you, morning, Thank Peter, and good everybody.
XX% in our quarter down U.S. the year partially million, first mergers to driven in The to by prior for activity acquisition by revenues in as results, $XXX and reduction acquisitions decline an totaled business period. year-over-year offset relative a and record completion. mergers mentioned, XXXX non-U.S. increase was compared Peter As the
Our in fee saw completions advisory fewer increase the size client first in quarter average compared per to as moderate a transaction despite period XXXX. same
quarter the did Our fee first the include revenue any quarter quarter second closings year and transaction the results line not of period with prior in prior in XXXX, period. from both
comments did first metrics, on in we experience QX. non-GAAP focus in days relevant we within the that transaction which event are a quarter, performance policy that, will believe following the the financial dictated booked second fee two While assessing recognition of our be revenue business. significant of the My
in and Our website. our adjusted press a is GAAP on can our be earnings results to GAAP measures found release, which reconciliation of
medium-term On of the within communicated the our full revenues, expectation previously XXXX of in our the our quarter, guidance year. in in line expense we side, and adjusted first range level the expense with for XX% and at accrued expense mid-XXs current compensation accrual
and Our our growth through the and addition accretive responsibility market pool to our though top compensation to commitment of the accordingly. it's respond a costs talent to manage remains priority,
plans recruit to While XXXX. our moderated talent, of senior we to we've in aggressively prior count mid-level add head continue junior and some
to travel, the our represented $XX expect modestly will rate adjusted year quarter, we meals the quarter-over-quarter in In quarter-over-quarter, for entertainment, noncompensation XX% noncompensation spite spend above XXXX. second that run and year-over-year, XXXX half continue be full expense, the excluding recorded of our of step-down the expense revenues. slight down million Our was of XX% first up adjusted in and though X%
new agreements York and entered commencing is an the the for a both which we into As this into to London spend reminder, We expected April accounting two the primary our to double incur perspective this increased in of lease New anticipated locations relating rent year. over for expect later in and year New headquarters York commence half driver and XXXX 'XX from recently to London next of back with mid-XXXX. build-out,
London some of from current rate that square expect spite rate GAAP double both we will in increased accounting approximately be flat in lease gross York expense in Aside below temporary New meaningfully medium-term significantly the in locations. our and run rent, footage run
public year. impact once as million people this last investment newly well level non-comp to XXXX quarter-over-quarter moderation company saw We same expenses by to offset and by services some from variant is the growth $X expected inflation was Our a do resurgence. our to moderate systems, professional a expect year include continue as as we at January T&E bit incurred north XXXX again some impacted of a IT as certain headcount not travel just expense and in in of also and
average run $XX the month. As March, our since marking of [T&E] picked still million the million $X.X about in XXXX in below income quarter. totaled and $X.X cases the totaled receded, highest Adjusted levels monthly the XX% first net of up pandemic, although our onset per rate million
for and months of the of XXXX. stock. was Directors $X.XX March on A the million. quarter Our market a XXXX. authorized first a days in cost to $X.X $XX the for as in the four March share XXX,XXX units stock results program Adjusted adjusted shares if first shares net repurchase converted ended From of if the per date A the million converted quarter, was Class XX, presents diluted all net The in common if mid-February, had repurchased that partnership income converted trading we for our three commenced program for common income remaining Board and $XXX and million Class open XX, total
by we RSUs, and reduced outstanding equivalents share open during market XXX,XXX settled shares In the quarter, and shares. addition, repurchases, XXX,XXX with net together
to date, second At we Our XXX,XXX a in excess capital to our shareholders. means the quarter, returning attractive open our we've repurchases share have valuation, market current in repurchases particularly as of continued bought incremental view and shares. of back
March projects. sheet of no had portion $XXX and cash A and As headquarters equivalents, debt has undrawn our revolving million for our credit of of cash cash been XX, this earmarked expansion facility. XXXX, an balance
in out-of-pocket to XXXX, A a per stock of of and record We in excess $X.XX mitigated at to cost of declared expect be has Board as June $XX part dividend both million, free by rent holders on payable The XX, of May Class periods common share XXXX. locations. our X,
the For our several impact rate jurisdictions. foreign vesting impact inclusion including some if differ certain tax and that the nondeductible was the due in statutory to of adjusted of will factors, RSU rate This certain of income in as dual converted XX%. quarter, from the approximately are nature, expenses rate
as ignoring certain if or attributes. in our positive is a as computed rate which negative have may converted reporting, is excluded adjusted items theoretical Our tax figure GAAP it tax
shares addition, stock, assumes to resulting it the Class in of exchanged corporate-level being for of income Company's the all all units In subject Company's were A partnership common tax.
Peter. turn for Before call over me let back we the open line questions, the to
