“We're planning, as we've shared previously, to keep adjusted expenses flat year-over-year.”

In context

“cept you may recall we last used in 2019, which is to share with you a couple of mathematical illustrations around how our financial performance could unfold, based on what happens with certain and difficult to predict inputs. And those are trading activity. We looked at flat to 2023 levels, plus or minus 5%. And where transactional cash finishes the year relative to the 12/31 levels. Again, flat plus 5% or minus 10%. Those illustrations share a couple of common and pretty conventional assumptions. Most importantly, normal market appreciation and rates that follow the dot plots. And those illustrations could result in revenue that is plus or minus 5% there are 2023 levels or said another way, revenue that is 0% to 10% higher than our annualized Q4 2023 run rate, even with three rate cuts. We're planning, as we've shared previously, to keep adjusted expenses flat year-over-year. And that would result in an adjusted pre-tax margin of a little under 40% to somewhere in the mid-40s. Now I know it's tempting to pick the mid-point of the illustrations and interpret that as our outlook. That is not how these illustrations are intended to be used. This is just math. Using some metrics, you can track on an ongoing basis to evolve your own perspectives on our potential performance over time. And as we typically do, we have included in the appendix a set of sensitivities intended to help you make adjustments as you see fit. Now looking at the range of possibility, it doesn't apply much of any growth in terms of full year adjusted EPS. But given the consistent pay down in the higher cost supplemental borrowing, it suggests strong sequential momentum in revenue and in earnin”