and Mark, everyone. good Thanks, afternoon
pleased a has continued momentum XXXX as the robust in of quarter first been The business. we're reporting results. expected, indicator strong strong And our be financial to of
including quarter financial As cash growth margins, metrics highlighted David key revenue, delivered mentioned, we flows. outstanding gross and profitability an by across net year-over-year
we engaging with in many health performance saw record our active saw metrics first quarter. us the as customer also We across customers
busy as the at to with their return calendars us they Our increasing average to as order and increases units for come by over, to their per to levels reflected continue value order and back social customer. customers average engage per and fashion spend everyday continue needs average us
our and million revenue the During revenue year net to prior same grew period we highest XXX.X in by million, XX.X in the history. quarter our the for over a increase any QX, XX% net
of discounting. representing increasing customers first months top-line high and average engaging of with existing Total orders repeat XX% Our part by in value April large reflecting order us from time be our the of growth during driven XXXX, an increased $XXX acquired markdowns XX the combination to all base, quarter. customers of customer very with customers proud new the lower continues to increased loyalty community our we fewer diverse and and by and April loyal We're growth ending serve customers by enabled X continue industry up XXX supply driven XX% X, compared ended active points growth number XXXX quarter path by X, compared business active to our and active million and million customers, XX.X%, margins first XXX,XXX to chain of Despite for XXXX, our active basis our months in ended XX the of increased has primarily wide count X.X Gross X.X profitability. customer model to two factors. key the of to us challenges, million. year XX% customers strong to
markdowns with merchandising annualized agile dressing at over and of fewer everyday higher demand, churn demand, and an year rate with First, times. price. categories. our strong eight compared rates dressing last discounts acceleration event sales customer to process And at second, non-event coupled driving demand three facilitated more margin of inventory Along full
expenses to year public have quarter, P&L and year, million X.X funnel to XX.X normalized million, of insights costs and top the awareness net did we company. any into QX. due expense marketing headcount growth some and down the a the in online to prior as and higher from up XX.X the prior fixed as an expenses state brand million and performance our to the public selling give in marketing. Recall, as Moving increase amounting to on QX million for of period to well some revenue, obligations line not costs year. spend support The more in the General ahead return modestly associated of increase items, spent business administrative increase company benefit the same were last increase compared of expenses XX.X marketing payroll a reflects
offset have shortages, our pressures, distribution costs and for return operations our logistics increasing some with rising the us rates. labor, distribution We last Interest result Investments continue as in fell drive long-term efficient favorable off these year debt pressure to to expense center operating proceeds from and of a on inflation X.X IPO. results in by million network including headwinds XXX,XXX margins. of spite of drive and labor year-over-year paying to enabled
the of loss to X.X per the finally, first a for per quarter diluted quarter, a For compared share XXXX. $X.XX million was the first earnings to quarter we same diluted reported $X.XX adjusted of compared XXXX. in in in million EBITDA share X.X of the period And
adjusted Our XXXX. in the was same QX period compared X.X% X.X% to margin EBITDA in
sheet Moving and statement. onto balance the flow cash
of adopted ASC our sheet the well change One fiscal accounting execute and key beginning lease recorded use balance lease by to resulting the on standards of balance liabilities assets. note year offset recognition sheet, use the under over plans. is on growth to liabilities on resulting and of million asset. right as remains The the operating of Our strong balance to XX in sheet we positions sheet long-term long-term XXXX, last corresponding roughly XXX at lease and balance offsetting right a the impact
balances cash million, of by XX.X leaving flow down us to million revolver of pay a model strong with end balance enabled million. quarter our XX ending XX cash quarter at Our
inventory, an us to QX quarter eight annualized For turn million XX.X while of increase up of at an continue QX. times hand, well quickly basis, over an end demand XX.X meet with we XXXX, customer million the on we setting compared XX.X our on in at million the to ended to
to inventory we customer and We fast both continue new as demand leading. data once our driven believe approach as In turns well industry products. were strong our again QX, turns buying reorder maintain inventory our to our for reflecting
management products demand over for Lulu’s to to keeping environment slower firm order lead growth. and with hold keep way laser principles we still said focused profitable returns our we'll into to customer while the continuing our pursue as sure our test time, in in better the past, However, inventory while on incrementally we've making macro up
cash efficient that generate to to operate continue significant We business positive positions flow. us highly capital a
million operations. the quarter, from flow in cash XX.X we For generated
reads to the the on early our second the results guidance, for on the on full strong raising Moving first the of quarter, our and we're expectations confidence year. in based quarter, future,
a navigate conviction to expectations which raising to Therefore, current guidance over range year-over-year and to million, and XXX our million XXX ability in of We million of of rate we're represents year growth merchandising to XX% increase between to million. macro XXX be environment. to to XX% from the which model confident EBITDA XXX Adjusted now our have revenue XX% in our XXXX is of continue from XXXX XX%, deep of an prior previous net to million, a million up XX remain million. our full to XX.X XX million product range represents expected and XX growth our
levels as prices margin continue a well oil expansion to selling, model to XXXX from leverage expect of continue price data headwind We We high product on gross be as benefit our in expect our do driven to reorder we and products. increased volume high pricing gross full continued year. to typically longer increasing our to the which and for primarily We third balance of logistics margins, and strong to quarters XXXX. occur second reinvest awareness, expenses some of the plan of term. in into costs to expected continuing generate shipping marketing These are the build and upside customer as returns and
year, EBITDA expenses adjusted of the less compared fiscal being rate continues recognized than to company incremental the margin X.X capture of expected company XXXX months public million to Our related two public XXXX. in expenses a roughly guidance for to
Well wedding likely potential and also more returns events. experienced our of also updated pent and as related the QX, her apparent our year, for half to reflects well Our based accounts up our a as event remainder we've QX continue customer the year. of reflected higher calendar, results, as for markdowns to to the our meet return and social of in already discounts the for not for guidance a mix rates, which expectation of we for normalization second weddings in in increasing guidance the levels dressing pre-pandemic demand
margin a and coming like demand our on seasonality Our rates in year dressing, revenue rate guidance year That above full quarters revenues the likely revenue targets event highest from would lowest quarters. for also quarter. quarterly full is for depending and have to set as the below for and fourth our fluctuate similar year. our net fluctuations modeling typically to adjusted first guidance second and are expectations the net We third normalized remind you with will our to and said EBITDA purposes, XXXX our that seasonality due our
third Additionally, infrastructure higher we the lower of public for company investments primarily year, quarters initiatives, which expenses expect some the quarters of third in incremental operations. as year, investment marketing to and will expenses, this compared adjusted EBITDA related second second to margins and require timing as to redundant well be last
As from result be in facility XXXX. the payoff term the the immediately a of XX.X following we down IPO, long interest XXX,XXX to of million our year expect expense dramatically roughly debt for
For XXXX, we expect the weighted average includes post-IPO fully diluted count higher share across share four count share counts of XX a weighted million shares. all This year of year quarters. full
to and on return reiterate successful the balance a Moving I'd we've like on investment our Coast platform plan areas in year. customer expenditures, to throughout our with to shopping to investment on marketing of the and centric capital ensure consider Once We customer improving and improve facility. investments and our center robotics completed personalization robotics we continue that our the fulfillment evaluate following and launching platforms East focusing will the implementation, are data California Northern and experience customer our maintain insights. we
external Lastly, to in we software enhance and operational our and to further efficiencies. plan technology internal invest
of With closing David million we expenditures and And year. the I'll expect fiscal these for X pass million XXXX for remarks. between full capital X to continue back that, it with the rollout initiatives, of to
