morning, good and Dan, everyone. you, Thank
the quarter comparability. impacts item Before our quarter like our that I to second performance, recap I’d discuss financial year-over-year in a significant
few our sale last Solutions discussed the calls, on the XXXX. business Language earnings of third we’ve the we of As completed in quarter
XXXX quarter second exclude Our Solutions, for of while results second the XXXX entire Solutions Language the quarter Language includes quarter.
adjusted sales reported call, net As our respectively, $X.X negatively impacted comparison our comparisons by EBITDA second $X.X last I million, indicated and quarter approximately net sale stranded and non-GAAP million impacted inclusive negatively profit of by the on costs. $XX.X million our and gross
primarily basis, sales $XXX.X I’ll On million, $XX.X for the of a U.S. the activity. Language review from quarter to capital due sale Solutions the along the decrease million, consolidated second Keeping or in transactional a net with markets and were second second this of business, mind, quarter lower XX.X% of compliance results. the quarter XXXX,
acquisition strong was resulting After XXXX. by quarter compared X%. the markets largely and changes M&A eBrevia, of sales, Solutions, net capital organic driven sale exchange sales net second U.S. in Language IPO a adjusting markets net rates the foreign transactional decreased offset more to deals the being quarter XXXX, from decrease capital second fewer The of as for quarter U.S. sales than the transactional by down was of in being completed when of
will The deal same touch second I single of I XXXX quarter again had on a multimillion outlook. third the third the a on quarter included deal, when also our transactional discuss dollar which sales, and impact quarter XXXX similar M&A
of completion were net first we U.S. sales of year-over-year, year, the sales down capital work. compliance this recognize in more markets quarter to earlier due as recurring compliance
ActiveDisclosure, combined regulatory in strong markets transactional were declines growth by and in SaaS for our offerings, by investment quarter proxy second compliance continued partially The in led activity demand offset solutions Asia. U.S. increased and with
second was unfavorable between net margin and quarter XX.X%, by As points XX lower-margin XXXX, Dan higher-margin gross an highlighted, or quarter than including net second sales products driven services, lower markets the mix primarily of transactional capital sales. our basis
was expense million quarter $X.X the million, SG&A Non-GAAP quarter in $XX.X than second of the lower XXXX.
relative compared driven by XXXX. in the compensation initiatives non-GAAP As lower second basis related underperformance variable was to Solutions internal quarter XX The of to Language control to primarily a was the revenue, the net cost XX.X%, our the business, from growth sales of in percentage of points down decrease SG&A SaaS expense sale and impact plan. expense
non-GAAP Language compensation second lower of control Our the with and million of transactional the business, driven $XX.X million, the decrease activity, capital second initiatives Solutions and lower from partially was markets compliance XXXX, quarter EBITDA sale of offset of along primarily by adjusted quarter variable expense. the impact overall a cost $X.X by
quarter negatively noted As approximately Solutions Language sale the by EBITDA of the I comparison impacted the second million. $X.X business earlier,
were basis, results. to in of declined of quarter decrease our sales our an segment the of for adjusting a Solutions segment sale from purchase the U.S. Language year’s Net quarter. On the X% eBrevia, after X.X%. now XXXX, second million $XXX.X of in net and organic sales second Turning last
activity. an primarily U.S. solutions. offset sales compliance X.X% growth and for and by U.S. in basis, an markets, XX.X% on capital lower regulatory sales net decreased was driven investment which organic increased organic proxy partially markets basis, Net to in demand transactional overall increased by due on primarily compliance This
lower compliance second EBITDA primarily U.S. to for XXXX, segment Non-GAAP of decreased the margin capital adjusted transactional basis XXX due activity. markets the and of points from quarter XX.X%
Net X.X% were sales last net in due organic million an from second foreign to changes transactional of $XX.X of in in of in the year. International and excluding of exchange rates, second activity increase quarter the impact in Asia. in second quarter the Solutions the XXXX, sale up a our basis, decrease XX.X% Language were sales quarter the an On segment of
transactional activity, for Language basis margin sale points EBITDA adjusted of to Non-GAAP savings impact of increased XX.X%, of the the the was XXX and cost up the level business due the Solutions initiatives. segment
quarter from second expenses, of of decrease Our The corporate decrease and million were compensation cost quarter of the amortization, a depreciation the variable second XXXX excluding million, XXXX. non-GAAP impact lower initiatives primarily and by was savings driven unallocated expense. $X.X $X.X
the driven benefit various reduction. unfavorable of was flow EBITDA, of quarter expenditures. XXXX. our of of to was payments, a tax debt second related the partially by the working timing Consolidated in offset use cash year’s to well payments primarily by and use capital higher This quarter was lower quarter, as $X.X to interest as lower the million, second capital cash free last million $X.X higher of Relative
as receivable three-month receivable plus payable, quarter controllable sales from quarter-end. our balances Our capital accounts basis was due to less inventory which up points working XXX as net percent XX.X%, trailing primarily at of accounts rate, second the define XXXX, annualized a higher we of
customer at the processes We continue to work trend improve the in to approximately throughout our XX.X%. year-over-year ending this expect enhance year collections and ratio actively to year,
drawn We debt including of had of and $XXX.X and liquidity we quarter million $XX.X debt, ended million with revolver on our net million million. net available the $XXX.X total $XX.X of
seasonality leverage year-end from up of our from our resulting As lower the XXXX. decreased as year-end of XX, EBITDA, increase cash times by June year. and driven well flow, X.X times from activity XXXX, of as was The partially in net XXXX X.X was X.X ratio normal the from first-half non-GAAP June transactional times, up
of end by that We this continue X.XX gross range to target in low-end the below X.XX the times to times and of a expect leverage to year. of range the be ratio
reiterating As guidance we highlighted are that previously we the release, in full-year morning’s this provided. XXXX press
expectations. our our no there’s will to While change guidance, recap I
environment to of We of expect M&A XXXX total net in million, millions sales towards range the year-to-date impact the soft $XXX be likely Venue. the and $XXX due to to coming on transactions in a range, the lower-end of
adjusted $XXX our and to million, focus meeting to cost EBITDA control on track continue non-GAAP cash our us keep our to be we million to We in goals. expect $XXX on efforts of the to range flow as profit
count amortization is approximately project is full-year the million $XX tax free expect to also the XX%; share in we be of with of effective to to be of shares; XX% and we Depreciation interest XX expect rate lastly, million. $XX $XX $XX capital to average to be full-year weighted our million; range range expected we flow million expenditures million to diluted of cash fully expected $XX the in in range million, and the million; $XX non-GAAP approximately
Solutions next also of want impact I a quick add on the Language reminder to regarding the quarter.
in $X.X million million impacts non-GAAP quarter this EBITDA. in gross in the be third million and sales, in $X.X adjusted profit year-over-year noted the release, $X.X net in will As morning’s negative press
impacts a the and and sale gross reflected our net comparisons These basis, On negatively estimated and $XX EBITDA by year-over-year of full-year negatively the non-GAAP impacts inclusive profit respectively, by sales million are in net all $X the million million, comparison costs. guidance. impacts full-year stranded approximately adjusted $XX.X
Regarding for next outlook our quarter.
$XXX to sales quarter last part million net in large M&A range $XXX I decline organic at approximately third to X.X% quarter the midpoint, in year-over-year transaction the and be in very earlier. that million third expecting due We’re the mentioned year’s to of
Solutions expect savings improve due non-GAAP and our well compared slightly cost as the mix. as EBITDA the XXXX, initiatives, sales of we that of profitability, Regarding impact the the margin quarter third improved sale our of to Language when to should an adjusted business
large while summarize, activity, To completed in that span both fewer IPOs, last very strong markets deal to impacted by deals compared second capital second was prior the transactional quarter including year. third negatively the quarters M&A year, and of a
on signs remaining were Compliance while FundSuiteArc, Venue net this track largely the with the net also was temporarily first-half. but in down rebound a off-trend healthy QX. in sales heading into showing were quarter, and SaaS sales for quarter, eBrevia growth, ActiveDisclosure, of
growth second-half the diligently into transactional such, opportunities, full-year all Going pipeline, of guidance we strong unchanged. in invested remains a built XXXX, while costs, as prudently our managing
turn item Before to mention. Dan, back I’d last to like that I one housekeeping it
our net details, quarterly in sales SaaS, mix starting will presentation additional We including quarter. be sales as this our including as well investor
of found Our posted today latest which investor the we our quarter, website. be presentation, on later and each updated page can
it that, with And turn Dan. I’ll back to
