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 / CFO / 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 / CFO / 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 / CFO / 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 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2026-02-03 | transcript 13b8762f-f5a7-4684-ab70-8495b4f93c26 | chars 4090-4313 | segment 4
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 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2025-07-29 | transcript fc4de3ce-e3a3-47c4-8d72-25f22e1b1caf | chars 4942-5081 | segment 5
The higher expense was primarily driven by increases in travel and related and occupancy costs, as well as continued investment in communications and information services. We continue to expect our full-year 2025 non-comp expense to grow at around 12% a similar growth rate to last year with the highest contributions to growth coming from travel experience driven by increased business-related activity, occupancy costs, as well as continued investment in our technology and data infrastructure.
Apr 29, 2025 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2025-04-29 | transcript 271d53a2-d11d-4114-bef4-1f651179966d | chars 3729-4225 | segment 3
For the third quarter, the main drivers of the year-over-year increase were higher occupancy costs, travel and related, and our other expenses line.
Oct 29, 2024 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2024-10-29 | transcript 8dfb0f50-7c14-4a6c-87fe-5c7409bfa098 | chars 4628-4776 | segment 4
The main drivers of the expense increase for the first half of the year were higher occupancy costs, higher traveling-related expenses, as well as investments in communications and information services.
Jul 30, 2024 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2024-07-30 | transcript 34933cf3-1dd1-48ed-9af6-45ec9433dc53 | chars 4091-4293 | segment 3
The higher expense was primarily driven by increases in occupancy costs, travel and related, as well as bad debt expense, which is included in other expenses.
May 2, 2024 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2024-05-02 | transcript 01a04471-d223-4545-9293-87b42ac1946b | chars 4069-4227 | segment 4
This growth will be primarily driven by an increase in our occupancy costs as well as increased travel and related expense.
May 2, 2024 / CFO / receipt, needs a key / Helen Mates, CFO | earnings call 2024-05-02 | transcript 01a04471-d223-4545-9293-87b42ac1946b | chars 4438-4561 | segment 4