COLUMBUS, Ohio, May 28, 2024 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE: BBWI) announced today that Eva Boratto, chief financial officer, will participate in a fireside chat at the Evercore ISI Consumer & Retail Conference on Tuesday, June 11, 2024, at 11:00 a.m. EDT. A live audio webcast will be available at the time of the event and may be accessed through the Events and Presentations section of the company's website at https://investors.bbwinc.com/financial-reporting/eventspresentations. The webca ...

Core Viewpoint - Evercore's recent earnings report showed mixed results, with adjusted earnings per share missing estimates, while revenues increased year-over-year, indicating potential challenges ahead for the company [2][4]. Financial Performance - Adjusted earnings per share for Q1 2024 were $2.13, missing the Zacks Consensus Estimate of $2.20 and down from $2.16 a year ago [2] - Net income available to common shareholders was $85.7 million, reflecting a 2.8% increase from the previous year [3] - Total revenues for Q1 2024 were $585 million, missing the consensus estimate of $652.7 million but up 1.5% year-over-year [4] - Adjusted net revenues were $587.3 million, marking a 1.7% increase year-over-year [4] - Total expenses rose by 6.8% to $496.7 million, primarily due to increases in various expense components [5] Segment Performance - In the Investment Banking & Equities segment, net revenues increased by 1.2% year-over-year to $561.7 million, but operating income decreased by 23.3% to $78.9 million [6] - The Investment Management segment saw net revenues of $19.1 million, up 10.1% from the prior year, with operating income rising 27.7% to $5.2 million and AUM reaching $13 billion, an 18% increase year-over-year [6] Balance Sheet - As of March 31, 2024, cash and cash equivalents stood at $569.8 million, with investment securities and certificates of deposit totaling $865.3 million [7] - Current assets exceeded current liabilities by $1.5 billion [7] Shareholder Activities - In Q1 2024, Evercore repurchased 1.5 million shares at an average price of $177.04 [8] Market Sentiment - Estimates for Evercore have trended downward, with a consensus estimate shift of -21.43% [9][10] - The company currently holds a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [12] Industry Comparison - Evercore is part of the Zacks Financial - Investment Bank industry, where competitor Morgan Stanley reported revenues of $15.14 billion, a year-over-year increase of 4.3% [13] - Morgan Stanley's EPS for the same period was $2.02, compared to $1.70 a year ago, and it has a Zacks Rank of 1 (Strong Buy) [14]

Part I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Evercore's unaudited condensed consolidated financial statements for Q1 2024, detailing total assets of $3.01 billion, total revenues of $585.0 million, and net income of $85.7 million [Condensed Consolidated Statements of Financial Condition](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Evercore's total assets decreased to $3.01 billion from $3.70 billion as of March 31, 2024, with corresponding decreases in total liabilities and equity Condensed Consolidated Statements of Financial Condition (Unaudited) | (dollars in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $1,922,924 | $2,605,217 | | **Total Assets** | **$3,005,988** | **$3,703,298** | | **Total Current Liabilities** | $392,939 | $910,059 | | **Total Liabilities** | **$1,357,716** | **$1,920,808** | | **Total Equity** | **$1,648,272** | **$1,782,490** | | **Total Liabilities and Equity** | **$3,005,988** | **$3,703,298** | - The decrease in total assets was largely driven by a significant reduction in Investment Securities and Certificates of Deposit, which fell from **$1.44 billion** to **$865.3 million**[12](index=12&type=chunk) - The decrease in total liabilities was primarily due to a substantial drop in Accrued Compensation and Benefits from **$763.2 million** to **$228.4 million**, reflecting bonus payments made in the first quarter[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Evercore's Q1 2024 total revenues increased to $585.0 million, driven by higher Underwriting Fees, resulting in net income of $85.7 million or $2.09 per diluted share Condensed Consolidated Statements of Operations (Unaudited) | (dollars in thousands, except per share data) | For the Three Months Ended March 31, 2024 | For the Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total Revenues** | $585,003 | $576,314 | | **Net Revenues** | $580,815 | $572,143 | | **Total Expenses** | $496,695 | $465,239 | | **Income Before Income Taxes** | $86,445 | $108,372 | | **Net Income** | $93,124 | $92,241 | | **Net Income Attributable to Evercore Inc.** | **$85,693** | **$83,378** | | **Diluted Net Income Per Share** | **$2.09** | **$2.06** | - Advisory Fees, the largest revenue component, decreased to **$429.8 million** from **$462.6 million** year-over-year, offset by Underwriting Fees which more than doubled to **$55.5 million** from **$22.9 million**[14](index=14&type=chunk) - Employee Compensation and Benefits increased to **$387.7 million** from **$366.9 million** in the prior-year quarter[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw a net cash outflow of $281.2 million from operations, offset by $576.5 million from investing, leading to a net cash decrease of $27.1 million Condensed Consolidated Statements of Cash Flows (Unaudited) | (dollars in thousands) | For the Three Months Ended March 31, 2024 | For the Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | ($281,221) | ($384,737) | | **Net Cash Provided by Investing Activities** | $576,503 | $631,254 | | **Net Cash Used in Financing Activities** | ($318,603) | ($336,987) | | **Net (Decrease) in Cash** | ($27,088) | ($83,998) | | **Cash, Cash Equivalents and Restricted Cash – End of Period** | $578,396 | $588,125 | - The significant cash outflow from operations was driven by a **$628.4 million** decrease in Accrued Compensation and Benefits, reflecting annual bonus payments[23](index=23&type=chunk) - Financing activities included **$265.3 million** for the purchase of treasury stock and noncontrolling interests, and **$43.2 million** for dividends[23](index=23&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and segment reporting, showing Q1 2024 net revenues of $561.7 million for Investment Banking & Equities and $19.1 million for Investment Management - The company's business is divided into two main segments: **Investment Banking & Equities** and **Investment Management**[25](index=25&type=chunk)[26](index=26&type=chunk) - The company consolidates several Variable Interest Entities (VIEs), including Evercore LP, where it is the primary beneficiary[29](index=29&type=chunk)[30](index=30&type=chunk)[33](index=33&type=chunk) - The effective tax rate for Q1 2024 was **(7.7%)**, significantly impacted by a **$29.5 million** excess tax benefit from share-based awards, which reduced the rate by **34.1 percentage points**[160](index=160&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, noting a 2% net revenue increase to $580.8 million driven by Underwriting Fees, a 7% rise in expenses, and strong liquidity amidst market uncertainty [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q1 2024 Net Revenues increased 2% to $580.8 million, driven by a 143% surge in Underwriting Fees, while total expenses rose 7%, leading to a 3% increase in Net Income Attributable to Evercore Inc Q1 2024 vs Q1 2023 Performance | (dollars in thousands) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $580,815 | $572,143 | 2% | | Advisory Fees | $429,838 | $462,562 | (7%) | | Underwriting Fees | $55,535 | $22,883 | 143% | | **Total Expenses** | $496,695 | $465,239 | 7% | | **Income Before Income Taxes** | $86,445 | $108,372 | (20%) | | **Net Income Attributable to Evercore Inc.** | $85,693 | $83,378 | 3% | - The increase in total operating expenses was primarily driven by a **6%** rise in Employee Compensation and Benefits and a **14%** increase in non-compensation expenses[210](index=210&type=chunk) - The effective tax rate was **(7.7%)** in Q1 2024 compared to **14.9%** in Q1 2023, mainly due to a larger tax benefit from the vesting of employee share-based awards[213](index=213&type=chunk) [Business Segments](index=40&type=section&id=Business%20Segments) Investment Banking & Equities net revenues rose 1% to $561.7 million, while Investment Management revenues grew 10% to $19.1 million, with Wealth Management AUM reaching $13.0 billion Segment Pre-Tax Income (Q1 2024 vs Q1 2023) | (dollars in thousands) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Investment Banking & Equities** | $79,578 | $102,881 | (23%) | | **Investment Management** | $6,867 | $5,491 | 25% | - In the Investment Banking & Equities segment, the number of advisory and underwriting client transactions generating fees of at least **$1 million** increased by **17%** year-over-year, from **78 to 91**[222](index=222&type=chunk) - Wealth Management AUM increased by **$0.7 billion** in Q1 2024, reaching **$13.0 billion**, primarily due to market appreciation of **$676 million**[228](index=228&type=chunk)[231](index=231&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains robust liquidity with $569.8 million in cash and $865.3 million in investment securities, repurchasing 1.49 million shares for $263.3 million in Q1 2024 - As of March 31, 2024, the company held **$569.8 million** in Cash and Cash Equivalents and **$865.3 million** in Investment Securities and Certificates of Deposit[265](index=265&type=chunk) - During Q1 2024, the company repurchased **1,487,189 Class A shares** for an aggregate of **$263.3 million**, including **553,588 shares** under the public repurchase program and **933,601 shares** for employee tax withholding[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) - The company has three revolving credit facilities with a total capacity of **$160 million** (**$30M**, **$55M**, and **$75M**), with no amounts drawn as of March 31, 2024[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - Management notes that macroeconomic uncertainty, elevated interest rates, and geopolitical tensions have contributed to an elongation of the timing of transaction closings[242](index=242&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the 'Market Risk and Credit Risk' discussion in Item 2, stating the company does not believe it faces material market risks beyond what is disclosed - The company's disclosures about market risk are contained within the Management's Discussion and Analysis section[281](index=281&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[282](index=282&type=chunk) - There were no changes during the first quarter of 2024 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[283](index=283&type=chunk) Part II. Other Information [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various judicial and regulatory proceedings in the normal course of business but believes no current pending matters will have a material financial effect - In the normal course of business, the company is involved in various legal and regulatory matters[286](index=286&type=chunk) - The company believes that the resolution of current pending proceedings, individually or in aggregate, will not have a material effect on its financial condition[286](index=286&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Q1 2024 equity security repurchases, totaling 1,487,189 shares at an average price of $177.04 per share, including those under its public repurchase program Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased (shares) | Average Price Paid Per Share ($) | Shares Purchased as Part of Publicly Announced Plan (shares) | | :--- | :--- | :--- | :--- | | Jan 2024 | 9,470 | $165.25 | — | | Feb 2024 | 1,473,367 | $177.09 | 553,588 | | Mar 2024 | 4,352 | $187.12 | — | | **Total Q1** | **1,487,189** | **$177.04** | **553,588** | - The majority of repurchases (**933,601 shares**) were related to net settlement of equity awards to satisfy employee minimum tax obligations[287](index=287&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files for the financial statements - Exhibits filed include certifications from the Chief Executive Officer and Chief Financial Officer[288](index=288&type=chunk) - The filing includes financial statements and notes formatted in Inline XBRL[288](index=288&type=chunk)

Evercore Inc.’s (EVR) shares lost 4.9% following the release of its lower-than-expected first-quarter 2024 results. Adjusted earnings per share of $2.13 missed the Zacks Consensus Estimate of $2.20. The bottom line compared unfavorably with earnings of $2.16 per share reported a year ago.Results were affected due to a rise in expenses. Nonetheless, an increase in revenues generated from the Investment Management and Investment Banking & Equities segments offered support. Further, an improvement in assets un ...

Evercore (EVR) came out with quarterly earnings of $2.13 per share, missing the Zacks Consensus Estimate of $2.20 per share. This compares to earnings of $2.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.18%. A quarter ago, it was expected that this investment bank would post earnings of $1.63 per share when it actually produced earnings of $2.02, delivering a surprise of 23.93%.Over the last four quarters, the company ...

Exhibit 99.1 E V E R C O R E EVERCORE REPORTS FIRST QUARTER 2024 RESULTS; INCREASES QUARTERLY DIVIDEND TO $0.80 PER SHARE | | | | | | First Quarter Results | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | U.S. GAAP | | | | | Adjusted | | | | | Q1 2024 | | | Q1 2023 | | Q1 2024 | | Q1 2023 | | Net Revenues ($ mm) | $ 580.8 | | $ | 572.1 | $ | 587.3 | $ | 577.8 | | Operating Income ($ mm) | $ 84.1 | | $ | 106.9 | $ | 90.6 | $ | 115.5 | | Net Income Attributable to Evercore Inc. ($ | | | | | ...

Evercore (EVR) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 24. On th ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.Zacks Premium also includes the Zacks Style Scores.What are the Zacks Style Scores?The Zack ...

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 [175]. - Net Income Attributable to Evercore Inc. was $255.5 million in 2023, a decrease of $221.0 million, or 46%, compared to $476.5 million in 2022 [202]. - Net Revenues were $2.43 billion in 2023, a decrease of $336.1 million, or 12%, versus $2.76 billion in 2022, with Advisory Fees decreasing by $429.1 million, or 18% [203]. - Comprehensive income for 2023 was $286,739, compared to $513,947 in 2022, a decrease of 44.2% [343]. - Net income for 2023 was $285,223,000, a decrease of 46% compared to $531,415,000 in 2022 and a decrease of 67% compared to $868,573,000 in 2021 [349]. Expenses and Compensation - Employee Compensation and Benefits Expense includes all payments for services rendered by employees, reflecting competitive compensation levels to retain key personnel [182]. - The ratio of Employee Compensation and Benefits Expense to Net Revenues is an important measure for assessing compensation costs relative to performance [192]. - Total Operating Expenses were $2.06 billion in 2023, flat compared to 2022, with Employee Compensation and Benefits Expense decreasing by $40.6 million, or 2% [205]. - Employee Compensation and Benefits Expense as a percentage of Net Revenues was 68.3% in 2023, compared to 61.5% in 2022 [207]. - The company anticipates discretionary distributions of profits to named executive officers in the first quarter of 2025, in lieu of cash incentive compensation for 2024 [189]. Advisory and M&A Activity - 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 [177]. - The dollar value of North American announced and completed M&A activity decreased by 6% and 16%, respectively, compared to 2022 [218]. - The value of Global M&A Deals Announced decreased by $556 million, or 16%, to $2.88 billion in 2023 compared to $3.44 billion in 2022 [220]. - The total number of fees from Advisory and Underwriting Client Transactions increased by 2% to 666 in 2023, compared to 651 in 2022 [220]. Assets and Liabilities - Total current assets decreased to $2,605,217 in 2023 from $2,706,731 in 2022, a reduction of 3.7% [339]. - Total assets increased to $3,703,298 in 2023, up from $3,620,923 in 2022, reflecting a growth of 2.3% [339]. - Total liabilities rose to $1,920,808 in 2023, compared to $1,894,505 in 2022, an increase of 1.4% [339]. - Total receivables recorded in Accounts Receivable amounted to $371.6 million as of December 31, 2023, down from $385.1 million in 2022 [285]. Cash Flow and Investments - Cash provided by operating activities in 2023 was $457,954,000, down from $531,376,000 in 2022 [349]. - Cash, Cash Equivalents, and Restricted Cash decreased to $605.5 million at December 31, 2023, down $66.6 million from $672.1 million at December 31, 2022 [239]. - The company repurchased treasury stock amounting to $391,964,000 in 2023, compared to $550,293,000 in 2022 [349]. - The company experienced a net loss on investments of $34,671,000 in 2023, compared to a gain of $16,458,000 in 2022 [349]. Market Conditions and Future Outlook - The company remains in a period of macroeconomic uncertainty and market volatility, impacting M&A activity and advisory transactions [245]. - The company has total commitments for future capital contributions to private equity funds of $2.6 million as of December 31, 2023 [272]. - The company holds equity securities and exchange-traded funds valued at $160.9 million as of December 31, 2023, with net realized and unrealized gains of $31.7 million for the year [277]. Financial Reporting and Compliance - The Company recognizes revenue from Investment Banking & Equities and Investment Management segments under ASC 606, which includes a five-step model for revenue recognition [364]. - The Company evaluates its economic interests in VIEs to determine if it is the primary beneficiary, which requires significant judgment [355]. - The company recorded a gross deferred tax asset balance of $373.8 million, requiring approximately $1.5 billion of future taxable income to realize [316].

NEW YORK--(BUSINESS WIRE)--Evercore (NYSE: EVR) announced today that Marcelo Pizzimbono has joined Evercore ISI as a senior managing director and head of sales. Mr. Pizzimbono has more than 30 years of experience in financial services. Most recently, he was managing partner at CrossRegional Management, where he helped build one of the leading alternative private credit/direct lending companies in Latin America. Prior to that, he was a managing director and head of U.S. institutional equity franchise sale ...