Thanks, Derek, with delighted everyone. to and hello talk have We're today. the to to chance you
transformed our clients’ to Pass All impact their model. has and and you then, Access improve clients we subscription-based two of they by our start better as own world-class know, with serve Let through to organizations, way the access that performance our results. expand Since we teams and which us, content saying were and impact develop leaders which organization's engage the can collection full breadth depth in you agility reach and the in could me ago, flexibility needs, just organizations, a if determined with their and pervasiveness to offerings and in their give as in order them we years the their their substantially that up of know of
these purchase value opportunity clients’ their changed clients with it also really Access for the with in initial fundamentally All it’s interactions -- our which their larger the significantly than of customers, customers, lifetime the used and our Pass increased our covers way So, both -- It’s to. their population organizations. impacting because
pass than holders is among annually the greater recurring XX%. revenue Second, retention
provide fourth, time up passes’ and that with by and gives longer sticks period for And So the extending income holders that the the also of of like of we’re with their duration, organization. have end to able services of were them their extending And the where want issues a Many us population. best-in-class to within help to revenue content engage the covered really pass on their need pass holders really help results end uniquely we up feel of us. significant combination purchasing with size both that increasing to they that services have the pass people a population amount add-on impact. bigger accelerate together which
So, and There I key you'll by our our we encouraged four are really today. momentum. remarks which hope excited are from glean takeaways,
expected year-to-date see solid foundation X, we in the expect the full believe we fiscal Slide results established adjusted our the second you EBITDA are, than and for significant 'XX can and that takeaways first, flow in cash As for year revenue, stronger a beyond. quarter increases and
growth significant revenue foundation into our gets of as and and growth bigger. and and for future accelerated the providing magnitude the visibility strength balance balances are deferred Second, that of increasing bigger
the -- the you're Third, is to little driven to of being driven their and the retention the subscription customers that key finally, expansion. our really accelerating, and is value of today. like a point the services four add-on I'd you significant momentum past in is and of which our business results describe receiving factors are seeing really And inflection by interplay bit our just revenue by their
results let's first, go and year-to-date. quick for the on some second So quarter. highlights the X the through Slide the second of highlights provides key quarter
XX.X% year-to-date in revenue through As quarter the XX.X% grew second the second and quarter. shown, our
quarter. operating major revenue in units the growth company's second the of all Importantly, achieved
and a second the total that’s unbilled. the of XX% even the increase second million at and All the second revenue year-over-year or Second, Deferred grew XX%, $XX deferred in subscription-related Enterprise rapidly revenue the and Access subscription XX% revenue quarter quarter quarter year-over-year doubling related grew $XX.X XXX% Pass. was balance at XX% and in more division Subscription revenue of effectively built of the the on sheet a year-to-date, year-to-date. million, end in
deferred We also increase significant revenue unbilled. in had a
year-over-year high the the year-to-date balances quarter. approximately and second to It's to education, provided even our be last at year’s investments. had $X.X reflecting is revenue that. after XXX-basis-point a in after Really in And unbilled XX.X%. membership of the and growth in education. subscription compared The deferred so, the the Access activities revenue, of quarter leader guidance a the membership offering talk All significantly end total increased margin percentage-wise, percentage than the by XXX% these net percent $XX EBITDA encouraging of and gross combination the even that in at $XX.X out better of our the million two the $XXX,XXX billed significant big fact million, about $XX.X at of the year-over-year more we of profitability significant investments. million and or quarter second was increased increase the making Pass, end turned making cash We’ll Adjusted even those to increase operating of million, it's
shown the X, I’d provide our like on subscribers subscription paid XX% enterprise or In grew of addition now factors to this and metrics. - number XX% to year-over-year a in division. subscribers, each quarter, these in Slide of on key two the on paragraph second these
fiscal Year-to-date, at of generated quarter $XX.X to million look grew million quarter X, second said reported $XX.X you in $XX.X year-to-date fiscal we revenue quarter to see can we as the in XXXX. of $XX to to million, $X.X second slide XX.X% revenue million, the compared $XX XXXX. million the of you revenue XX.X% the growth grew for million of second of If compared growth
Access year-to-date. All million and And revenue facilities or the and and was and and Pass subscription million less. to so revenue In becoming see second on-site XXX% delivery second smaller you the in grew million. or substantially both our by the Through now sales. $XX.X total declines middle, significant million by at XX% XX% division related XX% Enterprise revenue drag related or across divisions quarter our that division, significant revenue second XX.X% the year-to-date. subscription our offset more second the related grew year-to-date grew now Enterprise subscriptions is growth $XX.X our to subscription, Education Enterprise an from decline is partially Enterprise This the driven in our channels, much much quarter related quarter in can the less quarter, and and the As revenue $X.X the $XX.X grew subscription - in declines XX% from and legacy in in Pass even now
revenue of in the Enterprise our I Australia in from the As China, importantly, direct UK the Japan, units mentioned, the offices including offices and growth quarter, divisions’ the second achieved operating U.S. major of along all all with
in the the With is month Global last new All our And All Access now All in international sell Portal, licensee Pass Pass launch our launched million just and Education $X quarter just them. they sales between of of the Access Pass. their it million high, level division, about Access Pass to substantial we sales which New begun from here and languages, of network has XX excitement was make end and the XX% In or the grew year-to-date. now revenue expect $X.X year to extraordinarily to started the
a be grew million during alone million. the Franklin network approximately brings the million royalties number licensee build to second start great really resulting have education quarter $X.X getting or will licensee comparable our currently in their And in second million. China. it licensee licensee licensee able education This to gross have which total $XX quarter partners education a So, going in new in in today we believe network to the what revenues XX% generates to same several could division's ultimately, least The added to believe including education that, business to the in approximately division division the that three size at we're we partners of enterprise partners new revenue network, $XX.X of potential. to XX. the $XX division We in and Covey
deferred of revenue up increased X, in $XX.X million, That’s our year from the and has million deferred billed in only unbilled. year-over-year quarter. million growth in second to last the Growth second balance slide Going quarter. XXX% $XX.X $XX revenue
which You year’s which balance unbilled doubling at balance the unbilled unbilled billed increased which second at quarter. the but end revenue a the year quarter. revenue our last off contracted, $XX sheet million, up to on second basically the And deferred of had the end represents million from is compared quarter to businesses $X.X can the see of deferred last sevenfold sheet is $XX.X and we million
on briefly just reporting margin. Just gross and the EBITDA
As in was second quarter. the higher guidance our adjusted than we noted, was our than it EBITDA higher
lower We reported of was do were that reported EBITDA than than investments You would were and combination a $X guidance. slide making we in $XXX,XXX than model. as of that in business million of the be we year's expect client revenue, more second the retention is resulting fact giving to the two reflecting $XXX,XXX our despite can guidance as that our selling quarter, this One, high the lot of reflecting what approximately adjusted EBITDA rate. a of higher year’s second was we would significant their that we're that quarter last quarter would our offerings the the last pleased we high recurring investments much this investments the satisfaction benefits with have and significant nature a were of second lower making, key see we our be actual be, adjusted and and in predictable revenue were only by X pleased high those new But very EBITDA indicated our deferred. from level it
is other The increasing higher gross point and our margins.
reported at XX.X% for $XX.X $X year-over-year million was million. increased higher revenue Our to
our As XX.X%. noted we in quarter XXX the second the margin to gross as before X, is increase points shown slide basis in percent
in or for quarter, et margin second covered dollars combined year-to-date from year’s gross dollars which the investment And increased $X.X million minute. the here it. dollars revenue growth growth to our margin gross we’ll second XX.X% to in Year-to-date our this implementation, covered year. strong $XX.X a in in quarter. million planned XX% cetera, margin higher But entirely really this million the in increases margin content, almost million generally million almost last gross with this So, increasing compared percent points interestingly, gross investments $XX increased specialties in last $X.X XXX gross $XX significant increase basis increase itemize XX.X% in despite for results to margin the
up by million $X.X through increased $XX.X million. increased adjusted XX% EBITDA which dollars million Our And our year-to-date gross quarter. second margin to is $XX.X the year-over-year
- going For important have an last at than the all big of a investments our expect business our us, make. much this concept to year lower a in this to had you’ll expense rate because grow these hear few forward it we - side is did when minutes, we we
against margin gross in to a of think increasing this we so, allow we And - structure coming of flat us lot through cost the flow a relatively what increased will years. lot revenue
to can you quarter. in through investments gross Enterprise, - XX the than XX.X%. actual higher investments last to this and And combination made go dollars there more of gross see slide $XXX,XXX down was the Enterprise of basis in second or revenue slightly quarter margin gross or it significant $XX gross division about increased the out can percentage This of in Enterprise quarter. Enterprise the margin revenue to XX% If EBITDA dollars XX% offset million growth division. revenue for division increased just a broken In additional million points from of Enterprise year growth margin after $X.X growth specifically resulting $X growth second million going XX.X% a second and these you in in $X.X talking year's by higher you it by compared of small $XX.X just and division appendix, in million just million quarter. last in division XXX margin
an what content Clayton are, Out courses things, manager Why; course new level course All the Christensen Team; Leadership. Practices give these Six investments added which for investment entitled A idea for All we including new new to including entitled including and three leader the new Access Critical other the Access Find Pass Pass you Roles of new many to frontline Four a a Pass investment Just entitled Leadership, significant Access Essential Christensen, mid-level including, All course of innovation Leading unit
an basis. with a we have this investment this team came we is talented reflects ongoing clearing which in an also that very make And content recourse, We Jhana now year quarter. investment each we brought team additional there have that on, as have the on, generates the increased
portal, XX.X% the last quarter, or basis be you see now second it And The we localizing amortizing All sale compared worldwide. million enterprise We to gross there revenue, great. year-to-date content increased investments divisions portal which that, points $XX.X we in margin can XXX million level. now and Access Access for to $XX.X million as year. grew $XX.X to of this new languages cost last Pass the also new mentioned tripling from $X.X the the XX.X% And launched in offer year. through combination we’ll Year-to-date driven as this our through the to divisions compared last at All also done, had now made And really million XX.X% XX second the almost Pass $X.X I global enterprise of million is which same with into is just year. to year-to-date quarter then can the EBITDA
million The Importantly, this of of increase EBITDA growth divisional reflected the year-to-date was covering $X.X $X.X about $X.X quarter EBITDA or growth negative negative in million year-over-year million year quarter The in in for so $X increased planned EBITDA enterprise was after division revenue XX.XX million $X year-over-year. negative more second education million than second slightly division the the million. than investments, Education's second $X.X point, less to $X.X just million adjusted quarter. in quarter last a
it we make the division to during schools there which annual for change the structural in in days the to factor. one-half position which revenue isn't little It EBITDA about part $X.X and for until marketing in second, schools. substantially several quarters, benefit is revenue still increase bit in you all the get generates is major in we delivery the real order And year-to-date, the investments the cash second where results value, last quarters. and nearly last $X.X - in in mentioned its the Education of was them we gets activities, us As provided be outside the XX This slide Net are on-site an two third we these this fourth the education of to and recognized to is of membership. that'll over membership to quarters. by contracts including of days also million a offering from operating and the and course, That first of year. will generate quarter quarters. in both as in get million one quarter a on-site two the recognized new charging first recognized can fact that its subscription you think they adds flip see - And the days, those of the annual as training X, hundreds revenue leader offerings, last revenue - compared reflects now of in quarter used fourth and the staffing shown recognized know the over whose in the months division
of So results increased the hopefully - we point want meaningfully I in the revenue that also X, see can about outline us to second with to the quarter. least deferred go high growth level covers visibility. as for just is slide second provides balances at - wanted our at kind you the in significant talk bullet a the
slide As of revenue. and we’ve can of balances, of expect noted That's end quarter. billed unbilled year. greater we XX% the or billed of out last in total coming and each of of increase you and visibility a deferred at build our in the balance that the our can second between compared future and before substantial And greater you with unbilled And see we total and unbilled, magnitude $XX.X you $XX.X X, revenue. to us in balances into revenue to the quarters the continue $XX.X deferred revenue in growth increased million to unbilled providing had predictability billed our see and really revenue million million to deferred as breaks and
we've talked our just was customers touch by value about. it that subscription the on momentum are as and accelerating The driven that's being is third general point our receiving to
seeing to and are purchase the believe impact that very are our adding we indicative. of significant their businesses. value that services driving are revenue We add-on Our retention high customer they recurring annual
give specifically, examples, a to the All Access company just examples, with generally. expanded example, - leaders couple Pass organization. All client within And well. order XXX pilot a That initially onsite use the the they to decided to the speed to ensure one Pass to purchased to renewal, help And went to for also Pass an very trust they you pilot All approximately the implementation delivery implement only really leaders This content of that more of For to had, of group client of having decided our leaders tried was Access with expand the went of upon XXX XX after go purchased days Access but who cover long. a X,XXX it, them it, tested to and it than client had services is experienced leaders impact us. strong already go a for and not in
pass services. Another looking of client purchased renewed we company All the initial they another Again, leaders when almost first as its for for initially XXX XXX day their division same were talked X,XXX day, a about, to an they initiative, days knew other - their purchased the the other talking of when expanded but the pass year additional their own with covering and the leaders. pass leaders XXX who we from of X,XXX said we Recently, purchased were Pass leaders. holder, initially leaders success approximately were an the their at they results Access end X,XXX these at pass getting add-on of
of So, the this is thing. kind
through organization, that is throughout all deep, pervasive to the hypertension our ongoing objective with all means which develop clients. Our relationships divisions levels
or divisional with top a this starts higher. at pervasiveness Sometimes leader the
So, great goes. two bigger gets and these start. it to up through that's its and But field, bigger the the in organization moves impact as initiative out often of because starts like place a in examples,
now they team, whom, We develop to for than you Access these All tell for about how indispensable for is as client I is us. have more they Nothing and talked pervasive organization. and the part can Pass I have how successes. nothing that as gets like outcomes. business exciting every leaders throughout exciting mean, hundreds of drive is literally an viewed clients, customers of hundreds
it's less a because the exciting. an know very all, services land substantial on less. You without of significance in driving pass just than of legacy the in as more to the about that's add growth retain for impact the this momentum the and was, when then passes take already that's course, all of and organization past, in that it that we business kind portion accelerated new even declines which, of and revenue what we're It's we're of the XXX% - except substantially is the initial what sale in an getting
the as company. overall the subscription the So, Couple growth points. of consequence, a business really driving of is
and First, our XX to be very in year-to-date subscription-related strong growth quarter months. latest for the continues second
for related $XX to and total slide So, latest billed the in to the deferred growth and in months, have revenue, we plus can for last change XX, in $XX on million our or subscription revenue, same increased million, XX%, of XX unbilled you our see $XXX change revenue period subscription and deferred for compared the year. million
to million that's and China in been $XX our or from $XXX really moving or anybody licensee in - million, of this to any So, at offices our without sell of partners. able any point Japan this having
So, feel in accelerate can or we're where a position like it sell can they further. now this we
year-over-year Second, achieved we paying our subscribers. also in number of growth strong
quarter. number had increased quarter. in That's XXX,XXX can paying As second total second million see the and our an Enterprise the of slide or Education you both of XXX,XXX subscribers the end approximately over XX% divisions we year increase that paying subscribers across last X.X of at our in XX, from
of see can year in fiscal subscribers in subscribers breakout we quarter XX,XXX of represents end division and how members Education those that Slide see that year. divisions. that can Education of to are of you the approximately end approximately And XXX,XXX quarter Enterprise paying that growth subscribers XX, had second this breaks second balance of You by XXX,XXX or XX% from the last out you XXX,XXX division slide as see compared XX, between can the the in we grew the had XXX,XXX XXXX. in the the Enterprise XX% and paying Enterprise
noted This also first should add-on on in significant revenue the from past achieved X% about revenue balances. You in outstanding subscription now in slide moved to number growth average only I've year to before has a that's XXXX average as close XX% services. to of of about XX% in we revenue see of XX, continued XXXX
clients then which happened find mentioned it. two to examples, And can what so, we've it get is they this they problems in those is try attach they - out as
Some of enough them problems that’s to those those on. help are add and them, they meaningful that important want and we implement us services
this Finally, study I companies are key pleased the also place in referred section, last what study best-in-class SaaS subscription subscription to considered best-in-class. we're all indicators companies considered among the quarter continue our businesses data which that independent on publicly subscription companies. those XX of included An companies of to identified traded
substantial XX%. this which the which at As was of subscription three is sampling sum at can XX XX%, independent in best slide a their is in wasn't see services. side margin certain consider least having achievement of them. all based on these of on that of revenue of this those - least at which slide efficiency XX% was plus you of This companies’ growth free their cash flow revenue, class. in having subscription-related is factors they growth the growth Pass least margin gross And at XX, was you see the of on can designation was This least just all
enterprise in variably you'd subscription-based these our also total XX standards. of of And pass encouraged services their momentum valued them expanding increasing best-in-class term combination the the are retention, so, study and and then sort purchase annual XX, revenue get populations the customers than lifetime there. if purchases, And According growth as of you these having instance, to XX% definitely of get slide as flow to over subscription value growth Pass business. had making is margin, value-to-revenue countries more the if move revenue. best-in-class driving three continues the and - the our public cash business their that having and indicated for to the we're And of SaaS extending achieve add-on times had you between and all X.X initial passes, - X% XX%
point is note. by inflection key like interplay just factors of I’d the four our which to Finally, driven being
four the that point and as subscription amount flow As you we the to slide at declined of portion cash our can is identifies follows. XX value to each B, has factors that’s the contract’s upfront what see transition happened increased. you’re an visibility in our showed at And business. as XX on has giving, factors as we now impact had given being accounting, deferred D starting deferred also so four But words. great $XX.X These that’s with inflection this recognized in other XX, know, while revenue on on are that slide underpinning million. the legacy with as talked we’ve our really in Slide which also it’s are results, reported the in already taking is Notice indicating. is figure or A, - just and C saying least see about,
revenue They slide And you is Access new they businesses equaled We had talk All from about new talking revenue Pass. some if they just they an yet people it, of converted a but know didn’t clients. our our waiting bought subscription these revenue. business. As during though XXXX, facilitated bar exactly the subscription were see green they onsite shown Pass - do - weren’t growth the Access all of all in until interrupted it. over having same our hadn’t But it, roughly nevertheless, the anything about since shows customers. lot legacy these interrupted this transition and the on versus to might, you our from customers. in A XX, All initial the Even They over, came figure can salespeople to subscription legacy could do
the the and the positive This the other. business. in really can year in see by business growth subscription And smaller legacy offset versus in related gap there’s XXXX, decline so you increasingly between one our growth a was
so, us, decline is few green And even next continued for - if the years. bar for this the percentage unabated
talked be represented growth in such smaller on We it'll by the subscription same positive as versus Because the and become going obviously and will that. percentage business base, legacy. has high the legacy gap is the at business it's our about that is been between And of fewer a subscription in dollars growth rates have we've of year-over-year. decline fewer which between business the factor the gap our that here first the decline
important happening, So, we is expect happen. that to that's thing continue really an to
positive content beyond factor second these They increase B XXXX’s support in in same Figure fiscal growth compared of and small roll continue, XXXX that elevated new our but central shown will we portals the levels. fiscal and the is and the in incremental cards. revenue earlier between The to increments and noted in in investments relationship
central addition, support In to and central we expect cost essentially flat. remain our
As Figure as in EBITDA in to of fiscal indicated, revenue and that portion higher beyond increases dollars margin result flow and are adjusted is through B and in a increases the significantly expected - gross cash XXXX flow.
driving So, thing inflection. second this that's the
EBITDA. flow in EBITDA adjusted in revenue and expect as shown beyond rapidly. significantly margins recognition a collection reported selling expected means time accounting factor therefore even of relates and fact it rapidly reported relationship in growth high revenue a pretax growth percentage upfront due D recognition the contracted. the subscription to C of the at our cost experienced This shown to the grow slide are beyond, the flow third high is cash. cash the finally, all can as It increasing highly more through and of is to is the flow, relationship And that more accounting XXXX A figure growth relatively content the achieve XX, growth revenue is XXXX, that commission-based or and XXXX growth adjusted increases of amount fact in to and significant result, Figure the growth central C, in revenue, subscription is increases you to between contract in term it though in in a even variable the the billed rapidly the gross for is cash almost revenue adjusted significantly even and Figure subscription and in revenue grow the between Then accelerated revenue subscription to that mean revenue The of sales fiscal expected more and fiscal deferred in than flow combination accelerated because the class we expecting of EBITDA. to flat adjusted than of it’s cash the in see powerful of structure cash even flow the XXXX, the EBITDA. over lags as
factors So, that quarters factors cash and gap visible it’s we is growth become these to drive value expected continue our as better of increased the - coming value understood of in enterprise believe increasingly in and the flows four And the narrow. will these are net expected between value. that the to our interplay present market better significantly and
slide back the we've hitting XX, just on to just conclusions, So, points going there made.
the increases stronger we and results flow our in year-to-date believe beyond. and EBITDA in second XXXX First, than established adjusted foundation we quarter expect for expected cash significant and growth revenue, that
of and our which is is the value accelerated among fourth, our in and strength hitting point expected in Second, actually growth deferred - point. significant driven of foundation lifetime the that by driven the visibility that being of customers for an because four the can a interplay this by being operating into momentum increased business meaningful metrics we've offerings. the inflection the our growth is future to also our our is turn in results accelerate they're subscription which from our inflection those hit provides balances each value key getting And which this revenue
Young to time turn over point, our this guidance. the discuss at to So, I'd to like Steve
the As are company, with customers. about and making to just our with the I the I we're marketplace, excited in truly say that do, like progress however, we
significant We and organizations, all improve are a and their of develop the those enterprises around believe involved their uniquely that all growth to have advance address we for globe seek as results. leaders, frontline types, to opportunity poised these. employees, And cultures, perhaps sizes productivity we the that continue their the involving believe we improve of - to
much. very thanks So, Steve?
