The following is a summary of the Evercore Inc. (EVR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Evercore reported Q1 2024 net revenues of $581 million, operating income of $84 million, and EPS of $2.09 on a GAAP basis, and $587 million, $91 million, and $2.13 respectively on a non-GAAP basis.

• The first quarter adjusted net revenues increased by 2% compared to Q1 2023, whereas operating income and EPS decreased by 22% and 1%.

• The adjusted compensation ratio for the quarter was 66%, and the non-compensation expenses rose by 14% compared to last year.

• The company's cash and investment securities totaled almost $1.4 billion as of end Q1 2024.

• Evercore returned a total of $309 million to shareholders through dividends and share repurchases.

• The company's advisory fees were $431 million, a 7% decline year-over-year, while underwriting revenues grew to $56 million, up 143% from a year ago.

Business Progress:

• Despite fewer smaller to midsize transactions, backlogs have been growing and there has been a significant increase in larger deals and sponsor activity.

• Evercore hired 11 new investment banking senior managing directors, strengthening their expertise in various sectors.

• Among their major achievements, they advised on several large transactions including GE's spin-off of GE Vernova, Synopsys's acquisition of Ansys, CD&R's acquisition alongside Stone Point Capital, and Global Infrastructure Partner's sale to BlackRock.

• Evercore was the bookrunner for two of the three largest IPOs, including Astera Labs' $820 million offering.

• They ended the quarter with a record AUM of approximately $13 billion in Wealth Management.

• The company believes they are well-positioned for sustained growth and success in the medium and long-term.

More details: Evercore IR

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