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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.