M&A have the the saw transactions of dollar the earnings M&A quarter out, in the discussed led year-over-year, call.
Global you, the our announced on XX% basis was play was John. volume themes have activity previous we volume first way. which Through up on many basis up and quarter, Larger Thank on a end we U.S. first several same of XX%.
billion announced deals above of over globally $X X%, number total of the number With million, $XXX up but is XX%. the announced deals down
a as advising Evercore largest role John played has of that, in XX meaningful with, the on year-to-date. transactions global said, X
latter of following generally this year. year announced in close the larger Our and the part to are transactions expected into
we momentum expect the second Given yet into of reflect experiencing. and results and trajectory our our strength continue to positive dynamic, are see first the and backlogs half capital we the year next environment about this to do financial this of in greater year. markets quarter the to M&A, build, feel increased fully continue as we the broader financing revenue Overall, not
I first financial will results. quarter now discuss our
For per are million million, GAAP of will which on comments quarter here metrics, from income net the EPS were evaluating our revenues, $X.XX My useful non-GAAP $XX operating when we believe first respectively. $XXX on and XXXX, share, focus and a basis results.
adjusted standard to reporting a GAAP release, results found Our be in which reconciliation our press can website. of GAAP and on our is
net quarter Our quarter $XXX adjusted revenues the first of versus increased X% XXXX. first of million
XXXX. XX% the first versus of First of $X.XX quarter earnings of last operating first versus the quarter decreased million per X% year. quarter share Adjusted adjusted of $XX decreased income
this couple we quarter margin of first additional Our adjusted quarter, in commentary. had line net tax which a margin benefit the for XX% will with in we the and quarters last provide was for our operating operating
businesses. Turning to the
million $XXX adjusted X% of quarter First declined year-over-year. advisory fees
the of the the is While ago. our lower were business trajectory fees year believe prior than today much a advisory period, better versus year we
After in primarily million offset commissions. quarter higher from quarter partially years, the revenues trading flat first were Commissions of $XX $XX year million, reflecting fees our XXX% X a up underwriting related difficult and first by revenue was year-over-year, ago. subscription lower
reflecting $XX quarter XX% First year-over-year, administration in million AUM. fees management increased an of and primarily asset adjusted increase
on approximately equity portfolio, the reflects First primary in compares a short-term reflects commitments, the values as primarily is which higher used other other million million, investment of gains our was in funds balance quarter The $XX hedge revenue revenue $XX a which DCCP earned driver market income ago.
The year increased adjusted for quarter. our net to investments. as interest
is relevant is compensation figure an to at current our to and still improvements this headcount, represents The point adjusted the to our are on important balance things make and other limited.
It medium with plan so Turning in first and based and to compensation our revenues however, in the factors. building in of create for we the our shareholders effort is early our in levels for appropriately and the ratio revenue, compensation to firm expected like year, XX%. our the But in clients It long on to best year striving continue year visibility that year-end note, at serve this is value best market term. this quarter full estimate expenses. ratio still
First, is offset Shifting a fees fees billable higher up from which things: X% The last They to collected and this reflecting professional ago client-related driven increased, not $XXX year line. in a by year from million expense were XX% quarter, expenses, quarter. ago from increase expenses. X certain including but up non-compensation were primarily this
in increase increase related quarter in an bookings travel year and Second, and an consequently, reflected number hotel of this compared client ago. the fees and flight engagements a to in
expenses, and we thing, to good see is in As previously, increased have corresponding a activity with though work revenues. expect said we increase hard manage we our to clients our a
IT in to fees. growth, including investment Third, due support higher as and Communications services license expense Information as and continued initiatives Services increased to well certain technology firm research
However, employee more to mention correlated year. the noncomp provide X% our some roughly XXXX, or our noncomp year, first on that up our been things: little headcount. pre-COVID a And X.X% perspective, X have basis, I from the of per First, is expense quarter employee would about per expenses with than
we that our compare should expense non-comp to full with expense year Second, pre-COVID ratio consistent or favorably our noncomp anticipate be ratio.
year, why was The compared a the that, for XX.X% of ago would lower similar associated prior our tax effective years compensation benefit Our X quarter received tax effective with expense year. and price quarter year rate is tax any rate that to experienced last tax in vesting fact, anticipate year, we those periods. in to benefit of have to is and appreciation our of year a an most higher a remaining greater awards quarter prior than quarters.
This this benefit adjusted stock similar for the which rate the first We of in the this for in as prior last to we rate quarter what in than that prior reflects stock year. should subsequent X.X% be tax our typically first than of years of quarters a was
sheet. our to balance Turning
the from approximately repurchase XX, March billion, is nearly payout down billion compensation of totaled at of approximate cash March to end of securities due $X the and X.X of -- which shares. year, last million investment in As our bonus $X.X and
net our into a plans including strategic We returned footing. to the as preserving million economic bonus consideration We needs quarter, the with RSU shareholders our open settlements cash first X.X continue and our and to were hiring of stock financial quarter, and remain of returning in grants market, to shareholders.
In in current an position, dividends of issued at excess our business environment, the of million part from we of that through average taking maintain goal the to a back repurchases for the in a quarter shares and of initiatives, the implementation through $XXX offsetting practice, total bought $XXX.XX. compensation process. solid historic committed price dilution the cash capital strong Consistent we the annual
Board declared X% declared. of dividend increase share, an prior our per Additionally, dividend a of from $X.XX the
quarter diluted count and first XX.X the Our essentially million, from year prior quarter. share flat was prior
still results mentioned, in we early far. last recovery our are the have the in pleased in of and in we year, our momentum with the the on trajectory position our on it announcements progresses. is As but John confidence year Based increased quarters, and the the backlogs building from couple of as thus market
continue future. to in We to strong line performance.
With now comp on to questions. we see ratios improvement that, our for deliver into well and open we the expect strategy our execute are year and noncomp positioned We believe the this also will and
