And finally, real estate expenses saw an 8% decrease year over year as we took early and significant steps to reduce this expense bucket. we believe we have now right-sized our real estate footprint. As we have mentioned before, thoughtful expense management is positioning the company for future growth while allowing us to continue to invest in technology and strategic initiatives.

Mar 21, 2024 / CFO / receipt, needs a key / Linda Huber, CFO | earnings call 2024-03-21 | transcript e095cdf1-275e-4aec-a88e-a3604c2bc7d6 | chars 11485-11869 | segment 11

Looking at margin, adjusted operating margin decreased by 70 basis points to 37.6%, driven by the previously mentioned higher technology expenses, partially offset by lower facilities, professional services, and T&E expenses.

Dec 19, 2023 / CFO / receipt, needs a key / Linda Huber, CFO | earnings call 2023-12-19 | transcript 2cf8d1a9-c61e-4406-acf4-fd36d925cf82 | chars 10170-10395 | segment 10

As Phil stated earlier, given our reduced core ASV outlook and the inclusion of Q-CIP global services as part of our organic results, we are updating our guidance for fiscal 2023. We expect organic ASV growth of $145 to $175 million, which is a $15 million reduction in core ASV growth at the midpoints. The decline is offset by the $10 million addition of QSIP and remains within our medium-term outlook of 8% to 9% organic ASV growth. Given the headwinds to ASV and lag timing of ASV in the first fiscal quarter, we expect revenue for fiscal 2023 to be in the range of $2.08 billion to $2.1 billion. At the midpoint, revenue growth is expected to be about 13%, a deceleration of 95 basis points from our previously issued guidance. Despite a slightly softer top line, we are confident that our disciplined expense management will allow us to protect margins and preserve EPS. Consistent with our downturn playbook, areas of focus include ongoing real estate rightsizing, rationalization of third-party content costs, and limiting hiring to essential positions. Based on forecasted performance, we also expect our year-end bonus pool to be in the range of 100 to 105 million, roughly $10 million less than last year, which will provide an additional margin benefit. As a result of these measures, we are maintaining adjusted margin guidance of 34 to 35%, consistent with our investor day commitment of 50 to 75 basis points of adjusted margin expansion on average per year.

Mar 23, 2023 / CFO / receipt, needs a key / Linda Huber, CFO | earnings call 2023-03-23 | transcript 3feb5fcf-3f7f-4953-957c-cf79c76d9da9 | chars 19369-20843 | segment 19

This was primarily due to decreases in facilities expense and professional services, This was partially offset by an increase in T&E as our teams resumed essential travel.

Mar 23, 2023 / CFO / receipt, needs a key / Linda Huber, CFO | earnings call 2023-03-23 | transcript 3feb5fcf-3f7f-4953-957c-cf79c76d9da9 | chars 16039-16210 | segment 16

Lastly, we could potentially reduce T&E expenses through virtual engagement.

Jun 23, 2022 / CFO / receipt, needs a key / Linda Huber, CFO | earnings call 2022-06-23 | transcript 040d182c-e5a0-43ef-aa28-784f1b150447 | chars 17914-17990 | segment 18