Page 41 - 2022 Annual Report 2022 FINAL

Diversify revenue so 50% of total revenue comes from outside of Illinois by 2025

Quite a change this year! With the opening of the Reston VA office and acquiring work in additional
states, in 2022, revenue was earned in 16 different states compared to 7 in the previous year. The success
of the geographic expansion initiatives is clearly visible in the following chart.

Net Revenue by State as % of Total Net Revenue

100% 4%

95% 9% 6% 8% 7% Other (incl Federal)
9% 2% Maryland
90% 13% 3%
10% Virginia
85% 88% 4%
12% Wisconsin
80% 9%
80% Texas
75% 81% Missouri
6%
70% 73% Illinois
69%
65% 2020 Goal - 80% of Net
Revenue from outside
of Illinois
60%
2025 Goal - 50% of Net
55% Revenue from outside
of Illinois
50%
% of % of % of % of % of
Revenue Revenue Revenue Revenue Revenue
2018 2019 2020 2021 2022

FIRMWIDE OPERATIONS

Along with the significant increase in revenues, operating and non-operating expenses increased from
$19.6 million to $24.4 million. As in prior years, the ratio of salaries, payroll taxes, benefits, and other
employee related expenses compared to total expenses remains relatively steady. These expenses
account for 76% of operating expenses as compared to 78% in the previous year. Overall, this employee
related group of expenses increased from $15.3 million to $18.6 million.

Page | 28 Treasurer’s Report