At the beginning of this pandemic, we adopted a framework of safety, caution and agility to navigate the crisis.
We took a strong voice in the world, hosting multiple COVID-19 webinars, which were attended by over 20,000 leaders and we led Race Matters webinars for colleagues and clients that attracted more than 100,000 leaders from global organizations.
Fee revenues were down about 7.9% at constant currency as the impact of the virus accelerated through the quarter.
Our adjusted EBITDA margin was almost 16% and we delivered $0.60 of adjusted EPS.
Full year revenues were $1.9 billion and we delivered approximately $300 million of adjusted EBITDA and $2.92 of adjusted EPS.
The pace and magnitude of the decline caused by this global health crisis is unprecedented, at least in the last 100 years.
And I believe in the next two years, there is going to be more change than in the last 10.
And as a reminder, our assessment and learning business is almost 25% of the company.
For example, we're moving from analog to digital delivery of our assessment and learning business, which as I just mentioned, it's 25% of the company in a way that makes our IT more relevant and scalable.
When I look back during the Great Recession, our revenue was up almost 60% four quarters from the trough, eventually growing 5x to almost $2.1 billion revenue run rate, annual revenue run rate a few months ago.
April, May and June stabilized, down approximately 30% year-over-year.
And sequentially, June was up approximately 18% over May.
As a result, we will not be providing specific revenue and earnings guidance for the first quarter of FY '21.
For the full year of fiscal '20, our fee revenue was $1.93 billion, which was essentially flat year-over-year.
Our adjusted EBITDA margin was -- our adjusted EBITDA, I should say, was $301 million and the adjusted EBITDA margin was 15.6%.
And as Gary indicated, adjusted fully diluted earnings per share were $2.92.
Fee revenue was $440.5 million, which was down 7.9% year-over-year measured at constant currency.
In the fourth quarter, fee revenue for Executive Search was down 10% globally, RPO and Pro Search was down 9%, Consulting down 14% and Digital grew 14%, and all of that's at constant currency.
Adjusted EBITDA in the fourth quarter was approximately $70 million with a 15.8% adjusted EBITDA margin, and our adjusted fully diluted earnings per share in the quarter were $0.60.
Cash and marketable securities totaled $863 million, and that's up about $95 million year-over-year.
And then when you pull out amounts reserved for deferred compensation and accrued bonuses, that's our -- what we define as our investable cash, that balance at the end of the fourth quarter was approximately $532 million, that's up about $150 million year-over-year.
At April 30, 2020, we have undrawn capacity of $646 million on our revolver.
So we have close to $1.2 billion in liquidity to manage our way through COVID-19, and as Gary indicated, to invest back into the business through the recovery.
Last, the firm had outstanding debt at the end of the fourth quarter of about $400 million.
And we have initially reduced our cost base by about $300 million on a run rate basis.
Global fee revenue for KF Digital was $69 million in the fourth quarter and up approximately $7 million or 14% year-over-year measured at constant currency.
The subscription and licensing component of KF Digital's fee revenue in the fourth quarter was approximately $21 million, which was up $6 million year-over-year and was flat sequentially.
Adjusted EBITDA in the fourth quarter for KF Digital was $17 million with a 24.5% adjusted EBITDA margin.
In the fourth quarter, Consulting generated $121 million of fee revenue, which was down approximately 14% year-over-year at constant currency.
Adjusted EBITDA for Consulting in the fourth quarter was $11.1 million with an adjusted EBITDA margin of 9.2%.
RPO and Professional Search generated global fee revenue of $82 million in the fourth quarter with both components down approximately 9% year-over-year at constant currency.
Adjusted EBITDA for RPO and Professional Search in the fourth quarter was $12.7 million with adjusted EBITDA margin of 15.4%.
Finally for Executive Search, global fee revenue in the fourth quarter of fiscal '20 was approximately $168 million, which compared year-over-year and measured at constant currency was down approximately 10%.
At constant currency, North America and EMEA were each down 10% year-over-year and APAC was down 16%.
The total number of dedicated Executive Search consultants worldwide at the end of the fourth quarter was 556, down nine year-over-year and down 26 sequentially.
Annualized fee revenue production per consultant in the fourth quarter was $1.18 million.
And the number of new search assignments opened worldwide in the fourth quarter was 1,229, which was down approximately 28% year-over-year.
Adjusted EBITDA for Executive Search in the fourth quarter was approximately $47.5 million with an adjusted EBITDA margin of 28.3%.
Excluding new businesses for RPO, our global new business measured year-over-year was down approximately 20% in March and 34% in April.
Starting our new fiscal year, May was down approximately 32% year-over-year and June was down 26%.
And over the past two years, June has been sequentially better than May kind of in the 5% to 7% range.
With regards to the RPO, new business in the fourth quarter was once again strong with $109 million of global awards, which was comprised of $72 million of new clients and $37 million of renewals and extensions.

Summary:
At the beginning of this pandemic, we adopted a framework of safety, caution and agility to navigate the crisis.
Our adjusted EBITDA margin was almost 16% and we delivered $0.60 of adjusted EPS.
As a result, we will not be providing specific revenue and earnings guidance for the first quarter of FY '21.
Fee revenue was $440.5 million, which was down 7.9% year-over-year measured at constant currency.
Adjusted EBITDA in the fourth quarter was approximately $70 million with a 15.8% adjusted EBITDA margin, and our adjusted fully diluted earnings per share in the quarter were $0.60.