Evercore(EVR)

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Evercore(EVR) - 2020 Q1 - Earnings Call Transcript
2020-04-22 19:01
Financial Data and Key Metrics Changes - Adjusted net revenues for Q1 2020 were $435 million, a 4% increase compared to Q1 2019, while total revenues from Investment Banking businesses increased by 10% to $436 million [24][25] - Adjusted operating income and adjusted net income were $82.5 million and $57.8 million, reflecting declines of 14% and 29% respectively, with adjusted earnings per share at $1.21, down 27% from Q1 2019 [33][34] - The compensation ratio for Q1 2020 was 62%, impacted by revenue declines and changes in the value of hedges for deferred compensation plans [29][34] Business Line Data and Key Metrics Changes - Advisory fees, the largest revenue source, were $359 million, up 10% compared to Q1 2019, despite a 24% decline in the dollar value of announced M&A transactions globally [25][26] - Underwriting fees fell to $21.1 million, a 22% decline from Q1 2019, as activity halted due to COVID-19 [27] - Commissions and related fees increased by 32% to $55.4 million, marking the best first quarter since 2016, driven by high volatility in equity trading [27][28] Market Data and Key Metrics Changes - The dollar value of closed M&A transactions fell by 37% compared to the same quarter last year, indicating a significant slowdown in M&A activity [26] - The firm maintained its number one ranking for volume of announced transactions over the past 12 months among independent firms, and ranked sixth globally and fourth in the U.S. [46][47] Company Strategy and Development Direction - The company is focusing on four priorities: ensuring team health and safety, pivoting services to meet evolving client needs, leveraging technology for effective operations, and maintaining a strong balance sheet [12][15] - The firm is adapting its advisory efforts to address the current environment, particularly in restructuring and debt advisory, while maintaining a strong liquidity position [18][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a gradual recovery, supported by unprecedented fiscal and monetary stimulus, but noted that the recovery will not be as sharp as the decline [15][76] - The firm anticipates that M&A activity will be negatively affected for some time, but sees potential for recovery as strong companies begin to explore opportunities [16][78] Other Important Information - The company returned $178.1 million to shareholders through dividends and share repurchases during the quarter, maintaining a dividend of $0.58 [35][36] - The firm holds approximately $588 million in cash and $264 million in investment securities, with current assets exceeding current liabilities by about $880 million [68] Q&A Session Summary Question: How does this downturn compare to prior ones, particularly the financial crisis? - Management noted that recoveries from financially induced recessions tend to be longer and shallower, but expects a quicker recovery this time due to significant fiscal and monetary stimulus [73][75] Question: What are the early indicators on restructuring opportunities? - Management indicated that while restructuring revenues are increasing, they are not expected to offset the decline in M&A activity due to the timing of success fees [90][91] Question: What are the conditions for maintaining the current dividend? - The firm expects to maintain the dividend as long as cash positions remain strong, without needing to stay at current levels [92] Question: How is the company managing cash and liquidity? - The company is closely monitoring its $880 million working capital and has a strong liquidity position, with careful consideration of compensation and expenses [96][97] Question: What factors will influence the timing of M&A activity recovery? - The recovery will depend on market stability, access to financing, and overall economic conditions, with a focus on health and science developments [100][104]
Evercore(EVR) - 2019 Q4 - Annual Report
2020-02-25 21:44
Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-32975 ____________________________________________________ EVERCORE INC. (Exact name of registrant as specified in its charter) _____________________________________________________ Delaware 20-4748747 (Sta ...
Evercore(EVR) - 2019 Q4 - Earnings Call Transcript
2020-01-29 18:59
Evercore Inc. (NYSE:EVR) Q4 2019 Earnings Conference Call January 29, 2020 8:00 AM ET Company Participants Hallie Miller - Head, IR Ralph Schlosstein - President & CEO John Weinberg - Executive Chairman Bob Walsh - CFO Conference Call Participants Manan Gosalia - Morgan Stanley Brian McKenna - JMP Securities Michael Brown - KBW Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Evercore Fourth Quarter Full Year 2019 Financial Results Conference Call. [Operator Instruction ...
Evercore (EVR) Investor Presentation - Slideshow
2019-11-15 20:20
Corporate Presentation November 2019 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, our operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook", "backlog" "believes", "expects", "potential", "probable", "continues", "may", "will", ...
Evercore(EVR) - 2019 Q3 - Quarterly Report
2019-10-31 20:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-32975 (Commission File Number) ____________________________________________________ | --- | - ...
Evercore(EVR) - 2019 Q3 - Earnings Call Transcript
2019-10-23 15:33
Evercore Inc. (NYSE:EVR) Q3 2019 Results Conference Call October 23, 2019 8:00 AM ET Company Participants Hallie Elsner - Head, IR Ralph Schlosstein - President and CEO John Weinberg - Executive Chairman Bob Walsh - CFO Conference Call Participants Brennan Hawken - UBS Devin Ryan - JMP Securities Steven Chubak - Wolfe Research Michael Brown - KBW Jim Mitchell - Buckingham Research Jeff Harte - Sandler O’Neill Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Evercore Thi ...
Evercore(EVR) - 2019 Q2 - Quarterly Report
2019-08-01 21:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-32975 (Commission File Number) ____________________________________________________ EVERCORE INC. ...
Evercore(EVR) - 2019 Q2 - Earnings Call Transcript
2019-07-24 16:39
Evercore Inc. (NYSE:EVR) Q2 2019 Results Earnings Conference Call July 24, 2019 8:00 AM ET Company Participants Jamie Easton - Head of Investor Relations Ralph Schlosstein - President and Chief Executive Officer John Weinberg - Chairman of the Board and Executive Chairman Robert Walsh - Senior Managing Director and Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities James Mitchell - Buckingham Research Brennan Hawkins - UBS Steven Chubak - Wolfe Research Michael Brown - KBW Mich ...
Evercore(EVR) - 2019 Q1 - Quarterly Report
2019-05-02 20:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ý Accelerated filer o Non-accelerated filer o Smaller reporting company o Emerging growth company o FORM 10-Q _____________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tra ...
Evercore(EVR) - 2019 Q1 - Earnings Call Transcript
2019-04-24 17:26
Evercore Inc. (NYSE:EVR) Q1 2019 Results Earnings Conference Call April 24, 2019 8:00 AM ET Company Participants Jamie Easton - Head of Investor Relations Ralph Schlosstein - President and Chief Executive Officer John Weinberg - Chairman of the Board and Executive Chairman Robert Walsh - Senior Managing Director and Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities Michael Needham - Bank of America-Merrill Lynch Brent Thill - UBS James Mitchell - Buckingham Research Group Mich ...