and everyone. and before then lines good through Jason, deeper closing Jarrett you, Thank morning, remarks provide will then items over our Q&A. a the for to Lilien, call for who the on Today, the for second and the we quarter; distribution open turn dive to President, operations; important walk I'll Jono
assets X, driven Strong we of net the of ended U.S.-listed in ETF of So historic under we beginning were The Beginning with from quarter, growth. management are leader commodities $XXX has inflows Europe, we a set. billion, energy were quarter first positive us in on inflows, net products our the XX% European-listed clear been by ETFs. representing generated annualized and ranking in largely XX% up $X.X product our million. industry, Slide our markets, inflows across of organic and $XX.X by for exposures. third energy billion what the offset from European-listed leveraged billion into market well the move diversified $X flows In inverse period in truly outflows
net Our share. quarter in inflows $XXX represented million second the XX% market
$XXX in exposures. of leverage diverse suite inflows, commodity had inverse equity and range million Our product driven of by a
leader a remain in precious $XXX metals also million. inflows We net with of
large By in we less going of U.S. contrast, majority extremely or industry of DXJ, sentiment. billion $X.X the investor no were not outflows, as and with vast flows aligned fixed was areas had to. to which set have worst HEDJ industry categories. XX% AUM income, product XX% well our we products, flowing exposure U.S. this of the U.S.-listed our growth, quarter were our were approximately For from and cap narrow with commodities
bright several spots. were there However,
successful AUM bringing million generating Our its post at one the quarter launch cloud launches fall, most inflows, to continue ETFs of of last the to million, its ever. computing $XXX end our $XXX rapidly scale of
We and have continued to in we asset well have success growth we which recent products believe XSOE, quarters, AGGY also positioned. highlighted strong be seen in very DGRW,
of basis flows outflows important examine have our these masked as to pockets gross a these on it's success, successes. Given
Let's that X. the the on left represents gross our the on blue gross Slide on reflects basis, examine a turquoise chart The outflows. reflects dark and inflows gross flows and
you several can distribution made reflecting As we our impact have the our see, from years. strong, around been past the over sales investments gross have positive efforts
were year from nearly During quarter $X second and quarter, second of up from up sales nearly XX% billion, the XX% gross the ago XXXX. quarter the nearly
also can redemptions were you see, as elevated. However,
sentiment. middle As for the aligned on in demand makes XX% saw of investor the slide billion an of quarter. up the our was equities $XX last non-U.S. I touched We chart, quarter and upon of with AUM. in second industry our saw outflows product categories aggregate not this Those value-oriented broader lack a and set reflected which U.S. strategies,
a with we the a and U.S. ETFs June significant into equity chart have in as trends in in rebound However, seen reflects, last flows improvement our July.
these U.S. We value-oriented product sentiment and suite. hopeful our with are international continue and better to accelerate aligns trends macro
On decline AUM to a were million. $XX our capture mix Now the basis, due and financial in second average X, average quarter. Note, a results loss turning had fee on quarter to up change. Slide X% down one due from to our a GAAP of the we this revenues lower quarter, net AUM million the point $XX is for basis
or million net Excluding adjusted nonoperating $X.XX items, income share. $X.X was a
our charge prices after-tax increase payments, during the million in $XX noncash future of commitment through quarter. a gold significant took gold reflecting we quarter, This the
the from and million had $X.X maturity million also debt than term. charge earlier of $X.X our We a tax extinguishment a of of the benefit
to Turning the on next slide. the margins
margin in from our by XX% cost in partially quarter, decline XX.X% to to the oil-related decline controls. range offset XX% Gross given and of lower AUM, due the XX% for Our lower was on volatility. guidance revenues higher revenues in reflecting its our the costs the end products, operating margins were our
can On change the see next slide, in you our expenses. the
the end operating outlook, from Due compensation's range forward guidance X% of Compensation to down of $XX we expenses lower the more due cost relatively marketing or to Our million to digital given XX% are the of means significantly improved the million declined effective quarter, more or from we $XX year. these remained million. either completely flat. remained trending and shifted revenue $X by to spending our well sequentially expense, and efficient controlled, Certain and and stopped, to last outreach virtual sales first toward costs higher through environment. spend Discretionary clients. our declined XX% primarily have have expenses our
believe periods, carry we future efficiencies of in be have year will we certain full Given our spending we now and what million. discretionary these forward so far, expect to learned $XX
outlook. year As last for of don't believe effect We negative the $XX will was at quarter. on the a discretionary our reduced spending, have million million reminder, any to which $XX.X our long-term beginning guidance we these then growth reductions
and an which of slide. which on our hand term loan our transaction were environment. the to has It We Now no proceeds able a execute the covenants, raised premium, next comment term to capital. issuance our $XXX million the well cash in million to debt I'd conversion $XXX note. used structure on this a that X.X plus received loan used to it million pay is like market through June, to the not and current transaction, on was manage the The We In it norm high million those and us off unusual most flexibility repurchase shares. of successfully $XX announcement. on provides note restrictive had was convertible in refinanced our we recent
capital note; our and to about the the off over capital and going return and call buybacks. Jarrett shareholders to strategic dividends Lilien. And let President, through our turn me second, think you. we are now to opportunities management cash our they pay forward, Thank for priorities As build
