our Moving is cutting in spend cloud we be reducing to in are cloud. potentially on for the of we even half. services opportunity
local are local complete, grow significant us execute to cost Phase structure our This adjusted achieve marketplace should flow sustainably. we transformation marketplace, able should our at And even once forward levels. our through going revenue as be improve our generate flow allow As cash volume actions we current strategy, free positive X should means and we leverage. operating that lower to on EBITDA,
a processes support Now cost creating To and we that in rigor reducing business, we focused the structure. are this reduce the culture have also leadership continue effort, making to to look rewards through right ownership the we future. finally, our have that in taking that sure place the have ways office costs with transformation new process frugality. of Ensuring of processes. out business operating streamlining operating structure performance, while And established and action-oriented we an and strategically accountable for further we costs cost keep is tight, on gone is to
we the business. how stabilizing that's are So
the must customers' And on talk over these to let's that on that all inventory Now been Last on every to quarters, our marketplace local the Groupon relevance. our to marketplace. our we time market number incentives, with We strategy ensure the have focused drive CLO, frequency. about we improving best to come aligning personalized do the test few so single Atlanta last and we talked initiatives this. our test needs we use of quarter, growth a including about initiatives purchase to and changes meet search starts can plan, We which together. you promotion, they
That in learned. give that limitations. while much Groupon learn test there is encountered we were purchase XX% were using to me as during improvement. such we we few frequency this we frequency biggest of as said, a insights Atlanta up that by Groupon Let Meaning, that drive challenges purchase you Bucks, can sustaining incentives leverage Bucks as level The into able incentives, what our we stimulate customer small takeaway demand. to
our make back time came Groupon Bucks, purchase use or customers second the on to many time back come many While not fourth did third marketplace. a to a
Why? for. search not to match just they received they consumers to enough Because because The were compel inventory if the have make not did looking did inventory discount, were purchase intent. not the incentives our not we their
work base our must So we experiences inventory delivers the in order an these all time. and drive customers the frequency and to purchase incentives build for that higher, services want
sales our directly strategy. transformation learnings informs and These have results
efforts. power internal this data are leveraging external from We empirical sources and test to our
strategies to Groupon inspiring that further. customer and more such simple. use and inventory, tools drives new we is relevance engages search base Incentives, have cetera inventory a frequency. accelerate progress right we goal and to et our as the the purchase breakthroughs build Once We can Our want
the with fresh, right selection marketplace supply. we offerings, and we for believe new the expand starts success our will Future Groupon supply If of win demand follow.
on While of Groupon acquisition amount a recently strategy by marketplace, our inventory consumer not today our purchased by local driven result, we customers. inventory marketplace has a scaled demand. is as been not considerable And being the have has
critical consumer demand a than marketplace month. is positive experience XXXX, in on fact, and both over fewer In our sold XX our Having to each merchant driving XX% creating deals in right inventory North mission units America of platform. the
leverage XXXX, our force for leveraging value addition in for to is goal self-service So merchants. our more merchants, high new sales to acquiring acquire to
acquiring new consumers acquisition that of Our want, inventory instead quality sake we centered for strategy of will on merchant consumer be know more. higher the acquiring fulfilling by more intent
expect capitals. expand Once in York, Chicago, we our we New we Top other hyper which on approach, merchant In to Washington right we the do the Phoenix. North U.S. local hyper To this approach are the markets, concept, the are local in and right this, first D.C. location right acquisition right and category, implementing have LA, is merchant of our and a structure. deal X merchant step European to of focused proof the prioritizing local the acquiring acquisition approach, America hyper with
platform. each our Our and implemented consumer unfulfilled will to acquire drive responsible top markets. the local intent, number compelling from identify To city each new to priorities this, markets of top by in initiatives in as have merchants merchants, for as market overall our performance be on national optimize engagement management categories each will acquisition, who high-quality are our known deals of in acquisition inventory of be led acquire and well with market. highly we well inventory leading CEO, a To top of a and do
acquisition process are sales and First, we refining are for the after by now responsible acquiring teams reps ensure going merchants. have supply. target specific our are They geographic highest our quality very Sales vertical to location. sales
prospects the freedom are bring bring any and sales reps This quotas. make recommendations to reps deal their providing from merchants structure the our our merchant onto sales sales help deal to structure with is customized We on them still previous new any for also with when our had structure departure platform.
structure the so These special are we far, teams the from color, seen deals attention already we curated compensation of are performance they to of deals have top a marketplace. other copy. In markets. in deals, be these receiving give sales aligning deals that deal ones not of the merchants on to bring sales the based the acquired. words, that Second, on just number the deals compensated of and our are or new outperformance will their merchants deal To launched our the curated from output you the little
acquisition seen customers of are And increases our and velocity solid in new have a conversion as customer first unit deals. on result, handful we responding, and
Additionally, also our we similar deals quality. merchants refined to approach and with retaining on focus a have
plans year Our structures over quality related year. also compensation now retaining to retentions high deal focused merchant on sales are
relevance will reduce our power marketplace. improve search leveraging believe better customer better base enhance in rebound, create we yield service and customer which and As top interactions to inventory, inventory customer and we trust also and and to a demand customer better improve and include to should continuing refunds, recommendations, initiatives experience our
the which trust we with believe see our in marketplace. to beginning emerge improve will are continue We a rates, help positive to trend refund
the significantly base, we going merchants our in successful Over inventory are the forward. past them refund we on have improve in even improved performance we focused reducing North America can were to year. of further and new international, rates year, believe this and we transforming If
new Our than billings and more goal is profit per increase by cross XX%. to merchant
vouchers only per deals more addition, our XX% marketplace sell local in In than of currently month. XX
our just intend we frequency throughout in build Xx Our Once per success with supply increase are ensure sell than year. merchants, new in per we north vouchers consumer opinion. that believe top the of These we goals on we successful gain traction can for we these the more transformation, is of rest onboarding of the goal purchase month. we this to to start, are to XX% XX the bigger our If marketplace. deals are plus deals our
will our We this believe unlock allow that us marketplace to flywheel.
Overall, directly XXXX. our drive organic demand, return marketing on XX% than we improve connecting by goal gross less intent reduce is of higher more in and to our consumer driving investment. while our reduce it can marketing we span promotional to and expense profit As to inventory our our
promotions our incremental and and personalized lean allow base. our execution Opportunistically, written at while us return to driving the growth areas a these reduce us channels, into reduced budget We on successful time even sales. the marketing relocate to believe that more adjusted EBITDA allow deliver to and pricing in same to will to higher spend Company promotional positive revenue
opportunity marketplace to business, our immense, potential, our and not to stabilize growth. believe up only remains lived roadmap haven't the for taking are a create steps we right we While we the but
us, Given that the opportunities shareholders. lay we done to positioned work for our have well of we and customers, that are employees, we believe create merchants, ahead value and
you With that, Damien to our I will it results. to through turn over QX walk
