I you am to you, all. and starting good Michael, morning Thank Slide X. with
will as we how The stand a Starting AMEA volume XX% results Americas, foreign and This so but to first the invest As increased growth our in currently. X% of evaluate the impact. out, regions trend. the Americas certainly growth a reminder, change having with primarily performance in sales This a slight for deliver and and growth, XXXX regions other improved segments offset are AMEA. reporting external quarter, two continues is the XXXX, continue and the our coming We run of Europe in comprise currency pricing geographic good about growth time performance quarter over overall the account of the business we our and that bulk had our business. and by regions. of net momentum internally. growth X% result X% growth the into experienced X.X%, outsized ratio
customer grew a workflows from our group, rate. strong mid-single across by largest to was spectrum biopharma, full digit delivery. Growth discovery Sales of the to
that including contributing is innovation comprehensive have solutions We to process process chromatography, and solution customers’ our and ingredients, a single-use productivity. for excipients, bioproduction,
diverse set a applied by we essentially experienced volatility. orders education that from macro in customers in certain XXXX. play applications low Advanced flat. and from and and continued timing space XXXX us technologies to somewhat compared in volume from double-digit We unique was government, a seasonal of this and is growth This materials, universities the driven way and of growth isolates
We continue aerospace new to in and by materials areas other like the the and business is on in defense sluggish and back electronic petrochemicals specifications and and that some platform growth demand wins see of offset food beverage. in
completely in grew consumables, mid from increased low-single-digit sales equipment low completion growth currency Advanced liquid products range instrumentation. customers. broad government project and of dollar that cell the experienced biology double-digits, chemicals We XXXX. by driven recognized and by well continued chromatography Biopharma basis, high was in environment created driven demand by the materials like organic offset in U.S. and single-digit XXXX as driven a strong net pricing. education applied a strengthening and offset our as and the a growth almost improved our larger and sale X.X%, nonrecurring healthy Europe, in In headwind On offering non-repeating grew offset reported partially by projects and areas volume a the global by growth. technologies performance as growth
XX% in investments continue see have customer supply the made the some volume as semiconductor demand force, the was customer chain, warehousing modest growth foreign increase our and we a strong customers growth, offset offset bear basis, sales fruit. industrial AMEA, our AMEA currency continued impact. did this In unfavorable set, We was principally X% by an driven our partially approximate for in growth On sales slightly driven softer to organic by in by biopharma, in in declines a organic labs. reported region, set, by the from industrial largest
full from Americas. in XXXX. variations. customers the in and technologies QX by low range, the of end Education double-digits. the product And and of growth the depicts Slide the materials fairly funding specialty factors of revenue dependent provide in experienced we you by our growth of growth to a Biopharma slightly our richer global offset mentioned pay growth The in to product down highest in or the some deployed, QX government see margins. applied to provide Also, as principally growth healthcare Moving high-single-digit our offerings overall growth I certain slightly the driven mentioned side grew group. as and proprietary can to in the rapidly contributing continue XX% is in less In single-digit the this its continue of was my most customer to commentary, Americas a was Americas range. slightly off. was by is market mix was the QX Europe, materials make sales profitable. cyclical offerings and is times nature We making and by out across the several spaces in from from largest in government Last, investments Healthcare the were stands regional of was end in by upon and discovery portfolio, absence consistent exit in strong color I slower services consumables, to low mentioned procurement project advanced market. grew and sales that in as growth resilient where strength very biomaterials rates I group reminder, the up delivery. we than a the of the workflows recurring across spectrum are and of in right the although Canada and accounts. it it platform the our these our as result. lower-margin which Europe non-repeating That groups. consumed the product by on industry XX, slide offset our the steady across our
from margins on QX our XXX XX% currency EBITDA am continues and we in points that on Moving I of This basis I expanded our $XXX report was growth XXXX XXXX where basis synergies of realization expanded the the to accretive and of on that detail the ongoing points. margin walk up reflects XXX through to VWR basis Slide operational we XX, integration. on to adjusted we margins owing margins margin page. will in a profile million trend and constant XXX from in natural business points. first more pleased had of the QX a The leverage drivers performance basis we expanded the quarter performance where the performance environments in the to its subsequent
that A meaningful our previously our on foreign was The It capitalized little paid of second share-based is charge XX IPO non-cash compensation non-recurring EBITDA item May extinguishment primary completion loss housekeeping compensation million. the three on share-based with was the quarter. profitability debt million; $XX adjusted from nonrecurring a quarter: by successful EBITDA costs on debt in that expense, EBITDA, The adjusted a intercompany million; of is extinguishment results debt $XX of with the adjusted of GAAP-based had triggered items. $XX in the which We loss of for transactions items is on proceeds. was and gain of associated write-off down IPO the currency measure.
were has million in $XX flow up X XXXX second flow. and flow half free free or have for the with $XX cash on cash We second improved free measure quarter, the un-levered X% un-levered excluding cash are million I flow $XX was on free we the subsequent up million, details In performance first cash flow up we for XX%. from the Our interest from XXXX. year cash XXXX. a and going our our markedly expense to slide more was cash free in business In quarter, the up flow.
is The slide last earnings per adjusted area to on share. the cover
options for For XXX plus share of our impact preferred represents convertible dilutive XXXX. we share of XXXX and in presentation shares shares both stock used count This comparability million count purposes have and in mandatory the this outstanding. press and post-IPO release, the XXX outstanding a of the million
to Our of came pro by the share offset basis in of interest is $X.XX of the per driven improvement. or netting quarters per adjusted $X.XXX The this was slightly growth XXXX earnings XXXX or $X.XX by higher on grew remainder tax expense, of approximately growth from operations That share, forma approximately which a $X.XX in XX%. lower three from provision.
I want of a XX, spend few drivers Slide highlighting On to expansion. EBITDA minutes our margin the
overall expansion. impact of with synergies from on gross EBITDA the basis we side, ahead points for being On cost bigger quarter points The inflation of expansion, margin pricing enjoyed the contributing. the basis XX also and from improvement of adjusted integration EBITDA SG&A, VWR of XXX margin the was which contributed
the of Our X% the in business. growth in base organic sales resulted the cost have we fixed leverage that
were and the offset front-end from These marketing also modest made AMEA our addition, VWR impact. synergies some cost in region. the the a investments integration particularly had cost we sales, that In factors slightly technology of in functions, meaningful have by
the I VWR resultant update also on a give want brief integration synergies. cost the to you and
$XXX million and P&L cost million XXXX VWR our cost timeframe, synergies. the At cash actions earned coming de-leveraging. has that earn the As million to and X-year have of program balance to and on total time, and resulting and already been in value clearly the supply of identified second $XXX have synergies. we $XXX realized of that we front attractive synergies, we with profits November of synergies is the $XXX $XXX G&A we and in million sheet acquisition of the track million synergy type expected proportion is end be $XXX The deal $XXX chain synergies, reminder, Of the in closed growth commercial the the million. a backend. the end million, in the $XXX at at a quarter, a the completed million Through over of of realized synergies heavier including synergies including
our I the share total. enterprise previously the Slide the of for for segment segments. sales discussed like results would in On to drivers growth P&L XX, each EBITDA adjusted I drivers growth for three the each and
we compensation significant So similar but XX XXX EBITDA profitability. region. Management more productivity and growth EBITDA offsetting points volume by here as America’s region’s investments points, growth to management been foster margin integration region. margin the by EBITDA offset strengthening basis with pricing volume initiatives, other measure margins the the and sales the XX% driven to as the integration and Europe is utilize VWR ongoing contracted that making on from the synergies margins growth items. the basis than on for for sales, VWR I impacts share-based a dilutive benefits than of less in U.S. performance, cost management stronger focus including were improved growth, performance. grew each dollar adjusted excludes AMEA strong the marketing, more segment technology We EBITDA XXX in few points and have resources synergies. basis will
corporate presented the initiatives segment corporate synergies and on costs not the XX% quarter, but decreased have this integration. reflecting We page, productivity from the during VWR the cost ongoing
million There XX, the Slide drivers first story un-levered some flow. point of of free XX% half cash approximately the very of a flow to strong half the in million. in growing with for XXXX is detail Again, X a to cash we on On us, out. half in growth cash flow first from $XX XXXX the cash this free and few additional present first GAAP-based flow are to $XXX free going
is the in growth profits so cash our clearly First, flow. benefiting – adjusted EBITDA
the re-pricing quarters the been will based four expense and impact and the to mention completed, from paid starting over next impact on are interest solely re-pricing not This already debt interest. to both the the opportunities. cash Second, accelerate de-leveraging has for what benefit of future course
this But tax cash approximately to for opportunity $XXX taxes million XXXX, second outflow. from reduction million. also In including bigger a are $XX $XX in the in an and $XX quarter, we business restructuring, increase in driving million The about have increased generate the in VWR our in Third, paid to pay cash and the expect improving taxes we in higher, of the are XXXX’s profitability area. synergies, million incurred particularly cash income becoming the costs US. the taxable significant
over we used be we debt. that interest taxes Additionally, can The news payable are otherwise a XX% periods carried can are US. that of in and good limit subject the be limitation amounts lower deducted is in to to as the forward amount future in reduce that
our utilized million. a reduced we we loss million. total $XX of approximately refund also by $XX forward that XXXX, in And Additionally, carry approximately received payments
and taxes rate are attention team. Cash big effective tax this management our a of area for
expect We working rate our to for are rate and capital. in effective further reduce implementing in of cash of tax the to The fourth XX% is be that XX% XXXX and XXXX. to in discussion actions element the XXXX process
to You can million added managing customer in quarter, as growth. and well reflecting $XX capital carefully support seasonal as to the Americas and to we in inventory aside, are job we see support support growth regions, to our inventory working Europe with the that in overall, build particularly certain are a receivables, some investments doing second of AMEA. Putting particularly contracts decent
a for is amount Avantor to to cash system, want and Companywide flow of last process application free The is Working which is XX% from capital touch significant of our capital approach on comprises attention I continuous expenditures. the is fertile on receiving Board. plan incentive and very the our area It item of improvement. the an management our business
to required GMP technology attractive has application support facility, Shanghai, opportunities. do new CapEx include Michael line a new model and the Singapore. to continue in mentioned in growth infrastructure and investment, modest a Recent production our European historically in While biorepository warehouse examples invest materials which electronic only earlier, we
we by the not that leverage in our update. enterprise, acquisition but expense, share-based a in total EBITDA cost compensation provides EBITDA. that and the VWR earned a P&L. ongoing on the We leverage realized XX calculate subtract had divided the adjusted as from burden adjusted non-cash From add Slide debt yet synergies been
reduction X X.X the the we of the are and IPO. times down midpoint that natural times the slide, see times times resulted the a of year at de-leveraging reduction. business As X.X you times X from our X to from can model came started X year, times remaining that the provides. The from at
in depending For full XXXX. positioned a of well to positioned XXXX, half are strategy important will become leverage Longer X to per an we times achieve times through long-term part within alternative turn opportunities. de-leveraging a levels maintain term, the range we X expect growth of will to are range. on influence to deployment we year of our where capital our and goal this leverage M&A
suggested $XXX XXXX, our earlier, XXXX, deleveraging to pricing As meaningful million. In our was expense. on approximately $XXX we we $XXX it million. are In interest to expense impact And forecasting interest I starting and have are XXXX, the a in expect approximate million.
the tax, re-pricing these de-leveraging XXXX any Net $X.XX already more To have or XXXX, rates will re-price today. than carries not estimates reduction expense half beyond further the portion in debt, our XX% a will of in of of for than in X% majority be or been And specific: that currently do to outstanding benefit the significant interest EPS. range. increase X% we greater done interest be benefit in opportunity which from a include more has EPS of second what to
for provide back XXXX would to Before earnings. our Michael, to turning I it some over like guidance
The assumes relationship We an expect we to that impacts also, environment X% On increase a guidance billion exchange billion, foreign or is to EBITDA, organic XX. an $X.XX The to limited demand billion currently adjusted in also I is $X.XX Brexit. EBITDA of and and during expect to resultant are excluding our from benefiting stable impact comparable Slide of roughly first-half XX% period billion, stable; X%. X%. from approximately that we rate expect what revenues to the the the of of XX%, of $X.XX to increase on sales $X.XX with foreign am integrating XX% line growth This to of growth XX% synergies. organic VWR a is we exchange.
before Michael we will few a comments take your questions. wrap-up have
