EVR - Earnings call transcript Q3 2024

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Operator

Good morning, and welcome to the Evercore Third 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

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

and is on our After we the Weinberg, call me up remarks, Tim today open for Joining our our the prepared Chairman call CEO; will CFO. and LaLonde, John questions.

third results. financial today, issued we XXXX a Earlier press quarter release announcing Evercore's

evercore.com. on to of the is press our our website is which discussion at Our complementary available results release, today

This being website, For an beginning be is after conference section archive Investors XX call. hour for will the call the in live webcast this conclusion it of days, and our X available of approximately of

include, forward-looking to from to Form statements. but are in on could forward-looking the we These course to make risks factors that are to that various differ Any the statements. materially those this we on of assumes reports may those of quarterly I Evercore's During statements are subject uncertainties, call, Form reports Form XX-K, X-K. forward-looking duty annual the in to, including actual on outcomes that you important our factors indicated conference SEC, no and want and not and cause report update there statements. current make number these limited XX-Q any remind filings with a company discussed

discussing are which adjusted performance. In our meaningful company's measures, presentation the we otherwise today, evaluating financial unless be non-GAAP will when measures we are indicated, that believe

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

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

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

John Weinberg

revenues, our to call We revenues from driven a strong We're this our good as interest Katy, The prior be gradual, everyone. businesses hikes Fed the rates as $XXX quarter We the in had in which first the The believe year early generated pave time industry-wide. lowered rapid million the XX% for and build. improvement to pleased a you, environment begun its cycle the and the firm picture Thank headquarters. adjusted versus clarify since across will London and period, both approximately doing macroeconomic up net continue markets. a began the continued morning, to of quarter's earnings by capital in multiyear healthy Capital we has albeit recovery, rate rate Markets way for XXXX. midst Advisory are in

Although further strengthen, with market positioning and for the uncertainty particularly supporting internal broad activity election tensions, our an can believe active XXXX. we what upcoming be backlog metrics persists, and us our geopolitical U.S. continue robust to respect and to

As continue gradually year, we over to and discussed increase throughout have we to the the expect see into activity months year. next levels coming

uncertainty financial timing the timing announcement that and of However, of impacts closing. results transaction impact to hard exact the this pinpoint as is could when

resulted to businesses medium the growth stronger, return investments long levels, more poised our normalized we've to M&A the As to term. made for over in firm, market diversified in have us positions looks the which more a

will have Managing be to the far Year-to-date, so Senior talent. either X been committed X join call have at and Turning Banking or year this investment and recruiting SMDs X since Directors our to started XXXX has last of in joining firm. later these Adviser successful early year. X earnings or committed another XXXX. Senior

firm. senior continuing are talent our a recruits, We external for to to pipeline have high-quality strong we and add

coverage teams, joining will newly the be other our on focused and group finance, structured a be X building X respectively. SMDs, sponsor the product will Among committed while X financial new institutions

In with senior services our a activity client coverage fintech expanded analyst business, month, of our lead top-tier and in France research in driving the sectors. dialogues and last research Europe. to the coverage added depth leaders we our Equities Additionally, excited on presence increased are new of levels our and started we've about to IT

Now let to of nearly the me and seasonality strong quarter. turn equity in Despite typical third briefly businesses summer experienced late activity market summer, in in a volatility in quarter. the all rise Evercore its

and the a of Vistra a Nuveen $X.X interest that Insurance Services retail Rice. Asset we Epicor on equity the acquisition broking number complex of of McLennan, & Capital sponsor we've serve representative been in, from Corp. sale investing These services, In its are Group capabilities $X.X and transactions TIH Clayton, including ownership Vistra Vision on their Marsh in Dubilier financial Advisory, software, of its including of significant our of to energy and Management some advised CVC position notable to minority billion transition insurance clients. areas on division, billion Strategic and McGriff transactions, sale on Avenue in

The gathered European strength third year a quarter. the Advisory with strong throughout has Team

M&A region While the the the improvement market remains. we European to progress, U.S. lags and are see uncertainty still in continuing in the

with further a seen with Financial continued is second pressure the dialogue sponsor-related. interest LPs to quarter, rate our driver we've to line internal recovery. critical broader see in activity Sponsors build This We levels continued to spurred return momentum. the believe M&A from cuts In business capital trends has that and

as Our active. management levels. activist practice liability Strategic quite restructuring campaigns at remains high The Defense business and remains historically continue global busy

As this strong such, will XXXX a be business. we year believe for

to activity recovers. into continues Management as market and even driver primary Liability merger the see strong continue of activity, to XXXX the be we levels expect

of with decline LPs our approach due business the robust LPs Capital businesses performance The cash company and in this year-end. continued quarter been of delivered another sponsor-related back pipeline strong Our in from success a as the long-standing industry-leading portfolio GPs part and has with in Advisory we the to relationships drop Private to exits.

new in slowdown is a funds to broaden. the activity summer continues experiences private and third group typically for this several market quarter, dialogue fundraising funds group with our the While in

expect M&A activity levels to to We improve continue fundraising market increase. as

U.S. the issuance increased bookrun It coverage Energy's lead our lead was in enhancing which Evercore's offering yielding deal to a billion activity September. The third follow-on on of our largest the and were $X.X and sector offering follow-on clear Diamondback in note left are to transactions bookrunner business strong largest date. our Underwriting In quarter, left the the that is results. ended quarter we year as commitment a broadening role on

research year, equity the capital having medium We to IPOs. across X in in this participated we the in U.S. of continued activity term. tech markets longer the X tech so Notably, the and IPO runner a book far been anticipate

However, the seasonality, in windows more We election of market may term, opportunity coupled XXXX. optimistic that the the in U.S. active short issuers. be will remain IPO upcoming with for normal narrow

Our equity franchise the experienced quarter strongest third nearly a in decade.

anniversary ISI breadth pleased month merger, are and of this marks the XX-year peers. and the from the we this our differentiating over the Evercore business performance expanding with achieved decade, us Evercore's has and Importantly, last

In appreciation reached driven $XX.X assets under management Wealth market Management, our billion, and engagement. by client strong

I turn few it the up financial results, with want points. I wrap to to Tim discuss a over Before to

both in a the quarters. confident further as and gains gradual over recovery, continue remain confidence clarity to are and the improve believe We that steadily results market market will the we and our we coming

expense long-term beyond, carefully execution of our remain strategic road the XXXX committed to and As we while map managing we our base. look to

by past are adjacent not and across demonstrated reach our As and our to capabilities but committed hires only coverage recent our industry areas. deepening this we and diversifying geographic expanding also quarter, product

companies breadth Evercore's as coverage, sponsors. depth and our client and are the covering ahead. recovers, positioned enhance We believe as as continue about well the market years to in financial mid large, investments and in optimistic prospects public We are private we including and well small-cap

over that, it let to With me turn Tim.

Timothy LaLonde

John. you, Thank

Our seeing recent in gradual consistent third financial quarter businesses. in in and markets conveyed and have with earnings our we are the are calls results recovery the

continue that service on to improving recognizing make also ratios that investments in committed expense important exceptional We building an growth to providing remain achieving client We for focus expense our balancing and our are it. in value with our firm revenue and with role strategic to management our shareholders. plays attention

gradual improvement term. continue in margins our medium the to expect near We to over

now our With that, discuss I results. third financial quarter will

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

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

third XX% net of XXXX. per Third The third adjusted versus quarter the million XXXX. quarter $X.XX revenues operating of $XXX share third $XXX earnings of of versus third of versus XX% year. increased XX% adjusted the the of quarter increased last income million quarter quarter Adjusted increased Our

in basis points. quarter, Our XX.X% XX.X% of XXX third the for quarter an adjusted year, up the operating last was approximately margin improvement third of from

the businesses. to Turning

Third of is year-over-year, quarter greater macroeconomic number $X million, than adjusted further conditions. $XXX with Advisory million increased rose Advisory This which XX%. Fees improvement consistent of reflecting Fees market and in the by XX%

and were Fees the subscription large XX% reflecting strongest million, follow-ons. in this third up trading and year-over-year, million XX% was in quarter, sectors date of Related quarter Underwriting commissions a demonstrating ago, quarter several year our business, engagement Commissions improved across $XX third Our high-profile active third in and to from fees. diversification Revenue nearly $XX up strong

Fees of increased Administration $XX our driven quarter. XX% record during benefited year-over-year, million quarter by the from Asset Third management adjusted appreciation market AUM and primarily which

$XX $XX interest a year Other was X/X our net DCCP Revenue quarter Third hedge. on adjusted was Approximately and to about ago. compares million other which X/X a of was revenue the gain income million, approximately

point third a compared compensation improvement. expenses. to year ratio adjusted XXX basis XX% The the to is XX% a quarter for ago, Turning

in head This year-end quarter, consideration quarter's taking levels, compensation relevant expense year hiring, for into accrual this view factors. at our judgment revenue best levels when other full market represents of SMD of compensation of factoring and our ratio expected and count the

to results were quarter X Thus, stable consistent the third prior the our remained ratio quarter. expectations the quarters. relative Our with compensation for

are to our mentioned I outset, at the ratio. we improvements As in striving make comp

invest across firm, also near the will to building our occur in we However, and improvements medium so continue term. to

The expense non-compensation noncompensation the a by driven basis improvement from X is year the adjusted XX.X% to points. the were a million, an quarter year from $XXX expenses a quarter XXX in Next, items. ratio primarily of ago up is increased ago, expense year noncomp for XX% XX.X% ago, compared And

as travel continues an related in to increase and normalize. First, client-related travel expenses

reflected as which Note the higher professional fees is consulting as reflect recruiting activity. client-related Second, reimbursement expenses for higher revenue in fees, the and client certain well line. that

well higher to headcount. Third, related expenses technology platforms services communications existing as expenses as subscription new increased and and costs and to related for information rates

from about the on context, versus Our quarter. the year, quarter X% a a noncomp is year expenses less employee In in down XXXX, were X% historical prior per basis annual X% X.X%. expense a up increase up third per of nearly noncomp compound pre-COVID prior to but our than or compared employee

We our continue have ratio made improvements the into so quarters on X last and consecutive to we do expect year-end. to over noncomp

the quarter to was rate quarter XX.X% year. last Our for tax compared the of in adjusted third XX.X%

our to balance sheet. Turning

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

this first return of remain returned XXXX, have did the than and of to all we committed we throughout months we capital capital philosophy. more our In X year,

awards, accounted prior X.X XX.X due of quarter the impact of an the offset was share treasury Our for the count increase third under up previously in by share share million increase million, are our quarter, on in was price and unvested of largely XX.X our diluted issued higher from method, shares. adjusted divesting awards count stock The to million which buybacks.

This was to our quarter price second a the $XXX.XX changes can adjusted as impact our share average It significant is average share XX% apparent in quarter from share have third from note material that the increased to quarter to $XXX.XX. the to count. quarter diluted from price important on

beyond. geopolitical market internal and and the Evercore coupled the As believe macro we well the are we gradual and backdrop remainder in of remains, a of in have before, stated recovery we for and economic while uncertainty with indicators, the that in improvement position midst XXXX environment

With line open that, the now we will questions. for

Operator

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

Brendan O'Brien

comp you're that position recruiting prior to year the results, I comp expense comp 'XX guess is on XX%. ratio. in the I only versus dealing up at full are XXX of lot year incremental down and looking factors informing bps, around there's a of your wanted just deferrals the your But about revenues I year-to-date. ratio touch and XX% still the given under implying ratio years. any But from elevated comp understand year-to-date a levels an little with

is think and ratio margin we help back that Is like? I about think would as the that the you Or great. it through the comp should gradual do about XXs be So of path look you high below have think XX% here, can could the incremental getting anything hoping what way improvement? was comp to path, trajectory the level right you that to help from us that frame

Timothy LaLonde

improvement the that commentary over the there about term. a to ratio, this medium what think characterize in gradual as quarterly I've release which in thing, calls is earnings previous commented comp we is and I'd on near happening the when look, Brendan, Yes.

And this year was it XX%. the overall year, was ratio XX.X%; a comp quarter for year, our so last ago, for

XXX And points overall prior versus there's point the XXX year. improvement so and year-to-date last basis basis year on versus the

I and building, firm, we we're the Also, balancing, improving think market. right, what an building into is we're that noted heading

we're some And shareholder ratio. firm balancing long-term building on comp achieving the our with to create so value improvement

cost competition the the made bankers and intense, associated new also existing that to of bankers for be and I continues significant. the point hiring bankers retaining remains

make ratio cited to to take we're so and question you into to of our think consideration, make to over the And upon think is striving kinds way about levels but down your something gradual which the the when dropping term. all that hoping time, improvement we comp I not in right in near

Operator

Ryan with from We'll take question Stanley. next Kenny Morgan our

Ryan Kenny

M&A? give the deal years? to companies on the we've cap in size are are some given in cap to in uptick any appetite seen you higher substantial some And Is at Can large values few over market look the global equity there how of deals cycle, willing be Specifically naturally GDP there? growth color last this going and pipeline?

John Weinberg

in The deals right now. our is of We have shapes pipeline sizes. quite and robust pipeline all

the really and really we so down -- is the we companies way up And and line. cover

activity be cover do there you we of bigger some respect sizable so that the And And think there's overall to and should companies, a market. will lot merger I with that deals. expect

and can to which small that will coming is at Clearly, activity number ranges high, environment, But deals how deals by of the will I be up market and will or time. activity some the towards impacted larger there I to think of assume the regulatory size sizable the of first uncertain the is a that don't you substantial that there's And be level deals this recover. deals. I first. bias part just think somewhat be think going be there down large going a coming be that's will

of across I itself kind think to to going market board. the the overall by going lift that it's is be

Timothy LaLonde

add the over is One if XX%. look number is billion, you transactions other $X that statistic to at I year-to-date up might

so the some we seeing returns news of $X transactions. good are billion-plus And certainly is

Operator

our question Goldman take We'll from with next Sachs. Yaro James

James Yaro

in hoping your be least was come recent able to if is election months. a like a particular the on And this your a of could down driven then any, fourth Advisory now? I recovery. What do to mean by? there per are potential an might uptick impacts, little offer as you less-than-normal maybe bit year? I cadence see bit John, right you of corollary, quarter does peers, this this at as backlogs, update a ask the the speak And there for because, in have geologic, you

John Weinberg

gradual. Engagement are Having will be are the robust. recovery letters, things that backlogs all checks the that, also. conflict our said and think support those We backlog robust

don't that level. real gradual booked, at be may the there's it get And we how activity come a and they terms they feeling see I that that closed, inside there's activity activity we whereas through. how we firm. a think when a very the will But really inside brewing that and levels So firm. the high of just think we're very, also quite executed announced those are know in get healthy

And the that's across frankly, firm.

the at both at also that's activity, virtually, look firm, fulsome. industry and the we have M&A really quite and really in you every classic the in the healthy backlogs If Europe, But groups in brewing. U.S. and business very activity

balance So we going the is are the play are standpoint, from at the how -- out optimistic busy and our over firm over the in this incredibly inside and year we of to 'XX.

to terms the where the term hesitate to really respect in reacts environment and Clearly, sure of have to We we're the both of and which and is impact people medium the on we term, how is be But impact the turns regulatory is in environment. influence, the merger in, the in depending an the they of not that know is until election. medium when really the actually term, that they regulatory that with election -- the to how in or comes election could, going see the how really do Now which anything want how the going -- administration of play really, somewhat administration out think, election. election, election which to election market the activity. do out may really they short the the what and don't

it's planning environment could market The remains beyond, regulatory in then are impacted. to impact. if But are those and for it less deals going the But it, the broad restrictive. way middle way a not we we're and the bigger much the about have in thinking impacted be

Timothy LaLonde

add And announced Whereas, transactions. not on research the yet community look we're to I'd looking at what's you'd outside the is world backlog in available the on of transactions that closed, which merger backlog with looking our that recall of point of that picked we cases, the course, up but course, looking been to at get not the other backlog the the in are James, but be at, second Yes. just, and have is, one many Advisory yet announced. is backlog is non-M&A, point transactions also mandated, does portion business not significant at. a

John Weinberg

the would important I of backlog backlog, would you an now And business. is that that in how is of thing is respect really -- tell more market the one but robust. One to with isn't say sponsor the sponsor that returns things the just of levels with to part that activity sponsors I lot a business, there the respect this in is with just right

Operator

move next We'll to Hawken UBS. Brennan with

Ben Rubin

rather activity rate shifted quarter This And down what sounded with you've quarter. in continuing all is lastly, I in last has drill dialogues of with momentum was to Ben respect performance your restructuring in say, the during cuts line seeing In restructuring on kind capitalizations at for financing? Brennan. into the been was third the And bespoke need remarks, the or hoping start year-to-date? of you U.S. client optimistic Rubin you the filling on could prepared XXXX. just for,

John Weinberg

very, The busy right business no very slowdown. are is very been no, restructuring now, Sure. seeing actually there's what is active. And we

been. think There's high really I is healthy. level right on. and really have of we're capacity very The fact, In now going lot a a business at

to have, a we to, what that a And And the and of the past, business restructuring From is nor those that going said very in clients. is with that we've not strategies said of to think -- that. business don't to Rates slow see why a about we've the our continuing business. in time from standpoint up perform of large going liability 'XX. is visibility assignments management. into the business, we when out cut we our lot spending extent, really, come the we down As execution see, slow that that been that's we rate environment to can advisory our going well going down picking environment restructuring merger a remarks down

Operator

Global. will with We take Seaport next Instructions] [Operator question Jim from our Mitchell

James Mitchell

in on the volatility had We business, in lot there's right? of Maybe just record a levels XXXX. been environment, ECM the

up this been that, underneath pretty you've You year. heavily had But challenge that a to -- revenues. It's record business. you've then, been since grow picked investing

of particularly you up you you as and the share on So the think in where a could to where that business do from think cycle perspective picks next IPO sense get be? growth the upside trying are side? Just you and a up, market

John Weinberg

Capital our gaining really We Markets momentum. Equity Sure. business see

We have top inside XX. goal the a of being

we've broader we're think now. continues around more reach. I runner. of the firm. activity in strength right look deals much a Markets. as And tech we But last Equity quite were if ago, out X be of firm we that of our and think X you we've biotech them Capital bit. to of our a Several the year, over IPOs the on a a broadened years in That XX at And book right is terms becoming been

are just we reach. expanding And our

area are and to approach are We really sectors markets also covering building many our equity throughout. where our we capital to respect added covering We've those clients with companies.

good. see be we think growing. to going our be think is up. our will the And just up. is IPO We that clients market momentum We We to is going think market and value-add we think happening. that capabilities picking to our pick that the So

have potential And it area be business. I case. really think people is us, like that that, the we're growth we And business. optimistic real We applying we and time, about the a that for so will our plan that, to perspective, over that from

Operator

We will JMP. take our next Citizens with Devin question Ryan from

Devin Ryan

a for been story on growth great clearly Private Capital Question Advisory, Evercore.

tremendous now, high a operating seems there. sluggish even very at like have You with right it M&A. And a business it's level

contribution holding capacity to and how of Or to this to with versus a right add of around to into little here current you're and the more trying sense a is profile So do with of talent would story? needing now? level bit growth. of thinking the about I wanted business group the on just drive be growth this right still the the from get you I'm just line revenue more understand, kind to the up pleased

John Weinberg

really And one that us whether the you businesses talked We businesses sponsors, right. it's doing we're think of as we that is it's strengthening. of whether and is and things that that synergy a how call provide a the Capital Advisory and we it's a sponsors into And comprehensive which of really, It's call, in really we business whether these different and the very in assisting is we're access well businesses really Private have a And side terms build. we sponsors. it's of providing whether the advising we've think them, these funds giving I M&A Private business doing can Funds really and this the strength we think whole think which up approach, on for group, important of bridged really, raises And service many from each about respects. Advisory we've is stakes, for the that helping. to we are think is what in really finding complex GPs advisory sponsors. real more know, We real a of it's now it's

So good. we're feeling

are In the terms the a very successful. backlogs of very which number and performing continues last transactions or obviously, X That the products they there. whether high it's The well. very pace specific has, years, and PCA level strong it's X and continuity obviously the funds, been over very provide, at the of that the business,

that really LP to build. ecosystem the dramatically. are And continue filled business, really also really stake other all which products around has But the that

grow. business but not So just is perform to that to continuing

Operator

Hall KBW. next We'll Aidan from take question with our

Aidan Hall

really it expected. remarks, another prepared about same that was kind sponsor comments initially your at in to is At the hasn't of heard like I this velocity feels come same activity John, quarter where time, activity. the fruition

from with and provide really the that your we So demand I'm can that if pent-up up what is latest you holding clients this curious about? you're just hear sponsor to hearing us continue

John Weinberg

steam a thinking the Absolutely. market that quite think fuel in because Obviously, gathering bit that the side pickup We recovery. believe about on merger and market the the that we're business sponsors is actually we business will sponsor a now. lot this

lot increased, is the off moment. this not evidence low we levels sponsors. the that is this of to a at on get a really of go a what that are do incentive to dry of pressure lot needs got is to There dry recirculate for LPs there the lot really, start for sponsors powder, of work. that to very deals. certainly is as let pressure They've going sponsors have them Some of apparent been base. putting real to activity seeing powder have to result, But business a capital. and but really a And

our that From see we activity and narrow. starting very buyers are sellers dialogues, own firm high. our levels to spread between The inside the

going sponsors. tremendous a of on number have We real with dialogues

any We the have a in large is now. activity up. have translate 'XX, but bake-offs of we how bake-off number that a that have there's indication, until levels right process executing play are of real hopper pickup really won't that the that clearly we we in level picked in really If the on this is to see going out. But activities these into

Operator

from next Fargo. with Brown Mike Our Wells question

Michael Brown

I little here. bit wanted into to dive a Europe

is focused investing some term? about time? I on it how good And could with how hear you there? grow what this next? large And then guess expecting Advisory trend interested that Where Paris. Where on in U.S., progress? quarter over the that and the So MD be could is that hires by recovery you Europe business you seeing kind update of in I near are how give now headcount? invest still those Are would Can just you X on likely were activity an adds lags in us franchise understanding to there are to focused

John Weinberg

very have us, Sure. of What we've progress grow always I'm said is that Europe is we're intention that business. continuing And every and to a investment with for the evolve we very important strategic having. and pleased

hired Paris and regionally, Managing -- added Spain. players, we've on strong very X X well Senior in as Adviser side, Directors. to added In Paris, Senior We've as addition a telecom the and we

are looking and and high-quality We are bringing systematically we recruiting talent in. for that talent it

significant increasing. We do business The have in real very investment as I you we high-quality to And in going big, continued good saw we're third huge as strong us is We numbers. in talking we've always what you have got We're people and of in winning to. basis. Europe. that really But that won't a European has the business. it see healthy a one-by-one believe that will on quarter. we momentum think from it We're a do assignments, been backlog

sectors We're number a continue we increasingly of have on. We some really into high-quality that focus of our Europe. products to bringing

about way So upside we a commitment, level, standpoint. as their good And very, significant our very firm. we're we from the the all really approaching where is see the business Europe feel they're positive to their energy very going,

us I Europe get focus. for to is, going say, our to continue that's a So and one bright would spot

Operator

a we'll Hall Aidan from And take follow-up KBW. with

Aidan Hall

just it's I Great. comp points, it's look on If attribute Tim, one at almost percent of a leverage which would the all versus maybe couple recognized comp down cash percentage just as year-to-date the year-to-date, and comp down revenue, deferred of largely ratio. XXXX. of RSU the a

for in quarter your 'XX? expectation the curious and best you're right XX% And is now year, estimate versus that? I'm So embedded kind fourth year, the leverage for that's to in the hear what the base the salaries bonuses thinking about in how for of 'XX

Timothy LaLonde

Right.

comp to the is ratio a way I about think has right number it. the to significant of think components itself this

are leverage doesn't go example, right, you benefits, comp comp have components the so. less would goes the within cited, of some base there ratio when But that as up that include, that revenues others for areas And and up. and significant

volatility not their the say staff, as to compensation nonpartner high would partners, I not during of go up who on. as much. that tends you generally bonuses more to have on which got up in as periods go and average in so much but tend revenue, industry, You've corporate

that areas what are things on minimize then building -- this invested addition in simply to flow So compensation the were We've and EPS And partner be we're easy. per very those there and objective If focused very is overall there invested of level. value. year. we've that, in ratio, cash the are And it in heavily share like last to in would hiring, that heavily increasing increasing comp year.

of lots expansion. tomorrow, hiring growing stop and just You stop would see you and

what can build term. in is we're really focused and create company medium build long the on in so that in some making and And and the so the we run firm value here the investment

Operator

With there Earnings Call. further conclude will Third today's XXXX this questions that, no And this time. Conference are Quarter at Evercore

now may You disconnect.

Evercore (EVR) 23 Oct 242024 Q3 Earnings call transcript