| Customer | Segment | Revenue | Share |
|---|---|---|---|
| [Customer Company 1] | Institutional | $4,180,000 | 9.8% |
| [Customer Company 2] | Institutional | $3,240,000 | 7.6% |
| [Customer Company 3] | Wealth Management | $2,810,000 | 6.6% |
| [Customer Company 4] | Advisory | $2,420,000 | 5.7% |
| [Customer Company 5] | Custody | $1,980,000 | 4.6% |
| [Customer Company 6] | Wealth Management | $1,640,000 | 3.8% |
Revenue grew 11.2% YoY, driven by net new assets in Wealth Management and a record fee quarter in Advisory.
Operating expenses rose 6.8% YoY, below revenue growth — yielding 420 bps of operating-margin expansion.
We completed the migration to our new custody platform on schedule and within budget; one-time costs of $0.6M are reflected under Technology & data.
No material litigation or regulatory matters arose in the quarter. Capital ratios remain well above regulatory minimums.
Outlook: management reiterates full-year guidance of $176M–$182M in revenue and operating margin between 25% and 28%.