The fourth quarter increase was primarily due to elevated variable expenses including incentives, commissions and royalties as a result of strong 2021 financial performance, severance charges related to management changes in the indices business during the quarter, increased investments in growth initiatives, increased professional fees and the resumption of T&E spending.

Feb 8, 2022 / CFO / receipt, needs a key / Avon Steenbergen, CFO | earnings call 2022-02-08 | transcript 31145b10-e231-4701-b34e-f64621061d7f | chars 17615-17989 | segment 18