As our share price on average of $117.71 this past quarter was above $101.38 conversion threshold.
Mr MacGloin has been on the advisory boards of various international professional bodies and conferences, including the RSA Cybersecurity Conference and the Chartered Institute of Information Security. No, I don't disagree. I mean those have been the traditional. Welcome to the FTI Consulting conference call to discuss the company's first quarter of 2020 earnings result as reported this morning. Does that make sense? Look, I think if courts were permanently shut down, it could have a major, major impact on Econ - I mean a lot of our businesses are dependent. Not so much throughout the quarter, but towards the end.
Prior to joining FTI Consulting, Mr Harvey held a range of cybersecurity roles at the UK Ministry of Defence. And that's why even though we started to see restructuring pick up a significant way in the first quarter, I don't think if you look at the year-on-year utilization rates for CF globally they're not different this year versus a year earlier. And we expect those slowdowns to extend into the second quarter at least, and maybe, maybe beyond.I do want to stress what I believe is the key point, however, and maybe the most important point, which is even if we have slowdown in parts of our business, it does not make those parts of our businesses bad businesses or unattractive when one thinks about any medium-term time frame.And just to make an - to give an example. We're borrowing even from other segments within the company. Already, we are seeing increased demand for our restructuring services in several verticals, including retail, energy, mortgage REITs, healthcare, airlines, gymnasiums, restaurants, entertainment and entertainment revenues which may further accelerate.Second, our restructuring practice is also able to draw on resources from other areas within our Corporate Finance segment and possibly, to a lesser extent, from other segments to service these engagements.
Mr Brown is experienced in delivering complex cybersecurity projects and has international experience working on a range of client matters. He also has specialised in building response and complex investigations practices, helping clients respond to sensitive and complex breaches and ransomware, delivering security due diligence during acquisitions, and advisory in cyber disputes and litigation. With one click you agree that we can store cookies on your device. And then if there's any commentary you could provide on how that business more specifically has looked in April to see if that could be an indication of some sort of rebound in North American EMEA as we get through some of these coronavirus specific delays.Green shoots, some encouragement there. There is an associated drop in billable and nonbillable travel and entertainment expenditures.Resulting from these expectations, our outlook in Q2, and perhaps even into Q3, is that the increased demand for our restructuring services may not adequately offset the negative impact on several of our other businesses. I think that's the right way to say it. 11 years. GAAP EPS was $1.49 compared to $1.64 in the prior year quarter. I don't think we have a good trajectory to prediction. Though we are currently expecting some weakness in the second quarter, we are not currently expecting that weakness to persist for the entire year for 4 reasons.First, the wave of distress and ensuing default continues to grow and will likely continue even beyond the time frame when work that has been paused or deferred resumes. For the balance of 2020, we now expect our effective tax rate to range between 25% and 27%.Worth noting, Q1 of 2020 GAAP and adjusted EPS were positively impacted by FX remeasurement gains, primarily due to the strengthening of the U.S. dollar and the euro in the quarter as compared to the British pound. Our people didn't get stupid overnight.
The world that we don't believe the courts are going to be shut down for multiple years, but we're seeing our significant shutdowns and consequent delays in litigation, Tobey.And yes, we think that those gears will get unstuck at some point even if they get stuck in a bit slower way for a while. There's no structural - there's no mathematical reason for margins as an outcome. How many months, how fast it loosens up? The increase in revenues was due to higher demand for public affairs services. The year-over-year increase in use of cash was primarily due to higher annual bonus payments, reflecting our record 2019 financial performance and higher salaries related to the increase in headcount, which was partially offset by an increase in cash collected resulting from higher revenues.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.
In FLC and in Economics, very much so, Tobey. We have a large EMEA practice. We're figuring it out as it goes along.I think nobody believes that this level of closure of the courts can sustain itself. And so with that as context, I'm just trying to figure out, is there any reason from a structural perspective that the Restructuring business on a stand-alone basis couldn't get back up to those levels in today's environment? And of course, everyone is dealing with stress and worries, worries about themselves, their families, their loved ones.I want to communicate that in the face of all that challenge and disruption, I believe our people are doing a fabulous job of supporting our clients, supporting each other, and keeping our business moving ahead. A great professional services firm is created by having teams of great people who develop and deliver on key propositions, on topics of critical importance to clients.None of that's created over a quarter nor does it get lost over a quarter. Let us hear from you.
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