Financial Data and Key Metrics Changes - The company achieved adjusted revenue of $376 million for Q3 2025, representing a 34% increase year-over-year, and $1.05 billion for the first nine months of 2025, a 37% increase compared to the prior year [4][10] - The adjusted pre-tax margin was 22.2% for Q3 2025, with a year-to-date margin of 18.2%, showing significant improvement from the same periods in the prior year [11] - The adjusted compensation expense ratio for Q3 was 66.2%, with a year-to-date ratio of 68%, down from 69% in the first half of 2025 [10][11] Business Line Data and Key Metrics Changes - The M&A business saw a meaningful increase in average fees due to larger strategic M&A and sponsor transactions, indicating a robust environment for transformative deals [5][6] - Capital markets revenues more than doubled year-to-date compared to the same period last year, positioning the company for a record year [6][7] - Capital structure advisory experienced a decline, attributed to fewer traditional restructurings, but the company remains engaged in liability management assignments [10][11] Market Data and Key Metrics Changes - The company noted a significant uptick in sponsor activity, driven by a pent-up need for sponsors to return capital to LPs and a favorable financing environment [6][9] - The regulatory environment has become more accommodating, allowing companies to pursue larger transactions, which is expected to drive increased deal activity [35][36] Company Strategy and Development Direction - The company is focused on three key areas: clients, culture, and growth, emphasizing the importance of client success and maintaining a collaborative culture [13] - There is a strong emphasis on building the private capital advisory business as a key growth engine, with ongoing hiring to enhance expertise in this area [7][63] - The company is optimistic about the transaction environment, despite potential short-term impacts from the U.S. government shutdown [9] Management's Comments on Operating Environment and Future Outlook - Management believes that AI will have a profound impact on the economy, creating opportunities for restructuring as its effects become clearer [16] - The company sees a broadening of the M&A market, with expectations for increased activity in middle-market transactions as conditions normalize [25][58] - The overall sentiment is positive regarding the growth of private credit, which is viewed as beneficial for the company's advisory business [17][18] Other Important Information - The board declared a quarterly dividend of $0.65 per share and repurchased approximately 206,000 shares for a total cost of $14.5 million during Q3 [12] - The company maintains a strong balance sheet with approximately $620 million in cash and liquid investments and no debt [12] Q&A Session Summary Question: Impact of AI on restructuring - Management acknowledged that AI is expected to disrupt various sectors, potentially leading to restructuring opportunities as its impact becomes evident [16] Question: Concerns regarding private credit defaults - Management expressed confidence in the growth of private credit, stating that recent defaults do not indicate a systemic problem and that the trend is beneficial for their business [17][18] Question: M&A market breadth and activity - Management confirmed that the current market is driven by larger transactions but noted signs of a broadening market, particularly in middle-market sponsor activity [25][58] Question: Compensation ratio outlook - Management indicated that the current compensation ratio of 68% is an improvement from the previous year and aims to normalize further as market conditions improve [29][30] Question: Regulatory environment and deal activity - Management highlighted a more accommodating regulatory backdrop, which is driving increased ambition for larger transactions among companies [34][35] Question: Outlook for restructuring business - Management noted a muted level of new business origination in restructuring compared to last year, but remains optimistic about future opportunities [56] Question: Hiring activity in 2026 - Management plans to continue hiring, particularly in private capital advisory, to capitalize on growth opportunities [63]

Business Overview - Moelis & Company is presented as a leading global advisory-focused independent investment bank [6] - The firm emphasizes a client-first philosophy, diversified capabilities, and a robust financial model [4] - Moelis has a global reach, advising clients in over 45 countries [7] Financial Performance - The company returned approximately $2.9 billion in capital to shareholders [7, 66] - Moelis achieved revenue growth of 187% from FY 2014 to LTM 3Q 2025 [7] - LTM 3Q 2025 Revenue was $1,487 million [7] Talent and Global Presence - The firm has 170 Managing Directors, with approximately 40% being internally promoted [7] - Moelis has 1,430 employees across 23 locations globally [7] - The company provides world-class advice across major industries and sub-sectors [15] Capital Structure Advisory - Moelis has restructured approximately $1.0 trillion of liabilities since its IPO in 2014 [27] - Approximately 60% of engagements are company-side, and 50% are completed out-of-court [28, 29] - Moelis Capital Structure Advisory has been ranked a top 3 advisor over the last decade [31] Capital Markets - The company has raised approximately $200 billion in capital since its IPO [37] Shareholder Returns - Total shareholder return is approximately 500% [7] - Moelis's indexed total shareholder return is 516% since its IPO in April 2014 [74]

Financial Data and Key Metrics Changes - Evercore reported adjusted net revenues of $839 million for Q2 2025, an increase of nearly 21% year over year, marking record revenues for both the second quarter and the first half of the year [10][11][22] - Adjusted operating income for Q2 2025 was $157 million, up 37% compared to the previous year, with adjusted earnings per share increasing 34% to $2.42 [22][23] - The adjusted operating margin improved to 18.7% from 16.4% in the prior year period [22] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $698 million in Q2 2025, a 23% increase year over year, also a record for the second quarter [23] - Underwriting revenues were $32 million, up 4% from a year ago, while commissions and related revenue increased 10% to $58 million [24] - Adjusted asset management and administration fees rose 3% year over year to $21 million, driven by market appreciation and net inflows [24] Market Data and Key Metrics Changes - Year-to-date global M&A volumes were 30% higher than the previous year, with steady monthly increases [12] - The European business saw growth with increased activity across most sectors, and financial sponsors' activity levels strengthened [15] Company Strategy and Development Direction - The acquisition of Roby Warshaw is aimed at enhancing Evercore's capabilities and expanding its global presence, particularly in the UK and EMEA regions [6][8][10] - The company continues to focus on recruiting high-quality talent as a primary growth strategy, alongside potential acquisitions [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions and increasing CEO confidence levels, anticipating continued growth in the investment banking environment [11][12] - Despite uncertainties, management believes that the merger business will strengthen, contributing significantly to overall revenues [47] Other Important Information - Evercore's cash and investment securities totaled over $1.7 billion as of June 30, and the company returned $532 million to shareholders through share repurchases and dividends in the first half of the year [29][31] - The company maintains a strong liquidity position and conservative debt levels, with plans to continue investing in strategic initiatives [31] Q&A Session Summary Question: Additional details on the Roby Warshaw transaction - Management highlighted Roby Warshaw's strong client relationships and strategic advisory capabilities, which will complement Evercore's offerings [33][34] Question: Impact of tariffs on M&A activity - Management noted that while full merger activity has not returned, there is growing comfort and certainty among boards, leading to increased backlog and potential future activity [36][37] Question: Future acquisitions for growth - Management emphasized that organic growth through hiring high-quality talent remains the primary strategy, with acquisitions considered on a case-by-case basis [41][42] Question: Diversification of business and revenue mix - Management indicated that while M&A activity is expected to grow, non-M&A businesses will also continue to thrive, aiming for a balanced revenue mix [46][47] Question: Outlook for secondary market volumes - Management expressed confidence in maintaining strong activity levels in the secondary market, despite increased competition [51][55] Question: Cost synergies and margin outlook - Management discussed ongoing efforts to manage compensation and non-compensation expenses, with a focus on achieving a lower compensation ratio over time [58][60] Question: Financing details for the Roby Warshaw deal - Management clarified the structure of the transaction, including the use of stock for the first tranche and potential future performance-based considerations [66][70]

Investor Presentation July 2025 Forward Looking Statements This presentation contains forward-looking statements, which reflect the Firm's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "target," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versio ...

Financial Performance & Returns - The company returned approximately $28 billion to shareholders[7, 65] - The company's Last Twelve Months (LTM) revenue as of Q1 2025 was $1284 million[7] - The total shareholder return is approximately 400%[7] - Revenue growth from FY 2014 to LTM Q1 2025 was 147%[7] Talent & Global Reach - The company has 168 Managing Directors (MDs), with approximately 45% being internally promoted[7] - The company has approximately 1300 employees[7] - The company has a global presence with 23 locations and advises clients in over 45 countries[7] - The company has deep knowledge in over 85 industries/sectors[7] Advisory Services - The company has restructured approximately $1 trillion of liabilities since its IPO in 2014[26] - The company's Private Capital Advisory team has advised on over $75 billion in private capital[39] - The company has raised approximately $200 billion in capital since its IPO[36] M&A Performance - The company has been involved in $22 trillion in transaction volume since its IPO[22]

Evercore (EVR) 2025 Conference Summary Company Overview - **Company**: Evercore (EVR) - **Event**: 2025 Conference on June 10, 2025 Key Points Industry Insights - Evercore has consistently gained market share, particularly during periods of uncertainty, indicating a robust business model focused on client relationships and diversified services [3][5][62] - The company has diversified its revenue streams, with 50% of revenues in the last quarter coming from non-merger businesses, and over 40% in the past four years [5][62] Growth Strategy - Future growth is expected from enhanced client coverage and diversification of services, including debt advisory and private capital advisory [9][11][12][36] - Evercore has focused on recruiting high-quality talent, adding 60 new senior managing directors (SMDs) over the last three years, which is anticipated to drive business growth [13][14] Market Conditions - Client sentiment is cautiously optimistic, with some signs of increased confidence, but overall uncertainty remains due to factors like tariffs and interest rates [15][16][18][24] - The company is observing activity in sectors less affected by tariffs, such as energy, software, and healthcare, which are expected to drive future deals [20][21] Interest Rates and Economic Outlook - Interest rates are not seen as a significant barrier to deal-making, but clients are looking for predictability in the economic environment [23][24] - The underlying economy's health is crucial; rate cuts could signal economic improvement, while fears of recession may dampen deal activity [25][24] Regulatory Environment - The current regulatory landscape is still evolving, with indications that the FTC and DOJ may adopt a less restrictive approach to mergers, which could encourage more deal activity [26][28] European Market Expansion - Evercore aims to increase its market share in Europe to match that of the U.S., focusing on hiring top talent in key markets like Spain, France, and Italy [30][31][34] Private Capital Advisory - The private capital advisory business is a key growth driver, with strong performance in both GP and LP segments, and ongoing development of new products [36][41] - There is an increasing demand for liquidity among investors, which is expected to enhance the flow of stakes in private equity [39][40] Restructuring and Liability Management - The restructuring business is performing well, with high activity levels as companies seek advice on capital structure management [44][45] Equity Capital Markets - There is potential for a pickup in IPO activity, with a strong pipeline anticipated post-Labor Day, contingent on market stability [48][49] Talent Acquisition and Expenses - The hiring environment is competitive, but Evercore is optimistic about its talent pipeline and plans to continue hiring top talent [54][57] - The company is focused on managing expenses while ensuring capacity to serve clients effectively [61][62] Conclusion - Evercore is positioned for continued growth through diversification, strong client relationships, and strategic hiring, with a positive outlook for the coming years despite current market uncertainties [62][63]