ended the September quarter company good Today, filed XX-Q Thanks, its XX, Commission. the Jim, the with for Form afternoon. Exchange and Securities and XXXX,
in its As always, filing I entirety. this read recommend you
Before On here. I details our that third of get announced overview the last transactions. an for the to to quarter, closed company in and will attention refinancing call, transaction we quarter. the those I direct I would summarize into like again your the the provided the
term accrued the completed which loans of amount of On prepayment loan amended aggregate The its agreement million, the company loans interest, borrowing proceeds of XXXX, term net the credit the July plus the $XXX from effective became XX, the principal $XXX loans. term paid-in-kind approximately original and company million, restated premium representing term obligations of of received company's Approximately $X convertible cash was of loans amount in interest. the from of term convertible the repay refinance accrued loan paid and aggregate the notes, representing credit the million million proceeds notes to outstanding the under to the paid-in-kind full net company term used agreement. $XX principal the were interest, plus and by original the
the extinguishment of the is result As loss notes, $XX reported of of period. operations million of early of third the of statement in debt a in This quarter the early and quarter the the term year-to-date recorded loans company's for company convertible and XXXX. on repayment a the
credit extensions of August net and The the loan in being or B by of credit Series is fund cash amounts preferred company's the to, and extend restated capital or $X restated ABL of the fees the company or Series days maturity loans $XX In paid or million facility among from needs. of of also any existing the outstanding original proceeds the in date proceeds that term C are connection date C term stock letter an million or refinancings XX earlier stock. in used account term under addition, things, the loan of mandatory with other any for and full XX, agreements. $XX the credit preferred working remaining stock prior or company amendment term its from the agreement, the corporate million redemption to the B agreement repaid amended collateral to Series L/C Series maturity date approximately The and to date the used the approximately loans purposes then preferred general net outstanding XXXX, in amended
X.X% interest XX.X% per the payable per cash annum. rate payable at The of in rate aggregate in cash a loans interest X% company's kind term annum or option and for of an at in bear per annum
ABL XXXX. December under XXXX The letters agreement and June in of amended XX, credit as credit agreements amended company million $XX ABL had XXXX, and credit both XX, outstanding the of approximately
termination noted its million of released. ABL or its security subsidiaries credit letter facility. agreement amended existing of repaid agreements, the Upon ABL amounts outstanding the properties letters the ABL The credit the was in the full As of totaling XXXX interest were company transferred existing to lender's securing agreement. $XX credit credit under assets any above, credit the companies the of the in or
letters cash at collateralized position. the approximately XXXX, classified cash $XX by as of respectively, XXXX, company's was million XX, September The collateral facility and credit and million under September financial million which XX, XX, the are under million $XX restricted agreement XXXX, $XX as agreement company L/C and cash statement had the was of collateral. on The credit outstanding December respectively. L/C facility letters L/C December $XX XXXX of XX, XXXX, of and of
times, to all XXX% given credit commitments provided the than letters guarantors amount subsidiary aggregate cash June became reduced at into of an to to the of outstanding committed L/C aggregate lender the he to XXXX, to On an L/C amendment amount terms XXXX of June facility issue the million or entered $XX the XX, credit L/C collateral amount in aggregate aggregate of on in and of upon of facility posted which $XX the Under XX, August of company XXXX any greater million, and XX, issued of up at June the XXXX, commitments facility facility and principal XXXX. L/C to an company's agreement, equal amended July until that, on time. the letters The an million to $XXX agreement. additional behalf the up company XXXX agreement L/C conditions amount effective the
letters ABL The obligation the $XX ensure Board. York With $XX million company's the by commitments of of payment the loans, the with with included the the the and increased an increased under deposit on agreement, L/C undiscounted $XXX cash commitments funding the term the of $XX actuarial termination million, million from State to to from to New the credit L/C net collateral a credit of facility proceeds total account additional was compensation million. balance workers' and Compensation of Workers'
the L/C cash compensation workers' of of obligations Comp the collateral facility decreased In which or undiscounted to maintenance company actuarial minimum the covenants. Board, account, deposit York State collateral used million. does $XX Workers' $XX L/C to the million the cash its financial August New in million fund collateralized include L/C the account with liquidity $XX a in commitments XXXX, and balance on agreements not cash
convert, Series solidify the These proactively their completion pleased facility. are L/C transactions structure arrangements replace our the We redeem XXXX. and for and stock facility with existing of to to May XX, B maturities these preferred the our extend term extended on an ability as loan or provide of and contingent term ABL our current capital of C
for details and on quarter share cash now company months EBITDA and XX, results, ending operational third will flow X XXXX. the full September further I the
of for quarter revenue X, quarter, or compared the On X%. basis, year million we of a XXXX, Slide million million currency X% third $XXX the prior $XXX On prior quarter. compared a decline or $XX of in reported million to year revenues the by declined to $XX constant
As of continue to reduction environment. these the customer-focused company, and initiatives of be difficult in face we as significant improvements Jim priority mentioned, pricing the continue cost to the rationalization, a for global recognize collective in of initiatives impact a economic and profitability result
XX% by when quarter. million $X increased to profit or Gross year compared prior the
the exchange, prior profit impact quarter. of million foreign compared favorable gross XX% improved $X Excluding year to or the when
This compared taken the our to is realize in team more our the to effects the mitigate quarter. to profit Our year economy, XXXX XX% to global make XX% result a percentage efficient QX of prior the has offerings. of and the gross our of improvement value in was operations actions
we the loss flat respectively, compared when employee a of to transaction in of $XX U.S. the extinguishment the current income benefit of of $X $X $X GAAP includes from reported On and XXXX income quarter. refinancing million year on third quarter related reserves. third include net The debt the workers' year and million, The million. and million for quarter, prior resulting compensation changes noncash to XXXX basis, results
$XX items, million an current reflecting prior $XX to a and improvement was income XXXX quarter, quarter million. year these in of prior the loss compared for million $X year Excluding of
quarter for was the $X EBITDA compared prior in Operational $XX to the million year million quarter.
improved Operational changes prior in the improved current compensation benefit on compared of EBITDA global Excluding offset and impacted ongoing by the impact in the foreign pricing when EBITDA cost and continued of favorable prior million executing year to and reserves year was volume. workers' in and the lower employee operational favorably the by partially third increases noncash quarter the and controls, rationalization quarter, impact $X exchange higher for quarter. of quarters, XXXX efficiency, operational cost by current
Turning compared X decrease foreign We revenue for X% the unfavorable year the the Adjusting million of September reported impact of X the XXXX. compared XX, million in the for ending by for $XXX Slide of a or prior $XX period prior of $X exchange months revenues decreased million. to to year, in $XXX million to $XX million current year.
$XX significantly reported also prior or the compared profit gross period. We higher with an XX% year of million increase to when
gross no exchange impact the in current Foreign had on profit year period.
Our percentage XXXX, September the XX% XX, ending in XX% profit for X year. prior to was months the gross compared
disciplined prioritize stated, our profitability we results than our serve trading for we consistently As will have better growth. our make efficient reflect revenue operations smart These revenue to to more approach customers. rather
The of liabilities, workers' noncash income refund from value income to reserves. in and governmental reserves. workers' value million The in XXXX year-to-date $XX million a related and $XX the of of fair to income compensation compared a income a On XX, include $XX prior the an the compensation million GAAP the the benefit million $XX debt, authority related the changes XXXX basis, embedded months extinguishment liabilities, results of in was employee net of loss for of million changes $X to charges XXXX, to X in in of benefit of to include September the and net of results to related million $X a related period ending changes to embedded fair noncash U.S. million year. related year-to-date derivative related employee derivative changes of income income non-U.S. million on $X $X
period. prior period, $XX to of income and Excluding million items, from income prior the compared million for was an of current $XX XXXX year $X these the in million year year reflecting increase prior
Operational EBITDA million compared year the to $XX period. in for the was period million prior $XX
prior the year, impact by reserves Excluding the current in increased favorable million. and in benefit employee and changes workers' of noncash operational $XX EBITDA compensation
on above. for described XXXX factors Operational favorably no due in in change exchange profit impacted the impact gross operational had EBITDA. by the EBITDA to Foreign growth was
the million $XXX cash second performance on cash Moving to ended million in equivalents, The increase cash of on December XX, from and Slide company the with $XX XXXX. quarter X. company's an presented
$XX September of million. cash working by of cash and cash $XX capital increase from XXXX, million For ending positive $X months activities changes other primarily a million in flow million from the provided X earnings was of provided XX, by of use an including $XX operating cash driven $XX balance sheet net million, for liabilities and of
by million, increased increased and Accounts million. receivable payable by inventory by $X $XX $XX million accounts decreased
operating the cash in driven and $XXX activities million. million by working from payables, including sheet in million year excluding million an an by a changes, liabilities, provided and of improvement increase improved borrowings Cash capital of from flows cash flows by in $XX $XXX balance prior improvement trade $XX
Discovery our maintained period. year-to-date with comfortable equity was compared capital $XX investing the activities and investment when are prior customers economic $XX Cash period to We in difficult the period, year our serving million on of interest a used this of our throughout The Wildcat focus $XX includes levels Technologies. improvement period. have working million million in year prior an in
million XXXX. activities refinancing provided in cash cash XX, transaction, September in the financing prior X in XXXX, third impacts months of quarter to was period. in the the occurred the by ending which provided driven by million activities year compared from activities Cash The $XX the is by of financing financing $XX improvement of
secure liabilities, supply million to contracts, and cash $XXX letter an to increase facility ongoing certain credit represents Restricted collateral collateral to addition quarter various of of aluminum escrows primarily cash existing cash obligations. in cash supporting December support the compensation XXXX. Restricted the at the $XX XX, of end million, from required workers' was
on million of the statement company $XX to earlier, As position. This Workers' quarter. as Compensation reported State deposited refinancing proceeds financial the of New referred cash is during York Board with restricted the our
continue to on focus alternatives will We cash. restrictions to on reduce
This the restricted transaction delayed the As the portion for of bottom from period, current result from changes effect equivalents million. $XXX authority current prior current is from refund year-over-year in in proceeds cash, and the cash of non-U.S. and refinancing year of increase flow primarily term year, governmental the and the a $XXX the year a prior financing impact on cash cash and in improved presented in of slide, rates cash million. each exchange the operations on draw of loan year of the the excluding the net was the receipt
pleased the company's and cash are We sheet. balance performance the flow with of health our
We strategy. focus execution on the to will our long-term continue of
compliance in remain with financial we Finally, applicable covenants.
now back will discussion the Jim. turn I to
