NEW YORK–(BUSINESS WIRE)–Evercore Inc. (NYSE: EVR):
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Third Quarter 2019 Results |
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2019 Year to Date Results |
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U.S. GAAP |
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Adjusted |
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U.S. GAAP |
|
Adjusted |
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vs. Q3 2018 |
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vs. Q3 2018 |
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vs. YTD 2018 |
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vs. YTD 2018 |
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|
Net Revenues ($ millions) |
$ |
402.2 |
|
5% |
|
$ |
408.5 |
|
6% |
|
$ |
1,348.6 |
|
4% |
|
$ |
1,364.2 |
|
4% |
|
Operating Income ($ millions) |
$ |
70.3 |
|
(6%) |
|
$ |
84.8 |
|
(3%) |
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$ |
281.0 |
|
(4%) |
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$ |
319.0 |
|
(3%) |
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Net Income Attributable to Evercore Inc. ($ millions) |
$ |
43.3 |
|
(13%) |
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$ |
60.5 |
|
(4%) |
|
$ |
192.3 |
|
(10%) |
|
$ |
243.2 |
|
(6%) |
|
Diluted Earnings Per Share |
$ |
1.01 |
|
(6%) |
|
$ |
1.26 |
|
2% |
|
$ |
4.43 |
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(6%) |
|
$ |
4.99 |
|
(3%) |
|
Operating Margin |
17.5 |
% |
(206) bps |
|
20.8 |
% |
(180) bps |
|
20.8 |
% |
(173) bps |
|
23.4 |
% |
(167) bps |
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Business and |
■ |
Record first nine months Net Revenues on both a U.S. GAAP and an Adjusted basis |
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■ |
Advisory Revenues increased 5% for the third quarter and 4% for the first nine months on both a U.S. GAAP and an Adjusted basis versus the prior year |
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|
■ |
Advised on four of the five largest transactions to date in 2019 |
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|
■ |
Evercore ISI ranked as the top independent research firm (#2 on a weighted basis and #4 overall among all firms) in the Institutional Investor All-America Equity Research team rankings for the sixth consecutive year |
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|
■ |
Announced opening of Israel office |
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Talent |
■ |
Four Advisory Senior Managing Directors joined Evercore in the third quarter, expanding our coverage of Financial Sponsors and the Retail sector and strengthening our global presence in Canada and Israel. Seven Advisory Senior Managing Directors have joined during 2019, increasing the Advisory SMD team to 111 |
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■ |
Evercore ISI added a Senior Managing Director focused on U.S. Public Policy and Political Strategy Research |
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Capital |
■ |
Completed private placement offering of approximately $206 million aggregate principal amount of unsecured Senior Notes, the proceeds of which will be used to fund investments in our business, including facilities and technology, and for other general corporate purposes |
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Capital Return |
■ |
Quarterly dividend of $0.58 per share |
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■ |
$336.5 million returned to shareholders for the first nine months through dividends and repurchases of 3.0 million shares at an average price of $84.22 |
Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2019.
LEADERSHIP COMMENTARY
Ralph Schlosstein, President and Chief Executive Officer
“We had balanced contributions across the broad range of our capabilities for the quarter, including strategic advisory, restructuring, capital advisory and equities, delivering steady growth in revenues for both the quarter and for the year to date. We continue to invest in our business, raising capital to invest in the growth of our business and to provide financial flexibility, and recruiting seasoned bankers and research analysts to better serve our growing base of clients,” said Ralph Schlosstein, President and Chief Executive Officer. “Our steady performance allowed us to return more than $336 million of capital to our investors for the first nine months of the year and to shrink our outstanding shares by 5% versus the same quarter one year ago.”
John S. Weinberg, Executive Chairman
“Our consistent focus on clients is recognized in the marketplace. We are pleased to advise clients on four of the five largest transactions year to date and to have once again been recognized by Institutional Investor as the top ranked independent firm in U.S. equity research,” said John S. Weinberg, Executive Chairman.
Roger C. Altman, Founder and Senior Chairman
“While there has been a certain softening in global transaction volumes, and a lesser weakness in U.S. levels, the underlying fundamentals for the M&A market remain solid. Moreover, Evercore’s backlog remains strong, and we continue to gain market share,” said Roger C. Altman, Founder and Senior Chairman.
Selected Financial Data – U.S. GAAP Results:
The following is a discussion of Evercore’s results on a U.S. GAAP basis.
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U.S. GAAP |
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
|
September 30, |
|
% |
|
September 30, |
|
September 30, |
|
% |
||||||||||
|
|
(dollars in thousands, except per share data) |
||||||||||||||||||||
|
Net Revenues |
$ |
402,198 |
|
|
$ |
381,259 |
|
|
5 |
% |
|
$ |
1,348,571 |
|
|
$ |
1,293,299 |
|
|
4 |
% |
|
Operating Income(1) |
$ |
70,344 |
|
|
$ |
74,540 |
|
|
(6 |
%) |
|
$ |
280,988 |
|
|
$ |
291,871 |
|
|
(4 |
%) |
|
Net Income Attributable to Evercore Inc. |
$ |
43,278 |
|
|
$ |
49,461 |
|
|
(13 |
%) |
|
$ |
192,252 |
|
|
$ |
213,935 |
|
|
(10 |
%) |
|
Diluted Earnings Per Share |
$ |
1.01 |
|
|
$ |
1.08 |
|
|
(6 |
%) |
|
$ |
4.43 |
|
|
$ |
4.70 |
|
|
(6 |
%) |
|
Compensation Ratio |
60.1 |
% |
|
59.1 |
% |
|
|
|
59.6 |
% |
|
59.3 |
% |
|
|
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|
Operating Margin |
17.5 |
% |
|
19.6 |
% |
|
|
|
20.8 |
% |
|
22.6 |
% |
|
|
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|
Effective Tax Rate |
28.0 |
% |
|
22.8 |
% |
|
|
|
20.9 |
% |
|
16.1 |
% |
|
|
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|
Trailing Twelve Month Compensation Ratio
|
58.2 |
% |
|
56.7 |
% |
|
|
|
|
|
|
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(1) Operating Income for the three and nine months ended September 30, 2019 includes Special Charges of $1.0 million and $3.1 million, respectively, recognized in the Investment Banking segment. Operating Income for the three and nine months ended September 30, 2018 includes Special Charges of $2.0 million and $3.9 million, respectively, recognized in the Investment Banking segment. |
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Net Revenues
For the three months ended September 30, 2019, Net Revenues of $402.2 million increased 5% versus the three months ended September 30, 2018, primarily driven by an increase in Advisory Fees. For the nine months ended September 30, 2019, Net Revenues of $1.3 billion increased 4% compared to the nine months ended September 30, 2018, primarily driven by an increase in Advisory Fees. See the Business Line Reporting – Discussion of U.S. GAAP Results below for further information.
Compensation Ratio
For the three months ended September 30, 2019, the compensation ratio was 60.1% versus 59.1% for the three months ended September 30, 2018. For the nine months ended September 30, 2019, the compensation ratio was 59.6% versus 59.3% for the nine months ended September 30, 2018. The compensation ratio for the three and nine months ended September 30, 2019 reflects the elevated level of expense associated with the significant investment in Advisory talent, as well as increased expense from deferred compensation, including that associated with recruiting senior talent in prior years. See the Business Line Reporting – Discussion of U.S. GAAP Results below for further information.
Operating Income
For the three months ended September 30, 2019, Operating Income of $70.3 million decreased 6% versus the three months ended September 30, 2018, primarily driven by an increase in compensation and non-compensation costs. For the nine months ended September 30, 2019, Operating Income of $281.0 million decreased 4% versus the nine months ended September 30, 2018, primarily driven by an increase in compensation and non-compensation costs. See the Business Line Reporting – Discussion of U.S. GAAP Results below for further information.
Effective Tax Rate
For the three months ended September 30, 2019, the effective tax rate was 28.0% versus 22.8% for the three months ended September 30, 2018. For the nine months ended September 30, 2019, the effective tax rate was 20.9% versus 16.1% for the nine months ended September 30, 2018. The effective tax rate is impacted by the non-deductible treatment of compensation associated with Evercore LP Units, as well as the deduction associated with the appreciation or depreciation in the Firm’s share price upon vesting of employee share-based awards above or below the original grant price.
Net Income and Earnings Per Share
For the three months ended September 30, 2019, Net Income Attributable to Evercore Inc. and Earnings Per Share of $43.3 million and $1.01, respectively, decreased 13% and 6%, respectively, versus the three months ended September 30, 2018, principally driven by an increase in compensation and non-compensation costs and by a higher effective tax rate.
For the nine months ended September 30, 2019, Net Income Attributable to Evercore Inc. and Earnings Per Share of $192.3 million and $4.43, respectively, decreased 10% and 6%, respectively, versus the nine months ended September 30, 2018, principally driven by an increase in compensation and non-compensation costs and by a higher effective tax rate.
Selected Financial Data – Adjusted Results:
The following is a discussion of Evercore’s results on an Adjusted basis. See pages 7 and A-2 to A-11 for further information and reconciliations of these non-GAAP metrics to our U.S. GAAP results.
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Adjusted |
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Three Months Ended |
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Nine Months Ended |
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|
September 30, |
|
September 30, |
|
% |
|
September 30, |
|
September 30, |
|
% |
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|
|
(dollars in thousands, except per share data) |
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|
Net Revenues |
$ |
408,546 |
|
|
$ |
385,857 |
|
|
6 |
% |
|
$ |
1,364,151 |
|
|
$ |
1,307,002 |
|
|
4 |
% |
|
Operating Income |
$ |
84,809 |
|
|
$ |
87,026 |
|
|
(3 |
%) |
|
$ |
318,960 |
|
|
$ |
327,400 |
|
|
(3 |
%) |
|
Net Income Attributable to Evercore Inc. |
$ |
60,473 |
|
|
$ |
62,768 |
|
|
(4 |
%) |
|
$ |
243,169 |
|
|
$ |
259,749 |
|
|
(6 |
%) |
|
Diluted Earnings Per Share |
$ |
1.26 |
|
|
$ |
1.23 |
|
|
2 |
% |
|
$ |
4.99 |
|
|
$ |
5.13 |
|
|
(3 |
%) |
|
Compensation Ratio |
58.0 |
% |
|
57.5 |
% |
|
|
|
58.0 |
% |
|
57.8 |
% |
|
|
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Operating Margin |
20.8 |
% |
|
22.6 |
% |
|
|
|
23.4 |
% |
|
25.0 |
% |
|
|
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Effective Tax Rate |
24.9 |
% |
|
24.2 |
% |
|
|
|
20.9 |
% |
|
17.6 |
% |
|
|
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Trailing Twelve Month Compensation Ratio |
56.9 |
% |
|
57.3 |
% |
|
|
|
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Adjusted Net Revenues
For the three months ended September 30, 2019, Adjusted Net Revenues of $408.5 million increased 6% versus the three months ended September 30, 2018, primarily driven by an increase in Advisory Fees. For the nine months ended September 30, 2019, Adjusted Net Revenues of $1.4 billion increased 4% compared to the nine months ended September 30, 2018, primarily driven by an increase in Advisory Fees. See the Business Line Reporting – Discussion of Adjusted Results below for further information.
Adjusted Compensation Ratio
For the three months ended September 30, 2019, the Adjusted compensation ratio was 58.0% versus 57.5% for the three months ended September 30, 2018. For the nine months ended September 30, 2019, the Adjusted compensation ratio was 58.0% versus 57.8% for the nine months ended September 30, 2018. The Adjusted compensation ratio for the three and nine months ended September 30, 2019 reflects the elevated level of expense associated with the significant investment in Advisory talent, as well as increased expense from deferred compensation, including that associated with recruiting senior talent in prior years. See the Business Line Reporting – Discussion of Adjusted Results below for further information.
Adjusted Operating Income
For the three months ended September 30, 2019, Adjusted Operating Income of $84.8 million decreased 3% compared to the three months ended September 30, 2018, primarily driven by an increase in compensation and non-compensation costs. For the nine months ended September 30, 2019, Adjusted Operating Income of $319.0 million decreased 3% versus the nine months ended September 30, 2018, principally driven by an increase in compensation and non-compensation costs. See the Business Line Reporting – Discussion of Adjusted Results below for further information.
Adjusted Effective Tax Rate
For the three months ended September 30, 2019, the Adjusted effective tax rate was 24.9% versus 24.2% for the three months ended September 30, 2018. For the nine months ended September 30, 2019, the Adjusted effective tax rate was 20.9% versus 17.6% for the nine months ended September 30, 2018. The Adjusted effective tax rate is impacted by the deduction associated with the appreciation or depreciation in the Firm’s share price upon vesting of employee share-based awards above or below the original grant price.
Adjusted Net Income and Earnings Per Share
For the three months ended September 30, 2019, Adjusted Net Income Attributable to Evercore Inc. of $60.5 million decreased 4% versus the three months ended September 30, 2018, principally driven by an increase in compensation and non-compensation costs. For the three months ended September 30, 2019, Adjusted Earnings Per Share of $1.26 increased 2% versus the three months ended September 30, 2018, principally driven by a decrease in Adjusted share count, partially offset by an increase in compensation and non-compensation costs.
For the nine months ended September 30, 2019, Adjusted Net Income Attributable to Evercore Inc. and Adjusted Earnings Per Share of $243.2 million and $4.99, respectively, decreased 6% and 3%, respectively, versus the nine months ended September 30, 2018, principally driven by an increase in compensation and non-compensation costs and by a higher effective tax rate.
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.
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 vested and certain unvested 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.
Evercore’s Adjusted Net Income Attributable to Evercore Inc. for the three and nine months ended September 30, 2019 was higher than U.S. GAAP as a result of the exclusion of expenses associated with awards granted in conjunction with certain of the Company’s acquisitions, and certain other business acquisition-related charges and Special Charges.
Acquisition-related compensation charges for 2019 include expenses associated with awards granted in conjunction with the Company’s acquisition of ISI. Acquisition-related charges for 2019 also include professional fees incurred and amortization of intangible assets.
Special Charges for 2019 relate to the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York.
Evercore’s Adjusted Diluted Shares Outstanding for the three and nine months ended September 30, 2019 were higher than U.S. GAAP, as a result of the inclusion of certain Evercore LP Units.
Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended September 30, 2018 are included in Annex I, pages A-2 to A-11.
Reclassifications:
During the fourth quarter of 2018, the Company’s Adjusted presentation for current and prior periods was revised to eliminate the netting of client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected receivables with their related revenue. The revised presentation reflects the expense and related revenue gross. The Company revised its presentation for these expenses in order to align with the treatment under U.S. GAAP. There was no impact on Adjusted Operating Income, Net Income or Earnings Per Share. Further details of these reclassifications, as well as a revised Adjusted presentation for the quarterly and full year results for 2018, 2017 and 2016 are available on the For Investors section of Evercore’s website at www.evercore.com.
Business Line Reporting – Discussion of U.S. GAAP Results
The following is a discussion of Evercore’s segment results on a U.S. GAAP basis.
Investment Banking
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U.S. GAAP |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
|
September 30, |
|
% |
|
September 30, |
|
September 30, |
|
% |
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|
(dollars in thousands) |
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Net Revenues: |
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Investment Banking: |
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|
|
|
|
|
|
|
|
|
|
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Advisory Fees |
$ |
320,885 |
|
|
$ |
305,949 |
|
|
5 |
% |
|
$ |
1,090,309 |
|
|
$ |
1,047,259 |
|
|
4 |
% |
|
Underwriting Fees |
17,598 |
|
|
11,440 |
|
|
54 |
% |
|
61,428 |
|
|
62,784 |
|
|
(2 |
%) |
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Commissions and Related Fees |
46,820 |
|
|
45,337 |
|
|
3 |
% |
|
137,417 |
|
|
139,447 |
|
|
(1 |
%) |
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|
Other Revenue, net |
2,709 |
|
|
4,108 |
|
|
(34 |
%) |
|
16,432 |
|
|
3,219 |
|
|
410 |
% |
||||
|
Net Revenues |
388,012 |
|
|
366,834 |
|
|
6 |
% |
|
1,305,586 |
|
|
1,252,709 |
|
|
4 |
% |
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Expenses: |
|
|
|
|
|
|
|
|
|
|
|
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|
Employee Compensation and Benefits |
233,078 |
|
|
217,471 |
|
|
7 |
% |
|
778,078 |
|
|
743,152 |
|
|
5 |
% |
||||
|
Non-compensation Costs |
85,507 |
|
|
76,259 |
|
|
12 |
% |
|
249,904 |
|
|
221,418 |
|
|
13 |
% |
||||
|
Special Charges |
1,029 |
|
|
1,967 |
|
|
(48 |
%) |
|
3,087 |
|
|
3,864 |
|
|
(20 |
%) |
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|
Total Expenses |
319,614 |
|
|
295,697 |
|
|
8 |
% |
|
1,031,069 |
|
|
968,434 |
|
|
6 |
% |
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|
|
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|
Operating Income |
$ |
68,398 |
|
|
$ |
71,137 |
|
|
(4 |
%) |
|
$ |
274,517 |
|
|
$ |
284,275 |
|
|
(3 |
%) |
|
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|
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|
|
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|
Compensation Ratio |
60.1 |
% |
|
59.3 |
% |
|
|
|
59.6 |
% |
|
59.3 |
% |
|
|
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|
Non-compensation Ratio |
22.0 |
% |
|
20.8 |
% |
|
|
|
19.1 |
% |
|
17.7 |
% |
|
|
||||||
|
Operating Margin |
17.6 |
% |
|
19.4 |
% |
|
|
|
21.0 |
% |
|
22.7 |
% |
|
|
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|
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|
Total Number of Fees from Advisory |
213 |
|
196 |
|
|
9 |
% |
|
489 |
|
458 |
|
7 |
% |
|||||||
|
Investment Banking Fees of at Least $1 |
74 |
|
62 |
|
|
19 |
% |
|
223 |
|
210 |
|
6 |
% |
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(1) Includes Advisory and Underwriting Transactions. |
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Revenues
During the three months ended September 30, 2019, fees from Advisory services increased 5% versus the three months ended September 30, 2018, reflecting an increase in the number and size of Advisory fees. Underwriting Fees of $17.6 million for the three months ended September 30, 2019 increased 54% versus the three months ended September 30, 2018. We participated in 18 underwriting transactions during the three months ended September 30, 2019 (vs. 12 in Q3 2018); 10 as a bookrunner (vs. 6 in Q3 2018). Commissions and Related Fees for the three months ended September 30, 2019 increased 3% versus the three months ended September 30, 2018.
During the nine months ended September 30, 2019, fees from Advisory services increased 4% versus the nine months ended September 30, 2018, reflecting an increase in the number and size of Advisory fees. Underwriting Fees of $61.4 million for the nine months ended September 30, 2019 decreased 2% versus the nine months ended September 30, 2018. We participated in 57 underwriting transactions during the nine months ended September 30, 2019 (vs. 43 in 2018); 37 as a bookrunner (vs. 31 in 2018). Commissions and Related Fees for the nine months ended September 30, 2019 decreased 1% from the nine months ended September 30, 2018.
Other Revenue, net, for the nine months ended September 30, 2019, increased versus the nine months ended September 30, 2018, primarily reflecting gains on the investment funds portfolio, which is used as an economic hedge against our deferred cash compensation program.
Expenses
Compensation costs were $233.1 million for the three months ended September 30, 2019, an increase of 7% from the third quarter of last year. The compensation ratio was 60.1% for the three months ended September 30, 2019, compared to 59.3% for the three months ended September 30, 2018. Compensation costs were $778.1 million for the nine months ended September 30, 2019, an increase of 5% compared to the nine months ended September 30, 2018. The compensation ratio was 59.6% for the nine months ended September 30, 2019, compared to 59.3% for the nine months ended September 30, 2018. The compensation ratio for the three and nine months ended September 30, 2019 reflects the elevated level of expense associated with the significant investment in Advisory talent, as well as increased expense from deferred compensation, including that associated with recruiting senior talent in prior years.
Non-compensation Costs for the three months ended September 30, 2019 were $85.5 million, an increase of 12% compared to the third quarter of last year. The increase in Non-compensation Costs versus last year reflects the addition of personnel and increased occupancy costs, principally related to higher expenses associated with the expansion of our headquarters in New York, increased costs related to technology initiatives and increased professional fees. Non-compensation Costs for the three months ended September 30, 2019 also include acquisition and transition costs of $0.2 million. The ratio of Non-compensation Costs to Net Revenues for the three months ended September 30, 2019 of 22.0% increased from 20.8% for the third quarter of last year, primarily driven by higher occupancy costs and professional fees in 2019. Non-compensation Costs for the nine months ended September 30, 2019 were $249.9 million, reflecting an increase of 13% from the nine months ended September 30, 2018. The increase in Non-compensation Costs versus last year reflects the addition of personnel, increased occupancy costs, principally related to higher expenses associated with the expansion of our headquarters in New York, increased costs related to technology initiatives and increased professional fees. In addition, the increase in Non-compensation Costs versus last year also reflects an increase in client related expenses which are subject to reimbursement from clients currently and in future periods. The level of these costs was elevated during the period, as deal activity remained high. Non-compensation Costs for the nine months ended September 30, 2019 also include acquisition and transition costs of $0.2 million. The ratio of Non-compensation Costs to Net Revenues for the nine months ended September 30, 2019 of 19.1% increased from 17.7% for the nine months ended September 30, 2018, primarily driven by higher occupancy costs in 2019.
Special Charges for the three and nine months ended September 30, 2019 reflect the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York. Special Charges for the three months ended September 30, 2018 reflect separation benefits and related charges associated with the Company’s businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York. Special Charges for the nine months ended September 30, 2018 reflect separation benefits and costs of terminating certain contracts associated with closing the agency trading platform in the U.K. and separation benefits and related charges associated with the Company’s businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York.
Investment Management
|
|
U.S. GAAP |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
September 30, |
|
September 30, |
|
% |
|
September 30, |
|
September 30, |
|
% |
||||||||||
|
|
(dollars in thousands) |
||||||||||||||||||||
|
Net Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Asset Management and Administration Fees |
$ |
12,650 |
|
|
$ |
12,678 |
|
|
— |
% |
|
$ |
37,452 |
|
|
$ |
36,603 |
|
|
2 |
% |
|
Other Revenue, net |
1,536 |
|
|
1,747 |
|
|
(12 |
%) |
|
5,533 |
|
|
3,987 |
|
|
39 |
% |
||||
|
Net Revenues |
14,186 |
|
|
14,425 |
|
|
(2 |
%) |
|
42,985 |
|
|
40,590 |
|
|
6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Employee Compensation and Benefits |
8,624 |
|
|
7,981 |
|
|
8 |
% |
|
25,579 |
|
|
23,385 |
|
|
9 |
% |
||||
|
Non-compensation costs |
3,616 |
|
|
3,041 |
|
|
19 |
% |
|
10,935 |
|
|
9,609 |
|
|
14 |
% |
||||
|
Total Expenses |
12,240 |
|
|
11,022 |
|
|
11 |
% |
|
36,514 |
|
|
32,994 |
|
|
11 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating Income |
$ |
1,946 |
|
|
$ |
3,403 |
|
|
(43 |
%) |
|
$ |
6,471 |
|
|
$ |
7,596 |
|
|
(15 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Compensation Ratio |
60.8 |
% |
|
55.3 |
% |
|
|
|
59.5 |
% |
|
57.6 |
% |
|
|
||||||
|
Non-compensation Ratio |
25.5 |
% |
|
21.1 |
% |
|
|
|
25.4 |
% |
|
23.7 |
% |
|
|
||||||
|
Operating Margin |
13.7 |
% |
|
23.6 |
% |
|
|
|
15.1 |
% |
|
18.7 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets Under Management (in millions)(1)(2) |
$ |
10,256 |
|
|
$ |
9,896 |
|
|
4 |
% |
|
$ |
10,256 |
|
|
$ |
9,896 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1) Assets Under Management reflect end of period amounts from our consolidated subsidiaries. |
|||||||||||||||||||||
|
(2) Assets Under Management includes Evercore assets which are managed by Evercore Wealth Management of $318.5 million and $171.2 |
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Contacts
Investor:
Hallie Elsner
Head of Investor Relations, Evercore
212-857-3100
Media:
Dana Gorman
The Abernathy MacGregor Group, for Evercore
212-371-5999
