For the full year, we continue to expect growth in the non-comp spend of 15% to 20% over 2022, with overlapping rents in New York into the fourth quarter and a related step-up in depreciation expense tied to our new headquarters projects, potential legal expenses, increased travel and entertainment expense, continued investment in technology, and some inflationary pressures overall contributing to the increase.

May 4, 2023 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2023-05-04 | transcript bd0fc460-3e5f-4500-8bbe-97d2841b03c3 | chars 7150-7564 | segment 7

As it pertains to 2023, we expect an increase in non-cop spending of approximately 15% to 20% over this past year due to an anticipated overlapping of gap rent in New York, a step up in depreciation expense related to our new headquarters, an increase in legal expenses and technology-related investments, some assumed continued increase in travel and related spend, continued investment in talent, and inflationary pressures.

Feb 9, 2023 / receipt, needs a key / Gary Brancic, chief financial officer | earnings call 2023-02-09 | transcript a05e8355-f9d4-4f63-82e9-a203950ce0a7 | chars 12332-12758 | segment 12

We foresee an increase in fourth quarter non-compensation expense over the current quarter and expect that including travel, meals, and entertainment, fourth quarter non-comp spent will be in the range of $35 to $38 million.

Nov 3, 2022 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2022-11-03 | transcript 9e2719c5-f589-47e2-a55b-547f777b8d2b | chars 10135-10359 | segment 10

On the other hand, T&E was up $1.3 million quarter over the prior year quarter, with September T&E reaching $1.4 million versus the 2019 average of $1.6 million per month.

Nov 3, 2022 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2022-11-03 | transcript 9e2719c5-f589-47e2-a55b-547f777b8d2b | chars 9963-10134 | segment 10

We saw T&E pick up a bit in the second quarter to just over $1.2 million per month. And while this level may be more representative of the new normal, it still remains about 25% below our pre-COVID 2019 average run rate of $1.6 million per month.

Aug 4, 2022 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2022-08-04 | transcript 3f1b2364-a10c-468e-97e3-cb539a27d55b | chars 9459-9705 | segment 9

The overall dollar increase in non-compensation expenses on an adjusted basis was primarily driven by an increase in professional fees related to consulting and recruiting, increased public company costs, including D&O insurance, and a modest increase in travel and related expenses as pandemic-related travel restrictions eased.

Nov 4, 2021 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2021-11-04 | transcript dc7883ea-7d51-41ee-8a3f-d569f0685bbe | chars 10461-10790 | segment 10

First, 2020 and 2021 year-to-date adjusted non-compensation expense benefited from low levels of travel and entertainment expenses due to the effects of the pandemic. We have begun to see a modest increase in business travel and expect that this trend will continue.

Nov 4, 2021 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2021-11-04 | transcript dc7883ea-7d51-41ee-8a3f-d569f0685bbe | chars 11603-11869 | segment 11

While we expect that the experience during the pandemic will allow us to continue to conduct much of our business remotely or virtually, we're a client-focused business and anticipate that business travel will again be a meaningful portion of our non-compensation spend albeit not quite at the levels per banker that we saw in 2019 and earlier.

Nov 4, 2021 / CFO / receipt, needs a key / Gary Brancic, CFO | earnings call 2021-11-04 | transcript dc7883ea-7d51-41ee-8a3f-d569f0685bbe | chars 11870-12214 | segment 12