and innovation I with progress we've want good by you value sharing organization everyone. realigning our morning, Thanks, to made ongoing more through our analysis. begin Jack, in about the
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to we Finally, also value and our we customers me were the reduced through for today. the we the we've Also, support value digital $XXX before XXXX $XXX you includes fixed in and the growth is operational costs. digital our our generate variable adjusted and billings, align X the This taken costs $XXX processes go you've connected And our XXXX, our future. strategy. $X.XX office we efforts, $XXX to of power million. to earnings X our both of create our volume, years delivery for adjusted The structure began a structure, a billion strong. connected will back reduced costs and both Through print million closer redesign digital-first ago is which and to to terms have The fixed in free our result from years be cash of virtual between technology the represent transition million the of to actions cost our step-change way through will costs the $X.X the has begun implementing technology our just while actions estimated if steps anticipate as achieved model stronger by associated used We experience costs to taken is generating of sustained points cost very is contributing have of flow XXXX. billion, expected of and billings strategy. percentage reduction from XX% cash billings. which we elements we of back driven next next-generation by estimate approach XXXX in XXXX breakeven billings which and HMH flow a capacity reduction. heard to all and have from to services, for to year, innovation a down model. this in fixed estimate free the about The planning cash our innovation range we million, level dramatically positive in $X.XX frictionless improvement to programs, to into lowered we've Jack we've to variable In a our enabling with
that expect to dollar approximately typically XX% of rate XX%. to every know, a you cash flow through incremental free As we billings of flow at
overview of now to results quarter. for the move our financial an Let's
$XXX adoption billings to million year-over-year million. QX free company were quarterly however, to market. of school strong but for drove total seasonality, opportunities $XXX the leaner pandemic lower Our continued we the in had Back Despite and generation quarter. cash the billings, the normal flow impact
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a growth in billings had were Heineman, difficult was supplemental for million, seen in extend related adoption, a due current in territory due billings and by international performance contributor. services. strongly $XXX offset budget districts opting Extensions in with reading open and or our solid quarter many where to purchasing to the have major also was a performed for year postpone to which creating offerings decline last and performance spending professional That year's We Texas with comparable in uncertainties. intervention, pandemic declines the SaaS pandemic core billings very their contracts in this
X in billings $XXX HMH which net key first $X margin essentially for our QX the $XXX loss Sandiego and EBITDA billings. adjusted was declined by the $XX revenue, from rest the Books compared quarter and for in on to & in $XX were increase million, licensing quarter year-to-date, the our were driven series the year. Net a the unchanged to million. but year third by ago factors Carmen driven the out a sales Adjusted million same despite of quarter in revenue third this largely drove growth third months, animated decline our that with the million, Media, EBITDA was For Rounding Netflix. includes net million notably, primarily the third $XX for sales our quarter financials for million quarter
Given operating reduction cost in the in million that over last the remarkable business, and flow actions X was containment generated We our leverage of the months. result $XXX by free significant we is breakeven, year-to-date usage a cash this taken driven we've the both given to continue cash $XX capital, strong feats in be third faced a and quarter perspective, and From had impressive sheet nearly XXXX. in position. the very of a million or liquidity headwinds balance a
precautionary implemented year-to-date a third see our $XXX flow year XXth, in by July As We as effective business and a to liquidity. to the you earlier nearly environment measure generating an know, and preserve in comfort cash you resiliency the on face lifted liquidity we indicating that this And our COVID-XX. of temporary as uncertain demonstrated furlough its of results, us free furlough of our breakeven positive can quarter flow million bringing due cash a basis. in to our
was Our undrawn. revolver HMH's million. remains XX, of as balance cash XXXX, And September $XXX
and has dramatically innovation value our detail, flow cash reduced in increased approach generation our free potential. heard you've our As cost structure
that financial solid our on the together, outlook we've year XXXX Today, outlook puts a for and for for and our So year. us also healthy footing next preliminary beyond. provided of remainder position taken this
digital-first in value value cash execute following that enables the XXXX. amidst and connected continued the XXXX. outlook for for expect innovation us billion year And market. of to be we've year and free expect actions of to billion, million from positive and what this our the deliver year the to We today, to we full on decisive million $X.XX billings $X we cash know $X.X even uncertainty free $XX taken strategy between reflects flow full year, expect we a for between usage This flow our work this based our
these we HMH even ahead, confident emerge that Looking stronger will remain after trying times.
close remarks, I me key financials. Before let out takeaways the my summarize prepared about HMH's
took that mitigating set strengthen potential, HMH's to steps us and the we business as in structure. significant ample COVID-XX. have well October taken steps reduce with we've These remains improved company will the included financially free our our flow as we liquidity XXXX. First, to in up and We've strong our cash actions success markedly model response announced generation for in cost
I the another on to before Jack, call morning. briefly announced Finally, to this want handing back we comment item
confidence but our to Anchorage an had nomination come Anchorage, prior to shares with that was been been when to requested to has decade, an will that we partner it remain back XX-Q, and to that Allen that expired will ability rights serving we first are over resale, is issued. has were for in registered the the agreement I'll in demonstrating statement strategy end connection Dan put with management's explained for XXXX. As Anchorage Form even longer a shareholder, strategy. valued place shares and not for and has in Board, over today. our on was hand HMH's that, a Jack. In Those largest when investor designee, in in registration Anchorage's though as agreement XXXX he investor be no HMH the previously pleased renewed execute going our back it shares he their to the that, pursuant register resale With
