Slide 1: Investor Presentation Q4 2024
Investor Presentation Q4 2024
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore’s operations and financial performance. In some
Slide 3: Table of Contents
Table of Contents Section Evercore Overview I Evercore’s Breadth and Depth II Opportunities for Future Growth III Business Highlights IV Appendix V
Slide 4: I. Evercore Overview
l. Evercore Overview EVERCORE
Slide 5: Evercore: Focused on Delivering for Our Clients, Our Shareholders and Our People
Evercore: Focused on Delivering for Our Clients, Our Shareholders and Our People Our Goal To be the most respected and trusted independent investment bank in the world Our Priorities Long-term, trusted relationships, providing a breadth of capabilities to Clients advise our clients on their most imp
Slide 6: Track Record of Achieving Strong Results for Our Clients, Our Shareholders and Our People
Track Record of Achieving Strong Results for Our Clients, Our Shareholders and Our People #1 #1 #1 in Advisory Revenues among M&A league table ranking globally among Research Provider among all firms in 2024 Independent Firms and #3 among All all independent firms in 2024 on a weighted basis, and mo
Slide 7: Why Evercore?
Why Evercore? Leading independent investment banking firm globally Sustainable Differentiated Diversified revenue stream Business Model Strong culture with an emphasis on talent development Broadest independent advisory capabilities Expanded Revenue Leading private capital advisory and fun
Slide 8: Evercore Delivers Best-In-Class Performance And Is A Leader In Growth and Margins
Evercore Delivers Best-In-Class Performance And Is A Leader In Growth and Margins Strong Revenue Growth and Operating Margins Relative to Peers1,2 14% 34.3% 12% 35% 12% 27.5% 28% 10% 25.9% 24.4% 8% 8% 21% 19.4% 18.6% 15.7% 6% 14% 4% 2% 7% 0% 0% 10 Yr CAGR 2020 2021 2022 2023 2024 EVR 5-Year 5-Year P
Slide 9: Third Largest Investment Bank Based on Advisory Fees in FY 2024
Third Largest Investment Bank Based on Advisory Fees in FY 20241,2 ($ in billions) $4.0 $3.5 $3.5 $3.3 $3.0 $2.4 $2.4 $2.5 $2.2 $2.0 $1.8 $1.7 $1.7 $1.5 $1.5 $1.2 $1.0 $0.5 $- GS JPM EVR MS HLI JEF LAZ BAC PJT C 1. EVR’s Advisory revenue is total Advisory fees (excluding Underwriting revenue) and re
Slide 10: II. Evercore's Breadth and Depth
II. Evercore’s Breadth and Depth
Slide 11: Leading Independent Firm With A Global Presence
Leading Independent Firm With A Global Presence Significant 50+ expansion in Paris in 2024 Countries Where Clients are Served ~2,400 Employees Worldwide1 18 Advisory Offices Globally ~1,475 Evercore Reach Evercore Offices Affiliate Offices Advisory Bankers1 Americas Europe / Middle East Asia 12 Bost
Slide 12: Evercore Has Significantly Broadened And Deepened Sector Coverage, With Continued White Space
Evercore Has Significantly Broadened And Deepened Sector Coverage, With Continued White Space Sector Coverage Evercore in 2010 Evercore Today Infrastructure, Utilities & Renewables Energy Energy Green Tech Banking Insurance Investment Management FinTech Tech – Hardware Financial Institutions Tech –
Slide 13: Grown Investment Banking & Equities Business ~9x Since 2010
Grown Investment Banking & Equities Business ~9x Since 2010 Capabilities Evercore in 2010 Evercore Today $0.3 Billion1 $2.8 Billion1 FY 2010 Adjusted Investment Banking Revenue FY 2024 Adjusted Investment Banking & Equities Revenue Investment Banking Investment Banking & Equities Strategic Corporate
Slide 14: III. Opportunities for Future Growth
III. Opportunities for Future Growth
Slide 15: Global Announced M&A as a Percent of Global Market Capitalization Remains Near All-Time Low
Global Announced M&A as a Percent of Global Market Capitalization Remains Near All-Time Low, Presenting Opportunity for Evercore M&A activity as a percentage of total global market cap is at the lowest level in the past 20 years ($ in trillions) Announced M&A Relative to Market Cap 2014 - 2024 2004
Slide 16: Our Vision for the Future – Clear Path for Growth
Our Vision for the Future – Clear Path for Growth Evercore’s Next Chapter 1 2 3 Sector White Space & Client Coverage Product Capabilities Global Expansion Be the top advisor to the fastest Leverage dominant leadership Maintain and expand premier growing segments of the position in Private Capi
Slide 17: Financial Sponsors are a Core and Growing Part of the Market
Financial Sponsors are a Core and Growing Part of the Market and We are Well- Positioned to Provide 360-Degree Coverage How Evercore Provides 360-Degree Coverage to Private Markets Set For Continued Growth Financial Sponsors Private Markets Expected to Almost Double in Size by 2029 Cumulative AUM ($
Slide 18: Hiring and Promoting A+ Talent Leads To Additional Growth Opportunities
Hiring and Promoting A+ Talent Leads To Additional Growth Opportunities from Ramping2 SMDs and Significant Productive Capacity in the Long-Term # of Investment Banking SMDs1 % Internally 30+ SMDs in ramp2 mode Promoted 136 144 140 130 120 112 114 107 98 100 87 80 60 40 FY 2017 FY 2018 FY 2019 FY 202
Slide 19: IV. Business Highlights
IV. Business Highlights EVERCORE
Slide 20: Investment Banking and Underwriting Highlights
Investment Banking and Underwriting Highlights Investment Banking #1 in Advisory Revenues Among Independent Firms in 2024 for the 6th year in a row, and #3 Among All Firms1,2,3 Significant portion of our business stems from deals in the $1 - $5 billion range Our Strategic, Defense and Sharehol
Slide 21: Leading Independent Research and Trading Business
Leading Independent Research and Trading Business Evercore ISI: Premier Equities Franchise Macro Focus In 2024, ranked #1 Firm on a weighted basis among all firms in Extel’s1 (previously Institutional Investor) All-America Equity Research Survey for Overall Research Firm for the 3rd consecutive ye
Slide 22: Commitment to Capital Return and A Strong Balance Sheet
Commitment to Capital Return and A Strong Balance Sheet Capital Return Strong Balance Sheet We remain committed to our capital return Strong and liquid balance sheet objectives which include1: We hold cash and investments necessary to fund Growing the per share dividend as earnings prior def
Slide 23: Strong Shareholder Return and Outperformance Against Benchmarks
Strong Shareholder Return and Outperformance Against Benchmarks Total Shareholder Return (through 2/4/2025)1 330 280 230 180 130 80 EVR S&P 500 Index S&P Financial Index Peer Average2 One-Year Return Five-Year Return Ten-Year Return (12/31/23 – 12/31/24) (12/31/19 – 12/31/24) (12/31/14 – 12/31/24)
Slide 24: V. Appendix
V. Appendix U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Slide 25: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Information in the following financial reconciliations presents the historical results of the Company and is presented on an Adjusted basis, which is a non-generally accepted accounting principles (“non-GAAP”) measure. Adjusted results begin w
Slide 26: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Special Charges, Including Business Realignment Costs. Expenses associated with impairments of Goodwill and Intangible Assets and other costs related to business changes, including those associated with acquisitions and divestitures, are exclu
Slide 27: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Advisory Revenue & Net Revenues (dollars in thousands) Twelve Months Ended December 31, 2024 2023 2022 2021 2020 Advisory Revenue - U.S. GAAP $ 2,440,605 $ 1,963,857 $ 2,392,990 $ 2,751,992 $ 1,755,273 Income from Equity Method Investments (1)
Slide 28: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Operating Income & Net Income (dollars in thousands) Twelve Months Ended December 31, 2024 2023 2022 2021 2020 Operating Income - U.S. GAAP $ 526,914 $ 359,135 $ 696,042 $ 1,102,438 $ 526,433 Income from Equity Method Investments (1) 6,231 6,6
Slide 29: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Diluted shares outstanding & key metrics (share amounts in thousands) Twelve Months Ended December 31, 2024 2023 2022 2021 2020 Diluted Shares Outstanding - U.S. GAAP 41,646 40,099 41,037 43,321 42,623 LP Units (17) 2,499 2,769 2,970 4,854 5,1
Slide 30: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 1. Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. 2. Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and
Slide 31: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 13. Expenses, or reversal of expenses, incurred from the vesting of Class J LP Units issued in conjunction with the acquisition of ISI are excluded from the Adjusted presentation. 14. Expenses during 2024 that are excluded from the A