morning, Thank and everyone. good you, Barry,
delivered spite by the ISG pandemic. solid second quarter, me Let a start very saying of in
Although, revenues expectations were actions and more to our first our cost thanks EBITDA down, double from ready we they and our our for exceeded client services. quarter, than margin demand pandemic aggressive higher the
boosted ratio our sitting strong, to Our cash balance leverage million X.X record operating in debt cash of flow is at $XX sheet by very million, down with with a EBITDA and times QX. $XX
testament disciplined our XX power Over $XX the million operating of has cash, generating a the last our generated months, approach. to of business ISG cash and
In also double-digits. Hospitality, was our ISG segments XX%. Let pandemic in the me in in the downturn. affected the U.S. operates, banking, by perspective. put were QX worse, GDP manufacturing industry was XX%. were consumer and Eurozone minus minus where it ISG economic results these all and down Many of significantly
say double-digits. has base XX% year. business of to verticals our each business, ready ISG were insight is vital things with of the health people clients, to our our there of build our flip up and sector, we authoritative retail, everything, ensure world continuing our clients, and pandemic all our digital financial bad of good commitments. portfolio resilient diversified all That prioritizing a to support help also is we during exceed why on to and and while proud and into In talent continuity was evolving them recession I'm the remote Through exceptional must services. to up client research marshaled for all times revenues ISG side, insurance, wellbeing and and telecom On our the the deliver been public our have retain of double-digits in which client our media source a
and margin takeout solutions, this higher services, Our GovernX, those by vendor high compliance than our risk onset services, ISG our demand since pandemic. with cost was pandemic. quarter and of up value, sales helped performance in now XX,XXX especially management include rapid the the users, high of These the doubled products our during more
Our last services of services, from of services, our quarter. to network represents our up remote working, XX% monetization enable captive XX% revenues digital now course, our and, asset which
in good invest some their reason. initiatives, Although, continue slowing clients with they are transformation digital to and
is their in the from pandemic move Our there transformation, as digital understand ISG expand cloud, this, accelerate will and to accelerator as those that crisis. clients bright technology and continue both adopt and future their workplace this of stronger spot an upgrade of the all who their to clients faster emerged a If capability see recover connectivity. we digital
expect in for digital We our demand to be services turbocharged XXXX.
including exceeded From let of to market the actions and to was backdrop, terms detail reduced clients and services travel. reiterate, and quarter, weather and for $X.X quarter $XX.X thanks margin those a these extended ban With industry as more offered and to our double hardest are of products our our that pandemic, million on revenues mix the $X.X travel That two, prior One, hit $XX were due aggressive couple business billable reduced downturn. helping a by clients adjusted Revenues than performance. rates the cost overall into T&E million early was not million EBITDA expectations. simply million the me insights higher impact there some on our perspective, our this down the our client's our revenues were And EBITDA to hospitality. factors play. and in our and due pandemic financial to To the spending profit from of of A we our came money. other levels. had of of loss
near-term, services. continue ready remains see initiatives, on focused to delay higher margin likely as clients even pressure will technology the revenue We our major spending in as pandemic demand on
portfolio, financial resilient our our and position today actions stronger. significantly our of result a is As
cash mentioned, about million flow the leverage since I million $X quarter, and lowest As a operations the in a use times, $XX now debt, our further we XXXX. X.X paydown we from generated to ratio in record with of
we quarter, serve the up That's QX. X% from in clients. Additionally XXX
the QX. And $XX recurring Our environment. in important we total. last were with million and especially which $XX up our from digital We quarter in go digital journey $XX million today's million platform new for recently took ended with significant the XX training remote XX% tuck-in month quarter, Neuralify, representing cash, step of revenues clients in our of new the acquisition us capability, gave working in another a
integrated automation. As ISG this into of now we today, business fully have
the immune Our not automation the was business from quarter. softness in
our digital to we since launched three over of in a business building highest into growing its of size accelerating the We years is ago. a pipeline services. level see XXXX. demand is this However, transformation business the move growth result our automation broader as for the direct little we That
the in billion. leading valuation company a valuation its be automation UiPath robotic investment estimate We $XXX to announced E revenue. automation million Series overall at times about the of at closed process it's industry, July on $XX.X this post-money Looking round, raising XX
global our with During a automation the quarter, of we NICE, solutions. provider also leading ecosystem partnership by forming automation expanded a
XX% $XX turning sequentially to T&E XXX revenue million in basis down The regions. of Now, quarter, contributed billable the delivered decline. client Americas reduction about points from this in our QX, a in
hit environment. both platform areas agility services the insurance, company rate like of pharmacy and As did company. industries global to last operating like potential growth a capable higher Behring, sequentially. and a & good retail transformation was a with a and of in more utility U.S. Key and network reductions, wholesale a multinational $X sourcing new consumer $X takeout, engagement Research software cost contract new our client on the scalable well-received in $X in enterprise Cushman professional on the A ISG a healthcare year. enterprise. strategy Canadian engagement done awarded the other and time million supporting in harder CSL long long-term us second automotive, to with model The of the Wakefield, mentioned, awarded in acquisitions. technology remote up million terms In AIG, client's advisory network in hospitality. of and a builds totaling services client in significant margin provide and in engagement the completed diversified to all and global Otis a see million we ISG with some segments late elevator also a clients support accommodated a than contract selling another extended study number a state clients We digital travel million digital, Louisiana. of double-digits Americas also an a awarded this our of enable enterprise $X in wins, operations. with engagement included ISG ISG wide leading world's benchmark ISG win, and leader of the and And Walgreens, the Among one target been awarded ranging engagements has quarter of
to Turning Europe.
revenues down and QX million extremely of X% QX. year-over-year. Our Germany $XX sequentially fared X% from up X% well, were
During sourcing gas of in offset Munich consumer technology. advisory of the manufacturing client sector, $X engagements doubling wins, public second all our industry research with technology Europe network and company a vendor provide our and a quarter Erickson a security, the and a million services, has a and business. Re, EMEA included banking, up, Paribas, been engagement Qatar of and range in saw almost both insurance, and management. Bayer, and Among our Key awarded services oil in doubling quarter segments, Among BNP including by ISG Airways. German were contract declines to
and of up Finally, included will with life so. public in Key Taxation Department and Tinto, our as procurement, quarter ISG nearly by in awarded the IAG, Asia-Pacific, growth, revenues the sciences Defense with the double-digit Department has we done year advisor the to million, technology reported Australian for ISG fifth DOD Home clients contract we the been Australian of the Banking ANZ Office, new $X verticals. industry Affairs, of Australian Services XX% Group. Defense. the a energy $X Department sector Rio have driven for and million the A&P serve and
know, turn from as over. Now, let we me to The crisis, all far guidance. is
has This been curve see to countries, Although, the our likely some with this impacting crisis especially of those in to some facing begins is the and in clients' introduction consumer only we there industries. surges, vaccines. the continue subside of flattening decision-making,
debt bad with have emerge of our write-off difficulty as new this by Some businesses will $XXX,XXX operating entirely will Others models. quarter. witnessed recovering
our any reimbursable client impacts focus business expense, clients the others situation yet we which to expect pandemic. client forecasting they on demand, from And events for revenue cope from of pandemic on will planning the produced to revenue. this our we and use $XX revenues. This though, the had ISG impact induced return, of zero $X a year. And about are like X% our Apart will events of are expected ISG the T&E between for destination as runs of of X% in QX, not million events near eventually the expect balance in-person with in immediate stronger. usually year we to near-term the million We emerge we live when
the client think strong quarterly client our we will a supplier all on as on previously, interest environment. provide the and and management, assumptions volatile we seeing optimization continued business upside, network transformation Balancing cost planning. capability workplace a are services on in services, making demand are we ISG basis will accelerate and this, resiliency, we continue in solutions risk of term, On for digital the to provides. investment guidance digital pandemic mentioned recovery rapid Longer and based
third the anticipation between delivered in $X are being million, we $XX quarter. have taken forecasting result million as of higher actions adjusted cost EBITDA of the and in million of a $X we services margin $XX million For and and the between revenues quarter,
So, results. let to who with our David turn David? over that, summarize call financial Berger, me the will
