Hello, in for the you to Thanks, fourth even happy the We're strength, have agility We're Derek. everyone. to opportunity the pleased us. grateful pandemic. the that. of midst Thank joining We're to operations Covey's that demonstrated in their Franklin talk you and ability quarter, to progress for today.
Specifically, expected. our increased was stronger revenue Gross than margins substantially.
Our SG&A declined.
Our to million adjusted an exceeded brought EBITDA the $X.X full million. million, of adjusted quarter expectation of $XX.X our that in bringing also which expectation million, EBITDA year was – versus $X.X $X
Access pandemic approximately when $XX discuss grateful was in and communicated of we Pass of approximately durable be sales which strong revenue believe, some the see X, North a would and just pandemic, the continue and uncertain, that, as Slide quarter and related provide than shown million and All that would higher was everything but Pass flow the in on we you maybe year in and moment, total that the flux there All onset our with continue detail to context. which to cash At in Our started. in sales of a ended strong our more American details liquidity, in XX% first, total was account operations, America. core we XX% as North related we're accounted and in although for results enterprise this that the strong, and subscription level drive Access performance and revenue these can We'll for
As believe durable, Access All relatively for All online indicated that not add-on on-site subscription services Access very Pass it of XA services live would and be in to as strong sales indicated to to after we the that and of would as delivering disruption Slide this throughout initial delivery revenue in XB, that pandemic services, only coaching on Pass X, would Chart grow we believe the pivot continue that, training add-on live quickly. rebound the allow our the
All and enterprise believe, we offerings online division direct All licensee also believe in delivery. of our operations, those base our Pass to having begin revenues, that as live small cushion a XX% subscription in account in teams, them, of to businesses XC, and Access Access teams collectively, to the our approximately subscription only thus despite international Pass Second, revenue which, international ability for the only Chart pivot of indicated quality and total our will enterprise their to our due improve to strength of we and countries nascent
strengthen hopefully, school Pass. of in to Leader middle in in committed of that subscriptions. Leader Education Division, we retain the and we'd their disruption then conversion they existing to which would believe, schools And huge the we sales, existing expect that growth achieved new XX% find the would strong accelerate for of and several would storm, Me add total selling finally, further be their that schools despite even the schools hundred We of the accounts as a expected Me we environment. And their retention All in approximately the way Access
So that, is each our this be challenging, than stronger our have first months first which turned X, continued of as as we're results be ends November of expected accelerating XX. while out Slide quarter, two for environment pleased and areas even in in to continuing that to and the indicated these the external strength
been throughout Access the you as Slide see strong in All fiscal full detail America, Some XX% on our in on have additional resilient on growing and XX% quarter can North X, – first, and sales year. pandemic, the the subscription fourth our business for Enterprise Pass
to sales Access Pass multiyear have contracts grow, rate pass all exceeded All continued and In again XX% addition, our invoiced, amounts year. revenue retention and the for new
upper able Second, we sales add-on corner, in engagements live continue with as online, to and quickly. meet Pass also remotely. pivot to a rebounded were training booking, almost needs our Access our and to immediate And services result, right-hand coaching bookings the customers of All the of
bookings achieved after six and our further in As our booking approximately strengthened year By even same then time last of positive. see mid-July, X, the pace in operations that American was last equal you year's new can weeks pandemic, first pace exceeding turned of services bookings the Slide North the continued to by which the say bookings actual through end of invoice With the our lag is has year. measure, significantly. October. sales is have end which also increasing, the of what fiscal to predictive call of rebounded measure, these August, service, strong a we'd or that pleased lead I'm
third you million And right-hand lower because canceled X, third delivered bookings can the needed pandemic down engagements As of in $X.X to in the be and reschedule. quarter, to then followed the volume started, everything the the corner in quarter. see tried of were as initially, year-over-year America and services in Slide North were dollar reduced,
the quarter, in graph. sales can XXXX, fourth see drove the drove in the nearly new as the volume of quarter line in And were they delivered. you to those an this services an in achieved bookings increased from equal fourth actual turn of and increase However, that point we to invoice the
and volume the off dollar As was as in of the were services bookings third being a result, $X.X quarter, up. million the million quarter fourth only actually $X.X instead delivered in of off
a following to continuing we as the be first and continued increasing sales now into As essentially positive same with up quarter-to-date level services see to with last first and consequence, of invoice trends in same year's our quarter. bookings
now XX%, live can the to you is shifted as of right-hand shifted now This corner, upper delivery, our in of to of to We online has online services. reduced XX% Importantly, any substantially. important. it cancellations XX% delivery been having really important future our clients have live see with view susceptibility clients
to really we times model bad we think a through have able now plow it everything And as which being deliver so and relates to can good subscription.
like which combination All with Access Access attributable the and strong strong of core business in essentially the kept lot legacy business. of Pass relatively in of declines All order in materials rebound to X, revenue North being small services decline add-on can all strong X, As sales our the quarter a facilitator Slide also American this you performance our see the fourth subscription Pass in looks Slide has in
ahead, the strong of and Access back year services the otherwise, stronger-than-expected run year, Pass, the given last which we they first the So start in in EBITDA way exceed operations. expect that's North almost XXXX were fiscal achieved we now of America, in the those with rebound new first in that bookings a the the we really actually even us an profitability, All to will coming quarter quarter that levels is
extra As we're might to recently that that pleased we to and we at an grateful last as year very that us and quarter, point thought take get said point, that we're now. that
operations, and licensees, – third substantially are Japan, in compared direct quarter. the sales Second, X, our improved as in offices in China, operations to international in sales fourth these always Germany, Slide which also quarter among as shown other also in the
countries all lack the America, train million third million to to engagements approximately as in a in strong then, of and XXXX. durable North need revenue of countries declining only compared base noted, these resulted sales $XX.X to in these subscription As you'll in to quarter recall, and quarter in unlike substantially fiscal of in third these the cushion countries $X.X the reschedule
the increased last $X still year quarter. fourth million million in toward to However, operating expected from sequential are back quarter while million build continue expect we in in quarter, further year's $X.X And to $X increase approximately these $XX up in million levels and first a $XX achieved through the fourth sales the quarter to then third the to countries this quarter, back in below million, to well pace. to XX% the
as Leader the despite see fiscal in Me the difficulty XXXX. schools Finally, X,XXX X, Education can extreme of subscriptions approximately in you in existing environment, renewed Division, on Slide their the
to deal schools the credit a to quality difficult schools to and say that when school's these after me day-to-day of started And these out was Let a very after renewed the as that problems teach they online, to even scrambling the and they renewed the clients lunches, peak. It's talk these tremendous team live renewed, our our X,XXX schools to again, still almost with and pandemic all offering started. X,XXX were it's of schools of deliver had. pandemic almost at how to X,XXX to turmoil figure the over
are Leader XXX XX third, to X,XXX being same same booked number the lower fact, in number ready Despite XXX during schools sell was versus at improvements the expected, during schools very number but schools be again in than the our last measures, key of last the of time time the and year; which days in – hope addition, year; new most of continues you which in Me time $XXX new number we'd period. the versus became a or of joined. same Leader ready last environment In number the new XXX to million schools we contracted this XX coaching remarkable. lead sign that at renewed we memberships period, to at which know, time able quarter-to-date, the of during being for of X,XXX be last in year, It's contracts have And Me last or same as year. challenging first second, schools, a seeing still, view, we'd schools versus the that including year, contract
a XXXX So quarter every hoped now have the of we drove that full positive into to the that were quarter. these in fiscal the I'd out performance fourth of at again, our stronger the the like expected of combination things combination turned better-than-expected year performance. dive and And a fourth case. our this trends deeper almost to be in so little than we glad start all – the period
on and positive as showed X, front. stronger quarter As said, expected we Slide was every than you our can see performance fourth in momentum, almost
to doubling discussed, our EBITDA, adjusted than the fourth going $X the full million. And and more of than year's year down higher the adjusted with $XX.X last $XX.X which Our $X.X bottom quarter. million, lower of strength the million we're for for the expectation than of this reasons our of EBITDA was just quarter. for is the EBITDA million to first, pleased brought while recovery really expectation the in adjusted This $X.X million, result
liquidity and flow remained In strong. addition, our position cash very
our As in fourth $X.X flow $XX.X in last though was shown $XX.X a quarter, for And lower Slide XX, cash from on Slide XX, shown million, generated quarter, for $XX.X year's on our activities at million. as than strong the year's the came net than last operating less million year million. just cash
you fiscal strong under with in which with and undrawn XXXX net you revolving very see stronger activities of recall, it was in was feel performance good may million means activities fiscal only comprised strong no facility. cash during was liquidity, have million million cash, ended We challenges. XX. $XX $XX.X $XX year so generally, debt in that actually, first year's driven million cash revenue operating total Slide operating in $XX.X the year we as our this million an available As and credit given by in can years flow ago This from about $XX our we additional flow a from two our economic
growth turn, of – mentioned, expected fact grew as All we also subscription addition was of which, a sheet, prior rate North the higher Pass year. volume larger than Access sales of – we large even sales, the a were in an volume of of new were were passes revenue included expansions; was than in by revenue. of discussed, the of lot All quarter, the multiyear the greater in to added most retention the balance by of in continued Pass deferred sheet, course, strength revenue almost All that, quarter the sales invoiced, high on new These the And sales logos, the logo quarter lot our stronger which a XX%. the actually, I to bookings, the sales new invoice of in as this our year lag of in sold XX%; revenue, and what invoiced one continued with we as a driven fourth we American – despite – coming which rebounded driven all though, to just also achieved And to Our we Access fourth revenues, Access million the All that where up of Pass, quarter, $XX.X just revenue strongly, of in in the early prior add-on of the what talked about, bookings balance quarter that of levels due recognized despite Access pandemic. and where, were days showed, operations, Pass fourth driven services than we in
see You gross can again also on strong quarter. Slide margins fourth in XX, we had the
came XX.X% the percentage XXXX, XXX fourth quarter margin fiscal of gross Our again that's points the XXX XX.X%. points at That's year. up from basis the and for basis in up in achieved
cost sales And and to reduced $XX.X million the our the been last And million. variable came costs not which quarter in Third, lot have related SG&A taking through related to had volume, $X.X the $XX.X of year, fourth we while some throughout been in lower. part fourth in was as SG&A had $X.X we've been our of is spring COVID, for at annual is a million, implementing that lower implemented than million starting fourth it flow SG&A initiatives in that – improvement also the just the quarter quarter. that's that of year's specifically to of planning. an reflected
were subscriptions the in of multiyear most Leader Pass subscription invoice and EBITDA we these sales said, the membership the $XX.X Me new adjusted in, and very year. and $X.X coming quarter, factors for at the full that million quarter sales. fourth the in in sales combination All the of renewals mentioned for these of had Finally, invoice of resulted strong Access as because I we million
As but recognized our balance this amounts the periods. not sheet were year and recognized to on be in you these know, add went and quarter will to future and
This that a however, result, our XX, is of or end fourth our the increased companies deferred a barely, growth more of mark to of and mark million, talk about million than of subscription on year's big As Slide unbilled balance and but at billed total last XX.X%, million landmark. $XXX shown think about revenue lot reflected as the a quarter. to of compared XX.X% balance $XXX and $XX.X a
of significant of and of strength future our provides deferred shows XX.X% invoicing. the Despite that performance. and So balance billed unbilled into this the large stability our visibility growth also environment, of
high to the in As we'll we EBITDA detail in company offer in XXXX very be be fiscal fiscal a discuss in and more XXXX a we our short, we high when again moment guidance coming flow expect cash years. and for targets, in growth, – adjusted outlook – growth
expect in EBITDA we'll million. to between Specifically, of $XX compared reflects increase generate XX% in and EBITDA in we XXXX, This discuss achieved million XXXX. EBITDA of fiscal an in more million to $XX.X detail, approximately as adjusted $XX fiscal adjusted adjusted
target XX. million to around year increased in revenue XXXX year. growth, $XX reflect high each an that by XXXX $XX These around illustration targets our XX% this in Slide that, Thereafter, approximately average, year on million EBITDA growth of or cash see years. to as of to is moving the million to And – high of a toward which of achieve flow in is a coming adjusted growth around and in per into and ultimately so expectation margin our margin growth will year adjusted there's an that approximately through flow in in single-digit $XX million that, will also million $XX fiscal $XX thereafter of adjusted fiscal the expect increases we therefore percentage so EBITDA revenue EBITDA flow-through, be achieve sales EBITDA. XX% we With to
or to like now address in I'd report So on questions results, three outlined XX. with Slide that identified our key
I – at first maybe going speed least the cash need trajectory what background. forward? expected third, most questions. in Pass so in the sure, strong at is We – mountain, EBITDA the question, our section. is Access growth making the hear what's what All and and mute. I'm need question is, that? Second to and really to related And driver guidance somebody some, that's revenue have of high climb not will flow our durable? might What's this important of and expected and the behind address First, may But more
Access subscription demonstrated for importance expected important where best time related just the approximately growth? to our sales those turn one, strength questions account and of So core and flow subscription of resilience most single the then Enterprise is driver All the total in our put, Division Division. and for our Pass XX% for driver and All by revenue really important guidance. and of sales most the and Pass high strength what EBITDA, Steve address cash of Access All Access American is Question generally that. Simply of two the engine is to operations, business high particularly the strength the of Pass which Enterprise The XX% account of North related our
All why adjusted reasons. Pass cash driver important growth forward? the going of flow Three is Access – most Access So in
reason has several and is our it's the driven in that the engine years. that over first past the The revenue vast growth majority EBITDA adjusted of
client, $XX our growth of in million a growth have it's client, the and account from XXXX. has almost revenue during XX.X% primary gross All on-site than run-off related of and growth business replacing As driver as vast the compounded X dollars for to left more all Slide revenue year, the XX, majority and also higher see gross grown significant per overall. year. All revenue huge much net been these growth it's more Pass resilient revenue and you side, – has of fiscal retained each million our the Pass All we XXXX, substantially much overall absolute legacy with per margin company offset And a higher the XXXX of you on for of of Access facilitator $XX – in in their years. also in margin as revenue $XX on related in to Access much This and Pass-related growth more the every revenue that in Access And know. growth business, increase can revenue between our and sales obviously, XX.X% average million rate, since from generated
the growth so – that it's first the engine. is been reason So
The to we is of expected growth most throughout and strong second bad Passes that as is this be reason and continue driver All Pass pandemic, we good All Access to think Access be mentioned. the times important
of the you Pass six can $X.X to fourth through August XX, As one a actually or March for Access been has the compared year. the subscription to period month sales see in on same And compared from really which period All million grown same months, in heart grew last the right XX% XX, has ago, the XX% pandemic. Slide quarter, year six the
at Pass expected important percentage and back And also remind related ever-increasing Access same why As become repeated as positive such the and – reason these contractual, sales, greater level – although model year. that And is of services as the pervasive. which we than actually, XX, to this sales to subscription over is revenue, are account now the the driver rapid Access just the of result and All subscription the Access have are will business. and Slide previously growth as impact final on XX%, add-on therefore, a a at our Pass similar Pass not of All client shown in again All of basis third an rebound an last of for us think noted sales same running of bookings sales years, increasingly
increased from Access and for in As can already Access to Pass-related Pass said, as XX, All Slide you X%, we XX% sales America. Division account Enterprise on of approximately the All North have sales Education see accounts in and revenue Me in Leader related expect the for grow. to this sales XX% XXXX, of share to approximately subscription fiscal coaching membership continue in we XX% Division. Similarly, of
the continue will those conversion. to which you've increase substantial, it's already but So made it in already operations,
the world most Me, important of driver in in yet Pass subscription, All or believe parts is Leader AAP aren't they the primarily we other that that why become the Access will expect The reason so. we because
that direct the of million the just is add We partners, will the over our majority $XX growth and our that beginning is that All today, approximately subscription it'll we just rapidly. durable to quite of offices Access licensee and that's accelerate the in our where, And done now expect Pass international annual international nascent among revenue and million see have of expect revenue, $XX then and elsewhere. the we properties same next year, and – – we'll have resilient then
know, In at terms what's this and you going of Slide question, Walker Paul XX, the and Sean Paul, Me. this. time Covey the second address just Collins to Paul, Chief And he Operating is if call ask Access let and Jim our look to me resiliency you on in All I'm as Officer. to the also behind you. may both – and to Pass Is Leader in President William. turn
