Evercore Inc. (NYSE: EVR):
Fourth Quarter Results
Full Year Results
U.S. GAAP
Adjusted
U.S. GAAP
Adjusted
Q4 2024
Q4 2023
Q4 2024
Q4 2023
2024
2023
2024
2023
Net Revenues ($ mm)
$
975.3
$
784.2
$
980.5
$
790.3
$
2,979.6
$
2,425.9
$
3,002.6
$
2,449.3
Operating Income ($ mm)
$
212.6
$
117.7
$
217.7
$
123.9
$
526.9
$
359.1
$
557.3
$
385.4
Net Income Attributable to Evercore Inc.
($ mm)
$
140.4
$
82.7
$
153.2
$
87.8
$
378.3
$
255.5
$
415.8
$
276.9
Diluted Earnings Per Share
$
3.30
$
2.03
$
3.41
$
2.02
$
9.08
$
6.37
$
9.42
$
6.46
Compensation Ratio
65.6
%
71.4
%
65.2
%
70.8
%
66.3
%
68.3
%
65.7
%
67.6
%
Operating Margin
21.8
%
15.0
%
22.2
%
15.7
%
17.7
%
14.8
%
18.6
%
15.7
%
Business and Financial
Highlights
◼
Fourth Quarter and Full Year Net Revenues
were $975.3 million and $3.0 billion, respectively, on a U.S. GAAP
basis and $980.5 million and $3.0 billion, respectively, on an
Adjusted basis, representing the second best Quarter and Full Year
by both measures. Fourth Quarter and Full Year 2024 Net Revenues
increased 24% and 23%, respectively, on both a U.S. GAAP basis and
an Adjusted basis versus 2023
◼
Fourth Quarter Operating Income of $212.6
million and $217.7 million on a U.S. GAAP and an Adjusted basis,
respectively, increased 81% and 76%, respectively versus 2023;
Fourth Quarter Operating Margins of 21.8% and 22.2% on a U.S. GAAP
basis and an Adjusted basis, respectively, increased 679 and 653
basis points, respectively, versus 2023
◼
In Strategic Advisory, Evercore advised on
three of the top seven globally announced transactions in 2024. In
the fourth quarter, we advised on some notable and complex
transactions, including:
◼
Summit Materials on its sale to Quikrete
for $11.5 billion
◼
Warner Bros. Discovery on its new
corporate structure
◼
Vivendi on the partial demergers of Canal+
(€3.5 billion) and Louis Hachette Group (€1.2 billion) and the
spin-off of Havas (€1.8 billion)
◼
In the early weeks of 2025, we continue to
see strong momentum and we were lead financial advisor to Calpine
on its sale to Constellation Energy for $29.1 billion, which is
currently the largest announced transaction year-to-date
◼
Our Private Capital Advisory and Private
Funds Group each had their best year on record, highlighting the
strength of our market-leading franchises
◼
In 2024, Evercore was a bookrunner on two
of the top 10 U.S. Equity and Equity-Linked offerings, including
lead-left bookrunner on Diamondback Energy Inc.’s $2.6 billion
follow-on
◼
Evercore was lead-left bookrunner on six
transactions in the year, of which five were follow-ons and one
convertible
◼
Our Equities business had its strongest
full year revenue since 2016, demonstrating the strength of our
client franchise
◼
Evercore ISI was recognized by Extel
(formerly Institutional Investor) as the #1 Firm on a weighted
basis in U.S. Equity Research for the third consecutive year, and
for having the most #1 ranked analysts among Wall Street firms for
the second consecutive year
Talent
◼
Three Investment Banking Senior Managing
Directors (SMDs) joined Evercore in the fourth quarter; Katrina
Niehaus in the Structured Capital Solutions Group as well as Eric
Neveux and Graham Nix, in the Financial Institutions Group
◼
Since our last earnings call, one
Investment Banking SMD has committed to join Evercore in our
Healthcare group
Capital Return
◼
Quarterly dividend of $0.80 per share
◼
Returned $590.6 million to shareholders
during 2024 through dividends and repurchases of 2.3 million shares
at an average price of $193.40
Evercore Inc. (NYSE: EVR) today announced its results for the
fourth quarter and full year ended December 31, 2024.
LEADERSHIP COMMENTARY
John S. Weinberg, Chairman and Chief Executive Officer,
"We are pleased with our performance in 2024, as we continue to
intensively cover our clients and broaden our coverage. We begin
2025 with strong momentum and we expect the market to continue to
gradually improve throughout the year."
Roger C. Altman, Founder and Senior Chairman, "Evercore
just had its second strongest year in terms of revenue and has
considerable momentum going into 2025. The breadth and
competitiveness of the Firm, at least in my view, has never been
stronger."
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-8 for further information and reconciliations of these segment
results to our U.S. GAAP consolidated results.
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 the United States of America ("U.S. GAAP"),
and then those results are adjusted to exclude certain items and
reflect the conversion of certain Evercore LP Units into Class A
shares. Evercore believes that the disclosed adjusted measures and
any adjustments thereto, when presented in conjunction with
comparable U.S. GAAP measures, are useful to investors to compare
Evercore's results across several periods and facilitate an
understanding of Evercore's operating results. Evercore uses these
measures to evaluate its operating performance, as well as the
performance of individual employees. These measures should not be
considered a substitute for, or superior to, measures of financial
performance prepared in accordance with U.S. GAAP.
In the third quarter of 2024, the Company sold its remaining
ownership interest in ABS. The gain on the sale has been excluded
from Adjusted Net Revenues.
In the third quarter of 2024, the Company agreed to the
redemption of its interest in Luminis, such that it no longer has
an equity interest in Luminis following the redemption. The Company
received no consideration in respect of the redemption. As a
result, the Company incurred a loss in the third quarter of 2024
associated with the write-off of the remaining carrying value of
its investment, included within Special Charges, Including Business
Realignment Costs, as well as the release of cumulative foreign
exchange losses, included within Other Revenue, net. These charges
in 2024 have been excluded from Adjusted Net Income Attributable to
Evercore Inc.
Evercore's Adjusted Diluted Shares Outstanding for the three and
twelve months ended December 31, 2024 were higher than U.S. GAAP as
a result of the inclusion of certain Evercore LP Units and Unvested
Restricted Stock Units.
Further details of these adjustments, as well as an explanation
of similar amounts for the three and twelve months ended December
31, 2023 are included in pages A-2 to A-8.
Selected Financial Data – U.S. GAAP
Results
The following is a discussion of Evercore's consolidated results
on a U.S. GAAP basis. See pages A-5 to A-7 for our business segment
results.
Net Revenues
U.S. GAAP
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
% Change
December 31, 2024
December 31, 2023
% Change
(dollars in thousands)
Investment Banking & Equities:
Advisory Fees
$
849,556
$
659,338
29
%
$
2,440,605
$
1,963,857
24
%
Underwriting Fees
26,401
19,119
38
%
157,067
111,016
41
%
Commissions and Related Revenue
58,049
55,979
4
%
214,045
202,789
6
%
Investment Management:
Asset Management and Administration
Fees
21,096
17,204
23
%
79,550
67,041
19
%
Other Revenue, net
20,230
32,527
(38
%)
88,326
81,246
9
%
Net Revenues
$
975,332
$
784,167
24
%
$
2,979,593
$
2,425,949
23
%
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
% Change
December 31, 2024
December 31, 2023
% Change
Total Number of Fees from Advisory and
Underwriting Client Transactions(1)
322
310
4
%
748
666
12
%
Total Number of Fees of at Least $1
million from Advisory and Underwriting Client Transactions(1)
159
137
16
%
457
378
21
%
Total Number of Underwriting
Transactions(1)
12
7
71
%
65
47
38
%
Total Number of Underwriting Transactions
as a Bookrunner(1)
10
7
43
%
55
43
28
%
1. Includes Equity and Debt Underwriting
Transactions.
As of December 31,
2024
2023
% Change
Assets Under Management ($ mm)(1)
$
13,898
$
12,272
13
%
1. Assets Under Management reflect end of
period amounts from our consolidated Wealth Management
business.
Advisory Fees – Fourth quarter Advisory Fees increased
$190.2 million, or 29%, year-over-year, and full year Advisory Fees
increased $476.7 million, or 24%, year-over-year, reflecting an
increase in revenue earned from large transactions and an increase
in the number of advisory fees earned during 2024.
Underwriting Fees – Fourth quarter Underwriting Fees
increased $7.3 million, or 38%, year-over-year, and full year
Underwriting Fees increased $46.1 million, or 41%, year-over-year,
reflecting an increase in the number of transactions we
participated in during 2024.
Commissions and Related Revenue – Fourth quarter
Commissions and Related Revenue increased $2.1 million, or 4%,
year-over-year, and full year Commissions and Related Revenue
increased $11.3 million, or 6%, year-over-year, primarily
reflecting higher trading commissions and subscription fees.
Asset Management and Administration Fees – Fourth quarter
Asset Management and Administration Fees increased $3.9 million, or
23%, year-over-year, and full year Asset Management and
Administration Fees increased $12.5 million, or 19%,
year-over-year, driven by an increase in fees from Wealth
Management clients, as associated AUM increased 13%, primarily from
market appreciation.
Other Revenue – Fourth quarter Other Revenue, net,
decreased $12.3 million, or 38%, year-over-year, primarily
reflecting lower gains on our investment funds portfolio. Full year
Other Revenue, net, increased $7.1 million, or 9%, year-over-year,
primarily reflecting higher interest income, as well as higher
performance of our investment funds portfolio. The investment funds
portfolio is used as an economic hedge against our deferred cash
compensation program.
Expenses
U.S. GAAP
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
% Change
December 31, 2024
December 31, 2023
% Change
(dollars in thousands)
Employee Compensation and Benefits
$
639,386
$
559,899
14
%
$
1,974,036
$
1,656,875
19
%
Compensation Ratio
65.6
%
71.4
%
66.3
%
68.3
%
Non-Compensation Costs
$
123,388
$
106,579
16
%
$
471,338
$
407,018
16
%
Non-Compensation Ratio
12.7
%
13.6
%
15.8
%
16.8
%
Special Charges, Including Business
Realignment Costs
$
—
$
—
NM
$
7,305
$
2,921
150
%
Employee Compensation and Benefits – Fourth quarter
Employee Compensation and Benefits increased $79.5 million, or 14%,
year-over-year, reflecting a compensation ratio of 65.6% for the
fourth quarter of 2024 versus 71.4% for the prior year period. The
increase in Employee Compensation and Benefits compared to the
prior year period principally reflects a higher accrual for
incentive compensation, higher base salaries and higher
compensation expense related to senior new hires. The Compensation
Ratio was also impacted by higher net revenues, as described above,
during the current year period compared to the prior year period.
Full year Employee Compensation and Benefits increased $317.2
million, or 19%, year-over-year, reflecting a full year
compensation ratio of 66.3% versus 68.3% for the prior year period.
The increase in Employee Compensation and Benefits compared to the
prior year period principally reflects a higher accrual for
incentive compensation, higher base salaries and higher
compensation expense related to senior new hires. The Compensation
Ratio was also impacted by higher net revenues, as described above,
during the current year period compared to the prior year period.
See "Deferred Compensation" for more information.
Non-Compensation Costs – Fourth quarter Non-Compensation
Costs increased $16.8 million, or 16%, year-over-year, primarily
driven by an increase in professional fees and occupancy and
equipment rental expense, primarily related to an increase in
office space, as well as an increase in travel and related
expenses, largely due to higher levels of business activity and
increased headcount. The fourth quarter Non-Compensation ratio of
12.7% decreased from 13.6% for the prior year period. The
Non-Compensation Ratio was also impacted by higher net revenues, as
described above, during the current year period compared to the
prior year period. Full year Non-Compensation Costs increased $64.3
million, or 16%, year-over-year, primarily driven by an increase in
professional fees and travel and related expenses, largely due to
higher levels of business activity and increased headcount, as well
as an increase in communications and information services,
principally reflecting higher expenses associated with license fees
and research services in 2024. The full year Non-Compensation ratio
of 15.8% decreased from 16.8% for the prior year period. The
Non-Compensation Ratio was also impacted by higher net revenues, as
described above, during the current year period compared to the
prior year period.
Special Charges, Including Business Realignment Costs –
Full year 2024 Special Charges, Including Business Realignment
Costs, relate to the write-off of the remaining carrying value of
the Company's investment in Luminis in connection with the
redemption of the Company's interest. See page 3 for further
information.
Full year 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
Mexico.
Effective Tax Rate
The fourth quarter effective tax rate was 27.5% versus 23.1% for
the prior year period. The full year effective tax rate was 21.6%
versus 22.0% for the prior year period. The effective tax rate is
principally impacted by an increase in non-deductible expenses,
state and local apportionment adjustments and the deduction
associated with the appreciation in the Firm's share price upon
vesting of employee share-based awards above the original grant
price. The full year provision for income taxes for 2024 reflects
an additional tax benefit of $35.1 million versus $13.7 million for
the prior year period, due to the net impact associated with the
appreciation in our share price upon vesting of employee
share-based awards above the original grant price.
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-8 for further
information and reconciliations of these metrics to our U.S. GAAP
results. See pages A-5 to A-7 for our business segment results.
Adjusted Net Revenues
Adjusted
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
% Change
December 31, 2024
December 31, 2023
% Change
(dollars in thousands)
Investment Banking & Equities:
Advisory Fees(1)
$
849,587
$
659,564
29
%
$
2,441,678
$
1,964,477
24
%
Underwriting Fees
26,401
19,119
38
%
157,067
111,016
41
%
Commissions and Related Revenue
58,049
55,979
4
%
214,045
202,789
6
%
Investment Management:
Asset Management and Administration
Fees(2)
22,042
18,959
16
%
84,708
73,076
16
%
Other Revenue, net
24,423
36,708
(33
%)
105,137
97,963
7
%
Net Revenues
$
980,502
$
790,329
24
%
$
3,002,635
$
2,449,321
23
%
1.
Advisory Fees on an Adjusted basis reflect
the reclassification of earnings related to our equity method
investments in Luminis (through September 2024) and Seneca Evercore
of $0.03 million and $1.1 million for the three and twelve months
ended December 31, 2024, respectively, and $0.2 million and $0.6
million for the three and twelve months ended December 31, 2023,
respectively.
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 (through July 2024) of $0.9 million and $5.2 million for the
three and twelve months ended December 31, 2024, respectively, and
$1.8 million and $6.0 million for the three and twelve months ended
December 31, 2023, respectively.
See page 4 for additional business metrics.
Advisory Fees – Fourth quarter adjusted Advisory Fees
increased $190.0 million, or 29%, year-over-year, and full year
adjusted Advisory Fees increased $477.2 million, or 24%,
year-over-year, reflecting an increase in revenue earned from large
transactions and an increase in the number of advisory fees earned
during 2024.
Underwriting Fees – Fourth quarter Underwriting Fees
increased $7.3 million, or 38%, year-over-year, and full year
Underwriting Fees increased $46.1 million, or 41%, year-over-year,
reflecting an increase in the number of transactions we
participated in during 2024.
Commissions and Related Revenue – Fourth quarter
Commissions and Related Revenue increased $2.1 million, or 4%,
year-over-year, and full year Commissions and Related Revenue
increased $11.3 million, or 6%, year-over-year, primarily
reflecting higher trading commissions and subscription fees.
Asset Management and Administration Fees – Fourth quarter
adjusted Asset Management and Administration Fees increased $3.1
million, or 16%, year-over-year, driven by an increase in fees from
Wealth Management clients, as associated AUM increased 13%,
primarily from market appreciation. The increase was partially
offset by a 46% decrease in equity in earnings of affiliates,
reflecting the sale of the remaining portion of our interest in ABS
during the third quarter of 2024. Full year adjusted Asset
Management and Administration Fees increased $11.6 million, or 16%,
year-over-year, driven by an increase in fees from Wealth
Management clients, as associated AUM increased 13%, primarily from
market appreciation. The increase was partially offset by a 15%
decrease in equity in earnings of affiliates, reflecting the sale
of the remaining portion of our interest in ABS during the third
quarter of 2024.
Other Revenue – Fourth quarter adjusted Other Revenue,
net, decreased $12.3 million, or 33%, year-over-year, primarily
reflecting lower gains on our investment funds portfolio. Full year
adjusted Other Revenue, net, increased $7.2 million, or 7%,
year-over-year, primarily reflecting higher interest income, as
well as higher performance of our investment funds portfolio. The
investment funds portfolio is used as an economic hedge against our
deferred cash compensation program.
Adjusted Expenses
Adjusted
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
% Change
December 31, 2024
December 31, 2023
% Change
(dollars in thousands)
Employee Compensation and Benefits
$
639,386
$
559,899
14
%
$
1,974,036
$
1,656,875
19
%
Compensation Ratio
65.2
%
70.8
%
65.7
%
67.6
%
Non-Compensation Costs
$
123,388
$
106,579
16
%
$
471,338
$
407,018
16
%
Non-Compensation Ratio
12.6
%
13.5
%
15.7
%
16.6
%
Employee Compensation and Benefits – Fourth quarter
adjusted Employee Compensation and Benefits increased $79.5
million, or 14%, year-over-year, reflecting an adjusted
compensation ratio of 65.2% for the fourth quarter of 2024 versus
70.8% for the prior year period. The increase in adjusted Employee
Compensation and Benefits compared to the prior year period
principally reflects a higher accrual for incentive compensation,
higher base salaries and higher compensation expense related to
senior new hires. The adjusted Compensation Ratio was also impacted
by higher net revenues, as described above, during the current year
period compared to the prior year period. Full year adjusted
Employee Compensation and Benefits increased $317.2 million, or
19%, year-over-year, reflecting a full year adjusted compensation
ratio of 65.7% versus 67.6% for the prior year period. The increase
in adjusted Employee Compensation and Benefits compared to the
prior year period principally reflects a higher accrual for
incentive compensation, higher base salaries and higher
compensation expense related to senior new hires. The adjusted
Compensation Ratio was also impacted by higher net revenues, as
described above, during the current year period compared to the
prior year period. See "Deferred Compensation" for more
information.
Non-Compensation Costs – Fourth quarter adjusted
Non-Compensation Costs increased $16.8 million, or 16%,
year-over-year, primarily driven by an increase in professional
fees and occupancy and equipment rental expense, primarily related
to an increase in office space, as well as an increase in travel
and related expenses, largely due to higher levels of business
activity and increased headcount. The fourth quarter adjusted
Non-Compensation ratio of 12.6% decreased from 13.5% for the prior
year period. The adjusted Non-Compensation Ratio was also impacted
by higher net revenues, as described above, during the current year
period compared to the prior year period. Full year adjusted
Non-Compensation Costs increased $64.3 million, or 16%,
year-over-year, primarily driven by an increase in professional
fees and travel and related expenses, largely due to higher levels
of business activity and increased headcount, as well as an
increase in communications and information services, principally
reflecting higher expenses associated with license fees and
research services in 2024. The full year adjusted Non-Compensation
ratio of 15.7% decreased from 16.6% for the prior year period. The
adjusted Non-Compensation Ratio was also impacted by higher net
revenues, as described above, during the current year period
compared to the prior year period.
Adjusted Effective Tax Rate
The fourth quarter adjusted effective tax rate was 27.3% versus
25.3% for the prior year period. The full year adjusted effective
tax rate was 21.8% versus 23.4% for the prior year period. The
adjusted effective tax rate is principally impacted by an increase
in non-deductible expenses, state and local apportionment
adjustments and the deduction associated with the appreciation in
the Firm's share price upon vesting of employee share-based awards
above the original grant price. The full year adjusted provision
for income taxes for 2024 reflects an additional tax benefit of
$36.6 million versus $14.8 million for the prior year period, due
to the net impact associated with the appreciation in our share
price upon vesting of employee share-based awards above the
original grant price.
Liquidity
The Company continues to maintain a strong balance sheet. As of
December 31, 2024, cash and cash equivalents were $873.0 million,
investment securities and certificates of deposit were $1.5 billion
and current assets exceeded current liabilities by $1.8 billion.
Amounts due related to the Notes Payable were $373.9 million at
December 31, 2024.
Headcount
As of December 31, 2024 and 2023, the Company employed
approximately 2,380 and 2,195 people, respectively, worldwide.
As of December 31, 2024 and 2023, the Company employed 184(1)
and 174(2) total Investment Banking & Equities Senior Managing
Directors, respectively, of which 144(1) and 136(2), respectively,
were Investment Banking Senior Managing Directors.
(1)
Senior Managing Director headcount as of
December 31, 2024, adjusted to include two additional Investment
Banking Senior Managing Directors committed to join in 2025 and to
exclude for a known departure of one Investment Banking Senior
Managing Director.
(2)
Senior Managing Director headcount as of
December 31, 2023, adjusted to include one additional Investment
Banking Senior Managing Director that joined in January 2024.
Deferred Compensation
During 2024, the Company granted to certain employees 1.8
million unvested restricted stock units ("RSUs") (which were
primarily granted in conjunction with the 2023 bonus awards) with a
grant date fair value of $336.2 million.
In addition, during 2024, the Company granted $143.2 million of
deferred cash awards to certain employees, related to our deferred
cash compensation program, principally pursuant to 2023 bonus
awards.
The Company recognized compensation expense related to RSUs and
our deferred cash compensation program of $114.0 million and $476.2
million for the three and twelve months ended December 31, 2024,
respectively, and $103.6 million and $439.1 million for the three
and twelve months ended December 31, 2023, respectively.
As of December 31, 2024, the Company had 5.1 million unvested
RSUs with an aggregate grant date fair value of $758.3 million.
RSUs are expensed over the service period of the award, subject to
retirement eligibility, and generally vest over four years.
As of December 31, 2024, the Company expects to pay an aggregate
of $394.9 million related to our deferred cash compensation program
at various dates through 2028, subject to certain vesting events.
Amounts due pursuant to this program are expensed over the service
period of the award, subject to retirement eligibility, and are
reflected in Accrued Compensation and Benefits, a component of
current liabilities.
In addition, from time to time, the Company also grants cash and
equity-based performance awards to certain employees, the
settlement of which is dependent on the performance criteria being
achieved.
Capital Return
Transactions
On February 4, 2025, the Board of Directors of Evercore declared
a quarterly dividend of $0.80 per share to be paid on March 14,
2025 to common stockholders of record on February 28, 2025.
During the fourth quarter, the Company repurchased 14 thousand
shares from employees for the net settlement of stock-based
compensation awards at an average price per share of $297.41, and
0.1 million shares at an average price per share of $264.91 in open
market transactions pursuant to the Company's share repurchase
program. The aggregate 0.1 million shares were acquired at an
average price per share of $269.06. During 2024, the Company
repurchased 1.0 million shares from employees for the net
settlement of stock-based compensation awards at an average price
per share of $179.67, and 1.3 million shares at an average price
per share of $203.84 in open market transactions pursuant to the
Company's share repurchase program. The aggregate 2.3 million
shares were acquired at an average price per share of $193.40.
Conference Call
Evercore will host a related conference call beginning at 8:00
a.m. Eastern Time, Wednesday, February 5, 2025, accessible via
telephone and webcast. Investors and analysts may participate in
the live conference call by dialing (800) 445-7795 (toll-free
domestic) or (785) 424-1699 (international); passcode: EVRQ424.
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 New York
and maintains offices and affiliate offices in major financial
centers in the Americas, Europe, the Middle East and Asia. For more
information, please visit www.evercore.com.
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 U.S. GAAP measures, are
useful to investors to compare Evercore's results across several
periods and better reflects how management views its operating
results. These measures should not be considered a substitute for,
or superior to, measures of financial performance prepared in
accordance with U.S. GAAP. A reconciliation of our U.S. GAAP
results to Adjusted results is presented in the tables included in
the following pages.
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 TWELVE MONTHS ENDED
DECEMBER 31, 2024 AND 2023
(dollars in thousands, except per
share data)
(UNAUDITED)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Revenues
Investment Banking & Equities:
Advisory Fees
$
849,556
$
659,338
$
2,440,605
$
1,963,857
Underwriting Fees
26,401
19,119
157,067
111,016
Commissions and Related Revenue
58,049
55,979
214,045
202,789
Asset Management and Administration
Fees
21,096
17,204
79,550
67,041
Other Revenue, Including Interest and
Investments
24,423
36,708
105,094
97,963
Total Revenues
979,525
788,348
2,996,361
2,442,666
Interest Expense(1)
4,193
4,181
16,768
16,717
Net Revenues
975,332
784,167
2,979,593
2,425,949
Expenses
Employee Compensation and Benefits
639,386
559,899
1,974,036
1,656,875
Occupancy and Equipment Rental
24,121
20,335
90,953
84,329
Professional Fees
37,906
28,809
135,726
108,801
Travel and Related Expenses
20,562
18,437
79,446
64,527
Communications and Information
Services
21,479
19,597
81,474
71,603
Depreciation and Amortization
5,840
5,975
24,468
24,348
Execution, Clearing and Custody Fees
3,473
3,430
13,211
12,275
Special Charges, Including Business
Realignment Costs
—
—
7,305
2,921
Other Operating Expenses
10,007
9,996
46,060
41,135
Total Expenses
762,774
666,478
2,452,679
2,066,814
Income Before Income from Equity Method
Investments and Income Taxes
212,558
117,689
526,914
359,135
Income from Equity Method Investments
977
1,981
6,231
6,655
Income Before Income Taxes
213,535
119,670
533,145
365,790
Provision for Income Taxes
58,749
27,622
115,408
80,567
Net Income
154,786
92,048
417,737
285,223
Net Income Attributable to Noncontrolling
Interest
14,351
9,300
39,458
29,744
Net Income Attributable to Evercore
Inc.
$
140,435
$
82,748
$
378,279
$
255,479
Net Income Attributable to Evercore
Inc. Common Shareholders
$
140,435
$
82,748
$
378,279
$
255,479
Weighted Average Shares of Class A
Common Stock Outstanding:
Basic
38,228
37,871
38,365
38,101
Diluted
42,611
40,679
41,646
40,099
Net Income Per Share Attributable to
Evercore Inc. Common Shareholders:
Basic
$
3.67
$
2.18
$
9.86
$
6.71
Diluted
$
3.30
$
2.03
$
9.08
$
6.37
(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 the United States of America ("U.S. GAAP"), adjusted to
exclude certain items and reflect the conversion of certain
Evercore LP Units and Unvested Restricted Stock Units into Class A
shares. Evercore believes that the disclosed Adjusted measures and
any adjustments thereto, when presented in conjunction with
comparable U.S. GAAP measures, are useful to investors to compare
Evercore's results across several periods and facilitate an
understanding of Evercore's operating results. The Company uses
these measures to evaluate its operating performance, as well as
the performance of individual employees. These measures should not
be considered a substitute for, or superior to, measures of
financial performance prepared in accordance with U.S. GAAP. These
Adjusted amounts are allocated to the Company's two business
segments: Investment Banking & Equities and Investment
Management. The differences between the Adjusted and U.S. GAAP
results are as follows:
1.
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.
2.
Adjustments
Associated with Business Combinations and Divestitures. The
following charges resulting from business combinations and
divestitures have been excluded from the Adjusted results because
the Company's Management believes that operating performance is
more comparable across periods excluding the effects of these
acquisition-related charges:
a. Foreign Exchange
Gains / (Losses). The release of cumulative foreign exchange
losses in the third quarter of 2024 resulting from the redemption
of the Company's interest in Luminis is excluded from the Adjusted
presentation.
b. Gain on Sale of
Interests in ABS. The gain on the sale of the remaining
portion of the Company's interest in ABS in the third quarter of
2024 is excluded from the Adjusted presentation.
3.
Special Charges,
Including Business Realignment Costs. Expenses during 2024
that are excluded from the Adjusted presentation relate to the
write-off of the remaining carrying value of the Company's
investment in Luminis in connection with the redemption of the
Company's interest. 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.
4.
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 the
U.S. and that certain state and local taxes are reduced
accordingly.
5.
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.
6.
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.
U.S. GAAP RECONCILIATION TO
ADJUSTED RESULTS
(dollars in thousands, except per
share data)
(UNAUDITED)
Three Months Ended
Twelve Months Ended
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Net Revenues - U.S. GAAP
$
975,332
$
784,167
$
2,979,593
$
2,425,949
Income from Equity Method Investments
(1)
977
1,981
6,231
6,655
Interest Expense on Debt (2)
4,193
4,181
16,768
16,717
Release of Foreign Exchange Losses from
Luminis Redemption (3)
—
—
658
—
Gain on Sale of Interests in ABS (4)
—
—
(615
)
—
Net Revenues - Adjusted
$
980,502
$
790,329
$
3,002,635
$
2,449,321
Other Revenue, net - U.S. GAAP
$
20,230
$
32,527
$
88,326
$
81,246
Interest Expense on Debt (2)
4,193
4,181
16,768
16,717
Release of Foreign Exchange Losses from
Luminis Redemption (3)
—
—
658
—
Gain on Sale of Interests in ABS (4)
—
—
(615
)
—
Other Revenue, net - Adjusted
$
24,423
$
36,708
$
105,137
$
97,963
Operating Income - U.S. GAAP
$
212,558
$
117,689
$
526,914
$
359,135
Income from Equity Method Investments
(1)
977
1,981
6,231
6,655
Pre-Tax Income - U.S. GAAP
213,535
119,670
533,145
365,790
Release of Foreign Exchange Losses from
Luminis Redemption (3)
—
—
658
—
Gain on Sale of Interests in ABS (4)
—
—
(615
)
—
Special Charges, Including Business
Realignment Costs (5)
—
—
7,305
2,921
Pre-Tax Income - Adjusted
213,535
119,670
540,493
368,711
Interest Expense on Debt (2)
4,193
4,181
16,768
16,717
Operating Income - Adjusted
$
217,728
$
123,851
$
557,261
$
385,428
Provision for Income Taxes - U.S.
GAAP
$
58,749
$
27,622
$
115,408
$
80,567
Income Taxes (6)
(390
)
2,624
2,312
5,739
Provision for Income Taxes -
Adjusted
$
58,359
$
30,246
$
117,720
$
86,306
Net Income Attributable to Evercore
Inc. - U.S. GAAP
$
140,435
$
82,748
$
378,279
$
255,479
Release of Foreign Exchange Losses from
Luminis Redemption (3)
—
—
658
—
Gain on Sale of Interests in ABS (4)
—
—
(615
)
—
Special Charges, Including Business
Realignment Costs (5)
—
—
7,305
2,921
Income Taxes (6)
390
(2,624
)
(2,312
)
(5,739
)
Noncontrolling Interest (7)
12,411
7,700
32,446
24,263
Net Income Attributable to Evercore
Inc. - Adjusted
$
153,236
$
87,824
$
415,761
$
276,924
Diluted Shares Outstanding - U.S.
GAAP
42,611
40,679
41,646
40,099
LP Units (8)
2,359
2,715
2,499
2,769
Unvested Restricted Stock Units - Event
Based (8)
12
12
12
12
Diluted Shares Outstanding -
Adjusted
44,982
43,406
44,157
42,880
Key Metrics:
(a)
Diluted Earnings Per Share - U.S. GAAP
$
3.30
$
2.03
$
9.08
$
6.37
Diluted Earnings Per Share - Adjusted
$
3.41
$
2.02
$
9.42
$
6.46
Operating Margin - U.S. GAAP
21.8
%
15.0
%
17.7
%
14.8
%
Operating Margin - Adjusted
22.2
%
15.7
%
18.6
%
15.7
%
Effective Tax Rate - U.S. GAAP
27.5
%
23.1
%
21.6
%
22.0
%
Effective Tax Rate - Adjusted
27.3
%
25.3
%
21.8
%
23.4
%
(a) Reconciliations of the key metrics
from U.S. GAAP to Adjusted results are a derivative of the
reconciliations of their components above.
EVERCORE INC.
U.S. GAAP SEGMENT
RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND TWELVE
MONTHS ENDED DECEMBER 31, 2024
(dollars in thousands)
(UNAUDITED)
Investment Banking &
Equities Segment
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
849,556
$
31
(1
)
$
849,587
$
2,440,605
$
1,073
(1
)
$
2,441,678
Underwriting Fees
26,401
—
26,401
157,067
—
157,067
Commissions and Related Revenue
58,049
—
58,049
214,045
—
214,045
Other Revenue, net
19,970
4,193
(2
)
24,163
86,772
17,426
(2)(3
)
104,198
Net Revenues
953,976
4,224
958,200
2,898,489
18,499
2,916,988
Expenses:
Employee Compensation and Benefits
626,587
—
626,587
1,927,928
—
1,927,928
Non-Compensation Costs
119,309
—
119,309
456,257
—
456,257
Special Charges, Including Business
Realignment Costs
—
—
—
7,305
(7,305
)
(5
)
—
Total Expenses
745,896
—
745,896
2,391,490
(7,305
)
2,384,185
Operating Income (a)
$
208,080
$
4,224
$
212,304
$
506,999
$
25,804
$
532,803
Compensation Ratio (b)
65.7
%
65.4
%
66.5
%
66.1
%
Operating Margin (b)
21.8
%
22.2
%
17.5
%
18.3
%
Investment Management
Segment
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
Net Revenues:
Asset Management and Administration
Fees
$
21,096
$
946
(1
)
$
22,042
$
79,550
$
5,158
(1
)
$
84,708
Other Revenue, net
260
—
260
1,554
(615
)
(4
)
939
Net Revenues
21,356
946
22,302
81,104
4,543
85,647
Expenses:
Employee Compensation and Benefits
12,799
—
12,799
46,108
—
46,108
Non-Compensation Costs
4,079
—
4,079
15,081
—
15,081
Total Expenses
16,878
—
16,878
61,189
—
61,189
Operating Income (a)
$
4,478
$
946
$
5,424
$
19,915
$
4,543
$
24,458
Compensation Ratio (b)
59.9
%
57.4
%
56.9
%
53.8
%
Operating Margin (b)
21.0
%
24.3
%
24.6
%
28.6
%
(a) Operating Income for U.S. GAAP
excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics
from U.S. GAAP to Adjusted results are a derivative of the
reconciliations of their components above.
EVERCORE INC.
U.S. GAAP SEGMENT
RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND TWELVE
MONTHS ENDED DECEMBER 31, 2023
(dollars in thousands)
(UNAUDITED)
Investment Banking &
Equities Segment
Three Months Ended December
31, 2023
Twelve Months Ended December
31, 2023
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
659,338
$
226
(1
)
$
659,564
$
1,963,857
$
620
(1
)
$
1,964,477
Underwriting Fees
19,119
—
19,119
111,016
—
111,016
Commissions and Related Revenue
55,979
—
55,979
202,789
—
202,789
Other Revenue, net
31,809
4,181
(2
)
35,990
78,281
16,717
(2
)
94,998
Net Revenues
766,245
4,407
770,652
2,355,943
17,337
2,373,280
Expenses:
Employee Compensation and Benefits
550,763
—
550,763
1,617,449
—
1,617,449
Non-Compensation Costs
103,141
—
103,141
393,308
—
393,308
Special Charges, Including Business
Realignment Costs
—
—
—
2,921
(2,921
)
(5
)
—
Total Expenses
653,904
—
653,904
2,013,678
(2,921
)
2,010,757
Operating Income (a)
$
112,341
$
4,407
$
116,748
$
342,265
$
20,258
$
362,523
Compensation Ratio (b)
71.9
%
71.5
%
68.7
%
68.2
%
Operating Margin (b)
14.7
%
15.1
%
14.5
%
15.3
%
Investment Management
Segment
Three Months Ended December
31, 2023
Twelve Months Ended December
31, 2023
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
U.S. GAAP Basis
Adjustments
Non-GAAP Adjusted
Basis
Net Revenues:
Asset Management and Administration
Fees
$
17,204
$
1,755
(1
)
$
18,959
$
67,041
$
6,035
(1
)
$
73,076
Other Revenue, net
718
—
718
2,965
—
2,965
Net Revenues
17,922
1,755
19,677
70,006
6,035
76,041
Expenses:
Employee Compensation and Benefits
9,136
—
9,136
39,426
—
39,426
Non-Compensation Costs
3,438
—
3,438
13,710
—
13,710
Total Expenses
12,574
—
12,574
53,136
—
53,136
Operating Income (a)
$
5,348
$
1,755
$
7,103
$
16,870
$
6,035
$
22,905
Compensation Ratio (b)
51.0
%
46.4
%
56.3
%
51.8
%
Operating Margin (b)
29.8
%
36.1
%
24.1
%
30.1
%
(a) Operating Income for U.S. GAAP
excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics
from U.S. GAAP to Adjusted results are a derivative of the
reconciliations of their components above.
EVERCORE INC.
U.S. GAAP SEGMENT AND
CONSOLIDATED RESULTS
(dollars in thousands)
(UNAUDITED)
U.S. GAAP
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Investment Banking &
Equities
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
849,556
$
659,338
$
2,440,605
$
1,963,857
Underwriting Fees
26,401
19,119
157,067
111,016
Commissions and Related Revenue
58,049
55,979
214,045
202,789
Other Revenue, net
19,970
31,809
86,772
78,281
Net Revenues
953,976
766,245
2,898,489
2,355,943
Expenses:
Employee Compensation and Benefits
626,587
550,763
1,927,928
1,617,449
Non-Compensation Costs
119,309
103,141
456,257
393,308
Special Charges, Including Business
Realignment Costs
—
—
7,305
2,921
Total Expenses
745,896
653,904
2,391,490
2,013,678
Operating Income (a)
$
208,080
$
112,341
$
506,999
$
342,265
Investment Management
Net Revenues:
Asset Management and Administration
Fees
$
21,096
$
17,204
$
79,550
$
67,041
Other Revenue, net
260
718
1,554
2,965
Net Revenues
21,356
17,922
81,104
70,006
Expenses:
Employee Compensation and Benefits
12,799
9,136
46,108
39,426
Non-Compensation Costs
4,079
3,438
15,081
13,710
Total Expenses
16,878
12,574
61,189
53,136
Operating Income (a)
$
4,478
$
5,348
$
19,915
$
16,870
Total
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
849,556
$
659,338
$
2,440,605
$
1,963,857
Underwriting Fees
26,401
19,119
157,067
111,016
Commissions and Related Revenue
58,049
55,979
214,045
202,789
Asset Management and Administration
Fees
21,096
17,204
79,550
67,041
Other Revenue, net
20,230
32,527
88,326
81,246
Net Revenues
975,332
784,167
2,979,593
2,425,949
Expenses:
Employee Compensation and Benefits
639,386
559,899
1,974,036
1,656,875
Non-Compensation Costs
123,388
106,579
471,338
407,018
Special Charges, Including Business
Realignment Costs
—
—
7,305
2,921
Total Expenses
762,774
666,478
2,452,679
2,066,814
Operating Income (a)
$
212,558
$
117,689
$
526,914
$
359,135
(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 U.S.
GAAP basis.
(3)
The release of cumulative foreign
exchange losses in the third quarter of 2024 resulting from the
redemption of the Company's interest in Luminis is excluded from
the Adjusted presentation.
(4)
The gain on the sale of the
remaining portion of the Company's interest in ABS in the third
quarter of 2024 is excluded from the Adjusted presentation.
(5)
Expenses during 2024 that are
excluded from the Adjusted presentation relate to the write-off of
the remaining carrying value of the Company's investment in Luminis
in connection with the redemption of the Company's interest.
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.
(6)
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 the U.S. and that certain
state and local taxes are reduced accordingly.
(7)
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.
(8)
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 U.S. GAAP
net income per share, the Evercore LP Units are anti-dilutive.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250204812146/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
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