Revenue (Q1 2025): $3.284 billion; Cost of Revenue: $12.0 million; Gross Profit: $3.272 billion; Operating Income: $822 million; Net Income: $644 million; Diluted EPS: $2.04; GAAP EPS: $2.07. YoY changes: Revenue +4.65%; Gross Profit +4.27%; Operating Income +24.92%; Net Income +39.09%; EPS growth +50.0% (reported) with notable items, net of tax, influencing the adjusted view. QoQ metrics indicated in the accompanying data show varied seasonality; the firm highlighted margin expansion on an adjusted basis. Asset servicing AUCA grew 6% YoY; AUM rose 9% YoY, reflecting higher markets and positive flows. Servicing fees increased 4% YoY to $55 million in 1Q, with ~half of AUCA wins driven by Alpha. Global ETF flows remained robust, with SPDR U.S. Low-Cost ETF AUM reaching a record $256 billion. NII was relatively flat at $714 million, with a 5% sequential decline driven by deposit mix and rate dynamics. Cash generation remained strong: net cash provided by operating activities $2.396 billion; free cash flow $2.17 billion. Net debt stood at $20.2 billion, while CET1 stood at 11% and the bank LCR was 139%. The company targets 3-5% full-year fee revenue growth, flat-to-low-single-digit NII, and 2-3% expense growth, with ~$500 million of annual productivity savings and ~80% of earnings expected to be returned to shareholders.