good everyone. and morning Jen, you Thank
our net on XX% and As and on are and revenue million, growth fourth growth our year. of basis. and two-year of demand XXXX quarter include: XX.X% of XX.X% comp stacked incredibly three-year proud the full XX% fourth $XXX we income performance basis, our stacked year quarter on Key one-year a throughout basis, comp a John of a items from operational results mentioned, statement XXXX
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for in-stock this approximately outdoor last XX% year. are year in-stock positions example are versus year; collections this Our significantly our XX% in-stock improved approximately
As mentioned inventory rate. are and growing our in XXXX improved million, of demand units while to inventory lesser I million the delivery conditions, Client due have $XX previously, primarily inflationary in lower the deposits to XXXX. growing are our from at a orders XX, due backlog to growth dollars December comp $XXX down decreased
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the into fourth the original represented approximately versus previously, from mentioned quarter the additional I of pull fourth revenue As expectations. backlog quarter in forward million of of XXXX quarter first the $XX XXXX of net
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center and earnings omnichannel which higher particular, include outlook, long lower and and the related our all XXXX our expect of making and dynamic of comps key our to cadence to expensive new staffing investments cost year backlog full EBITDA we enhance store level to capabilities, expenses are growth Growth the to adjusted our investments margins In enabling tied projects, our are to much in and footprint, to systems the compressed many showroom to our term us we to showroom across costs scale more investments due include which markets. discussed openings, Turning deleverage on compensation improvements fixed year. larger created of strategy be variable be during the by build will business. rents, technology and our the distribution
this revenue new to opening, six Additionally, in half are performance will the the in rent advance noticeable This the is showroom on after in P&L impact year months on paid starts typically demand the year. expected of demand. and XX most to second and showroom lags commissions be our of net have showroom a opening while sizeable showroom
the X%, $XX the EBITDA of to million net adjusted represents growth XXXX, which expect of X% $X.XX comparable growth to income negative $XXX For billion year of to of $X.X to million. positive of million range net billion, $XXX $XXX X%, X% to and in revenue million, of we full
first want our also and and direction of of the backlog XXXX delivery you forward large of the XXXX. outlook to due the the backlog performance delivery think half our in how of the into We for half expected give the in remaining derived first midpoint from the second in about to impact some half pull XXXX to
of of net that in the result to XXXX. growth is expectation XXXX in of of revenue half as revenue teens delivery we first high pull backlog single that half continue to in in we of cadence repeat the In the second first delivering lapping backlog backlog includes revenue digits half our half XXXX. This mentioned, compared demand will first the are delivery to forward through to backlog of half XXXX the to in fourth net we Our quarter XXXX, net the outlook continues substantial normalize. the be reflects not we down expected as do I that high the expect expect second XXXX
second majority We of expect new several to with of fourth showroom the the half the the quarter. in vast our year, openings in occur
Regarding our adjusted XXX growth. XXXX, second to reduced net EBITDA related basis technology be omnichannel half EBITDA of adjusted XXXX in leverage backlog first on XXXX primarily outlook, enhancements openings of from revenue to half declines net first our to compensation approximately will margins the drop up expect or basis in compared points expense, the of that from in approximately the primarily systems the margin the and the staffing on EBITDA adjusted higher higher higher and expect the expected second XXX and particularly to large half points investments half year-over-year from variable of of to second we higher we the XXX revenue. number half XXXX rent In compared from and activity, lapping support and warehouse investments, deliveries our of growth to leverage showroom XXXX,
As this growth. we to to manage invest even expenses carefully we continue do, as we always in expect
planned for three this mentioned, of year. our in openings excited showroom are very shifted showroom XX robust showrooms we John new into as expansion As XXXX XXXX about plans
of net We $XX relocations $XX full expansions and accordingly, million planned; expenditures landlord renovations, ranges also from capital contributions have million. for year to five our expectation
economic strong a believe we very new have showroom model. we Importantly,
revenue traditional contribution quickly feet, of targeted than strong showroom lower and [indiscernible] XX,XXX average average average each an evaluating in three returns less generate showroom square and by payback targeted new of target XX%, of showrooms new under approximately $XX years. contribution a of margin net approximately investment. a square investment that X,XXX by smaller two format new each approximately three average and showrooms and per year million on approximately investment XX%, years. with minimum With year Our new with also operations, showrooms margin studio revenue net target we on our on When feet, two showroom of operation, in design a per a we payback new that showroom higher
release. other outlook, our press details to XXXX related For to our all refer please
term to annual reiterate as compound our We also long rate. are goals growth forward-looking want a targets. growth expressed These
term, growth. sales we digit growth, target comparable growth, showroom to single the EBITDA total low double digit growth, single high single mid Over and digit long mid revenue adjusted digit high
premium are necessary our debt-free operational exceeded capability, the great term investments positioned showroom financial stakeholders. market. on clients any meet strong We on opening and transition and to studio are a we to and needs expectations balance in plan our including by the We design as the make and our well $XXX our investments along ecommerce focused believe and closing, sheet strategic our keenly formats, in environment to of for supported in execute long furniture build to focused growth billion enables believe us home economic are we our economic both performance and omnichannel all robust value substantially on with share gains XXXX in remain we traditional driving this fragmented our highly scale, returns In making enhancements. plan and on systems IT we investments,
would your questions. now you call Thank and to like for attention we up open for the
