Latest Earnings Release: Q2 2022 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS SECOND QUARTER 2022 RESULTS;

QUARTERLY DIVIDEND OF $0.72 PER SHARE

			Second Quarter Results						Year to Date Results
		U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
	Q2 2022	Q2 2021	Q2 2022	Q2 2021	YTD 2022	YTD 2021	YTD 2022	YTD 2021
Net Revenues ($ mm)	$	630.9	$	687.9	$	637.4	$	691.2	$	1,353.8	$	1,350.2	$	1,365.8	$	1,361.1
Operating Income ($ mm)	$	146.2	$	207.0	$	153.2	$	210.3	$	355.5	$	401.2	$	368.1	$	412.1
Net Income Attributable to	$	95.6	$	140.4	$	107.8	$	154.0	$	253.6	$	284.7	$	281.1	$	316.5
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	2.33	$	3.21	$	2.46	$	3.17	$	6.13	$	6.46	$	6.29	$	6.47
Compensation Ratio		61.7 %		59.3 %		61.0 %		59.0 %		60.5 %		59.5 %		59.9 %		59.0 %
Operating Margin		23.2 %		30.1 %		24.0 %		30.4 %		26.3 %		29.7 %		27.0 %		30.3 %
Effective Tax Rate		26.0 %		22.1 %		27.0 %		24.7 %		20.4 %		19.2 %		21.2 %		21.0 %

	g	Second Quarter and First Half Net Revenues were $630.9 million and $1.4 billion, respectively, on
		a U.S. GAAP basis and $637.4 million and $1.4 billion, respectively, on an Adjusted basis. First
		Half 2022 Net Revenues were flat on both a U.S. GAAP and an Adjusted basis versus 2021
	g	Advisory Revenues of $1.2 billion on both a U.S. GAAP basis and an Adjusted basis for the first
Business and		half of 2022 were records, increasing 12% on both a U.S. GAAP and an Adjusted basis versus the
	same period in 2021
Financial
Highlights	g	European fees were a strong contributor to second quarter Advisory Fees as we continue to build

our brand and presence globally

• Evercore hosted its inaugural Global Clean Energy Summit which was a cornerstone event for Evercore ISI and Advisory energy transition efforts
• Evercore was awarded M&A Deal of the Year by The Banker
• Five Advisory Senior Managing Directors have already joined Evercore in 2022, three of whom joined in the second quarter and July, all in areas of strategic significance; Herb Yeh and Chris

Talent	Buddin have built on the momentum in our Technology coverage team, and Jason Fournier has
strengthened our coverage in Consumer/Retail ECM

• Two additional Advisory Senior Managing Directors have committed to join in 2022, contributing to our Debt Advisory & Placement and European businesses, respectively

Financial	g	Refinanced $67 million of Senior Unsecured Notes through the issuance of an equivalent amount of
Transactions		4.61% Senior Unsecured Notes due November 15, 2028
	g	Quarterly dividend of $0.72 per share
Capital Return	g	Returned $502.0 million to shareholders during the first six months of 2022 through dividends and
		repurchases of 3.6 million shares at an average price of $120.13

NEW YORK, July 27, 2022 - Evercore Inc. (NYSE: EVR) today announced its results for the second quarter ended June 30, 2022.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Despite today's uncertain environment, we accomplished a solid second quarter and first half of 2022. While our backlogs remain strong, we recognize the increased risk associated with the current geopolitical, economic, and market headwinds. We remain confident in our growth strategy and believe that the investments in our business will allow us to continue to achieve success for our clients, firm, and shareholders. As it relates to talent, we are pleased to have seven Advisory Senior Managing Directors join this year. Further, we remain committed to our capital return strategy and will continue to return capital to shareholders while maintaining a durable balance sheet."

Roger C. Altman, Founder and Senior Chairman, "Evercore has continued to execute very well. And, historically, during complex environments like this, we improve our market share. That is our goal again here."

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

Business Segments:

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

Non-GAAP Measures:

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

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and six months ended June 30, 2022 was higher than U.S. GAAP as a result of Special Charges, Including Business Realignment Costs. Special Charges, Including Business Realignment Costs, in 2022 relate to charges associated with the prepayment of the Company's $67 million aggregate principal amount of its 5.23% Series B senior notes, originally due March 30, 2023 (the "Series B Notes"), during the second quarter, as well as certain professional fees related to the ongoing liquidation of the Company's operations in Mexico.

The gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022 has been excluded from Adjusted Net Revenues.

Evercore's Adjusted Diluted Shares Outstanding for the three and six months ended June 30, 2022 were higher than U.S. GAAP, as a result of the inclusion of certain Evercore LP Units and Unvested Restricted Stock Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and six months ended June 30, 2021 are included in pages A-2 to A-9.

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Selected Financial Data - U.S. GAAP Results

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

Net Revenues

							U.S. GAAP
		Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021	%		June 30, 2022		June 30, 2021	%
		Change				Change
							(dollars in		thousands)
Investment Banking:
Advisory Fees	$	576,245	$	560,814		3%	$	1,200,809	$	1,072,732	12%
Underwriting Fees		13,516			48,048		(72%)			49,822			127,305	(61%)
Commissions and Related Revenue		52,485			50,725		3%			103,383			104,251	(1%)
Investment Management:
Asset Management and Administration Fees		15,968			16,183		(1%)			33,083			31,132	6%
Other Revenue, net		(27,297)			12,095		NM			(33,326)			14,755		NM
Net Revenues	$	630,917		$	687,865		(8%)		$	1,353,771		$	1,350,175		-%
		Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		%		June 30, 2022		June 30, 2021	%
		Change				Change
Total Number of Fees from Advisory Client		217			255		(15%)			354			418	(15%)
Transactions(1)
Total Number of Fees of at Least $1 million		100			115		(13%)			186			218	(15%)
from Advisory Client Transactions(1)
Total Number of Underwriting Transactions		7			31		(77%)			21			70	(70%)
Total Number of Underwriting Transactions as		5			25		(80%)			18			56	(68%)
a Bookrunner

1. Includes Advisory and Underwriting Transactions.

As of June 30,

		2022			2021	%
					Change
Assets Under Management ($ mm)(1)
Wealth Management(2)	$	10,462		$	11,134	(6%)
Total Assets Under Management	$	10,462	$	11,134	(6%)

1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.
2. Assets Under Management includes Evercore assets which are managed by Evercore Wealth Management of $0.3 million and $76.3 million as of June 30, 2022 and 2021, respectively.

Advisory Fees - Second quarter Advisory Fees increased $15.4 million, or 3%, year-over-year, reflecting growth in average fee size during the second quarter of 2022. Year-to-date Advisory Fees increased $128.1 million, or 12%, year-over-year, reflecting growth in average fee size during 2022.

Underwriting Fees - Second quarter Underwriting Fees decreased $34.5 million, or 72%, year-over-year, and year-to-date Underwriting Fees decreased $77.5 million, or 61%, year-over-year. The decrease principally reflects a decrease in the number of transactions we participated in due to the decline in overall market issuances.

Commissions and Related Revenue - Second quarter Commissions and Related Revenue increased $1.8 million, or 3%, year-over-year, primarily reflecting higher trading volumes. Year-to-date Commissions

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and Related Revenue decreased $0.9 million, or 1%, year-over-year, primarily reflecting lower trading volumes, partially offset by increased revenues from research subscriptions.

Asset Management and Administration Fees - Second quarter Asset Management and Administration Fees decreased $0.2 million, or 1%, year-over-year, driven by a decrease in fees from Wealth Management clients as associated AUM decreased 6%, primarily from market depreciation. Year-to-date Asset Management and Administration Fees increased $2.0 million, or 6%, year-over-year, driven by an increase in fees from Wealth Management clients.

Other Revenue - Second quarter Other Revenue, net, decreased $39.4 million year-over-year, primarily reflecting a shift from gains of $9.8 million to losses of $26.4 million on our investment funds portfolio due to the overall market decline. The portfolio is used as an economic hedge against our deferred cash compensation program. The decrease was also driven by a $4.4 million gain on the redemption of the G5 debt security in the second quarter of 2021. Year-to-date Other Revenue, net, decreased $48.1 million year-over-year, primarily reflecting a shift from gains of $16.0 million to losses of $31.5 million on our investment funds portfolio due to the overall market decline. The decrease was also driven by a $4.4 million gain on the redemption of the G5 debt security in the second quarter of 2021. This was partially offset by a $1.3 million gain on the sale of a portion of our interests in ABS during the first quarter of 2022.

Expenses

							U.S. GAAP
		Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021	%		June 30, 2022		June 30, 2021	%
		Change				Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	388,971	$	407,798		(5%)	$	818,706	$	803,188	2%
Compensation Ratio		61.7 %			59.3 %					60.5 %			59.5 %
Non-Compensation Costs	$	95,232	$	73,054		30%	$	178,987	$	145,766	23%
Non-Compensation Ratio		15.1 %			10.6 %					13.2 %			10.8 %
Special Charges, Including Business	$	532	$	-	NM	$	532	$	-		NM
Realignment Costs

Employee Compensation and Benefits - Second quarter Employee Compensation and Benefits decreased $18.8 million, or 5%, year-over-year, reflecting a compensation ratio of 61.7% for the quarter versus 59.3% for the prior year period. The decrease in Employee Compensation and Benefits compared to the prior year period principally reflects a lower accrual for incentive compensation, partially offset by higher base salaries, costs associated with investments in new hires and an increase in the amortization of prior period deferred compensation awards. Year-to-date Employee Compensation and Benefits increased $15.5 million, or 2%, year-over-year, reflecting a year-to-date compensation ratio of 60.5% versus 59.5% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher base salaries and costs associated with investments in new hires, as well as an increase in the amortization of prior period deferred compensation awards, partially offset by a lower accrual for incentive compensation. The Compensation Ratio was also impacted by the lower performance of our investment funds portfolio during the current year period. See "Deferred Compensation" for more information.

Non-CompensationCosts - Second quarter Non-Compensation Costs increased $22.2 million, or 30%, year-over-year, primarily driven by an increase in travel and related expenses, as travel began to resume during the fourth quarter of 2021, higher professional fees, including fee sharing agreements with sub advisors, as well as an increase in bad debt expense compared to a reversal of bad debt expense in the

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