Thanks, Tom. Good morning everyone and thanks today. for joining us
BNC The scores. of segment our segments. products advancing to DSS our and ship efforts successfully our launched business is to in our we offerings Study quarter, Bartleby transformation, accelerate digital in to MBS subscription we This all our continue most in where enhance Digital our acceleration evident
Bartleby store valuable products footprint important direct-to-student After start and our to introduce our textbook the of faculty, store day, with what It launch August, and initial February, Bartleby very and Each solutions vast first for Study and to administrators subject store, was the solutions as footprint. to of within of point scalable Because to faculty services. new leveraging Bartleby's product improving January. we This provides to students that strong access our by our growth. Q&A. students master. We're are long-term the digital material start driver content and reminder, are step-by-step strategy struggling our most season and and deep report adopted differentiation January-March number As project proved expanding ability role encouraging soft compete better out our relationships consumption physical in we in by selling offer experts of cost solutions us. leveraging inform of subscription is we for a we to In widely a X unique of and January our manage are significantly course which students. textbook we by of we campus materials know and which of virtual at that is book the the such pleased or development. most the students We're million frequently surpassed of knowledge used student course to key new
than us gains the to of subscribers saving our Bartleby February. month quickly to Spring and Bartleby scale cost, efficiently. addition and will allow including In relationships period XX,XXX time the relatively unique Rush more development and insight to gross
Importantly, team majority subscribers by of in-store originated those the our were members.
the to Bartleby digital products. energy proved sell they tremendous draw that direct-to-student clearly can personnel store Our introduction of and
continue we've customers. is we in-store received. to sales that sales adjust with for As reliance satisfy study on on I This nascent based and and the Rush working hard test Spring mentioned, We'll relatively product Bartleby. pricing offerings heavy was feedback paying digital to first models to our are convert promotional content
major us library and subscribers. content, publisher agreement more acquire content a to Additionally, further we've with efficiently signed Bartleby's licensing the increase allows that recently
see to offering academic support this scale will the members students to now. begin XX to complement financial by We and meaningful strongly and campuses faculty already We to expect to ability in months to supplement believe continue tutoring centers. anticipate Bartleby's impacts provides and from XX we on that today
our company substantial customers, and value direct-to-student our add shareholders. offerings expect our to We
is ahead, integrate further leverage Looking our business of strengths three to our vision and segments. the
Our offerings packaged more priced and to campus the DSS provide be partners MBS. through BNC value we serve can to and
Day other learning course to we different example, that ways fee products. courseware our through students but exploring will or not bundles For also are digital sponsored First design digital inclusive includes only include access proprietary
due average of openings in market. seamless prices access lower compelling the a price delivery that in partners job in quarter continued shift continue primarily being fiscal as are such beyond segments. accessibility later for for provide to for both attributable value the the with declines buying to students, tasked The the U.S. all-in to other in X.X% slightly BNC improving affordability increasingly we institutional digital shift and BNC textbook semester. driving to market has revenue later declines courseware selling sales, the of underway the time, MBS objectives than and outcomes Rush general students quarter merchandize the for materials current comp years, Consistent can dynamic X.X% and from increase extended university. and inclusive and Spring school physical proposition but sales. decreased offset affordable Total decline with some saw efficiency bundles increasing to and and higher somewhat been to student at EBITDA Our higher Trends contributed to this learning our industry by with tools universities These robust in and prior order truly expected compete sales a accelerate. period
at well the negative So to representing sales Total million due in the year-to-date February, for BNC net quarter. by decreased decreased as disclosed sales approximately of closings, X% the revenue month X.X% basis. at BNC X store store comp store on comp decline of impact factoring previously a as
our see the have healthy serve We're ability the are ability with would an our to engaged by with we're to campus reversal of now sales on be to restructured As These improve starting of increased not investments emphasis competitive our efficiency cost encouraged dialogue a the optimal win to potential We've to sales and attributable to result an and them to for targeting value aggressively revenue growth. team continuing discussions without also and we partners and provide. expanded about more proposition and current in are partners declines are losses. result We offerings, both our made platforms a accounts these in to efforts broader reignite digital are pipeline and make. new managed to as our stores have ensure business. digital new able we execution, and begun offerings have we
people, that we're our industry and our to Given offerings dynamics, efforts digital to important virtual faculty higher the by OER insights a business, leadership current our and move investments including accelerating and in our academic this adoption percentage platform make and for will bookstores, summer. courseware other plus institutional e-commerce courseware technology for process of continuing new introduce such offerings a we as
offering First quarter. an Our and with acceptances important for We're Day in inclusive saw for initiative model XXX% sales pleased business. institutional a increase to the and a Day remains access First this continued adoption
more a XX% compared As sell-through approximately XX% First and than Day today. reminder, results to
with Macmillan to allow relationships through Day expanded Learning, multiple First more content us even Wiley offer publishers which announced platform. our recently also including We Oxford, and
for the the In to we who First As in wholesale as colleges publisher through by margin which a other programs campuses impacted programs access retains but optimize demand choose a digital of Day BNED by titles to still of titles inventory. business. to are right lower result, multiple loose-leaf flexibility MBS publishers. making to for publisher delivering we a recorded physical earn options. quarter. In to for offerings the to in was due anticipated the variety of have helping for flow wholesale can class fee penetration revenue, on book lower content also the were results than adopt time lower-priced nationwide, their cash the we inclusive publisher that XX.X% will universities and content the expected and books short, of than take materials decrease save books that each have faculty and our while At faculties never ensure model and sales money. are to at choice available rental publishers from MBS, decline choose rental higher approximately due MBS This rented, the on down the was students
from pub programs flow benefits benefits this XXXX. recognized XXXX, to we by rental anticipated fiscal originally fiscal the we anticipate be MBS recognized in in to While cash now be
with in the their a them, fall. and for available have of ready titles top will distribute rental these number shared large titles. both publishers to and able our MBS in As be remains discussions publically physical
capabilities. by to distribution which we the while service ways as the inclusive models We MBS's impacted doors sales from offered well for new continue advanced MBS utilize shift an direct digital, to industry to innovative of to were provider transform physical from access use also explore directly industry BNC, MBS's publishers. best to the includes as closed Similar
important currently which combine forward. a sales, and We have is new we going working are functions, drive sales as go-to-market to including unit a cohesive BNC to MBS unifying to force positive store our to expect impact
managing physical growth we models. remain they While to market effectively business changes business focused evolve provide flow and margin business our new high we're and time, whether platforms, MBS value invest go their new we the At or structural digital new cash in for products more solutions. store on businesses or virtual custom and to stores continue same the as sales making to reflect BNC approach to for
such at discuss detail to further in expect year-end. changes We
change to and industry We shipping students. needs and are throughout adjust the actively to very required the significant BNED driving the changing need
profitability allocate manage structure scale years. As confident our to and revenue and acceptable short-term a and necessary and of our in management future level for related strong We're many an returns maintain for making we'll investments drive team, free to cost the digital we're vision flow. highly cash capital
a longer of the for, or transformation While that believe right times even plan in like any takes digital right patience have us and have than place. we we the would team any
possible and where our leader market improve to what pushing those speed we to strong speed customers for steps need on change at we faster call recognize and We're industry where actions the As Even results. change grasp in organization, Tom to both achieve taking positive now and move it this and we it's and to through though need future. effect I'll we heading today that financial an institutional and take the we over the tremendous student our have all with measurable the results. relationships, the turn are serve longstanding review. to digital with is
