One way to look at them, a pessimistic way to look at them, is to note that our adjusted earnings per share of $1.32 is down significantly from a year ago.
And of course, most of you remember that corp fin 10 years ago in the midst of a market boom had record results.
In fact, during 2018 and 2019, when the restructuring market was hovering around all-time lows, we delivered record revenues, up 17% and 28%, respectively.
Equally as powerful is to not just look at how similar we are in corp fin to where we were 10 years ago, but to look at how we've changed since then, how we've enhanced our positions.
1 creditor rights business.
4 in London, we're now No.
We have power on the continent we didn't have 10 years ago with the addition of Andersch in Germany and the addition of other terrific professionals elsewhere in Europe.
In strat comms, for those of you who have been long-term shareholders, you may remember that 10 years ago when the recession hit, that business, in large part, melted down.
Similarly, if you look at econ, 10 years ago, we already had a fabulous econ business, but it was primarily a fabulous -- fabulous North American business.
Revenues of $607.9 million were up $1.7 million or 0.3%, compared to revenues of $606.1 million in the prior-year quarter.
GAAP earnings per share of $1.27 in 2Q '20, compared to earnings per share of $1.69 in 2Q '19.
Adjusted earnings per share for the quarter were $1.32, which compared to $1.73 in the prior-year quarter.
The difference between our GAAP and adjusted earnings per share in 2Q '20 reflects $2.3 million of non-cash interest expense related to our convertible notes, which decreased GAAP earnings per share by $0.05.
Our convertible notes had a potential dilutive impact on earnings per share of approximately 507,000 shares and weighted average shares outstanding for the quarter as our average share price of $121.03 this past quarter was above the $101.38 conversion threshold price at maturity.
Second-quarter 2020 net income of $48.2 million, compared to net income of $64.6 million in the prior-year quarter.
The year-over-year decrease was largely due to higher compensation, which was primarily related to an 18.2% increase in billable headcount and higher variable compensation, which was partially offset by a decline in SG&A expenses and a lower tax rate.
SG&A expenses for 2Q '20 of $126.9 million were 20.9% of revenues.
This compares to SG&A of $129.9 million or 21.4% of revenues in the second quarter of 2019.
Second-quarter 2020 adjusted EBITDA of $75.8 million or 12.5% of revenues, compared to $97.2 million or 16% of revenues in the prior-year quarter.
Our effective tax rate for the second quarter of 23.1%, compared to 24.8% in the prior-year quarter.
The 1.7% decline was primarily due to a favorable discrete tax adjustment related to share-based compensation.
For the balance of 2020, we expect our effective tax rate to range between 25% and 27%.
Billable headcount increased by 715 professionals or 18.2%, compared to the prior-year quarter.
Sequentially, billable headcount was up by 65 professionals or 1.4%.
Worth noting, during the quarter, 66 professionals focused on performance analytics, permanently transferred from our forensic and litigation consulting segment to our business transformation and transactions practice within our corporate finance & restructuring segment.
In corporate finance & restructuring, record revenues of $246 million increased 29.5%, compared to the prior-year quarter.
Adjusted segment EBITDA of $76.3 million or 31% of segment revenues, compared to $50.5 million or 26.6% of segment revenues in the prior-year quarter as increased revenues more than offset higher compensation related to the 34.7% increase in billable headcount and higher variable compensation.
On a sequential basis, corporate finance & restructuring revenues increased $38.3 million or 18.4% as growth in our restructuring practice was partially offset by a decline in demand for our business transformation and transaction services.
Revenues of $106.4 million decreased 27.1%, compared to the prior-year quarter.
Adjusted segment EBITDA was a loss of $9 million, which compared to adjusted segment EBITDA of $28.2 million or 19.4% of segment revenues in the prior-year quarter.
The year-over-year decrease in adjusted segment EBITDA was due to lower revenues with lower staff utilization and higher compensation related -- primarily related to a 9.4% increase in billable headcount, which was only partially offset by a decline in SG&A expenses.
Sequentially, FLC revenues decreased $41.2 million or 27.9% as we experienced lower demand for our investigations, disputes, and data and analytics services.
Our economic consulting segment's revenues of $151.5 million decreased 2.6%, compared to the prior-year quarter.
Adjusted segment EBITDA of $21.7 million or 14.3% of segment revenues, compared to $23.3 million or 15% of segment revenues in the prior-year quarter.
Sequentially, economic consulting's revenues increased $19.4 million or 14.6% due to increased realization and demand for our M&A-related antitrust services.
In technology, revenues of $47.1 million decreased 15.4%, compared to the prior-year quarter.
Adjusted segment EBITDA of $6.4 million or 13.7% of segment revenues, compared to $12.9 million or 23.1% of segment revenues in the prior-year quarter.
The decrease in adjusted segment EBITDA was due to lower revenues and higher compensation, primarily related to a 19.5% increase in billable headcount.
On a sequential basis, technology revenues decreased $11.6 million or 19.8% because of decreased demand for global cross-border investigations and M&A-related services.
Revenues in the strategic communications segment of $56.9 million decreased 3.8%, compared to the prior-year quarter.
Excluding the impact of FX, the decrease in revenues was primarily due to a $1.9 million decline in pass-through revenues, which include billable travel and entertainment expenses, client event costs, and media buys.
Adjusted segment EBITDA of $10 million or 17.6% of segment revenues, compared to $10.5 million or 17.7% of segment revenues in the prior-year quarter.
The decrease in adjusted segment EBITDA was due to higher compensation, primarily related to a 13.2% increase in billable headcount, which was partially offset by a decline in SG&A expenses.
Sequentially, strategic communications revenues decreased $1.5 million or 2.6%, primarily due to a decline in pass-through revenues, which was largely offset by higher demand for services provided to clients managing through urgent communication projects related to restructuring and financial issues.
We generated net cash from operating activities of $153 million and free cash flow of $147.3 million in the quarter.
Total debt, net of cash, decreased $100.1 million year over year from $147.1 million at June 30, 2019, to $47 million at June 30, 2020.
During the quarter, we repurchased 470,853 shares at an average price per share of $108.41 for a total cost of $51 million.
In the last 12 months, ended June 30, 2020, we have repurchased 1.27 million shares at an average price per share of $107.78 for a total cost of $137.1 million.
On July 28, 2020, our board of directors authorized an additional $200 million for share repurchases.
As of July 28, 2020, we have re -- we have purchased 8.2 million shares pursuant to the repurchase program at an average price per share of $54.90 for an aggregate cost of approximately $450.4 million.
We have approximately $249.5 million remaining available for share repurchases under the program.
Our business generates tremendous free cash flow as evidenced by the $100.1 million reduction in net debt over the last 12 months despite us repurchasing $137.1 million worth of our shares over the same time frame and making a well-timed acquisition of a leading restructuring business in Germany.
And today, we announced a $200 million increase to our share repurchase authorization.

Summary:
One way to look at them, a pessimistic way to look at them, is to note that our adjusted earnings per share of $1.32 is down significantly from a year ago.
Revenues of $607.9 million were up $1.7 million or 0.3%, compared to revenues of $606.1 million in the prior-year quarter.
GAAP earnings per share of $1.27 in 2Q '20, compared to earnings per share of $1.69 in 2Q '19.
Adjusted earnings per share for the quarter were $1.32, which compared to $1.73 in the prior-year quarter.
In the last 12 months, ended June 30, 2020, we have repurchased 1.27 million shares at an average price per share of $107.78 for a total cost of $137.1 million.