Evercore Reports Second Quarter 2025 Results; Quarterly Dividend of $0.84 Per Share

NEW YORK--(BUSINESS WIRE)-- Evercore Inc. (NYSE: EVR):

		Second Quarter Results																Year to Date Results
		U.S. GAAP								Adjusted								U.S. GAAP								Adjusted
		Q2 2025				Q2 2024				Q2 2025				Q2 2024				YTD 2025				YTD 2024				YTD 2025				YTD 2024
Net Revenues ($ mm)		$	833.8			$	689.2			$	838.9			$	695.3			$	1,528.7			$	1,270.0			$	1,538.8			$	1,282.6
Operating Income ($ mm)		$	150.4			$	108.2			$	157.1			$	114.3			$	261.6			$	192.4			$	273.3			$	204.9
Net Income Attributable to Evercore Inc. ($ mm)		$	97.2			$	73.8			$	105.4			$	78.7			$	243.4			$	159.5			$	260.2			$	171.6
Diluted Earnings Per Share		$	2.36			$	1.81			$	2.42			$	1.81			$	5.85			$	3.89			$	5.92			$	3.94
Compensation Ratio			65.8	%			66.6	%			65.4	%			66.0	%			66.0	%			66.7	%			65.5	%			66.0	%
Operating Margin			18.0	%			15.7	%			18.7	%			16.4	%			17.1	%			15.1	%			17.8	%			16.0	%

Business and Financial Highlights		◼	Record Second Quarter and First Half Net Revenues were $833.8 million and $1.5 billion, respectively, on a U.S. GAAP basis and $838.9 million and $1.5 billion, respectively, on an Adjusted basis. Second Quarter and First Half 2025 Net Revenues increased 21% and 20%, respectively, on both a U.S. GAAP basis and an Adjusted basis versus 2024
		◼	Second Quarter Operating Income of $150.4 million and $157.1 million on a U.S. GAAP and an Adjusted basis, respectively, increased 39% and 37%, respectively, versus 2024; Second Quarter Operating Margins of 18.0% and 18.7% on a U.S. GAAP and an Adjusted basis, respectively, increased 233 and 228 basis points, respectively, versus 2024
		◼	Evercore today announced that it has entered into an agreement to acquire Robey Warshaw, a highly successful independent advisory firm headquartered in the United Kingdom
		◼	Our Advisory business had record second quarter and first half revenues, advising on 4 of the 10 largest transactions year-to-date, including the following transactions in the second quarter:
			◼	Cox Communications' merger with Charter Communications, valuing Cox Communications at $34.5 billion
			◼	Warner Bros. Discovery on its separation into two leading media companies
			◼	The sale of Foot Locker to DICK'S Sporting Goods for $2.5 billion
		◼	We have continued to experience strong momentum in July:
			◼	Advising Becton Dickinson on the combination of its Biosciences and Diagnostic Solutions business with Waters in a $17.5 billion Reverse Morris Trust transaction
			◼	Advising Huntington Bancshares on its acquisition of Veritex Holdings for $1.9 billion
		◼	Our leading Private Capital Advisory business had record second quarter and first half results
		◼	Evercore was named “North America’s Best Bank for Independent Advisory” for Euromoney’s Awards for Excellence
Talent		◼	Year-to-date, nine Investment Banking Senior Managing Directors (SMDs) and one Senior Advisor have started at the Firm or will be joining later in the year
		◼	Four Investment Banking Senior Managing Directors joined Evercore since the last earnings call; Mike Addeo in Private Capital Advisory, Bennett Blau in the Healthcare Investment Banking Group, Jon Josephs in the Industrials Investment Banking Group and Luigi de Vecchi in our European Advisory practice in Italy
		◼	Since our last earnings call, three Investment Banking Senior Managing Directors committed to join Evercore later this year; two focused on logistics and transportation and one focused on ratings advisory
		◼	In the quarter, Evercore Wealth Management expanded its San Francisco office with four new hires, including two partners
Capital Return		◼	Quarterly dividend of $0.84 per share
		◼	Returned $532.1 million to shareholders during the first six months of 2025 through dividends and repurchases of 1.7 million shares at an average price of $258.50

Evercore Inc. (NYSE: EVR) today announced its results for the second quarter ended June 30, 2025.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "We are pleased with our forward momentum and remain focused on our client coverage, the quality of our execution, and our longer term strategy."

Roger C. Altman, Founder and Senior Chairman, "We delivered the strongest second quarter and first half revenues in our history, and are entering the second half of the year with meaningful momentum."

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-9 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Acquisition and Transition Costs have been excluded from Adjusted Net Income Attributable to Evercore Inc. These charges in 2025 relate to professional fees incurred related to transitioning acquisitions or divestitures.

Evercore's Adjusted Diluted Shares Outstanding for the three and six months ended June 30, 2025 were higher than U.S. GAAP as a result of the inclusion of certain Evercore LP Units and Unvested Restricted Stock Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and six months ended June 30, 2024 are included in pages A-2 to A-9.

Reclassifications:

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.

Selected Financial Data – U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-5 to A-7 for our business segment results.

Net Revenues

		U.S. GAAP
		Three Months Ended									Six Months Ended
		June 30, 2025			June 30, 2024			% Change			June 30, 2025			June 30, 2024			% Change
		(dollars in thousands)
Investment Banking & Equities:
Advisory Fees		$	697,744		$	568,231		23	%		$	1,255,093		$	998,069		26	%
Underwriting Fees			32,206			30,999		4	%			86,461			86,534		—	%
Commissions and Related Revenue			58,272			53,199		10	%			113,382			101,437		12	%
Investment Management:
Asset Management and Administration Fees			20,684			19,200		8	%			41,667			37,899		10	%
Other Revenue, net			24,924			17,595		42	%			32,056			46,100		(30	%)
Net Revenues		$	833,830		$	689,224		21	%		$	1,528,659		$	1,270,039		20	%
		Three Months Ended									Six Months Ended
		June 30, 2025			June 30, 2024			% Change			June 30, 2025			June 30, 2024			% Change
Total Number of Fees from Advisory and Underwriting Client Transactions(1)			245			244		—	%			386			381		1	%
Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions(1)			111			95		17	%			206			186		11	%
Total Number of Underwriting Transactions(1)			13			17		(24	%)			27			36		(25	%)
Total Number of Underwriting Transactions as a Bookrunner(1)			13			14		(7	%)			25			30		(17	%)
1. Includes Equity and Debt Underwriting Transactions.

		As of June 30,
		2025			2024			% Change
Assets Under Management ($ mm)(1)		$	14,478		$	13,160		10	%
1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees – Second quarter Advisory Fees increased $129.5 million, or 23%, year-over-year, and year-to-date Advisory Fees increased $257.0 million, or 26%, year-over-year, reflecting an increase in revenue earned from large transactions during 2025.

Underwriting Fees – Second quarter Underwriting Fees increased $1.2 million, or 4%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during the second quarter of 2025. Year-to-date Underwriting Fees were flat year-over-year.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.1 million, or 10%, year-over-year, and year-to-date Commissions and Related Revenue increased $11.9 million, or 12%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2025.

Asset Management and Administration Fees – Second quarter Asset Management and Administration Fees increased $1.5 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, primarily from market appreciation. Year-to-date Asset Management and Administration Fees increased $3.8 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, primarily from market appreciation.

Other Revenue – Second quarter Other Revenue, net, increased $7.3 million, or 42%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, partially offset by lower returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. Year-to-date Other Revenue, net, decreased $14.0 million, or 30%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

		U.S. GAAP
		Three Months Ended											Six Months Ended
		June 30, 2025				June 30, 2024				% Change			June 30, 2025				June 30, 2024				% Change
		(dollars in thousands)
Employee Compensation and Benefits		$	548,611			$	458,935			20	%		$	1,008,436			$	846,640			19	%
Compensation Ratio			65.8	%			66.6	%						66.0	%			66.7	%
Non-Compensation Costs		$	134,830			$	122,046			10	%		$	258,650			$	231,036			12	%
Non-Compensation Ratio			16.2	%			17.7	%						16.9	%			18.2	%

Employee Compensation and Benefits – Second quarter Employee Compensation and Benefits increased $89.7 million, or 20%, year-over-year, reflecting a compensation ratio of 65.8% for the second quarter of 2025 versus 66.6% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Employee Compensation and Benefits increased $161.8 million, or 19%, year-over-year, reflecting a year-to-date compensation ratio of 66.0% versus 66.7% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Second quarter Non-Compensation Costs increased $12.8 million, or 10%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the second quarter of 2025, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The second quarter Non-Compensation ratio of 16.2% decreased from 17.7% for the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Non-Compensation Costs increased $27.6 million, or 12%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, consulting costs and license fees, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The year-to-date Non-Compensation ratio of 16.9% decreased from 18.2% for the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Effective Tax Rate

The second quarter effective tax rate was 29.3% versus 25.8% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The year-to-date effective tax rate was 1.0% versus 11.0% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

Selected Financial Data – Adjusted Results

The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-9 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-5 to A-7 for our business segment results.

Adjusted Net Revenues

		Adjusted
		Three Months Ended									Six Months Ended
		June 30, 2025			June 30, 2024			% Change			June 30, 2025			June 30, 2024			% Change
		(dollars in thousands)
Investment Banking & Equities:
Advisory Fees(1)		$	697,755		$	568,378		23	%		$	1,255,066		$	998,904		26	%
Underwriting Fees			32,206			30,999		4	%			86,461			86,534		—	%
Commissions and Related Revenue			58,272			53,199		10	%			113,382			101,437		12	%
Investment Management:
Asset Management and Administration Fees(2)			21,488			20,910		3	%			43,388			41,246		5	%
Other Revenue, net			29,134			21,784		34	%			40,459			54,477		(26	%)
Net Revenues		$	838,855		$	695,270		21	%		$	1,538,756		$	1,282,598		20	%
Advisory Fees on an Adjusted basis reflect the reclassification of earnings (losses) related to our equity method investment in Seneca Evercore and our former equity method investment in Luminis (through September 2024) of $0.01 million and ($0.03) million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.8 million for the three and six months ended June 30, 2024, respectively. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Atalanta Sosnoff and our former equity method investment in ABS (through July 2024) of $0.8 million and $1.7 million for the three and six months ended June 30, 2025, respectively, and $1.7 million and $3.3 million for the three and six months ended June 30, 2024, respectively.

See page 5 for additional business metrics.

Advisory Fees – Second quarter adjusted Advisory Fees increased $129.4 million, or 23%, year-over-year, and year-to-date adjusted Advisory Fees increased $256.2 million, or 26%, year-over-year, reflecting an increase in revenue earned from large transactions during 2025.

Underwriting Fees – Second quarter Underwriting Fees increased $1.2 million, or 4%, year-over-year, reflecting an increase in average fee size of the transactions we participated in during the second quarter of 2025. Year-to-date Underwriting Fees were flat year-over-year.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.1 million, or 10%, year-over-year, and year-to-date Commissions and Related Revenue increased $11.9 million, or 12%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2025.

Asset Management and Administration Fees – Second quarter adjusted Asset Management and Administration Fees increased $0.6 million, or 3%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, primarily from market appreciation. The increase was partially offset by a 53% decrease in equity in earnings of affiliates, reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024. Year-to-date adjusted Asset Management and Administration Fees increased $2.1 million, or 5%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, primarily from market appreciation. The increase was partially offset by a 49% decrease in equity in earnings of affiliates, reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024.

Other Revenue – Second quarter adjusted Other Revenue, net, increased $7.4 million, or 34%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, partially offset by lower returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. Year-to-date adjusted Other Revenue, net, decreased $14.0 million, or 26%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

		Adjusted
		Three Months Ended											Six Months Ended
		June 30, 2025				June 30, 2024				% Change			June 30, 2025				June 30, 2024				% Change
		(dollars in thousands)
Employee Compensation and Benefits		$	548,611			$	458,935			20	%		$	1,008,436			$	846,640			19	%
Compensation Ratio			65.4	%			66.0	%						65.5	%			66.0	%
Non-Compensation Costs		$	133,193			$	122,046			9	%		$	257,013			$	231,036			11	%
Non-Compensation Ratio			15.9	%			17.6	%						16.7	%			18.0	%

Employee Compensation and Benefits – Second quarter adjusted Employee Compensation and Benefits increased $89.7 million, or 20%, year-over-year, reflecting an adjusted compensation ratio of 65.4% for the second quarter of 2025 versus 66.0% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Employee Compensation and Benefits increased $161.8 million, or 19%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 65.5% versus 66.0% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Second quarter adjusted Non-Compensation Costs increased $11.1 million, or 9%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the second quarter of 2025, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The second quarter adjusted Non-Compensation ratio of 15.9% decreased from 17.6% for the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Non-Compensation Costs increased $26.0 million, or 11%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, consulting costs and license fees, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The year-to-date adjusted Non-Compensation ratio of 16.7% decreased from 18.0% for the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Adjusted Effective Tax Rate

The second quarter adjusted effective tax rate was 30.0% versus 26.9% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The year-to-date adjusted effective tax rate was 0.5% versus 11.0% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

Liquidity

The Company continues to maintain a strong balance sheet. As of June 30, 2025, cash and cash equivalents were $617.3 million, investment securities and certificates of deposit were $1.1 billion and current assets exceeded current liabilities by $1.6 billion. Amounts due related to the Notes Payable were $377.2 million at June 30, 2025.

Headcount

As of June 30, 2025 and 2024, the Company employed approximately 2,455 and 2,330 people, respectively, worldwide.

As of June 30, 2025 and 2024, the Company employed 197⁽¹⁾ and 184⁽²⁾ total Investment Banking & Equities Senior Managing Directors, respectively, of which 159⁽¹⁾ and 143⁽²⁾, respectively, were Investment Banking Senior Managing Directors.

⁽¹⁾ Senior Managing Director headcount as of June 30, 2025, adjusted to include five additional Investment Banking Senior Managing Directors committed to join in 2025 and to exclude for known departures of two Investment Banking Senior Managing Directors.

⁽²⁾ Senior Managing Director headcount as of June 30, 2024, adjusted to include three additional Investment Banking Senior Managing Directors that joined in the third and fourth quarters of 2024.

Deferred Compensation

Year-to-date, the Company granted to certain employees 1.7 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2024 bonus awards) with a grant date fair value of $435.2 million.

In addition, year-to-date, the Company granted $83.0 million of deferred cash awards to certain employees, related to our deferred cash compensation program, principally pursuant to 2024 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $141.8 million and $263.9 million for the three and six months ended June 30, 2025, respectively, and $128.4 million and $246.4 million for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, the Company had 4.7 million unvested RSUs with an aggregate grant date fair value of $899.3 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of June 30, 2025, the Company expects to pay an aggregate of $340.9 million related to our deferred cash compensation program at various dates through 2029, subject to certain vesting events. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and are reflected in Accrued Compensation and Benefits, a component of current liabilities.

In addition, from time to time, the Company also grants cash and equity-based performance awards to certain employees, the settlement of which is dependent on the performance criteria being achieved.

Capital Return Transactions

On July 29, 2025, the Board of Directors of Evercore declared a quarterly dividend of $0.84 per share to be paid on September 12, 2025 to common stockholders of record on August 29, 2025.

During the second quarter, the Company repurchased 13 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $213.30, and 0.2 million shares at an average price per share of $237.79 pursuant to the Company's share repurchase program. The aggregate 0.2 million shares were acquired at an average price per share of $236.05. Year-to-date, the Company repurchased 0.9 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $283.64, and 0.8 million shares at an average price per share of $229.62 pursuant to the Company's share repurchase program. The aggregate 1.7 million shares were acquired at an average price per share of $258.50.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, July 30, 2025, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 274-8461 (toll-free domestic) or (203) 518-9814 (international); passcode: EVRQ225. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the Investor Relations section of Evercore’s website at www.evercore.com. The webcast will be archived on Evercore’s website for 30 days.

About Evercore

Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

Basis of Alternative Financial Statement Presentation

Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and better reflects how management views its operating results. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of our U.S. GAAP results to Adjusted results is presented in the tables included in the following pages.

Forward-Looking Statements

This release 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, Evercore's 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," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2024, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(dollars in thousands, except per share data)
(UNAUDITED)
		Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenues
Investment Banking & Equities:
Advisory Fees		$	697,744		$	568,231		$	1,255,093		$	998,069
Underwriting Fees			32,206			30,999			86,461			86,534
Commissions and Related Revenue			58,272			53,199			113,382			101,437
Asset Management and Administration Fees			20,684			19,200			41,667			37,899
Other Revenue, Including Interest and Investments			29,134			21,784			40,459			54,477
Total Revenues			838,040			693,413			1,537,062			1,278,416
Interest Expense(1)			4,210			4,189			8,403			8,377
Net Revenues			833,830			689,224			1,528,659			1,270,039
Expenses
Employee Compensation and Benefits			548,611			458,935			1,008,436			846,640
Occupancy and Equipment Rental			26,914			21,801			52,645			43,745
Professional Fees(2)			23,133			24,437			45,523			46,647
Travel and Related Expenses			23,984			21,384			46,002			40,606
Technology and Information Services(2)			36,587			29,437			69,954			57,613
Depreciation and Amortization			6,450			6,439			12,426			12,732
Execution, Clearing and Custody Fees			3,180			3,051			6,526			6,392
Acquisition and Transition Costs			1,637			—			1,637			—
Other Operating Expenses			12,945			15,497			23,937			23,301
Total Expenses			683,441			580,981			1,267,086			1,077,676
Income Before Income from Equity Method Investments and Income Taxes			150,389			108,243			261,573			192,363
Income from Equity Method Investments			815			1,857			1,694			4,182
Income Before Income Taxes			151,204			110,100			263,267			196,545
Provision for Income Taxes			44,265			28,367			2,538			21,688
Net Income			106,939			81,733			260,729			174,857
Net Income Attributable to Noncontrolling Interest			9,738			7,975			17,344			15,406
Net Income Attributable to Evercore Inc.		$	97,201		$	73,758		$	243,385		$	159,451
Net Income Attributable to Evercore Inc. Common Shareholders		$	97,201		$	73,758		$	243,385		$	159,451
Weighted Average Shares of Class A Common Stock Outstanding:
Basic			38,715			38,502			38,717			38,470
Diluted			41,213			40,857			41,636			40,969
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic		$	2.51		$	1.92		$	6.29		$	4.14
Diluted		$	2.36		$	1.81		$	5.85		$	3.89

(1)		Includes interest expense on long-term debt.
(2)		Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and six months ended June 30, 2024, this resulted in a reclassification of $9.9 million and $18.9 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See pages A-2 to A-3 for further information.

Adjusted Results

Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and Investment Management. The differences between the Adjusted and U.S. GAAP results are as follows:

1. Assumed Exchange of Evercore LP Units into Class A Shares. The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company's management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares.
2. Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results as the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges:
   1. Acquisition and Transition Costs. Primarily professional fees incurred related to transitioning acquisitions or divestitures.
3. Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly.
4. Presentation of Interest Expense. The Adjusted results present Adjusted Investment Banking & Equities Operating Income before interest expense on debt, which is included in interest expense on a U.S. GAAP basis.
5. Presentation of Income from Equity Method Investments. The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.

Reclassifications:

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.

EVERCORE INC.
U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS
(dollars in thousands, except per share data)
(UNAUDITED)
		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net Revenues - U.S. GAAP		$	833,830			$	689,224			$	1,528,659			$	1,270,039
Income from Equity Method Investments (1)			815				1,857				1,694				4,182
Interest Expense on Debt (2)			4,210				4,189				8,403				8,377
Net Revenues - Adjusted		$	838,855			$	695,270			$	1,538,756			$	1,282,598
Other Revenue, net - U.S. GAAP		$	24,924			$	17,595			$	32,056			$	46,100
Interest Expense on Debt (2)			4,210				4,189				8,403				8,377
Other Revenue, net - Adjusted		$	29,134			$	21,784			$	40,459			$	54,477
Operating Income - U.S. GAAP		$	150,389			$	108,243			$	261,573			$	192,363
Income from Equity Method Investments (1)			815				1,857				1,694				4,182
Pre-Tax Income - U.S. GAAP			151,204				110,100				263,267				196,545
Acquisition and Transition Costs (3)			1,637				—				1,637				—
Pre-Tax Income - Adjusted			152,841				110,100				264,904				196,545
Interest Expense on Debt (2)			4,210				4,189				8,403				8,377
Operating Income - Adjusted		$	157,051			$	114,289			$	273,307			$	204,922
Provision for Income Taxes - U.S. GAAP		$	44,265			$	28,367			$	2,538			$	21,688
Income Taxes (4)			1,615				1,261				(1,197	)			(69	)
Provision for Income Taxes - Adjusted		$	45,880			$	29,628			$	1,341			$	21,619
Net Income Attributable to Evercore Inc. - U.S. GAAP		$	97,201			$	73,758			$	243,385			$	159,451
Acquisition and Transition Costs (3)			1,637				—				1,637				—
Income Taxes (4)			(1,615	)			(1,261	)			1,197				69
Noncontrolling Interest (5)			8,147				6,236				13,954				12,080
Net Income Attributable to Evercore Inc. - Adjusted		$	105,370			$	78,733			$	260,173			$	171,600
Diluted Shares Outstanding - U.S. GAAP			41,213				40,857				41,636				40,969
LP Units (6)			2,321				2,558				2,323				2,583
Unvested Restricted Stock Units - Event Based (6)			12				12				12				12
Diluted Shares Outstanding - Adjusted			43,546				43,427				43,971				43,564
Key Metrics: (a)
Diluted Earnings Per Share - U.S. GAAP		$	2.36			$	1.81			$	5.85			$	3.89
Diluted Earnings Per Share - Adjusted		$	2.42			$	1.81			$	5.92			$	3.94
Operating Margin - U.S. GAAP			18.0	%			15.7	%			17.1	%			15.1	%
Operating Margin - Adjusted			18.7	%			16.4	%			17.8	%			16.0	%
Effective Tax Rate - U.S. GAAP			29.3	%			25.8	%			1.0	%			11.0	%
Effective Tax Rate - Adjusted			30.0	%			26.9	%			0.5	%			11.0	%
(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
(dollars in thousands)
(UNAUDITED)
		Investment Banking & Equities Segment
		Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
		U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis				U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees		$	697,744			$	11		(1)	$	697,755			$	1,255,093			$	(27	)	(1)	$	1,255,066
Underwriting Fees			32,206				—				32,206				86,461				—				86,461
Commissions and Related Revenue			58,272				—				58,272				113,382				—				113,382
Other Revenue, net			23,949				4,210		(2)		28,159				31,767				8,403		(2)		40,170
Net Revenues			812,171				4,221				816,392				1,486,703				8,376				1,495,079
Expenses:
Employee Compensation and Benefits			535,447				—				535,447				983,476				—				983,476
Non-Compensation Costs			130,773				(1,637	)	(3)		129,136				250,547				(1,637	)	(3)		248,910
Total Expenses			666,220				(1,637	)			664,583				1,234,023				(1,637	)			1,232,386
Operating Income (a)		$	145,951			$	5,858			$	151,809			$	252,680			$	10,013			$	262,693
Compensation Ratio (b)			65.9	%							65.6	%			66.2	%							65.8	%
Operating Margin (b)			18.0	%							18.6	%			17.0	%							17.6	%
		Investment Management Segment
		Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
		U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis				U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees		$	20,684			$	804		(1)	$	21,488			$	41,667			$	1,721		(1)	$	43,388
Other Revenue, net			975				—				975				289				—				289
Net Revenues			21,659				804				22,463				41,956				1,721				43,677
Expenses:
Employee Compensation and Benefits			13,164				—				13,164				24,960				—				24,960
Non-Compensation Costs			4,057				—				4,057				8,103				—				8,103
Total Expenses			17,221				—				17,221				33,063				—				33,063
Operating Income (a)		$	4,438			$	804			$	5,242			$	8,893			$	1,721			$	10,614
Compensation Ratio (b)			60.8	%							58.6	%			59.5	%							57.1	%
Operating Margin (b)			20.5	%							23.3	%			21.2	%							24.3	%
(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024
(dollars in thousands)
(UNAUDITED)
		Investment Banking & Equities Segment
		Three Months Ended June 30, 2024												Six Months Ended June 30, 2024
		U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis				U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees		$	568,231			$	147		(1)	$	568,378			$	998,069			$	835		(1)	$	998,904
Underwriting Fees			30,999				—				30,999				86,534				—				86,534
Commissions and Related Revenue			53,199				—				53,199				101,437				—				101,437
Other Revenue, net			17,581				4,189		(2)		21,770				45,698				8,377		(2)		54,075
Net Revenues			670,010				4,336				674,346				1,231,738				9,212				1,240,950
Expenses:
Employee Compensation and Benefits			448,064				—				448,064				825,351				—				825,351
Non-Compensation Costs			118,304				—				118,304				223,855				—				223,855
Total Expenses			566,368				—				566,368				1,049,206				—				1,049,206
Operating Income (a)		$	103,642			$	4,336			$	107,978			$	182,532			$	9,212			$	191,744
Compensation Ratio (b)			66.9	%							66.4	%			67.0	%							66.5	%
Operating Margin (b)			15.5	%							16.0	%			14.8	%							15.5	%
		Investment Management Segment
		Three Months Ended June 30, 2024												Six Months Ended June 30, 2024
		U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis				U.S. GAAP Basis				Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees		$	19,200			$	1,710		(1)	$	20,910			$	37,899			$	3,347		(1)	$	41,246
Other Revenue, net			14				—				14				402				—				402
Net Revenues			19,214				1,710				20,924				38,301				3,347				41,648
Expenses:
Employee Compensation and Benefits			10,871				—				10,871				21,289				—				21,289
Non-Compensation Costs			3,742				—				3,742				7,181				—				7,181
Total Expenses			14,613				—				14,613				28,470				—				28,470
Operating Income (a)		$	4,601			$	1,710			$	6,311			$	9,831			$	3,347			$	13,178
Compensation Ratio (b)			56.6	%							52.0	%			55.6	%							51.1	%
Operating Margin (b)			23.9	%							30.2	%			25.7	%							31.6	%
(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS
(dollars in thousands)
(UNAUDITED)
		U.S. GAAP
		Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Investment Banking & Equities
Net Revenues:
Investment Banking & Equities:
Advisory Fees		$	697,744		$	568,231		$	1,255,093		$	998,069
Underwriting Fees			32,206			30,999			86,461			86,534
Commissions and Related Revenue			58,272			53,199			113,382			101,437
Other Revenue, net			23,949			17,581			31,767			45,698
Net Revenues			812,171			670,010			1,486,703			1,231,738
Expenses:
Employee Compensation and Benefits			535,447			448,064			983,476			825,351
Non-Compensation Costs			130,773			118,304			250,547			223,855
Total Expenses			666,220			566,368			1,234,023			1,049,206
Operating Income (a)		$	145,951		$	103,642		$	252,680		$	182,532
Investment Management
Net Revenues:
Asset Management and Administration Fees		$	20,684		$	19,200		$	41,667		$	37,899
Other Revenue, net			975			14			289			402
Net Revenues			21,659			19,214			41,956			38,301
Expenses:
Employee Compensation and Benefits			13,164			10,871			24,960			21,289
Non-Compensation Costs			4,057			3,742			8,103			7,181
Total Expenses			17,221			14,613			33,063			28,470
Operating Income (a)		$	4,438		$	4,601		$	8,893		$	9,831
Total
Net Revenues:
Investment Banking & Equities:
Advisory Fees		$	697,744		$	568,231		$	1,255,093		$	998,069
Underwriting Fees			32,206			30,999			86,461			86,534
Commissions and Related Revenue			58,272			53,199			113,382			101,437
Asset Management and Administration Fees			20,684			19,200			41,667			37,899
Other Revenue, net			24,924			17,595			32,056			46,100
Net Revenues			833,830			689,224			1,528,659			1,270,039
Expenses:
Employee Compensation and Benefits			548,611			458,935			1,008,436			846,640
Non-Compensation Costs			134,830			122,046			258,650			231,036
Total Expenses			683,441			580,981			1,267,086			1,077,676
Operating Income (a)		$	150,389		$	108,243		$	261,573		$	192,363
(a) Operating Income excludes Income (Loss) from Equity Method Investments.

EVERCORE INC.
U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS
(dollars in thousands)
(UNAUDITED)
		Three Months Ended June 30, 2025
		U.S. GAAP			Adjustments				Adjusted
		(dollars in thousands)
Occupancy and Equipment Rental		$	26,914		$	—			$	26,914
Professional Fees			23,133			—				23,133
Travel and Related Expenses			23,984			—				23,984
Technology and Information Services			36,587			—				36,587
Depreciation and Amortization			6,450			—				6,450
Execution, Clearing and Custody Fees			3,180			—				3,180
Acquisition and Transition Costs			1,637			(1,637	)	(3)		—
Other Operating Expenses			12,945			—				12,945
Total Non-Compensation Costs		$	134,830		$	(1,637	)		$	133,193
		Three Months Ended June 30, 2024
		U.S. GAAP			Adjustments				Adjusted
		(dollars in thousands)
Occupancy and Equipment Rental		$	21,801		$	—			$	21,801
Professional Fees(1)			24,437			—				24,437
Travel and Related Expenses			21,384			—				21,384
Technology and Information Services(1)			29,437			—				29,437
Depreciation and Amortization			6,439			—				6,439
Execution, Clearing and Custody Fees			3,051			—				3,051
Other Operating Expenses			15,497			—				15,497
Total Non-Compensation Costs		$	122,046		$	—			$	122,046
		Six Months Ended June 30, 2025
		U.S. GAAP			Adjustments				Adjusted
		(dollars in thousands)
Occupancy and Equipment Rental		$	52,645		$	—			$	52,645
Professional Fees			45,523			—				45,523
Travel and Related Expenses			46,002			—				46,002
Technology and Information Services			69,954			—				69,954
Depreciation and Amortization			12,426			—				12,426
Execution, Clearing and Custody Fees			6,526			—				6,526
Acquisition and Transition Costs			1,637			(1,637	)	(3)		—
Other Operating Expenses			23,937			—				23,937
Total Non-Compensation Costs		$	258,650		$	(1,637	)		$	257,013
		Six Months Ended June 30, 2024
		U.S. GAAP			Adjustments				Adjusted
		(dollars in thousands)
Occupancy and Equipment Rental		$	43,745		$	—			$	43,745
Professional Fees(1)			46,647			—				46,647
Travel and Related Expenses			40,606			—				40,606
Technology and Information Services(1)			57,613			—				57,613
Depreciation and Amortization			12,732			—				12,732
Execution, Clearing and Custody Fees			6,392			—				6,392
Other Operating Expenses			23,301			—				23,301
Total Non-Compensation Costs		$	231,036		$	—			$	231,036

(1)

Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and six months ended June 30, 2024, this resulted in a reclassification of $9.9 million and $18.9 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See pages A-2 to A-3 for further information.

Notes to Unaudited Condensed Consolidated Adjusted Financial Data
For further information on these adjustments, see pages A-2 to A-3.
(1)		Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation.
(2)		Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP basis.
(3)		Professional fees incurred related to transitioning acquisitions or divestitures are excluded from the Adjusted presentation.
(4)		Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly.
(5)		Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation.
(6)		Assumes the exchange into Class A shares of substantially all Evercore LP Units and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP Units are anti-dilutive.

 

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Investor Contact:

Katy Haber

Head of Investor Relations & ESG

InvestorRelations@Evercore.com

Media Contacts:

Jamie Easton

Head of Communications & External Affairs

Communications@Evercore.com

Shree Dhond / Zach Kouwe

Dukas Linden Public Relations

Evercore@DLPR.com

(646) 722-6531

Source: Evercore Inc.