Thank I then some and economic our from you, offer for of Japan the outflows Europe and Jason, and at guidance DXJ. for Slide some is uncertainty Q&A. and strengthening close discuss AUM call it of importance will turn of our acquisition over US some end MacAlpine the before quickly growth dollar, partnerships around billion the market recent to the still second through concerns Securities, continue our depreciation. the and will comments outflows already Beginning increased reflecting Kurt to partly $XX items of quarter in then updated Despite on X, April Since and our on the date was opening offset operating in in I go expenses. ETF HEDJ quarter comments good the announcements global political the by morning, everyone. closing known Jon up for
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at look our a Let's take segment Slide X. international on flows
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million non-GAAP the quarter from $XX the to $XX two to quarter from XX% net this first Slide transaction, turning had financial in accretion second April. which grew Revenues items the securities quarter. results grew Now X. ETF on and We week of income closed reflecting the the the million to in
these costs. or the a recorded commitment marking-to-market, are $X Adjusting quarter. the a we share First, $X.XX pretax and incurred fair with payments, of million gains in value for $XX of second we gold our million associated items, $XX we in million acquisition-related
primarily gross $XX.X Gross Turning X% The margins remain similar average XX.X%; segment US Based margins US to reflecting were AUM cost for range year million. full to expect The driven compensation. the ratio to guidance segment first middle to was operating was acquisition-related from half of increased first slightly to we compensation XX% of lower sequentially levels, quarter to the US year around for the current XX.X%. for the segment incentive XX%. of Turing the XX%, the by the I margin excluding the Adjusted would levels. you lower to will decline also of X. Total expenses like cost for forward and update on XXXX. declined quarter. our down second next US some Slide the the update guidance our slide. listed year, into on AUM result half in carry initiatives an in the that on to
our changing to distribution by expanding with our Premia First, Japan we are Partners. relationship approach
Premia down where us they yield annually. relationship million Asian in result, a countries. this would wind will our As existing of will We earlier approximately specific year, office represent savings $X the Japan, marketing with which we in sales announced
very be successful will are that have This We of very results Asia to stronger believe approach cost. years Japan. And pleased at expanding for to we taken in similar we Group. America it course a is distribution into lower with drive Latin Compass now in the the
you distribution investments industry intelligence, the us Second and levels. These we engagement client an marketing through over different allow years at leading initiatives years to track of analytics. made as know, a several data and have approach the better last building AI predictive
are of approximately generating As savings efficiencies million. yield will $X a which result, we
would recognized our XXXX. current These cost effect X% XXXX. savings So million of will of year represent earnings of second half $X and the the nearly savings approximately of in into be consensus we realizing this in be $X in which million total full
in to continue additional our we we recognizing get future into to we efficiencies While XXXX. business anticipate drive invest as growth,
on deal a expense ETF we of international the driven our payment. assumed segment’s are acquisition. the ETF some now through our gold. a Securities to by of the the where fee to million I contractual The obligated from average close. similar generating spot spend turning jumped based to highlighting X. of $X.X a Now international on to starting changes Slide segment the to segments commitment to reflecting results $XX a of results physical April price the million, the statements, financial like on ETF Securities, XXth daily with gold international operating of the income pay we moment gold This royalty Revenue acquisition
$X.X of the obligation our sheet. quarter, the between of statement, our flow non-operating a considerations. for we this through of million section amounted Securities. fair this, the of the The this to liability XX% quarter deferred on liability this income For Related balance recorded periods the owned of we mark-to-market as revaluation value second to ETF as expense a
gold gain decline a in liability the quarter, Given during of $XX the recorded prices the of the value therefore we second million. declined,
in the ETF in Securities. Finally, you’ll in raised of May from also only This which of that inclusion the what we million $X to we The cost term a international of we identified operating guidance we highlight have due of initially the ahead lower expense shown like had the amount to the had lastly expense pace recognized majority relates segment, to outlined. expenses. LIBOR than I'd million is than loan acquire the acquisitions, below provided to notice is rate the $X.X other interest synergies projected.
call pleasure the Global Now it’s to my of over to our Head Kurt turn Distribution. MacAlpine,
