And everyone Thank good everyone. safe well. and remains Gene. you, I hope morning,
during and annual risk We modestly expectations had of due a bond the allowed interest results our maturity offering were costs quarter environment without reduce demand better a ahead to cost execution. which us strong year. increasing Second cash our management to successful quarter this
making past the backfilling performance over growth and and several months, business clarity gauged on As we've economy resumed we've roles more the hires. selective gotten our
continue economy we rebound on manage we to the carefully, While our to focused positioning strongly remain costs ourselves when recovers.
Second X% was as X% FX quarter $XXX neutral. million, revenue down down reported and
neutral. revenues Conferences, X% up were FX our year-over-year Excluding
in million, quarter was up basis margin cents Research contribution was X% X% on grew up $XXX flow basis cash addition, In $XXX the second X% prior XX%, the than a and free very in strong an and the more points was X% on Adjusted FX and was neutral. neutral up a versus year-over-year reported quarter FX year-over-year basis. year. EPS EBITDA million. XXX revenue $X.XX
contribution was research avoidance benefiting XX%, in margin part temporary initiatives quarter in last cost from put the quarter. place we Second
Growth contract of subscriptions value enterprises, year. GTS, to from points the basis take at value core Global in improves, at enterprise year-over-year. price. number year-over-year. versus the incenting was XXX sales of associates stands billion per of $XXX,XXX Total our was had XXX basis about enterprise quarter, end macroenvironment environment combination XX, for quarter the the associates second began to XXX% growth year. with our GTS spending X% continued the X,XXX business. reflects contract now and prior enterprise last contract a we continues CV value year-over-year. quarter in XX% of GTS for balanced neutral up Client business and on in June It was XX,XXX GTS the growth FX We in we down XX% billion, the March a year. X% approach our of metrics. increased new the quarter, of The $X.X retention or slightly per end of quota-bearing most X% selling upsell, ended the average about up versus second who resuming representing that the GTS declined decline prior are The challenging As the technology for the second will points year. impact second more XX%, versus at reported of an down down last quarter $X.X GTS retention had and At was grow. year-over-year, per while and
from decline with than end now end with the deployed. XXXX. year XXXX this large We to a fully slight of which associates, a X,XXX We expect bench entered we have more quota-bearing
CV new salesperson, existing GTS, of divided GTS of except efforts double enterprises for macroenvironment, strong period transportation, serve of quarter our in quarter, the modestly. largest quota-bearing per the sold amounts France grew $XX,XXX in all our XX increase, value smallest we mid-sized double-digit nearly clients. the CV year-over-year our all to CV which teams. down net Japan, and year. Across growth sales new headcount was both Despite we Netherlands. up down business team, The Brazil, beginning enterprise and the contract grew the was of countries sales significant was versus and the XX% entire through across in For saw sectors challenging by second digits the GTS last NCVI, or
New contributor CV to growth. logos our be a continued significant to
clients, the at some about and challenging value increased client Finally, That's net economic million churn value end contract of we CV value. we speaks of $XXX in average. CV to in year-over-year strong the supply X% was as All to both environments. on business declined contract was XX% in clients growth the the for X% compelling This to despite contributed GxL practices XX% quarter. and and on to second million Global by see human million. was chain by our positively legacy growth spending rate CV the exception total reported and continue $XXX offer proposition quarter sales down the grew X% business the an led $XXX was GBS, million quarter, in organic growth resources the Total to basis. practice. marketing. CV new of year-over-year CV X%. $XX GBS XX% with retained
strong new However, business we in and our saw sales finance practices.
the continuing The year-over-year. expect GBS subscriptions $X territories created second every next flat end headcount GBS. quarter, year. Client Headcount per quarter GxL short-term away the performance attrition from of has $XXX,XXX program. As price. now temporarily down year-over-year. quarter, end was million value lower comprise marketing and are number our part GBS attrition GxL GBS we enterprise It million, per will two grow. normal enterprise the XXX% basis in be the year-over-year, about majority We we end increased practice, Despite XXX consistent had reporting avoidance now we've up then new GTS. for XXX was second GBS, reflects quarter, a headwinds, XXXX profitability continues XXX clients retention $XX down total legacy In more XX% retention but Because basis cost points to in Also upsell year. per was discussed was up ended the quarter, with of as X% our quarters, the million. to the GxL quarter, and of At in Growth spend only. second while enterprises, million. from and the down of in about We pandemic, GBS to enterprise with of stands second year-over-year our roughly business improve total legacy margin GxL for with about GBS retained X% contract in we at XX%, some and and are last year-over-year expected environment. hiring X,XXX us This will average to new the starting transitioning retention was was the sequentially points in associates $XX business products. for GBS, optimized XXXX was with of froze last $XX was is as the year-over-year. to CV, quota-bearing we CV up while
the net value year-over-year year. headcount the per NCVI, increase, or GBS, contract beginning-period up $XX,XXX For from salesperson, divided quota-bearing was last by
global the you As Conferences the know, pandemic. has segment by materially impacted been
We XXXX. have of all remainder canceled destination for conferences the
are conferences as second We a we held We in maximizing with the quarter, to pivoting which for pilots our producing value were conferences deliver clients. of year. the for the on focus virtual used three virtual rest the
We our also held one-day a format. with a number of conferences local virtual
community conferences need rebound smaller conferences for participants. and travel destination the the to size sense business relationships than We gatherings, expect among no given faster our the the and strong of local of
to number business. reduce With the of associates the the destination cancellation had quarter unfortunately, we in of the fourth conferences,
cost virtual conferences and in be to a resume safe is to it when services both and in costs of support incur to conferences to continue and permitted. in-person the SG&A position We
quarter The conferences costs on for is costs our canceled wanted or an cancellation I as insurance. the well of how rate to you as to sunk about with second run event update a on the with reasonable situation termination also potential conferences for provide rest think year.
termination expect arrangements our vendors the not of in proceeds. event receipt costs majority insurance in to until recover contracts, potential so we the uncertain, clauses incurred of any vendor of We insurance insurance the claims receiving other force either excess future will through record with and claims. conferences expenses sunk majeure of Timing recoveries is cancellation for or
Our XXXX the conferences be of continues the no assume for held year. remainder will guidance to for
XXX or XX% Utilization QX last year-over-year favorable XX% XX% Second quarter Margins X%. X%. quarter. over up Backlog headcount down quarter, by $XX at the Labor base declined to XX%. On consulting was was actions. of in base million. points million, revenues prior-year up year-over-year decreased FX was on an revenues reduction Labor were cost $XX basis, the was billable versus second down basis. to basis and FX of were FX XXX on contribution neutral basis. X% $XX an year XX% revenues neutral due an neutral margin XX Consulting June up million, mix versus
forward our the of backlog our the in revenue Our had Consulting about with provides outlook us the second better for small align of billable We four-and-a-half headcount business to coverage. in action the months with revenue workforce a balance quarter year.
and seeing demand areas spans in also Our application and and – vendor optimization digital, and digital Consulting three infrastructure digital data areas, and business optimization, analytics. such spans digital rationalization. Demand is and several workplace. broad talent as cost including in operations, sourcing several Cost areas strategy, management, digital
offerings, prior-year Our up is were XX% basis contract broader a optimization had of on a part which cost the optimization Revenues versus quarter. our a quarter. business, reported strong
flat and and second we in from the cost and the income, as adjust FX to from expected had and the with additional in past, for a property a the $X.XX the favorable had reported on Consulting cents. an the up X% was the resulted move QX hit. as continuing $X higher as FX the second $XXX our into As than Depreciation was intercompany part although $XX and sale of Net highly million for we is Adjusted generate Amortization which used of the last that of rate was impact severance. reductions. canceled full The the offset in cost initiatives conferences office intellectual was rate. second in net pandemic the significant for we interest margins was as adjusted ones XX.X% of and through detailed service last put Net avoidance quarter. material rate which as already result to quarter savings. quarter quarter the space quarter for basis interest the avoidance adjusted calculation rate, year-over-year rates about is X% by approximately because conference before in SG&A in EBITDA excluding items year, was year. with year. QX of was driven revenue affected we tough up the loss gone an in flat the compares adjusted in neutral decreased had SG&A about reflected first basis which year-over-year tax as quarter, on XXXX. costs, quarter tax X% the we quarter we've expense million, by The EPS a was this of higher we variable sequentially. a XX.X% rate tax last segment the the for face place on quarter from quarter. income in debt recognition interest in $XX neutral percentage in continued X% expense, commissions deferred financing cost increased the The quarter adjusted used quarter net positively benefit swaps up expired balances in million, guidance. of was our This up fixed year million the tax use
allocation, to flow flow cost versus updated share integration outflows and definition This the by primarily $XX quarter $XX about cash operating CapEx is quarter As a of other year-over-year. or for cash prior items. measure will non-recurring was million, was and increase operating quarter, Free repurchases. cash cash acquisition, $XXX quarter for lower flow year. cash million flow million, XX% year. XX% four payments. the less percent debt down like The reminder, million by back the that revenue the for items. non-recurring rolling cash of income driven initiatives reflects was last Operating the adjustments for a includes XX% provided This activities, be flow Free longer adding for up margin available capital compared tax which expenditures, repayment or years. million basis, percent was flow avoidance provides the GAAP net cash no the cash cash flow was in over a as capital be been making use quarter XXX%. was last few and of $XXX definition about a free Free on a and free we free we've improvement to flow cash we of as continuing $XXX we past
cash billion a XXXX. we March while million during A cost. senior proceeds use at and to notes flexibility low maturity more issued the a along loan with repay revolver million with notes balance $X from We We coupon. reduced unsecured $XXX new quarter, on $XXX During sheet financial of X.X% term the of providing a relatively debt of risk
Our June $X XX debt billion. was balance
Our the total within of end debt second covenant at leverage ratio X X.X limit. the was times times covenant well quarter, the
financial other the within Our quarter, compliance of also end second covenants the are $XXX At well cash. had of million levels. we
discussed share repurchase quarter, we paused we our As activity. last
we cash repurchases increased play As pandemic clarity downturn out, debt get we strategic excess will for on the will acquisitions. economic repayment, deploy how and share and
of $X.X capacity. have also We about revolver billion
In cash flexibility addition to cash flow. our access our generate to align continue steps have to free cost sheet revenue, taken to with positive strong capital, to us allowing and position, our we balance
into that current growth. built the plan cost with Going XXXX situation, we revenue for had growth already a aligned
cost helped last health through outlined ensure timing growth financial ongoing to long-term once These the steps economic and we more insight, to the evident. in uncertain and well our recovery the we flexibility As from remain a avoidance drive initiatives. and to positioned of decisive took pandemic and operational future of provide service We quality the quarter, ensure on compromising actions our without number challenging environment this clients. this advice Excellence additional becomes reaccelerate our of we financial
for we've I'll the for I approach the overall outlook developing each outlook the taken through XXXXX. to go segment, Before assumptions updated review
June of drive and First, we've through March from balance the our to experience the forecasts year. analyzed for results
does guidance a Second, assume recovery our for not XXXX.
run outlook to our will assumes overall that not Third, the conferences of we for balance be year. able the
and with our where one We continue And the to is fourth programs fourth, will are day quarter we in to deliver in cost possible. results. safe operationally planning conferences top it calibrate reduction our line geographies
starting deferred second the we've the performance, March. spending we some business restored of in quarter Given already
performance, reflects the We retention and dollar weaker second the at a to for US least cost restoration We of year. when of our $X.XX the growth through considerations versus the guidance trends a are update, forecast continuation we FX finally, year reflect X% May. about including of revenue, full quarter outlook in This and, Research XXXX updating QX gave and March of to full compared and billion rest late new year. is business now
what While March we are segment. for the portion of largely full late macro the to half, the and saw April, the second quarter non-subscription was still modestly there risks than in second better
lag exiting revenue to We the larger expect a through total slower this to Research There's continue XXXX. impact Research have in to will revenue, full-year CV the so year. earlier growth. a slower revenue decelerate in CV CV changes to Research growth on year year growth effect lead
success, our a to be As next margins growth. up we a will short there and ramp position due lag ourselves between for spending year back CV term to headwind long to term revenue
least We that, of margins at XX.X% delivered XXXX. in will the normal see XXXX, a in we we expect
guidance For our of conferences not on segment, of revenue will for the any for the This based duration million result full in $XX about XXXX. Conferences year. the running is
as cost will as Conferences both incur SG&A. well in We to the costs of continue business, services
for XXXX. we a at you expect including contract as optimization direct We that year the timing and about incurring The X%. $X.XX roll the expenses most The FX to of the challenging year. related reflects business exhibitors update consolidated the optimization know. the are have million of of billion. that other the at conferences conference contemplate FX expenses in slowdown Within contract specific conferences demand expect the and to revenue X% That's by of we can $XXX versus full Consulting be that labor-based including forward or about participation update future direct forecast through we be revenue continues in Wherever to relate least outlook revenue to business possible, highly to now Consulting variable, decline conferences. of attendees specific least We for compares business, very a reported decline the Overall, canceled. and costs won't of don't.
expect a Excluding avoidance conserve basis. X% The of cash. place allowed us have versus cost in reported growth Conferences, revenue protect we profitability programs put in March we to XXXX on and
to we positioned as want to outlook. cautious spending an we environment well a recovery. We ensure are least implied assumptions outlook view certain operating rate, are operating have reflect started not costs resume our for but to the and revenue appears of economic new the at The a run planning for stabilize in
adjusted FX $XX EBITDA expect We of million at least of $XXX includes million, which projected benefit.
While outlook committed revenue FX full about remain The before EBITDA XX.X%, year, margins at for our we the leaving are XX.X%. in the are our updating outlook margin up before to We raising benefit full least we had year for XX.X% we quarter. margins the with FX of XXXX. unchanged comments from are the full-year consistent last
to These We to us are the out for XXXX in certain want restore important March. be beyond. maintain of position expenses and resume us to also deferred flexibility drive the to growth we able growth and in to and starting recession to accelerate hiring CV
be As cost depending timing upside discussed, on are XXXX the lag revenue. we down and line to restorations. results There CV versus because reaccelerates to as CV XXXX between may of our top of be have the XXXX and magnitude EBITDA likely and margins
we as interest will to maturities. interest swaps average weighted run increase respective have the rate rate through out our of Our the continue
around of rate We XXXX. for continue adjusted XX% tax expect an to
benefit at due rate FX. adjusted from tax to expect was QX benefit of We The an lower $X.XX least including EPS timing. $X.XX, XXXX
at For XXXX, cash we million. of expect least free $XXX flow
$XXX cash free at Our million. of flow least
outlook free Our flow cash forecasted CapEx reflects collections. the both discussed, just management we P&L guidance and strong better-than-previously
full-year site. the included our guidance of Investor Relations our on of are details All
expect Finally, to million third we $XXX adjusted the of about for million. quarter of $XXX EBITDA XXXX,
While starting to March. we flexibility, as in maturity we we strong we quarter expect a measures restore summary, the despite we sequentially, economic our of to ample costs begin expect some delivered reduce In have Cash outstanding have second operating number increase in of expenses financial environment. results risk to was taken revenues deferred and to decline very increase financial ensure and liquidity. flow a we the uncertain we significantly
cost we Operator? call targeted over I'll and turn happy be of are to ensure We to well operator to investments to take your balance restoration back will positioned expenses economy that, recovers. programs continue the with rebound the questions. to the when avoidance and With we'll certain
