earnings our for you QX Welcome, joining thank everyone, and call.
X. a to serve I is are and the Aid is choosing by Rite time this a on until the me needed appointed to and CEO during critical when time realized the urgency as to for focus I'm me permanent the you such hearing as Interim from happy that hired. manage thankful is the Board of January that time first CEO many Board business
lose any three ensuring As focused time permanent singularly a especially not assignment search our progress we on to and making a conducting the member is this for for me. do Board CEO. years, last important I'm while
U.S. as in brand and in Aid, Rite up a invest trusted space, pharmacy retail has the longstanding to is] business years, highly with Elixir we've our leveraged many the [as in ability our space, the limited been PBM keep competitors. the you know, company for which with (ph)
Before I'll are to I on more share doing our what return to cover we business QX. briefly growth,
improvements comp XX.X%, to of for above store The reductions SG&A adjusted cost quarters drivers was million. the X.X% over guidance tobacco and QX and were: according the gains cigarettes five IQVIA. midpoint year a to and from initiatives expectations excluding products, our $XXX better closures; $XXX QX than and of or last $XXX million main and script front-end XX basis comps, EBITDA of excluding total of X.X%; demonstrating analyst of prior million of of COVID, X.X% share sales points
As the and we lies but our many of them. plan about what which none pleased year need fiscal to as we are ahead. a for surprise, future QX, are focus 'XX, headwinds is anticipate on for We
cycling pressure, health years, our market PBM add of in the and reimbursement a and inflation the benefits ground COVID Med rates to of from also into We've wage a loss eat under account, shrinking in D the to to past several challenge, expect be the earnings. As plan and large lost we to shrink plan business.
is faced litigation minds. the in industry your and that by on I many know others us
guidance. factored matters into managing defend We've our ourselves legal and time. We But cost is those all engaged and are that actively know, litigation excellent takes you a as anticipated the is ourselves. counsel process to defending
and needs PBM fundamental successful. and consumer both is pharmacy companies. Rite these we for a respectively. to opportunities very both There us That Aid, individuals businesses, At our services, serve being said, there for are retail need great be for through
our We and trusted the and of brand largely of customers built have through history a over serving years millions retail a and footprint pharmacists. attractive long iconic
of of this option augment part value Specifically, to the delivery efficient role consumers. support with services trusted, this capabilities become pharmacist channels. their the core healthcare is and has preferred ubiquitous, of an our increasingly And remote to proposition. the customers for in important, We digital and
we We have the urgency grow of and need lot opportunity mentioned. and core, brought prescriptions and the of Simply to continuing seize retail, given to make Board efficient. more grow I a the the company have a Rite work the to all I sense the do to that Aid. pressures There's put, PBM, while to
will shots, our of we that focusing on nearer-term have ROIs. but be the We rather chasing and business with initiatives areas immediately are not long core high-
this carefully to while our also need managing structure. capital do We
macro Aid established the fall, to a business. an started been numerous level, last implementation On that model has used Rite successfully their turnaround as companies turnaround at
heard used the is turnaround While term you've before, this different.
that across enable Rite Fortune that several organize a We effectively to to analytical model, has a us partnering execute rapid consulting to enterprise, We associates drive are programmatic that and is prescriptive and efficiently and the geared this XXX has and the a cadence firm capture and growth. performance with highly rigor, worked that engages companies will believe across enterprise. from with currently drive to leading Aid model, value and acceleration
as perspectives. level turnaround, ones need afraid we not our prove I position are leadership. with some it. and execute changes up at new seen, needed. make begins and we by as capabilities And to have both am we have To eliminated and also you talent in positions to well adding It aware new significant bringing
bring a we've CEO, of of new Transformation a new Head Head In Procurement, to Merchandising, addition discipline to new a new to operations new new Head of in and of expertise FP&A Head new and Head of a added business. a and marketing, a our
Many us than drive focusing us businesses. peers We of we'll the core longer are The believe three the can growth opportunities we do term. to effort opportunities and catching in visibility things believe better the business position profitability on to the today. next this has years turnaround our given will our simply core model drive; for over we by growth improvements up
core of examples initiatives in the turnaround few a are areas business. the three Here of
pharmacy In continuing adherence. we're med business, to in invest our
example, seen Courtesy from increase continued investment For nearly this has our a potential believe to in basis Program. adherence in we the Refill significant industry program we've XXX benchmarking, From upside. bring point
drive content. successful We produced are improvement pilot a material initiative scaling abandoned in basis scale, X% that reduction a on message QX scripts adjusted just timing At enhance EBITDA. could point impact to a XX and
categories. improve productivity categories faster replacing efforts we're to In include the space our capital. that front-end, Initiatives in-store and and over-spaced optimizing with growing working inventory increase experience are
creating able assortments in year. year inventory on fiscal we We're based by and success and by of improve will product relevancy and of million focused assortment benefits We're initiative zone the began inventory store be price deploying We the tests. variable the initial regionally margin structure. $XX a product zones pricing capabilities 'XX to from to the increasing pricing further gross our to regional and We our implementing number price reduce [indiscernible]. clustering analytics enable are a controls improving this realize
reporting things In on improved retention and through client competitiveness. Elixir, continuing focus we're pricing to like
management network procurement formulary renewals. economics, already administration, rebate design secured our and to of and from specifically continuing contributions five top our We're improve have services We performance. efforts three plan through of largest We've expanded to to networks. access taking four already limited distribution steps to drugs. two access We're pharmacies networks our and mail the gained optimize with specialty new Medicare and
ordering through models. extensive program. lease inventory small lease lastly, our renegotiations; -- renegotiating implementing course, reductions tackling business. and the driving reducing selection on include: is burden contracts; and indirect down in This efficiency, we're buying cost a just controls new productivity and year rebuilding of initiatives of our working Last the just prescription better brand time in by across and, deploying our Examples turnaround process
So, does 'XX, year year down financial fiscal profitability. for it's this mean what in means this or In reset performance?
savings, improvements We the turnaround retail prescriptions offset lives, these be and the expect in reimbursement of shrink COVID earlier than loss lower mentioned the more need cost make benefits, program. I a in wage we see to the by to the Elixir in pressures inflation, could but in investments positive rates, and
an to $XX which for dropping result negative net by EBITDA the estimate put may adjusted flow We slightly the be free cash million, approximately year.
'XX, end through increased and is adjusted 'XX. fiscal improvement year liquidity year us EBITDA to fiscal expect drive more than benefits and working enough 'XX $X.X the 'XX get we However, fiscal at an we we billion believe And position. have in liquidity in of to our which capital in
of $XX million turnaround scale, quarter in fiscal These initiatives EBITDA. and 'XX, fourth and more progress. And adjusted the not program phase year. in initiatives our QX in In starting we at this is of approximately first model QX significant turnaround have started bringing turnaround the more The our of of anticipates yet delivered value year program. we
fiscal in growth to percentage double-digit 'XX EBITDA initiatives 'XX adjusted targeting begin scale. as are We year and
slippage improvements longer ratio. investments needed we're adjusted fiscal range, our cycling in headwinds. with and no anticipate believe ratio the Acquired longer no the some however, improvements will leverage near-term COVID 'XX, We come on year-end do, that by are into down our low leverage X offset to We EBITDA.
developing in address come to bond and plans develop. are plans as also We of the specific 'XX 'XX maturities, process to our these more
been has results. financial you the as uncertainties faced all of has company challenging for lackluster I COVID know and it the
will that do an implemented are urgency, value we prioritized What programmatic cadence the we There have areas the until we in rigor, that intense analytical, is but presented not previously. have have have to that around. commit us have our bring things not well that turning We now are believe on rapid you There I those not term. simply to just focus business an and opportunities near applied approach now. this, been until opportunity, a competitors
back associates, and should as our to it support all incredible appreciate from bring it leaders We analysts, we and take this customers where be. shareholders, brand bondholders,
with over turn more outlook. and With I'll QX -- to the on QX call more with Matt our that,
