Evercore Reports Second Quarter 2024 Results; Quarterly Dividend of $0.80 Per Share
Evercore (NYSE: EVR) reported its Q2 2024 results with record net revenues of $689.2 million (U.S. GAAP) and $695.3 million (Adjusted), up 38% YoY. Operating income surged by 88% to $108.2 million (U.S. GAAP) and by 80% to $114.3 million (Adjusted). Net income attributable to Evercore doubled to $73.8 million. Diluted EPS soared to $1.81, reflecting significant profitability improvements.
Year-to-date, the company advised on major deals including GE's $36 billion spin-off, Synopsys' $35 billion acquisition of Ansys, and ConocoPhillips' $22.5 billion acquisition of Marathon Oil. Evercore's compensation ratio improved slightly to 66.6%, while its non-compensation costs rose by 18%.
Evercore announced a quarterly dividend of $0.80 per share. The firm returned $395.6 million to shareholders through dividends and share repurchases. The effective tax rate also decreased, contributing to the improved net income.
- Record Q2 net revenues of $689.2 million (U.S. GAAP), up 38% YoY.
- Operating income surged by 88% (U.S. GAAP) and 80% (Adjusted).
- Net income attributable to Evercore doubled to $73.8 million.
- Diluted EPS rose to $1.81 from $0.95 YoY.
- Advised on significant deals including GE's $36 billion spin-off and Synopsys' $35 billion acquisition.
- Quarterly dividend of $0.80 per share announced.
- Underwriting Fees decreased by 19% YoY in Q2.
- Second quarter Other Revenue, net, decreased by 12% YoY.
Insights
The financial results reported by Evercore Inc. for Q2 2024 are quite impressive, showing a strong performance across several key metrics. Net revenues increased 38% year-over-year from
Notably, Evercore's advisory fees surged 52% to
From a retail investor's perspective, the company's consistent growth in revenue and substantial improvements in operating margins are positive indicators of robust business performance. The increase in dividends and significant shareholder returns through buybacks underscore Evercore's commitment to returning value to shareholders.
Evercore's strategic advisory business is flourishing, as evidenced by their involvement in significant global transactions. Advising on three of the six largest global transactions, including GE's spin-off of GE Vernova, highlights their industry dominance and client trust. Also, their recognition in multiple categories at The Banker's 2024 Investment Banking Awards further cements their reputation as a leading advisory firm.
This recognition and involvement in high-profile deals will likely enhance Evercore's brand equity and attract more high-value clients, which could translate to sustained revenue growth. The addition of new senior managing directors, particularly in key markets like Paris and the U.S., also bodes well for expanding their market reach and expertise.
For retail investors, Evercore's strategic positioning and recognized expertise in handling large transactions and securing high-profile awards provide confidence in the company's growth prospects. The talent acquisition indicates a proactive approach to maintaining and enhancing their competitive edge.
The effective tax rate for Evercore decreased significantly to 25.8% for the quarter and an even more pronounced drop to 11.0% year-to-date, compared to the prior year's 28.9% and 19.8%, respectively. This reduction is largely attributed to the appreciation in the firm’s share price upon vesting of employee share-based awards, which provided additional tax benefits. This impacts net income positively, boosting earnings per share and overall profitability.
Understanding these tax benefits is important for investors as it showcases the firm's ability to manage tax liabilities effectively, contributing to enhanced net income. The resulting higher after-tax earnings make Evercore's stock potentially more attractive due to improved profitability.
For retail investors, recognizing the impact of tax management on net income is essential. Evercore's effective tax strategies contribute to better-than-expected financial results, adding a layer of financial efficiency that supports the stock's attractiveness.
|
Second Quarter Results |
|
Year to Date Results |
||||||||||||||||||||||||
|
|
|
Adjusted |
|
|
|
Adjusted |
||||||||||||||||||||
|
Q2 2024 |
Q2 2023 |
|
Q2 2024 |
Q2 2023 |
|
YTD 2024 |
YTD 2023 |
|
YTD 2024 |
YTD 2023 |
||||||||||||||||
Net Revenues ($ mm) |
$ |
689.2 |
|
$ |
499.4 |
|
|
$ |
695.3 |
|
$ |
505.1 |
|
|
$ |
1,270.0 |
|
$ |
1,071.6 |
|
|
$ |
1,282.6 |
|
$ |
1,082.9 |
|
Operating Income ($ mm) |
$ |
108.2 |
|
$ |
57.7 |
|
|
$ |
114.3 |
|
$ |
63.4 |
|
|
$ |
192.4 |
|
$ |
164.6 |
|
|
$ |
204.9 |
|
$ |
178.9 |
|
Net Income Attributable to Evercore Inc. ($ mm) |
$ |
73.8 |
|
$ |
37.2 |
|
|
$ |
78.7 |
|
$ |
40.4 |
|
|
$ |
159.5 |
|
$ |
120.6 |
|
|
$ |
171.6 |
|
$ |
133.6 |
|
Diluted Earnings Per Share |
$ |
1.81 |
|
$ |
0.95 |
|
|
$ |
1.81 |
|
$ |
0.96 |
|
|
$ |
3.89 |
|
$ |
3.02 |
|
|
$ |
3.94 |
|
$ |
3.13 |
|
Compensation |
|
66.6 |
% |
|
67.8 |
% |
|
|
66.0 |
% |
|
67.0 |
% |
|
|
66.7 |
% |
|
65.8 |
% |
|
|
66.0 |
% |
|
65.1 |
% |
Operating Margin |
|
15.7 |
% |
|
11.6 |
% |
|
|
16.4 |
% |
|
12.6 |
% |
|
|
15.1 |
% |
|
15.4 |
% |
|
|
16.0 |
% |
|
16.5 |
% |
Effective Tax Rate |
|
25.8 |
% |
|
28.9 |
% |
|
|
26.9 |
% |
|
29.6 |
% |
|
|
11.0 |
% |
|
19.8 |
% |
|
|
11.0 |
% |
|
20.2 |
% |
Business and
Highlights |
■ |
Second Quarter Net Revenues were |
||
| ■ |
Second Quarter Operating Income of |
|||
| ■ |
Year-to-date, we have advised on three of the six largest global transactions, including General Electric on its spin-off of GE Vernova for |
|||
| ■ | Evercore won two awards from The Banker's 2024 Investment Banking Awards including "Investment Bank of the Year for M&A" and "Investment Bank of the Year for Private Placements" |
|||
|
■ |
Evercore was also recognized by The Banker for "Deal of the Year for M&A" for Nippon Steel's |
||
| ■ |
In our Equity Capital Markets business in the second quarter, Evercore was lead-left bookrunner on AZZ Inc.’s |
|||
|
|
|
|
|
|
|
|
|
|
Talent |
■ | One Investment Banking Senior Managing Director joined Evercore in May; Jeffrey Haller, in our Financial Institutions Group |
||
| ■ | Since our last earnings call, three Investment Banking Senior Managing Directors and one Senior Advisor have committed to join Evercore: |
|||
|
■ |
In |
||
|
■ |
In the |
||
|
|
|
|
|
|
|
|
|
|
Capital Return |
■ |
Quarterly dividend of |
||
| ■ |
Returned |
|||
|
|
|
|
|
Evercore Inc. (NYSE: EVR) today announced its results for the second quarter ended June 30, 2024.
LEADERSHIP COMMENTARY
John S. Weinberg, Chairman and Chief Executive Officer, "We are in the midst of a gradual market recovery and we continue to be encouraged as momentum builds across many of our businesses. We provide a broader range of products than we ever have before to a larger, more diverse set of clients, presenting significant opportunity for Evercore."
Roger C. Altman, Founder and Senior Chairman, "Evercore produced the strongest second quarter net revenues in our history. This reflects the consistent expansion in the number of SMDs, which is continuing."
Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.
Business Segments:
Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-7 for further information and reconciliations of these segment results to our
Non-GAAP Measures:
Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in
Evercore's Adjusted Diluted Shares Outstanding for the three and six months ended June 30, 2024 were higher than
Further details of these adjustments, as well as an explanation of similar amounts for the three and six months ended June 30, 2023 are included in pages A-2 to A-7.
Selected Financial Data –
The following is a discussion of Evercore's consolidated results on a
Net Revenues
|
|
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
%
|
|
June 30, 2024 |
|
June 30, 2023 |
|
% Change |
||||||
|
(dollars in thousands) |
||||||||||||||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Advisory Fees |
$ |
568,231 |
|
$ |
374,556 |
|
52 |
% |
|
$ |
998,069 |
|
$ |
837,118 |
|
19 |
% |
Underwriting Fees |
|
30,999 |
|
|
38,200 |
|
(19 |
%) |
|
|
86,534 |
|
|
61,083 |
|
42 |
% |
Commissions and Related Revenue |
|
53,199 |
|
|
50,048 |
|
6 |
% |
|
|
101,437 |
|
|
98,113 |
|
3 |
% |
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Management and Administration Fees |
|
19,200 |
|
|
16,575 |
|
16 |
% |
|
|
37,899 |
|
|
32,533 |
|
16 |
% |
Other Revenue, net |
|
17,595 |
|
|
20,040 |
|
(12 |
%) |
|
|
46,100 |
|
|
42,715 |
|
8 |
% |
Net Revenues |
$ |
689,224 |
|
$ |
499,419 |
|
38 |
% |
|
$ |
1,270,039 |
|
$ |
1,071,562 |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
%
|
|
June 30, 2024 |
|
June 30, 2023 |
|
% Change |
||
Total Number of Fees from Advisory and Underwriting Client Transactions(1) |
244 |
|
236 |
|
3 |
% |
|
381 |
|
360 |
|
6 |
% |
Total Number of Fees of at Least |
95 |
|
77 |
|
23 |
% |
|
186 |
|
155 |
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Number of Underwriting Transactions(1) |
17 |
|
15 |
|
13 |
% |
|
36 |
|
29 |
|
24 |
% |
Total Number of Underwriting Transactions as a Bookrunner(1) |
14 |
|
14 |
|
— |
% |
|
30 |
|
26 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Includes Equity and Debt Underwriting Transactions. |
|||||||||||||
|
As of June 30, |
|||||||
|
2024 |
|
2023 |
|
%
|
|||
Assets Under Management ($ mm)(1) |
$ |
13,160 |
|
$ |
11,488 |
|
15 |
% |
|
|
|
|
|
|
|||
1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business. |
||||||||
Advisory Fees – Second quarter Advisory Fees increased
Underwriting Fees – Second quarter Underwriting Fees decreased
Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased
Asset Management and Administration Fees – Second quarter Asset Management and Administration Fees increased
Other Revenue – Second quarter Other Revenue, net, decreased
Expenses
|
|
||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
%
|
|
June 30, 2024 |
|
June 30, 2023 |
|
% Change |
||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
Employee Compensation and Benefits |
$ |
458,935 |
|
|
$ |
338,374 |
|
|
36 |
% |
|
$ |
846,640 |
|
|
$ |
705,246 |
|
|
20 |
% |
Compensation |
|
66.6 |
% |
|
|
67.8 |
% |
|
|
|
|
66.7 |
% |
|
|
65.8 |
% |
|
|
||
Non-Compensation Costs |
$ |
122,046 |
|
|
$ |
103,329 |
|
|
18 |
% |
|
$ |
231,036 |
|
|
$ |
198,775 |
|
|
16 |
% |
Non-Compensation Ratio |
|
17.7 |
% |
|
|
20.7 |
% |
|
|
|
|
18.2 |
% |
|
|
18.6 |
% |
|
|
||
Special Charges, Including Business Realignment Costs |
$ |
— |
|
|
$ |
— |
|
|
NM |
|
|
$ |
— |
|
|
$ |
2,921 |
|
|
NM |
|
Employee Compensation and Benefits – Second quarter Employee Compensation and Benefits increased
Non-Compensation Costs – Second quarter Non-Compensation Costs increased
Special Charges, Including Business Realignment Costs – Year-to-date 2023 Special Charges, Including Business Realignment Costs, relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in
Effective Tax Rate
The second quarter effective tax rate was
Selected Financial Data – Adjusted Results
The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-7 for further information and reconciliations of these metrics to our
Adjusted Net Revenues
|
Adjusted |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
%
|
|
June 30, 2024 |
|
June 30, 2023 |
|
% Change |
||||||
|
(dollars in thousands) |
||||||||||||||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Advisory Fees(1) |
$ |
568,378 |
|
$ |
374,699 |
|
52 |
% |
|
$ |
998,904 |
|
$ |
837,332 |
|
19 |
% |
Underwriting Fees |
|
30,999 |
|
|
38,200 |
|
(19 |
%) |
|
|
86,534 |
|
|
61,083 |
|
42 |
% |
Commissions and Related Revenue |
|
53,199 |
|
|
50,048 |
|
6 |
% |
|
|
101,437 |
|
|
98,113 |
|
3 |
% |
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Management and Administration Fees(2) |
|
20,910 |
|
|
17,974 |
|
16 |
% |
|
|
41,246 |
|
|
35,329 |
|
17 |
% |
Other Revenue, net |
|
21,784 |
|
|
24,221 |
|
(10 |
%) |
|
|
54,477 |
|
|
51,067 |
|
7 |
% |
Net Revenues |
$ |
695,270 |
|
$ |
505,142 |
|
38 |
% |
|
$ |
1,282,598 |
|
$ |
1,082,924 |
|
18 |
% |
1. |
Advisory Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investments in Luminis and Seneca Evercore of |
|
2. |
Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investments in Atalanta Sosnoff and ABS of |
See page 4 for additional business metrics.
Advisory Fees – Second quarter adjusted Advisory Fees increased
Underwriting Fees – Second quarter Underwriting Fees decreased
Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased
Asset Management and Administration Fees – Second quarter adjusted Asset Management and Administration Fees increased
Other Revenue – Second quarter adjusted Other Revenue, net, decreased
Adjusted Expenses
|
Adjusted |
||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
%
|
|
June 30, 2024 |
|
June 30, 2023 |
|
% Change |
||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
Employee Compensation and Benefits |
$ |
458,935 |
|
|
$ |
338,374 |
|
|
36 |
% |
|
$ |
846,640 |
|
|
$ |
705,246 |
|
|
20 |
% |
Compensation |
|
66.0 |
% |
|
|
67.0 |
% |
|
|
|
|
66.0 |
% |
|
|
65.1 |
% |
|
|
||
Non-Compensation Costs |
$ |
122,046 |
|
|
$ |
103,329 |
|
|
18 |
% |
|
$ |
231,036 |
|
|
$ |
198,775 |
|
|
16 |
% |
Non-Compensation Ratio |
|
17.6 |
% |
|
|
20.5 |
% |
|
|
|
|
18.0 |
% |
|
|
18.4 |
% |
|
|
||
Employee Compensation and Benefits – Second quarter adjusted Employee Compensation and Benefits increased
Non-Compensation Costs – Second quarter adjusted Non-Compensation Costs increased
Adjusted Effective Tax Rate
The second quarter adjusted effective tax rate was
Liquidity
The Company continues to maintain a strong balance sheet. As of June 30, 2024, cash and cash equivalents were
Headcount
As of June 30, 2024 and 2023, the Company employed approximately 2,330 and 2,245 people, respectively, worldwide.
As of June 30, 2024 and 2023, the Company employed 184(1) and 182(2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 143(1) and 142(2), respectively, were Investment Banking Senior Managing Directors.
(1) |
Senior Managing Director headcount as of June 30, 2024, adjusted to include three additional Investment Banking Senior Managing Directors committed to join in the third and fourth quarters of 2024. |
|
(2) |
Senior Managing Director headcount as of June 30, 2023, adjusted to include seven additional Investment Banking Senior Managing Directors that joined in 2023 and in the first quarter of 2024 and to exclude for a known departure of one Investment Banking Senior Managing Director. |
Deferred Compensation
Year-to-date, the Company granted to certain employees 1.7 million unvested restricted stock units ("RSUs") (which were primarily granted in conjunction with the 2023 bonus awards) with a grant date fair value of
In addition, year-to-date, the Company granted
The Company recognized compensation expense related to RSUs and our deferred cash compensation program of
As of June 30, 2024, the Company had 5.2 million unvested RSUs with an aggregate grant date fair value of
As of June 30, 2024, the Company expects to pay an aggregate of
Capital Return Transactions
On July 23, 2024, the Board of Directors of Evercore declared a quarterly dividend of
During the second quarter, the Company repurchased 22 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of
Conference Call
Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, July 24, 2024, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 225-9448 (toll-free domestic) or (203) 518-9708 (international); passcode: EVRQ224. Please register at least 10 minutes before the conference call begins.
A live audio webcast of the conference call will be available on the Investor Relations section of Evercore’s website at www.evercore.com. The webcast will be archived on Evercore’s website for 30 days.
About Evercore
Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in
Basis of Alternative Financial Statement Presentation
Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2023, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
EVERCORE INC. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 |
|||||||||||
(dollars in thousands, except per share data) |
|||||||||||
(UNAUDITED) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
||||
Revenues |
|
|
|
|
|
|
|
||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
||||
Advisory Fees |
$ |
568,231 |
|
$ |
374,556 |
|
$ |
998,069 |
|
$ |
837,118 |
Underwriting Fees |
|
30,999 |
|
|
38,200 |
|
|
86,534 |
|
|
61,083 |
Commissions and Related Revenue |
|
53,199 |
|
|
50,048 |
|
|
101,437 |
|
|
98,113 |
Asset Management and Administration Fees |
|
19,200 |
|
|
16,575 |
|
|
37,899 |
|
|
32,533 |
Other Revenue, Including Interest and Investments |
|
21,784 |
|
|
24,221 |
|
|
54,477 |
|
|
51,067 |
Total Revenues |
|
693,413 |
|
|
503,600 |
|
|
1,278,416 |
|
|
1,079,914 |
Interest Expense(1) |
|
4,189 |
|
|
4,181 |
|
|
8,377 |
|
|
8,352 |
Net Revenues |
|
689,224 |
|
|
499,419 |
|
|
1,270,039 |
|
|
1,071,562 |
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
||||
Employee Compensation and Benefits |
|
458,935 |
|
|
338,374 |
|
|
846,640 |
|
|
705,246 |
Occupancy and Equipment Rental |
|
21,801 |
|
|
21,521 |
|
|
43,745 |
|
|
41,900 |
Professional Fees |
|
34,288 |
|
|
27,465 |
|
|
65,507 |
|
|
51,602 |
Travel and Related Expenses |
|
21,384 |
|
|
17,422 |
|
|
40,606 |
|
|
32,625 |
Communications and Information Services |
|
19,586 |
|
|
17,836 |
|
|
38,753 |
|
|
33,571 |
Depreciation and Amortization |
|
6,439 |
|
|
5,952 |
|
|
12,732 |
|
|
12,525 |
Execution, Clearing and Custody Fees |
|
3,051 |
|
|
2,965 |
|
|
6,392 |
|
|
5,730 |
Special Charges, Including Business Realignment Costs |
|
— |
|
|
— |
|
|
— |
|
|
2,921 |
Other Operating Expenses |
|
15,497 |
|
|
10,168 |
|
|
23,301 |
|
|
20,822 |
Total Expenses |
|
580,981 |
|
|
441,703 |
|
|
1,077,676 |
|
|
906,942 |
|
|
|
|
|
|
|
|
||||
Income Before Income from Equity Method Investments and Income Taxes |
|
108,243 |
|
|
57,716 |
|
|
192,363 |
|
|
164,620 |
Income from Equity Method Investments |
|
1,857 |
|
|
1,542 |
|
|
4,182 |
|
|
3,010 |
Income Before Income Taxes |
|
110,100 |
|
|
59,258 |
|
|
196,545 |
|
|
167,630 |
Provision for Income Taxes |
|
28,367 |
|
|
17,097 |
|
|
21,688 |
|
|
33,228 |
Net Income |
|
81,733 |
|
|
42,161 |
|
|
174,857 |
|
|
134,402 |
Net Income Attributable to Noncontrolling Interest |
|
7,975 |
|
|
4,956 |
|
|
15,406 |
|
|
13,819 |
Net Income Attributable to Evercore Inc. |
$ |
73,758 |
|
$ |
37,205 |
|
$ |
159,451 |
|
$ |
120,583 |
|
|
|
|
|
|
|
|
||||
Net Income Attributable to Evercore Inc. Common Shareholders |
$ |
73,758 |
|
$ |
37,205 |
|
$ |
159,451 |
|
$ |
120,583 |
|
|
|
|
|
|
|
|
||||
Weighted Average Shares of Class A Common Stock Outstanding: |
|
|
|
|
|
|
|
||||
Basic |
|
38,502 |
|
|
38,211 |
|
|
38,470 |
|
|
38,360 |
Diluted |
|
40,857 |
|
|
39,288 |
|
|
40,969 |
|
|
39,863 |
|
|
|
|
|
|
|
|
||||
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: |
|
|
|
|
|
|
|
||||
Basic |
$ |
1.92 |
|
$ |
0.97 |
|
$ |
4.14 |
|
$ |
3.14 |
Diluted |
$ |
1.81 |
|
$ |
0.95 |
|
$ |
3.89 |
|
$ |
3.02 |
|
|
|
|
|
|
|
|
||||
(1) Includes interest expense on long-term debt. |
|||||||||||
|
|
|
|
|
|
|
|
||||
Adjusted Results
Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in
- Assumed Exchange of Evercore LP Units into Class A Shares. The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company's management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares.
-
Special Charges, Including Business Realignment Costs. Expenses during 2023 that are excluded from the Adjusted presentation relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in
Mexico . -
Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the
U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in theU.S. and that certain state and local taxes are reduced accordingly. -
Presentation of Interest Expense. The Adjusted results present Adjusted Investment Banking & Equities Operating Income before interest expense on debt, which is included in interest expense on a
U.S. GAAP basis. -
Presentation of Income from Equity Method Investments. The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.
EVERCORE INC. |
|||||||||||||||
|
|||||||||||||||
(dollars in thousands, except per share data) |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Net Revenues - |
$ |
689,224 |
|
|
$ |
499,419 |
|
|
$ |
1,270,039 |
|
|
$ |
1,071,562 |
|
Income from Equity Method Investments (1) |
|
1,857 |
|
|
|
1,542 |
|
|
|
4,182 |
|
|
|
3,010 |
|
Interest Expense on Debt (2) |
|
4,189 |
|
|
|
4,181 |
|
|
|
8,377 |
|
|
|
8,352 |
|
Net Revenues - Adjusted |
$ |
695,270 |
|
|
$ |
505,142 |
|
|
$ |
1,282,598 |
|
|
$ |
1,082,924 |
|
|
|
|
|
|
|
|
|
||||||||
Other Revenue, net - |
$ |
17,595 |
|
|
$ |
20,040 |
|
|
$ |
46,100 |
|
|
$ |
42,715 |
|
Interest Expense on Debt (2) |
|
4,189 |
|
|
|
4,181 |
|
|
|
8,377 |
|
|
|
8,352 |
|
Other Revenue, net - Adjusted |
$ |
21,784 |
|
|
$ |
24,221 |
|
|
$ |
54,477 |
|
|
$ |
51,067 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Income - |
$ |
108,243 |
|
|
$ |
57,716 |
|
|
$ |
192,363 |
|
|
$ |
164,620 |
|
Income from Equity Method Investments (1) |
|
1,857 |
|
|
|
1,542 |
|
|
|
4,182 |
|
|
|
3,010 |
|
Pre-Tax Income - |
|
110,100 |
|
|
|
59,258 |
|
|
|
196,545 |
|
|
|
167,630 |
|
Special Charges, Including Business Realignment Costs (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,921 |
|
Pre-Tax Income - Adjusted |
|
110,100 |
|
|
|
59,258 |
|
|
|
196,545 |
|
|
|
170,551 |
|
Interest Expense on Debt (2) |
|
4,189 |
|
|
|
4,181 |
|
|
|
8,377 |
|
|
|
8,352 |
|
Operating Income - Adjusted |
$ |
114,289 |
|
|
$ |
63,439 |
|
|
$ |
204,922 |
|
|
$ |
178,903 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for Income Taxes - |
$ |
28,367 |
|
|
$ |
17,097 |
|
|
$ |
21,688 |
|
|
$ |
33,228 |
|
Income Taxes (4) |
|
1,261 |
|
|
|
426 |
|
|
|
(69 |
) |
|
|
1,200 |
|
Provision for Income Taxes - Adjusted |
$ |
29,628 |
|
|
$ |
17,523 |
|
|
$ |
21,619 |
|
|
$ |
34,428 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Evercore Inc. - |
$ |
73,758 |
|
|
$ |
37,205 |
|
|
$ |
159,451 |
|
|
$ |
120,583 |
|
Special Charges, Including Business Realignment Costs (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,921 |
|
Income Taxes (4) |
|
(1,261 |
) |
|
|
(426 |
) |
|
|
69 |
|
|
|
(1,200 |
) |
Noncontrolling Interest (5) |
|
6,236 |
|
|
|
3,583 |
|
|
|
12,080 |
|
|
|
11,309 |
|
Net Income Attributable to Evercore Inc. - Adjusted |
$ |
78,733 |
|
|
$ |
40,362 |
|
|
$ |
171,600 |
|
|
$ |
133,613 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted Shares Outstanding - |
|
40,857 |
|
|
|
39,288 |
|
|
|
40,969 |
|
|
|
39,863 |
|
LP Units (6) |
|
2,558 |
|
|
|
2,815 |
|
|
|
2,583 |
|
|
|
2,785 |
|
Unvested Restricted Stock Units - Event Based (6) |
|
12 |
|
|
|
12 |
|
|
|
12 |
|
|
|
12 |
|
Diluted Shares Outstanding - Adjusted |
|
43,427 |
|
|
|
42,115 |
|
|
|
43,564 |
|
|
|
42,660 |
|
|
|
|
|
|
|
|
|
||||||||
Key Metrics: (a) |
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share - |
$ |
1.81 |
|
|
$ |
0.95 |
|
|
$ |
3.89 |
|
|
$ |
3.02 |
|
Diluted Earnings Per Share - Adjusted |
$ |
1.81 |
|
|
$ |
0.96 |
|
|
$ |
3.94 |
|
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Margin - |
|
15.7 |
% |
|
|
11.6 |
% |
|
|
15.1 |
% |
|
|
15.4 |
% |
Operating Margin - Adjusted |
|
16.4 |
% |
|
|
12.6 |
% |
|
|
16.0 |
% |
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Effective Tax Rate - |
|
25.8 |
% |
|
|
28.9 |
% |
|
|
11.0 |
% |
|
|
19.8 |
% |
Effective Tax Rate - Adjusted |
|
26.9 |
% |
|
|
29.6 |
% |
|
|
11.0 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
||||||||
(a) Reconciliations of the key metrics from |
|||||||||||||||
EVERCORE INC. |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 |
|||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment Banking & Equities Segment |
||||||||||||||||||||||
|
Three Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2024 |
||||||||||||||||||||
|
|
|
Adjustments |
|
Non-GAAP
|
|
|
|
Adjustments |
|
Non-GAAP
|
||||||||||||
Net Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Advisory Fees |
$ |
568,231 |
|
|
$ |
147 |
(1 |
) |
$ |
568,378 |
|
|
$ |
998,069 |
|
|
$ |
835 |
(1 |
) |
$ |
998,904 |
|
Underwriting Fees |
|
30,999 |
|
|
|
— |
|
|
30,999 |
|
|
|
86,534 |
|
|
|
— |
|
|
86,534 |
|
||
Commissions and Related Revenue |
|
53,199 |
|
|
|
— |
|
|
53,199 |
|
|
|
101,437 |
|
|
|
— |
|
|
101,437 |
|
||
Other Revenue, net |
|
17,581 |
|
|
|
4,189 |
(2 |
) |
|
21,770 |
|
|
|
45,698 |
|
|
|
8,377 |
(2 |
) |
|
54,075 |
|
Net Revenues |
|
670,010 |
|
|
|
4,336 |
|
|
674,346 |
|
|
|
1,231,738 |
|
|
|
9,212 |
|
|
1,240,950 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employee Compensation and Benefits |
|
448,064 |
|
|
|
— |
|
|
448,064 |
|
|
|
825,351 |
|
|
|
— |
|
|
825,351 |
|
||
Non-Compensation Costs |
|
118,304 |
|
|
|
— |
|
|
118,304 |
|
|
|
223,855 |
|
|
|
— |
|
|
223,855 |
|
||
Total Expenses |
|
566,368 |
|
|
|
— |
|
|
566,368 |
|
|
|
1,049,206 |
|
|
|
— |
|
|
1,049,206 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income (a) |
$ |
103,642 |
|
|
$ |
4,336 |
|
$ |
107,978 |
|
|
$ |
182,532 |
|
|
$ |
9,212 |
|
$ |
191,744 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Compensation |
|
66.9 |
% |
|
|
|
|
66.4 |
% |
|
|
67.0 |
% |
|
|
|
|
66.5 |
% |
||||
Operating Margin (b) |
|
15.5 |
% |
|
|
|
|
16.0 |
% |
|
|
14.8 |
% |
|
|
|
|
15.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment Management Segment |
||||||||||||||||||||||
|
Three Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2024 |
||||||||||||||||||||
|
|
|
Adjustments |
|
Non-GAAP
|
|
|
|
Adjustments |
|
Non-GAAP
|
||||||||||||
Net Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset Management and Administration Fees |
$ |
19,200 |
|
|
$ |
1,710 |
(1 |
) |
$ |
20,910 |
|
|
$ |
37,899 |
|
|
$ |
3,347 |
(1 |
) |
$ |
41,246 |
|
Other Revenue, net |
|
14 |
|
|
|
— |
|
|
14 |
|
|
|
402 |
|
|
|
— |
|
|
402 |
|
||
Net Revenues |
|
19,214 |
|
|
|
1,710 |
|
|
20,924 |
|
|
|
38,301 |
|
|
|
3,347 |
|
|
41,648 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employee Compensation and Benefits |
|
10,871 |
|
|
|
— |
|
|
10,871 |
|
|
|
21,289 |
|
|
|
— |
|
|
21,289 |
|
||
Non-Compensation Costs |
|
3,742 |
|
|
|
— |
|
|
3,742 |
|
|
|
7,181 |
|
|
|
— |
|
|
7,181 |
|
||
Total Expenses |
|
14,613 |
|
|
|
— |
|
|
14,613 |
|
|
|
28,470 |
|
|
|
— |
|
|
28,470 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income (a) |
$ |
4,601 |
|
|
$ |
1,710 |
|
$ |
6,311 |
|
|
$ |
9,831 |
|
|
$ |
3,347 |
|
$ |
13,178 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Compensation |
|
56.6 |
% |
|
|
|
|
52.0 |
% |
|
|
55.6 |
% |
|
|
|
|
51.1 |
% |
||||
Operating Margin (b) |
|
23.9 |
% |
|
|
|
|
30.2 |
% |
|
|
25.7 |
% |
|
|
|
|
31.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(a) Operating Income for |
|||||||||||||||||||||||
(b) Reconciliations of the key metrics from |
|||||||||||||||||||||||
EVERCORE INC. |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 |
||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Investment Banking & Equities Segment |
|||||||||||||||||||||||
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
|||||||||||||||||||||
|
|
|
Adjustments |
|
Non-GAAP
|
|
|
|
Adjustments |
|
Non-GAAP
|
|||||||||||||
Net Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Advisory Fees |
$ |
374,556 |
|
|
$ |
143 |
(1 |
) |
$ |
374,699 |
|
|
$ |
837,118 |
|
|
$ |
214 |
|
(1 |
) |
$ |
837,332 |
|
Underwriting Fees |
|
38,200 |
|
|
|
— |
|
|
38,200 |
|
|
|
61,083 |
|
|
|
— |
|
|
|
61,083 |
|
||
Commissions and Related Revenue |
|
50,048 |
|
|
|
— |
|
|
50,048 |
|
|
|
98,113 |
|
|
|
— |
|
|
|
98,113 |
|
||
Other Revenue, net |
|
19,442 |
|
|
|
4,181 |
(2 |
) |
|
23,623 |
|
|
|
40,743 |
|
|
|
8,352 |
|
(2 |
) |
|
49,095 |
|
Net Revenues |
|
482,246 |
|
|
|
4,324 |
|
|
486,570 |
|
|
|
1,037,057 |
|
|
|
8,566 |
|
|
|
1,045,623 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Employee Compensation and Benefits |
|
328,498 |
|
|
|
— |
|
|
328,498 |
|
|
|
685,569 |
|
|
|
— |
|
|
|
685,569 |
|
||
Non-Compensation Costs |
|
99,846 |
|
|
|
— |
|
|
99,846 |
|
|
|
191,855 |
|
|
|
— |
|
|
|
191,855 |
|
||
Special Charges, Including Business Realignment Costs |
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,921 |
|
|
|
(2,921 |
) |
(3 |
) |
|
— |
|
|
Total Expenses |
|
428,344 |
|
|
|
— |
|
|
428,344 |
|
|
|
880,345 |
|
|
|
(2,921 |
) |
|
|
877,424 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Income (a) |
$ |
53,902 |
|
|
$ |
4,324 |
|
$ |
58,226 |
|
|
$ |
156,712 |
|
|
$ |
11,487 |
|
|
$ |
168,199 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Compensation |
|
68.1 |
% |
|
|
|
|
67.5 |
% |
|
|
66.1 |
% |
|
|
|
|
65.6 |
% |
|||||
Operating Margin (b) |
|
11.2 |
% |
|
|
|
|
12.0 |
% |
|
|
15.1 |
% |
|
|
|
|
16.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Investment Management Segment |
|||||||||||||||||||||||
|
Three Months Ended June 30, 2023 |
|
Six Months Ended June 30, 2023 |
|||||||||||||||||||||
|
|
|
Adjustments |
|
Non-GAAP Adjusted Basis |
|
|
|
Adjustments |
|
Non-GAAP Adjusted Basis |
|||||||||||||
Net Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Asset Management and Administration Fees |
$ |
16,575 |
|
|
$ |
1,399 |
(1 |
) |
$ |
17,974 |
|
|
$ |
32,533 |
|
|
$ |
2,796 |
|
(1 |
) |
$ |
35,329 |
|
Other Revenue, net |
|
598 |
|
|
|
— |
|
|
598 |
|
|
|
1,972 |
|
|
|
— |
|
|
|
1,972 |
|
||
Net Revenues |
|
17,173 |
|
|
|
1,399 |
|
|
18,572 |
|
|
|
34,505 |
|
|
|
2,796 |
|
|
|
37,301 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Employee Compensation and Benefits |
|
9,876 |
|
|
|
— |
|
|
9,876 |
|
|
|
19,677 |
|
|
|
— |
|
|
|
19,677 |
|
||
Non-Compensation Costs |
|
3,483 |
|
|
|
— |
|
|
3,483 |
|
|
|
6,920 |
|
|
|
— |
|
|
|
6,920 |
|
||
Total Expenses |
|
13,359 |
|
|
|
— |
|
|
13,359 |
|
|
|
26,597 |
|
|
|
— |
|
|
|
26,597 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Income (a) |
$ |
3,814 |
|
|
$ |
1,399 |
|
$ |
5,213 |
|
|
$ |
7,908 |
|
|
$ |
2,796 |
|
|
$ |
10,704 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Compensation |
|
57.5 |
% |
|
|
|
|
53.2 |
% |
|
|
57.0 |
% |
|
|
|
|
52.8 |
% |
|||||
Operating Margin (b) |
|
22.2 |
% |
|
|
|
|
28.1 |
% |
|
|
22.9 |
% |
|
|
|
|
28.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(a) Operating Income for |
||||||||||||||||||||||||
(b) Reconciliations of the key metrics from |
||||||||||||||||||||||||
EVERCORE INC. |
|||||||||||
|
|||||||||||
(dollars in thousands) |
|||||||||||
(UNAUDITED) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
|
||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Investment Banking & Equities |
|
|
|
|
|
|
|
||||
Net Revenues: |
|
|
|
|
|
|
|
||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
||||
Advisory Fees |
$ |
568,231 |
|
$ |
374,556 |
|
$ |
998,069 |
|
$ |
837,118 |
Underwriting Fees |
|
30,999 |
|
|
38,200 |
|
|
86,534 |
|
|
61,083 |
Commissions and Related Revenue |
|
53,199 |
|
|
50,048 |
|
|
101,437 |
|
|
98,113 |
Other Revenue, net |
|
17,581 |
|
|
19,442 |
|
|
45,698 |
|
|
40,743 |
Net Revenues |
|
670,010 |
|
|
482,246 |
|
|
1,231,738 |
|
|
1,037,057 |
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
||||
Employee Compensation and Benefits |
|
448,064 |
|
|
328,498 |
|
|
825,351 |
|
|
685,569 |
Non-Compensation Costs |
|
118,304 |
|
|
99,846 |
|
|
223,855 |
|
|
191,855 |
Special Charges, Including Business Realignment Costs |
|
— |
|
|
— |
|
|
— |
|
|
2,921 |
Total Expenses |
|
566,368 |
|
|
428,344 |
|
|
1,049,206 |
|
|
880,345 |
|
|
|
|
|
|
|
|
||||
Operating Income (a) |
$ |
103,642 |
|
$ |
53,902 |
|
$ |
182,532 |
|
$ |
156,712 |
|
|
|
|
|
|
|
|
||||
Investment Management |
|
|
|
|
|
|
|
||||
Net Revenues: |
|
|
|
|
|
|
|
||||
Asset Management and Administration Fees |
$ |
19,200 |
|
$ |
16,575 |
|
$ |
37,899 |
|
$ |
32,533 |
Other Revenue, net |
|
14 |
|
|
598 |
|
|
402 |
|
|
1,972 |
Net Revenues |
|
19,214 |
|
|
17,173 |
|
|
38,301 |
|
|
34,505 |
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
||||
Employee Compensation and Benefits |
|
10,871 |
|
|
9,876 |
|
|
21,289 |
|
|
19,677 |
Non-Compensation Costs |
|
3,742 |
|
|
3,483 |
|
|
7,181 |
|
|
6,920 |
Total Expenses |
|
14,613 |
|
|
13,359 |
|
|
28,470 |
|
|
26,597 |
|
|
|
|
|
|
|
|
||||
Operating Income (a) |
$ |
4,601 |
|
$ |
3,814 |
|
$ |
9,831 |
|
$ |
7,908 |
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
||||
Net Revenues: |
|
|
|
|
|
|
|
||||
Investment Banking & Equities: |
|
|
|
|
|
|
|
||||
Advisory Fees |
$ |
568,231 |
|
$ |
374,556 |
|
$ |
998,069 |
|
$ |
837,118 |
Underwriting Fees |
|
30,999 |
|
|
38,200 |
|
|
86,534 |
|
|
61,083 |
Commissions and Related Revenue |
|
53,199 |
|
|
50,048 |
|
|
101,437 |
|
|
98,113 |
Asset Management and Administration Fees |
|
19,200 |
|
|
16,575 |
|
|
37,899 |
|
|
32,533 |
Other Revenue, net |
|
17,595 |
|
|
20,040 |
|
|
46,100 |
|
|
42,715 |
Net Revenues |
|
689,224 |
|
|
499,419 |
|
|
1,270,039 |
|
|
1,071,562 |
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
||||
Employee Compensation and Benefits |
|
458,935 |
|
|
338,374 |
|
|
846,640 |
|
|
705,246 |
Non-Compensation Costs |
|
122,046 |
|
|
103,329 |
|
|
231,036 |
|
|
198,775 |
Special Charges, Including Business Realignment Costs |
|
— |
|
|
— |
|
|
— |
|
|
2,921 |
Total Expenses |
|
580,981 |
|
|
441,703 |
|
|
1,077,676 |
|
|
906,942 |
|
|
|
|
|
|
|
|
||||
Operating Income (a) |
$ |
108,243 |
|
$ |
57,716 |
|
$ |
192,363 |
|
$ |
164,620 |
|
|
|
|
|
|
|
|
||||
(a) Operating Income excludes Income (Loss) from Equity Method Investments. |
|||||||||||
Notes to Unaudited Condensed Consolidated Adjusted Financial Data
For further information on these adjustments, see page A-2.
| (1) | Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. |
|
| (2) |
Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a |
|
| (3) |
Expenses during 2023 that are excluded from the Adjusted presentation relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in |
|
| (4) |
Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the |
|
| (5) | Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation. |
|
| (6) |
Assumes the exchange into Class A shares of substantially all Evercore LP Units and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723229408/en/
Investor Contact:
Katy Haber
Head of Investor Relations & ESG
InvestorRelations@Evercore.com
Media Contacts:
Jamie Easton
Head of Communications & External Affairs
Communications@Evercore.com
Shree Dhond / Zach Kouwe
Dukas Linden Public Relations
Evercore@DLPR.com
(646) 722-6531
Source: Evercore Inc.
FAQ
What were Evercore's net revenues for Q2 2024?
How did Evercore's operating income perform in Q2 2024?
What was Evercore's diluted EPS for Q2 2024?
What significant deals did Evercore advise on in 2024?
What is Evercore's quarterly dividend for Q2 2024?
What was Evercore's compensation ratio for Q2 2024?
How did Evercore's underwriting fees perform in Q2 2024?
How much did Evercore return to shareholders in the first six months of 2024?
