share. Thank per second a revenue quarter We loss you, reported Patrick. of of $XX.X $X.XX and million
this improved lack business per level European at America had share. M&A advisory European but period low half, our of performance U.S. a the throughout those M&A. and strength enough first generally and Latin had of in Australia in in the was activity globally, we of offset in to of global of We very a particular a revenue capital level performances in during weakness The respectable function weren’t completions transaction to and continued low M&A year revenue. the $XXX.X M&A, a of $X.XX start the – slow For of and large a million loss activity, terms revenue in
terms and of first markets from reopened. financing While slow there M&A transactions. quarter, levels, was second benefited by rebound the a a had the announced clearly activity, equity near in significant deal the year terms during rebounded peak we to markets had late in accordingly, And in start of to quarter,
Specifically, and M&A second our among during on website, we in quarter, of that kind Canada. our involved the of the announcements M&A substantial we around in years. recent high the is announcements in Australia And transactions list range group were U.S., for end which quarterly the typically XX were
for most The deal of third the has improved and as operate. M&A activity see continued of we pace good conditions market in quarter, us we places in current the
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levels last achieve we this continued and we scaling headcount revenue increased energy, in potential year. will and view, that substantially of advisory up are going year, year performance of evident this longer-term forward. we confidence lower that record us demonstrated later high the to expansion give While European market, us than our and year’s the Singapore investments doing industrial as like did become franchise have the significant will we this again of corporate Taking geographic sectors revenue recent restructuring that last various our our to and a for for strength expect higher in insurance, or be strength team and year
going addition now upgraded it the full obvious tailwind benefits M&A been activity an our trends variety of crisis the will be to business broader believe for eventually a European U.S. a believe market. but in fairly its to for reasons, a transaction depressed we will rebound expanded In decade level for we team, toward relative forward. and the of has relatively prefinancial
Our restructuring inevitably slows. but relatively business has given economic slow cycle for credit growth time some accommodating that will as been markets, highly turn
growth, growing In participants the continue been in in every that the will been for capital believe activity that fairly of advisory that rise some technological robust, to activity. it we disruption top transaction creating corporate contrast, of lastly, U.S. widely but continue. and M&A significant area And challenge time, almost has is industry impact activism believed market has and the the drive of shareholder transaction will line market major growth
If should ongoing revenue about us, that share and business magnified plan, our impact and model the leverage repurchase large fund we on for flow opportunity leverage revenue the higher are with we have that both earnings, value. right to incur cash long-term in inherent our then operating a financial shareholder the
in from year. financial our back of the performance. Turning current line revenue, with items last other to those were our shortfall Apart broadly consistent
higher-than-usual for last absolute lower revenue compensation compensation those ratio costs year-to-date than the dollars in were of year but Our in a level. given resulted lower slightly much the
the revenue as expenses, earnout identical operating lower last Cogent acquisition, were in excluding to the was relating result ratio almost level. a accounting again, but year, the significantly of non-compensation our cost to adjustments Our XXXX higher
should range more Both of cost levels. to historic return revenue ratios typical their
but the that starts to a somewhat the rates lower flexible debt cost interest costs action interest for further forward. resulted in our as recent with loan of terms expense interest Federal principal decline which reduced refinancing as well signals Our a refinancing, for term scheduled with charge with more paydown with floating Reserve’s larger quarter. reflects our us million financing will going rate and that $X.X of this The rates as write-off the today provides quarter related the
the forward. the and for we a quarter XX% XX% mid-XX% for was rate going and half, rate tax effective range the Our in expect
capital on vested that we of at second of the quarter, during open-market Together, average via and the shares per returns, quarter. share stock were terms through during equivalents restricted an purchased XXX,XXX these tax $XX.XX price repurchases purchases and In share. withholding
a per $X.XX also of share. dividend We declared
Since tax the terms that grow our the RSUs. the $XX of terms via next an share of repurchased authority under our share on purchases open beyond. ongoing year financing, vesting repurchase an market common the of XXX,XXX we remaining authority $XX.XX stock million equivalents recent have of and additional ended, price refinancing, shares share. at of addition we to in in share of average quarter per Accordingly, repurchase Under withholding could
on our to million as cash we’ll quarter debt we $XXX and continue us our recent that were highly share our term ongoing repurchases and more We held of opportunistic our our the at We to ended in use opportunity thinking share buy shares market the that see which means million, start price of of the benefit to attractive, as intentionally $XXX.X overreact contemplated have we slow was shareholders. the million. debt year be how that attractive back prices, to $XXX.X loan give the with current repurchase our share and all to authority. refinancing, net Note might should which
our yesterday, current of cash was As million. $XXX.X balance
managing recruit the open Singapore Asia, advisory of our recruiting. a sector and our the help restructuring Including in insurance office I’ll areas directors. M&A quarter industrial this on and year-to-date, building extend from enhance expertise Southeast and one clients efforts to industry the cover in products, shareholder announced the us the will and brief second Together, we’ve update end in six with group a recruitment areas.
Including year, this Goren promotions recruits expect to also the that currently near market. we followed Earlier strategic some had firm entered year-end. with alliance have more the in term a recruits, add by or MDs XX and client-facing announced Israeli we to one globally, internal at serve Capital additional we
Now we’re take to any happy questions.
