95% of our people around the world right now are working from home.
On one assignment, our real estate group worked 23 consecutive days to meet an aggressive deadline to help key players in a mortgage REIT industry avoid liquidation.
So yes, we may, this year, have some puts and takes.
Revenues of $604.6 million were up $53.3 million or 9.7% compared to revenues of $551.3 million in the prior-year quarter.
Worth noting, while revenues in EMEA and North America increased 22.8% and 8.1% respectively in the quarter, revenues in Asia Pacific which represented 6.6% of our overall revenues in 2019, declined 14.8%.
GAAP earnings per share was $1.49 compared to $1.64 in the prior-year quarter.
GAAP earnings per share included $2.2 million of noncash interest expense related to our convertible notes which decreased earnings per share by $0.04.
First-quarter adjusted earnings per share of $1.53 which excludes the noncash interest expense, compared to $1.63 in the prior-year quarter.
Our convertible notes had a potential dilutive impact on earnings per share of approximately 433,000 shares and weighted average shares outstanding for the quarter.
As our share price on average of $117.71 this past quarter was above $101.38 conversion threshold.
Net income of $56.7 million compared to $62.6 million in the prior-year quarter.
The year-over-year decrease in net income was primarily because the 9.7% growth in revenues did not adequately offset increased compensation expense related to the 18 and a half percent increase in head count, higher variable compensation and an increase in SG&A expenses.
SG&A of $127 million was 21% of revenues.
This compares to SG&A of $113.2 million or 20.5% of revenues in the first quarter of 2019.
First quarter of 2020 adjusted EBITDA of $83.2 million compared to $96.1 million in the prior-year quarter.
Our adjusted EBITDA margin of 13.8% compared to 17.4% in the first quarter of 2019.
Our first-quarter 2020 effective tax rate of 22 and a half percent compared to 24.1% in the first quarter of 2019.
For the balance of 2020, we now expect our effective tax rate to range between 25% and 27%.
This benefited our first quarter of 2020 adjusted earnings per share by $0.07.
Billable headcount at the end of the quarter increased by 716 professionals or 18 and a half percent compared to the prior-year quarter.
Sequentially, billable headcount increased by 156 professionals or 3.5% again with every business segment growing.
In Corporate Finance & Restructuring, revenues increased 29.1% to $207.7 million compared to the prior-year quarter.
Adjusted segment EBITDA of 48.9% or 23.6% of segment revenues compared to $37.4 million or 23.2% of segment revenues in the prior-year quarter.
Sequentially, revenues increased 14.7% driven by higher demand for both our business transformation and transactions and restructuring services in North America and EMEA.
Revenues increased 6.2% to $147.6 million compared to the prior-year quarter.
Adjusted segment EBITDA of $21.2 million or 14.4% of segment revenues compared to $31.8 million or 22.9% of segment revenues in the prior-year quarter.
Sequentially, revenues decreased 1.8% primarily due to engagements being delayed by both court closures and travel restrictions resulting from the COVID-19 outbreak, particularly in Asia.
Our economic consulting segment reported revenues of $132.1 million which declined 7.1% compared to the prior-year quarter.
Adjusted segment EBITDA of $12.7 million or 9.6% of segment revenues compared to $24 million or 16.9% of segment revenues in the prior-year quarter.
Sequentially, revenues decreased 13.7% primarily driven by lower demand and realization for our international arbitration services due to arbitration hearings being postponed in light of the COVID-19 pandemic and lower demand for our financial economic services driven by large engagements that were rolling off.
In technology, revenues increased 14.4% and to $58.7 million compared to the prior quarter.
Adjusted segment EBITDA of $14.5 million or 24.7% of segment revenues compared to $12.7 million or 24.8% of segment revenues in the prior-year quarter.
Sequentially, revenues increased 14%.
Strategic communications revenues increased 1.2% to $58.4 million compared to the prior-year quarter.
Adjusted segment EBITDA of $8.8 million or 15% of segment revenues compared to $11.5 million or 20% of segment revenues in the prior-year quarter.
Sequentially, revenues decreased 12% primarily due to a $4.4 million decline in pass-through revenues and lower project-based revenues in EMEA and Asia.
So net cash used in operating activities of $123.6 million this quarter compared to $102.1 million used in operating activities in the prior-year quarter.
During the quarter, we spent approximately $50.3 million to repurchase 450,198 shares of our common stock at an average price of $111.73 per share.
As of the end of the quarter, approximately $116 million remained available for stock repurchases under our $500 million stock repurchase authorization.
Total debt, net of cash, of $143.2 million at March 31, 2020, compared to $137 million at March 31, 2019, and a negative $53.1 million at December 31, 2019.

Summary:
So yes, we may, this year, have some puts and takes.
Revenues of $604.6 million were up $53.3 million or 9.7% compared to revenues of $551.3 million in the prior-year quarter.
GAAP earnings per share was $1.49 compared to $1.64 in the prior-year quarter.
First-quarter adjusted earnings per share of $1.53 which excludes the noncash interest expense, compared to $1.63 in the prior-year quarter.