Nov 6, 2025 5:03 PM Eastern Standard Time AN2 Therapeutics to Participate in Fireside Chat at Evercore HealthCONx Conference Share MENLO PARK, Calif.--(BUSINESS WIRE)--AN2 Therapeutics, Inc. (Nasdaq: ANTX), a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform, today announced that Eric Easom, Co-Founder, Chairman, President and CEO, will participate in a fireside chat at the 8 Annual Evercore HealthCONx Conference being ...

Revenue and Income - Total revenues for the Investment Banking & Equities and Investment Management segments include fees for services, transaction-related client reimbursements, and other revenue, with net revenues reflecting total revenues less interest expense[211]. - Revenue trends in the advisory business are correlated to M&A activity, restructuring activity, and capital advisory activity, with fluctuations based on market conditions and client transaction completions[213]. - The Investment Management segment generates revenue primarily from management fees, fiduciary fees, and gains or losses on investments, with management fees typically representing a percentage of assets under management (AUM)[214][215]. - Net Revenues for the three months ended September 30, 2025, were $1.04 billion, an increase of $304.7 million, or 41%, compared to $734.2 million for the same period in 2024[239]. - Advisory Fees increased by $290.7 million, or 49%, to $883.7 million for the three months ended September 30, 2025, compared to $593.0 million for the same period in 2024[239]. - Net Income Attributable to Evercore Inc. was $144.6 million for the three months ended September 30, 2025, an increase of $66.2 million, or 84%, compared to $78.4 million for the same period in 2024[238]. - Net Revenues for the nine months ended September 30, 2025, were $2.57 billion, an increase of $563.3 million, or 28%, compared to $2.00 billion for the same period in 2024[250]. - Net Income Attributable to Evercore Inc. for the nine months ended September 30, 2025, was $388.0 million, an increase of $150.1 million, or 63%, compared to $237.8 million for the same period in 2024[249]. - Net Revenues for the nine months ended September 30, 2025, were $2.50 billion, an increase of $558.4 million, or 29%, compared to $1.94 billion for the same period in 2024[272]. - Advisory Fees increased by $547.8 million, or 34%, driven by higher revenue from both M&A and non-M&A assignments[272]. Expenses - Employee compensation and benefits expenses include all payments for services rendered, with a focus on maintaining competitive compensation levels to retain key personnel[218][220]. - Total Expenses for the three months ended September 30, 2025, were $822.7 million, an increase of $210.5 million, or 34%, compared to $612.2 million for the same period in 2024[242]. - Employee Compensation and Benefits Expense was $680.7 million for the three months ended September 30, 2025, an increase of $192.6 million, or 39%, compared to $488.0 million for the same period in 2024[242]. - Non-compensation expenses were $142.0 million for the three months ended September 30, 2025, an increase of $25.1 million, or 21%, compared to $116.9 million for the same period in 2024[243]. - Employee Compensation and Benefits Expense increased to $1.69 billion for the nine months ended September 30, 2025, up $354.4 million, or 27%, from $1.33 billion for the same period in 2024[253]. - Non-compensation expenses rose to $400.7 million for the nine months ended September 30, 2025, an increase of $52.7 million, or 15%, compared to $348.0 million for the same period in 2024[254]. - Non-compensation expenses increased to $388.4 million, up $51.4 million, or 15%, primarily due to higher technology and information services expenses[274]. - Employee Compensation and Benefits Expense increased by $7.7 million, or 23%, to $41.0 million for the nine months ended September 30, 2025, primarily due to higher incentive compensation and base salaries[294]. - Non-Compensation expenses rose by $1.3 million, or 12%, to $12.3 million, driven by increased technology and information services and professional fees[295]. Investments and Assets - Income from equity method investments includes the company's share of income or loss from equity interests in various entities, impacting income before income taxes[230]. - Income from Equity Method Investments decreased to $2.8 million for the nine months ended September 30, 2025, down $2.5 million, or 47%, from $5.3 million in 2024[256]. - The Investment Management segment's operating income decreased by 26% for the nine months ended September 30, 2025, compared to the same period in 2024[278]. - Assets Under Management (AUM) in Wealth Management increased by $1.5 billion, or 10%, reaching $15.4 billion as of September 30, 2025[281]. - AUM activity for Wealth Management showed inflows of $1.223 billion and outflows of $1.001 billion, with market appreciation contributing $1.231 billion[283]. - The Investment Securities portfolio totaled $1.43 billion as of September 30, 2025, with 88% comprised of U.S. Treasury securities[342]. Cash Flow and Liquidity - Operating cash flows resulted in a net inflow of $449.0 million for the nine months ended September 30, 2025, compared to $301.8 million for the same period in 2024[298][299]. - Cash, Cash Equivalents, and Restricted Cash decreased by $20.5 million to $861.6 million at September 30, 2025, from $882.1 million at December 31, 2024[298]. - The company’s liquidity is highly dependent on revenue from its Investment Banking & Equities segment, which is influenced by market conditions and transaction volumes[301]. - As of September 30, 2025, the company had $851.9 million in Cash and Cash Equivalents and $1.57 billion in Investment Securities and Certificates of Deposit[328]. Share Repurchase and Capital Management - During the nine months ended September 30, 2025, the company repurchased 1,912,169 Class A Shares for a total of $506.2 million, at an average cost per share of $264.72[309]. - The company authorized a share repurchase program allowing for the repurchase of up to $1.6 billion worth of Class A Shares and/or LP Units as of April 29, 2025[306]. - The company issued an aggregate of $250.0 million of senior notes on July 24, 2025, including $125.0 million of 5.17% Series K Notes and $125.0 million of 5.47% Series L Notes[317]. - The company has total commitments of $2.6 million relating to future capital contributions to private equity funds as of September 30, 2025[325]. Forward-Looking Statements and Risks - The company undertakes no obligation to publicly update or review any forward-looking statements, which are subject to various risks and uncertainties[210]. - Actual results could differ materially from the estimates made by management[344]. - The company does not believe it faces any material interest rate risk, foreign currency exchange risk, equity price risk, or other market risk, except as disclosed in the report[346].

Core Insights - Evercore Inc. (EVR) reported third-quarter 2025 adjusted earnings per share (EPS) of $3.48, exceeding the Zacks Consensus Estimate of $3.01 and up from $2.04 in the prior-year quarter [1][9] - The company achieved record adjusted net revenues of $1.05 billion, a 41.6% increase year over year, driven by strong performance in Investment Banking and Equities [3][9] - Total expenses rose by 34.4% year over year to $822.7 million, impacting operating margins [3][9] Revenue and Expenses - Investment Banking & Equities segment net revenues increased by 41% year over year to $1.04 billion, primarily due to higher advisory fees and growth in commissions [4] - Investment Management segment net revenues were $22.7 million, up 5.8% from the prior-year quarter, but operating income decreased by 56.2% year over year [5] - The adjusted compensation ratio improved to 65% from 66% in the prior-year quarter, while the adjusted operating margin decreased to 21.8% from 28.9% [3] Balance Sheet and Liquidity - As of September 30, 2025, cash and cash equivalents stood at $851.9 million, with investment securities and certificates of deposit totaling $1.6 billion [6] - Current assets exceeded current liabilities by $2 billion, indicating a strong liquidity position [6] Capital Distribution - On October 28, 2025, the company declared a quarterly dividend of 84 cents per share, payable on December 12 to common stockholders of record as of November 28 [7] - In the reported quarter, Evercore repurchased 0.2 million shares at an average price of $329.8 [7] Market Reaction - Despite solid quarterly results, EVR shares fell by 9.1% in the trading session following the earnings report, likely due to broader market trends [2]

Financial Data and Key Metrics Changes - Evercore reported record third quarter results with adjusted net revenues exceeding $1 billion, reflecting a 42% year-over-year increase, marking the best third quarter in the company's history [6][17] - Adjusted operating income for the third quarter was $228 million, up 69% year-over-year, with adjusted earnings per share reaching $3.48, a 71% increase compared to the previous year [17] - The adjusted operating margin improved to 21.8%, up from 18.2% in the prior year, indicating a nearly 360 basis points improvement [18] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $884 million, a record for the third quarter, reflecting a 49% year-over-year increase [18] - Underwriting revenues were $44 million, down 1% year-over-year but up 36% sequentially, while commissions and related revenue increased 15% year-over-year to $63 million, marking a record third quarter [19] - Private capital advisory business delivered a record third quarter, driven by GP-led continuation fund transactions, with revenues exceeding the full year 2024 total by the end of the third quarter [13][14] Market Data and Key Metrics Changes - The investment banking environment has strengthened, with increased M&A activity and capital markets transactions returning to the market after earlier volatility [8][9] - Evercore advised on four of the 11 largest global M&A transactions as of the end of the quarter, indicating strong market engagement [12] - The wealth management segment achieved record quarter-end assets under management (AUM) of approximately $15.4 billion, driven by market appreciation and strong new client inflows [16] Company Strategy and Development Direction - The company remains focused on expanding its client coverage, enhancing product capabilities, and capitalizing on sector and geographic opportunities [7] - Evercore's strategy includes significant recruitment efforts, with a 50% increase in Senior Managing Directors since the end of 2021, positioning the firm for future growth [10] - The company is optimistic about the European market, anticipating continued growth and engagement following the acquisition of Robey Warshaw [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing investment banking recovery, driven by both cyclical and structural factors, with expectations for continued strengthening into 2026 [9][30] - The potential impact of the government shutdown is being monitored, but management believes it will not have a permanent effect on business operations [40][41] - The company is optimistic about the regulatory environment, expecting a loosening of restrictions that could facilitate deal closures [44] Other Important Information - The adjusted tax rate for the quarter was 28.7%, slightly down from the previous year [24] - The company repurchased approximately 170,000 shares at an average price of $326.62 during the third quarter, returning approximately $624 million of capital to shareholders through share repurchases and dividends [24][25] Q&A Session Summary Question: Current environment and trajectory of activity - Management noted a continued strengthening in the market across various sectors, with high engagement levels and backlogs at record highs [29] Question: Comp leverage and future expectations - Management acknowledged improvements in the compensation ratio but emphasized a focus on long-term value creation rather than short-term comp ratio optimization [33][34] Question: Impact of government shutdown on business - Management indicated that the government shutdown could slow down processes but does not anticipate a permanent impact on deal flow [40][41] Question: Regulatory environment and deal timelines - Management expressed optimism about the regulatory environment, expecting a more benign atmosphere for deal closures [44] Question: Impact of recent bank losses on client hesitance - Management believes that recent bank losses are isolated incidents and do not broadly impact market confidence [46] Question: Outlook for DCM business and pipeline - Management reported a strengthening pipeline and optimism about upcoming deals, despite potential slowdowns due to the government shutdown [49][50] Question: European market and investment opportunities - Management highlighted a record quarter in Europe and significant white space for growth following the Robey Warshaw acquisition [52][53]

Financial Data and Key Metrics Changes - Evercore reported record third quarter results with adjusted net revenues exceeding $1 billion, reflecting a 42% year-over-year increase, marking the best third quarter in the company's history [5][16] - Adjusted operating income for the third quarter was $228 million, up 69% year-over-year, with adjusted earnings per share reaching $3.48, a 71% increase compared to the previous year [16] - The adjusted operating margin improved to 21.8%, up from 18.2% in the prior year, indicating a nearly 360 basis point enhancement [16][17] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $884 million, a record for the third quarter, reflecting a 49% year-over-year increase [16][17] - Underwriting revenues were $44 million, down 1% year-over-year but up 36% sequentially, while commissions and related revenue increased 15% year-over-year to $63 million, marking a record third quarter [18] - Private capital advisory business delivered a record third quarter, with revenues exceeding the full year 2024 total within the first nine months of 2025 [12] Market Data and Key Metrics Changes - The market environment for investment banking has strengthened, with increased M&A activity and capital markets transactions returning after earlier volatility [6][8] - Evercore's European advisory business achieved its best quarter on record, with strong performance across various sectors and products [10][11] - The company advised on four of the 11 largest global M&A transactions as of the end of the quarter, indicating robust market engagement [11] Company Strategy and Development Direction - Evercore is focused on expanding its client coverage and product capabilities while capitalizing on sector and geographic opportunities [5][6] - The company is committed to recruiting exceptional talent, having added 18 partners and one Senior Advisor in 2025, which is its largest partner hiring year [19][31] - The strategic acquisition of Robey Warshaw enhances Evercore's European presence and client service capabilities [9][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment banking recovery, driven by cyclical and structural factors, with pent-up demand from corporates and sponsors [8][24] - The potential impact of the government shutdown is being monitored, but management believes it will not have a permanent effect on business operations [38][39] - Overall, the company is confident in its ability to deliver strong results moving into 2026, despite geopolitical and macroeconomic uncertainties [24] Other Important Information - The adjusted tax rate for the quarter was 28.7%, slightly down from the previous year [23] - As of September 30, the company had over $2.4 billion in cash and investment securities, with significant share repurchase activity ongoing [23][24] Q&A Session Summary Question: Current environment and trajectory of activity - Management noted a continued strengthening in the market across various sectors, with high engagement levels and backlogs at record highs [27] Question: Comp leverage and future expectations - Management acknowledged the challenge of lowering the compensation ratio while focusing on long-term value creation and client service [31][35] Question: Impact of government shutdown on business - Management indicated that the government shutdown could slow down processes but does not expect a permanent impact on M&A or equity capital markets [38][39] Question: Regulatory environment and deal timelines - Management observed a generally benign regulatory environment, with expectations of a loosening of regulatory scrutiny [42] Question: Impact of recent bank losses on client hesitance - Management stated that recent bank losses are viewed as isolated incidents and are not broadly impacting market confidence [44] Question: Outlook for DCM business in Q4 - Management expressed optimism about a strengthening pipeline and significant deals lining up, despite potential slowdowns due to the government shutdown [46][47] Question: European market environment and white space - Management highlighted a record quarter in Europe and significant growth opportunities as the company expands its coverage [50][52]

Core Insights - Evercore (EVR) reported quarterly earnings of $3.48 per share, exceeding the Zacks Consensus Estimate of $3.01 per share, and showing a significant increase from $2.04 per share a year ago, representing an earnings surprise of +15.61% [1] - The company achieved revenues of $1.05 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 16.43%, compared to $739.53 million in the same quarter last year [2] - Evercore has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Financial Performance - The earnings surprise of +15.61% for the recent quarter follows a previous quarter where the company also exceeded expectations with a surprise of +35.96% [1] - The current consensus EPS estimate for the upcoming quarter is $3.95, with expected revenues of $1.11 billion, and for the current fiscal year, the estimate is $12.86 on revenues of $3.54 billion [7] Market Position - Evercore shares have increased by approximately 16.1% since the beginning of the year, while the S&P 500 has gained 17.2%, indicating a slight underperformance relative to the broader market [3] - The Zacks Industry Rank places the Financial - Investment Bank sector in the top 9% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8] Future Outlook - The sustainability of Evercore's stock price movement will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The estimate revisions trend for Evercore was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Financial Performance - Evercore reported record third quarter net revenues of $1.0 billion, a 41% increase year-over-year on a U.S. GAAP basis[2]. - Year-to-date net revenues reached $2.6 billion, reflecting a 28% increase compared to the same period in 2024[2]. - Third quarter operating income was $216.2 million, up 77% year-over-year, with an operating margin of 20.8%, an increase of 420 basis points[2]. - Net income attributable to Evercore Inc. for the third quarter was $144.6 million, a 84% increase from $78.4 million in Q3 2024[2]. - Adjusted Net Revenues for Q3 2025 reached $1,047.1 million, a 42% increase from $739.5 million in Q3 2024[28]. - For the three months ended September 30, 2025, total revenues increased to $1.046 billion, up 42% from $738.4 million in the same period of 2024[57]. - Net income for the three months ended September 30, 2025, was $157.5 million, representing a 79% increase compared to $88.1 million in the prior year[57]. - Total net revenues for the nine months ended September 30, 2025, were $2,567,543, a 28.1% increase from $2,004,261 in the same period of 2024[73]. - Operating income for the nine months ended September 30, 2025, was $477,779, a 52.2% increase from $314,356 in the same period of 2024[73]. Advisory Fees - Advisory fees for the third quarter increased by $290.7 million, or 49%, year-over-year, driven by large transactions[16]. - Advisory Fees for Q3 2025 increased by $290.5 million, or 49%, year-over-year, reflecting revenue growth from large transactions[30]. - Advisory fees in Q3 2025 reached $883.7 million, reflecting a 0.0% change compared to Q3 2024[67]. - Advisory fees significantly rose to $883,712 in Q3 2025, up 49.0% from $592,980 in Q3 2024[73]. Shareholder Returns - The company returned $623.8 million to shareholders in the first nine months of 2025 through dividends and share repurchases[2]. - A quarterly dividend of $0.84 per share was declared[2]. - The company declared a quarterly dividend of $0.84 per share, payable on December 12, 2025, to stockholders of record on November 28, 2025[48]. Employee Compensation - Employee Compensation and Benefits for Q3 2025 rose by $192.6 million, or 39%, year-over-year, with a compensation ratio of 65.5% compared to 66.5% in the prior year[22]. - Employee compensation and benefits expenses for the three months ended September 30, 2025, were $680.7 million, up from $488.0 million in the same period of 2024[57]. - The company recognized compensation expenses related to RSUs and deferred cash compensation of $131.1 million for the three months ended September 30, 2025, compared to $115.9 million in the prior year[43]. - The company expects to pay $353.8 million related to its deferred cash compensation program through 2029, subject to vesting events[45]. - Employee compensation and benefits for Q3 2025 totaled $664,616, a 39.5% increase from $475,990 in Q3 2024[73]. Costs and Expenses - Non-Compensation Costs for Q3 2025 increased by $25.1 million, or 21%, year-over-year, driven by higher technology and information services expenses[23]. - Adjusted Non-Compensation Costs for Q3 2025 increased by $21.6 million, or 18%, year-over-year, with a Non-Compensation ratio of 13.2%[37]. - Total expenses for Q3 2025 were $802,441, representing a 34.6% increase compared to $596,388 in Q3 2024[73]. - Non-compensation costs for Q3 2025 were $142,026, up 21.5% from $116,914 in Q3 2024[75]. Assets and Liabilities - As of September 30, 2025, the company reported cash and cash equivalents of $851.9 million and investment securities totaling $1.6 billion, with current assets exceeding current liabilities by $2.0 billion[40]. Acquisitions - Evercore completed the acquisition of Robey Warshaw on October 1, 2025, enhancing its advisory capabilities[2]. Rankings and Recognition - Evercore ISI achieved the No.1 ranking in Extel's All-America Research Survey for the fourth consecutive year[2].

Core Insights - Evercore Inc. reported significant growth in net revenues and operating income for the year-to-date 2025 compared to the same period in 2024, indicating a strong performance in the investment banking sector [1]. Financial Performance - Year-to-date net revenues for 2025 reached $1,038.9 million, up from $734.2 million in 2024, reflecting an increase of approximately 41.5% [1]. - Adjusted net revenues for 2025 were $1,047.1 million, compared to $739.5 million in 2024, marking a growth of about 41.6% [1]. - Operating income for year-to-date 2025 was reported at $216.2 million, a significant rise from $122.0 million in 2024, representing an increase of approximately 77.3% [1]. - Adjusted operating income for 2025 was $227.9 million, compared to $134.6 million in 2024, indicating a growth of around 69.3% [1]. - Year-to-date net income attributable to Evercore Inc. for 2025 was $477.8 million, up from $314.4 million in 2024, which is an increase of about 52.2% [1]. - Adjusted net income for 2025 was $501.2 million, compared to $339.5 million in 2024, reflecting a growth of approximately 47.6% [1].

Core Insights - Investors in the Financial - Investment Bank sector may consider UP Fintech Holding Limited (TIGR) or Evercore (EVR) as potential undervalued stocks [1] Group 1: Zacks Rank and Valuation Metrics - UP Fintech Holding Limited has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to Evercore, which has a Zacks Rank of 3 (Hold) [3] - Value investors focus on various valuation metrics, including P/E ratio, P/S ratio, earnings yield, and cash flow per share, to assess undervaluation [4] Group 2: Specific Valuation Comparisons - TIGR has a forward P/E ratio of 12.69, significantly lower than Evercore's forward P/E of 24.96, suggesting that TIGR may be undervalued [5] - The PEG ratio for TIGR is 0.66, while Evercore's PEG ratio is 0.68, indicating that both companies are similarly valued in terms of expected earnings growth [5] - TIGR's P/B ratio is 2.49, compared to Evercore's P/B of 6.39, further supporting the notion that TIGR is undervalued [6] Group 3: Overall Assessment - Based on the improving earnings outlook and favorable valuation metrics, TIGR is considered the superior value option compared to Evercore [7]

Group 1 - The Value Lab focuses on long-only value investment ideas, targeting a portfolio yield of approximately 4% and has performed well over the last five years by engaging in international markets [1][2] - Evercore (NYSE: EVR) is an advisory firm with significant exposure to large-ticket deals and sponsors, indicating a strong position in the investment landscape [2] - The Valkyrie Trading Society consists of analysts sharing high-conviction, obscure developed market ideas that are expected to yield non-correlated and outsized returns in the current economic environment [3]