Latest Earnings Release: Q3 2022 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS THIRD QUARTER 2022 RESULTS;

QUARTERLY DIVIDEND OF $0.72 PER SHARE

						Third Quarter Results							Year to Date Results
					U.S. GAAP		Adjusted			U.S. GAAP		Adjusted
				Q3 2022	Q3 2021	Q3 2022	Q3 2021		YTD 2022	YTD 2021	YTD 2022	YTD 2021
Net Revenues ($ mm)		$	576.9	$	823.6	$	583.2	$	831.6		$	1,930.7	$	2,173.7	$	1,948.9	$	2,192.7
Operating Income ($ mm)	$	130.4	$	245.2	$	136.6	$	261.8		$	485.9	$	646.4	$	504.7	$	673.9
Net Income Attributable to	$	82.4	$	159.5	$	95.2	$	188.3		$	336.1	$	444.3	$	376.3	$	504.9
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	2.03	$	3.74	$	2.20	$	3.96		$	8.18	$	10.19	$	8.52	$	10.41
Compensation Ratio				61.7 %		59.1 %		61.0 %		58.5 %			60.8 %		59.3 %		60.3 %		58.8 %
Operating Margin				22.6 %		29.8 %		23.4 %		31.5 %			25.2 %		29.7 %		25.9 %		30.7 %
Effective Tax Rate				30.8 %		24.0 %		27.4 %		25.6 %			23.2 %		21.0 %		22.8 %		22.8 %
		g	Third Quarter and Year-to-Date Net Revenues were $576.9 million and $1.9 billion, respectively, on a
			U.S. GAAP basis and $583.2 million and $	1.9 billion,		respectively, on an Adjusted basis, decreasing
			on both a U.S. GAAP and an Adjusted basis versus 2021; our results represent the second best Third
			Quarter and September Year-to-Date Net Revenues on both a U.S. GAAP and an Adjusted basis
		g	Evercore advised STORE Capital on its $14 billion sale to GIC and Oak Street, which was one of the
			top 10 largest M&A deals in the U.S. and the second largest REIT deal year-to-date
Business and		g	Evercore was a bookrunner on the largest IPO year-to-date, Corebridge Financial, for $1.7 billion
Financial			Evercore Private Funds Group ranked #1 in multiple categories in Preqin's 2022 Service Providers
Highlights		g
			Report for its fundraising efforts in the private equity, private debt, and infrastructure space
		g	We added several senior bankers to our U.S. Financial Sponsors Group, which provides resources and
			capabilities to enhance our sponsor coverage
		g	Evercore ISI recognized as the top independent research firm in the Institutional Investor All-America
			Equity Research team rankings for the ninth straight year and ranked #1 among all firms for analysts
			on a weighted basis
		g	We have hired seven Advisory Senior Managing Directors in 2022, most recently announcing
			Alexander Krolick in the Private Capital Markets Group to lead and expand our Infrastructure and
Talent		Energy debt advisory activities. Of the seven, one Advisory Senior Managing Director is committed
	to join later in 2022, contributing to our European business

• In addition, a Senior Advisor is committed to join later in 2022, who will bring new expertise and capabilities to the franchise
• Quarterly dividend of $0.72 per share

Capital Return g Returned $565.3 million to shareholders during the first nine months of 2022 through dividends and repurchases of 3.9 million shares at an average price of $118.28

NEW YORK, October 26, 2022 - Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2022.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Evercore continues to perform well in the current, challenging environment. Our diverse capabilities allow us to advise and assist our clients throughout the cycle. We remain steadfast in our commitment to providing the highest level of client service."

Roger C. Altman, Founder and Senior Chairman, "Evercore continues to expand, adding talented newcomers and broadening our platform, as we consistently do. Business conditions may be softer than they were last year at this time, but our performance is still solid. And, our medium and long term growth outlook, and our competitive position, remain strong."

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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.

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"), 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 nine months ended September 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 nine months ended September 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				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2022			2021		Change			2022			2021		Change
							(dollars in		thousands)
Investment Banking:
Advisory Fees	$	488,224	$	708,333		(31%)	$	1,689,033	$	1,781,065	(5%)
Underwriting Fees		28,697			54,381		(47%)			78,519			181,686	(57%)
Commissions and Related Revenue		49,200			46,763		5%			152,583			151,014	1%
Investment Management:
Asset Management and Administration Fees		15,641			16,960		(8%)			48,724			48,092	1%
Other Revenue, net		(4,825)			(2,882)		(67%)			(38,151)			11,873		NM
Net Revenues	$	576,937		$	823,555		(30%)		$	1,930,708		$	2,173,730	(11%)
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2022			2021		Change			2022			2021		Change
Total Number of Fees from Advisory Client		229			257		(11%)			494			586	(16%)
Transactions(1)
Total Number of Fees of at Least $1 million		99			130		(24%)			285			349	(18%)
from Advisory Client Transactions(1)
Total Number of Underwriting Transactions		11			28		(61%)			34			98	(65%)
Total Number of Underwriting Transactions as		11			26		(58%)			29			82	(65%)
a Bookrunner

1. Includes Advisory and Underwriting Transactions.

			As of September 30,
	2022				2021	%
					Change
Assets Under Management ($ mm)(1)
Wealth Management(2)	$	9,986		$	11,316	(12%)
Total Assets Under Management	$	9,986	$	11,316	(12%)

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 September 30, 2022 and 2021, respectively.

Advisory Fees - Third quarter Advisory Fees decreased $220.1 million, or 31%, year-over-year, reflecting a decrease in the number of Advisory fees earned and a decline in revenue earned from large transactions during the third quarter of 2022. Year-to-date Advisory Fees decreased $92.0 million, or 5%, year-over- year, reflecting a decrease in the number of Advisory fees earned.

Underwriting Fees - Third quarter Underwriting Fees decreased $25.7 million, or 47%, year-over-year, and year-to-date Underwriting Fees decreased $103.2 million, or 57%, 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 - Third quarter Commissions and Related Revenue increased $2.4 million, or 5%, year-over-year, primarily reflecting higher trading volumes and increased revenues from

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research subscriptions. Year-to-date Commissions and Related Revenue increased $1.6 million, or 1%, year-over-year, primarily reflecting increased revenues from research subscriptions.

Asset Management and Administration Fees - Third quarter Asset Management and Administration Fees decreased $1.3 million, or 8%, year-over-year, driven by a decrease in fees from Wealth Management clients as associated AUM decreased 12%, primarily from market depreciation. Year-to-date Asset Management and Administration Fees increased $0.6 million, or 1%, year-over-year, driven by an increase in fees from Wealth Management clients.

Other Revenue - Third quarter Other Revenue, net, decreased $1.9 million, or 67%, year-over-year, primarily reflecting lower performance of our investment funds portfolio due to the overall market decline. The portfolio is used as an economic hedge against our deferred cash compensation program. Year-to-date Other Revenue, net, decreased $50.0 million, year-over-year, primarily reflecting a shift from gains of $15.8 million to losses of $39.0 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				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2022			2021		Change			2022			2021		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	355,794	$	486,471		(27%)	$	1,174,500	$	1,289,659	(9%)
Compensation Ratio		61.7 %			59.1 %					60.8 %			59.3 %
Non-Compensation Costs	$	90,744	$	83,377		9%	$	269,731	$	229,143	18%
Non-Compensation Ratio		15.7 %			10.1 %					14.0 %			10.5 %
Special Charges, Including Business	$	-	$	8,554		NM	$	532	$	8,554	(94%)
Realignment Costs

Employee Compensation and Benefits - Third quarter Employee Compensation and Benefits decreased $130.7 million, or 27%, year-over-year, reflecting a compensation ratio of 61.7% for the quarter versus 59.1% 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 tied to lower revenue, partially offset by higher base salaries and higher amortization of prior period deferred compensation awards. Year-to-date Employee Compensation and Benefits decreased $115.2 million, or 9%, year-over- year, reflecting a year-to-date compensation ratio of 60.8% 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 tied to lower revenue, 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.

Non-CompensationCosts - Third quarter Non-Compensation Costs increased $7.4 million, or 9%, year- over-year, primarily driven by an increase in travel and related expenses, as travel began to resume during the fourth quarter of 2021, as well as higher professional fees. The third quarter Non-Compensation ratio of 15.7% increased from 10.1% for the prior year period. Year-to-dateNon-Compensation Costs increased $40.6 million, or 18%, year-over-year, primarily driven by an increase in travel and related expenses, as travel began to resume during the fourth quarter of 2021, as well as higher professional fees. The year-to- date Non-Compensation ratio of 14.0% increased from 10.5% for the prior year period.

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