call. I'm Investor as of Administrative by Chief Good welcome and Matt Director first today and XXXX to joined morning and of our Matt. earnings Policarpo, Capital's Staff Dennis, Thanks, well Chief our Victory Michael as Officer; Financial Relations. President, quarter
will performance, resiliency I briefly results it overview instantaneously over Mike, financial business an particularly of will believe detail. with how Then touch of who to further start on to in and going I greater our the conditions. I'm will market the the flexes review model, for turn it our quarter validates with which financial quarter
to Mike, take be Matt, and questions. I prepared available will our remarks, Following
business X. The Slide overview on begins
get superbly, has who for we operations into contract substantial workers disruption in to harm's want to put our the of performed thank representatives, in and dealing would From the care to lives. all talented moment to I of truly other employees front-line despite take work been also their months. numbers, have COVID-XX. during our professionals, a distribution our themselves marketing, by I to teams and essential for personal service impacted with all providers, service their few Before inspirational way whose the technology our and to health those acknowledge investment past to like
we've and The collectively a response speed health appropriate the by immediately faced to to could not way firm. of prouder us market of be societal training, during I We were we quarter. arose maintenance, to fortunate the investments long planning and time, implement and to the in preparation, business to have testing, need in continuity our to operations our make beat made previous and Same a strengthened answered energized our disruption has and regular Because precision of as the and before the the miss this and investments did comprehensive client systems. in and future these clients and this not technology both. of service challenges support accommodations our us continued growth. The ensure business employees we made paramount, each pandemic. serving of and remains during safety our the
protective trust environments. and Most reconfiguring challenges employee and areas believe this getting This comradery specialized added coming because still Unprecedented employees culture in engagement we've cases we've together, together. of we we providing enhanced have from through offices, and I corporate includes supplies are this increased ensure well adequate here hygiene firm, firsthand. at ensure into and the safest are Victory gear, home and events as possible where our employees and social working cleaning services. work have measures our to working as to our distancing, combined witnessed safety been a as people personal
We hosting Companywide any I and employee but where meeting clients business and concerns this hauls, been constructive prospects have that an interactions arise. frequent touch is with take outcome. We've socially video and questions points chats I've talent are video with time. positive more to which sessions pivoted The hours, on very outside teams virtual of also address frequent unexpected, during also
providing strategy their investment advisors, of with the Our distribution to with sessions teams ideas actionable them have been needs hosting financial clients. satisfy
reviews actively client consultant investment the On video. meetings, in virtual participating and been institutional franchises finals we've held well We've virtual by with business, as participating side as introductions. the of presentations
are Additionally, we're which proving holding very gathering professionals, sales with productive. sessions our virtual idea
XX% the staffed during this Our we gross working increase some direct with level creative the in sales and contact representatives remain clients centers quarter. from fourth a initiatives fully These other sales service during long-term time. quarter, USAA channel praise from receiving for are our in resulted with of home, compared and member our
adjust thinking Our People the and now moving to it will was, way place. different who is left forward agile world will thrive forward. organizations behind. will return be and are that Those a and believe everything
look to forward well evolution the our and industry. environment are We to succeed positioned in to this continue adapt new of and
with we only so product the volatility. our and Again, planned as here was set providing level X. was demonstrate Turning diversification of resiliency structure cost culture our against but Not corporate our of business spontaneously market tested, a durability the and mitigation tremendous model. flexing the to Slide
months, of proof we've model. had believe our the we this a declined first period last through at AUM is over the inclusive flat of The XX% decade. over XX the market in outflows than in net supporting $XX AUM in primarily experienced we less the market year. the X% action. of beginning billion another of represented for quarter, negative this growth going seen have the quarter, more total despite than organic Total resilient Moreover, billion point dislocation biggest We business $X.X of
is said over quite picture. I've with performance but looking As predicting and random, sometimes accurate flow flows a provides years quarters at and many difficult times, several accuracy quarterly more
income quarter flows industry. the better up in still our of was organic quarter-end, billion. and our Four of than $XXX.X of AUM the of up end At AUM the in most franchises growth twice our fixed XXXX products than more quarter first investment April, at of the end by achieved held the much level positive to rebounded and the
the Our outlook the given on next is cautious flows environment. quarters few for somewhat market
competitive next We market the corresponding distribution to hard progresses. USAA and the our the the and direction be as set, investment penetration What our opportunity along quarters channel is will behavior. existing in diverse year with are channels, emerging investor well-positioned performance our with product few predict in direct
with EBITDA Adjusted net diluted tax both income, million, estimates. per share, benefit and $XX.X exceeded of adjusted $X.XX of
adjusted of structure of in the more which XX.X% an generated variable our power We in business model. our the margin in quarter, detail his also further cost cover the of nature Mike EBITDA demonstrates remarks. will
allocation further continued million. disciplined balance Since million reduce and our debt by reduced and of X, debt. We most lowered deployed cash July capital $XXX $XXX flow to the outstanding we've strategy to our free current
of capital The prepayments, dividend. covenants, our through excess required maturity Our all the debt in the portion same with be XXXX. we time, payments of principal to a we our made cash share have steady shareholders our of returned continues to free repurchases the loan aforementioned to of and
our integration acquisition is nearly complete. USAA of The
key to the our launched the effectiveness and center. phone new system contact element technology, last is the which month, enhancing During efficiency we a of
We able new are to with which data, better route and engage ability calls now and enhance more ones. serve to members our collect will USAA
to latency various the and reduced beginning misdirect been account authentication, and and were handle greatly use are faster the We've ramp now of channel experienced for direct able to up much which is with have times and XX%. service numbers campaigns, by to telephone success. Marketing up measurement likelihood calls unique we improved
discuss back to On moment the I that asset made the want management a of step been closed to has note, substantial since and that business. we X, turning for USAA's acquisition progress to Page
XXX licensed in in contact also Plan. our refresher, center. to taking of we no portfolio buy Members and again a invest open once review the invest could Members sessions mutual to been Savings or a representatives funds required channel, no separate As expert members our so direct cost USAA day on account from brokerage guidance directly. reopened are College USAA longer one, have advantage investment
We success knew direct accustomed channel that members USAA receiving. paramount replicating service of in level our the to are high that was the to same
and As is and remain this first quite goal for completed quickly was our achievement our were level our quarter as during of service in above ownership, an service based the member This success channel. today. that foundation provide will at scores on and
technology, As call just which our I launched on, touched for is Genesys us. new system another significant milestone we
technology, marketing new CRM delivering objectives. we'll while is new digital be to and out digital times addition further our In going is the with with initiatives, improved a This handle rolling better prefer to fully This or channel to system integrated our members richer better supported state-of-the-art the transact marketing experience coordination who a platform. online. summer, for our advance direct be efficiency, providing
is and service state-of-the-art digital technology the innovative success new, We campaigns, for growth center with the modern and excellent and combination formula marketing of armed believe contact this our from a channel. in focused platform representatives, by supported
our deliver and We to members. products the to to set will benefit ability leverage brand from diversified also of USAA strong
the goals nicely on-track out. through progressing with steps are We these and are we set
with product products introducing been distribution further for placements USAA intermediary prominent position approved listed, and branded space established shelf traction mutual move several we as current funds increase our on is for and through Lastly, better This year. us gaining have growth the platforms. and teams expected to work recommended these
an this X, data. consolidated presenting beginning performance with essentially Slide we to only Turning investment are integration complete, year,
of overall the was mutual half XX, quarter. of ranked three-quarters finance top ranked ranked in ETFs our their group. March US in equity the or mutual XX% first of And four in more the five More in of top Morningstar. quartile active and than As Companywide stars funds AUM assets half than peer by than more
funds also funds period our class of or trailing during of target the performed outperformed And for the total percentile quarter. their rank AUM benchmarks Across higher asset benchmarks of than platform, well, USAA respective period. our XX% three March. critical with outperforming the the one-year the in AUM five-year fourth now end through for date XX% Mixed remarkably in of ETFs more
four weighed five star delivers on rebounded mutual the April, these translates of risk The products which XX% performance of end fixed sharply. funds nature USAA XX short-term performance funds fixed best first the income Morningstar, by credit April. these to AUM in in which of the believe or long-term USAA Nine In of adjusted fixed quarter. intensive income we the rated are income our at strategies,
in performed well. funds as bond taxable April during returns recovery, the USAA quintile particularly well top market Our averaging
year XX periods the over on quarter the of chart illustrates one, percentage end. five right The through benchmarks the their outperformed trailing and that three, strategies
short-term Here and contrast, periods US performed active first in large the ranked exceptionally international of by the again, April. strategies those, with our well, income credit XX-year XX% widening quarter. the of cap the that small small outperforming strategies percentile was the cap and impacted by of now reversed spreads fixed the rapid benchmarks number In are skewed of in strategies period. Trivalent first International for Two Sycamore are small cap equity during
cycle our value the Slide has thinking the capital allocation The changed turbulence on creation not and strategies. on of XX either right. our on these strategy long-term recent illustrates market left our
strategic to to flow balance pursue a and enhancing are rapid acquisitions. sheet, By we continue generate reduce using are flexibility our We pace. our strengthening at to that strong debt cash
the know will doubt accelerate some but quality acceleration my is believe the does, there the partners. an for disruption no point, looking In will The once there a industry. pace impossible to it there at on opinion, impact acceleration in is it this rapid stability. will place, be exactly many landscape. will will and once when is take consolidation it At will I occur M&A firms market that the happen have
business will Given our distribution and model, believe choice acquirer many. experience, of unique be capabilities, for we an acquisition operation I
opportunities even We diligence level with are the confident the of are better appropriate more exercised. and patience and present landscape along will new M&A
of where and appropriate, mind, strategic that those still types we in moving are evaluating opportunities With forward. currently
stopped. activity Our area has this not in
need over the to want not I Mike, do call to has assistance it. turn frankly, not taken that any Before state Victory I governmental Capital because we
continue future. positive flow, to debt, strong the invest generate looking to are reduce cash We ahead and
environments. to and XXXXs, events served be COVID-XX, Trust, Cleveland Our many Company when market were the we a well with. can back that known our we unprecedented late through are is as we challenge customers serious have traced positioned cope to while and routes
stronger from an As organization. even a we we are accordingly as forward thinking adjusting and will business, emerge this
for Mike his it that, will review. with over financial Now turn I to
