You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: During the call, we will discuss certain non-GAAP financial measures such as total segment operating income, adjusted EBITDA, total adjusted segment EBITDA, adjusted earnings per diluted share, adjusted net income, adjusted EBITDA margin, and free cash flow.
To ensure our disclosures are consistent, these slides provide the same details as they have historically, and as I have said, are available on the Investor Relations section of our website.
With these formalities out of the way, I'm joined today by Steven Gunby, our president and chief executive officer; and Ajay Sabherwal, our chief financial officer.
I was just checking to make sure I was on -- off mute for a change.
Let me start with a couple of words on COVID, even though I'm sure all of you, like I, are so sick of the topic and the issue.
For those of us in the U.S., I think we can sense at least the beginning of a change in mood.
At least for me, it's wonderful to see the rollout of vaccines, and no -- I don't know anybody who doesn't get incredibly excited when we see our friends or our family was getting vaccinated.
I think on the other hand, I think most of us know, the story is not as true every place around the world.
When I talk to colleagues on the continent of Europe, story feels somewhat aligned, but also somewhat different.
There's a lot of frustration about the slowness of the rollout of the vaccine, and it feels very different.
It felt very different last week when I talked with colleagues in Latin America and some colleagues in India.
If we look at the statistics, I think we see that global cases globally, total cases right now are actually at the highest levels we have ever seen -- the world has ever seen.
And of course, the rollout of the vaccine, though happening around the world, is happening at very different paces depending on where you sit.
So the good news, I think, is that we can all, at this point, see a light you can see that light at the end of the tunnel.
And I'm so excited for those of us for whom that light feels close.
I just want to also share -- say, mine and my colleagues, hearts and thoughts are also with all of those folks, within our firm and within yours for whom the light still feels further away.
Let me turn to a brighter subject, which is our quarter, our results.
It had some positive surprises in it and had some items that one can't count on recurring, which Ajay will talk about.
But even normalized for those, it was a terrific quarter.
I doubt very many people, 10 years ago or even a few years ago, would have thought that in a period where restructuring as an industry is down substantially, and our restructuring business is well off the peak that we saw last year that we would produce a halfway decent quarter but along a quarter like this.
But the quarter was spectacular.
Let me, however, say, something that we discussed many times, quarters are fickle.
Markets can fluctuate up and down.
Big jobs can come and go.
Cases can settle in continuously investments to drive future growth, although critical for the future can negatively impact quarters in the short term.
Quarters to me, as excited as you can be about a quarter are, in fact, never good measures of performance for this company, good quarter or bad quarters.
To me what is much more powerful than this quarter or any quarterly results is the strength of the longer-term trajectory that we have been on and that I believe we are on as well as the reasons for that grade trajectory.
Compared to 10 years ago -- forget the quarter.
Collectively, we have managed to build a business that is much more powerful, much more global, much more diverse than it ever has been.
And that's true for the company as a whole, but even within each segment.
Today, for example, our business, it's more powerful in restructuring than it ever has been, is also much broader, much more powerful, much breadth of experience and capabilities to serve our clients on a broader range of challenges and opportunities than ever.
Yes, it's powerful in restructuring but also in transactions, in the office of the CFO and so many other services, and you can say the same for all of our business segments.
The way we've gotten here is the basis for that, the terrific teams, reinvesting in our core, reinvesting behind our good businesses but also looking where our clients have needs and broadening our business, both our offerings and our geographical footprint.
Those actions and our collective commitment, the best behind great positions and great people, to me, have changed the fundamental trajectory and resilience for this company.
To me, we have shown over the past several years that if we do the right thing, if we do the right thing, if we commit to our -- position our business in a right way, if I support great people for long-term sustainable growth, though we can still have bad quarters, for any extended period of time, we control our destiny.
We control our destiny in a way that allows us to serve ever more our clients' most important needs across a wider range of circumstances, not just in things like restructuring but in antitrust, in major M&A and cybersecurity and SPACs and public affairs, in global cross-border investigations and it could go on.
And that to me, that growth and capabilities of our people, that ability to extend our firm to innovate is far more exciting and a much more durable basis for excitement and success than any, any given quarter's results.
So I'm not going to talk any more about the quarter, Ajay will.
It's been so frustrating to see that the light is there at the end of the tunnel, but see how slow it's been approaching in some places.
The emotional fortitude that our people have shown during this period that keep our company moving, to keep connected with each other, to remain supportive to each other, dedicated to our clients has been wonderful to see as the CEO but actually equally as much as just a human being.
I'm delighted to report year-over-year double-digit revenue growth this quarter.
On our last earnings call in February, we said that strong M&A activity would favorably impact our economic consulting, technology and strategic communications segments as well as our transactions business within our corporate finance and restructuring segment.
Conversely, we had also expected weakness in demand for our restructuring services.
Both trends occurred and were deeper than we anticipated.
And in Forensic and Litigation Consulting, or FLC, the segment which was most impacted by COVID-19 in 2020, we expected continued gradual improvement.
Instead in the quarter, results rebounded faster than we anticipated as we were able to resume work on many matters where trials were rescheduled or resumed, particularly in North America.
Obviously, we are very pleased with these results.
First quarter of 2021 revenues of $686.3 million were up $81.7 million or 13.5%.
GAAP earnings per share of $1.84, compared to $1.49 in the prior year quarter.
GAAP earnings per share included $2.3 million of noncash interest expense related to our convertible notes, which decreased earnings per share by $0.05.
Adjusted earnings per share of $1.89, which excludes the noncash interest expense, compared to $1.53 in the prior year quarter.
Net income of $64.5 million, compared to $56.7 million in the prior year quarter.
This increase was due to higher operating profits in our economic consulting, FLC, and technology segments, which was partially offset by lower operating profits in corporate finance and restructuring.
SG&A of $126.5 million was 18.4% of revenues and compares to SG&A of $127 million or 21% of revenues in the first quarter of 2020.
SG&A was flat year over year, primarily because lower travel and entertainment expenses offset higher costs related to the increase in nonbillable headcount.
Double-digit revenue growth and flat SG&A expenses more than offset higher billable headcount-related costs, resulting in first-quarter 2021 adjusted EBITDA of $99.5 million, an increase of 19.5%, compared to $83.2 million in the prior year quarter.
Our first-quarter 2021 effective tax rate of 23.9%, compared to our tax rate of 22.5% in the first quarter of 2020.
For the balance of 2021, we continue to expect our effective tax rate to be between 23% and 26%.
Weighted average shares outstanding or WASO for Q1 of 35.1 million shares declined 3.1 million shares, compared to 38.2 million shares in the first-quarter 2020.
For the quarter, our convertible notes had a potential dilutive impact on earnings per share of approximately 450,000 shares in WASO, as our share price on average of $118.44 this past quarter was above the $101.38 conversion threshold.
Billable headcount at the end of the quarter increased by 562 professionals or 12.3%.
This increase is largely due to 34.9% billable headcount growth in corporate finance and restructuring, which includes both organic hiring as well as the addition of 151 billable professionals from the acquisition of Delta Partners in the third quarter of 2020.
Sequentially, billable headcount increased by 75 professionals or 1.5%.
Now turning to our performance at the segment level.
In corporate finance and restructuring, revenues of $226.2 million increased $18.5 million or 8.9% compared to the prior year quarter.
Acquisition-related revenues contributed $16 million in the quarter.
Excluding acquisition related, revenues were essentially flat, primarily because an increase in transaction-related revenues globally was offset by lower demand for restructuring services, particularly in North America.
Adjusted segment EBITDA of $37.4 million or 16.6% of segment revenues, compared to $48.9 million or 23.6% of segment revenues in the prior year quarter.
The year-over-year decrease in adjusted segment EBITDA was due to flat revenues with a 34.9% increase in billable headcount and related compensation expenses and a 10 percentage point decline in utilization.
Turning to forensic and litigation consulting, revenues of $150.8 million increased 2.2% compared to the prior year quarter.
The increase in revenues was primarily due to higher demand for health solutions and investigation services, which was partially offset by a $4.1 million decline in pass-through revenues and lower realized pricing for our data and analytics services.
Adjusted segment EBITDA of $29.4 million or 19.5% of segment revenues, compared to $21.2 million or 14.4% of segment revenues in the prior year quarter.
The increase in adjusted segment EBITDA was primarily due to higher revenues with higher utilization, coupled with a decline in SG&A expenses and direct costs, primarily related to the lower pass-through revenues.
Sequentially, FLC revenues increased $23.6 million or 18.6%, and adjusted segment EBITDA improved $21.8 million, reflecting increased demand across all of our core offerings, including previously backlogged work and a 9 percentage point increase in utilization.
Our economic consulting segment reported record revenues.
Revenues of $169.3 million were up 28.1%, compared to the prior year quarter.
The increase in revenues was due to higher demand for our non-M&A-related antitrust and M&A-related antitrust services, as well as higher realized pricing and demand for our international arbitration services.
Adjusted segment EBITDA of $26.6 million or 15.7% of segment revenues, compared to $12.7 million or 9.6% of segment revenues in the prior year quarter.
The increase in adjusted segment EBITDA was due to higher revenues, which was partially offset by higher compensation related to an increase in variable compensation and a 9.9% increase in billable headcount.
In technology, we also had a record quarter.
Revenues increased 35.3% to $79.5 million compared to the prior year quarter.
The increase in revenues was due to a surge in demand for M&A-related second request services.
Adjusted segment EBITDA of $21.6 million or 27.2% of segment revenues, compared to $14.5 million or 24.7% of segment revenues in the prior year quarter.
The increase in adjusted segment EBITDA was due to higher revenues, which was partially offset by an increase in compensation.
Sequentially, Technology revenues increased $20.8 million or 35.5%, and adjusted segment EBITDA improved $11.4 million, primarily due to a large second request engagement.
Strategic communications revenues increased 3.7% to $60.5 million compared to the prior year quarter.
During the quarter, we experienced increased demand for our public affairs services, which was offset by a $2 million decline in pass-through revenues.
Adjusted segment EBITDA of $10.4 million or 17.2% of segment revenues, compared to $8.8 million or 15% of segment revenues in the prior year quarter.
Increase in adjusted segment EBITDA was primarily due to lower SG&A expenses.
Let me now discuss a few cash flow -- few key cash flow and balance sheet items.
As is typical, we pay the bulk of our bonuses in the first quarter.
Net cash used in operating activities of $166.6 million, compared to $123.6 million in the prior year quarter.
The year-over-year increase in net cash used in operating activities was largely due to an increase in salaries related to headcount growth and higher annual bonus payments, which was partially offset by an increase in cash collected.
During the quarter, we spent $46.1 million to repurchase 421,725 shares at an average price per share of $109.37.
As of the end of the quarter, approximately $167.1 million remained available for stock repurchases under our current stock repurchase authorization.
Total debt net of cash of $252.8 million at March 31, 2021, compared to $143.2 million at March 31, 2020, and $21.3 million at December 31, 2020.
The sequential increase was primarily due to $170 million of net borrowings under our bank revolving credit facility to fund cash used in operating activities primarily for annual bonus payments.
Turning to guidance, first, let me remind you of the guidance for 2021 we provided in February.
Revenues of between $2.575 billion and $2.7 billion.
EPS of between $5.60 and $6.30.
And adjusted earnings per share of between $5.80 and $6.50.
I believe, at this juncture, it is important that I shared with you why we believe the exceptional strength we have demonstrated in Q1 may not necessarily repeat in subsequent quarters this year.
First, we are, for the most part, a fixed-cost business.
As people and real estate represent some of our largest expenditures, these costs are not variable in the short term.
So small shifts in revenues have a much larger impact positively or negatively on EPS.
Second, we are at our core a large job firm.
And when matters end, they may not immediately be replaced.
This quarter, for example, our results were boosted by several exceptionally large engagements that were driven by record levels of M&A activity that may not be sustained through the year.
In technology, for example, we had one engagement, which concluded during the quarter.
That represented over 20% of of total quarterly segment revenues.
In economic consulting as well, we have several large engagements that are expected to conclude during the year.
Even our restructuring revenue this quarter was boosted by revenue from large matters that began last year and have either now ended or will likely end this year.
Meanwhile, credit markets remain in an accommodative mode.
And hence, the number of stressed and distressed issues remain low.
Moody's now expects the trailing 12-month Speculative Grade Global Default Rate to fall to 3.2% by the end of the year, down from 6.8% forecast they provided in December.
And Fitch, which measures defaults by dollar volume now expects a high-yield default rate for the U.S. of 2% by year end.
These forecasts point to lower demand for our restructuring services for at least the balance of this year.
Third, this quarter, we were delighted by results in FLC, our business most negatively impacted by COVID in 2020.
That being said, with the continued uncertainty of the pandemic and certain geographies experiencing third and fourth waves of infections, we remain cautious as we may be impacted in certain locations by COVID-19 related court closures and travel restrictions, which can impact our ability to serve our clients.
Fourth, our nonbillable travel and entertainment expenses are typically around 1.5% of revenue.
At the moment, this expense is largely nonexistent as travel and entertainment is severely curtailed in most geographies.
Lastly, our fourth quarter is typically our weakest quarter with the holiday season and compensation true-ups at the end of the year.
In 2020, our fourth quarter results were exceptional, in part, because of the implementation of a cross-border tax strategy.
The more rational expectation would be for a seasonally weaker Q4 as many of our practitioners take well-earned vacations.
Now with all those risks considered, clearly, the great performance in Q1 gives us a very good headstart for achieving our guidance.
Once we have another quarter under our belt, at the end of the second quarter, we will revisit guidance, as is typical, to see if any changes are warranted.
Before I close, I want to reiterate a few key themes that underscore the attractiveness of our business.
First, we have demonstrated that we have a tremendous collection of businesses that make us a very resilient company.
We are uniquely positioned to support our clients as they navigate their most complex business challenges regardless of business cycle.
Second, more than ever, I am convinced that the key to our success is the strength of our people and their relationships, both of which are exceptionally strong.
Third, our leadership team is focused on driving growth through strong staff utilization.
And finally, our balance sheet is enviable.
And we have demonstrated the ability to boost shareholder value through share buybacks, debt reduction, organic growth, and acquisitions.

user
q1 adjusted earnings per share $1.89.
q1 earnings per share $1.84.
q1 revenue rose 13.5 percent to $686.3 million.

assistant