Good morning everyone.
strong and momentum. Our resiliency further demonstrated growth its business XXXX and financial with solid in M&A performance
recurring the macro diverse strong fee last management and year. the environment revenue have with Our withstood the alignment economic variable have over structure, our volatile stream, we partners
and remain that once executing weather the well capitalize ongoing well are the be We growth confident markets will opportunity challenges and to recover. we on positioned
have the of portfolio client macro doing with structure their environment taken and to growth an value are over of long-term. advisors, uncertain relationships, market reinforce trusted the Our in clients. the and deep excellent XXXX events experienced balanced stride, partners The deliver job working
Now let's year P&L. turn and to QX full our
were on our solid measures. and results estimates all exceeded QX Our
of change XX%. were is This to our negative year-over-year our of versus $XXX guidance revenues, top estimate $XXX.X year-over-year, $XXX up and organic million. to Our initial of which revenues negative X.X% X.X% X.X% million, in the million primarily due above end were the
Our organic revenues were in market impacted conditions volatile the by XXXX.
Approximately from correlated was revenues Our and but in to higher our than million family $X anticipated amount million revenue QX, outperformance they non-market this in related future to own. won't activities could decline value recur of primarily of quarters. office firms $XX.X repeat year-end
of adjusted where margin of was compensation year-over-year, X.X to approximately by attributable we of of transactions declined was XX%, revenue, and percentage $XXX/X includes related the walked in by increase. million. close this approximately remainder through were $X in and effect The sequentially The performance compensation, which our M&A contributed percentage Our I adjusted as expenses points. XX%. EBITDA estimate above increase sequentially of QX a EBITDA lower to just was revenue X.X% million, our portion QX Compensation cash variable
XX% excluding impact per in the other $X.XX increase the rates, LIBOR associated expense receivable. expense, QX well write-off in with as to primarily due SOFR insurance an tax associated million adjusted XXXX includes declined the reduction This and interest net income higher as Our adjustments increase a a $X.X year-over-year. of was share pre-tax with
Our QX for tax adjustments higher $X.XX XX%, cents, year-over-year. share was
over for the full billion, XX.X% the same prior of rate were approximately our a revenue X.X% period. an partly increase growth year, driven organic by the For year, revenues $X.X
Our was million. full $XXX.X adjusted year EBITDA
the Our XX.X%, from year. adjusted margin prior was EBITDA unchanged
the We are market proud XXXX. this volatility of given achievement in
$X.XX, adjustments tax excluding income, than net adjusted year the year. per X.X% was higher full prior share Our
shields in business a tax $X.XX was share reflecting per adjustment activity. due to for tax The M&A to same remains growth and in year benefit tax period, our the of the full Our our economic shareholders. increase growing XX.X% our significant efficiency
Our highlighted, reflected momentum firms firms two new including XX and mergers. XX% an for million throughout closed transactions, and the with million funds of full revenue respectively. close will that nine year XXXX margin adjusted $X QX, million On Rudy new M&A estimate In partner quarter we as adjusted that transactions, approximately EBITDA basis, contribute we of $X.X And million of the strong EBITDA approximately activity adjusted including quarter. in X.X $X five revenue. XX and partner contributed we EBITDA these a approximately
Now, slightly and QX XX.X% $XXX.X expenses due let's revenues, to cash revenue flow. the million outperformance. fees up were or sequentially of turn QX our Management to
we this of expense revenues, QX equity of non-cash X.X% in compensation our revenues. Our expense and approximately that our QX will anticipate line our with estimated be expectation, was X.X%
during for million our year. approximately estimate $XXX.X LTM obligations earnouts a market that XXst, QX. December we'll cash resiliency in of our cash and flows we was earnout pay As paid of $XX available QX, million, $XX.X allocation reflecting in million the capital volatile We flow of in cash
closing closing to a deal consideration, which the contingent addition that form consideration consideration deferred from time of liabilities us These for the paying involves of are payments in in of long-term at deal, and of the the portion the deferred payments portion make. a we time several payments. years creates cash The
timing To the these amount and deferred help payments. of investors understand
on pages as earnings well We supplement. have page XX provided our disclosure our of in XXXX the F of as XX-K
million. estate the $XX million on discussed $X Now, will will our This $XXX for P&L a quarter in anticipate expectations. of This performance add range estimate the in that the not on approximately $XXX to of we that includes related repeat QX call fees words QX. million will and from third real decline revenues we few sequential QX be our million
year-over-year XX%, expenses any excludes process. our & associated and EBITDA with will margin estimate which We Clayton, to X% approximately Rice X% we adjusted range that a QX estimate Dubilier that our of be
of billion under $X.X Now, outstanding net of times. turning approximately X.XX anticipate debt to will our QX sheet, X.XX times, we ended approximately was our leverage slightly X.X ratio QX ratio and that balance our estimate be We our with leverage net times.
we We remain transactions, ratio continue X.X as range. flexible mentioned structure net how remain X.X to will I structure our the committed leverage to and and previously, to such deferral
a in portion XX of new and The raised million can pages details on $XXX refinance earnings debt supplement. of found We XX our loan. term and November be the which our of
a the revolver of markets in to $XXX borrowings. maturity of XXXX advantage extend loan duration million the for extend of to our tranche took billion our maturity We our XXXX, the our XXXX credit risk on the to reducing term of $X.X to window and
outstanding to SOFR our of outstanding basis is spread basis plus amount converted points. of our basis swapped remaining XXX LIBOR rate, rate a fixed spread to to SOFR a of XXX average of has floating We SOFR, debt a remaining also The points. XX debt million a points with our XXX borrowings weighted of $XXX
flexibility. Our Term has A month us draw delayed a given nine added new Loan feature,
maturity While expense and another incremental M&A us, capital anticipate year undrawn term and we prudently loans our together wider At X as for of focus billion spreads cash new of continue our year headwind to firepower, ladder. revolver approximately our end, managing on activity. some balance gives with create strong interest we structure us
XXX.X was million Cash Additionally, year. for Flow our last Available Allocation LTM Capital
are increase interest over in disciplined so capital, Rudy past the the highly more given As in we noted, even allocating year. rates
hallmarks In of business year of invest the closing, and grow with we our growth delivered macro a clearly performance, how evident. despite and again the we solid volatile backdrop
of resilience, recurring diverse business a base supported its demonstrated Our revenues. by
to strong themselves generated serve markets clients strong performance partners Our as recover. positioning growth and well, their
in disciplined continue capital, well. navigate begin once market challenge how We highly of the take to as the growth remain to advantage enormous ongoing opportunity position deploy we ahead, to We ourselves recover. markets
remarks. turn Rudy now call I'll to the for back closing
