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.
Compared to 10 years ago -- forget the quarter.
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.
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.
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%.
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.
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.
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.
Revenues of $169.3 million were up 28.1%, compared to the prior year quarter.
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.
Revenues increased 35.3% to $79.5 million compared to the prior year quarter.
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.
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.
Net cash used in operating activities of $166.6 million, compared to $123.6 million in the prior year quarter.
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.
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.
That represented over 20% of of total quarterly segment revenues.
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.
Fourth, our nonbillable travel and entertainment expenses are typically around 1.5% of revenue.

Summary:
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.
Adjusted earnings per share of $1.89, which excludes the noncash interest expense, compared to $1.53 in the prior year quarter.