EVR - Earnings call transcript Q4 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to the Evercore Fourth Quarter 2024 and Full Year 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 to Katy Haber, Managing Director of Investor Relations and ESG at Evercore. Please go ahead.

Katy Haber

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

John me Weinberg, Tim Joining our CFO. call the today LaLonde, our and CEO; on Chairman and is

today, fourth prepared will quarter year financial results. Earlier and our a press call for open full After issued the release remarks, questions. we we announcing Evercore's XXXX

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

this number from and to During that statements risks could actual important make may call, include, X-K. and conference to, statements. cause but forward-looking on the Any and including XX-K, we XX-Q course those reports are annual filings various of on to forward-looking materially Evercore's reports report are These the our make of with quarterly that uncertainties, are factors statements. discussed in limited subject on we factors there differ those Form not a outcomes Form in current Form these indicated SEC,

financial performance. statements. adjusted I evaluating the want discussing when presentation our In today, we forward-looking which duty to will believe unless measures any be that remind you indicated, meaningful, update that no the are company company's to are otherwise we non-GAAP assumes measures,

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

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

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

John Weinberg

revenue markets. We Evercore's morning businesses a improvement macroeconomic of all and saw significant capital our for in also and across XXXX of ever on everyone. a share seven $X global gain to strength revenues marked market of year and Katy, firm-wide second fees. we landscape was continued the X advisory year, you, the largest both billion. In and the good of across terms with M&A broader Thank XXXX net advised adjusted deals over as best year just of result, the

our We to the entire broadening have our while platform. coverage continued clients, cover intensively across

to in base. the years, Over past have has broaden deepen business revenue meaningfully several products capabilities. contributed our our in continue total and diversification invested significant a we the This and we and to

XXXX, On X the of and average, total past years were in over sources. non-M&A our more revenues than from XX%

are made pleased the the past with in we've progress year. We

to financing XXXX, overall As we backdrop. Market with and sponsor increased dialogue CEO healthy availability trends improve levels, we macroeconomic confidence activity, are optimistic. continued strong a enter continue

continue backlogs positioning advisory robust businesses. for environment to markets healthy Our what believe in our us and we strengthen, a will be capital

While the and some to momentum past the environment macroeconomic throughout continue uncertainties on gradually improve of deal-making XX months. the the We anticipate year, persist. will building geopolitical

billion, financial dialogues. for relationships, client our announced lead its coverage Calpine a adviser Energy So sale and ongoing were far this to building efforts to reflect strong the date. year, to Constellation $XX.X levels activity we client on These deal largest

Senior Shifting largest Managing second recruiting talent. of new marking successful class to was our XXXX Evercore, for hires. year another Director, banking investment

health to join started to banking have and our year. firm. investment For senior nine SMDs earnings team starting call, join X coverage one SMD our last will and this or committed year, the care be adviser Since the committed later

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

We're global in investment sectors capabilities. business banking our and SMDs newly promoted across excited XXXX begin to with XX

and a promoted us, always bankers highest XX on externally recruited future the most we've has priority growth senior core total developing SMDs approximately years, competitive new for X a internally past the for talent aspects Attracting the positioning. more XX platform. and and of we senior Over than our advisers and remains nearly quality our XX vital and for been one believe of this SMDs

we Now let billion. across and quarter several highlighting on and in our $XX.X Warner of of its Quikrete the Havas the from on strengthening the discuss a me sale observe teams Evercore environment, throughout year. a Bros, Overall, been key and Hachette and advised the complex continue the the of a had Summit newly building notable its since fourth we've to quarter for spin-off a for transactions, of on corporate Canal+ the on quarter firm. demerger and number throughout Strategic partial Materials continuation team Discovery that for highlights deal Paris. new its strongest In structure, Louis notable momentum including collaboration representing extensive we've briefly and XXXX year. revenue, Advisory, to experienced of established Vivendi

business fourth see Advisory build in quarter to The and some that improving. XXXX. backlog and European signs trends a market in There sentiment the with year the are are continued finished for momentum strong Europe

the However, in lag United States. they those

sponsor build far to as markets, activity believe to management funds, serve well levels equity continuation industry-wide XXXX. we to team activity continues increasing gradually sponsor year. are capital underwriting, build and While in positioned sponsors to or of related this client financial into liability so we dialogues our levels continue our year-end M&A, experienced private Weather clients

for in sponsors accomplish our financial We what time. to over expanded continue excited team, this will group we're and invest

and on levels to XXXX. the the activist year, these Our strategic advised campaigns defenses Global remain business activity heightened had we shareholder continue. defense advisory in finish elevated, expect and of largest activist strong a some to having

believe exceptional advising primary Liability drive and year restructuring integrated firm's liability approach had continuing clients extensive be success. to with an will to management our management driver among We and sponsor, of clients activity. continued a expertise

we observed starting strong In with XXXX across performance GP by businesses. pipeline. strong we a private and and achieved PCA, record Our capital record advisory industry-leading funds LP both group, private both are volumes, years. Driven

structured Additionally, head momentum is we our solutions capital building business XXXX. as in into

and similar to to issuance Activity clients. continue new equity add marginally, as trends as the back underwriting group year environment activity follow-ons. broaden we continues we this PFG, and business In sponsor in broader for The bounced activity fundraising stronger had as particularly has M&A expect increases. a improved XXXX, among

recent one ECM elevate increase We objectives economics. share our our role continue to our strategic our health Diversifying care exposure and primary has of of in beyond deal years. sector been

E&P in of over in particularly lead anticipate Notably, other were and which on history. to XX% our we year market Diamondback of Energy's with ECM lead XXXX, came market. will and bookrunner on the pleased revenue less IPO of energy, bookrunner reflecting We a a the be transactions contribution were all from underwriting sectors $X.X We In we six financials. significant tech progress. nearly them industry-wide, the continued and follow-on, our from the be stronger for were largest billion was XXXX left year follow-on on ECM

with had equities strength year products. and since execution research our XXXX its Our across broad-based franchise best

on For the Extel as as our known recognized third weighted firm consecutive Investor. year, Institutional formerly research a was the by basis team #X

of team. an ranked second year extraordinary analysts we the proud the our on is a are for Street very in This row. achievement Additionally, most and we Wall had #X

billion. Management, of year and in Lastly, we the ended with revenues record assets Wealth $XX.X under management

our through clients strong, engagement levels all we remain supporting focused are on client conditions. and market Our

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

gradually it we and of to early the for recovery ahead, and market believe are expect stages We Looking the are and optimistic both beyond. XXXX build we business. our still in throughout

with industry in more exceptionally in XXXX. and the have managing end than investment We include senior strong does recent XX% over an not of team senior the which most XXX promotion class of directors, our SMDs banking bankers it's

with to are Tim. executing We ahead. expense and our a that, remain turn time any over believe at what shareholder better to let With positioned over we our growth for history our focus on continuing it value margins time. in to me than improve We enhance committed today lies strategy

Timothy LaLonde

John. you, Thank

each in year-over-year. both financial net fourth momentum the quarter and year experienced and sequentially quarter reflect Our we with full revenues XXXX, results higher building

growth As our to long-term the shareholders. on for management to and committed expense continues investing environment responsible strategically market we balancing with in path creation value medium- and recovery, remain our its to that

made our by points we respectively. margin expense improvement This resulted has and a ratios, versus basis improving point more operating in comp progress XXXX, XXX them non-comp adjusted in basis basis XXXX. points, In XXX meaningful XX on and adjusted our than

and occur are on we expect medium As on I to the near the gradually have margins, our past to year, discussed this further throughout making we focused term. over improvement

I will and that, results. year fourth full quarter our financial discuss With now

$XXX a million, XXXX, the revenues, net For EPS basis share, respectively. per quarter and operating of GAAP million $X.XX $XXX were on income fourth and

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

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

compared net quarter increased of year share to the quarter quarter $XXX the year. Fourth of of a billion of XX% fourth Fourth full XXXX. XX% $X last quarter revenues the revenues adjusted increased million $XXX On basis, versus net of Adjusted $X.XX versus per XXXX. XX% fourth compared increased quarter fourth operating income million XX% adjusted year. last increased to of adjusted earnings

share of $XXX of XX% and and million increased the year, year XX% earnings full income For full $X.XX the XXXX. adjusted per adjusted versus increased operating

XX.X%. points up XXXX. year XXXX margin Our fourth was for basis quarter adjusted XX.X% up I the XXX mentioned result. And fourth points XXX quarter earlier, operating full And basis versus year adjusted as the margin the versus full operating the was of

year million fees advisory billion strongest to quarter largest further this up the $X.X us increased adjusted second between full the XXXX again XX% record. share banks. By behind fees year gap representing our compared strongest quarter on and investment year, businesses, the Adjusted fourth XX% our increased and advisory the estimates, our and to our $XXX year-over-year, market for XXXX. of were we Turning closed

XX% were $XX underwriting fourth Our quarter year million, a ago. from up fees

market full million, investments business. made the million reflecting in we XX% were in this quarter underwriting revenues was year, have $XXX and of For year-over-year. the and last $XX up Commissions related year, the versus improved X% up revenue conditions fourth

commissions up XXXX. were year, compared of revenue For $XXX related million the and X% full to

fees to respectively, revenue of management administration $XX was a Fourth million which full our compares net result, quarter quarter $XX increased $XX period. and other adjusted year XXXX. prior the million, million, year Representing best both million XX% adjusted asset approximately since $XX versus and Fourth and year ago.

For to million DCCP our on year, and hedge. other last of other million $XX year. about net interest revenue was a revenue in was adjusted Approximately gain the income full XXXX XX% was compared $XXX the XX%

fourth year's expenses. quarter was quarter. last The Turning XXX to for adjusted points fourth the basis ratio compensation XX.X%, below

adjusted year ratio full XXX than XXXX. in points XX.X%, a Our lower compensation was basis

with term. over We are we hard working the additional to we the are in but made improvement near-to-medium pleased and XXXX, not progress satisfied make

However, we of on in be the firm, growth our focused progress remain will investing continue gradual. as to

in the advice and top with As ranks SMD with of to execution our a our objective years for clients, reminder, in quality talent. while value strategic with are of past the were overall of maximizing building balancing shareholders. our each providing expense investment out our years business we management rate significant X creation investment And first

costs. by Shifting million and non-compensation up full revenue The both expenses period. driven expenses relevant full activity-related $XXX respectively, were and primarily from XX% to quarter our million, non-compensation the and year expenses. in were prior-year increases Fourth year $XXX

First, an and increase client-related professional placement to search expenses fees in fees. related higher and

XX% The to contributed revenues combination strong and SMD this. up hiring of

revenue Second, correlated XX%. also is stronger of XX% levels. up up business with travel-related year-over-year, trips number the were travel expenses higher This and and and

of reimbursable revenue reminder, recovery a expenses netted expenses. against the is and client reflected As line non-comp the in not is

only On fourth fourth pre-COVID XXXX, basis, higher expenses ago X% they were than the than a X% are the and in the higher fourth non-comp quarter about year. per about year of employee quarter our quarter

with our have our This pre-COVID full to ratio non-comp compares We year. expense XX.X%. year, adjusted our ratio improved year commentary a favorably levels, earlier ratio this this of ending non-comp with consistently quarter consistent each

was from in and of quarter RSU from rate last last to of to Our the was XX.X% year. related share year, adjusted in XX.X% XX.X% tax the due tax quarter XX.X%, for tax XX.X% last vesting price appreciation down versus grants. full rate The the benefits upon quarter year the largely up fourth adjusted

balance to our Turning sheet.

X.X price is total which of higher securities XX, As to cash at about In billion, our investment million December million $X.X and shareholders average than year-end. of of year's levels an at million of we dividends $XXX repurchases $XXX shares totaled $XXX.X. through returned XXXX, and last a

Our to the fourth from a quarter diluted share little over million. count quarter X% increased XX third

accounted our impact our shares X.X higher primarily year, is to count on under the are share full unvested million the share due the versus price up prior, method. stock awards, for the year For of which treasury

We X so years, our do would RSU repurchasing greater again to to number offset dilution past and grants. of repurchased to shares remain And year-end the than committed a XXXX. that fact, in expect of in shares we in from bonus we each have

pleased well and positioned believe with in results coming XXXX, and are our performance are delivering in We to we continue beyond. the we strong year

will and We expect the our investments by open we believe we in an for now business, made line this shareholders will supported and firm. our clients, our we questions. to improving environment be have benefit that, which market With our

Operator

you. Thank

Instructions]. the conference. of We will now portion conduct the [Operator question-and-answer

Securities. Our from Fargo Mike first question Wells with Brown is

Michael Brown

Great.

wanted ratio. I to a maybe start the question on comp Tim, So

noted, XXX So as XXXX. improvement delivered in points ratio you basis you comp almost of

an referenced environment better a here as consider in expectation is that basis be it what's the ask your that improvement? what's level what in -- level of the point gradual improvement if you gradual would stand Or margins. improvement strong, would for revenue expectation XXX you kind that that? wanted be could to You I for today, than -- XXXX actually

Timothy LaLonde

Yes. Thanks year, we last were -- basis that question, a I as Yes. you as improvement. would we improvement. did Mike. This point characterize point for XX.X%. year, of at meaningful XX.X% And is a course, XXX out, your

I progresses, And to better continues striving that. we on we the we we again for say say And commentary don't that I kind have think improvement have results hard achieve in the mentioned a the and we're was as meaningful year would we'll year. the business expecting. reflection so we've we've of about XXXX, give our build. talked improvement guidance, gradual And As to of this would visibility as provided past, were

Operator

UBS. And our comes next question from Hawken Brennan with

Brennan Hawken

in right color, sounds sorts that you up talk of there retention play about different give what put us the on did striving of a impacted retention spoke your ratio I that are texture as impact step Could we year. like know be efforts XXXX. comp kind Tim, leverage and and talent a you saw what of Can all in there we the into to expectations recruiting Appreciate in come and and how that the similar big there's can level you're factors what recruiting you and it And around comp the to last the coming little up to expense. of should you for quarter, expect need a XXXX? one.

John Weinberg

a with Yes. the again, in question, -- effort Brennan. like context, couple I of to with think Look, and been our competitive historical years, I which start a is think And for for last way, particularly thanks the talent. these we've results I'd by pleased the Sure. over little of environment recruiting

still to pace to year business. to plan work to hard on hard continue we're as build this and think the at try we're that that working it I just on

unlike pipeline not a actually simply the get candidates, you have of transactions prospects. M&A We across until they're line, it but

at of But working we and discussions number are it. in a hard

instead but probably on any the we know I run think ratio, careful it's And course, sub-optimize, to hiring of we're value are focused the -- not for what it being does, is do, the we're single is you market what think I've -- compensation past, in kind not not about trying line. of you I is talent. impact could to And said on numbers and to which this creation. trying the

X been over You've past have X what seen or years. the our results

extrapolate to associated we're costs is. hiring the growth. building with trying the have does the benefit hiring Go what improved an that can you achieving But and but it there, the balance impact, from then and of our with math And business ahead.

Timothy LaLonde

to people to want to Brennan, are to would highest to very what And the look I and that commitment robust. quality we recruiting for continue is them. our going communicate recruit continue aggressively remains

of think to people to drive continuing that growth. environment really to will the high-quality I very do think And add continue that what I continue we competitive. those recruiting with intention our the is remains

a As may been think this, we know, said you but bit. quite ramping we've I

and right XX XX the ramping Managing years. new have X Senior over now. people We Directors also in brought last promotes We've

bit will And the performing we're as and have we a how think, coming be give The -- getting But you can the out sense so really about really good that I at in would can't speed. of very up going people I quite say be I going terms of I to to same that anticipate And you to numbers. competitive. is continue. in difference, to is a I to going that we're that's But play environment big level. think think

Brennan Hawken

activity to given Yes. And to is will the get imagine easier up, can't it recruit. I going pick

So...

Operator

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

Devin Ryan

on think, obviously, deals, just XXXX. on, question the A specifically transactions in larger X the top M&A backdrop X of Evercore and advised I

if around Or other maybe shift the given So deals as And factors are evolving within and market at the to well? of changes may curious deals, specifically? that there's just pipeline regulation. that the you're driving election Evercore's any largest expected seeing relative in FTC be in just just kind whether that's how the changes I'm post smaller

John Weinberg

teams. see continuing the Sure, Board level with robust Devin. We at activity and management

are think what that that backlog backlog. said we've think of part big I that to continues the strengthen. the is our large deals And a I

we're I too there'll toward of some the most a that and with a really possibility. regulatory So up think there getting overlay probably trend that would say, of I more But environment I But to the going agree we people that better. really and of be loosening would be predict. would clearly, It's all believe think early -- is to I watching. will

clients the my with really activity whether the say I really level. thing. we're much that sponsors management experiences building that leadership that looking that at would whether are are looking same the And strategics really it's it's own big things dealing teams the across teams board, doing at and think personal It's very or

could believe think I So through and very remained year. the there be of a we've optimistic very much balance build the

Operator

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

James Yaro

the about and in in, the confirm, related high-level And remarks, of the areas the prepared just acceleration most? to quarter and you're spoke meaningful you your in results just how question. then to speak might results of an quarter? Relative in momentum much have maybe you're seeing I this XXXX zooming there to today? then not advisory which one any John, could forward you a M&A whether any contributed evidenced activity pull to seeing a nuanced perhaps, improve more in M&A that I wanted or be start

John Weinberg

Sure.

the of usually ordinary. we comment pull amount. a particularly generally mean, forward. large on forward, terms really was pull not this I don't out But of not speaking, In

would volume high a I'd side, really are on What say of very on side. acceleration. -- get us. really announcements any level equity active. fact, it the found is the it merger just smaller In side have activity we let out And across coming for I was did didn't or was really that very whereas robust to board, the say the the -- January remains our businesses the whether we I side, But me that

we've of across this which would we And really our board. change see is our think a -- it's the and think that I year. And balance And really don't view that it's articulated, throughout continued down. that I don't the business, for build it's slowing

our every businesses well quite think now. virtually doing one that I is of

business, wouldn't better. is a I -- really specific say that is don't there really I so doing which And

care seeing general it's or just lot on whether in throughout sectors, health In it's terms technology or is a we're of the side across board. of industrials, activity activity the sectors, the the side whether there

think don't distinction I I'd So point. a make at this

Operator

will take our And with O'Brien Brendan question from we next Research. Wolfe

Brendan O'Brien

would any And a higher the than earlier I potential that point feels current SMDs at X recent suggest that SMD significant your there's at embedded like in me history, which growth within appreciate on base you've to added ramping you made firm. XX means that your years. the point the today percentage past the least that this of in

is that, your off However, far despite your productivity not average. actually that long-term

So the level to give some $XX I you get this of level -- your around how or million and to today long-term of intermediate term? to SMDs you with you just back percentage a was ramping new average joiners compares can up still in your productivity context the whether around to near could think hoping

John Weinberg

start I a would people with, Well, have large number just to say do ramping. of first, that we

much the I'm the very ramp to new affords pleased do of us. and market market has that the So we've the with opportunity people the with added. that,

generated in-house In really transactions by fact, some there are that have group. that and exciting been interesting

of At group The business level productivity market that And teens drive all in productivity. the generate. quality. our quite really a that, the more the of is confident and that because on I more start revenue getting really to the now. so I'm people active and is can much is active becomes more function really this think as point, really, the measures, just higher going And to more high the we're

And that there's actually cycle, we've really up I to people been get that. that we come the going that, revenue. through have recovers market in, and And as the that where And be driving bear to I we go. that's able into more from would XXs. that think place believe that that don't in start I could to see the we're I announcements

Timothy LaLonde

that. Yes, look, I say with agree would I'd

improvement think that, And still that talked but the that build. will what market you I ratio. think relatively in in we if I this recovery, we the think gradual we're be that auger stages and earlier we've continued productivity the well about would build, for about hope think of

Operator

will Aidan from KBW. question next Hall our And with we take

Aidan Hall

Good Katy, well. John, Tim, Great. Thank you. morning, everyone's hope

secondaries this broader announcements banks in volumes. increasing advisory Obviously, both industry There's market competition been seeing efforts the some moving on results, larger success in a ask of from market really of Evercore the the to strong more capital wanted leader is business. and with area in Just But PCA of PFG. advisory. there's the targeted private in space, and

advantage space and ability think curious that Just competitive the the how market share? you your defend about in to

John Weinberg

had record our each businesses very years Last one I we think really private advisory forward. in businesses. optimistic both capital year, of we And those of are about going

business In clients. of think of of really in business market we business very how going I terms terms And competing and each in the the have new build position, deal continue of business. for leaders are optimism great effectively those they're units to to a

solutions have As right the that's that seen fund And PCA -- you terms now. is or for adding And aperture continuation new in actually money and to you're that PFG, -- getting in raise of continuing seeing to in we're may whether a activity then obligations. really area, I different whether funds. capital it's add bringing is level, high we're products it's quite we're the that what more the structured collateralized in opening, fund business think

And the so building. level private funds our in is group activity

and business it's getting getting would But competitive. It's our feel I now, we're very our it's competitive. very well, very right -- position. market about more leaders say, competing yes, So good really

Timothy LaLonde

Right.

year in I Now reiterate in just and midst a with was growth And for believe see last what we strong, This pipeline. a area. starting the this that us. we're -- we're year say trend the year in is would pleased record we that secular of that

increased the feel of the notwithstanding so And pretty competition, outlook. good we about still levels

Operator

Stanley. And next with Instructions]. will from [Operator we take Kenny question Morgan Ryan our

Ryan Kenny

in equity build M&A markets. pace activity dig in on in to wanted capital just and 'XX of both the I So

gradual. weaker for industry used were and the bit announcements January a mentioned the You you word

XXXX? really impact pace recent as understand want volatility around should on quarter? keep in had AI through tariffs about So mind whether of we development market Any the think to any and that risks first build we

John Weinberg

bit Recognizing little that January has been slower. a

there's impacting think activity sponsors. at financial strategic really to tariffs a really it don't going continue as things. of this in point, dialogues both We the the see be for as to we're level and think doing the And I We well see build. preparing off are We that. gradual coming don't,

dialogue build. And relevant levels the activity very is see to we now. on So continuing right deals

to as is we to equity the space, market a In forward, same it's see the that going And markets thing, the we of going improve. capital the that goes think see to improve year balance we to continue build. continue

think don't any going I it's really this that anticipated. we've we there's disruption and we pace So generally, continue at point, think to on think the

Operator

Thank you. from will And with Ryan JMP. Devin follow-up question we Citizens take a

Devin Ryan

on Just a question capital.

of cash excess pay million bring year-over-year. cash the the need $XXX But built would like obviously assumptions you was if build course I still and back appreciate it we of bonuses still year. that to some so you seem over some So capital will down. there, make there

any uncertainty whether of that it's So grow of curious you kind you'd maybe the there as hold of why just to I'm be some proportion or does of would reason cash from higher 'XX, want reflect kind timing. a -- maybe just

entering like XXXX So capital just of love you're over would seem to it's because get a sense position on it and kind excess kind about where the of how 'XX? you're up thinking

James Mitchell

Through Look, million in dividends million X Devin. of of $XXX repurchases out turned build been there's think a form $XXX we kind of Sure, capital of the $XXX share Yes. million last to $XXX -- and shareholders. year, point of healthy or last do million of we've over I'd the cash. years. our

build in case greater some to cash expect that be of course, a each would case we repurchased shares number during that expect again of And would number the that, of that which a of granted number use than of We've comp would, the greater a And of this year. will be shares we out. than RSUs the period. certainly repurchase

Operator

next And we take question Sachs. our Yaro you. from will with James Thank Goldman

James Yaro

you. I levels outlook you these that elevated love for get you even case restructuring, grow the But would whether how restructuring, about your on think at here? appears this the the Just about that for on to from ability stay to for have think industry been to potentially across strong the perspective that was business then quite as do quarter. or

John Weinberg

a Well, in restructuring. our last had year, very we -- strong year

bit I liability business frankly, activity think a level that strong. year lot ever, it. and to that just in continue it was our plays little be and and space a to not of second bankruptcies has There's companies. the very that management And restructuring really it's we into best see changed

And ever we've more critical structure really structured to than capital before. aspects ourselves of about their so that clients talking we're more

question that are to see up no it's time. we can't very the I some So activity always guarantee be levels, of these levels which kind for But healthy. stay there's going that at we're way. quite what been to we're more able provide that I And service to our more really are relevant expansive think the that marketing before. is people than it and do it's able

Operator

Full Fourth Earnings concludes and Thank Quarter Call. Evercore you. And this Conference Year XXXX today's

disconnect. You may now

Evercore (EVR) 5 Feb 252024 Q4 Earnings call transcript