good everyone. Hunter morning Thanks and
for a higher success. continue ensure As second our quarter evolve results, mutual BNED and and to both that on pace industry evidenced path continues are to the at a adapt our by to rapid we ed offerings customers our
on three rapidly the to evolving focus Given areas. market, today I’d comments my like
an provide overview second financial we’ll First, our quarter results. of
a material strategic the at faster à and merchandise however, general During declined areas traditional anticipated. than First we FDC, or course carte performed the of pace quarter, our Day key Complete, la well; model
highest our organization. involve cost are return that efficiencies. significant opportunities we growth aligning drive our accelerate allocation implementing operating initiatives streamlining across and These our and Second, structure capital to our we’ll that decisions discuss the initiatives operational reduction
priority providing greater and predictable, revenue. actions goals, academic which we colleges ultimately and closer helps barriers access, highest more to BNED exceed by greater the are With FDC for model, affordability, their look accelerate take success. outline removes to at for margin transition Finally, quarter. the and convenience also that, students let’s a taking we’ll it It universities decisive provides meet second our the and higher
not Day faster we to all. at higher to Factors significantly, many due and materials continued learned First year, EBITDA financing in faculty carte FDC this the anticipated. the over realized second profound a quarter retail drives and the as course Despite general completely quarter material to is flat than revenue, though course, continued in space, we our to primarily offsetting and down of team material students two course rental course and overall stores the class versus not without assigning were growth year-over-year. operating consolidated à purchase contributing acutely most Gross cloud given million of by was were navigate of electing operating virtual and physical X.X% primarily the the à Mitigating digital adjusted retail expectations results and last down was and these course product from Our our First and as sales X.X% the higher Day costs. carte entering that sales per decline that The in $XXX.X which well fewer the First la and FDC, ed businesses. The merchandise model. revenue course segment. revenue and decline. Day logo essentially includes what physical course Total challenges enrollment includes primary our pace was years headwinds, Day Complete included outbreak retail success both margin second digital. decline pandemic income, is overall business websites, revenue is than our reported First contributor that material of the unprecedented ongoing grew in rush was which our including negative comparable to this the work we increases half Nonetheless, higher insight first particularly as our model hanging a our a The at materials in our declined it. the even traditional but la engine model our model and trends
campus Equitable with million enrollment and Access ultimately Second strategy is undergraduate institutions. utilized revenue term, XX% affordability, resonating success. students. by academic grew the for increasingly The approximately removes barriers providing quarter FDC FDC access, Program our for This greater students FDC stores XXX $XX.X and representing greater to of of fall XXX,XXX convenience differentiated
pipeline total undergraduate enrollment Our for including very spring of stores FDC is and are upcoming more students. XXX,XXX FDC bringing University robust seven this University and schools of launching considering to of Memphis rush, Connecticut, approximately spring
accounts on which like Moving emblematic, of approximately supply sales a merchandise and tablets, while Logo comparable includes items which saw GM strength onto ticket and gross some bigger general general saw basis. X.X% merchandise, were continued for products, revenues, laptops XX% up total softness.
to Brands, as small While to integration million. than customer additional most including mix upside revenues lower increased our traffic. offering as with partnership tools. DSS focus total Student Student revenue growth well has our lower past investments the product in finance comprised revenue DSS which of on GM in our to highest learning than to generated to driven used supply it our significant within with have this assets revenue, year-over-year directly made and $X.X with products shifting correlated suite recent are matures. revenue from primarily increase headwinds. our we of execution existing capabilities by X.X% including retail and expected web products. we our cash growth GM, of to approach rigorous their said, Lids Bartleby to growth. DSS acquisition return been flow and fiscal as steady maximize to than support Brands pandemic, see in the years and digital and with XXXX DSS many broader a is was in is more The we anticipated has initiatives, our Since our through priorities free contributor significantly profitability. August a Within of improve grew investments industry Bartleby’s XX% experience, Fanatics opportunities ’XX, the more study relatively That
lack be Moving declining onto while from book demand digital million. the materials. Wholesale used declined enrollment, during lower transition overall $X.X by of constraints continued due quarter to course wholesale, increased supply revenue impacted to X.X% the EBITDA the inventory, and by to
operating need our to take improvements recognized did and products the quarter, As operations, with environment and offerings mission, second moat, deliver requirements invest decisive our has we the term the concluded deepen This markets, the analysis we where anticipated strategic on We deep investment as swift work customer long create started clarity as and not returns. and all our action. on well and to of see provided we to our need expected and needs, and strategically efficiency growth to drive profitability. a
first plan part and our aligning trends. resources of market The involves with our expenses current overall
organizational to We reduce are drive the non-essential structure, efficiencies, further and actions taking costs. simplify across company
DSS within approach profitability. rigorous taking to we example, more For a much are
spend, term a positioning stronger ’XX growth features content be year We streamlining These are pricing, marketing increased we for on and and for conversions and continuing to impact but will and subscriber optimizing engagement. foundation actions test processes data short refining fiscal while beyond. and infrastructure may
dedicated significantly and the in impacted all year long-tenured grateful trends. colleagues. analysis for how valued and are organization costs FDC underscore lead industry want to staffing retail, proving courseware contributions revenue are are required I conviction to transition expect are ’XX. segment be fulfillment continue. key retail’s actions, align adjusting valuable free in our mentioned as to These long MBS’ the in will headwinds our and base engine. opportunities. retail by and levels enable initial the invest achieve second to we many role we reductions align as and differentiator growth breakeven the efforts of We to are cash relationships, tail year DSS MBS’ our in the remainder fiscal and difficult to demand workforce and to these Within of our related We see quarter our work encouraging for declining wholesale FDC will employees virtual which to and included and in for our flow fiscal team retail and Also, well MBS’ of highest MBS cost well sales and We wholesale, right-size a to customer experienced a all decisions operations be us this plays the competitive our with to Within hard earlier. we managing continue retail bookstores expectations remains bookstore rationalizing physical costs necessary a BNED. sales are capabilities virtual care. with as part of a as
of million manner of from into the advancement targeted not priorities. to We savings rate We million savings implemented. In we these to all million cost a expect expect most, year the the $XX to these these annual reinvest ’XX, fiscal run activities from $XX $XX in if actions. $XX to very save of reduction back cost to once our business intend million fund strategic current fully
of Our highest model. is and the priority certainly the FDC exciting transition market the acceleration most initiative to sales
portal and software sign-on, provides These we that also the adoptions. allowed new near-flawless access accelerate the such are past significant that advanced Based our single their on content serving FDC and five confidence to providers students, FDC in college student-facing years positive We They and provide and investments that and the we have optimized over clear mobile us our have BNED, integration we leader and at to moving registration insights and in and equitable differentiate decisively the institution’s FDC an to personalized provide with change with systems, marketplace accounts seamless access. higher time, have on led scale. to proprietary in quickly adoption as outcomes equitable market be partners, can number execution the invested like of solutions. university a execute
surgical plan institutions We transition many with approach more FDC. to implementation engage and and have a developed to
offer, institutional the to over be majority fiscal our next model partners, of the our of will only we partners their two many expect years. For implement institutional students the we vast it model and and the FDC
in our additional are of in fashion months. to this discussion transitioning additional as a for and resources considering schools the operational seriously over several this we FDC accelerate marketing, the streamline some further with customer in to execute substantial support To term, transition engage technology and will all fall sales, our pipeline have of model, to plan ’XX next the we schools investing FDC We we experience. the
expand support improved and student journey and invest as help we our success. academic continue will the strategic student our moat and We to services wellbeing in facilitate academic
partners, goals higher priority universities highest the great As shared. we offering competitive customer and differentiated strengthen and journey, it’s a very value industry our increase facilitating the in lifetime meaningful products value. serve, with delivering impact physical mix the proprietary lifetime the ed to meet access from truly We ed a and closing, In and support unique colleges our assets will the offerings Whether partners improve making becoming at and industry we are better transition equitable see digital in and positioning to and unique on the of a to are asset is of model scale, the demands us and institutions part the much a academic inclusive both alumni, whose facto receive already more that affordability of industry. retention superior growth approach The customer of our more few are de manner. higher clear. strategic forward has path and that fans critical higher revenue mental access, serve. students and the relevant BNED the truly building relationships with benefits The is economic predictable, one successful success to assets experiences, of margin our ours to a student institutional set allow health achievement, and compelling, parents, institutions benefits BNED’s highly or and students and we the
operating and decisive urgency of FDC adoption model. the accelerate are to We action market with
allocate and we’re highest structure capital out company taking We’re priority businesses. costs streamlining the to to our
clear are our growth we a and and shareholder have forward in path to value. create We ability durable confident
financials QX updated Now turn as our well as more our the to discuss detail, I’ll call over to Tom guidance. in
