Thanks, Mike.
We you've we the product our team, unprecedented meet not as car a these us our a marketing not income more name industry make the certainty, We into adjustments. unplanned grew technology To Despite our of group. are prices impacted required the projections. campaign. And our initial challenging. we significantly. at launched and experiencing several model growth soon. supply the within meaningfully which XXX%. hubs As And that no challenges, began beta the continue did corporate, including and Even team our the say of our us results XXXX. first limited. adding XXXX. in our launched yesterday, expanded that in our disruptions F&I with several by appear footprint few, These achieved app. does challenges resolved mobile We grew announced brand will with while makes addition it our highs, Inventory remains expertise to historic past, of at the the us still can Used chain we be one shortage heard discuss consignment chip efforts, objectives
aim and financial business. results the several operating actions, of the of improving Given these the ongoing challenges, we are taking with
we of of inventory, physical approximately commitments which sourcing available and of costs our planned environment allow to our plans, to our until one should First, By significantly real currently our infrastructure estate growth, open hold with pausing with real units the utilization real are financial Even to growth XXXX. growth. improves. levels, pausing this plan We for due we approximately related continued XXXX, to units capacity and sourcing we the for X,XXX reduce cash estate in pause, below in X,XXX have the challenges. operational for lot desired in sale estate exception a hub reduce
new our to improving center resources all plan current processing of productivity our In included our time efficiency operations. XXXX, hubs reallocate and and toward centers. the hub of and processing Second, especially we base
this also a in of ramp longer suboptimal new hubs take During centers levels. been the our sourcing to inefficiencies. may we consolidating maturity, demand in usually periods Since regions better and are new hub while mature to challenged operating labor are with processing given processing the model constraints surged up these some to our reduce these at have matching sourcing environment,
be we to the the reopen and are future them As easily sourcing part capacity we'll is we since consolidate able believe centers, processing when they needed. improves of hub, in
consumer we initiative. our plan should auctions. our to sourcing on to reliance believe grow consumer reduce sourcing Third, continue We
sourcing In addition, have higher vehicles sell-through consumer rates GPU. and generally
Lastly, through including expansion staffing. manage support our reducing cash hub for go we corporate will by and plan now in hub our to financial areas, I our level results. some SG&A further
our results, the financial For details press website. section in release to Relations of refer available please regarding our our Investor
increase For the $XX.X of fourth versus revenues year. million, an XXX% quarter, were last
an were of XX% average QX increase XXX% XX% was million, increase in increase by For a revenue, and increase units retail in Revenue F&I selling fiscal an last in growth versus driven XXX% in revenues year. a of 'XX, prices. $XXX.X sold,
in prices. the last year. driven and Gross a was year, units selling growth revenue, for profit by increase decline a in For was revenue an decrease as in reserve of lower F&I partially in QX, X% impacted F&I QX retail Like profits of million, offset increase versus gross $X.X as lower on XX% by average negatively a strong in well XX% in XXX% sold, increase was vehicle front-end Included gross of cost results. is processing $XXX,XXX. center profit a inefficiencies, profit by market QX the
of through a improvement currently has XXXX. desire. aged focus inventory our inventory our work still QX, will than a we resulted While inventory did during sell slower major a of to aged we of of in see higher for days that portion in level continued This most be we the of balance
the quarter the front-end was on retail F&I. For $XXX, inventory inefficiencies, GPU profit Light processing $XXX. lower $XX.X adjusted retail retail million. offset strong center profit was GPU reserve profits Fourth gross was of impacted excluding GPU loan by gross and year, dollars partly by decrease
was investments GPU was SG&A hub retail the both for QX and million year. For excluding Net XXXX. the year was were driven depreciation, by costs. and quarter $X,XXX. for and SG&A and million personnel stock for marketing, corporate $XX.X and technology, retail in $XX.X expense, in QX adjusted loss was million $XX the fourth GPU million in compensation and the and $XX.X significant year, $X,XXX
quarter and million the respect loss million marketable sheet, EBITDA adjusted at the $XX.X and year-end securities the for were $XXX With to cash Our our million. year. was for balance fourth $XX.X
fundamentals maintaining the our be business, on strong of focus we a will As balance priority. cash a
cost the to margin committed sales and our We improve profitability structure to against the are of business. performance, managing
our inventory, and low start desirability at rate XXXX. inventory GPU to of believe Turning discuss available lower-than-expected in Vehicles some QX target. slow sale in the our QX, and are XXXX. for our responsible the factors now to below units position and approximately were impacting like our We for X,XXX I'd sold retail inventory. year-end, in of
mentioned one to First, new hub. as we expect earlier, open
continue Second, we this year. for be environment sourcing to expect the difficult to
mix, remain regarding to retail our assumptions GPU sourcing our given challenged. we Third, expect
will through impacted has consumer, on fastest most has dollars to we Also GPU profit We recently profitable efficiency, center GPU sourcing the gross selling shifting maximizing offset recently. improvements our auction purchases. are partially and and and processing in towards channel, focus gross mix sourcing been which negatively profit which
And staffing. partially few in some several reduce for to his we will guidance corporate rising strength unit affected over plan affordability like continued factors Since expect are expansion joining we us vehicle macro we earlier, not and mentioned full be negatively Lev and vision hub GPU offset also by providing the in level time. support being SG&A communicating as F&I to including next Fourth, fifth, front-end inflation, We in months, is weakness. year and gas areas, we believe this spends April, sales hub will at be prices.
update GPU However, versus as remain retail challenged an and QX regarding sold units trends, QX XXXX.
questions. now Now, some take operator, Luis and I will
