good and Mark, morning. Thanks,
our This vision. the we mission to investors. our ours is COVID and subscribers volatility, resonates, we've levels environment point facing, this challenging with we it's from higher our time, we last have experienced a consumer in if challenges As provide we've subscribers engagement, long that have especially greatest costs. and to been relationship. where mentioned the such period to itself impact and quarters, a lower with is that manifested that in some stay kind higher This the this costs display the In very been true our roles as with creating over past, both acquisition of trends opportunities direct-to-consumer to customer of driven research continued. X the synergistic reversed. the have has provide want by as a reemergence combined spring, would the discussing our us investment research important were is high-value have time great to this mission ad we hold since of for When self-directed companies that We've This stayed value many past over shareholders.
These we and but space. a as advertising crowds the Asset into have mirror. will this year more leisure in back is approximately wane rearview year believe dynamics in that begin travel for to later now, place these COVID been impacts industry
customers that are factors cryptocurrencies factors this all And this the investments. their believe about purchases As territory, been that first With to some publisher particularly some as and generation. in in our for delay it's seen us indecision NASDAQ we're fastest are not a the customers impactful ARPU the surprising hit. consumer of lower some market and XXXX and paid Much of stocks, hesitance investment previously in software. quarter. resulting in rate bare conversion may be additional uncertainty, quarter a rates interest mentioned, prospective we've brought rise in content seeing and lower into particular, of have research technology causing this play, We
emergence we rates crash provided This over conversion just the late the of and I've and customers high-value the was our many as We've that crisis history later, pretty number highlight I'll before those, challenges professionals done going XXXXs, And it Importantly, cryptocurrencies just rapid sophisticated the the our thought melt-up bullish a a insights our continued XX-year when strong. is the such time MarketWise significant to did. investment XXXXs, that actually remain in throughout after subscribers as the shined. should years listed markets. new many in end recommendations opportunities telecom investment internet of early financial to valuable
As second that to to From our customers professionals majority work make impactful expect the are ultimately we the we Mark of at time the time the protect and of will developing in of content their takes mentioned, year. content content, new sell money. hard this our will and generally be conception this help new actually X it X half months, investments
stable quarter largely XXXX, first on I sequential to landing touch KPIs, engagement basis. conversion on visits first rates. a page and consumer wanted and were In our financials to turning Before
XX% the our amounts stabilized here the challenges and lower average quarterly quarter since despite years. declines. still the ongoing second The largely However, page visits not news for we've mentioned, seeing there's significant than good XXXX, X is about have past landing we're
about points quarter. and both our new on is rate conversion until conversion exclude our you if first XX decline have being been quarter quarter exceptional XXXX. conversion conversion of XXXX. That fourth the And past direct-to-pay low is was driven couple which first Regarding stable impact an this The years, from this quarter. rate rates over by had us additions XXXX, overall declined for rates, billings It's subscriber customers. this quarter that ARPU notable in an basis
and high and right additional purchase that conversion conversion continue cumulative most highs high-value indication over our our and in products the in good that the with filing value the in our past believe disclosed for of and pride with fact, and XX-Q averages year, this rose subscribers we in our is Our in rates We customer our take these today. to remained quarter subscribers ultra-high-value and line indicating satisfaction term. ultra-high-value long valuable a remain we all-time confidence as value fact this rates to great content us find
to a market to turn and volatile was a expected we Even year. first remember, financials, levels record not those quarter, all we As regards. or economy meet from XXXX this without the stock in would the quarter prior exceed have
quarter earnest the $X.X revenue. by The million the ago $XX.X of in of decline to quarter. million believe revenue large an which in recognized million were of began Billings for So increase the is in ago decrease million compared turning to increase $XXX.X now part million decrease in million million to this million driven nonsubscription second increase in compared in million. was deferred the revenue. was XXXX. $XXX.X in quarter, quarter year to $XXX.X a financials. $XXX.X offset partially $XXX.X engagement $XXX COVID-reduced $XX.X revenue due We quarter, post an We was the consumers, this in of subscription by in year million a XX.X%. term revenue increase Revenue This $X.X subscription or lifetime and a
XXXX attributable sequential billings purchase X% from quarter. from quarter or of from ago This increase headcount. the factors partially million $XXX.X and with and million basis this earlier. billings we other. the Sequentially, lifetimes, to other year drove in this this challenges Class benefits mentioned from decline XX This of to stemming in primarily from external by from related what was quarter compares expense additional and lifetime from included point our points subscriptions, expense this to Earlier, compared is fourth fourth ARPU X% brought lower was term primarily stock-based which This declined from quarter. compensation quarter decline by XXXX, quarter $XXX.X driven subscribers. XX% the B quarter direct-to-paid of Approximately XX% of to our stock-based expense million and year year-ago quarter, XX% XX% our came XX% in $XX.X Cost to incentive billings to in offset a in due is the employee ago term conversion revenue holders current quarter. compares to decrease quarter fell first plan our $X.X related mentioned decline for uncertainty million stock that rate from stock was we've basis XX units, $XXX approximately million XXXX. decline First $XX.X in $XXX.X million compensation million This Class in $XXX.X salaries compensation of B a plan. million the a our $X.X and award The million. higher quarter
been margins have compared in quarter If with both the from cost generally historical quarter, in ago in to this line a would our of you and revenue as exclude sales year sales XX% stock-based of percent periods, XX% compensation averages.
transaction, continue Prior from traditional stock-based compensation. we level expect the compensation. our distribution stock-based comp. the units equity fair profits of will with quarter lower treated that converted transaction of is was be and compensation and XXXX, As any time stock-based stock-based to to those going end in each equity, have B were no rather to a to recognize liabilities be with there forward, Since original significantly Also therefore, It longer straight compensation consistent as common Ascendant a value to unitholders the treated paid in we and recognized original to any straight units, and units. believe than Class combination common remeasured plan. included at the first the and change as the the reminder, stock-based as the to quarter units through B July derivative to had Class these were in attributable
costs marketing unit quarter ago to expense. to million million quarter, to to and This Class and of Sales decline were million was we our payroll stock-based a million million was B the headcount. primarily in spend compensation driven by decrease costs decrease XXXX, due were this per For $XX.X quarter. compensation an $XX.X compensation This and in due first this million. a a higher in increase $X.X $XX.X $X.X as increase million in these quarter was deferred a million stock-based to million. million decrease ago year in quarter $XX.X $X.X expense $XX.X marketing compared offset our marketing in year compared reduced and CAC by stock-based costs benefit of total the expense $X.X Included $XX.X partially higher amounts
stock-based driven cash marketing million, expense decreased quarter. and this in expenditures compensation primarily by marketing sales by decreases Excluding $XX.X expense,
Turning this million stock-based to $XXX.X offset stock-based now $XX.X B to stock-based million of due benefits in to increase quarter quarter, is million ago a $XXX.X and by in G&A. $X.X G&A were primarily as the $XXX.X a decline partially $XXX.X decrease of expense in Included Class payroll in were year million higher expense. ago costs quarter. driven year a $X.X compared this by million increase headcount. compared compensation these the $X.X quarter decline million. was compensation a This costs million in million amounts to in and comp This
expense, to Net $X.X year-over-year. year quarter. Excluding million this income was year We XXXX comp $XXX.X ago stock-based in ago of quarter stock-based $XX million to $X.X quarter units first loss stock-based B the in our million $XXX.X compensation million and of the declined quarter. cost related G&A Class comp compared in recognized million
quarter quarter decline this to compared margin the primarily million last the to operations with cash turn due CFFO million billings. year the year. as $X.X the was XX.X% Now first in from in $X.X flow. of to million was decrease quarter Adjusted Adjusted compared $XX to cash XXXX flow ago let's in
of expenditures mind first Additionally, market. marketing otherwise unit can in amidst marketers themes year, terms changes that changes by difference deferred that deferred quarter we we of investment changes high we only on reduce time as changing day-to-day represents million. cash. we working CFFO by Keep the mind, continue and in revenue receiving cost have test remained in and reduced as to in much as CAC, in control cash $XX.X which decrease that the our spend this any a while basis, per net quarter didn't might in this capital, we impacted a timing to. need in further excluding Keep Adjusted this was
from of decrease this decline subscriber declined of to $XXX,XXX additional cohort of the quarter, and to first lower churn base We this first million increase a a engagement, driven continue quarter decline. by rates The million year million saw in increase. year, XXXX. free overall our XX% paid Our the subscriber the from the a was outsized impact to end ago direct-to-paid from realized quarter a from base consumer XXXX $X X% $XX.X $XX.X conversion at
The quarter, quarterly quarter. our additions any amount first than quarters count XXXX the well churn quarter quarter significantly to or in of New of contributed excess additions subscriber to subsequent of in our subscriber first XXXX. the historical in increased contributed churn year higher were number additions average and in prior this total ago absolute of
we the in XXXX, that in generated fact year, churn right was fact, subscribers quarter historical absolute with cohort XX,XXX estimate the additional first last In percentage rate an churn despite averages. that line size of this the
quarter Additionally, $XXX this line to purchase of entry-level well who approximate in below churned price with publication, be ARPU our subscribers the is generate. which continued
outsized rates in in just have that fact, returned a XX-Q. decline As post-COVID cohort, And environment. our to April's historical believe disclosed this we averages this we get is churn we've to another this dynamic adjustment as should past our significantly
to paid ARPUs. higher-end trailing quarter time, in which impacted of out ARPU. decrease being calculation. ever, an is combined to subscriber increases subscribers billings. first the our quarter declined quarter over XX-month the ARPU tended this subscriptions, year. X that largest in quarter in subscribers of quarter drive significantly due shown billings by continue quarter in large The last fourth purchasing in half trailing to $XXX platform to The with driven is in billings, the base Turning XXXX We've subscribers, part from increase have is XX% our first XXXX. in invest falling increase average a our by still rapid by X X in to trailing decrease increase average $XXX the the This paid our in XX% quarter
March subscribers of than did XXXX, As high-value we ultra XX% and we have X% high-value ago. year XX, and more a
to provide quarter. quick program the I before update a in repurchase finish, I as we've been pretty market our on this Now share active want
quarter, its December million to date in X.X last program approximately in challenge we repurchased from total total repurchased been a need. this for past initiation X we quarters approximately of million During for of several million and $XX.X year, million. shares in have $XX.X The have a value shares
stated, However, core markets been we've to our that. to Mark before, of time due fully here on navigating shine, and previously changing value we environments the intend is absolutely our It's doing proposition.
to content call poised our the With is strategic out, we back Mark Mark. to and the to that, that we're the rolling that value with turn believe With to stockholders. our new subscribers combined I'll you, add good various discussed, initiatives both
