Thanks to joining today. Derek. Thanks for everyone so us much. Good,
of happy Hope reported through then to is has you lived have that a really chance many of is of days some since globally. have history, both us like with in and to been noteworthy we a Obviously, are this. most last talk so the And you. XX the nationally a through We you in none time who past, the doing each for have well. or each of lot been and recent of us quite well
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the reviewing company leads jump out and that results as very high past cash a by us in of we EBITDA high the in quarters later, we As will as we growth beyond to our start like been this growth, address would our period. I being rate progress the resume right quarter. for flow expect to we move have will third
Just momentum, adjusted revenue seen as X.X% $XX.X and EBITDA entered or XXXX, having million million seen XXXX XX%. a having in fiscal grow with increase we or strong context, $X.X
We expected this knew be momentum being we accelerate by it things the to that by should continue. It’s driven XXXX. even and driven in
EBITDA thankfully $XX.X – with Year-to-date million digits, the cash between had the and through million. $X.X expected quarters the getting in Consistent X, X.X%. result, our very revenue we with historically revenue still months million entered year-to-date a Pass revenue operating with full-year to expectation track, to on for million, into end $X of ended lower to high really net reaching financially this had and growth track had performance, to With increased and grown of expected and $XX cash two flow and million actually flow expectation were that the months, XX Access XX%. $XX EBITDA EBITDA point, been achieving and Subscription increase that only I $XX had XXXX, Adjusted the EBITDA XXXX strongest this latest the grown increased the a second or range end reference to us we expected ahead strong that XX%, $XX generated strategically, range. million give for million of All that just operationally $XX.X million $XX almost and as fiscal our of have As Slide guidance XXX% XX%. second between us. latest and with we in for significant time That or has as grateful we on and that increased February, million year high-single meant to XX up related already quarter, of the adjusted you $X.X to through start by the related strong meaning had were that this background adjusted revenue the from cash results. with quarter we third adjusted say year's liquidity. ended we XX% million and million. plan that the had $XX quarter been XX% or activities had XX%
strong when it of reported second COVID-XX business businesses These how society stay-at-home we restrictions And of a our and results, environment and related large, these impact the external on third significant April, remains. was virus on the would affect obviously had schools. would uncertainty significant how in our that’s factors However, individuals, at really, uncertainty, constantly quarter. to one changing impact much on obviously this in –
down Slide As in million our third quarter. the compared million see revenue that year's you third can $XX quarter in million $XX.X for was $XX.X to X, was last
many of in resulted from in discuss in deliver detail, reschedule to due engagements. and to offices in revenue restrictions. Japan our they need not and possible coaching most where were to in the Actually, our on-site to stay-at-home for closed majority been than international training XXX% our of this of As the have decline China orders at strict due more operations, further licensees were locations decline which this They occurred will client scheduled the of quarter. we in stay-at-home and
of rebook will rebooking. already been really discuss lose engagements and able to to Live-Online. many expect in required these vast As of not the a retain majority we the We minute, have that revenue we
in in more durable pandemic. minute. we the hand, Also, of revenue will to the be subscription our a middle proved detail discuss On other even the extremely
XXX% the not to two those was they business result a consulting of Live-Online, subscription the accounting, able almost points, all for quarter our because being of of the strength. is thankfully events, and the I don't more part live subscription activities the on so bulk some – other of balance think just actually impact And really have are retaining to put training of as which reschedule thankfully able which affect taking the sheet carryout we than and of been side,
talk will more a in We minute. that about
points increased subscription and margin can these gross points basis quarter. remains see XXX the last Also, share related you Our XXX points in margin increased XX strong, of the reflect revenue increased to months. basis the even to XX.X% high basis And XXX sales. year-to-date increases for as
Third, SG&A.
to and downturn, meaningfully it variable structure provide at time, margin have a significant to a cost was gross were, if to a and offset designed any flex did. offset an performance-tied highly revenue we in We that and
in strong SG&A million declined in gross by insights. third declined in important of need useful Fourth, these address as the like Stepping as decline this four from numbers in related EBITDA quarter, and quarter adjusted $XX.X back profit the the to a $XX.X in at Takeaway in $X.X will to decline stay-at-home that decline on-site the the And remained quarter XX% that hope resulted third key one, quarter, offsetting the finally, I'd million I’ve you due need this, million offset SG&A. unpack in through restrictions. the from quarter $XX.X operating we reflecting from meaningfully activities revenue the the profit million find operating decline shown, provide As the of engagements. operating than EBITDA to to was $X.X and is noted, cash revenue takeaways to reschedule these worldwide flow some more XXX% that in I gross reschedule adjusted million.
had we during schedule strong international As our a offices shift subscription of rescheduled were delivering past portion The Live-Online. since businesses have not and do and to related training the our the very operations be quarter capability we to May. coaching which training traction accelerated pace booking noted cushion whose most immediate our the developed yet this to and who them. closed for and years, significant gained services to over engagement Thanks the coaching early majority substantial and of XX of actually
And on to had biggest so of is, to well the we in it believe quarter addressed. reschedule being the way the area that impact was
last last eight and the talk we Canada. about in same or six levels now regained year in as we more pace, booking had Our the weeks weeks the has will U.S.
in will coming we impact that quarters itself. that so And believe address
We continue our and increasing or as among improving Japan China in are QX licensee for to although both weakness partners. as well have
So has business grew And adjusted the been in subscription rapid even quarter, subscription revenue strong obviously continued growth and growth the that past biggest The flow we on middle has invoice driven the is strong several June. our even and contracted accelerated challenge business EBITDA third is way further subscription the has our very cash getting over addressed. And the accelerated pandemic. of to our and the also and in subscription to durable significantly the in throughout second in revenue quarter believe years. third
just is Live-Online importance of of not the our based helping this the and on are which converting strategic range offerings in strength of the operational flexibility address. to clients is gone old middle storm high and that to where of the us were immediately including we of these takeaway Third And business downside model across bunch shift challenges which is strength haven't than bookings are a XX% allowed there. away on the has the by the happenstance. our roots, flow That Those which our of The through days in third, new deep times. now on more of wide upside. the modalities of our flexed a
outlook doing establishing some flow, mountain for emerge being expect achieving believe now give going and high a we'll resume – forward. rates and able do be this march and to We what Finally, from growth we EBITDA foundation cash high the as our in to the adjusted aggressive are period we of we that. to expect of
like of have you so some these contexts. to more I'd address just key each takeaways So
had rebook. related just coaching to to significant the actually, met delivery years get and net First, that decline it. we to same developing be digital strong you like, are live these pure than concerned getting. We do had you we promoter that be it, idea Not to about were, the deliver you SARS, than were ago, very many this We pure training resources capabilities. other able need need more felt scores allocated and of were really to able on-site. content. after and to We people More need Live-Online to all XX the
other the have our called this lot both platforms, of tested XXX a major WebEx, journeys our proprietary More to GoToMeeting. on we've Live-Online lot and coaching, supported a training. consultants than done across our Microsoft both so of as capability including Zoom, this impact on as divisions LiveClicks well Teams, the deliver Adobe and training and own all And platform
higher on-site Live-Online, they on question, a it in facilitating are promoter actually and they net with it's and Live-Online likely is XXs recommend how locations same and XXs, Live-Online. your you a mid-XXs have point that little that higher were the when actually at consultants at in their achieved with high delivery scores live Our instructor? would anyway, delivering client rating actually delivering expert the but the It's
and have quality and live our our and we capability Live-Online content this in our live digital despite that the capabilities, and for last digital-only client advantage quarter clients that books, only live the ending than unique with though started will live engagements coaching training tools, to providers. both year's an on-site coaching actually to again, consultants also believe a the this which school coaching higher and So quarter XXX were for businesses on-site And this locations. of this on-site-only business, of these engagements delivery additional our began or with Despite – engagements. Enterprise client this their and competitive our become year's relative third quarter. We – done choose Canada third and support books engagements providers all Cluster we these in coaching at traditional years, quarter third in vision and them the on continued consulting almost was almost last to of engagements at just with U.S. XX% year's locations. of delivery is third school quarter, were and to on-site with scheduled on all or that quarter. typically actually location. XXX training XXX XXX is of engagements training X,XXX Similarly, for of and the added and Essentially in the already the the
meant virtually the to that pandemic-related However, trying this just of since companies of third impossible their as rescheduled onsite had to during and know This Live-Online quarter third third quarter. and all stay-at-home the revenue into all quarter get this quarter. and we restrictions substantially typically either bearings be most not schools the during concerns delivery were made many same
These have become training offices continues bookings to offices traditionally Access figured have. was June, our Live-Online number obviously lockdowns, factors and by were ahead Live-Online. same lower periods and revenue an back training very many to on to new Japan, little also We just In of on-site actually do large subscription revenue their might licensee clear, engagements our time China pace converted that countries of knew which multiple those as that uncertainty and since they've in had digital which these more in challenges then a experienced these and get then throughout of impact an substantial March offices the stability. All done they for closed long to go and areas addition, organizations or May given certainty had it of reopen a live they outsized as didn't and April much started base or the coaching international Pass similar of provide partners they during than and
plus across was year. have this in amount of had the $XX that these million approximately was in so totaling they onsite $XX involved year, million be And to rescheduled revenue engagements would the been last substantial very the company
and As strong engagements client daily, was. we provide not how engagement delivery They were developing postponed, training in that and And we of demos be been already clients I capability, to mentioned it significant long how rescheduled process will work. therefore displace many because of these by have not rescheduled engaging surprised Live-Online lost majority showing being of Live-Online of been Many teams our moved the revenue. onsite we immediately all-day were lost that investments ultimately expect our it other or had a rescheduled. in
company's decline the an over and that quarter deliberate even total amount our revenue response, of rescheduled. offices. had However, possible than international than in represented revenue a be that to wasn't with our XXX% just that unusual million more the $XX of of as the rapid more occurred and mentioned, finally, of to $XX It million of in
fiscal U.S., EBITDA of reduced our By As Canadian accounted quarter this U.S. and subscription last only this of contribution. the contribution contrast, the of whereas a the and is the in orientation among again third shown for $X.X operations, enterprise $X.X operations at our which English for in revenue of XXXX. for of million they're X, speaking and of of And operations, our reflection can of revenue user total Slide on impact. year's third third you year's of of idea strong see lost you the These quarter Japan. looking accounted our and XX% is This in accounted kind in an stages development in subscription get this, accounted offices XX% quarters. Canada mix China earlier international million international the for our
however coaching as the tracking and time our pleased really now XX% it's new year. are past are and accelerated for new Live-Online booking that And increased booking months. of the bookings those engagements training surprisingly the ahead it's I at momentum two has significantly same pace now of and We mentioned over last
As you you can on give see just to X, in some Slide visibility this.
see the mid-April. new of You of in beginning delivery pickup the engagements and training coaching booking can
shown, then As accelerated. have bookings since
U.S. to nearly As at now and achieved X, mix new of on Also result, levels year XX% to our the in time. shifted Slide last bookings Canada, we delivery approximately this Live-Online to now. on being same are you the see that has can booking a back those equal
same as are almost think this at we and despite this very year it of So Live-Online, bookings people pace had last important. ongoing time, getting willingly we're uncertainty, is the we doing and
Slide depending status. year an pipelines. trend revenue starting XX%, additions stage and And the which e-booking to has it's are by you close date. overall deals coaching pacing through to very ahead likely of as July to advanced consists mid-May pace we pace, if this encouraged calculations, B invoice training addition and XX, in and pace In our see accelerated in on improving both began continued XX% or can of prior also are, our its This very, highly very of to either A to
balance recognized third recognized things so to or the do was that that's deferred coming the generated delivered really we quarter. then site, of are that knew, sheet that in And the the bookings didn't revenue quarter, We on in on the not couldn't with that be third these things already quarter. really are the in, and very what the quarter the much we was all our had and story have had itself
on sheet the pace or impact activities forward thankfully the thing important the the quarters, that been an strong. go don't have and things for have for balance much is the in year However, on booking next really booked us that build and when but fourth looking third foundation
Second major didn't the takeaway we quarter the current impact on piece, subscription but deferred in an is all area have is the future. the related business, except the which in feel to expected much an again at to important for This the which impact impact pandemic. from revenue has least
in this has business subscription cash You Access the and add-on EBITDA year's months an see for to been characterized accelerated business million And has a a million revenue revenue XX% an very XX, been margins, the All pure key XXXX believe by year believe has revenue, This in points very we customer just rates, been together This our strong adjusted Pass has and high million. low that a about we're from we stating some Xx latest lifetime not strong a to subscription or alone, Me million through has been driver revenue customer in or basis and behind lifetime from than the growth to this $XX of that subscription business million have of value that rapid is portion XXX quarter by several least business but at excluding and $X.X to subscription the Leader has flow you second a growth and XX revenue And robust growing durable. in strong about retention XXXX growth, from million growing cost increasing part our on $XX.X opinion us services. can the value strong you revenue it, is $XX customer represents it achieved of economics acquisition this which let making alone, know and with greater subscription $XX.X gross with in its caused $XXX grown have years. past over you million $XX.X of which business. worth to Slide just million $XX.X
$XX as Importantly, our quarter. to million revenue continue months total as trailing the Me third Leader XX through the and subscription see both as can shown, third grow you to quarter, in revenue in well latest the for increased
so some the on growth quick And you strong give I'll itself. business. a in XX% bullet quarter subscription the this was point just data
First, revenue. deferred our billed and unbilled
scheduled $XX quarter of We plus expected to deferred revenue that million and recognized in the was be third be XXX% all of recognized it the would was.
or the billed that's a see at XX. to million million year-ago. deferred which than $XX.X of second books full we We revenue deferred we into that revenue end the $XX.X is expect broken as scheduled the quarter, million You was on of billed amount, did. as shown this the Slide be had the second at can Of in of quarter the and to higher XX% recognized get end $X.X
XX%. Subscription in in going Leader growing a XX%. Pass higher our subscription XX% Me revenue result, All increased quarter As revenue with the third Access and slightly revenue
pace than we unbilled $XX or Again, balance at the new end all be XX, unbilled of where the to the quarter renewals deferred sales. and the the that We time this a year Slide potentially see decision-making expect was – revenue, million same it would million midst last all at contracts. second that on $X.X the also be of in invoiced And had had the supposed of we we be this of that would all of million up invoiced substantially multiyear held had the and year. deferred related You higher was pass primarily was. $XX.X revenue affect XX% of would balance number in to and would concerns be of invoiced that that
our to during over XX, the has our every however, All higher again And Pass would however, was historically very third percentage XX% Access latest and nine months difficult XX months, latest the actually revenue for Slide in retention retention straight quarter. you what business revenue last quarter, And our rate we unusual revenue this Subsequent XX% had retention pleased the than we strong bit end expect, of third the quarters, quarter, actually that for we've in actually disruption. actually are weren't sure the the had quarter. exceeded and strong a renewals lower the couple delayed of boosts to We just the to other our due performance, with environment, the that a rate case, retention exceeded very accounts XX XX counted all expected XX%. likely revenue come quarter As weren't in despite that while see, that revenue be were higher. the in can retention been
strong. concerned the to that to new again, Access be has sales it Second, continued be logos of we invoice but impacted, were Passes All new or would organizations
level achieved for companies result, to period Access XX, a months, sale during quarter also All as a XX, QX year. And the sale Passes see can was Passes of All All of same the in Canada. March the in as you Access at XXX% June. logo logos new in as have of and came year's June, level at the even continued sale you in the U.S. the on last strong Passes achieved to in new four in of result, last we Slide through see, to As coming logos can Access new stronger the And the XX% Slide for right of
contracts Access quarter with into been third Third, All the which entered to strong. might expect that Passholders pace multiyear into would at pure or has Access multiyear have Well, the all Passholders also contracts All the been enter it renew uncertainty. during reasonable
end As you amount million million All of balance to unbilled see quarter. $X.X the from Access year. actually last little $XX.X year's dollar bit Pass $X.X last in third at Slide increased to XX, And our a revenue in the million from increased contracts million $XX.X can of deferred of multiyear
of closes the year. and It’s retention versus of In Me gap prior result, our year. the that these of And Leader to high we the Division, $XX.X historically renewals revenue have million that a through renewed the new during Canada combination was matching given just further. in little membership total in a if Me of entering in revenue in The Leader in last and U.S. have June budget the As on logo maintaining again, third vast subscription Education schools million year. invoiced invoice renewed even late schools and XX% amount things in subscription fourth $XX.X our quarters, you look approximately majority XX% occurred the their cycles. fiscal sales,
unreasonable And so of in this been in storm. not in the year, it's right renew, rate interest X,XXX Leader drop With than the might more have to it the renewal middle schools Me would substantially.
membership time or in to at fewer same administrators depended with and on were disruption resulted those in when March schools XX% or their teach the XXX Live-Online As up, ensure having fiscal and was committed et scrambling who schools subscription renew you meals April in still could can pick the XXXX. in school to starting than XXX schools see cetera, Me in XX, renewed and tremendous in Leader number the Slide that them that their
However, our they've education has been made and clock, around very then. team since working the really substantial a ground
program. renewal year. in at schools XX% again will Me reflecting the At contracts As X,XXX retained this expect X, of school or already we signed contract we're that up of or they've schools strong that time committed, return behind end last this the have had these where we awaiting present, X% than greater schools and which Leader number now rate increased either XXX just yesterday, a were commitment July that's to to
expected memberships would the challenging as be that environment the it Finally, current sale expected Me been. impacted to new Leader than of by in has very schools,
awaiting new time of the purchased schools in Leader had at in Leader had This approximately we in Me through represents last same shown memberships. year. the Me on of purchase or July new new XXX signed As XX, contracted X, contracts of schools Slide number XX%
significant initial of current However, based in and six that everything our kind into the disruption the on fact about back weeks. account, pipeline March moved it and taking
more value and new of in difficult on all of schools the Me the reviewed new approximately end indication that the the had memberships very their school renewed XX% about. periods place Leader strong XXX a X, reach schools feel we number expect Me increase pace these We the on of number memberships good with a schools. and by Leader in quarter. That's of X,XXX of in would since they fourth will the of during sale Leader have Fact year, going very last the the that number Me become significant March XXX schools than had achieved
I'm pleased because even subscription that with that remains to So been and the so the deliver to coaching way business, durable these our in is training. Live-Online on the times, impact inability which and training of addressed on success really being our has primary our business significant
third subscription So quickly that the turn Paul of factors takeaway over I’ll time to related just the our Walker discuss to durability strategic Paul? were underpinning the the business. to which
