Obviously, there's there's more travel for marketing right now, and that's unrelated to revenue. It's revenue yet to come. So that pushes up G and a.

Aug 1, 2025 / CEO / receipt, needs a key / Rick Huff, CEO | earnings call 2025-08-01 | transcript c14e8355-8ccb-41b7-bd34-43aa6971ff7a | chars 16615-16764 | segment 16

Yeah, Sumit, just a touch on T&E. So yeah, the second quarter, as Rick mentioned, was somewhat high. If you discount that, T&E levels are not running at levels historically. prior to the pandemic, but they are starting to creep up. And I think we've talked about in the past that, you know, we would expect that expense to start progressing toward more normalized levels. But the second quarter, as Rick mentioned, didn't represent, you know, a normalized level. With regards to the T&E, it climbing, obviously not to quite the level that when you have a big 20th party, but it climbing in general is a good thing. given where we've been with the pandemic, it's tightly related to business development.

Jul 29, 2022 / CEO / receipt, needs a key / Rick Huff, CEO | earnings call 2022-07-29 | transcript bc245183-0b3b-45ba-b43d-c6e3ea183153 | chars 15062-15764 | segment 15

I want to make sure that we're firing on all cylinders as we get out and travel more. And we give an opportunity for the investments we've made, whether that's OCIO or new high network managers, to organically grow the business.

Nov 5, 2021 / CEO / receipt, needs a key / Rick Huff, CEO | earnings call 2021-11-05 | transcript d12e830d-0684-4a07-99f6-563b63fe9feb | chars 20559-20787 | segment 20

Yeah, because we have been - it has been increasing. It's been helped - A bit by that, of course, because T&E is down and has been down. And as we're investing in the business, we tend to come back down under 30%. We don't give guidance, but my own sense, I'll just say this, is that that margin is going to be relatively maintained over the near term. T&E and some of those related things are slowly ramping up, but not to the extent that all of a sudden we're going to drop down to 29%. or 27 or something. We'll see. I want the T&E, right? So I don't mind doing that. And of course, as things open up more and we see more high-net-worth business development, I could well be investing in another PM or two, which would have an effect as well. But right now, I see marginal effects as we slowly reopen. You can expect... Whether that's 30 or 31.5 or just above 29, I can't tell you. I don't know. But certainly higher than if you look across the history of the firm. I hope that's enough color.

Nov 5, 2021 / CEO / receipt, needs a key / Rick Huff, CEO | earnings call 2021-11-05 | transcript d12e830d-0684-4a07-99f6-563b63fe9feb | chars 17850-18846 | segment 17