Steven Chubak

“So I wanted to start just on the transaction fee outlook and was hoping to get your perspective just on the durability of the ACS fees given the strong momentum to start the year.”

“If I look across each of the core segments, best-in-class peers are running with standalone margins somewhere around 40% plus. And just wanted to better understand how you and the board settled on 35% just given some of the higher margin upside that might be implied when benchmarking to best-in-class peers.”

“So I wanted to start with unpacking some of the comments around the Advisory outlook. You mentioned Advisory fees should be down sequentially, not surprising given the choppy macro.”

“And just for my follow-up, I did want to dig into some of the comments you made around agentic AI, specifically as it relates to the impact that that could have on cash levels.”

“So wanted to ask on the outlook for NIM and cash growth, just recognizing the backdrop in March is anything but normal. And during the year, you spoke to a low 290s exit rate on the NIM.”