John, retailers everyone. report time their unit. business spin-off for work the company. executing the as We're Thanks, dedication morning, our employees good results our during I'll and and while pandemic, for to stand-alone by Aaron's our of simultaneously this excited and in a point-of-sale thanking our first customers support start fintech of hard
mirror plans rates. growth pandemic, closer EBITDA adjusted stronger one spin execute to XX.X%. and as the we In quarter, in by to X.X%, on grew are fourth the into approach revenues and rearview and by year we we this to XX.X% non-GAAP our return a the With we EPS our by feel position in historical
fourth Our the provided during spin outlook roadshow performance was quarter in we line the presentation. with
unallocated corporate adjusted EBITDA XXXX, For the of revenue by spin This is overhead growth and reported increase expense. an burdened $XX year related, XX.X%. of XX.X% $X.XXX of EBITDA billion $XXX.X to adjusted of million, million we
expense would this EBITDA adjusted release. earnings as for Our $XXX have the the adjusting million, of in reconciliation unallocated non-GAAP been seen
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in were headwinds to using a volume in going GMV which number we to gross for forward QX will the the invoice be used or year-over-year. Our segment of to call we slightly what Progressive was define quarter. GMV, merchandise down There
season repurchases leading for saw including us. to consumers holiday shopping lease a options home use a demand as payment more finance we lower cash First, disappointing consumer for to
an Next, we sales shift even currently are where from underpenetrated. away greater online saw to we in-store
certain activity continuing promotional supply challenges availability POS inventory saw we impacted and that chain Finally, partners. at
in results through in year. we as were result have GMV we GMV below While our expectations, stronger this numerous initiatives are the move will place confident we
February market and digits In total spin months the we mid-single and last our addressable we fact two year-to-date, growth of we the even year. know up for though are market were the January year energized our XXXX have of an plan are is highly maintain remains to our XXXX opinion, us. We leadership company that In current and GMV of focused that and behind we our multiples position. now best important
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positions also well into strengths our with the solid an unlevered largely and for one technology time customer the of our are largest databases We best profitable business cash-generating what these in growth the and a we the company decision unchanged. in industry believe remain have the sheet, future. business. priorities model teams product Combining Strategically and our balance
aim we POS and existing our First, our to with new partners. business grow
continue and the how, shop our customer through improve experience will to technology to when where and we customers Second, allow they want. simplify enhancements that
Third, we our millions by and solutions efforts via development and leveraging acquisitions. research will strategic database drive of expand Fourth, our product customers. we and business repeat of ecosystem will
drive our marketing partners. expand POS customers new efforts to attract and GMV our direct-to-consumer will more we to Finally
retail to to plan performance. grow in larger we'll digital e-commerce transactional will we with platforms. e-commerce we foremost, to our using and POS we through fully and continue new to In primarily expand to partners' made platforms the retail progress our partners material make be our and First business continue add XXXX, drive significant existing have POS
work We Demandware. providers plug-ins with Magento POS Shopify, will or for like retailers have also those that
our faster work diligently and the that simpler retail and will both believe We our we as onboard e-commerce partners consumers. shopping to will processes experience make and players for modifications product to
or Progressive retailers digital in sites approximately Now platforms. bit e-commerce applications a little XXXX of our came of e-commerce half from
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GMV leveraging our possibility strategic We database, early products as are can research acquisitions. of we efforts which the consumer in innings incremental of well or in offering result through the other development believe and as our
were XXXX annually. X.X% lower in margin while Coming team's tight in nine only than at revenues helpful to historical last write-offs performance maintaining range strategy, to performance in The consistent a levels. a not X.X% is well target decisioning and were goal X% write-offs to reported to while write-offs months portfolio X% our Finally, below our of measured stable range. approval maximize while our rates of
amount think Given perhaps the this maintain payments can and ranges. was below government additional we weeks, improve historical our in even our not coming dispersed more even recently and stimulus people that within we exposure the the of likelihood if more year risk still
the XXXX, decision potential when As we conservatively took and pandemic more to hit unknown. first the we largely customer action were impact during on our discussed
series as the the decision. that second of data to used half in, our came the make performance adjustments feedback we of During a year, to
of capital were year the We leases approval our and even is and application of our are rates in impact a line channels, sit performance where shift we with here ago and As lower monitor the to to the should that which conditions closely inherently rates. Shifting allocation. today, adjust continued accordingly have they we'll change. digital capital considering approval
balance may and remains ample pursue. ended growth the Our shape. net liquidity minimal we in have fund with to sheet initiatives any We great year debt
our unchanged. have will from capital earnings you our remain seen release, As priorities
of first foremost invest GMV will to growth needs. We modest our in business expenditure pursue capital normal in the and as our initiatives addition and we multiple funding
share for has buybacks $XXX program do expect foreseeable consider authorized we execute Secondly, which a we that can cash a shareholders, over And to M&A new the return we broaden through Board capabilities. our and of technical point will excess not enhance our this dividends. pay to to of Accordingly, offerings at product or dividend we to Directors future. expect plan our finally, repurchase share opportunities million
all Officer. eight outstanding to XX Commercial PROG deep years. will pursue that and driving and our the BXB years recently you Mike adventures. wish in to with nation, be XXXX. has XXst, expect over contributions last I'm today and future leaving has us has President results we of joined Progressive with to want Blake during the resigned And Progressive's was most Mike sales organization Mike disclosed been Wakefield, thrilled him file building leading sales announce instrumental me. be XX-K, is his experience effective we sales in much and has our all-star to the and as reporting will recently for Blake for behalf teams Chief other on will March Progressive later team in success Samsung to and his As directly see leaving comes him Progressive in organizations for been be thank interests. will and building leading Giordano vast Blake tenure. with to his
grow stimulus backdrop, an of and meaningfully confident that strains we round forecasting pandemic our in new are the XXXX. payments will uncertain GMV create economy While related our in
continue Progressive's Brian? the have market-leading to Financial impressive capital, those Garner, of innovation. growth the Chief a our to technology With and Brian have history turn We I team and comments, the position it over will and Officer.
