Beginning Paul. you, morning. Good with revenues. Thank
full the up as record Paul year-over-year. year XXXX, businesses. $X.XX were For our revenues XX% billion, we total all revenues mentioned, of And in had
quarter, revenues XX% total For year-over-year, across $XXX growth fourth up year-over-year the businesses. also million, were all of reflecting the
X-K. adjustments, prior with expenses are Consistent presented quarters, non-GAAP certain more with expenses. to in described Turning which the our we fully
of expense. a was adjusted $X.XXX compensation Full XXXX. to year representing year expense compensation First, compares compensation XX.X% billion, the adjusted ratio XX%, for which full
the first the higher for months accrual we fourth accrued of at compensation X the compensation quarter. for XX.X% year, the Given
guidance first provide specific We and expect decline compensation when in XXXX quarter ratio our we'll will we more report results. our year full
and non-compensation Information Turning noncompensation higher and a expense as as driver activity reflects for to to XXXX, technology investment adjusted year noncompensation in up total was and revenues, the growth from quarter. the in year And with noncompensation non-compensation Services. up was to XXXX, costs. as continued driven travel highest increased rate also our XX% was well business-related largest expense the increase continued XX.X% expect full expense total to similar our expense year-over-year. $XX expense for related expense we Communications data and contribution our XXXX of percentage by for X% Overall, infrastructure. in full at to higher the X% investment The a fourth and coming grow quarter, the adjusted year-over-year adjusted million of increase was expense the travel $XXX The fourth year-over-year. adjusted In occupancy million
the full fourth year reported adjusted the million for $XXX million We income. and for quarter. adjusted income Turning of pretax pretax $XXX to XXXX
Our was for provision year taxes. for XX.X% full adjusted X.X% margin for fourth in pretax The quarter. and the the
with quarters, corporate converted results tax to had as rate. our of shares, partnership a been if and was units all we've our presented income at prior taxed As that all
effective tax benefit significant shares. was of of tax was we for full vested XX.X% year realized below XX.X% rate our as Our slightly delivery from XX%. the previous the estimate The rate
end We will expect continuing first from and of XXXX or rate to provide share. quarter.
Earnings effective at our given tax a shares, at delivery XXXX to refined the vested we level the benefit below of view be tax the the
compared for adjusted share [indiscernible] full quarter $X.XX per year with XXXX fourth XXXX. for earnings quarter with the for the fourth Our the $X.XX were compared of and and $X.XX $X.XX
XXXX, count hurdles share which both was the million XX.X The year-on-year. count grew On by the the was count X% to or share increase X.X price for our for about shares, in ended average the due of shares weighted price increase awards. share and year achievement share million performance
including the in repurchase equivalence share During we quarter. share and XXX,XXX share the Paul million year, the as of equivalents, repurchased mentioned, share in X.X fourth
In fully XXXX count, year-over-year. million diluted over with shares terms our of X% XX.X just we up share ended
notices exchange time our cash. share in consistent count. with our And excess receipt units units, additional and priorities, capital these franchise the reduce while using of cash to exchange to XXX,XXX will in we for for partnership We invest we an are over intend continue to
and to with net ended in outstanding. record the million cash cash, $XXX debt and and no capital, in have equivalents working On $XXX investments funded we sheet, short-term a balance million we continue
turn a that, XX, to dividend approved March has will X, per And paid shareholders $X.XX it as Paul. be of Board of share. on dividend back March to The [indiscernible] record of XXXX, with the I'll Finally, XXXX.