Ron. Thanks, everyone, Welcome, and for thanks today. joining
across was plan, drive As we our notable it allocating us Skillsoft resources to future executed and growth. our Ron shared transformation comments, for opening quarter facets which our benefited to continue a his as all of in financial results allows
our span strong profitability transformation that will and quarters, of we expectations, flow journey cash ahead While multiple delivered delivered performance. our I free pleased revenue improved am
revenue review with of revenue. due skills efforts detailed a learning and starting to of TDS Development results on financial or to primarily Solutions Talent market to to year-over-year, up talent our shift capitalize our development. X% the $XXX now million was from Turning
quarter XX% of for coaching stayed to in XXX% year. the retention compliance QX rate, product sequentially at flat result the or decrease dollar and with DRR, compared LTM offerings. The softness approximately was last of our X Our year-over-year elements, primarily second QX in
sufficient model our coaching in a challenges a through mentioned subscription released we we pricing action the earlier, addressing compliance impact are retention seat as on a I are model.
In forward. confident we identified near-term line. our We compliance a product have the revised integrated have the away expect licensing and our understand recently approach, trend rates area, plans we and from resources dedicated where proper that new improving to going moving to to Ron the challenges, and am have platform
improve our the priorities year-over-year. remains QX.
Global highest efforts trends this $X of year critical revenue million approximately into Our down strategic and aligned or metric, moving current million is outlook to it was our of full $XX one and to Knowledge on XX%
good commented earlier, sequential made declines. the in stemming As of rate progress revenue GK Ron
XX% respect savings $XXX million resource of and actions. approximately down reallocation or million or of to our resource revenue This internal GK million is and reallocation Selling million million our important favorably for by X% $XX actions.
General development were actions. year-over-year. or the year-over-year, from Walking administrative expectations resource due journey.
Total of year-over-year, XX% third step down and transformation with cost expenses. revenue quarter. XX% X% of through first or $X the revenue were increased favorably over-delivered of of expenses of revenue of of expenses due million $XX revenue expenses XX% or X% the marketing million Cost to year-over-year. for primarily software to their was to an GK due XX% $XX $XX business was Importantly, primarily or reallocation year-over-year, favorably down unit on down primarily X% revenue Content $X of
September CEO made management, agreement resource in While progress and actions those on targeted awards continued actions. related roles offset cost to signed costs retention critical we employment for onetime the reallocation disciplined and
quarter, million revenue despite incentive no revenue down or to $X of year operating million prior and $XXX we XX% or of base delivered up million XX% the to Additionally, Total year in there short-term expenses were compared X was profile revenue million year-over-year.
Similar lower a year favorably $XX the period, of higher to period. EBITDA profitability. XX% X% accrual compared $X margin prior ago. last was the $XX award or Adjusted million or were
loss Adjusted points compared EBITDA. compared of net in growth of GAAP loss million was $X.XX of share million loss discipline net from expense in of loss in loss the per adjusted net metric, the $XX and $X.XX X% of GAAP per year. net GAAP million Adjusted improvement share loss prior share drove year. share GAAP year. net improved prior $XX $X.XX the net of basis loss prior adjusted in our million net $XX margin primary the in profit of $XX prior of to year. loss XXX adjusted improved to Continued $X.XX from net per per
as critical soon improving our free free getting cash cash Moving sheet balance as focus possible. positive A is -- consistent flow generate profile highlights. flow cash to company the to and and and flow
As quarters the second and third have historically cash. consumed a reminder,
of is we efficiency the impact this level maintain third collections alignment between quarter the with forward. million. will of positive However, as by have disciplined and led The in driven introduction Ron third cash performance systems management was management.
Improved flow primarily delivered collections organizations. of improvement end-to-end and made confident pleased we the enhanced we resulting the progress our mentioned, am metrics The customer-facing dashboards. I free already in centralized quarter $X collections to and going
X in an the ended cash from cash flow million For quarter, flow expenditures free $X.X of and capitalized million, million prior in generated period. negative improvement year third operations the $XX.X software, months capital invested in internally and $XX.X from we million the in $XX.X of resulting developed
$XX million, third for in the quarter, costs prior and generated of capacity we impact $XX.X a As the impact to with associated an flow free of the introduced Those business quarter positive cost but restructuring resource growth compared costs self-fund free adjusted were integrating of cash transformation we plans.
Accordingly, period as the last $XX.X to have we operations the our cash our adjusting period. investment charges of X-month of had year improvement you initiatives. in aligning and to particularly reallocation to company implemented were our the creating our million, the nonrecurring essential structures, flow acute on this systems million material of cash
adjusted period. XX% to for Our flow the adjusted X-month was conversion EBITDA free cash
aggressively to continue manage will We metric. this
maturity our receivable lowered and we year. $XX basis borrowing provisions. and expire to extended monthly this SOFR our by Additionally, accounts facility, of of $X renegotiated which the successfully terms requirements administrative $XX the million XX due spread flexibility from was enhanced at the the points, end lowered to and of December million repayment our draw minimum We million,
facility the As consistent business. we we use in to the begin generation, to revolver cash flow like cycles can smooth a more cash out progress free to
maturity with extended Term the was Loan of the to Finally, the to FY B facility maturity. 'XX align
million maintaining $XXX cash and a includes term Total sheet As and borrowings end a $XXX loan end result and quarter equivalents from was down on approximately million receivable which balance at of closed facility, a position. cash strong these actions, and $XXX the liquidity healthy gross QX. million. of accounts restricted the Cash, debt, our cash QX, at the of was we
cash restricted loan X.Xx. on to cash receivable second from and our FY of approximately debt our Total the includes equivalents saw at borrowings have in cash, flow our lowered as Year-to-date down facility $XXX borrowings the improved $XXX we we net from Xx of 'XX in the end gross More we net leverage facility. was accounts lowered on specifically, which million, profile million and accounts receivable approximately debt, term fiscal quarter. quarter, cash
the outlook for to our year. full Turning
Given raising global fiscal expect progress our year guidance from range. and primarily knowledge $XXX strong full now revenue and of revenue execution transformation revenue making We in in full we to million $XXX QX are are journey, the our now we our tightening million year for 'XX. the
Day, Knowledge lower slightly revenue than profit Global margin As a profile segment. you know has the from Investor TDS
our our compensation drive revenue additional and to improved overall critical plans, accruals will our performance philosophy. incentive element Additionally, short-term retention of a
million. our outlook $XXX adjusted a X $XXX As to of result reaffirming we are million EBITDA of these factors,
our and but cash adjusted made estimates. not onetime came initial were costs significant with those in costs which actually efforts the reallocation in flow EBITDA. associated our below well have managed impact and actions, progress free We These resource
Additionally, of that, we result cash the as working year.
With open flow fiscal the management please capital questions. be breakeven operator, the we up a now to near call and to for expect important or free made at collections, in full progress
