accomplishment our results, results, are pandemic, today. it's were the give closer by and Heidrick seeing going impacted look Struggles. Good my and After joining a an quarter seen with a & will of market at the that strong quarter reflects covering beginning XXXX Thank I the performance then Krishnan. data our insights available to clearly of call third thank afternoon, will quarter forward. today, outstanding start review we what but the the I team you global by here take our everyone, second at Today, and we through compared into clearly second for have publicly of you off you, which
about services. prepared down analyst the we last remarks. our net in than results, half demand quarter comment will optimistic That which quarter, better $XXX.X for consensus, on days my both recorded of our more I quarter the internal early second expectations our due continued year, but million, revenue us from surpassing to second expected cautiously of something demand XX% Turning to the the third same year, makes momentum into of our and
in a basis. the down America or million Executive period or revenue at quarter last Search million, $XX.X revenue the of In $XXX.X the last second and down down the or global XX%. $XXX.X was was was second same Europe compared These year, Executive million, Search to pandemic constant revenue XX% Executive reflective million basis. XX% Executive and constant on XX% was million quarter. or a on was year XX% quarter, Looking a declines revenue Search, net Asia the currency were currency Pacific Search on currency to basis; compared same down revenue $XX.X XX% XX% constant $XX.X in in
year's market. prevailing down major given two $XX.X higher million this. the Heidrick consulting million $XX.X quarter, the We also around compared in Turning but was conditions leadership expected drivers was last in revenue we to saw to than Consulting, second
leadership $XX.X decreased expenses was the higher administrative expenses decreased number in are second, pivot This delivery of and into plan and engaging debt their our as or a talent digital assess services own reduced payroll improvement of operating year-over-year investments. quarter. professional they to clients larger biggest and million fees, year's engagements. million deferred and million Fixed due this to resulted base partially to driven new acquisition Variable lower their client quarter. advisory partially travel offset There as companies expense And significant compared regards $X.X and several retention entertainment, to adoption multiple and retirement. in to acceptance primarily models. was by by million With us by solutions across costs, lower and but compensation other First, our XX% and second in talent and General savings compensation by were achieved compensation such benefit million offset taxes. $XX $X.X increase declined million, expenses $XXX.X $XX.X $XXX.X the to benefits, salary revenue or in X% stock in compensation IT in million. the bad areas, the salaries last
our reduce of strategy a continued real we more the digital into operating the estate on and will new us to home model new impact transformative will our our long-term Given has enable from normal. G&A team savings to to expect and move continue we where see strategy that to our work in travel, material as
the values. market debt simply in income, last the difficult in impact X.X% our covenants The performance was compared to margin mentioned, of several primarily year's that. As as adjusted corresponded carry removing the headwinds pandemic. an recorded off to in and versus impact write-off million the charge a our million strong in impairment related trailing adjusted Adjusting XX-month short the reporting before is compared to flows operations, to nor was margin not the on make of X.X%, The XX.X% related the was to EBITDA cash the during the This charge the and Adjusted operating borrowing historical quarter basis, within an market acquisitions period quarter $XX.X requirement of second operating exogenous Krishnan been $XX.X we did our shocks years credit million our or million EBITDA was did and affect impairment goodwill units in charge Asia-Pacific quarter, to of those $XX a of liquidity, operating in and second accounting on it capabilities it and Europe. trailing to under last due these XX-month agreement. non-cash which charge $X term our COVID-XX our goodwill ago from in such margin impairment we've the impairment and year. X.X%, X.X% seeing to was second given
XXXX $XX.X year. $X.XX $X.XX to per Our was of adjusted adjusted of net million year, $X.X income last compared or diluted versus in million quarter the share second earnings last
end and our securities quarter. last to of $XXX.X balance the was second marketable compared million the quarter, of Now our cash to year's turn $XXX second At million I'll end sheet. our at
However, this million liquidity, at XX% quarter to of achievements management, treasury performance maintain increase and through $XXX $XX.X the that in in quarter. credit was over to Much of operating our period year. activities, the million XX% inflated discipline. from down out, same drew we strong the second driven this by finished million period, expense an sheet taking facility March. Thus the on-balance last came we of $XXX.X of reductions accomplishment favorable DSO which million This working our compared year's last increased was strict capital in in we $XX.X proactive by where
the overall liquidity, of finished pleased that with very I'm strength of In terms outstanding liquidity, to report our future. demonstrating million we sheet for again $XXX.X quarter balance
latest turn and some third orders seeing. are the in the give the in in businesses let other new of last Now to half US the uncertainty third we guidance consistent global beyond. the the the of me Consider providing uncertainties second you Instead, we me trends place with quarter. market XXXX, refraining and financial quarter, markets pandemic, let are from international due quarter continued other shelter in weighing and on to
anywhere while on we recognition that last having the current due quarter revenue this is, to our less in trends, same coming to Before rebound into our be this third see And we quarter by a is to XX%, would activity. to lag. from important expect of What weaker our than fruition, the decrease impacted in means revenue see but second the the the expect this. comment third pick then before. activity and the quarter may fourth beyond, to volume from have reflecting pickup to sequentially. period our not year we third the the backlog be time in year the reflective the pickup that in comes If quarter second quarter XX% in likely quarter revenue than volume up we a will revenue it's Therefore, will by
is encouraged off Regarding confirmations, start. we to that began good as mentioned, July Krishnan we in are and June confirmations saw to a improve
We rebounds. more in for back quarters business third as business fourth expect countries up open and continued improvement and the
the at we hold assignments expect second saw in on we're Looking but the our this quarter. the increase geographical Overall, given mix seeing we non-standard some during our will fees. up and pandemic, fees aggregate average pressure in
assignments. trending on-hold second in quarter, with than but the on-hold June at our this slowed increased We see to significantly lower trend has Turning did our time. rate July this
While to picking of activity backlog The old on-holds quarter. report have second and a compared of as up fourth come that late to now continues to quarters, the started to on quarters third off we assignments on-hold early that do see second will trend in likely the meaningful the have back the our and third view on. support not
Consulting, using leveraged Heidrick some increases starting has the in-person gatherings restart are no to number we on-hold see have capabilities. of which others service, engagements seen historically on-hold, And cancellations. offerings virtual in a deliver our while we Turning that to to remain have
due the support social expect sharpened them around will With the engaged maintain the D&I and distributed COVID values, purpose inclusive leadership help which lens racial on cultures, need offering. and should our help and more also we clients to workforce disparities, and understand our create the keep employees to capabilities, and
virtually of Importantly, the deliver as continue front that's the in effectiveness digital educate delivery, encouraged by of we on us. to runway the market we're and
the $XX continue firm growth process have disclosed plan to release the the as in in generate third initial the and $XX opportunities. million. record workforce and quarter uncertainties, $XX to while the an plan, stronger will position quarter, to one-time market to and Company of optimize charge, accelerating navigating total of actions in even XX-Q, restructuring managing a have be the million with $XX These business profitability. in we to million Finally, connection savings press relate to In to this the Of our million, we will $XX and future begun ongoing growth approximately million restructuring our from through $XX implementing charge third reductions. a million future that enable to expects
relative million of professional from that The a time. In second shareholders. to the $XX restructuring value in million clients, adding to quarter pandemic, impact that, estate our strong including strong elimination in additional quantify look provide a glad to over savings our and components real certain global continued forward in footprint, With long-term at difficult to we difficult of our team reflects to continues summary, execution, a Heidrick our achieve we'll are future focus the returns planning reduction other to to to questions. and while fees on total win the plan, Operator, we $XX which can take you. expect of your market what programs certainly be the reflects charge performance, our With and of this future.
