Earnings transcript
Joseph D. Ennen -- Chief Executive Officer
We had an outstanding first quarter, delivering revenue of $335.9 million, which represents 13% adjusted revenue growth year-over-year. We generated nearly 400 basis points of gross margin improvement versus a year ago and more than doubled adjusted EBITDA. Adjusted EBITDA for the quarter was $24.3 million, the second-highest quarterly adjusted EBITDA in the company's history, up from $11.1 million in the prior year. The improved results represent traction in our turnaround plan and the key initiatives we have put into place over the last year. We are more focused on our customers than ever before, we are executing our productivity plans and we are controlling costs. Progress and improved execution is evident in each of our three segments. We generated $35 million of operating cash flow in the quarter and we reduced total debt by over $20 million from year-end. Combined with the recent $30-million preferred equity raise, we have significantly improved our liquidity position while also improving our profit and cash flow profile.
As we announced a few weeks ago, we completed a $30-million preferred equity raise with two of our largest investors. This is a reflection of their confidence in the business outlook and provides us the capital to support continued investment in our plant-based business unit. There is a total commitment of $60 million from these investors that we have the option, at our discretion, to access over the coming months. We continue to invest behind our most promising and high-return opportunities while deemphasizing lower-margin, lower-return-on-capital segments of our business. We are executing well and have successfully adapted to the day-to-day challenges of the current COVID-19 pandemic. I will touch on this in a moment, but first, let me run through our performance during the first quarter and our business initiatives. Our revenue growth was led by continued strong performance of our Plant-Based Food and Beverage business unit, which delivered 29.7% adjusted revenue growth in the quarter with strength across each primary product category.
We also produced 9.1% adjusted revenue growth in our Fruit-Based Food and Beverage business unit as our pricing efforts, along with strong volume, drove the growth. More importantly, we saw further improvements in gross margin. Similarly, we generated 5.5% adjusted revenue growth in Global Ingredients while also delivering gross margin improvement. It is evident that our focus and investments in plant-based beverages has positioned us well for continued growth. We are executing the turnaround plan in our fruit business unit, driving improved margins and optimizing our operations for further success. In Global Ingredients, we are focusing on the most promising product categories, and we are seeing the results in our margin enhancement. Additionally, we see marked improvement in the output and efficiency of our cocoa processing plant in Holland. We are pleased with the improved margin and growth across each of our business units. In addition to our gross margin improvements, we continue to execute on our cost-savings initiatives. We are delivering on our SG&A reduction target of $8 million to $10 million on an annualized basis.
Joseph D. Ennen -- Chief Executive Officer
We had an outstanding first quarter, delivering revenue of $335.9 million, which represents 13% adjusted revenue growth year-over-year. We generated nearly 400 basis points of gross margin improvement versus a year ago and more than doubled adjusted EBITDA. Adjusted EBITDA for the quarter was $24.3 million, the second-highest quarterly adjusted EBITDA in the company's history, up from $11.1 million in the prior year. The improved results represent traction in our turnaround plan and the key initiatives we have put into place over the last year. We are more focused on our customers than ever before, we are executing our productivity plans and we are controlling costs. Progress and improved execution is evident in each of our three segments. We generated $35 million of operating cash flow in the quarter and we reduced total debt by over $20 million from year-end. Combined with the recent $30-million preferred equity raise, we have significantly improved our liquidity position while also improving our profit and cash flow profile.
As we announced a few weeks ago, we completed a $30-million preferred equity raise with two of our largest investors. This is a reflection of their confidence in the business outlook and provides us the capital to support continued investment in our plant-based business unit. There is a total commitment of $60 million from these investors that we have the option, at our discretion, to access over the coming months. We continue to invest behind our most promising and high-return opportunities while deemphasizing lower-margin, lower-return-on-capital segments of our business. We are executing well and have successfully adapted to the day-to-day challenges of the current COVID-19 pandemic. I will touch on this in a moment, but first, let me run through our performance during the first quarter and our business initiatives. Our revenue growth was led by continued strong performance of our Plant-Based Food and Beverage business unit, which delivered 29.7% adjusted revenue growth in the quarter with strength across each primary product category.
We also produced 9.1% adjusted revenue growth in our Fruit-Based Food and Beverage business unit as our pricing efforts, along with strong volume, drove the growth. More importantly, we saw further improvements in gross margin. Similarly, we generated 5.5% adjusted revenue growth in Global Ingredients while also delivering gross margin improvement. It is evident that our focus and investments in plant-based beverages has positioned us well for continued growth. We are executing the turnaround plan in our fruit business unit, driving improved margins and optimizing our operations for further success. In Global Ingredients, we are focusing on the most promising product categories, and we are seeing the results in our margin enhancement. Additionally, we see marked improvement in the output and efficiency of our cocoa processing plant in Holland. We are pleased with the improved margin and growth across each of our business units. In addition to our gross margin improvements, we continue to execute on our cost-savings initiatives. We are delivering on our SG&A reduction target of $8 million to $10 million on an annualized basis.