joining this everyone, today. for Thank and familiar back And you, role. to thank Ron, you, welcome
thank Before Jeff, want to jumping your years. Skillsoft past you, I the leadership remarks, X say into just vision at my over for and
much and strong foundation have future transform for established success. a done our to Skillsoft You've
and success of results financial more both overview insight share and an we're XXXX fiscal detail. on some challenge results, with how XXXX fiscal outlook evolving our in is and start the cover market seeing I'll where then our greater and
remained adjusted above impacted our our outlook year training and end by $XXX.X improved an full decision guidance EBITDA what XX% believe margin. our market largely delivered revenue a the streams. with profit adjusted EBITDA to results also unprofitable instructor-led range We fell management but the is noncore year of conditions. our of adjusted broader revenue. prune segment top as We beat challenged million, result full of and proactive bookings on EBITDA by Its on profile, The expense we industry-leading disciplined short were
Platform In number we growing partially where segment, installed our of complex and net our market was we price significant by low performance. providers, softer higher where acquisition our & in typically the winning accounts, weakness success that end a of in offset churn at displace large multiple saw Content the competition caused base new
where We focus execution that of strengthen with clear have and on our impeded our issues understanding changes a and to results, made have a all progress growth. needed profitable the
prepare supported generative to more and XXXX, for thousands made build progress workforce We million fiscal future help an AI. thrive priorities customers them organizations, of the enabled transformation than XX the during We Skillsoft skills of community the positioning we in of our to age good work. of learners to of
growing full our & X% year. Platform quarter up SaaS-based business, and the fourth for In revenue the Content up was X% in
with LTM delivered retention team quarters XXX%, businesses reported is consecutive X of retention dollar which the many headwinds. in meaningful Our encouraging rates where year SaaS
and and than an reskilling We customer champions. enterprise-wide These we our enjoyed archetype These than just customers segment strategic amongst more customers rates the recurring complex approximately video not growing for and outcomes, have that Content large employees content. organizations greatest They our overall dollar sharpened call annual of represent with are of upskilling not whom XX% the and faster global success XX,XXX usage. These are & learning at is our XXX%. measurable focus generally buy priority. Platform revenue, retention rate enterprise skills demand solutions, just a
These customers and more cycles. complex have sales also longer
higher contributed a our That's primarily sales we're basic and trade-off tend offerings Offsetting strong So have our make resulting like of cycles value segment full lifetime among to economic bookings growth more from rates. have as to Content Platform our of price extended. for larger growth & softness The in exposure, combination business, enterprise smaller year. lower see customers. they've more skills with and online become content utilize have these average performance a these X% These of given with we the retention the larger champions sensitivity, faster customers percentage willing to video customers. size, factors
saw price. chase Consistent on priorities year. training segment, shift by continued a challenging the training caused full pricing of Europe, the the more be instructor-led growth, training environment. and to year rather our in compete was margin growth than budgets This we XX% course commitment were aggressively where economic instructor-led & over segment to impacted with and profitable by and IT In some bookings our was unattractive The more Platform in segment down operating revenue revenue. to and down particular, discipline XX%. market The Content to maintain strove participants offset we
culture. marketing inefficient did invest in at across and than more not was expected strategic to performance-based we made our that industry-leading expectations driving we not growth any XXXX, future into had top fiscal efficiently rather we line initial creation. maintain and choices operating growth business, work pursue our We in were to We intentional outcomes third-party profitable cost. our believe continuing coming reduced while profitability disciplined we value also the strengthened will Although which enable in-sourced priorities, our achieve spend
of these The impact Skillsoft the was the it seizing the the rapidly is year, technology this of strategic presented AI. generative most position by on to forefront Early the priorities important of at moved world transformative we work. opportunity in important having and
for instructor-led in and and comprehensive hands-on we the Codecademy generative launch its training, collection of of September year. courses AI-based last AI-powered since scenarios skills grew Aspire more solution, our of CAISY, Gen coaching than released a benchmarks, number We Journeys, and interactive labs AI sixfold
XX skills now can range critical scenarios CAISY and communication a Learners across access more business to develop of real-world situations. leadership than
our awarded for in how Award Intelligence In technology solve allows Business CAISY to launched XXXX customers company-specific are by problems. Excellence AI March, also scenarios You, We use was CAISY real-world to customized of address recognition which we cases. Group develop AI a leveraging to
context have will development every skills digital a in embrace and competitiveness. every relevancy. in AI-fueled believe to reskilling growing effective learning future We And of investment to upskilling companies productivity, nearly shortages, efficiency to nearly in in and improve disruption will improve need acute need continuous Within job imperative. increase programs and role to skills the strategic their job industry order workers and literacy gaps, agility, talent become
been is moment, Skillsoft where this and the going. portfolio are confident built aligned for market are has we to we
a improve proficiencies, we partner back with was As skilling technical fragmented Fortune win consolidate global for this organizational's awarded competitive enable and a providers to recently frameworks skilling and earned benchmark per contract of a technology Skillsoft X-figure The leader. develop talent the that one a company content. that talent X-year and XXX role-based its could looking with transformation. example, for library digital internal ensure year was company readiness accelerate to will a third-party strategy
quality company This the highlighting in of In Pacific-based of demand. will Asia and process, support competitive a which Skillsoft and Skillsoft, than the and from on align large a approach quarter and Skillsoft recognized to deal. based to XX,XXX with a corporate for strength employee are a importance customer institution, a development building example win new the ability our sector won technical digitally-fluent outcomes. content generation offerings our financial our to employees, more of X-figure customer our learning skill-centric region fourth in seeing of Another awarded we Leveraging skills was the a a this more strong objectives leadership platform, X-year leaders.
world's of skills in while And admired learning enhancing content higher our employees by one Skillsoft internal progression Journeys. the than and X-figure promotion. development, comprehensive enable was leverages leadership the Aspire talent airlines cost-effective more example, contract and most X-year quality that more curated with and experience more will culture a XX,XXX a chosen customers' recognized one and Skillsoft framework, for leadership of
we skills building on to is this like for solution our us intend increasingly and stack that full and Customers differentiated compelling, competitive continue advantage. development end-to-end tell these
financial the Turning by a driven and of quarter. will the ramping expansion wins year-over-year $XXX results, review with revenue now of & quarters. grew Content million bookings of Platform I start new to business X% our fourth where previous from primarily
on quarter in included Instructor-led some technology Kingdom. through wind approximately shifts year-over-year. basis IT an competition the million the of segment and noted for United for training training demand sell-through year-end in down as softer partners courses. XX% caused spending higher-value lower $XX was the in instructor-led The our continued year-over-year of Also impact revenue third training from price of decline point business declined apprenticeship the environment our XXX the in we
X% declined million growth than Platform training the in contraction $XXX instructor-led & segment more of with segment. by revenue the offset year-over-year, Total Content in
was basis EBITDA a the revenue, At XX% bottom of or year-over-year fourth adjusted quarter of increase line, $X $XX points. and million approximately million reflecting XXX
the We cash generated flow prior favorably comparable cash positive million $X fourth in free to flow positive $X free of in compared of year quarter, million the period.
were the Shifting segment than or X% year-over-year. X% full in million In Platform more million $XXX Platform. $X decline instructor-led million instructor-led results. down Total year bookings the $XXX $XX as to $XXX Content training of year-over-year. segment, growth were bookings Content were growing & million, our XX% offset bookings the million, training & or down year-over-year
& our of XXX% an Content the course of prior and fiscal rate Retention approximately in rates XXXX the approximately segment Platform we healthy in from up year. remained the ended retention LTM dollar XXX%, with year, over
shoring earlier, bookings mentioned development headroom also to We I rates seeing LTM growth up dollar rates the these with pressured. rates these provides for cross-selling were fiscal growth As We upselling from smaller and retention skills grew there approximately further where of we customers bookings skills strategic is solution performance opportunity rates believe stack. XXX%. champions retention X% while higher more plenty dollar acquisition across faster improve enterprise and been and retention are have approximately customers and our importance in where with of XXXX,
or the decline of year-over-year to X% contributing a was training $XX revenue year-over-year. now million Content or Instructor-led million revenue million $XXX to to declined XX% segment & X% Moving million, $XX $XX Platform million. $XXX million, P&L. total or growing to year-over-year segment $XXX revenue
Walking spend to region revenue cost X% or and flat $XXX were product segment the mix primarily our more margins year-over-year million changes. integration to expenses, $XX pressured third-party roughly development expenses reseller due as of XX% favorably of revenue and through from of million efficient was software down XX% savings were or instructor-led in of of due training Content activities. and revenue year-over-year,
of favorably less expenses expenses of maintenance. spend, software marketing in and revenue down XX% efficient and paid Selling $XXX offset or reductions million by were media year-over-year, X% advertising for partially with higher
focus revenue attainment. operating due expenses were as year-over-year and efficiency to $XX on as plan corporate down XX% XX% of ongoing a or lower of well General administrative million favorably our incentive
of were favorably year-over-year. revenue, X% million $XXX million XX% down or expenses operating or Total and $XX were
EBITDA Adjusted basis and nearly positive revenue, $X a points was of million million $XXX XX% or of gain year-over-year. XXX
Our $XX.XX due GAAP share was net to charge. net a noncash GAAP million $XXX and primarily per impairment was loss loss
and the we for impairment, identified our As the primarily in decline was intangibles stock capitalization, testing value of goodwill price part our events, our annual goodwill impaired. market which to indicated triggering and carrying attributable of
goodwill $XXX impairment. we of noncash intangible this million the result As fourth during a analysis, quarter, recorded a for charge and
or adjusted per $XX.XX loss share. net Our $XXX million was
due to cash of $X and the for We million. flow was to the free million. highlights. free on by balance and full positive Moving capital, the cash flow improved flow sheet collections accreted quarter. bookings in cash Compared million cash generated the timing $XX of negative But free year year, $XX and cash fourth prior to working flow
was and approximately which $XXX EBITDA. equivalents approximately and XXXX the $XXX cash equivalents term our ended cash net million. our of facility. cash with on We year restricted X.Xx year-end, loan resulting cash, leverage net fiscal cash, restricted in debt, Total of adjusted at cash accounts and of borrowings includes Net receivable million
The of value and gives our tremendous sheet me our balance for ability stockholders. profitable strategy, execute strength deliver to in our growth our longer-term unlock confidence
to so, expenses we in saw resource particularly enable durable on swiftly operations end XXXX facing growing Before the opportunity time, streamlined to to key committed year-over-year also deliver underlying rationalized of and allow made the more half will the the progress decisively, year a training to beat clear where We EBITDA fiscal to revenue the Skillsoft's build do to perspective investing us margin our meaningful top headwinds areas instructor-led the reacted and from full fiscal to with our turning adjusted number we to second me have we in us our perspective, more we we in work and year.
At enabling XXXX. in from We same a of allocation that and remain business. that do summarize but of potential. segment, XXXX, believe stronger, profitably Despite contraction fiscal a outlook, a having briefly areas, ended important guidance.
our investments throughout and support choice the priorities, the enterprise opportunity continue in to ensuring of to deploy seize gen of be disciplined year the was for Skillsoft AI positioned skills champions. made and capital We strategic partner
As over in early the optimistic and we are ahead segment, performance Platform we of the XXXX, the some to the In green segment. about of course our in opportunity look shoots seen year given level us conditions that we fiscal to appropriate approaching also improve front instructor-led in the have with ability training of & solutions demand Content our training instructor-led part quarters. market training That entire program as we're segment year said, recent for of had with Skillsoft's caution of an blended the success the on a incorporate portfolio. larger have across impact instructor-led
of for We are will stabilization.
Consistent we year this normal we continue with the practice, XXXX. until ending our fiscal clear signs approach see more with guidance XX, January market providing full
our aligning on will as also comparable to report guidance guide peers no with companies. industry consistent a SaaS be are we metric. other longer We and such, And bookings more framework non-GAAP or
For top XXXX growth segment. to expected $XXX the our revenue and million are million, Content as total fiscal results $XXX in & instructor-led line, the Platform expect training meet segment we between in
of fiscal the also exit year-over-year million the will by compare apprenticeship several dollars. Our XXXX impact in business
we does of the second think the will modeling an revenue on range segment-level for profitability investors about the XX% I Once the parts Content metrics, to segment year, single-digit the which enhance of our allocate in standpoint, revenue account second XXXX, XXXX. costs our ago.
Based our segments. in shape services year.
From in corporate improved into percentage years half expect flow mix mentioned we're feedback half the curve we component a XXXX fiscal from business. the to with saw approach Combined will up how total complete, our segment segment shared instructor-led As investor more the & we low better first updating disclosures, Platform that value of of approximately in we with of profitable and the with training the the outlook anticipate be anticipate of half SaaS-based between contraction reportable earlier, on segment XX% and for we the we you comparisons assume first X throughout to understand macro effects fiscal half fiscal approximately objective total report of and our year, the process of the that separate for believe overhead our helpful in X
line, bottom $XXX we the million. and For XXXX expect million EBITDA between fiscal adjusted $XXX
generally we operating in of and of a demonstrated quarterly seasonal midpoint of As fiscal year-over-year basis of the on to timing fiscal we anticipate our with drive efficiency, continue XXX some of we EBITDA expenses, our culture expansion margins, XXXX, expect with at approximately XXXX. consistent guidance.
Based stewardship financial with the to adjusted pattern points margin a
also market, We cash hand value stakeholders. and all me operating Ron. call profitable well deliver our look updating we back growth positioned our deliver create on to let for expect greater to We and the flow.
In believe to in improvements you that, free win is the to of forward year-over-year in closing, year Skillsoft progress.
With during the
