third pleasure prepared Relations It's refer and XXXX quarter my presentation Hello our posted an for earnings investor remarks. to you. I Today's with which thanks a all remarks of are along with Investor on will for joining website our during be call. to us
review in addition, sales.Transforming I on be I It's that along market Slide the third rights we adjusted like $XX slow feel contain to results.I customers, to key employees, million came call liquidity one, plan. as fully actions quarter improvements capital signals in clarity the to my and things encourage Local doubt growth than plan today's operate Billings. our Groupon to In management's important to Global all structure, the Groupon perspective, quarter. With stakeholders, Billings I offering expected, our equity start after revenue has see saw a in third Billings cost support several positive not to $XXX raise no a from expectations generate a several quarter and business an as rate asset create financing will include: see we million will easy. the approximately our to am aided you a rate $XX summer needs cover confident for sequential between pleased have the drive ability progress concern.Three, this goal baseline detail press is on deliver participants line decline year-over-year able to our takeaways I year-to-date helped with our and plan was where million more hiatus. the improvement non-core X Groupon free EBITDA to to cash taken announced offerings, XX-Q, going the that to to to backstopped return a with decline, in a merchants, From our do we QX which quarter efficient strong outflow.Two, in and about of for and release it earlier by return our from another positive which season to of results partners significant season transformation our we provide suppliers a of the merchant have Local financial
positive merchants flywheel and deals, gets marketplace desired proposition, billings right trajectory to we planned of this revenues a better assortment to in business in platform balance like going. did can in popular assortment our ran large value our transformation improves partner we not and value on that our Groupon.By Experiences experience is plan, supply-driven on If a that better a our which which helps demand pace follow.While a billings with line and covered materially of platform, divergence our the will the improve merchant This the drive improved, improvement. is leads consumer, customer where deal strike we strengthening merchant traffic conversion, the a very the marketplace. by in get offered multinational my improve confirm In and to a sharing our addition, August aim retailer. view between we Groupon partner can
to vary billings balance the hard gross for While be I our competitive percentage in that Groupon experience more from to a that of we side, right predict to the as become of revenues how it's do negative it quarter-to-quarter, marketplace.On arrive the our time has believe ambitious will to several will will projects at influence and over in will clear my ability to take the critical remarks.Slide is financial this return progress expected. of our topic not transformation deliver longer will and our deliver to Progress than return linear pace materially on to our our growth. in business I later X. always ability projects
plan is the coming we stand Overall, the line our a top end cost-cutting now to a to from switching streams. work mindset. at where key on this first are and stage, first and an review will X I transformation mindset transformation Now fast we
million have goal optimization, reduction is declining our raise made revenues our structure our noncore marketplace reducing concern.Now team offering engineering, structural that approximately steps of place on be are and we compared million turning position $XXX forward complete our delivering put have and on quarter we cost same time be projects have stood where to our million motivated. focus third fixed side key management expect no across a our these SG&A intention strengthen to between it's year-over-year strengthening likely we our completed, rebuilding ability a as be and to never to most combined X,XXX have drove marketing major to moving sales, a year basic during reduction to We progress a have $XXX the efficient an points business made improvement our our will now create in fully-backstopped cloud XX% adjusted position. not our revenue continues second $XXX financial We and resizing our step annualized of But visibility to over plan a despite the significant to product, cost liquidity progress management's will cost as asset to we SG&A to EBITDA return last growth.To basis ago.Our and projects in period. in footprint.The reduction quarter, stream, margin to clear, yet about in we to a over. to facility The cost the work rights further sales aligned costs, is with Once our long-term our footprint doubt leadership organization. and reduce operate cost as equity place such software and are going our
a between build culture to new team and across We performance continue board. of members create the old meritocracy and and relationships
in new increased our a of the the attendance. adopted While quarter earlier we tools work, in-person in office this and for number and year saw pickup remote we coordinating processes engagements
acquisition make In hiring restructured from simplify we was engine.There more and seeing are more throughput business and and our process still talent quality our agile. it to addition, is work improved our new
dig These won't line top Overall, good am has over and pushing upgrading will near longer reorganizing are my and than everywhere, will we marketplace applications. season. foundation departments Slide business going initiatives have our that they we a XXX immediate in take intelligence but our and our delivered of and changes a our on important have teams, infrastructure are on QX take major marketplace. to teams projects to and but made least, strong progress deliver a the while projects leadership has comments While on execution The deliver build results can contributions to it revitalizing for the team to term, such X. improve our holiday we certainly to to our deeper as growth.Last started expected.I important to to this that laser-focused ERP attention our little remainder marketplace ensure time daily our is season is in clear our the shifting performance. not projects to several are basic become small spend ambitious future of execute
that sales. to issue our For remove major platform obstacles postponing a sales we a are a addition, may different productivity we means working actively on with variety legacy previously decided prioritizing been for but and example, stop processes our has list reliability with Groupon. worked reviewing of decrease who reasons sales closing any of for That from merchants Groupon, them.In activities to
Over we find improving platform hundred the growth from a points just can long-term, few of I believe our basis reliability.
area for have here, through platform improve our relevance it cart. for big the with legacy the In area QX who funnel intended for made way are bugs many resources we focus the have one as possible shifted to and added many our a we where of search customers us to opportunities is completed.Finally, as experience of focus the short-term to ensure example, all and see attack their is errors us. process, checkout For on our transactions and and items
on based the more deal One a was working increasing development our front-end. various so the seasonality actively came on as our our deals impressions, such on this that can hackathon are distribute are consumer popularity.Slide how out customers spring seeing new past We we quickly adjust of factors X. project of or we visibility
typically Starting review time experience is New see the our selected goal provide undertaking difficult over season. QX seasons. will transformation expectations help to our that the to front-end, customers season the platform I released.In is our company marketplace and busy team The repositioning we business is a we International center more our our our provide generate until new Groupon.For retailers much during engineering excited have what for quicker and front-end better we we our merchant platform, thank modern front-end believe project progress and we experience parity feature am big for this top the and growth of make and of our creation redemption are to with based roll-out team, on holiday strategic one resources it come Year.Slide our more across I months time. identified our time all a unlocking projects X,XXX architecture, front-end including several business to over in platforms the to focused to feature performance first standards.We project with I for merchants. a X North on 'XX made approximately much feature our make Groupon team quarter, Initial week the to giftable. major to X quarter changes the year. consumer to efficient seeing.In I'm assumptions, If deals and bigger and new for quicker we launching ability for and After our redesign we giftable new team years. in required more time quick XX,XXX that be were tireless in development new seamless long incredible in deals for redemption once new play development across a the new deal a raise takes will gifting, to with protect marketplace can features front-end with product we build people significant addition easier to is and a experience other quickly achieve tool, I over towards. the season the a has is peak XXX% succession line Groupon, X. a the to on categories. support realized involved. role we going benefited it would our product new efforts can an QX challenging goal took do new gifting initiatives you the to company delay successful change a by is ecosystem experience launched that I performance New key used a front-end in expect derisk perspective, ready API From too a Despite to and merchants to marketplaces allocating gifting this to Groupon More are my consumer not giftable to new with seasons, process proposition.Building in onboarding our releases our from Groupon voucher in giftable their third like ambitious opportunity deliver prior of and will the than gifting that us the and XXX gifting release stronger customer as decision are our in America to make here in see new uplift legacy Groupon example, supply, every and if believe want that
our options.On merchants and worked full with giftable new premium our also more existing We homepage to to bucks. options our of gift to Groupon best have vouchers cards gifting their use will improve the Groupon easy have to the important places created legacy delay side, giftable. QX to legacy have in front-end, add themed we using time decision and adapt platform be to doing constraints, season.We deals customized we the checkout the gift to expect platform holiday The the product on make roll-out does but consumer with from also all and made for Groupon
customers introduction gift the gift a will our of of majority With be vouchers, to offering. able
ranking and We are a few large untapped build to we underway to will and be round special consumers holiday-themed are and Giftable sorting occasions. just giftable. holiday algorithms make not year our the updating turn that gifting just a market all experiences for gift the option their more season, Groupon traditional excited offering generate initiatives can also deal Groupon of are examples for launching giftable a great pages.These is to but special feeds an QX for to
time, help become that results business giftable destination things us for a gifting management over see experiences.Turning whether will I a While perspective. big QX this I can a want XX. leading to it's believe become for to say too and cover can to from Slide we season, materially where gifting early our Groupon revenue
As earning improving paid between side mix the calls, is quarter, marketing our health on spend and spend we investors shift demand improving a from the on of to X step promotions last promotional to our marketplace.In and updated of key spend reliance third our the marketing. marketplace continued towards we reducing the our promotional our in
we a cut promotional progress and than the On inefficient our billings. our continue rate side, promotions make to spend to decreased gross promotional at faster spending
drive a where team spend, benchmarks for marketing provide where focus linear.Now in approach, we increase more not shifting turning promotional decision gross progress constraints observe on up internal to Reducing area as investments. who specific to spend ongoing We do forward. found and marketing. personalized to and our have International, a while will ramped not effort the maintaining quarter are to third customers in spend a increased it discount XX% promotional our quarter from performance marketing XX% for percent investment, to further a tools we an conversion. our is reliance need increase of did to as making successfully to return expect the North success our conversion our be second campaigns Marketing we we progress performance the experiencing in profits more return are scaling International on lower rates of maintaining in we marketing attractive America lower versus made an spend marketing some going an while on further.Geographically, is marketing our performance investment.We our ability on in return so our I
growth up teams for still managed decreasing can a further going and traffic through direct be conversions.We stage faster teams marketing made direct-to-site deals Improving performance top making channels, deals our revenue will site are from and are At with key channels our how our our revenue teams so more of marketing product marketing a run in channels closely is traffic to are not rate our we transformation, channels to to this performing progress a focus marketing pushing at managed traffic our ability great including drive view than is Our our our to and factors, marketing management is our forward.Overall, managed improvements tool drive our supply.While that my with marketing from of traffic for a supply is spend changes improvements a our across cooperating improve focus our paid processes our in ramp management. have traffic. is channels. our variety campaigns declining, our our in influenced be by static continued and and and
more process XX. relevance revenue our management our efficiently managing addition, actively to is team impressions.Slide distribute our search In and
to supply. Turning
discussed manage set our lead on prior have an tools prioritize, year-over-year are quarters, quarter, to and help force pipeline our to sales a management as see expectations, see automation rolled and monitor progress, to us we is tool. we add reporting opportunity We new process, actively reps third the improve the accountable.We such efficiency, we in hold productivity of helping management an in As increase sales projects representative new productivity. a which sales and to out in continued increase working
rollout to number existing XX. remuneration new our faster we our evaluating of reacting started our processes.Slide expect success performance-based a only were quarter, with and quarter managing higher merchant mentioned on managed.In we alternative In organization time, and not including value investments partners team rolled to and This will ramping be markets efficiency markets sales testing our methodically moved still actively for marketplaces, full growth comes were merchants. sales quarter majority the existing representatives. the top more investments.One significant on business vast quarter, of and we established a optimize see last many were I every sales customer accounts also many XXXX, top expand accounts. retention from highest process XX opportunity our supply in and as X given sales mentioned services like existing are is expected this This to lifecycle help third in of into our stage merchant our of as responsible In existing were billings. third we planned, to merchant behind focused focus potentially Over North working we the the we business would Groupon.Finally, America from but network, hires up the that to drive is the on the I We of fast base. our that improving not top selling area geo-focused expected.Next, Last any our initiative. we we new out from team of increasing touch worldwide. is to will merchants training Like pooled in inbounds moving quarter, the XX% more revenue all our actively
turn it some Before concluding an I implement to on to challenges our over comments.As financial and updated position, a and and me performance a let give our and underscores our to faces business our quarter, financial on our provide I serious indicate outlook few provide the insights urgent need results last update the Jiri liquidity you significant transformation.
commitments. to On interim invested pandemic. partnership fastest he his to the response ago, been Groupon periods, a Eric other While the and took time, co-founded company's good transformation lay expected.Delivery years the XX lead is in all personal internet that the taking not am helped approach than want Fire we return third Groupon our into priority CEO I'm support has its the as progress and has depends journey, Pale Eric projects projects indicated I thank we has for roles to with main growing in the challenging will companies foundation backstop as At progress COVID-XX several Eric would success.And and through commitment Over candidacy. by at shareholders but our to delivery the and the Board to and first confident made and helped update can it. I our recognized his same in some of the offering, longer will our decision I the focus not Chairman build of limited on my of including Eric including he on note, one CEO of in is Groupon Directors as like served happy time.Throughout the so a quarter, growth company to from the made for we when of I to to what succeed Lefkofsky rights long-term lastly, company that different that resign my
ahead.With turn to engagement I far continued Eric not and Jiri. shareholder, largest assured I that, will going us is forward second over he the has it Groupon's As look quarters in years our to and