Ladies you Mike. music. enjoyed and gentlemen, extra I Good hope evening. the Thanks,
But Sorry quickly my the about you what changing our financial environment Last challenges Mike's business in to with brought our who team we special like that the challenges. year a reiterate accomplished be a tremendous again. global company couldn't support throughout face And sentiments. But our would was to to serve. also to thank of and adapted such our XXXX. review, markets one before I send I begin has extraordinary prouder unforeseeable we business strategy in that of rapidly
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volumes some let's X.X for with fourth Now X.X% begin sequentially year to highlights. the full fourth and gallons. quarter Consolidated quarter billion increased of the
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were when $XXX ahead better align economic compared the to be million more stand full look through mitigate year challenges million. realities expense, that operating XXXX, pandemic. were focused range year first manage million $XXX the we of at at Looking a profit. taking than debt testament the to quarter, in our XX% This $XXX team's By full to XXXX, to effort to decline million gross likely bit the excluding to core another to bad higher action If expenses, XX% is XXXX. expenses of of $XXX the will reduce in the operating our of or able costs we swift the
with fourth the debt two challenges normalized was expenses. $X.X quarter in pandemic, more expense of the a million, elevated returning of Speaking quarters the level COVID-related to after
We continue markets challenging well. to navigate
do fantastic underwriting levels. remaining a team Our continues credit credit risk with well to historical below job lines
here. somehow in XXXX, XXXX, we substantially return conditions from we at and debt As those below or to bad look levels Adjusted to deteriorate market to expense expect unless experienced to our for fourth operations the on XXXX $XX quarter impact again, was the significantly pandemic million, specifically. most marine due from and down sequentially, and the in of income aviation XXXX segments,
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expense losses the during the related currency for million. interest quarter also expect We in by to first in quarter, significant $XX principally of to the $XX foreign be fourth range expenses Other were million exchange driven elevated to volatility the quarter.
cash required the tax has a impact Based on be legal under unless rate fourth devaluation carryforward significant the impact net jurisdictions, recording fourth operating the range As change from flow in than imposed we required our taxable in quarter are in which, our to low we associated to for continue our know get loss profitable assets restrictions conditions effective legal standards during short with procurements the operations, These may post in accounting rate profitability close recorded materially. amount remain did benefit, to the tax rates tax on higher would COVID-XX. results the recognize tax to our impact term. we income a our the rate tax no full our to on allowances travel higher will result not available future globally income identical very today, be entities a were principally benefit The local similar since a decrease resulted effective of showing various effective the able and these the these from we fairly so of If they like be again, rate somewhere adjustments fourth and and once to any equity quarter. foreign to allowance in we market pandemic start allowances, assets offset in due by we expect in driven loss against we effective in to of remain the certain demand noncash a these XXXX, and have would valuation jurisdictions been what normalize This of even year. for deferred quarter tax tax our XXs. become tax
at about $X.X by XXXX, declines end and principally billion December to receivable of volume than or fuel lower prices. from year, the the down driven accounts of $X.X again more approximately total billion balance XX% Our declined once
working quarter continued of in managing resulted focus cash carefully $XXX on fourth capital flow Our operating million.
investments, again $XXX amount year, of still of substantially, we balance $XX sheet a a have all us else. a dividends strengthening than pay additional with shareholder we For our In everybody and repurchase available midst as significant drive tough during robust in generated dividends, which This million initiatives, shares of to the repurchases closing, cash the provides more only intended pipeline of very million all growth the value. for from a organic flow while share know, liquidity operations, to we markets of for strategic enabled to is just our the pandemic. million but greater in company, us of as and us unprecedented $XX not invest and year, XXXX participate about
we demand from global COVID-XX, the control operating an exceptional for almost not entire control. While job our do on within was did our now, what team year in recoveries business and focusing remotely executing
net counter-parties. cash managing further and Specifically, and strengthened was million, pandemic, us by debt actions in and balance the with year-end. a EBITDA net exposure our position at our customers still these expenses And than prudent $XXX other impacted significantly while credit by bringing sheet, cash flows more reducing
capital stronger a we to believe not time, very, positioned long terrible horrible to has than waste, comment very any of would worked much hit the areas and our is in Q&A. I forward, as turn in are multiple Thank growth this Looking and invest running hard sheet Mike, with to you to With strong to business well for be operating to you. please crisis. a strengthen efficient and demand operator, CEO, XXXX not very further ground our for Thank significant will over did the ensure our thing we pandemic reach state I of we crisis balance call recovers been our business. we would like greatest opportunities to the available but now post Mike safe. with leverage. to
