The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Devin Ryan - Citizens JMP - Analyst
: Hey, thanks. Good morning. How are you guys? Good. I want just start off on the backlogs. And obviously, heard in the comment
wrapping up, Tim, just about kind of backlogs and activity levels being strong. Would be great to get any of the nuance just amongst
kind of client types or even geography, and more than anything, I think people just are trying to figure out, so I'd love to get your
thoughts around what you guys think it will take to actually see things that are in the backlog progressing? Is it just a few weeks of
the market's settling down?
Or is it just data suggesting the economy is not rolling over? Or just what do you think it will take to kind of get people to build
conviction to actually move forward on these deep backlogs that as you're talking about still sound like they're pretty healthy?
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APRIL 30, 2025 / 12:00PM, EVR.N - Q1 2025 Evercore Inc Earnings Call
Question: James Yaro - Goldman Sachs & Company Inc - Analyst
: Hi, good morning and thanks for taking my questions. You indicated that you had a record first quarter contribution from Private
Capital Advisory. Could you speak to the outlook for the secondaries business from here in a weaker sponsor M&A backdrop that I
think at the beginning of the year? And relatedly, is there any ability to provide anything more quantitative on how big this business
has become?
Question: Brendan O'Brien - Wolfe Research - Analyst
: Good morning and thanks for taking my question. I just wanted to ask on Europe. There's been a lot more positivity on the M&A
backdrop in the region relative to the US, just given some of the potential positive stuff by local governments there and a little bit
more protection from tariffs. So I just want to get a sense as to how your conversations compare in Europe relative to those in the
US and whether we could see a recovery in activity in the region more quickly in your view?
Question: Mike Brown - Wells Fargo Securities - Analyst
: Great. Thank you. I wanted to follow up on the comp ratio. So Tim, what kind of revenue growth do you think you need in 2025 to
deliver year-over-year improvement? And then just given the head count is up, there's inflationary pressure, deferred comp dynamics.
Can you just give us a little color about how we can think about the fixed cost component for 2025 relative to 2024? Thank you.
Question: James Mitchell - Seaport Global Securities LLC - Analyst
: Hey, good morning. Maybe you could just talk a little bit about the restructuring environment. Obviously, a lot of it's been liability
management. Is there any issue in the debt markets in sort of fulfilling liability management assignments. Does that sort of put a
pause on that business or push deal flow more towards Chapter 11 filings? Or is there still a good environment and a good ability
to execute on those?
Question: Ryan Kenny - Morgan Stanley - Analyst
: Hi, good morning. Thanks for taking my questions. Can you talk a bit about the hiring environment and what your hiring plans are
in a potentially slower M&A backdrop? Should we expect the pace of hiring versus last year to slow down or pick up? And any color
on the areas that you're leaning into would be helpful.
Question: James Yaro - Goldman Sachs & Company Inc - Analyst
: Thanks for taking the follow-up. I just wanted to touch on the equity capital markets business. Could you perhaps update us on the
backlogs there, your outlook for IPOs and perhaps how those have evolved perhaps year to date with the recent market volatility?
Question: James Mitchell - Seaport Global Securities LLC - Analyst
: Hey, thanks for the follow-up. Just on -- maybe, Tim, you could talk about the non-comp expense side, is there an ability to flex a
little in a tougher environment? And how you're thinking about growth in non-comps this year?
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