Evercore Inc (NYSE:EVR)
$ 234.65 3.03 (1.31%) Market Cap: 9.00 Bil Enterprise Value: 9.30 Bil PE Ratio: 32.46 PB Ratio: 5.93 GF Score: 71/100
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Q2 2024 Evercore Inc Earnings Call Transcript

Jul 24, 2024 / 12:00PM GMT
Release Date Price: $236.39 (-3.19%)

Key Points

Positve
  • Evercore Inc (EVR) reported its best second quarter for firm-wide adjusted net revenues on record, with $695 million.
  • Adjusted advisory fees increased by 52% year over year, reaching $568 million.
  • The company has been involved in significant transactions, including three of the six largest global announced deals year to date.
  • Evercore Inc (EVR) has successfully attracted high-quality talent, with six senior individuals joining or committing to join the firm this year.
  • The wealth management division set a new quarterly record for assets under management, now exceeding $13 billion.
Negative
  • Underwriting fees were down 19% from the previous year, reflecting a slower IPO market.
  • Non-compensation expenses increased by 18% year over year, driven by higher client-related expenses, travel costs, and consulting fees.
  • The adjusted compensation ratio remains high at 66%, indicating ongoing cost pressures.
  • The European M&A market is lagging behind the US, although it is showing signs of improvement.
  • The company faces economic and geopolitical risks that could impact the timing and trajectory of market recovery.
Operator

Good morning, and welcome to the Evercore Second Quarter 2024 Earnings Conference Call. Today's call is scheduled to last about one hour, including remarks by Evercore management and the question-and-answer session. (Operator Instructions)

I will now turn the call over to Katy Haber, Managing Director of Investor Relations and ESG at Evercore. Please go ahead.

Katy Haber
Evercore Inc - Managing Director, Head of Investor Relations & ESG

Thank you, operator. Good morning, and thank you for joining us today for Evercore's Second Quarter 2024 financial results conference call. This is Katy Heber Evercore's Head of Investor Relations in ESG. Joining me on the call today is John Weinberg, our Chairman and CEO; and Tim Lalonde, our CFO. After our prepared remarks, we'll open up the call for questions.

Earlier today, we issued a press release announcing Evercore's Second Quarter 2024 financial results. Our discussion of our results today is complementary to the press release, which is available on our website at evercore.com.

This

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