In the first quarter of 2025, non-compensation expenses, excluding reimbursed deal costs, were $70 million, an increase of 15% year-over-year and above our guided range as our employees were particularly active serving our clients during the period, leading to more travel.

May 2, 2025 / CFO / receipt, needs a key / Kate Klunk, CFO | earnings call 2025-05-02 | transcript 32fffc34-85db-4e45-b4cd-ff4cc30b0e1a | chars 12040-12313 | segment 12