Chris. you, summary Thank a XX, financials. On we quarterly our of Slide provide
revenue expenses a bond highest of of record record revenue intangible municipal investments and to the increased the expense fees level revenue fees quarter recurring and record in mainly X%, offset revenue. information of X%, and quarterly and and lower million offering. $XX to and our post-trade revenue. to product commission by second Total a services represented $XXX distribution higher in First our The data partially driven enhance principally system was treasury million. trading higher high capture, decline acquired amortization but due U.S. distribution down quarter grade but increased combination fee was revenue X% U.S. commission was by The
EBITDA to we due in net As to and delivered two items. other XX%. we of margin million level of increase third continue special The EBITDA of highest in $XXX invest, our was
First, with for gain, the $X.XX provided benefit gain related net in the million liability acquisitions our a transaction combined quarter. share a recent which of one million diluted the per $X.X foreign when and currency associated of remeasurement to contingent $X.X
a a in compared $X.XX settlement benefits gains and of the tax per recognized the charge share items that per through other in XXXX for York provide impact to tax expect like was State resolve to non-recurring rate due net tax the be tax we on prior Collectively, was XX% special excess $X.X million the purposes, charge, diluted higher earnings. to $X.XX audit lower XXXX impact absent modeling the in those roughly other net a XX.X% rate to $XXX,XXX New the or For quarter. to The per drag cycle. authorities quarter quarter quarter, net and year. effective to first impact a related share effective in this of of The with the tax tax negative flow
reconfirming our XX% charge. excluding of to XXXX effective are range We XX% tax tax guidance full-year this
We municipal our capture, partially high-grade lower commission traded which XXXX $XX of offset year-over-year by U.S. Eurobonds X%, the high-grade around lower $XX larger driven fee variable fee of expect per approximately EM of the remaining on range. is the more of higher our principally revenue. and Total be On bonds, duration capture represented percentage Treasury, a midpoint by detail was platform, bonds transaction shorter fees transaction by on revenue to the we driven The million. decline. XX, Slide the revenue quarters guidance down provide and
$XX of all equal, the fee seen as the variability our per levels. million, drove quarter have expect quarter. to We in less in have these when high-grade our rise from capture continue longer model past, fees high-grade fee being similar Based year-over-year up volatility fee such not changed in high-grade third plan, capture XXXX if our current duration else the rates high-grade and to for per we on fee million $XXX we and even
On average in we the the quarter, local markets provide volume fee levels. increase trading in high-yield reducing which distribution in was average volume. lower decline effect we dealers through The market of fee commissions local first fees given X% product focused EM The are these around capture in by you seeing and decreased trading credit credit a as markets. X%. enter capture had our the driven with by Slide fee fees mainly we a are bonds mix capture million EM command per fee shift second U.S. expense XX, plan rates million, detail. high-grade per As driven decreased two quarter migrating other decrease stabilize Other XXXX
and or system have increased First benefits and X%, to exclude data quarter $X.X as the expense of compensation investments increased expense, Depreciation intangible expenses more quarter year Compensation prior the amortization If expenses software we amortization higher higher XXXX. less offering. $X would expense or flat due by during enhance million development acquired of acquired levels of variable are higher impact trading driven X%. our first reported amortization and and we to acquired to expense million product the intangible amortization and intangible expense. increased
and expense million communications Slide higher capital Our subscription, licensing XX, technology on on technology an and data fees. we management. On software increased and market update $X.X provide cash flow
$XXX XX-month As and $XXX of were and flow our cash March XX, cash trailing free investments our was million million.
declared Board price dividend for excess results, a During of stock our of quarter, $X.XX We out paid per our repurchase $XX current dividends opportunity shares on provides value, approximately approximately and Directors of based to quarterly million. XXX,XXX utilize total year-end share. financial discount of $XX level paid first our cost out shares million quarterly related a for repurchased a we at taxes in $XX bonuses to their believe and the the an cash million to and cash long-term shareholders,
turn Now call Rick. let the back to me
