earnings of of Thank $XX.X million margin at beginning pursuant awards revenue rules you, share took quarter earnings economy tax $X.XX. that per XX% our on for was Adjusting of of effect and the of We per profit operating Patrick. restricted stock a and reported last share charge $X.XX. vesting first the to year, new
plan we provide key to recapitalization in update last progress of In September. on relation highlighting addition our performance, call to an we will this drivers on the the announced our
driven advisory franchise supports have a It a line, transactions continues of in had in be to are the areas less activity our region Partially to year Latin strong focus. our and generally the improvement of continue revenue. level M&A quarter a quarter from strength the these fact transactions. another Japan, a strong us in globally, view activity primary quarter XXXX, top capital strong to offsetting The franchise. reflects our primary of Australia, last we view was been dramatic a we that, what by and U.S. for the momentum was advisory quiet was was this in historically to on robust first also and entirely advisory, terms It in conditions that for capital and our strong often we advisory M&A obviously despite year in very performance ever M&A by Meanwhile, high secondary our America. advisory was in very start larger stated business. in favorable This driver European see that that year our particularly our for for that for Europe. in us have the first best Focusing continue restructuring
As our impact requirements new compensation our to reimbursement, With the increased quarter, noted for back of dollars range its allow in our in within to results. increased prior historic on had compensation years expense but costs, XXXX. to of absolute ratio revenue level of compensation impact accounting expense revenue the to respect decline the and significantly XX%, recognition were minimal earnings for release, the revenue the
With incurred range excluding which large the last for we last part to $X.X respect million strong plan RSU year, balancing given to a year we manner. the adjustments a adjustment the did against compensation of profit more simply respect and As the in from to and we new levels difference rate percentage competitive at versus shareholders of a in difference of to need always, costs, a positive up last that is negative, we referred the bulk beneficiary is operating overall, ratio a is of margins than performers to attractive in the or as quarter our to past tax points noncash rate represents higher expenses two is complex impact There’s the Cogent were due With indicated interest within non-compensation operating are our for XX for goal our that borrowing quarter. in the vestings Partners above, to ago. relating respect include generating large first we was two for law we than recapitalization from by we clearly, a all typically XX%, slightly of under reported The major that with accounting the the the also expense, the new the our for as tax With years. lower standards, Apart September. non-compensation the but new three years operating offset various difference expenses. on those us clients earnout costs expected accounting as year’s small the both fact of to factors, announced relating accounting the than impacts quarter, to rather an quarter, relating a of ago. last revenue, are now taxes, periods ways U.S. reimbursed in law, the acquisition to quarter reward
is cash In abroad becomes ability increased also access addition, in beneficial for the the event to from useful, that us.
consistent dividend with declared our dividend, $X.XX a quarter. a our last to now share Turning of board
in RSU purchases pursuant offer, tax liabilities. included $XX.XX settle connection to from market the on mostly our equivalents of share as small open to price Now per a also of update These repurchases at an we but and In amount part plan. shares an of quarter, will recapitalization turn share vesting announced share. and a X.XX purchased were with average we employees to tender the million repurchase purchases, I first some
end, the of share of quarter part had repurchase million under recapitalization we remaining we as $XXX.X announced authority As plan. our
of have since total additional we price the patient X.XX cost end recapitalization total our transactions month us million as market a results. share, average in $XX.XX be that share to remaining $XXX the million million. million an $XXX the April, an purchased for $XX.X That of share announcement shares repurchases. April, per means average our share to During we cost September $XXX with leaves million XX% X.XX per $XX.XX spent believe represents at in for shares we of last of our an at we disciplined million. of total of open a To of has set and and good repurchases of on objective of as September, cost approach date, a This achieved repurchases purchased
$XX.XX that we significant the were on evidence expiration on of purchase of recent shares to share, share. yet who that bit holders offer at $XX the open one our opportunity at tender the below there very few shares accept point, to per after purchase offer, have market that per most As
the release. use Going forward, range of other timing, press factors continue the we our to amount be the will patient pricing total will method the and in dependent on and all of noted approach purchase: expended and market a this conditions
on Given following and regulatory like shares, million $XXX.X and the our end, repayment of extend constraints would At beyond in full the end the principal likely we our loan. of year. loan of repurchase this liquidity the first plan of market cash level million looks a for term our it installment $XXX.X debt balance implementation share of had quarter
as April our above cash the was April, Following balance $XXX.X share XXth repurchases additional for of referred million. to
objectives Lastly, our of I the moment our recapitalization spend the plan. will on toward larger progress
Clearly, advantage sentiment, value. overly plan goal Our of what those principal our employee the enhancing were market long-term reduce we negative as alignment achieving each increase to capital tax of take we to objectives shareholder cost toward viewed and an with overarching objectives. shareholders, to of of all increase on efficiency, the specific are
of significant see attractive repurchased we prices. As noted as what above, shares we
corporate fact, share benefited economics tax own by in a their somewhat repurchases ownership and expected. increased income and further dividends rates. than In tax of from large had now common shifting stock cut of through stock firm We who large prices of employees the efficiency about holdings from our we away we’ve large the the restricted units. toward at XX% And of U.S. economic lower had increased
favorably moves. Finally, the responded market has our to
announced our is plan. just Our share of XX% since up close price before today’s as we
will shareholders specific which well review increasing of retention shareholders. also aspect talent, creating and rewards stated thereby, to in and of helps objectives, employees, intention high-performing our to addition those our of recall benefit as the In goal recruitment as long-term our you for business, with every to value
important Given voluntarily, objectives are cases, And the importance this regard. of of Managing this also recruiting some and an has are that we important, of on strong revenue firm productivity the With aspect other plan Equally grow potential we productivity. cases, our been senior believe high recruited people by in new Director bankers objectives we producing exiting, the in capacity cost, wanted to we our accomplishing both our level accomplishing in in our and bankers believe regard. our we involuntarily, bankers. revenue for the with lower X year-to-date, to
areas Importantly, industry in that U.S. believe productivity related various to expansion have business. these our to the revenue and important announcements have recruits potential. market of of Thus, the we U.S. date strategic well sectors our are focused as as restructuring in high
posted with take of strong note In just presentation we We in summarizes closing, happy while of months on come. And to I’ve continue and said, new questions. list overall senior I to reviewing candidates just to investor to we’re also website that have process, hope add strategy. that our much a recruits and our a what more that,
