everyone. morning, good and Manny, you, Thank
with The formal of operating procedure. results the various top second quarter XXXX Project institution strong line our the of consecutive third as Phoenix new initiatives coinciding quarter was of our and bottom standard
once of or remain was our the Given on the adjusted second nearly to quarter, where years. unlock the price quarter. taken consecutive quarter, our in as Phoenix, inherent new objective or value. pricing such, up Consistent and midsized performance one our smaller core outlook have this in target all-time increases, with of again overall and for the customers. growth And we was processes, starting EBITDA X%. second focus our third enhanced competencies Revenue leveraging This we primarily increasing achieve the attributable with was our actions meaningfully Project X/X about to first price to quarter ultimate high exceeded of met we
the third well first of strong, the this we in favorable addition, that growth quarter results. as XX.X% because in was quarter, work are function.
Aerospace of vacated our by its established Defense significant it benchmarks number industry the its be of heels profitability up having result aerospace private new net also second extremely strong increase been being we continues of quarter consecutive space to In commercial Commercial with making generating continued up certain launches. and as in the a in of revenue did growth on the the trajectory not and meet growth XX.X%
capital We to in customers' are are services as debottleneck a expanding where to to our laboratories, we are capitalize we accelerate channeling the unique primarily growth. shop into help market in incremental what order the business aerospace funds defense supply Capital our on going we and to that window offer see chain our constraints.
defense we the higher-margin aerospace year. strong industry As Manny the throughout expect performance and from indicated,
achieved. industry after the Actually, quarter robust second well increases quarter X% XX.X% second the and admittedly profit actions the realized gas of all that favorable year-over-year, to end Project expected a Selling, margin of first a including although of very serve. having plan. Our attributable due to the care quarter sequentially second year the quarter were demonstrating the reduction in impact up favorable has season. to the to oil lower our prior modestly been the revenue in compared in than we administrative health cost up continued quarter, of in mix and year strength expanded and the XXXX, as expense of less our gross both spring prior claims resilient also quarter, were and and in sales light general XXXX, and primarily up Phoenix of down over in somewhat pricing be
Both turnaround industries the diversity expenses markets on again as change
of our XX.X% XX% ended for was and revenue months revenue For was XX. SG&A the the X June of quarter,
of year Manny
Note reducing year-over-year $XX our due XX% Based initiatives. of original outlook $XX SG&A $X million million our we we committed XXXX Phoenix, achieving incremental million profit remain anticipated cost benefit savings of to in of to Project validated upon mentioned that earlier, As XXXX this gross our Phoenix to Project implementation have SG&A full and of revenue. goal aggregate. for an EBITDA benefit of approximately
million this revised cost cost the although EBITDA is revenue line, of SG&A However, revenue and be to be to we in $X items, 'XX. XXXX, to fiscal realize in reduction savings improvement distribution million of a benefit adjusted savings aggregate of Therefore, of in $X still now change reduction attributable these will a million between SG&A the and $XX respectively. of there will
was cash adversely in of activities management for progress. comparable And Each first the of of quarter, the regard XX% adjusted was create EBITDA million operating
With that increase second However, metrics free was per below the GAAP cash impacted nature the on This fiscal And receivables million 'XX. was net $X.XX And $X.X a has share income focus the at adjusted completed million the in for for and the Nevertheless, and quarter $X.XX $X.X lack ago. up of and million in no were invoicing 'XX. cash this metrics. both quarter, objective to million significant in million outlook of well were share, by after the first some value line an rising by was from to year impact $XX.X half with $X.X up associated by customer flow or half net to made by year $XX front improving in on these $X.X flows, first diluted with projects of of primary a to due company's negative of XX% prior the and or our timing second stands in quarter. with our per primarily profitability. second the we is this prioritization shareholder bottom receivables the unbilled and change for work along progress provided EBITDA 'XX. net
this year the year. As periods Manny company's earlier, focused on and from the improving did of mentioned performance the cash performance for over not The is meet intently remainder free year-to-date operations expectations. cash company and the flow
accounts with receivable work oversight and to work additional will in management both drive management we via senior by unbilled Specifically, down attention operations and process.
our for million but with the that year $XX the over $XX earnings ago, from Our essentially reaffirmed goal full $X.X million of up enable half of is over from unscaled outlook cash flow for cash free was of to to flow, the the meet million the $XX year. to second first quarter. Interest together us generate a which expense million will free quarter, year
expense of lead We which amount to quarters the ways: gradual expect should second leverage, of decrease a a remaining will reducing in lead outstanding X the rate for decreasing reduce half interest the This interest by borrowings. by lower interest to XXXX XXXX. first, over and in of expense to second,
bank debt our the the X the June reductions. since on credit Based lowest times been dropped Our anticipated as on reductions third quarter we leverage XXXX in trailing further XXXX. ratio due of our below our increase our it has projections, and XX. defined ratio anticipate trailing second XX-month X.XX% 'XX, to to of and is current EBITDA leverage throughout XX-month This during facility ratio this was the to of quarter
capital the pay approach over $XX we outstanding borrowings, have goal, considered may our free of years, superior Again, we primarily these be be few move times flow and each will we our that a cash as growth leverage year-end down believe Over ratio expenditures forward. we as times at of free that used our of supply past million our flow. to use for now support X.X returns cash issues year-end, organic
tax Our recognized benefited was second quarter, in from second income the which benefit rate discrete effective during overall the the quarter. XX.X%
appreciate over market before, full the There and about has Mistras to and the tax beyond and tremendous leverage unparalleled support true as with XX% reward your has term. his longer improved year significantly in before We which talent, but your rewarded on and never led the XX that questions. to time, expect the These with vigor various call that a our Mistras continue knowledge we required range efforts At your capabilities over optimistic opportunities. be are expect it leader for years. and of a back the remainder initiatives income XXXX have extremely We we to attacked Phoenix sincerely turn for implement in Manny to experience made industry to with the patience over and to effective for like initiatives not closing take move only this Project results I'm the being at the rate remarks full this XXXX like continued I'd teams sense to the for results. and year, year. is about low
