Latest Earnings Release: Q1 2023 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS FIRST QUARTER 2023 RESULTS;

INCREASES QUARTERLY DIVIDEND TO $0.76 PER SHARE

					First Quarter Results
			U.S. GAAP		Adjusted
			Q1 2023		Q1 2022		Q1 2023		Q1 2022
	Net Revenues ($ mm)	$	572.1	$	722.9	$	577.8	$	728.3
	Operating Income ($ mm)	$	106.9	$	209.4	$	115.5	$	214.8
	Net Income Attributable to Evercore Inc. ($ mm)	$	83.4	$	158.0	$	93.3	$	173.3
	Diluted Earnings Per Share	$	2.06	$	3.79	$	2.16	$	3.80
	Compensation Ratio		64.1 %		59.4 %		63.5 %		59.0 %
	Operating Margin		18.7 %		29.0 %		20.0 %		29.5 %
	Effective Tax Rate		14.9 %		16.4 %		15.2 %		17.1 %

	g	First Quarter Net Revenues of $572.1 million on a U.S. GAAP basis and $577.8 million on an
		Adjusted basis decreased 21% on both a U.S. GAAP and an Adjusted basis versus First Quarter 2022
	g	Evercore advised Blackstone on its $4.6 billion acquisition of Cvent, highlighting the results of our
		more intensive financial sponsor coverage effort, and represented the Special Committee of Diversey
		Holdings on its $4.6 billion sale to Solenis, a portfolio company of Platinum Equity
Business and	g	Our Restructuring team, which is one of the most active groups in the industry, continues to benefit
Financial		from increased activity advising clients on complex liability management situations
Highlights	g	Our Private Capital Advisory, Private Funds Group, and Real Estate Capital Advisory teams received
		multiple awards in the quarter from several publications, including Private Equity International,
		Private Debt Investors and PERE
	g	Evercore served as a bookrunner on the two largest follow-on offerings in the quarter, American
		Water Works $1.7bn and AerCap's $1.3bn follow-on offerings, while continuing to build our strength
		in Healthcare ECM
	g	Tim LaLonde became CFO of Evercore effective March 6
	g	One Advisory Senior Managing Director joined Evercore in the first quarter; Joy Savchenko, in our
		Private Capital Advisory business
Talent	g	One Advisory Senior Managing Director joined Evercore in April; Scott Silverglate, in the technology
		sector, and one Advisory Senior Managing Director will join Evercore in late April; Lyle Schwartz, in
		our EMEA Equity Capital Markets business

• In addition, one Advisory Senior Managing Director is committed to join later in the year, in the technology sector
• Increased quarterly dividend 6% to $0.76 per share

Capital Return g Returned $327.8 million to shareholders during the quarter through dividends and repurchases of 2.2 million shares at an average price of $132.20

NEW YORK, April 26, 2023 - Evercore Inc. (NYSE: EVR) today announced its results for the first quarter ended March 31, 2023.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Evercore's commitment to our clients, extraordinary talent, and diverse capabilities position us well for the opportunity that lies ahead. We remain focused on investing in our business to drive long-termgrowth."

Roger C. Altman, Founder and Senior Chairman, "Global financial market conditions have proved challenging for our business so far this year. But, historically, Evercore gains market share when there are market headwinds, and I am expecting that again."

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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 & 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-7 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 2023 relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico.

Evercore's Adjusted Diluted Shares Outstanding for the three months ended March 31, 2023 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 months ended March 31, 2022 are included in pages A-2 to A-7.

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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-4 to A-6 for our business segment results.

Net Revenues

					U.S. GAAP
					Three Months Ended
		March 31, 2023			March 31, 2022	%
					Change
					(dollars in thousands)
Investment Banking & Equities:
Advisory Fees	$	462,562	$	624,564	(26%)
Underwriting Fees		22,883			36,306	(37%)
Commissions and Related Revenue		48,065			50,898	(6%)
Investment Management:
Asset Management and Administration Fees		15,958			17,115	(7%)
Other Revenue, net		22,675			(6,029)		NM
Net Revenues	$	572,143		$	722,854	(21%)
					Three Months Ended
		March 31, 2023			March 31, 2022	%
					Change
Total Number of Fees from Advisory and Underwriting Client		217			223	(3%)
Transactions
Total Number of Fees of at Least $1 million from Advisory		78			86	(9%)
and Underwriting Client Transactions
Total Number of Underwriting Transactions(1)		14			14		-%
Total Number of Underwriting Transactions as a		12			13	(8%)
Bookrunner(1)

1. Includes Equity and Debt Underwriting Transactions.

					As of March 31,
		2023			2022	%
					Change
Assets Under Management ($ mm)(1)	$	11,017	$	11,553	(5%)

1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees - First quarter Advisory Fees decreased $162.0 million, or 26%, year-over-year, reflecting a decline in revenue earned from large transactions during the first quarter of 2023, as well as a decrease in the number of Advisory fees earned.

Underwriting Fees - First quarter Underwriting Fees decreased $13.4 million, or 37%, year-over-year, reflecting a decrease in average fee size of the transactions we participated in due to the decline in overall market issuances.

Commissions and Related Revenue - First quarter Commissions and Related Revenue decreased $2.8 million, or 6%, year-over-year, primarily reflecting lower trading revenues.

Asset Management and Administration Fees - First quarter Asset Management and Administration Fees decreased $1.2 million, or 7%, year-over-year, driven by a decrease in fees from Wealth Management clients, as associated AUM decreased 5%, primarily from market depreciation.

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Other Revenue - First quarter Other Revenue, net, increased $28.7 million year-over-year, primarily reflecting a shift from losses of $5.2 million in the first quarter of 2022 to gains of $9.4 million in the first quarter of 2023 on our investment funds portfolio due to overall market appreciation, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program. The increase from 2022 was partially offset by a $1.3 million gain on the sale of a portion of our interests in ABS that occurred during the first quarter of 2022.

Expenses

					U.S. GAAP
					Three Months Ended
		March 31, 2023			March 31, 2022	%
					Change
					(dollars in thousands)
Employee Compensation and Benefits	$	366,872	$	429,735	(15%)
Compensation Ratio		64.1 %			59.4 %
Non-Compensation Costs	$	95,446	$	83,755	14%
Non-Compensation Ratio		16.7 %			11.6 %
Special Charges, Including Business Realignment Costs	$	2,921	$	-		NM

Employee Compensation and Benefits - First quarter Employee Compensation and Benefits decreased $62.9 million, or 15%, year-over-year, reflecting a compensation ratio of 64.1% for the first quarter of 2023 versus 59.4% 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 lower revenues (with the exception of Other Revenue, as described above) in the current year period compared to the first quarter of 2022. See "Deferred Compensation" for more information.

Non-CompensationCosts - First quarter Non-Compensation Costs increased $11.7 million, or 14%, year- over-year, primarily driven by an increase in travel and related expenses and an increase in bad debt expense. The first quarter Non-Compensation ratio of 16.7% increased from 11.6% for the prior year period.

Special Charges, Including Business Realignment Costs - First quarter 2023 Special Charges, Including Business Realignment Costs, relate to the write-offof non-recoverableassets in connection with the wind- down of the Company's operations in Mexico.

Effective Tax Rate

The first quarter effective tax rate was 14.9% versus 16.4% for the prior year period. The effective tax rate is principally impacted by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The first quarter provision for income taxes for 2023 reflects an additional tax benefit of $13.7 million versus $19.0 million for the prior year period, due to the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price.

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