Thanks, Doug, call. today's and hello on to everyone
quarter. markets. our face comes in continued the QX out end played quarter last across throughout of Our this The expected challenges we anticipated performance risks as
of QX million loss last $XX million. income and reported EBITDA and our $XX year, both a adjusted X% Our revenue net versus declined were of
a most client growth by balances. in the was We per against paying client. took this clients in revenue decline growth our our third was EBITDA quarter, reserves aged paying plus saw Our we offset adjusted fully though during heavily impacted XX% by
expected the pressures continued We liquidity facing. that clients challenges our these are given
Moving down P&L. the
gross XX% QX consistent the Our prior with quarter. rate margin is of
after we million our is these which reported compensation include and for Form in the $X earnings deck in our revenues cost and charges, slide expenses of with stock-based in quarter, million along D&A came executed other severance includes and Our August. before the associated information $X headcount at in $XX in and charges reduction operating XX-Q. release on in non-recurring be payments available expense earnings will with million More
OpEx our these versus for on increase Excluding non-GAAP items incurred, the in year last from adjusted expense adjusted we which came bad at EBITDA adjusted touch the quarter our growth a or largest came of I'll now. OpEx $XX driver in XX% loss. The debt resulting million,
was our $X Excluding year this adjusted and bad quarter from debt adjusted year-over-year OpEx prior and the million. EBITDA period, grew by XX% both
to like difficulties will we who Over our believe worked about selectively talked that through We've help navigate challenging we clients these year, dividends facing environment. the improve. with previously during clients are them certain trying conditions times when how the supporting pay past
quarter to however to growth required became time across for This a prolonged markets. what return is clear cannabis the end us
minus For data XX% revenue of the on year-over-year QX our saw during declines which example, total sales based statewide the market XX% California contributed quarter. in of third-party
a Given these clients whom dynamics, whom as a we of others result downgraded challenges. significantly some handful the remain the of accelerate of have liquidity we're to of of unpublished on been levels taking at reserves platform spend, decision against made the their
EBITDA, which our was a was expense debt positive QX before bad Our on charge. significant this adjusted drag
are limited also of to our receivables we we quarter encouraging these this accounts XX challenges the the year this XX% wider debt QX majority relates that saw bad is a earlier where to of we of spread bad handful reserved in gross balances. Our the versus in Approximately issue. debt against accounts. saw a is What's clients decline fully now incurred
the end cash. receivables is our began source market of The change challenges first, third the where quarter in was a since
spend, generation. get very on towards we path are firmly focused where we believe on further the and that investing our cash rationalize flow can as opportunities we're We to find back
controlling we As do better on to we know in Doug must opportunities. productivity this our take environment and spend, we'll on continue action stated,
million fair loss liability. income reported in includes Our of million, gain of $XX value net warrant our the $X
share cash A the share release Investor across the and B Our debt. fully million in of EBITDA earnings of end our diluted details net provided and to share Relations to as with are our adjusted quarter. in no as share $XX XXX the calculation count our and at count the posted reconciliation long-term was well classes A ended classes of million income site. We quarter our Class
our taken take comfortable already We continue liquidity to productivity position that initiatives the to with given and continuing against. are we've be action
I our the to sunset metric our to for metrics business additional MAU also earnings it's investors to address become and decided top our additional for prior progress our our our wanted call in of health our speak strategy. against disclosure. been gauge more in fourth to I of I our platform thinking evaluating growth. metrics quarter, broad August mentioned on that correlated outlook funnel to and we've very Before for that metric marketing executing investments has revenue to as, We've a less correlated the
QX XXXX plan our We be disclosure our expect metrics in and guidance. changes in on our to on filing. these found with call can provide additional Form details concert XX-Q our More
to are signs our in today, for Now, and I'll how including for clear scenario on our QX commentary in continued that, half, liquidity second have we the outlook August for market earnings XXXX. out. financial year for continued liquidity our bottoming some we're clients. we fourth the challenges declines market noted in baking bottomed fiscal along out challenges in client concerns with provide fully end on Based were we turn risks that lack QX, on planning where our I end planning quarter call and
will will the second closer by to as remain QX As such, than we impacted expect end I for down of range mid-single-digit the revenue percentage but We're debt will wide which or bad continuing our though the half EBITDA in decline noted, QX execute expense, against area. adjusted to QX. lower significantly productivity guidance elevated our second expect in actions, further be half,
With at share XXXX thoughts our through plans. to for and some plans stated, next later Doug working stage. said, annual more initial year where I'd like that provide we're detailed guidance we're we'll a currently on for focusing As our operating
across across line licensed clear As backdrop growth to positive to markets creating more flow. to end and focus our operations, we our more a expect Against teams, will remain working sight on towards streamlined low. planning, visibility backdrop, of cash cannabis we're this a return
achieve to While remain in cash objective the positive may environment uncertain flow is our profitability and XXXX.
environment. flow has knowledge and unchanged. leadership forward remains the cash and In have strategy and What though closing, rightsizing to potential our the with operationally, bringing growth. our for this WM margin after company call are is changed that, partnering with we planning for His rigorous as investments Doug focus our delivering its markets let's on Juan, of XXXX. against open Our entire and the us questions. of next will phase we get regardless macro executing our prioritization, team looking and our closely myself intimate end the well Tech to serve and more opportunities complete year With of up
