good end on at one from of to to I'm temporary actions profit, March. Beginning three closures the plant took with start actions protect on comments to going with the XX. and to we began impacts weeks. Bill, some lasted everyone. the we initially Slide address financial shown the Thanks, morning These our gross COVID-XX
look temporary We're closures at continuing necessary. to and week additional planning conditions as every
Many plants. as Program. in these several We across improvements part we'd the were of to productivity of been lock also reduction achieving implemented a in force the Transformation
As the volume will been their in returns furloughs to we've reduced over due cost We've also better employees improvements back last volumes. year. those bring the implemented plants, align production with open fewer to many structures plants we to making
taken structure. actions address cost many SG&A our We've to
be March to other implemented spending actions of and By had the the of freezes. first Slide. early month, all The shown in end the hiring were implemented discretionary we the on
early has current actions disclosed As space impact. taken a a the million. in reduction the the The all transformation and an we acceleration of we is bit we've we approximately force is impact in savings efforts $XX April, cost think that in from of long-term a year executed SG&A
between availability to and levels opportunities collections levels accounts free terms cash and of and on our provided few funding service also focusing $XX our extend $XX vendor detail while maintaining protecting these original reduce capital We're current balance. our demand, for of budget customers materials to to we which managing in while working flow, and payables also our reduced being Moving pursuing them I'll working million in by more the cover $XX terms, our keep refunds needed extended support to mindful working including deferrals materials. minutes. in CARES a began and requests in We've line to tax million on goods be Act, We're million. now receivable actions of critically to finished equipment with partners customer to with inventory raw with capital,
increase EBITDA that with first in and margin positive volume Slide The operating pricing. to and was volume/mix on price quarter, driven put favorable by points pricing adjusted the pricing last increase were March's in down basis by list on XX, net shown lower Americas. January partially the the XXX we through driver offset Moving the list price
contributor including EMEA Material We prior margin had tariffs, adversely QX Transformation This some to was we costs, roll year. basis compared QX and we reflects of procurement also increases to had from APAC. a smaller inventory achieved early last some we've through XXX January benefits point year price Program. implemented through challenges quarter expansion that of in benefits and our impacted and to the XXXX this
mainly as reduce to continuing driven the our the by XXX and as force mainly impacts lower absorption expenses, and of but current demand basis labor levels headwinds closures, variance monitor to the fourth warranty that by much some headwind plant face take mentioned, pandemic, QX. the temporary previously along and mainly This structure were volume manufacturing in point the variances cost the was overhead soften quarter. reduce that challenges this caused with plant our closely the Other did labor, overhead I environment, to serve from volume of will a quarter. in the activity from we reductions with our We're carryover the COVID-XX In absorption possible. furloughs actions capitalized low to
FX basis fees XXX on quarter. employee-related expenses, the categories professional favorable. in expenses, an and all SG&A most adjusted in were We SG&A and point to a margin basis marketing the of the quarter, favorable contributor was excluding in travel were expansion
reminder, the operating adjusted excluded As income are the if our the you're Program that includes reading investments SG&A face of a statement, from EBITDA. Transformation
non-GAAP the schedules. reconciliation through can the You specifics track
We are that had in on three the charges Slide highlighted XX. quarter
for trademarks impairment names The EMEA. in the trade first was of and
million, those resulting carrying event, exceeded charge. value COVID-XX determined fair $XX.X triggering pandemic was value this the the by of that With in as their it the intangibles
second is restructuring actions from first million of quarter in and the and the at charge action APAC Corporate in in and fourth Americas in the current EMEA quarter The for mentioned previously quarter taken the $X.X the XXXX. impact initiated
are a the that last The charge $X.X earnings. the third compliance All issue distant we've and quickly issue disclosed charges our as adjusted this to its net effort in are related we involves and and possible. historical for filings. our quarters working is settle our from research conclude from excluded these our of fairly as million trade and EBITDA review operating adjusted few three to This
that some Next I'd pursuing few Act opportunities like the we're on to will a CARES and liquidity benefits. of XX, Slide tax provide highlight improvements
defer a for for filed and is tax CARES We've the First security XXXX. benefit the interest income taxes, We refund. return $X.X deduction that social limitation employer estimate to changes the we of portion of for million on carry-back our the be NOL federal were of also Act favorable $X.X refund to which payment allowed a million already in rules. XXXX to in liquidity
the to Next, to required minimum are or that our haven't credit either retention advantage yet. we savings of U.S. late plan tax pension are lastly opportunity, quantified planning we payments but pursue the January. ability XXXX funding taking And to on defer early employee December
first cash of spending, last in Remember year's quarter. free XX, million a in use Moving compared our $XX.X we that cash of historically of unique the cash operating adjustments to in securitization to program use Slide cash flow terminated provided accounts included the million cash receivable $XX.X as capital was quarter that have define activities March by less for but XXXX. free flow was
operating that in the accounts last cash in the investing the flow statement. was resulting the While million operating use cash program termination adjustments, the further in section the sold has section XXXX on of $XXX adjusted a for cash the of in from the source free of securitization as a reflected flow from the was unique cash XXXX that as well the of reflected beneficial a statement was as million increase and interest cash receivable section cash flow $XX.X receivables no of proceeds of in year
cash million in our cash last flow is stronger flow approximately the inherent incentives, the use a generation and of in of customer to $XXX strong our our that annual We since ability spin-off, cash cash remaining free rebates, business. free in volumes. pay seasonal a testament we is reminder which flow on One first traditionally as build it seasonally generate the cash three seasonally lower experience averaged quarter quarters. inventory We've is then each out pay year flow
providing While achieve to our we nor reviewing of forecast four we are years, factor today last expecting over the considered when liquidity. free the flow cash not a levels it is it the adequacy another
with ended quarter, availability while to Cash U.S.as measure, revolver. million on not revolver for Moving first We but balance during our to $XX.X total cash the on million liquidity, of define capital quarter we cash plus increase our $XXX by did our a the $XX from increased revolver which is on investments, balance non-working draw last March draw an our overall $XXX.X increased and liquidity, March. otherwise in $XX short-term million. as million We the in million debt increase our did of precautionary by needs. liquidity
leverage Our in ratio quarter place finished at within quarter well the covenant ratio as turns, end. X.XX of the X.Xx
is minimum and the are interest to held leverage that EBITDA capital liquidity that be expenditure Slide four summary be time They're On time a will monthly. most will the will to suspended our The cash. covenant ratio references revolver XX. on measure that quarters. XX April includes all covenants a traditional as cash by maximum for amendments we while coverage covenant liquidity this and The metric quarterly in completed liquidity covenants tested and tested of minimum next and measure liquidity, be refer China replaced from to we will excludes
the liquidity liquidity at position so effect reinstated we with are covenant. reported the interest ratio leverage well quarter. not currently with of minimum minimum As is the modified different materially and coverage than XXXX, the second of are that levels, ahead Beginning liquidity the April, also in quarter level of here end covenant covenants our XX of the and March
over structured next quarters provides headroom the ensure through revolver of continued our duration Overall, substantial covenant and seven to this crisis. amendment the to help access was this the
liquidity working that believe to capital to sufficient meet and continue have our We resources requirements. we cash
to Finally on I'd a XX, share few like thoughts XXXX. Slide on
with conditions are XXXX will can First, share right our adjustments, limited decreased pending visibility, for scenarios around the sales stress have a until XX% estimate and quarter don't model we with March and XX% that time. we of amended and and to get estimate sufficiency accruals our to May XX%. and comfortable covenants. third nor our not in reinstate We did liquidity test with between stabilized. sufficiently financial April a withdrew at We this decrease We our sales, June guidance preliminary multiple have planning final the
SG&A We capital, variable declined. cost receivables stress a to some estimated sales dynamic in decreased the assumptions in nearly some so the modeling expansion decrease Based sales bedrock quarter I but more I we historical lower add information, and working as look of sales this should want in is variable excess XX% such. to not that still deeper costs of end not incorporated scenarios will fixed share use, comment decline, and the I conservativeness. XX% be our is we extensions of variable. third into the much models, of quarter, ranges of the at in you these sales sales as fourth guidance that and we our clear; very the where as in and the use it second our would move to that cost and down payables quarter. we were stress-test to terms stressed the XX% XX% we various modestly outpaced our is to level XX% of We on run
down of our line brought forecast that we our control. with our quite After within comfortable spending stable these the multiple with Inventory for the was we reviewing fairly scenarios, results to covenant since liquidity entirely held in are current and compliance. be our headroom is capital and
share The maximize fast environment. positive the strategic or among initiatives our in to initiatives Transformation innovation current that advancing as XXXX our but impact we our last to like, to not can't we'd our new can as the with digital what product abandoning will these in is continue pace against afford we thought at do on Program initiatives, we'll on everything business. We we are key and but balance once prioritize the
That we'll questions. up Operator, concludes comments. my open for now the call
