| --- | --- | --- | |----------------------------------------------------|-----------------------------------|--------| | | | | | Illustrative Market Impact Model ($in millions) | Assumptions | | | Total Revenue | 1Q23 revenue, annualized |$1,196 | | x % asset-based | ~60% of total revenue | 60% | | x % Blended Market Change (a) | See below calculation | -5% | | = Revenue impact | | ($36) | | - Impact on asset-based direct expenses | ~60$22) | | = Impact on Adjusted EBITDA (1) ...