Neil, Thanks, everyone. good morning, and
reminder Before supplemental points is performance a key I reference. a site investor our your financial recapping deck available additional and for Investor that begin, on COVID-XX-related talking
This on partially on Netting an decreased selling an of positive was consolidated Acquisitions contributed an over third these factors, detail daily quarter. prior day more growth, extra quarter, X.X% offset impact. provide X.X% foreign X.X%. while by X.X% unfavorable organic benefit sales year sales decreased a currency To basis. our was the X.X% impact
customer highlighted by our activity declined segment, on on in at X.X% daily organic results and customer service X Service year-over-year, production basis. continued into MRO our XX.X% unfolded. production center Looking and majority base the Slide Lower across Center and as Sales as compounded our X. or segment and quarter, March needs of an related COVID-XX industrial closures subsequently facility during this was by idle precautions the
X.X% the August Control XXXX of prior year Power segment, of sales Within & quarter, Controls acquisition our over contributing our growth. X increased Fluid Flow Olympus points with
lower declined fluid off-highway daily and control basis, industrial as sales sales project as an slower power OEM sales activity. applications, On mobile segment flow within organic weaker reflecting well from X%,
As sales production This the growth market capital saw customers partially halt quarter. crisis, and the end within was offset or impact emerging technology by COVID-XX reduce we March against out power fluid trim played spending. adverse during the
adjusted non-routine Moving exclude to year-over-year. business was Center Adjusted million to Service related unchanged highlighted Page gross the of performance, $X.X as our X deck, segment. of of results in margin largely expense rationalization margin XX% on
margin expense of Included LIFO was prior of million year-over-year. in $X.X gross approximately $X LIFO in adjusted favorably approximate million, year to non-cash XX resulting an positive expense, compared impact which point basis
LIFO, adjusted margin unchanged Excluding gross year-over-year XX on points sequential basis and a was basis. down
considering our and expectations performance solid inflation execution, top ongoing was reflects unfavorable mix. line and line margin slightly headwinds, greater with in Gross
on in operating severance These our year-over-year, excluding costs in selling, to and X.X% costs expense when expenses cost additional and adjusted environment. declined reflecting quarter. segment, the distribution basis, day organic an an in non-routine to million basis per acquisitions. include costs associated SD&A with of Center implemented exit Service X.X% $X.X facility Adjusted operating administrative costs our demand response our the actions weaker declined On Turning costs. adjusting
to continues as display highly weaker March including and into discipline face previously environment. measures we remain the given on current in additional focused results beyond, costs actions, cost our fourth to strong managing executing while swiftly operational announced quarter sustaining team environment, from demand. current in Our on the begin We
implemented time, labor Additional in over consulting T&E quarter the initiatives include and spend. restricting temporary
temporary implementation in spend of the of suspension to with new staffing company’s and match. of reductions and personnel including force, addition, being is alignment In demand, reductions rationalized hires, pay furloughs XXX(k) near-term freezing
a cost of difficult, demand strategic recovery While and structural organization as unfolds. as both with and these necessary ramp respond eventually material a near-term to the quickly alignment we and effectively actions can execution were requirements adjusted actions, assess across our and on initiatives and balance evolving our mix and environment growth be taken include which
$XX.X X.X%, prior in was in X.X%, the the quarter. non-cash margin while $XX.X was EBITDA excluding compared to Adjusted EBITDA quarter in or adjusted million, the year LIFO quarter, million expense
of as as tax loss we per on passed operating a basis, Act. On GAAP charge $XXX previously reported an $X impairment non-routine recently of share, and million million non-cash million related basis, benefit includes non-routine costs a which a goodwill $X.XX well to CARES $X pre-tax referenced of the
items, adjusted these our per of in $X.XX, associated excluding quarter non-cash reported The year charge we $X.XX the during is of FCX acquisition XXXX On quarter. with earnings fiscal prior basis, goodwill compared Performance. a to the share non-GAAP impairment
markets, – we Given industrial growth impairment. declines lowered number including economy, overall for have the near-term control a which unit, protections drove flow end ongoing this projections of the business across our softness in
to we on opportunities control flow softer intermediate our over the growth platform end-market Despite and near-term, demand positive long-term. remain
plan Our intact continue initially firmly synergy strategic execute to rationale laid acquisition our five-year we as out. for this on remains and we
as of expansion expansion. service synergies opportunities, This supported capabilities, as realized includes in well sales margin sales various and years, synergies already recent cross-selling improved to geographic have that accretion cost productivity tied
our across plan. potential are control we We synergy on flow early the the still our innings of execute five-year to operations, in as sales continue
I on to will our and an on liquidity. move now performance update flow cash
During XXX% quarter, million, $XX.X flow was the cash or $XX.X adjusted net cash while generated income. of activities third operating from million, free approximately was
Year-to-date generation period. Year-to-date flow profile up comparable adjusted from of contribution free cash represents net our our cash the XXX% $XXX of of flow the capital the $XX initiatives income million model. working countercyclical and year is prior of million, cash highlights continued and business
in cash strong ended the quarter, unrestricted March U.S.-held XX% of with performance with hand, million over cash our cash. of Following $XXX that on we
Our XX% debt since million total net $XXX year, XXXX. down early prior with down the is debt over outstanding
of Net X.X calendar XXXX EBITDA below and times quarter-end, at to similar end of period prior leverage the at levels X.X times. adjusted year stood
financial our the We of of a with leverage given across March ratio are covenant times in net cushion EBITDA. X.XX compliance covenants maximum end at
of with position in shelf of option highlighting and million private lending $XXX facility, capacity $XXX available undrawn accordion Dialogue on incremental partners uncommitted of active remain remains with revolver industry a constructive, keen model. an support and and business understanding million additional approximately million positive flexible $XXX position. liquidity and Combined funding we capacity, our our our
term We quarter. until fiscal material maturities payments approximately $XX have a which amortization on no and debt regular million make loan, XXXX our equate to
or note and working have extinguish in with backdrop in capital to with our a depending coming coming available July, our which cash shelf shelf we market the placement $XX capacity on million initiatives refinance months. We also private due intend
and cash from We continue reducing will nonessential near-term. cost cross-functional generation shared inventory model fourth Actions to additional drive while quarter, have collections include deferring to opportunistically capital cash maintain to taken in our precautionary into savings take the services additional steps ample the measures leveraging debt our and initiatives. deployed, expenditures, liquidity optimize and deploying
to timely conducting agility We analysis environment evolve. and across our capital robust are identify response various reviews sensitivities support will cadence and also margin sales, scenarios. This and the model to continues as working to
it continue April and manage expectations appropriately. relates in line collections, As to performance to has will date with remained our we to
outlook. our Transitioning now to
As withdrawn of fiscal the due XXXX noted evolving uncertain our COVID-XX release, guidance press in financial we pandemic. have impact to the our and
as guidance long-term reevaluate outlook execute assess and actions cost ahead in financial and targets will and initiatives. our we our impact We fiscal and continue to of coming fully the XXXX months, respond liquidity
we to modeling and coming necessary, your support on additional trends and effort in appropriate will If margin color the an assumptions. months in and sales transparency provide
To direction some more the organic near-term. benchmark continue high-teens assuming use appropriate of provide the quarter, into into an we decremental May declines to fourth April June, sales margins and level is believe
addition, response quarter initiatives, our our based and on fourth on actions, trends. for In the constructive cash April we remain potential model business flow ongoing cost
for Neil With comments. some call will now over final to the that, I turn back
