morning, John good and everyone. you, Thank
results. XXXX As our with pleased are John quarter first we mentioned,
This by products continues growth both increased to million. the For for delivery the as to supply orders our in of first with net was demand quarter, along in backlog, chain XX% and driven improve, showroom $XXX revenue our channel. increased e-commerce
driven in to and XX.X%, our on reflecting higher $XX rent ability the occupancy higher demand. increased decreased to as leverage the and partially revenue, our to first company net the to net anticipated. our offset costs, product by XX% XXX growth of higher including margin variable our XX% delivering higher as warehouse SG&A These to derivative to card related fixed transportation transportation quickly Our rent leverage expense, expectations primarily margin a credit year expense. prior were primarily the product variable quarter, we expenses X.X% a showroom over two-year growth higher outperformance non-recurrence open and $XX million more on to on the costs. new basis was net and than and card as capacity, Demand expenses expenses points million, of related demand. offset Gross increased credit fees basis basis. to as product, one-year expected a was offset well growth business, and of quarter to as investments by net revenue our related fees clients well by increase revenue Comparable in relative costs by revenue corporate partially the quarter. public XX.X% driven a our distribution as in was by net XX.X% support partially revenue Gross related and showrooms increased to expand comparable driven percent stacked by
revenue SG&A to net of by on increase. points XXX decrease the revenue, decreased percentage driven leverage a As XX% costs basis with of fixed XX.X% expenses the net
by first a expense XXXX net as would the versus prior revenue expenses driven the of corporate of quarter higher increased $XX.X expenses, well related Excluding have costs. prior the the the warehouse company year, in of as of percent million, SG&A public derivative and year impact as
First income $XX quarter XXXX to XX% net million. increased
stabilization Our Adjusted of of in income the net quarter net higher leverage by our income was revenue. driven increased freight by from million to the quarter that in XXXX. driven in revenue versus XXXX contributed as to expectations and also compared our factors net than net led margin net as first to quarter first adjusted income net outperformance expectations. to our adjusted outperformance Gross of higher of first in margin. well costs, was quarter $XX the first The Adjusted quarter was million EBITDA higher income gross our from million expected than of $XX $XX first XXXX. versus $XX quarter the million EBITDA expected XX%
balance sheet. the to Turning
as product As cash to equivalents December strong from the ongoing of response XX, built inventories in our $XXX an million, million long-term inventory to $XXX value XXXX demand had XXXX, increase is higher client the increased was no and were freight cash merchandise cost. company debt. XX% Net and and and inventory March of we XX, due
to As John increase we well mentioned, comp levels our on our reducing and inventory strong discussed. trajectory continue while outpacing as this continue demand I improvement remains demand, our is growth are demand as to backlog lead to comp times, and we as support now growth, of the
million. with For XXXX used net provided of ended by the March million, in cash million was quarter operating cash $XX XX, $XX activities contributions activities and investing $X landlord was net
quarter. landlord As a approximately contributions were the expenditures, capital result, in million of net total $X
billion, announced XX%, our and in year quarter this outlook of year we $XX EBITDA This and to to assumes include income first full range of to $XXX Highlights $XXX raising to of container outperformance. adjusted to continued full transportation full-year reflect net revenue outlook product costs. million XX% of inflation comparable logistics million the million. $XX morning, $X.XXX As our growth we $X.XXX net XXXX are billion and
quarter. EBITDA adjusted mid-year we the fourth margin, Regarding expect by continue margins year-over-year to to stabilize expand in and
capacity continue our Our new year. throughout balance is backlog and distribution expect this we of helping alleviate the the to
release. our attention our remarks. we the you prepared details other refer to concludes for and all outlook, related please now This updated would For call to up XXXX your questions. our for like Thank open to press
