Latest Earnings Release: Q4 2022 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS;

QUARTERLY DIVIDEND OF $0.72 PER SHARE

			Fourth Quarter Results						Full Year Results
		U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
	Q4 2022	Q4 2021	Q4 2022	Q4 2021		2022		2021		2022		2021
Net Revenues ($ mm)	$	831.3	$	1,115.8	$	836.7	$	1,124.1	$	2,762.0	$	3,289.5	$	2,785.6	$	3,316.9
Operating Income ($ mm)	$	210.1	$	456.1	$	218.0	$	464.4	$	696.0	$	1,102.4	$	722.7	$	1,138.4
Net Income Attributable to	$	140.4	$	295.9	$	152.4	$	338.3	$	476.5	$	740.1	$	528.7	$	843.2
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	3.44	$	6.96	$	3.50	$	7.15	$	11.61	$	17.08	$	12.01	$	17.50

Compensation Ratio	62.9 %	50.1 %	62.5 %	49.7 %	61.5 %	56.2 %	60.9 %	55.7 %
Operating Margin	25.3 %	40.9 %	26.1 %	41.3 %	25.2 %	33.5 %	25.9 %	34.3 %
Effective Tax Rate	27.7 %	23.9 %	28.2 %	25.2 %	24.5 %	22.2 %	24.5 %	23.8 %

	g	Fourth Quarter and Full Year Net Revenues were $831.3 million and $2.8 billion, respectively, on a
		U.S. GAAP basis and $836.7 million and $2.8 billion, respectively, on an Adjusted basis, decreasing
		on both a U.S. GAAP and an Adjusted basis versus 2021
	g	Fourth Quarter and Full Year Net Income was $140.4 million and $476.5 million, respectively, on a
		U.S. GAAP basis and $152.4 million and $528.7 million, respectively, on an Adjusted basis,
		decreasing on both a U.S. GAAP and an Adjusted basis versus 2021
	g	Our results represent the second best Full Year on both a U.S. GAAP and Adjusted basis in the Firm's
Business and		history
g	Full Year Advisory Fees were $2.4 billion on both a U.S. GAAP and an Adjusted basis, representing
Financial		the second best year in our history
Highlights

• Evercore's Advisory team in Europe had a record year, seeing strength across the Energy, Financials, and Utilities & Infrastructure sectors, in addition to our Debt Advisory practice in the region
• Evercore advised on some of the most unique and complex situations in 2022, including General Electric on their separation of GE HealthCare
• Our private capital advisory activities had the second-best year on record, holistically, across the Private Capital Advisory, Private Funds Group and Real Estate Capital Advisory teams
• In 2022, Evercore was bookrunner on all equity and equity-linked underwriting transactions that the Firm participated in and was involved in four of the five largest U.S. IPOs
• Tim LaLonde has been named Chief Financial Officer, effective March 6, 2023, succeeding Celeste Mellet
• Promoted seven Advisory Managing Directors and one Equities Managing Director to Senior Managing Director and three Managing Directors to Partner in our Evercore Wealth Management

Talent	business in January 2023, representing the investments we have made in developing our talent

• We hired seven Advisory Senior Managing Directors and a Senior Advisor in 2022, all in areas of strategic significance
• One additional Advisory Senior Managing Director has committed to join in the first quarter of 2023, contributing to our Private Capital Advisory business
• Quarterly dividend of $0.72 per share

Capital Return g Returned $655.0 million to shareholders during 2022 through dividends and repurchases of 4.4 million shares at an average price of $117.27

NEW YORK, February 1, 2023 - Evercore Inc. (NYSE: EVR) today announced its results for the fourth quarter and full year ended December 31, 2022.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Evercore's results demonstrate our strong competitive and financial positioning. 2022 also marked a year of investment for our firm as we continued to invest in our businesses and serve our clients. We remain focused on executing our growth strategy and we believe the breadth and depth of our diverse platform will continue to drive long-termvalue."

Roger C. Altman, Founder and Senior Chairman, "Evercore realized the second best year in its history, and again gained market share, despite weakening macroeconomic conditions as the year progressed. We don't yet know how 2023 will unfold, but, competitively speaking, the Firm has never been more strongly positioned."

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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:

During the fourth quarter of 2022, the Company changed the name of its "Investment Banking" segment to "Investment Banking & Equities".

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

Non-GAAP Measures:

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

Special Charges, Including Business Realignment Costs, have been excluded from Adjusted Net Income Attributable to Evercore Inc. These charges 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"), as well as certain professional fees, separation benefits and other charges related to the ongoing wind-down 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 twelve months ended December 31, 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 twelve months ended December 31, 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				Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
		2022			2021		Change			2022			2021		Change
							(dollars in		thousands)
Investment Banking & Equities:
Advisory Fees	$	703,957	$	970,927		(27%)	$	2,392,990	$	2,751,992		(13%)
Underwriting Fees		44,077			65,019		(32%)			122,596			246,705		(50%)
Commissions and Related Revenue		53,624			54,808		(2%)			206,207			205,822		-%
Investment Management:
Asset Management and Administration Fees		15,759			17,692		(11%)			64,483			65,784		(2%)
Other Revenue, net		13,923			7,323		90%			(24,228)			19,196		NM
Net Revenues	$	831,340		$	1,115,769		(25%)		$	2,762,048		$	3,289,499		(16%)
		Three Months Ended				Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
		2022			2021		Change			2022			2021		Change
Total Number of Fees from Advisory Client		279			320		(13%)			651			797		(18%)
Transactions(1)
Total Number of Fees of at Least $1 million		124			153		(19%)			409			502		(19%)
from Advisory Client Transactions(1)
Total Number of Underwriting Transactions(2)		15			23		(35%)			49			117		(58%)
Total Number of Underwriting Transactions as		15			21		(29%)			44			100		(56%)
a Bookrunner(2)

1. Includes Advisory and Underwriting Transactions.
2. Includes Equity and Debt Underwriting Transactions.

			As of December 31,
	2022				2021	%
					Change
Assets Under Management ($ mm)(1)
Wealth Management(2)	$	10,537		$	12,184	(14%)
Total Assets Under Management	$	10,537	$	12,184	(14%)

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 December 31, 2022 and 2021, respectively.

Advisory Fees - Fourth quarter Advisory Fees decreased $267.0 million, or 27%, year-over-year, reflecting a decrease in the number of Advisory fees earned and a decline in revenue earned from large transactions during the fourth quarter of 2022. Full year Advisory Fees decreased $359.0 million, or 13%, year-over-year, reflecting a decrease in the number of Advisory fees earned.

Underwriting Fees - Fourth quarter Underwriting Fees decreased $20.9 million, or 32%, year-over-year, and full year Underwriting Fees decreased $124.1 million, or 50%, 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.

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Commissions and Related Revenue - Fourth quarter Commissions and Related Revenue decreased $1.2 million, or 2%, year-over-year, primarily reflecting lower trading volumes, partially offset by increased revenues from research subscriptions. Full year Commissions and Related Revenue increased $0.4 million year-over-year, primarily reflecting increased revenues from research subscriptions, partially offset by lower trading volumes.

Asset Management and Administration Fees - Fourth quarter Asset Management and Administration Fees decreased $1.9 million, or 11%, year-over-year, driven by a decrease in fees from Wealth Management clients, as associated AUM decreased 14%, primarily from market depreciation. Full year Asset Management and Administration Fees decreased $1.3 million, or 2%, year-over-year, driven by a decrease in fees from Wealth Management clients, as associated AUM decreased 14%, primarily from market depreciation.

Other Revenue - Fourth quarter Other Revenue, net, increased $6.6 million, or 90%, year-over-year, primarily reflecting higher gains in our fixed income investment portfolios, which primarily consist of U.S. treasury bills, and higher interest income, partially offset by lower performance of our investment funds portfolio due to the overall market decline. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program. Full year Other Revenue, net, decreased $43.4 million year-over-year, primarily reflecting a shift from gains of $29.0 million in 2021 to losses of $29.8 million in 2022 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 2021. This was partially offset by higher gains in our fixed income investment portfolios and higher interest income, as well as a $1.3 million gain on the sale of a portion of our interests in ABS during 2022.

Expenses

							U.S. GAAP
		Three Months Ended				Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
		2022			2021		Change			2022			2021		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	523,019	$	559,098		(6%)	$	1,697,519	$	1,848,757		(8%)
Compensation Ratio		62.9 %			50.1 %					61.5 %			56.2 %
Non-Compensation Costs	$	95,630	$	100,607		(5%)	$	365,361	$	329,750		11%
Non-Compensation Ratio		11.5 %			9.0 %					13.2 %			10.0 %
Special Charges, Including Business	$	2,594	$	-	NM	$	3,126	$	8,554		(63%)
Realignment Costs

Employee Compensation and Benefits - Fourth quarter Employee Compensation and Benefits decreased $36.1 million, or 6%, year-over-year, reflecting a compensation ratio of 62.9% for the quarter versus 50.1% 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 and higher amortization of prior period deferred compensation awards. Full year Employee Compensation and Benefits decreased $151.2 million, or 8%, year-over-year, reflecting a full year compensation ratio of 61.5% versus 56.2% 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 and higher amortization of prior period deferred compensation awards. 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.

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