“Also, as we both said in our prepared remarks, the migration to a new way of working, the platform operating model over the next couple of years, we feel will not only help us grow top-line, but it will also just help us run the company better.”

In context

“h more of the low-hanging fruit? Dermot McDonogh: So, thanks for the question. I was wondering when it was going to come. It's a multi-year journey, and look let's go back to last year and kind of go through it. And last year, we kind of ended up at 2.7% versus a guide of 4% versus a previous year of 8%. And this year, we've guided flat. And we started Q1 on an operating basis of 1%. You'll see that our head count -- we've largely, you know, give or take a few hundred people, it's largely flat and so the headcount is flat, we feel like we have our arms wrapped around that. There's a lot going under the hood in terms of bringing in -- like growing our analyst class, high-value location growth, et cetera, et cetera. So we see a lot of opportunity to continue to improve the efficiency story. Also, as we both said in our prepared remarks, the migration to a new way of working, the platform operating model over the next couple of years, we feel will not only help us grow top-line, but it will also just help us run the company better. And I think, it's quite important culturally that we don't really talk about efficiency internally. We talk about running our company better, which is very important strategically and also culturally. So I think you're going to see quarter-by-quarter proof points on how we're able to run the company better, which will result in efficiency, which will then in turn result in improved margin. So we feel very optimistic about what's coming. David Smith: Thank you. And lastly, just to confirm, you know, $1 billion or so of buyback in 1Q, does that come out of the $6 billion new re-purchase authorization or is the $6 billion incremental to what you did in 1Q? Dermot McDonogh: So we did an authorization last year which was $5 billion. We have a little bit left in that. And so -- it's just more o”