EVR - Earnings call transcript Q2 2024

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Operator

Good morning, and welcome to the Evercore Second Quarter 2024 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Evercore management and the question-and-answer session. [Operator Instructions] I will now turn the call over to Katy Haber, Managing Director of Investor Relations and ESG at Evercore. Please go ahead.

Katy Haber

Thank you, operator. you Financial us Results thank Second for and XXXX Quarter Conference morning, for today joining Evercore's Good Call. I'm Investor Katy Relations of and ESG. Haber, Evercore's Head

Joining questions. Earlier our second results. prepared Weinberg, we will announcing is and call Evercore's the quarter LaLonde, issued remarks, me call a up and release for Tim After financial Chairman we CEO; John CFO. our open on the today, XXXX our today press

is available discussion live the beginning which will of Our days section approximately XX our call. press conference and evercore.com. This it is results in website, available archive an conclusion Investors webcast this our to complementary on X call of today For of being hour at our for the be of website release, is the after

today, which reports may financial there evaluating of quarterly otherwise want number not outcomes cause company factors adjusted believe are we the SEC, report annual measures on and Form unless when statements. are make actual indicated, in duty limited to X-K. discussing to During this no assumes meaningful we non-GAAP the be a company's indicated in measures, but statements. with statements. In forward-looking risks we Form to, on including presentation Form forward-looking that Evercore's These XX-Q various are XX-K, materially to and current our remind performance. you our to these the factors will on I reports differ are call, that we any update conference and statements include, make Any discussed course uncertainties, those important filings are that than forward-looking those of could the that subject

on you to these website. contained the our GAAP financial should posted release, press For detailed data measures which and is disclosures refer on within our the reconciliations,

believe basis. important performance continue annual We that an to it is Evercore's on evaluate to

the now transaction noted for by have call As any previously, of will are timing quarter John. we closing. I over the turn influenced results to our particular

John Weinberg

global clients expected the and that market corporate robust backlogs. as on before. said, products which sponsor both Evercore. through of the of return results economic the believe for Thank a the adjusted and both our morning, the adjusted a our of of This well $XXX current than good largest in XXXX. We the a activity X the balance indicators of X into involved of fees we year-over-year. part expect delivered in prepare market, this are and past been risks have significant to for a market markets opportunity an seen to for could already continue our gradual midst second global everyone. by up capitalize monitor revenues deals we've firm-wide outlook quarter We record. range net following year-over-year, year-to-date. in year recovery now M&A Internally, and to we million, Katy, We the year-to-date in which represents remain with XX% quarter We've of our recovery. Nonetheless, busy levels dynamics, number announced volume timing increased That encouraged we Broad recovery has by advisory presents a half dollar positioned M&A we for impact and million broader for begun suggest second and the what be market provide the you, year on to is very driven the next. we given transactions, ever announced quarter than geopolitical as increase slow trajectory the in and best including second market market of M&A million, supporting the $XXX XX% the $XXX greater are it our continue

approximately XX% XXXX, banking which for have diverse more larger, we Senior at We end Directors a than Managing also opportunity cover more us. today, significant did of of investment presents we set Further, the clients.

in to talent. continue we success Importantly, attracting have high-quality

or at firm. individuals last to discussed at senior I join committed an As industry conference have this year, month, far the started have so X

in As been a a progressing step later business. year: internally. Separately, including we open year. Our of hired strategically covering past has to semiconductors. Analysts, Evercore in focus top-tier have in to our a have so Affairs will and and pleased addition of by who International far Senior Strategist X of and professionals in important areas talent this calls, pipeline Policy; Chief invest high-quality We in business as Senior mentioned France Public recruiting Political remain ISI our next continue talent Head senior Research Paris Sales; promoting we in to to We're European our candidates this X our maintain recruiting join strong Analysts new Analyst

in Now let briefly business. quarter. were Banking the Investment our me There several discuss highlights

As including $XX.X GE I acquisition largest advised for billion; Synopsys spin-off Vernova nearly ConocoPhillips of acquisition its $XX GE mentioned at approximately billion the transactions of announced year-to-date, start its Oil. billion on Ansys; and its call, on on of on Marathon the this of we of $XX some

Our uptick financial LPs in conditions, return pressure from sponsors market and practice capital. leveraged including has part to stemming improved from activity recently in finance seen an

transactions, results the second robust half We region company and within backlog investment a sponsored advised the Leonard Partners of Green; on strategic portfolio to Equity several in focused its expect the the more and build Providence Private Sachs investment have on Advent The compared opportunity the the of sponsor and stronger We Prometheus, remain a on and business. some company advisory highly from quarter. reinforce year. expect recovery. The significant client continues Equity activity will equity from broader on Alternatives' we European a including a portfolio this first International market saw team to Goldman TAIT, and in sell-side group our improvement Genstar

liability to management particularly debtor management, a activists the and in creditor our business quarter. on and a The sponsors, is with on there assignments. driver continued across continues strategic breakups, business with focus first cross-border practice remains be to as be defense and primary changes has both restructuring of activity. Our Liability active listings. Momentum active heightened management continues line among

Private Capital market-leading of by active. PCA and part second quarter part robust strong expect business. a remainder GP pipeline of had strong is activity in very driven the Overall, Our year for be we business the in the large the to the Advisory

space Private positioning strengthen Our We've in business a as improves. over a to in leader continues ourselves client the broader Group Funds base. this fundraising market this the top-tier years, invested with as

fully first the much activity as anticipated yet reopening Following underwriting a strong has quarter, to materialize. moderated IPO

were in follow-ons, quarter sectors follow-ons offering. were engaged including a demonstrating the a second deals. role to our quarter, offering diversification focus bookrunner was across very Lithium million X in underwriting strong $XXX relative AZZ's results Evercore lower Although a we and America's on increasing and left-lead Notably, quarter, million our strong on $XXX first actively in

continued had among volatility, has of business Equities quarters despite which heightened solid investors. factors persisted several low geopolitical a as levels Our macroeconomic and focus of quarter for are

content, to execution. We corporate continue preeminent exceptional and clients our access differentiated provide with

Lastly, set in assets we new now under $XX Management, is Wealth another management, over quarterly for which billion. record

our Paris; the second, reiterate coverage build remain results, to and steadfast recently to discuss most in health execution long-term which in geographic including lastly, it in industry to of turn strategic to out continuing our economy; remaining expansion want seen focused I TMT, financial over as our on sponsors, first, continuing few our adjacent product We care, plan, segments includes: fast-growing a certain investment I to financials with capabilities areas. broaden of groups, and and other deepen Tim points. the the Before

position several past we the strengthened our expanded client years, client Over our coverage, our have key across diversified businesses. services and greatly

results strategy. We the seeing are of execution from our

forward, our while expense remaining firm execute on margins we on improving to in invest Looking and over continue time. will strategic focused our plan also our

improve, have As for for the to is both market. turn today us been it ever to let than that, me what is we're the deal before. With ahead environment over we continues Tim. Evercore stronger and excited

Timothy LaLonde

John. you, Thank

Our results as environment, an second market quarter just financial reflect discussed. John improving

robust. Our pipelines remain

monitoring are which in reach at deals new existing added the deals and process fruition. are velocity We

firm, positively in important by note our that increase We and Yet cost are revenue actively is margins, improvement serious that. also recognizing an to in near but is discipline, quarter financial second we we are X improvement will influenced balancing that drive over are objectives. we discuss expense to these the engaged require to it making and committed medium the term. With this improving we our strategic now investments, building results. that, gradually Accordingly, are will I

of $X.XX per which quarter XXXX, $XXX GAAP My we revenues, second our comments respectively. the on will on evaluating when from share, For believe metrics, focus basis and EPS here are income $XXX and useful results. were a non-GAAP million net million, operating

in our reporting and results a can adjusted our reconciliation GAAP which of website. standard GAAP is release, on press found Our to be

represent of Evercore. of $XXX revenues These second net quarter record a XXXX. versus for second net Our adjusted increased second adjusted the quarter revenues million quarter XX%

XX% XXXX. of year. second the Second quarter second adjusted quarter XX% share per operating quarter income of million increased versus Adjusted the of $X.XX last versus of increased earnings $XXX

second adjusted margin year. from the of Our the second was quarter operating in quarter, XX.X% XX.X% last up for

the to Turning businesses.

increased Second reflecting a year-over-year, quarter to of Advisory improved market and environment Fees ago. adjusted compared market million XX% year $XXX a strengthening share

year which this business quarter-to-quarter. and were size fluctuates Fees and from on $XX we from XX% depend of involved transactions down quarter results second are ago. any Our in quarter, a million, number Underwriting in the the that In

million nearly in XX% Fees year-over-year. Commissions conventional For second stock quarter the X% the despite was first $XX and half related single year-over-year volatility Underwriting continued of of up volumes. up revenue market and flat XXXX, low were

higher Second increased administration million primarily adjusted driven by market AUM as quarter to $XX of and due XX% increased fees appreciation. asset management year-over-year, fees

net which revenue year million million, other approximately adjusted to quarter a Second ago. $XX was $XX compares

our second in relevant This the when revenue compared compensation levels, taking hiring, best factors. of and expenses. count to at other compensation this compensation year view market ratio adjusted ratio full levels represents year XX% quarter, expense The for year-end into factoring the of to consideration is XX% head our of a and quarter judgment accrual for ago. SMD Turning

compensation As continue call, to build we the we in I first striving strategically. while discussed improvements on make our ratio to are our firm concurrently quarter

is from ago, a to a million, year quarter basis expense and XXX versus adjusted Next, non-compensation up primarily X prior nearly expenses the expense ratio the point the for comp ratio a from XX.X% expense Together, point a represent driven the and XX.X% the noncomp were compared XXX items. quarter a in ratio the basis by noncomp non-compensation expense ago, improvement. year $XXX year ago. The is increase improvement XX% year

expenses, higher addition higher placement with reflect client-related which fees and consulting and are are generally recoverable in and professional potentially levels search costs. revenue higher of correlated First, to

levels. and normalization a of activity expenses combination reflect higher client-related travel related fees travel continued and Second, of post-COVID

may also operating filing reflect in classes, certain associate fees of Third, and expenses analyst be costs, summer cases, an or some regulatory our costs seasonal and education episodic. increased for annual increase which other in and training and other some

closely a XXXX, X% basis continue pre-COVID expenses, less increase, our on to half full costs, noncomp growth medium information with with on earnings can We year ratio noncomp per our which higher pre-COVID investment of expense anticipate should pressures our or the a year line less to believe expense the noncomp only is and in make year, to strategic we technology the ratio. consistent comments reflecting rate near first than monitor my be We we our employee first to in the implementation compare for ratio inflation. that X% which services increased quarter though than we our the from term, of call, compound annual our faced related some than from favorably progress about plan. In noncomp count of head are

in adjusted tax We quarter quarters. in to fourth year. be quarters last continue third that recent rate to for the similar rates second the will our anticipate those was quarter and XX.X% in Our XX.X% the to rate historical of tax tax our compared

our to Turning balance sheet.

of $X.X XX, million and cash of million X dividends of than $XXX.XX. $XXX total year, time. to billion, at securities June average investment months our an X.X approximately through of is In of million at year's last and the we $XXX shareholders first this levels shares higher price nearly this totaled As repurchases a which returned

RSUs. was The $XX.X from million, primarily of our in increase Our our diluted due to price share share second up higher count impact quarter year. was the unvested the prior on count slightly share

encouraged continued and the XXXX market We the market are we internally what of expenses what throughout we and progress focused believe remain what on of in will have see our the based on responsibly. in the our conditions. we XXXX half We of build-out firm proud the first broader and see while into year. managing by recovery We accomplished improvement

that, we value Evercore's shareholders medium on longer and increasing We open now questions. are appreciative line will our are of for over focused and term. With the the

Operator

Sachs. question first Our Instructions] Yaro [Operator James Goldman from will with come

James Yaro

these John, the dialogues whether so of that you here? far IPOs on As that market engagement on sponsor improved those to from whether could you're cycle, the maybe and lagged has speak could having in perspective the a perhaps around M&A have the the part sponsor side, also and increase

John Weinberg

Sure.

for that, are levels larger picking there XX% And I be think would up definitely you've We're seen ramp activity sponsors experience continual number Having said year. have statistically, it's XX% seen the that past. half to significant of is about up So bake-offs as seeing a up. year-to-date in right now. a we significantly than our

in also their trying a do out in to portfolios, figure and activities get have been of portfolios, at that invested We period portfolios real the some companies time. are seeing looking with moving sponsors, over how they really

trying a really really for bringing I play, which and is And to ramping. towards of a want that positive to about I fact they return think the looking here that that think LPs pretty are sponsors And think vocal dynamic that think them happen. is capital is that about there's are out. at I they're

of sponsors that go powder, the a amount dry it if doesn't And some I In get used, think significant aging. have may it addition, I it think away. of

And pressure with real this so get you portfolios. of to positive moving that very I think dynamic have

are real and positive, side markets appetite the the addition, In an There's leverage really private both finance credit. activity. for

going over the of happen all all tone from side I a to really together, M&A It's it's not once, are of IPOs I well these positive ramp so to for as those perspective, as the think, terms ramp, IPO, but the feeling to time. things being we're at and going building considered in portfolios. market. And very our think And the are

is in a And our we're very so high leverage. just what activity I think seeing level

group coverage activity seeing now. sponsor right Our really tremendous is

momentum growing. the from think So our perspective, is I

Operator

Ryan will next Kenny question Our come Morgan Stanley. with from

Ryan Kenny

that You you or U.S.? pace is and into to pipeline other? speak Can stronger mentioned Europe driving what's that the roughly at picking up. compares same growing they European M&A in is one how Are the than the

John Weinberg

Our experience U.S. a the but positive actually a think, ahead. U.S. market that the ahead, just, market in is out the European activity tone, real U.S. is market finding is the that There's is build I

I is ahead, think ahead. Europe. also I which I if is really But there think that think U.S. is in you slightly ask

a is and on build. the positive, both think I activity markets, though, there's we think real

Operator

will question from Brennan come UBS. next Hawken with Our

Brennan Hawken

a was ratio on I comp little Tim, commentary. unclear the

suggesting you out. So pressure chance could on of year the on were hoping guys months the you full that maybe clarify. downward with for about outlook, you course, decent have you Were -- saying XX% revenue handle X there's a is in usually Or lower line that expectation? a based

always I little at think uncertainty, this a point, So stage. -- would maybe would there's but you less by have uncertainty this

Timothy LaLonde

and timing possibility we closings. we what strengthening the to with environment, of some along ramp Yes. with that. of expect be Sure, the what a and impossible transaction a precise the at certainly striving And I and we would clarity strengthening similar revenue. than know more to exactly the just improvement. achieve do ramp It's is But respect for Brennan. timing steepness to point there's lack the to this But is that we're to it's or XX% generally for us full year. say foresee would that,

Brennan Hawken

where so indication more it the on a a to is on is SKU? XX% categorize an side? you it is sits of about bit Would scenario? fair. the therefore, possible that give That's as conservative Or -- And maybe us worst-case sort it

Timothy LaLonde

it quarter. to appropriate judgment accrual reflects one way Yes. another, of best our this I other as wouldn't for than say the or characterize it

Operator

come Ryan will question Devin with JMP. next Citizens Our from

Devin Ryan

the some businesses. like restructuring both Just on a non-M&A a really question advisory. shareholder healthy advisory activity sounds It of in and

to maybe than into want contribution you they Or evolve, level those from over as pieces it firm-wide based to not cycle the be be feels grow you're those do absolute? the businesses the just seeing overall next here, multiyear about kind out, quarters, in of restructuring Like next expect if overall think meaning but environment of an in Just our just how and get couple to and we of even businesses couple to we can the the proportional look would actually become could like on larger M&A just recovery but obviously, larger the revenues? smaller become scenario, what a years.

John Weinberg

are level that do Sure. related. our some Obviously, our of it non-M&A The level business for said, restructuring continue pace. quite businesses at this is over X/X restructuring really are the several about We it of be at business continues have, which time. businesses, this at think And I non-M&A will as view and you will related. healthy

very real Private now. extremely there businesses. real in Capital Our healthy. those be performing growth We will And Advisory in businesses right actually are They're well anticipate we that see those growth businesses.

whether it also business that Markets is that would And our Our is our nonmergers their thing going is well. I because businesses business. Capital know of time a that will merger take really business I also. But in going one to merger some merger business think don't in anticipate way Equity say We of will really the and up. that business the continue proportion there be are terms are performing all business ramp The will to is ramp. grow to ramp continue that just I the biggest to business the though

we powerful recovery, to the is year us. really balance next of very As to that we've and get this a said, what for full would take engine but it's going into to call

what I'd feel have like I is, say we so And balance. good

our quite businesses like good generally to healthy. continue balance. will feel are I We have all

continue really helps. do think the that that weakening strengthen. I don't those business hope to I any any but I of in is merger going so to see And businesses,

Operator

come Hall will from question next with Aidan Our KBW.

Aidan Hall

a hiring comp on year. out, the comp just maybe Maybe seems It ratio the ratio of given Great. a than the that is year initially elevated and level for coming just like follow-up expected playing commentary. the in be way the little the higher would

frame way still expense activity know rebound expectation it in Or I on is any here it's that's compensation at sustainable? in as to side. how the to as So pretty a especially of least relates case there about early, but kind revenue base leverage remains think to the XXXX

Timothy LaLonde

can about sure. a talk I Yes, it. bit little

the comp XX.X% create the was it to order our year. our ratio in comp start what for last me let context reminding year, was what with people First, full ratio,

we you'll we conditions did but As was little an recall, year part latter of and improve last bit year, full as candidates the had there hired, the drift. started slate high-quality of a upward in lower, had we a also not

in And so last relation think is year, at in comparing appropriate. and looking again, this the latter full quarter quarter was year quite course, part than of over not that probably year. the about quarter higher to last of I would which XX.X%,

think some revenues So and we over from one, progress on time. increased leverage year-to-date we're we number made this. already will some have focused that, get And we

We expect that.

this gradual happens state as steady not looking quarter don't improvement this that improve a terms in being but near we term. to We're the improvement. to to This our it, look be normalcy. return is so forward current And something overnight, medium for on will comp ratio at that of in go

Operator

Our Global. question Jim come will with from next Mitchell Seaport

James Mitchell

mentioned you velocity, Maybe Tim.

process. of haven't we talk you the elongation about -- talked the could to So

about from we activity How could closings timing are and into the get at to announcement revenue. all thinking So speed are which you this it see to turn starting better?

level So or an second comment half better, And comment? comments any being is revenue thoughts that a activity on on your that.

Timothy LaLonde

Sure.

through. and to heard order combination base by case. that of let that's we in you And the remarks, materialize, the revenues at comment size robust. just of prepared are moving the But backlogs create is rate being this in at start as we've to our certainly for characterized me backlog a First, the repeating which transactions both look which for a the

that have from where going not quickly. What a to moving show is going we processes from a Now feedback is more anecdotal standpoint, bankers a our not up They're yet. -- little backward-looking the in are more point we're do that as ramp we to active. at up that's show

comments aggregate markets, high-yield -- for leverage at You heard issuance leveraged the about XXX% if John's it's finance look issuance about the loans, of year-over-year. you up which up about is and

of move anticipating are forward. in pieces puzzle and we the the So improvement velocity are we place in as

And first about of regard activity question next second year with we, the we to then earnings it to in your levels, commented started end revenues this fact, be activity lag that it improved or then there's, but is increased we call. the levels is revenues. noticing of time, levels activity of part just our expect some into course, would And reflected ago. quarter the as of We on in and year. activity approach in And months a

Operator

Instructions] from [Operator Research. Wolfe next O'Brien Our come Brendan with question will

Brendan O'Brien

So want Capital business. on to I the Private touch just Advisory

and activity to expected couple sponsors very Secondary the is of to as years LPs. next return accelerate meaningfully capital strong was to half in look first over the

your wanted engine the be recovery firm capture we sponsor as And about think you Just sense you the for strength share? a your meaningful and forward. to to activity, expect to improved sponsor could in M&A enable this coverage to greater potential a franchise do get of model going the how as growth

John Weinberg

We hope so. would

efforts set diverse they're of make are vehicles. sponsors vehicle, things more together sponsors and trying options. to of think whether really bear set and great the all in so it's bring to continuity options, growing broad We for on strengthening. really there's an whether sale, frankly, And holistically it's service continuity can made is market are to touching sponsors Advisory for the businesses, more make Private companies, what diverse IPO, it's that more The a skill those whether a as portfolio those look sure clearly, some much I of that we that a whether type all businesses really much decisions sets they about investment, have accomplish. bring we And are that Capital businesses of especially

to which giving a that us those really with together, is respect bringing worked to businesses. hard it think upward real we leverage all we've do, so And

I improve. think going sponsor us that grow business to the continue and is to for

we that have the of percentage the throughout do. will it of businesses advisory services. our we're said obviously, that of portfolio Having that, think I whole things developing an all high increasingly broadly

hoping that, your investing those revenue investments growth. Having broadly our we're we're and question think concentration said will services sponsors so to Capital real and I And is about and of is continue we bring grow, for really improve about the businesses good feel the going strategy of Private Advisory that opportunity to the making there.

Brendan O'Brien

and be the ratio, going that comp think forward. you Great. you the speak And you in run to follow-up of that given some comp peers talent, going structural if sub-XX% I from When level squeeze cost that could at the about normalized think just how you've is a comp of ratio you've inflation on that increase wage about do ratio, the like, comp a When heard ratio. higher normalized to their relative structurally the to historically? in your

Timothy LaLonde

this improvement. focused mentioned medium in ratio. to gradual sub-XX%. medium Yes, I I whether get sure. additional can is to term. It at foresee this gradual to on year, to revenue to for can better correlation would What a anyone We're looking expect comp as that And make we near year. improvement what the be point, hard we're settling going we us is. last last are as meaningful -- deliver and this. over now to with And basis after. year my we There's the speculate I next and comment, improvement back able as to think point in for we the down we and assess point improvements, or increasing a approach you we'll on Look, right and tell we relative ultimate And is And XXX improvement at we over be spot the near to sure working said, make improvements to we're to relative premature running year last the year over term. certainly where something

Operator

Yaro from will question with come Sachs. James Goldman next Our

James Yaro

XX% quarter-on-quarter. expenses noncomp rose the Tim,

You think Should that is expense the should of expenses, How some they you quarter? top talk about some noncomp from for sort level? noted is of factors. in which seasonality versus also positive here? Or this obviously is much grow from But we inflationary travel a line. there did about dollars the XQ the

Timothy LaLonde

Yes.

audit I think cetera. seasonality. our And and costs least to costs, our has analysts at associates that filing there's like small annual that for do SEC et fees, the that a things of training arrive, amount with fees,

And I is measured so trips, seasonality least upward this XX%. first we was the of there's you also right? year, were recent and -- at in small in number travel a think mentioned part most about travel. figure. And the in XXXX, the amount so pre-COVID of And There's that quarter pressure, of it's by by XX% where of

adjusted the be to has that head Now about that fact for our count is up XX%.

out pre-COVID. full that activity that we're a move ultimately But about servicing normalization. think we as where travel to that forward. And where view so we our continued on what there happy our monitoring may closely Might -- normalization be there we're and is form of clients. that basis, means that XX% was we're -- of to be on And see mentioned, kind a adjusted reach because it head some count will at you as trying

And so that's one thing.

are are there execution to is occur, the of we're professional around to thing Second that that that's new And of expenses expenses is of winning expense the and are business which increased type deals. another related revenues. happy

going very longer not There's how And a ought in very you a to noncomp mention to costs, so it answer Lastly about the medium number think it's it of look term, term. get years close with forward. and what perfect the head respect will count at in you correlation. right? significant I to But your would and to if short this as correlation is, over there's to a

increase period, is that you the present, which through per cost If is look XXXX employee. X%. about us metric noncomp That's at from pre-COVID for the

you If be rate than look on inflation. the is less an at which that X%, annual below that basis, of would

upward costs certain technology of cost solid we've feel be information about like travel we services professional and a And with and we, a investment also pressure. date. that little pressures, job will there So and to some course, in and done we talked realize adds

you So significant and assured as forward. exercising our mobilized rest noncomp costs we've that are we moving troops can discipline about internally, those think

Operator

will with Brennan UBS. next from Our come question Hawken

Brennan Hawken

a on about to track. hoping here. apologies But different comp question slightly I take was Tim, another

So deferred that we fixed reported in reported down about component just salary about comp and XX% expense as number? the be benefits last comp, is compared If year-to-date year-to-date to up comp of versus and your the think amortization, the words, up year. expense, would and much other adjusted how drill

Timothy LaLonde

Yes, Brennan, disclose. not figure and you, just apologies a that's to but we

Brennan Hawken

the Fine. fixed Is less about Okay. than How growth the number rate number? comp is the or it reported greater reported than this.

Timothy LaLonde

up, fixed The of as bit growth a extent increase to that there a go I to advice that in the certainly then greater be the in lesser to non-partner rate, growth head growth gave correlates a the bonuses at at extent revenues. is the noncomp, in probably going this increase level, count. Yes. is little related the revenues on partner be to level, in little And comp some will

might head of at since it anticipated surmise a the bonus. that, that of revenues, the at than I that you could faster the from than And component count, to could a less fixed you probably surmise rate fixed component think, grow rate are so little a grow

Brennan Hawken

head count up little is less bit only year-over-year? even X% about A though the

Timothy LaLonde

than discretionary the yes. It component. would be Yes. would It be less less,

Operator

This are Call. Quarter today's this Second you. Thank Earnings Conference questions queue. XXXX At Evercore concludes further in no time, there

may disconnect. now You

Evercore (EVR) 24 Jul 242024 Q2 Earnings call transcript