afternoon and you, good everyone. Jill Thank
are are expectations sales the the despite of teams on-going attributed We the delivered as performance pleased We business as above our have model. and adjusted to COVID flexibility agility to and of EBITDA well supply our challenges. strong chain our
XX% XXX%. compared the For million, X% price last increased increased quarter, basis, $XXX power value quarter our total number XX%. the illustrating the On to to in year prior order inclusion in to million the currency the average XXX% Forma rose net increased basis. year. constant Culture prior pro sales The by million strategic $XX of XX% compared our fourth prior year of year forma $XX forma pro Pro on Culture to Kings net increases grew a grew as net year. for Kings sales sales compared sales the last quarter net $X.X fourth brands. Adjusting pricing due the compared fourth part to to to to orders of a
the XX% the our these to XX% to last For growth pro or in key active year, performance momentum continued as customers basis metrics strong $X.X compared success brands, well as million across a on the grew reflects year. The our of as business model. forma
XX% pro and last the year, provide XX% in highlights including was Kings assuming Culture U.S. regions basis. pro to three on increased from quarter quarter few from a sales the a results. forma our million forma net Now basis, on last from I will fourth in increased a up again, $XX year's Fourth
continues our build growth driver the as the brand to largest brand Princess Our U.S. of Polly continue awareness. primary to in we be
the As throughout we and net basis. $XX all $XX of remained grew in are sales platform the prior performance year our very the Jim five on XX% continued of of mentioned, and pro Princess brands. we million to across a XXX% from million with forma Australian the growth seeing increased benefits our pleased Polly
the While in quarter quarter, slow saw as progressed early variant. the with in surge fourth the trends the accelerated sales Omicron we
by addition in to New Kings rest on seeing supporting brand Zealand, was million from the the Australia Culture we the world, of are in fourth forma of and the Turning in in driven the XX% increased The quarter particular. of pro outside resonance expansion sales to further the growth net the $XX prior to Polly primarily of traction basis. in year of Prince Europe U.K. a the
to our Moving $XXX XXX% the to gross quarter for profit increased profitability, million. fourth
margin period the point associated the was acquisitions. largely an and decline gross as same XXX Culture approximately point in result of or compared was expected. the account non-cash margin rate purchase year, XX.X% last in rate than Our to and better XX.X% gross basis Kings XXX The million $X minimal was basis with
higher will $XX costs impacted Kings basis price our despite outlook Culture margin Excluding points, The assortment. more for freight party to consistent our basis when inclusion product gross prior Higher margin Selling cost of last speak in offset these impacted was tenants. the XXX freight I XXX the million, the due nearly by margin third were was charges, to by quarter the which points expenses lower million shortly. gross share targeted margin increases. I gross by year. the costs $XX about air quarter to compared the air
selling million quarter compared by points of increased XX.X% a Marketing XX.X% As levered XXXX. to million. sales, fourth $X to $XX percentage of to basis XXX in from the expense expenses
to XXXX. our and the a quarter, ease increase to quarter. we As these will Subsequent of increased marketing. percentage quarter have the higher point end the fourth was advertising We expense rates the seen continue performance sales, in marketing a brand rates and of XXX marketing balance investment XX.X%, performance and saw basis to during compared of
the year. G&A from million Our $XX of $XX expense in increased prior million
increases sales, As percent to to as service a percentage as expense due expense in was professional and salaries transaction period year. G&A in increase was an and The of to benefits, well growth, of related increase additional same in compared based compensation XX.X% of equity XX.X% business primarily support a last in the functions across costs. as related G&A as to headcount fees sales sales
measure EBITDA our is use to manage GAAP we important addition adjusted internally. profitability business that an In to measures,
$XX adjusted year. prior $XX For million in versus million the quarter, the was EBITDA fourth
EBITDA adjusted which fourth the X.X% year, a percentage of quarter, in our of margin XX.X% prior to compared our exceeded expectations. As sales,
the share, share, was income share or $X Our to or $X attributable million per to year. net income per prior of $X compared year. quarter On to the income compared our million to million per adjusted $X.XX XX,XXX, per an quarter net the a.k.a. the for in for prior was or attributable basis, $X.XX $X.XX share $X.XX net a.k.a. in or
million in of Our quarter weighted shares XXXX. $XXX.X fourth the approximately were outstanding average
sheet, and and balance the in to ended Turning million $XXX cash in debt. the with million equivalents cash quarter $XX we
end proceeds the by of the of levels of including inventory our of in borrowed reduced our was liquidity quarter inventory raised million levels the fourth quarter, available debt increased of half Inventory have debt to Kings from $XX end million quarter part approximately Mnml’s year, at and As at XXXX. we end the $XXX $XXX $XX the of last had million, of year. total IPO, facility. million during from first quarter XXXX. our would for the XX% $XX we million the our the At $XX million from If credit the we of adjust prior of on fourth Culture compared
ensure we forward quarter, customer fourth can demands. the inventory For meet we pull to
While our an costs, COGS freight air this due had on to exceptional experience. an impact customer to priority was deliver higher
Turning to market, We strong strong the growth. U.S. by as brands very demand in sales our pleased now evidenced the for with remain outlook. our
Before I macro the is where number provide to latest on share are pandemic the our affecting I variant with details outbreak phases the lockdown of saw to strict that of the than some out initial want our Australia, more perspective spike during of due was the country business. COVID the Omicron factors of the pronounced in Starting to we cases. far in reaction the consumer guidance, this
the in January Its in decrease continuing half second surge the experienced to demand, world. February. consumer at in a U.S. beginning less they prior were significant sales XX Australia the extremely Omicron, to not the through context and had resulted Australia and day, in surge the we've of and seen negative in rest in cases leading than For per low recent as of
of move phase as pandemic this for tourism the that reopens consumer and that return. are We past demand will the country hopeful
is returning but Looking XXXX. full that anticipate the supply will are into cancellations capacity, culture at We recently we chain, to extend order experiencing we this started know impacting which second factories of half the gains. that
remain also throughout airfreight that year. will the costs elevated We anticipate
of Given challenges. approximately XX% the unprecedented pro supply uncertainty we Australia, The was revenue coming stimulus XXXX. against are our which in that chain and up forma fact in
of foreign We basis approximately in changes $XXX million for $XXX are reflects XXXX. sales XXX projecting an to points from impact rates. This exchange million
the higher growth expect to year to of return half rates We lower half year. first of second in in the with sales see the the growth
increase air pressure air costs, for this freight be freight Looking margins expect giving first at continued would laughing elevated costs. the the [ph] year in margin, on bigger In we the the we gross half. will second half, to gross impact have
terms invest infrastructure. In we continue SG&A, talent to and of in
As discussed growth. of year investments to continuation in within acquisition support the the typically brands past, new in of increase strong we the first
seasons, XXXX, prepare spring For the new our of in quarter made summer, decision the the to Australia. particularly and we first into recovery strongest forward put hires ahead to for
the these result adjusted As expect approximately of $XXX an a of million. $X $XX exchange we reflects million This million headwinds. rate factors, EBITDA to foreign year for
technology. and between a store in and We addition XXX.X new to opening $X.XX of are for per Las depreciation infrastructure expect tax million approximately expense to amortization the XX% Capital interest It's full of million, to compensation $XX.X million million in $XX weighted be Culture expense year. between $XX.X average and King of reflects the investments in and shares $XX the outstanding in of $X.XX stock Vegas, to of This million share. rate million. of expected be expenditures EPS a based $X.X approximately
in brands earlier, very for As demand U.S. our I strong said the remains
turned Australia quarter noted, to February, low of the last beginning start second will anticipate and to in into Note digits recovery. the a that single currency that we extend mid-single see full and in Australia trending negative on it January constant before a digits is basis, we year. as However, the negative
rate. at very forma with the we've it's in important first XXXX pro a Looking quarter note quarter, XX% to first growth that strong
against we're challenging extremely an up comp. So
to $XXX This challenges. the impact XXXX. from quarter in projecting of of we're and XXX points addition of to the an sales for FX basis million result, approximately $XXX chain a COVID As supply reflects million first headwind
expect and costs, business, FX $XX.X and the of around recent Higher EBITDA to million investments to talent. million, We in be million between growth $X.X due reflecting adjusted X.X our air freight headwinds. SG&A again de-leveraged particularly
depreciation share, to average rate assuming million, stock-based $X.X $X.X a EPS and and weighted approximately of expect XX% XXX.X at and per tax of $X.X zero amortization interest compensation be million million. We approximately shares expense outstanding between $X.XX of of of million,
current macro very to long continue manage remain outlook. confident challenges, in we the While term our the business we through
We see rates strong new sales. and retention growth price great continue full strong acquisition, and customer to
phenomenal runway XXXX on future. advance environment. a to us navigating we're have will optimistic was growth and ahead long of our We very current year strategies continue a when and the our
to call one sales two remain acquisitions, long deliver we and we look Jill. annually our EBITDA margins of XX% the acquisition the net the term our on over include targets, adjusted As will beyond to XXXX, approximately addition in confident in term growth I which ability that, turn to of excluding year, back long the growth mid-teens. With per acquisitions
