Eaton Vance Corp. (NYSE:EV) Q1 2020 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 11:00 am ET
Laurie G. Hylton
we used $45.5 million of corporate cash to pay the $0.375 per share quarterly dividend we declared at the end of our previous quarter and repurchased 1.4 million shares of our nonvoting common stock for approximately $66.6 million.
Our weighted average diluted shares outstanding were 114.7 million in the first quarter of fiscal 2020, down 1% year-over-year, reflecting share repurchases and excess of new shares issued upon vesting of restricted stock awards and exercise of employee stock option, partially offset by an increase in the dilutive effect of in-the-money options and unvested restricted stock awards. Sequentially, weighted average diluted shares outstanding were up 1%. We finished our first fiscal quarter holding $824.7 million of cash, cash equivalents and short-term debt securities and approximately $315.9 million in seed capital investments. We continue to place high priority on using the company's cash flow to benefit shareholders. Fiscal discipline around discretionary spending remains top of mind as we contemplate both volatile markets and significant corporate initiatives. Based on our strong liquidity and overall financial condition, we believe we are well positioned to continue to invest in our business to support long-term growth while returning capital to shareholders.
This concludes our prepared comments. At this point, we'd like to take any questions you may have.