Moving to operating performance, we delivered strong operational improvement with adjusted operating margins of 38.7%, an increase of 70 basis points, driven by organic revenue growth and efficiencies from our own business services, overcoming expense growth, including some investments in colleagues and technology to drive long-term growth, and some ongoing resumption of T&E, especially compared to the prior year period when business travel was still suppressed by COVID-19.

Apr 28, 2023 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2023-04-28 | transcript dd6912d7-dfa5-4de4-a05e-7ccce8a850aa | chars 10843-11321 | segment 10

Moving to operating performance, we delivered strong operational improvement in Q4 with adjusted operating margins of 33.2%, an increase of 40 basis points. driven by organic revenue growth and efficiencies from our business services, overcoming expense growth, including investments in colleagues and technology to drive long-term growth, and some ongoing resumption of T&E.

Feb 3, 2023 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2023-02-03 | transcript b72ca9f0-6f70-4d68-abef-41a3497ff7dd | chars 10511-10886 | segment 10

As we've previously communicated, we think about margins over the course of a full year, and we expect continued investment in colleagues and ongoing resumption of T&E, as well as ongoing investments in long-term growth like technology throughout the year.

Oct 28, 2022 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2022-10-28 | transcript c6696092-6ff0-40f9-ae17-6ed6b943a25b | chars 12618-12874 | segment 12

As we've previously communicated, we think about margins over the course of a full year, and we expect continued investment in colleagues and ongoing resumption of T&E throughout the year.

Jul 29, 2022 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2022-07-29 | transcript 99386107-4e0e-43d1-9d0b-c72e534a97a8 | chars 11580-11768 | segment 11

While we do expect expenses to increase in 2022 due to certain factors such as increased investments in colleagues and a modest resumption of T&E, we think about growing margins over the course of a full year.

Feb 4, 2022 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2022-02-04 | transcript 27d65138-a36b-4e1d-ad86-9f2c9b0c9188 | chars 11478-11687 | segment 11

In addition, we anticipate continued resumption of T&E and modest increases in real estate as more colleagues return to the office.

Oct 29, 2021 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2021-10-29 | transcript 39b24da8-1ffb-4539-a873-336ba6a3d462 | chars 13093-13224 | segment 13

We also anticipate some potential resumption of T&E and modest potential increases in real estate costs as more colleagues return to the office.

Jul 30, 2021 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2021-07-30 | transcript 0f92e71a-4c42-4282-8dcf-39289ce34154 | chars 11386-11530 | segment 11

Second, Q1 2020 had higher expenses in areas like T&E and investments in the business, which made for an easier comparable when compared to our expectations for the rest of 2021.

Apr 30, 2021 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2021-04-30 | transcript 7410741b-febc-4897-8e23-c437409d971b | chars 10845-11023 | segment 11

Looking to the rest of 2021, we anticipate investment in the business and some potential resumption of T&E later in the year.

Apr 30, 2021 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2021-04-30 | transcript 7410741b-febc-4897-8e23-c437409d971b | chars 11024-11149 | segment 11

For the full year, adjusted operating expense declined 1% due to expense discipline and a reduction in travel and entertainment, offset by increased compensation costs.

Feb 5, 2021 / CFO / receipt, needs a key / Krista Davies, CFO | earnings call 2021-02-05 | transcript 409cef35-0e22-4c6b-8513-8c67d6476fbb | chars 11604-11772 | segment 11