and quarter, over remarks for Thank it Q&A. updated guidance good important you, Jason up before and XXXX, items turn everyone. I'll the some give for closing some Jonathan through for then walk the the opening morning, for to call
X, have Slide by inflows assets market all and management where the quarter rebounded on at billion just appreciation beginning So across regions three driven listed ending products. under we $XX under
strongest we second HEDJ quarter more XX% annualized in than of years. Excluding further. generated position we organic DXJ, fund, treasury that leader which as meaningfully generated a our inflows, liquidity six and were rate growth, industry ETF inflows two and strengthened can $X.X asset in billion $X.X floating which by our led and represents believe USFR, of strength scale the times Flows billion of the and its category the
quarter ETF of and investors product the XX% years. is in million share the of alpha-generating suite very equity looking performance to this $XXX track drive structure. strongest representing organic funds gain demand domestic to market for growth, over generated strategies strong With two well-positioned continue inflows, records, suite in Our from
quarter, physical we The importance consecutive of particularly establishing second exposures. our listed market the gold market million to being ETFs of share and share, the gold market European XX% grew beta For into for our ticker awareness, $XXX represented inflows first products. of illustrating
consistent Our offset while strategic an and inflows industry EM emerging by products, rebounded from well, [ph] marketing and strategy strong to growth ETF. as generate enjoyed organic market distribution continued Canada NDA intelligence the and outflows our were award-winning inflows of funds diversified broad-based data to our client the evolution than more our These franchise suite to in EM Solutions are of digital flows Advisor program. offering results partnerships leverage and entering into optimize the coverage our into
change financial were quarter, the the on On and mix the US just revenue million. primarily we Slide AUM $XX capture million in average due to results turning a to due days our GAAP under of income $X for of less two X, quarter. revenue lower the had to net Now revenues in basis,
unusual a items Excluding our non-operating and this million GAAP income the two net I'd share adjusted like $X.XX on highlight that of quarter. or charges, adjusted $X basis. of to a affected results
on by offset no was that tax expense a losses benefit a $X.X our in had line. our gains impact and charge which first, The million net fully results, in other was
escrow our securities, proceeds of tax to a cover part portion the held in As acquisition of of certain ETF we exposures.
of Again, tax had limitations that expense a of expense. and require Accounting a release portion escrow. net effect we exposures as statute to on the As expire, reduction then on it record an release the rules the no as our we those results.
compensation with awards. we vesting of second $X incurred non-cash million associated The a item, stock-based charge
previous was quarter guidance. rate consistent XX% continue in future expect XX% tax to tax in and our periods to rate we the normalized with Our XX.X% a
margin payroll the year US was operating costs. higher Turning of in up seasonal margins quarter, slightly our and to the reflecting was our segment due to down which were up last our revenues margins Gross on XX% from average items quarter were lower in the margins prior for adjusted for slide, fourth growth the sequentially for XX.X%, international AUM. the seasonal segment XX.X%, sequentially quarter. Gross reflecting next
you On the next expenses. the our slide, can changes see in
the and For of as compensation partly US marketing higher to lower as expenses in well were by use increased sales segment, spending as operating seasonal slightly consultants costs due offset timing.
due marketing and X.X% well sales-related declined of and arrangements. guidance do as one-time expenses distribution the in above spending We back sales spending. of X%, onboarding to our to expect were for the pick second segment quarter. expenses primarily fees due of timing International up overseas for expenses to of marketing distribution platform, Third-party advisory as a marketing one lower
Now, an I'd remainder update on expense the for on like our Slide to outlook you year, the of X. give
mix, the change in remain we First, international XX% gross our no we previous the and guidance. our what and to levels AUM expect XX% XX% XX% hasn't range in asset margins the in changed; segment. At to margin expect for current current to range gross
distribution a the of there but may near-term, We basis the advisory be periodic quarterly fees will onboard in be platforms. when in expect X.X% third-party new spikes fees our US we on
for also international and our our in We segment. changes both compensation no guidance expect in prior US
annualize in guidance range. first you the if we quarter trending see, numbers, middle of are the can You
flat guidance gave be spending to We that half changed? we has expect annualized second with expenses. discretionary what So XXXX
savings. $X in working our discussed reductions call year, we're cost identified million and quarter additional second annual identify As in earnings to we last
We an in segment. million $X the are in revising $X $X savings, international million additional expect and and million our in guidance our US
three quarters, in last from So million base. we our $XX cost approximately out have taken the
reduce turn efficiencies Thank look Jono. will opportunities. areas my expenses that revenue or sacrifice for pleasure growth will to not where and continue it's the we other to now over We you, call can to
