In fact, I think over the next two years, we're going to see more change than we've seen in the past 10.
During the first quarter of our fiscal year, we generated about $344 million in fee revenue, which was down about 28% in constant currency.
Trailing new business for the three months ended August was down about 13% year-over-year combined, which is obviously more positive than we saw in our first quarter in what we saw when the world stopped in April.
In fact, August new business was only down about 6% year-over-year.
July new business was up 34% over June.
We've got rewards data on over 20 million people, 25,000 companies, we've done almost 70 million assessments, we have thousands of organizational benchmark data, we've got thousands of success profiles, every year we train and develop 1 million professionals a year, and certainly last but not least is we place a candidate at each business hour, every three minutes.
And that includes moving from analog to digital including in our assessment and learning business, which today it's almost 25% of the company and we're certainly shifting that business.
And our goal is to develop 1 million new leaders from diverse backgrounds using our Korn Ferry Advance and Leadership U platforms.
For the first quarter of fiscal year '21, our fee revenue was $344 million, down about 28% in constant currency.
Consolidated fee revenue in May was down about 34% year-over-year, while June and July were down 27% and 26%, respectively.
Specifically, fee revenue in the first quarter, measured at constant currency, was down 37% for Executive Search, 35% for Professional Search, our Consulting was down 26%, RPO was down 22%, and Digital was down 2%.
Driven by the revenue contraction, our consolidated adjusted EBITDA for the first quarter was $10.6 million with an adjusted EBITDA margin of 3.1%, and our adjusted fully diluted loss per share was $0.19.
At the end of the first quarter, cash and marketable securities totaled $733 million.
Excluding amounts reserved for deferred comp and for accrued bonuses and actually net of the funds used to rightsize the firms, our investable cash balance at the end of the first quarter was about $511 million, and that's up about $150 million year-over-year.
We continue to have undrawn capacity of $645 million on our revolver.
So altogether, we have close to $1.2 billion in liquidity to manage our way through the COVID-19 crisis and to invest back into the business through the recovery.
Last, we had about $400 million in outstanding debt at the end of the quarter.
Combined with the actions completed in the first quarter, we have initially reduced our cost base by about $321 million annually.
Global fee revenue for KF Digital was $56 million in the first quarter and down approximately $2 million or 2% year-over-year measured at constant currency.
The subscription and licensing component of KF Digital fee revenue in the first quarter was approximately $21 million, which was up $6 million year-over-year and flat sequentially.
New business in the first quarter for the Digital segment was down approximately 3% globally year-over-year at constant currency with the subscription and licensing component up approximately 40%.
Adjusted EBITDA in the first quarter for KF Digital was $7.9 million with a 14.2% adjusted EBITDA margin.
In the first quarter, Consulting generated $99 million of fee revenue, which was down approximately 26% year-over-year at constant currency.
Measured year-over-year at constant currency, new business in the first quarter for our Consulting segment was down approximately 4%, led by North America, where new business was up 11% year-over-year.
Adjusted EBITDA for Consulting in the first quarter was $6.6 million with an adjusted EBITDA margin of 6.6%.
RPO and Professional Search generated global fee revenue of $68 million in the first quarter, which was down 27% year-over-year at constant currency.
RPO fee revenue was down approximately 22%, and Professional Search fee revenue was down approximately 35% year-over-year measured at constant currency.
Adjusted EBITDA for RPO and Professional Search in the first quarter was $6 million with an adjusted EBITDA margin of 8.8%.
Finally, for the Executive Search, global fee revenue in the first quarter of fiscal '21 was approximately $120 million, which compared year-over-year and measured at constant currency was down approximately 37%.
At constant currency, North America was down 38%, while both EMEA and APAC were down 35%.
The total number of dedicated Executive Search consultants worldwide at the end of the first quarter was 510, down 59 year-over-year and down 46 sequentially.
Annualized fee revenue production per consultant in the first quarter was $900,000 and the number of new assignments opened worldwide in the first quarter was 1,115, which was down approximately 34% year-over-year, but up 9% sequentially.
Adjusted EBITDA for Executive Search in the first quarter was approximately $8.1 million with an adjusted EBITDA margin of 6.7%.
Excluding new business awards for RPO, global new business measured year-over-year was down approximately 31% in May, down 25% in June, rebounding to down 5% in July.
Measured sequentially, June new business was up 17% over May and July new business was up 34% compared to June.
Measured year-over-year, August new business was stable and down about 6%, which is in line with what we saw in July.
Digital new business was up 3% year-over-year in June, down 5% year-over-year in July and up 10% in August.
Likewise, Consulting new business was down 28% year-over-year in June, rebounding to up 34% in July and up 10% in August.
For Executive Search, new business was down 34% year-over-year in June, improving to down 27% in July and was down 19% in August.
And finally, Professional Search new business was down 15% year-over-year, falling to down 23% in July and August.
With regards to RPO, a strong quarter of new business with $56 million of global awards and that was comprised of $32 million of new clients and $24 million of renewals and extensions.
And consistent with our approach in the last two earnings calls, we will not issue any specific revenue or earnings guidance for the second quarter of fiscal year '21.

Summary:
Driven by the revenue contraction, our consolidated adjusted EBITDA for the first quarter was $10.6 million with an adjusted EBITDA margin of 3.1%, and our adjusted fully diluted loss per share was $0.19.
And consistent with our approach in the last two earnings calls, we will not issue any specific revenue or earnings guidance for the second quarter of fiscal year '21.