a insight to release our second into Good detailed for for more results, where GAAP The Please now XXXX thanks these and press full be results, the thoughts most businesses. trends our quarter of impacting XXXX our XXXX. today. everyone, I results. for some will refer quarter provide preliminary non-GAAP year will on for my our outlook provide afternoon, financial joining third the Ben. applicable Thanks, and focus comments today’s items review of discuss our as underlying us description
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our strategically ample deployment, with earlier. to more liquidity, respect including Ben team with VSG, described can in investment Additionally, which capital and the earnings strong act
our sales our healthy top reflecting sales Slide and major companion were Covetrus starting geographies, key a of or income number on trends increase positive our many XX% of the markets market XX. prescription trajectory at net improving market management levels in of sales during are of animal third was the X.XX on that above net the and XX% reported quarter, Organic statement basis. position business. Turning to approximately QX, the an billion in at details and across of growth the tracking year-over-year year-over-year execution a pre-COVID-XX
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made adjusted business XX, measures million XX of increased XX XX% Turning slowly were costs COVID cost versus our were and related consolidated XXXX all for containment as Slide million in the QX, certain non-GAAP to investments the as prior was reflected quarter year. even eased. The EBITDA improvement added third the from back in we contributions segments, year-over-year in of
sales business Drilling Slide of QX position. that year. the management increased North our XX our in of net the points operating companion in our versus to net the our U.S. segment EBITDA market year-over-year, our EBITDA over increased net quarter, organic in organic Strong adjusted adjusted sales and XX% year, our on prior share market net and execution reflective America, XX% sales another of beginning deeper demand basis XX business XX. distribution prior months. to with margins North relative quarter positive improved third-party last Moving growth segment year-over-year to QX our American end External segment distribution during business XX% increased into greater in than trends, and growth expanding organic year-over-year approximately continued the in distribution XX% performance. improvement business better sales healthy animal prescription indicated our third contributed data market experienced reflective segments,
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North XX to Slide business on management Turning our in America. prescription
sales practices million nearly in on we the and XXX third XXXX, to net the on quarter year-over-year increased XX,XXX the platform. ended of quarter During closing XX%
growth net rates and QX, March from expected, demand. COVID-XX peak reflecting record the we sales As witnessed growth e-commerce decelerated in
the prescription as growth began or without pre-COVID XXXX providing same-store XX% sales to as shopping benefit a engagement seen by strategies. pet our continues management aggregate the platform QX, on business tailwind quarters vets COVID-XX powered of COVID-XX, between who However, year-over-year Covetrus mid-teens those for differences like behavior quarter, the to net from compared year-over-year well tracked Encouragingly, our new last yet front owners during have above and during not a platform online practices sales any trajectory. client foundation we growth enrolled trajectory prescription customer their veterinary management In future ahead. defined growth cohorts, was and XX% which ahead sales on as historical in net prior the earlier same-store increased in store
performance practices of cohort, We full practice with increase those of are nearly is strong year a This our year XX% out also $XX,XXX first with data. revenue for average per seeing previous to XXXX of reflects our and revenue for with high productive a XXXX over XX% engaged compared enrollments the since increase our watermark XXXX first and our cohort. closed. merger as cohort year This more a
the suggests successes. out early similar which Importantly, cohort, of XXXX data our
pleased a business or We the adjusted very million X scaling, X how million with EBITDA of the management are QX is also prior year. with prescription improvement versus
into EBITDA pet XX XX% growth experience basis. leading XX% the the our still business. and on allows in pharmacy Year-to-date, to cost And market to in investment of dollar we and to room to operations, rolling eased were has owner the XX% continue dropped net As that months technology for back and adjusted anticipated sales COVID-XX significant as position. we a enhancements target adjusted down measures year-over-year declined EBITDA sequentially invested advance
to X% our offset in organically had as in execution net late the well net business on UK, our quarter. our COVID-XX helped suffer XX. our European healthy largest France, that sales We Ireland, quarter started operating business reflecting market. recovery lack QX year-over-year The with sales in as strong and the a European sales In of segment of continuing a increased from net another from competitive COVID-XX throughout Strength to Organic more organic XX% performance in Turning our market weakness French recovery third businesses many European by the QX, in continued and market, Netherlands year-over-year increased Belgium. our than these team. distribution by in sales in QX Slide very that scale in markets Germany of as markets,
have France Given other this and prioritize to where momentum profitably to have the decision opportunity operations challenge, our our and our close distribution in our grow we European in efforts share. made markets we
strong segment to profitability, million operating EBITDA expanding good year-over-year and XX control. XX to to Turning year-over-year European with XX% points reflecting adjusted basis increased margins expense leverage X.X%
to on APAC emerging markets on Moving segment and Slide our XX.
our customer notable Australia year-over-year sales in net on in momentum building performance. Our reflecting Similar recent and strength on sales strong a driving saw recent quarter, organic with the execution. team XX% to in Brazil delivered last increase we QX, accelerated wins
discipline. growth New Segment pre-COVID more XXX Zealand in by cost than organic QX but EBITDA better than XX% still returned well margins QX, continued the leverage it’s to XX from rates. year-over-year by increased tracking year-over-year sales below basis expected adjusted and driven as growth as net during operating net year-over-year, sales activity, expanded points
prior Turning QX XX well briefly per intangibles, amortization, the of consolidated in QX year million million loss share. adjusted XX items excludes XX diluted versus back or Non-GAAP million was items in net GAAP-to-net to special period. and was as which income, our loss acquisition other as $X.XX results. a
Slide balance on Now XX. sheet our turning to
inventory to X.X to levels, as as dropping reported This capital times $XXX support at second cash end buying to in net quarter working the activity. was the third end Our higher quarter, leverage approximately primarily September. X.X the the compared of tied of at of our versus to the million sales times end QX the resulted at increased balance
leverage third the and our under agreement. in liquidity our net XXX net with improvement significant in of calculation. available in credit We million EBITDA the corresponding year-over-year adjusted in with covenant, X.X a provided the defined than offset turns more quarter leverage nearly ended However, headroom
XXX XX. major million substantial XXX to to the outlook turning start on the as Slide new tied guidance of current the presumes million to the increase We the XXXX, guidance to our no COVID-XX Now to of XXX XXX and compares is for range to This outlook outlined forecast adjusted year. prior This our to of no which second EBITDA since million in our changes QX lockdowns million. environment. in
we planned people, and XXXX, in the As our quarter, our capacity fourth support technology prescription investments particularly think the in outlook plans management. advancements about in to factors growth
shipping Additionally, to for as QX Europe higher related in of disruption created which in that in in anticipate in business challenges October, transition we and a result costs expect we COVID-XX some our XPL tied short-term our surcharges Germany moderate has market.
the related business of world, COVID-XX to manage while uncertainties keeping us healthy number outperformed clearly there we We adjusted the also in bonus remind investors animal category million growth, the these QX still impacts, is given around underlying generated $X operating is Adjusting a headwind in conservative to this remain XXXX our results show X included has also health with year-over-year scil, year. million XXXX, tied how there continues for earnings the accruals And approach which EBITDA. the a higher performance strong which business. and
are this Given to not upcoming we are where year. able fiscal in yet we provide the on planning XXXX our process, for guidance specific
impacts. tailwinds prescription critical based Key an growth to However, that business, contribution assessment XXXX, favorably some preliminary the include include outlook our for XX% our ESG in ongoing practice rate growth moving manufacturer reduce incremental current our we experience, support This innovation from XXXX our for the in XXXX but to in increased COVID-XX management expected supply consensus of sales been levels further owner XXXX currently this of pieces relaxed XX% have as to below chain any of functions, and acceleration XXXX Note corporate are share early that net from is of of adjusted will growth the XXXX, COVID-XX UK preliminary build midpoint to to corporate does material XX%. include targeting increasing compares deliver Higher that out not changes an average approximately costs initiatives. on EBITDA the the measures cost-containment more for guidance. of of the market, in headcount from employee normalized modest Headwinds and travel. from investments margin. accretion pet and at significantly better the and certain investment our a gains, complete cost benefit and necessary reduction assessment
XX outline the when to the believe in We it’s target in of we the deck. X.X We moving times to leverage year, we A of stability be business better the the QX the will long-term. times report inherent free X over taken level, official think EBITDA given results in provide the cost, of tied cash major time. February now Slide Covetrus should range the year. reported our to it this balance over sheet adjusted approach deployment winding formation on be our XX% with which or strategic net of of early capital appropriate flow March on I look guidance forward. generation actions would one-time of the With now leverage are we company, priorities shape, Particularly some down. we next of to and how thought This capital can about found allocation our also have useful and late
available of mandatory all focus would our eye would towards M&A, future be any opportunistically margin In scale our XX situations, the potential end to post-transaction double-digit As we’ll capital We projects down as potential getting software strategic year-three transactions. we targeted will look into debt on our All products M&A generating net and amortization pay returns transaction. always growth date, the tuck-in months higher to continue leverage deploy our but towards balance to within to selectively with eye we an think growth about by and/or capital deployment, and months and required focus internal solutions. of schedule. XX higher consider by areas, of the compounding And and back larger with range an acquisition proprietary targets.
call the convertible handing on a to to our back X.X% before Slide want provide XX. brief preferred Series update Finally, on stock Ben, I A over
convert the stock, since which to payments. cash able the our common million into issuing approximately in dividend $XX we With stock of in two-thirds doubling annual those shares price stock preferred of were September, saved us
forma payments. call shareholders common XXX And will special approximately turn pro into of would currently the remaining week. million to annual now the shares If no convert we some common approval remaining a preferred over successful, be I’ll dividend seeking of outstanding are closing With X.X meeting preferred We shares scheduled that. outstanding. with an additional shares back shares our with in save million remarks. Ben for for next brief stock shareholder to stock,
