The main drivers of the expense increase for the first half of the year were the same as the first quarter, higher occupancy costs and depreciation expense relating to the expansion of our global office footprint, higher travel and business related expenses, and higher professional fees.

Jul 28, 2026 / receipt

The main drivers of the expense increase for the first half of the year were the same as the first quarter, higher occupancy costs and depreciation expense relating to the expansion of our global office footprint, higher travel and business related expenses, and higher professional fees.

Jul 28, 2026 / receipt, needs a key / Helen Meates, CFO | earnings call 2026-07-28 | transcript 06575245-e91c-420c-bcdb-6aecd7f6c2ed | chars 5761-6049 | segment 5

We now expect our non-cop expense growth for the year to be slightly higher than previous guidance and closer to 14% year-over-year. The increase primarily reflects the expectation of elevated business-related expense year-over-year, particularly travel and related and professional fees, as well as higher expenses associated with continued investments in AI and technology infrastructure.

Jul 28, 2026 / receipt, needs a key / Helen Meates, CFO | earnings call 2026-07-28 | transcript 06575245-e91c-420c-bcdb-6aecd7f6c2ed | chars 6050-6440 | segment 6

The main drivers of the increase were higher travel and business-related expenses, higher occupancy costs driven by the expansion of our global office footprint, and higher professional fees.

Apr 28, 2026 / receipt, needs a key / Helen Mates, CFO | earnings call 2026-04-28 | transcript 0e0515f7-8741-4018-9d56-8dc25505ae6b | chars 4521-4712 | segment 4

The growth rates in travel expenses as well as AI-related investments are more uncertain this year, and we will provide an updated view on our non-comp expense outlook when we release our first half results.

Apr 28, 2026 / receipt, needs a key / Helen Mates, CFO | earnings call 2026-04-28 | transcript 0e0515f7-8741-4018-9d56-8dc25505ae6b | chars 4987-5194 | segment 5

The main drivers of the year-over-year increase were higher occupancy costs, driven by additional space in New York and London, and higher travel and business-related expenses.

Feb 3, 2026 / receipt, needs a key / Helen Mates, CFO | earnings call 2026-02-03 | transcript 13b8762f-f5a7-4684-ab70-8495b4f93c26 | chars 3913-4089 | segment 3

In the fourth quarter, total adjusted non-compensation expense was $54 million, up 16% year-over-year, with the same drivers of year-over-year growth, higher occupancy costs, and higher travel and business-related expenses.

Feb 3, 2026 / receipt, needs a key / Helen Mates, CFO | earnings call 2026-02-03 | transcript 13b8762f-f5a7-4684-ab70-8495b4f93c26 | chars 4090-4313 | segment 4

And I think the headwinds are more people, More people bring more travel, more market data, more IT and comm support. So I think against that, that's where we're going to see the growth and just trying to figure out how we manage that. I think it would be fair to say we've been very disciplined in how we manage our expenses, but there are some just activity-related expenses that are going to drive those non-coms up.

Feb 3, 2026 / receipt, needs a key / Helen Tao, CFO | earnings call 2026-02-03 | transcript 13b8762f-f5a7-4684-ab70-8495b4f93c26 | chars 42654-43073 | segment 42

So I think we feel very good about the direction of travel, but I don't spend a lot of time thinking about it as a number.

Nov 4, 2025 / receipt, needs a key / Paul Taubman, CEO | earnings call 2025-11-04 | transcript a9393012-ac7e-416c-b591-fa994c51be33 | chars 16305-16427 | segment 17

So it's like anything else. we'd see a baseline direction of travel, which is to get our comp ratio lower.

Nov 4, 2025 / receipt, needs a key / Paul, CEO | earnings call 2025-11-04 | transcript a9393012-ac7e-416c-b591-fa994c51be33 | chars 29943-30049 | segment 30

The main drivers of the expense increase for the first nine months of the year were higher occupancy costs, which are up 19% year-over-year, reflecting the expansion of our New York and London offices, and higher travel and related expenses, which are up 25% year over year, primarily reflecting higher levels of business-related travel.

Nov 4, 2025 / receipt, needs a key / Helen Yates, CFO | earnings call 2025-11-04 | transcript a9393012-ac7e-416c-b591-fa994c51be33 | chars 4170-4507 | segment 4

And what I just suggested is if you look back at our journey as a public company over 10 years and you take out the two fantasy years where it just wasn't, a normalized world because no one was traveling, no one was entertaining, there were no conferences, there was no travel expense, there was no entertaining expense.

Nov 4, 2025 / receipt, needs a key / Paul, CEO | earnings call 2025-11-04 | transcript a9393012-ac7e-416c-b591-fa994c51be33 | chars 22443-22763 | segment 23

The main drivers of the expense increase for the first half of the year were higher occupancy costs and higher travel and related expenses.

Jul 29, 2025 / receipt, needs a key / Helen Mates, CFO | earnings call 2025-07-29 | transcript fc4de3ce-e3a3-47c4-8d72-25f22e1b1caf | chars 4942-5081 | segment 5

OUR FIRMWIDE HEADCOUNT

ir_statement / Sep 16, 2026 / receipt

Disciplined expense management

ir_statement / Sep 16, 2026 / receipt

Focused expense management

ir_statement / Sep 16, 2026 / receipt

OUR FIRMWIDE HEADCOUNT

ir_statement / Sep 16, 2026 / receipt

17,500+ Applicants to 2025 programs1 - up from ~3,200 in 2016

ir_statement / Sep 16, 2026 / receipt

70+ Schools Represented in 20252 - up from ~30 in 2016

ir_statement / Sep 16, 2026 / receipt

Disciplined expense management

ir_statement / Sep 16, 2026 / receipt

Focused expense management

ir_statement / Sep 16, 2026 / receipt

OUR FIRMWIDE HEADCOUNT

ir_statement / Sep 15, 2026 / receipt

Disciplined expense management

ir_statement / Sep 15, 2026 / receipt

Focused expense management

ir_statement / Sep 15, 2026 / receipt

OUR FIRMWIDE HEADCOUNT

ir_statement / Sep 15, 2026 / receipt