good on financial quarter begins at are and September September AUM million. consecutive increased $XXX.X for Long-term billion to quarter This The Dave, results as morning. XX. Thanks, $XXX.X were billion. $XXX positive XX XXXX. net flows, our flow is and as of net review flows we year-to-date billion the Total a net positive second $X.X slide long-term a XX, at positive
EBITDA up or the income USAA per the Asset from and Management from increased quarter. tax the Revenue to XX%, quarter was million $X.XX higher for impacted XX.X% points quarter. positively was day Adjusted following share grew XXX% the quarter. Adjusted quarter. to basis margin the in by benefit million, Company net XXX% acquisition second to in extra prior with from prior XXX relative the average AUM one Revenue $XX.X $XXX in
meaningful with the power this of AUM, in of model. margins demonstrates industry-leading along believe integrated and achievement multi-boutique We our growth revenue the earnings
continuing us in to we we one been we time, that operating completed. have as able through Our of such At efficiencies. just same that able flexibility Note driving invest deliver have efficiencies to our achieve acquisitions areas support growth. while these significantly up gives the record to future results financial model the to been scale the measurable to
to debt of debt million, the $XXX million dividends capital third combination Xst. share total billion pay-down million We of On during with outstanding. reduced $XXX bringing repurchases. front, $X.X $X.X July our $X.X to quarter debt through a the since returned million management quarter Subsequent we shareholders ended $X.XXX we and the our outstanding of million quarter-end, in
per XXXX. Finally, we share second $X.XX have declared dividend December record December on payable shareholders XX, XXXX XX, a to quarterly on of of cash
AUM snapshot Slide XX growth a our year-to-date. of provides
was from net to XXX% increased as the This September acquired $XX.X of assets $XXX.X quarter Asset AUM Company AUM positive Our USAA the at end second in Management up billion flows. billion the XXth, by of transaction increase driven and from
in scale, size while significant of The terms USAA Asset business, class acquisition us mix. Company in enabled further and our of to both Management diversifying asset channel has achieve growth and
the channel, end channel through the of and member the assets XX% the of XX% invested channel. were XX% direct of through As the through quarter, institutional our retail
class XX% equities XX% markets. asset was and XX% non-US mix equities, XXth fixed global September Our non-US income money equities, as US of X% solutions and
I down money today, drill currently market we would the market see USAA the acquisition we Based like that a provide of manage close the money that to portion the following information on the some on that planned context. publicly assets business platform decline to brokerage to available set in of do fund business. the of expect on additional Schwab's is
to market us. currently arrangement, length Therefore, these do we arm's an should are they negative However, anticipate to assets neutral because profitability, to revenue subject money profit share assets. any not impact those are
portion higher the option cash through That a platform said, their it's accounts. yielding important to USAA to brokerage investment we believe continue the members have of for who invest for
will platform invest for As benefit members on a to markets their us. result, money of that manage choose cash we with continue the who to
hand, are us. other profitable that assets to work the arrangement to grow revenue to those sourced assets intend over the not the direct We are and different, share time. the money to on quite On to and continue subject through channel sit and market member are
positive flows quarter-over-quarter Turning long-term to were second at Year-to-date, were million. long-term for flows long-term at net at $X.X $XXX flows slide XX, also consecutive consistent quarter Gross were net billion. billion. $X.X the positive
in strong of income the during are From our net quarter, we net class flows quarter. our the saw platform saw institutional we in asset sizable several as funding XX. Six flow plus fixed positive of franchises the business. perspective, During year-to-date positive solutions an mandates September
product weighted toward we that is pipeline performing confident is platform sales Our future. solid remain and the our that strategies the appropriately growers high represent diverse, of
snapshot a quarterly provides of revenues. XX Slide
relative Asset Average Management $XXX.X to to following XXXX to Company. million increased second $XX.X close billion USAA acquisition quarter. AUM Third revenues quarter-over-quarter of the quarter the $XXX increased XXX% billion the of
on basis points third quarter realization year-to-date. to in XXXX. of funding compared down quarter to Revenue our wins fee number sizable second XX average strategies been this, in impacted the in lower of business XX.X declined points basis in a have slightly drill our the of fee the rates by To institutional
Additionally, in we asset-based have seeing shift and our our distribution which XXP-X a and other been are from retail line fees offset intermediary expense in expensed almost item. away business, full
subject waive rates. have of through been many Also, historically funds has fees, the fulcrum which on USAA direct XXXX. to July were This been have Xst, agreed historically impact to a fee the
next We those fees waiver third quarter fee year our agreement reinstate expect of after to expires. in the
all the As our margin our of evidence mix. where class upon to significant will XX.X% efficiency integrated our fee fees client rate I've increase mix, we from and in model that on XX% quarter fee rates margins a slightly multi-boutique in our decreased is achieved said and the average strength vary asset in product The based past, our of meet threshold. But mix strategies average of
$XXX.X hiring This than administrative includes Turning of Management The the new with related quarter and in asset-based distribution, for as as XXX expenses, with well line expenses Company sub-administration, XXXX. compared distribution in more employees sub-advisory such million Asset the increases second general and certain in and as middle-office acquisition. expenses. platform costs expenses to was the USAA Slide the in quarter XX, $XX.X expenses million to increase projected were of
related expenses term Non-operating subsequent cost B the on made higher the also to and pre-payments new debt increased the third and facility. loan to on interest extinguishment loss due quarter in refinancing
expenses our Importantly, two-thirds of note are that approximately variable.
the estimates. that in expenses one-time integration are and are experienced restructuring acquisition-related, with during line quarter we the previous and Additionally,
achieved quarter. than ownership. achieve the the in substantial guidance rate first to run annual provided a synergies of faster projected the million in quarter. is We amount in last quarter synergies This were We third $XXX of able we the
touch annual We I business, for synergies expect on are will cost an of a million. XQ in achieve to which additional of in These $XXX momentarily. the million $XX XXXX synergies net by total investments
end of exceeding as one-time $XX and of spent projected the million $XX we the of projected we anticipate quarter, do amount. of have Lastly, that million not the costs,
the $XX remaining XX the over spend million to expect next We months.
controllable ability to expense margins. manage to this continue in We that management note not leading industry impaired to in invest prudent -- effectively strong, important our platform. the It's to drive has expenses
make to enhancing technology, great and investment capabilities investment strides support distribution marketing through to continue future support, growth. We our and
the A and technologies. to distinct of our few enhancement our support of ability platform integrated examples our manage effectively are of mobile business and currently the a our model. advantage in the our channel, expenses platform advanced specific analytics our of areas channels We all efforts of which of is operating to build-out digital still direct around in while we web believe member investing of evolution are investing our all and the
Our in per income XXX%. increased Adjusted net for million EPS in of per of with non-GAAP to on earnings the increase the margin the quarter, an million in shown $X.XX with XXXX, are quarter metrics benefit quarter to the compared second share with ANI Slide tax XX. $X.XX tax quarter. benefit from and $XX.X second XXX% up share increased diluted third $XX.X
Adjusted from margin points XXX%. EBITDA from was QX $XX.X to XX.X%. from QX XXX QX million XXXX, million of million, or increase and EBITDA up $XX.X basis points Adjusted basis XXX an expanded $XX.X in
Company cost scale levels transaction expansion, margin modest of closing we with the continue and as in investments recognize size expect remaining make the onto our target synergies the the operating XX%, we Asset of approximately associated and incremental line With realize incremental its the USAA in Management to to business. platform, and business with integration
consistently to quarter. cash third We Turning XXst, management we at generation, balanced September XXth, increased in December to operating strategically by our QX deliver and against XX, to XXXX, GAAP cash at million strong continue up our flows deliver to balance cash the as $XX plan demonstrates Slide capital million. We this XXXX. million our of $XXX.X evidenced believe ability from $XX.X aligned
outstanding $X.XX million $XXX with the paying $XX quarter the million. have debt million quarter-end, in down in stands we now $XX during debt to outstanding ended Subsequent at We our debt and paid down after billion quarter. additional
XXXX Our X.X July to net was from times close ratio debt of pro down the the EBITDA USAA. X.X the at is quarter Xst, times. on This forma of the end at
transaction. Management Asset Company
$XX XXXX, a We In our through thoughtful buyback share new authorizing Class stock announced up believe of our as August, management, prior repurchase $XX in to XX, program million A approach proactive repurchase capital repurchased the demonstrates we strategy. was of and program the shares common approach the buyback shares reflects XXX,XXX long-term QX. in program and business We completed. to to our confidence million
believe business have tools Turning our value strategy our multi-boutique to we we integrated model. all to we Slide execute disposal at business drive on our shareholder XX, the as through
flexibility of execute accretive balance capitalize to the necessary today's build allows in trends market consolidation the asset and Our sheet transactions, on us and industry management. environment scale
integrated to organic reward business Our turn enable us allows us our professionals which attract growth that provides to and model and in execute investment shareholders. distinct advantages our inorganic on strategy,
I Management Asset on guidance slide Company transaction. our the to USAA turning Finally, would reaffirm like to XX
communicated Our integration in efforts million are investments previously on total net ahead target synergy of achieve annual of track our $XXX and the timeline. we remain business estimates to on cost of
exceed to associated one-time on We with $XX not are million aforementioned also in cost synergies. the target the
The expected per acquisition in accretion share. to to result earnings significant is
than of full XXX% X, XXXX, based than ownership. accretion EPS year which a July close. to be first transaction impact is year XX% on the XXXX, more accretion in our XXXX expect on in represents greater of partial expected EPS The We
made and business larger Asset supported performance our progress QX strong pleased and transaction. unique model, business multi-boutique product and of with of USAA offerings, the believe diversified us continued quite and for Company our more have breadth scales the are the investment the our and We depth Management by strong results, positions business following well our integrated we financial close results We
like back the I'd remarks. the call the for prepared operator our concludes This to Q&A. turn to
