September 23, 2022

In your 2021 10-K you noted that professional fees increased $18.2 mm from the prior year, can you provide us with the total dollar amount spent on professional fees in 2021? What piece of this is recurring?

The total level of professional fees represent a relatively small percentage of our total expense base. They have grown in recent periods, including for the 2021 fiscal year, due to M&A activity and continued use of third-party resources to develop software and product capabilities. That is visible in the increase in our capitalized labor in 2021 which grew $13.7 million. We have pursued a strategy to leverage outside providers for certain development work (rather than hire internally) and that activity has tended to be more recurring in nature. For example, PitchBook relies heavily on third-party development work for application and feature development on its platform. Other ongoing drivers of our professional fee expense category include audit, tax, and legal fees.

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