XXXX earnings Jon, everybody. Thanks, good morning, and call. our second quarter Welcome to
potential get webcast. I'm really Relations to our the started, everyone we've us Before It's subscribers you to of watching audience on I welcome Investor and we we subscribers studio, live we're content for want our our investors. to subscribers, and years. to talking Today, excited for this like been coming this. for reach where from our new side, host webinars, create out about self-directed us but Baltimore via
well I us the our insight like you give wanted your that, content, and feedback. let I'm forward looking and you format into as operations, as you to I the hope see work. to
You can send it to ir@marketwise.com.
our on detailed a new peak some then look I I'll morning's quarter and this results. overview will and you progress calls, more affiliates. of working to you results. I what we're an a making into take into outlined brief on goals going on initiatives. will second provide and what's provide our prior Turning of our update see a the the give over, I'll financial process, at our I with review we Steve call, give
started. get Let's
a let's metrics saw still plateau sorts. we that are is QX and what our in lower and research, quarter discuss a of reached second the of that news during seen financial engaged we've years what in many but at Frankly, buying levels XXXX. the show Investors subscribers XXXX few good is lot First, results. than internal The boom quarters. of we've past the experienced our we in like
to and of rates the fairly over are expenses show prior are our conversion past improvement. quarter. by signs page Engagement Our flat as landing starting billings measured the up visits quarters is to and slightly three overall
signs of and Stock inflation equities looks the year, to our moderate to in next it's as market to stabilization over see back results. shifting sentiment seems very to be encouraging
and and on subscribers, weigh on persisted our is new market results, to we directing where our While content to and second volatility focused we to efficient. creating spend through the continued which new our costs and reaching it marketing uncertainty quarter, managing most committed overhead economic remain
the successfully we maintained expense we have past Importantly, our year. discipline the quarter, during as over
the $XX XXXX, the direct quarter marketing quarter cash XXXX. In basis second second lower spend of a on roughly was million than
down basis. the our Additionally, $X.X same overhead were costs on million
tough, work last mentioned maintain cash we can and our to we profitability. when we times I As in hard structure and our know flow are cost costs so rein quarter, that
as Billings a in Turning million, to Revenues XX.X% results our year. of the to basis XX% compared prior $XXX.X million. year-over-year were decline declined to more detail. GAAP on a $XX.X
cash adjusted increase a the operations and cash second $XX in quarter from flow $XX.X XQ our clear million ability generate an challenging XXXX million of was sign in our flow to from of a Importantly, market. positive in XXXX,
our first of margin half the Furthermore, the half reflecting XX% of efforts the XXXX, as operations improved reduction our adjusted success XX% for first from cash to compared flow cost over past of year. to the for XXXX
$X declined I declined quarter, that revenues GAAP add billings prior would million only million. the from while $XX.X
GAAP we a current billings non-GAAP over cash As represent for revenue while reminder, period defer purposes, received. subscription, a of the life
but In beginning off increased reflect and comparisons XXXX GAAP record generated which quarterly that. and subsequent XXXX, our to GAAP we for quarters, our revenues that's the billings, tail
a and environment, increase cut spending market on cash with year-over-year pleased and we're the both ability flow basis. Despite to quarterly difficult our our
to for profitability. We will continue to and improve look cash efficiencies, flow, ways
through and see started trends in have Additionally, our we June to business July. improving
efforts. conservative, trend. shoots it's in While as and do remain appear green it's These subscriber they always we an early encouraging our acquisition
folks you, of my thing improving results calls needed how start the important to previous order do a I've click, to out prospective that up we are was noted to a to saw talk figure On They a These the on some would conversations the again. new to we readers that most required with in and sign message subscriber. and sitting a give us sidelines. new
to later. I'll been to a us subscribers. who've need But to kick message. bring time. we readers, become the business And bring on to right will is high-quality folks business, on folks start for the more the we backbone new with find need readers, long course, new long-term the high-quality Of that into of our membership get
message In the working for XXXX, the generating engagement. have years, stopped level same Themes changed. been that of
spend focus find we our the efficient up big on dialed only idea. to back campaign, next to marketing efforts the most So, we dialed our
market. that Each all of on engine on you our we Each do a operates when is of to all brands of effectively. feature And angles multiple publishers this together, have our own formidable different publishers can of and equipped the their XX put our very brands discovery.
durability business. key a I our This, as believe, a is of driver
that can multiple redundancy, competitors, try every that the essentially and we dozens targeting different campaigns potential same because can where different dozens month, we marketing other experiments. have are it affiliates businesses day, we every of run means We embrace of it customers, to reduce run
during it. what in XXX that's This you own. us works manage campaigns. cryptos, is commodities, individual any It's place. could to us than decades name we on faster XXXX, fact, through the almost always its find and stocks, marketing to bust and ran markets boom allows what been allowed And In single affiliate of business
to amount and business. put I'm to seize in share But spread can quickly the across of the programs business. put I've reporting to throughout work. increased our on I've accelerate innovations best them we key the identify and Today, working practices, and learning personnel place
of I'm applies some to achieve every from like new could It's customer of efficiencies on excited website the here, we available into but I'm to early this Now our to artificial integrating principle by design, but tech area technologies, focusing intelligence. operations marketing the days, service, about newly operations.
of from TradeSmith by excited that the a business now, tool It AI the launch had launch, bundled from us. new even options and leveraged Prime, Predictive in successful new a quarter, AI-powered Right product trading example, this additional I'm product, led very is to Alpha line Predictive all entry-level creating which publications. more including affiliate. for Alpha is an though, of for a new offering a products our
invest campaigns And driving this focusing on the how focus see related the are AI of throughout where on to multiple expect the new sector and is themes AI at subscriptions in and products year. new to InvestorPlace, we rest products.
our ultra our well, We always us add remain loyal to subscribers. for folks to know are and who long-term. value including to subscribers us the The looking high-value high over ways who
cumulative we fact, membership to continues over environment. have XXX,XXX whose increase subscribers spend despite In the challenging
five which our of the These on additional for subscription, membership additional initial membership subscriptions, an of one best business. our are including their renewal the subscribers long-term These the core of subscribers typically measures is one success after membership sign purchase. of revenue,
and confidence products. the Over the value past These for long-term quarters, subscribers our and upgrade they reflect known a business, publications renewal support heart million in we've billings $XX our in our total what The over are we've trust years. quarter. find their averaged of and each XX metrics the of in five
As of the second see on into to slightly, conversions result, of begun started we have direct spend. increase improving quarter some through and improved earlier, And end seen have our success investor and as I in have July. engagement touched we we've campaigns. recent as Both a to the trends marketing strategically some
we've specific campaigns results want see to this caution starting these which remains subscriber a be And recently results. reflect acquisition, if that is is only to few encouraging. launched. we're in said, I That trend it or a Consequently, of increase weeks to overall to still activity an certain that in seen subscriber
And while year, reduced marketing expense we market Direct past largest the indicate. fully conditions is spend. that as have increasing we spend variable over anticipate our marketing our spend
dividend shareholders to distribution and to continue our Class our B also reward quarterly shareholders. our Class per second an $X.XX We our week, work to on Last share shareholders. equivalent A we for ways announced of
yield. represents this of a this morning, annual X.X% As
flow as our bottom positive owners. We're the capital even has year cycle. pleased Over continue history, to XX-plus our this annual cash to its ability to our company highlights generate near it consistently of the returned dividend
pleased with total to to are our returns. dividend, shareholders increase reward shareholder We while another working
ways operations, look that also teams, existing businesses software to continue our including to complement technologies. add on for bringing editorial and new will We
opportunities, and actively levels sound transactions are with While financial acceptable return our for risk we M&A also we committed shareholders. are to for looking of
and of share terms bring completed I'm acquisition, MarketWise. CFO happy to we've to retention permanent that to our search a talent In
him financial the announced a an is few the we of public in will CFO with management, wealth As month Mickels brings and of later and in Erik knowledge Erik this public be role CFO. joining navigating experienced accounting markets. weeks company a ago, us
a also welcome market with company and Erik We He bringing experience going that to contributions his to forward. forward all that and has look via comes public the private transaction. hands-on SPAC
us with I hectic also past He for joined Interim service to helped his Steve to want time. to line engagement comes us take professional his our a we well as whole you, and us finishes success particular us, consummate year-end CFO months. thank time get this quarter as reporting Park team, for Steve cycles, and finish over guidance. to but ahead. your what a Thank expertise, grateful and the Steve. nothing wish is is first very The few and opportunity the in him for during the Steve and for myself,
turn that financial the call review to the the for With over said, to Steve I'll quarter. results