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Before we go into details about the quarter, I want to provide some context on what we have accomplished as a publiccompany and how we are looking toward the future. Education continues to prosper well. It was another strong quarter of growth and adjusted EBITDA performance for the company. In our U.S.
In education, we continue to expand our higher education footprint globally, including notable growth in the United Kingdom and throughout Asia Pacific. We will also focus on the strategic payables opportunity, particularly around commission payments in our travel and education verticals. investment savings accounts.
The past year has marked the most transformative in our 25-year history of being a publiccompany as we released MicroStrategy ONE, MicroStrategy AI, MicroStrategy Cloud for Azure, AWS, and now the Google Cloud Platform, and continue to focus on growth in both cloud and AI plus BI. Well, Bitcoin is a very profound idea.
As Cloud Intelligence Group moved toward becoming a publiccompany, I look forward to reengaging with everyone in my new role in the journey ahead. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thank you, everyone.
These applications span a wide array of industries and scenarios, from online education and e-commerce to public service sectors, and are integrated into both online platforms and smart devices. We were the first publiccompany globally to launch a GPT-like model in March of last year. Last October, we launched ERNIE 4.0.
We also remain committed to medical cannabis education and research. The increase in cash used during Q2 this year was primarily related to the settlement of pre-acquisition liabilities assumed in connection with the HEXO acquisition and an increase in accounts receivable in the current period. Operating cash flow was negative $30.4
The second quarter of 2023 marked our two-year anniversary as a publiccompany, and I'm extremely proud to announce we have exceeded consensus estimates and raised our outlook every quarter since we've gone public with Q2 continuing this pattern. Good afternoon everyone, and thank you for joining us today.
Specific about your question in the monetization side, we are seeing some encouraging early results in certain verticals, including legal, education, and B2B services. We see strong adoption across sectors, including online education, social media, restaurant and food services, healthcare, legal consultation, and recruiting.
As the front-runner in AI, Baidu probably became the first publiccompany globally to launch a GPT model with our EB 4.0 ERNIE continues to gain market recognition as evidenced by ERNIE API costs from multiple well-known companies. standing tall as the most powerful foundation model in China.
Beyond product introductions and innovations, medical education and training are greatly aiding in the adoption of our technologies. But as a publiccompany, we don't plan for that, but you've got to run it like you're running it for the next 10 years, and if something happens in the middle, you have to look at it with an open mind.
And again, if I look back to where we were a year ago and talking about whether Arm could be a growth company going forward, to have four quarters of consistent growth after being a publiccompany, I could not be more proud. In summary, again, four quarters as a publiccompany, four quarters of record revenue.
Modernizing legacy applications has always been part of our business, and we have taken steps over the years to simplify and demystify this complex process through partnerships, education and most recently, our Relational Migrator product. Operating cash flow in the second quarter was negative $1.4 million in the year-ago period.
And while our AI platform branded Rezi is in its early days, currently focused on employee education and onboardings, we see a broad applications through Originations and Servicing. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Additionally, shipments of proven Canadian strains, including Kush Mintz, Tiger Cake, and OG Deluxe, as well as increased educational training with medical practitioners, contributed to growth in our Australian, Polish, and Czech medical cannabis sales in Q3. Our Australian team delivered its 12th consecutive quarter of record revenue.
In September, we held CAVA Connect, a conference that brings all of our restaurant GMs together for education recognition and celebration. million increase is primarily driven by recurring publiccompany costs, higher performance-based accruals, and an increase in cost to support growth. The Motley Fool recommends Cava Group.
I'm pleased to share that the production of Wana edibles is fully resumed within the quarter, and supply is now coming back into retailers across Canada, as well as into the Spectrum online store, supported by in-market activations and by tender education. I'd like to now review our cash flow and balance sheet.
These savings are largely attributed to SG&A and publiccompany costs, supply chain consolidation and operational efficiencies. We are confident that his expertise and strategic vision will continue to drive our company's growth and success. Looking at our integration initiatives, we have achieved $18.2
Most recently, Susan served as a publiccompany CFO for IAA, a global marketplace for automotive buyers and sellers. It provides one vehicle to educate the consumer about the HEYDUDE brand, allow them to find a product that they can buy and take away and enjoy and hopefully become a HEYDUDE brand fan.
We'll continue to educate the top 25 on how our modular platform can enhance what they have already built or drive cost savings and platform-level innovation by cutting over to Olo. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We believe this result is somewhat transient and was primarily driven by reigniting old customers, attracting new customers, and educating and enticing them on a wider assortment. Marcus Lemonis -- Executive Chairman Look, I have -- yeah, I have been a publiccompany CEO now for eight years, and I have learned a lot of hard lessons.
And publiccompanies still do remain a key focus of ours even with somewhat of the -- the relief rally in the latter part of the year. They involve a long-term courtship period, education process, working with those companies, before a transaction can be agreed upon or come to fruition.
And as a publiccompany, as frustrating as it might be, that's our obligation to undertake an investigation to look into those. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Equinix.
During his time here, he was instrumental in our growth from a small pre-revenue private company to a publiccompany with over $700 million in revenue. We continue to drive penetration with the focus of the Shockwave sales team and the support of our marketing and physician education programs.
But it served us well over the last four years as a publiccompany to -- to look really hard at the data we have and draw the right conclusions from it. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has a disclosure policy.
We also just celebrated our two-year anniversary of becoming a publiccompany, and I'm very proud that we have outperformed the lofty goals we set for ourselves at the time of the IPO. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
And I mean we had the worst two-week stretch of support outcomes from a dollar cost basis that we've ever had as a publiccompany. And then, of course, the amount of programs, whether it be educational or otherwise, that the revenues can find, I think, are also going to be real catalyst behind.
These are generally college educated, homeowners, they've got more savings, they've got more money. So I think on top of we've got these great brands, we've got this great R&D pipeline, we also have a professional leadership that's used to being in a publicCompany that can contribute into this whatever co.
The addition of scaled customers came from industries ranging from travel and hospitality to education to several across advertising and marketing. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned.
Return on equity is the profits a company earns on the shareholders equity, the book value of the company, which is simply the assets a company owns, minus of liabilities. Return on equity, what is the return on shareholders equity that they invested into the company? It can be very educational.
Our public listing is important to us as a publiccompany and to our shareholders. And this is a drug that responds well once people are educated. It takes time to educate. But once you get providers educated, payers educated, the uptake is there, and that's what we'll look forward to.
This deal enhances the study linked in fly our value proposition to our shared stakeholders in the higher ed ecosystem, universities, students and agents gives us a great opportunity to expand on each company's existing and successful track records of providing top tier solutions in Australia.
We are now lapping investments tied to publiccompany readiness and expect to get more leverage from this line over time. Finally, I'll mention that on the marketing side, we're doing a lot of educating the market and even some existing customers about all of our products, especially our newer products.
Through the leadership of Erin Ferreri on our team, we put our heads down and worked with Moody's over the next two years to educate them on the merits of gaming, the resiliency of our tenants' business, and the quality of our balance sheet. Aman, obviously, is not a publiccompany. There was one straggler at that time, Moody's.
After a career as an educator, Debra founded EPI, which sponsors an exchange visitor program for teachers. from the underwriting actions and changes in our professional liability reinsurance structure and higher operating expense ratio in our international operations to support investment and growth initiatives. points last year.
Tim Beyers: Let's remember that the number of publiccompany. We do have fewer publiccompanies today than we used to have. Ricky Mulvey: Trading at Schwab is now powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. There's that. Fair enough.
Both our commercial business and our education rentals grew during the quarter. Our education business benefited from modernization and growth projects and encompassed both public and private school customers. Our education business is continuing to see good funding in our markets and modernization backlogs are healthy.
We also saw -- we saw strong growth internationally with wins like Hargreaves Lansdown in EMEA, Department of Education in Victoria in APAC, Banco Carrefour in Latam. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. So, we're watching all of those things.
When I returned to Herbalife in October of 2022 for the third time as CEO, I promised the board and myself to focus deeply and thoroughly on how we best go about succession and appoint the next CEO of this great company. Herbalife operates in over 90 markets as a publiccompany in the multilevel direct selling business.
We also secured several long-term FM contract extensions, including 10 years with the North Carolina Education Lottery and three years with the Mississippi and Virginia lotteries. And then on top of all that is the need to reduce our overall corporate infrastructure costs given that, by definition, we're a smaller publiccompany.
I am very pleased with our ability to drive first-quarter gross margin above 43% and our Q1 margin represents the highest quarterly gross margin we reported as a publiccompany. Captain Traeger provides retail associates with access to educational training, limited edition products, and exclusive VIP events.
This may lead to an inappropriate amount of risk within your portfolio, leaving you overexposed to the ups and downs of a single companys performance. To properly manage the tax liability and strategize how your RSUs will play a role in your portfolio, youll need to understand the full lifecycle of your RSUs.
And retailers, as I mentioned in the prepared remarks, fully appreciate that today because there's no publiccompany in our space with our development capabilities. And there's no private company in our space with the cost or cost of capital and liquidity and balance sheet that we have.
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