Notably, if you look at, for example, August and September Chapter 11 filings and defaults, they fell to just over half the level that they were between May and July.
And if you build in a more typical ratio of fourth quarters compared to prior quarters, you get to the $5.25 to $5.75 range for adjusted EPS, that Ajay will now talk about, as opposed to the $5.50 to $6 that we had before.
Underscoring our market-leading positions and resiliency, even in the face of a global pandemic, this quarter's revenue of $622.2 million was a record high.
Both billable headcount of 5,019 and year-over-year billable headcount growth of 15.8% were records that are giving us ample capacity for future growth and profits.
For the quarter, revenues of $622.2 million were up $29.1 million or 4.9%,, compared to revenues of $593.1 million in the prior-year quarter.
GAAP earnings per share of $1.35 in 3Q '20, compared to $1.59 in the prior-year quarter.
Adjusted earnings per share of $1.54, compared to $1.63 in the prior-year quarter.
The difference between our GAAP and adjusted earnings per share in the quarter reflects a $7.1 million special charge, which reduced GAAP earnings per share by $0.14 and $2.3 million of some noncash interest expense related to our convertible notes, which decreased GAAP earnings per share by $0.05.
First, we announced in August that we have leased approximately 120,000 square feet of new space at 1166 Avenue of the Americas, consolidating from approximately 160,000 square feet of space in two offices in New York.
In advance of this, and given most employees are currently working from home, we have already abandoned 67,000 square feet of space resulting in around $4.7 million in lease abandonment and relocation costs.
Second, in the quarter, we took performance-related actions in our FLC segment that resulted in severance and other employee-related costs of $2.4 million.
As of September 30, 2020, our weighted average shares outstanding, or WASO, of 37.1 million shares, compared to 37.9 million shares of September 30, 2019.
WASO includes the potential dilutive impact of our convertible notes, which at the end of this quarter was approximately 337,000 shares.
We have more than offset both dilution from our convertible notes and from normal course equity compensation by repurchasing 1.9 million shares over the last 12 months.
Third quarter 2020 net income of $50.2 million, compared to net income of $60.4 million in the prior-year quarter.
The year-over-year decrease was largely because direct costs increased $36.3 million, which was primarily related to 15.8% increase in billable headcount.
We also have the $7.1 million special charge and FX remeasurement losses of $3.5 million due to weakening of the U.S. dollar against other major currencies, which, compared to a $2 million gain in the prior-year quarter.
SG&A expenses in the third quarter of $122.1 million were the 19.6% of revenues.
This compares to SG&A of $128 million or 21.6% of revenues in the third quarter of 2019.
The decrease was primarily due to lower travel and entertainment expenses, resulting from COVID-19-related travel restrictions and lower bad debt, which was partially offset by an increase in salaries and employee-related expenses driven by the 11% year-over-year increase in nonbillable headcount.
Third quarter 2020 adjusted EBITDA of $90.9 million or 14.6% of revenues, compared to $92.3 million or 15.6% of revenues in the prior-year quarter.
Our effective tax rate for the third quarter of 22.3%, compared to 24.7% in the prior-year quarter.
The 2.4% decline was primarily due to a favorable discrete tax adjustment related to some share-based compensation.
Billable headcount increased by 685 professionals or 15.8%, compared to the prior-year quarter.
Sequentially, billable headcount was up by 374 professionals or 8.1%.
In Corporate Finance & Restructuring, revenues of $236.6 million increased 23.4%, compared to the prior-year quarter.
Acquisition-related revenues in the quarter were $15.4 million.
As a reminder, we consider revenues as acquisition-related for the first 12 months post acquisition.
Adjusted segment EBITDA of $56.2 million or 23.8% of segment revenues, compared to $48.1 million or 25.1% of segment revenues in the prior-year quarter as higher revenues more than offset an increase in compensation, primarily related to a 36.6% increase in billable headcount and higher variable compensation.
On a sequential basis, Corporate Finance & Restructuring revenues decreased $9.4 million or 3.8%.
Sequentially, adjusted segment EBITDA declined more than revenue because of sharply higher headcount-related costs driven by the 18.1% increase in billable headcount.
Turning to FLC, our revenues of $119.1 million decreased 16.5%, compared to the prior-year quarter.
Adjusted segment EBITDA of $13.6 million or 11.4% of segment revenues, compared to adjusted EBITDA of $27 million or 18.9% of segment revenues in the prior-year quarter.
Sequentially, FLC revenues increased $12.7 million or 12% as demand rose for our investigations, data and analytics and dispute services.
Our adjusted EBITDA increased $22.6 million compared to the second quarter of 2020.
As I mentioned earlier, during the quarter, we took a special charge within our FLC segment, resulting from severance payments to 16 employees.
Our economic consulting segment's revenues of $155 million increased 9.4% compared to the prior-year quarter.
Our adjusted segment EBITDA of $25.7 million or 16.6% of segment revenues, compared to $19.4 million or 13.7% of segment revenues in the prior-year quarter.
The year-over-year increase in adjusted segment EBITDA was due to higher revenues, which was partially offset by an increase in compensation primarily due to a 15.2% increase in billable headcount and higher variable compensation.
Sequentially, Economic Consulting's revenues increased $3.5 million or 2.3%.
In Technology, revenues of $58.6 million increased 2.6% compared to the prior-year quarter.
Adjusted segment EBITDA of $11.9 million or 20.4% of segment revenues, compared to $12.3 million or 21.5% of segment revenues in this prior-year quarter.
The decrease in adjusted segment EBITDA was due to higher compensation primarily related to a 13.2% increase in billable headcount.
On a sequential basis, Technology revenues increased $11.5 million or 24.4% primarily due to higher demand for our investigation services and a surge in demand for M&A-related second request services.
Revenues in the strategic communications segment of $53 million decreased $7 million or 11.7% compared to the prior-year quarter.
The decrease in revenues was primarily due to lower demand for corporate reputation and financial communications services and a $2.3 million decline in pass-through revenues.
Adjusted segment EBITDA of $8.4 million or 15.9% of net segment revenues, compared to $12.6 million or 21.1% of segment revenues in the prior-year quarter.
Sequentially, strategic communications revenues decreased $3.9 million or 6.9%, primarily due to a decline for our restructuring and financial communications services, which had surged during the second quarter with a rush of bankruptcy filings.
We generated net cash from operating activities of $111.6 million and free cash flow of $99.8 million in the quarter.
Total debt net of cash of $36.6 million decreased $21.2 million, compared to $57.8 million at September 30, 2019.
During the quarter, we have repurchased 749,315 shares at an average price per share of $110.57 for a total cost of $82.9 million.
At the end of the quarter, we had approximately $182.4 million remaining available for share repurchases under our current authorization.
We now expect 2020 revenues will range between $2.42 billion and $2.47 billion.
This compares to the previous revenue range of $2.45 billion to $2.55 billion.
We now expect 2020 GAAP earnings per share will range between $4.93 and $5.43.
This compares to the previous GAAP earnings per share range of between $5.32 and $5.82, and includes our third-quarter special charge of $0.14 per share and an estimated noncash interest expense of $0.18 per share related to 2023 convertible notes.
And we now expect 2020 adjusted earnings per share will range between $5.25 and $5.75.
This compares to the previous adjusted earnings per share range of $5.50 to $6.
And we expect waves of defaults in the coming 12 to 24 months, so timing is uncertain.
And fifth, in the last 12 months, we have reduced net debt by $21.2 million while repurchasing $212.2 million worth of our shares, and acquiring Delta Partners, the preeminent technology, media and telecom focused consulting practice.

Summary:
And if you build in a more typical ratio of fourth quarters compared to prior quarters, you get to the $5.25 to $5.75 range for adjusted EPS, that Ajay will now talk about, as opposed to the $5.50 to $6 that we had before.
For the quarter, revenues of $622.2 million were up $29.1 million or 4.9%,, compared to revenues of $593.1 million in the prior-year quarter.
GAAP earnings per share of $1.35 in 3Q '20, compared to $1.59 in the prior-year quarter.
Adjusted earnings per share of $1.54, compared to $1.63 in the prior-year quarter.
We now expect 2020 revenues will range between $2.42 billion and $2.47 billion.
We now expect 2020 GAAP earnings per share will range between $4.93 and $5.43.
And we now expect 2020 adjusted earnings per share will range between $5.25 and $5.75.