Adjusted non-compensation spend grew 12% in the first half compared to the same period last year, largely the result of expenses which will enhance our brand and help drive revenue, including those related to our new offices in New York and London and increased T&E spend.

Aug 3, 2023 / CFO / receipt, needs a key / Gary Barancic, CFO | earnings call 2023-08-03 | transcript eb897090-4b33-4f03-ba4b-8c0153c3970f | chars 7721-7993 | segment 8

As cases receded, our T&E picked up and totaled $1.3 million in March, marking the highest monthly level since the onset of the pandemic, although still about 20% below our 2019 average run rate of $1.6 million per month.

May 5, 2022 / CFO / receipt, needs a key / Gary Barancic, CFO | earnings call 2022-05-05 | transcript c2ee0906-1ce5-44c0-a69a-82bdbb10a53d | chars 10642-10863 | segment 10

Our adjusted non-compensation expense for the second quarter was $30 million compared to $26.4 million for the same period a year ago. As a percentage of revenues, our adjusted non-compensation expense was 11.7% for the second quarter, down significantly from 23% in the same period last year. This increase in the absolute dollar amount of non-compensation expense on an adjusted basis was primarily driven by an increase in professional fees related to recruiting and co-advisory fees and technology expense, as well as a small pickup in travel and entertainment related expenses relative to the low levels experienced in the second quarter of last year.

Aug 12, 2021 / CFO / receipt, needs a key / Gary Barancic, CFO | earnings call 2021-08-12 | transcript 8e864aa1-3bdf-401b-8280-48e314c8cfe9 | chars 9306-9962 | segment 9

For reference, for the second quarter of 2021, our travel and related expenses were $1.2 million compared to $661,000 the first quarter of 2021 and $19.7 million for the full year 2019.

Aug 12, 2021 / CFO / receipt, needs a key / Gary Barancic, CFO | earnings call 2021-08-12 | transcript 8e864aa1-3bdf-401b-8280-48e314c8cfe9 | chars 9963-10148 | segment 10

For the balance of 2021, we expect that our adjusted non-compensation expense could be approximately 25 to 30 percent higher than the $54.5 million recorded in the first half of the year. This is due to several factors, including increased public company costs, including D&O insurance, and temporarily higher legal and tax professional fees to support our transition to a public company, timing relative to certain IT projects, and professional development expenses, as well as some very modest assumed increases in travel for the balance of the year.

Aug 12, 2021 / CFO / receipt, needs a key / Gary Barancic, CFO | earnings call 2021-08-12 | transcript 8e864aa1-3bdf-401b-8280-48e314c8cfe9 | chars 10149-10701 | segment 10