Latest Earnings Release: Q4 2021 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS FULL YEAR 2021 RESULTS;

RECORD FOURTH QUARTER AND FULL YEAR REVENUES AND NET INCOME

QUARTERLY DIVIDEND OF $0.68 PER SHARE

			Fourth Quarter Results						Full Year Results
		U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
	Q4 2021	Q4 2020	Q4 2021	Q4 2020		2021		2020		2021		2020
Net Revenues ($ mm)	$	1,115.8	$	927.3	$	1,124.1	$	969.9	$	3,289.5	$	2,263.9	$	3,316.9	$	2,327.3
Operating Income ($ mm)	$	456.1	$	326.7	$	464.4	$	376.4	$	1,102.4	$	526.4	$	1,138.4	$	639.3
Net Income Attributable to	$	295.9	$	220.4	$	338.3	$	277.4	$	740.1	$	350.6	$	843.2	$	459.6
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	6.96	$	5.02	$	7.15	$	5.67	$	17.08	$	8.22	$	17.50	$	9.62
Compensation Ratio		50.1 %		54.8 %		49.7 %		52.3 %		56.2 %		60.6 %		55.7 %		58.9 %
Operating Margin		40.9 %		35.2 %		41.3 %		38.8 %		33.5 %		23.3 %		34.3 %		27.5 %
Effective Tax Rate		23.9 %		23.2 %		25.2 %		25.0 %		22.2 %		23.7 %		23.8 %		25.4 %

	g	Record Fourth Quarter and Full Year Net Revenues on a U.S. GAAP and an Adjusted basis; Full
		Year 2021 Net Revenues increased 45% and 43% on a U.S. GAAP and an Adjusted basis,
		respectively, versus the prior record in 2020
	g	Record Fourth Quarter and Full Year Operating Margins and Net Income on a U.S. GAAP and an
		Adjusted basis; Full Year 2021 Operating Margins on a U.S. GAAP and an Adjusted basis were
		33.5% and 34.3%, respectively, an increase of 1,026 and 685 basis points, respectively, versus
		2020; Full Year 2021 Net Income increased 111% and 83% on a U.S. GAAP and an Adjusted
Business and		basis, respectively, versus 2020
Financial	g	More than $2.7 billion in 2021 Advisory revenues, a 57% increase over 2020, with strong
Highlights		contribution across capabilities, regions and solid sector diversification

• Underwriting Revenue for the full year surpassed $200 million for the second year in a row; served as bookrunner on over 85% of transactions in 2021
• Evercore Wealth Management AUM surpassed $12 billion for the first time
• Strengthened our commitment to ESG efforts, establishing the Evercore Foundation which will focus on socially conscious causes that are important to our employees, our firm and our communities
• Promoted 17 Advisory Managing Directors to Senior Managing Director in January 2022, reflecting the investments we have made in developing our own talent. Additionally, in Equity Research, we promoted one Global Autos and Auto Parts focused Analyst to Senior Managing Director
• Eight Advisory Senior Managing Directors joined Evercore in 2021, three of whom joined in the

fourth quarter; Jon Kaufman, Ted Michaels and Ben Eldredge, strengthening our coverage in the Power and Renewables and Basic Materials sectors. As we continue to invest in our Equities

Talent business, we added two Senior Managing Directors in 2021, including Equity Strategist Julian Emanuel in the fourth quarter

	g	Two additional Advisory Senior Managing Directors joined Evercore in January; Takeshi Inoue,
		who will further build our Advisory footprint in Asia and David Lischer, who will enhance our
		Debt Advisory practice
	g	Dialogue with potential senior level talent remains robust and lateral hiring at other levels continues
		to be strong as we enter 2022
	g	Quarterly dividend of $0.68 per share
Capital Return	g	Returned $852.3 million to shareholders during 2021 through dividends and repurchases of 5.5
		million shares at an average price of $132.10

NEW YORK, February 2, 2022 - Evercore Inc. (NYSE: EVR) today announced its results for the full year ended December 31, 2021.

LEADERSHIP COMMENTARY

John S. Weinberg, Co-Chairman and Co-Chief Executive Officer, "2021 was an extraordinary year for Evercore, showcasing the depth and diversity of our business. This, combined with the outstanding collaboration and teamwork across our firm and robust market activity, led to our record results for 2021, with Evercore exceeding $2.7 billion in Advisory revenues for the first time in our history and up 57% over last year. Over the past few years, we have invested significantly in our platform, both by attracting highly talented individuals and by adding to our broad and expanding platform of capabilities. We are thrilled to have recruited eight Senior Managing Directors in Advisory in 2021 and remain strongly committed to developing talent for internal promotion, recently announcing our largest promotion class ever. Further, as we continue to grow and invest in the firm, we remain committed to returning all capital not required to support our business to our shareholders."

Ralph Schlosstein, Co-Chairman and Co-Chief Executive Officer, "We are executing on our long-termgrowth objectives by continuing to invest in building out the depth of our sector coverage, enhancing our capabilities, and widening the geographies we cover, while focusing intensely on clients, including financial sponsors. Our efforts are being recognized in our financial results, and in 2021, we ranked for the fourth consecutive year number four in advisory fees among all publicly traded investment banks.

With my upcoming transition to Chairman Emeritus in late February, I have been reflecting upon my last 13 years at the firm and take immense pride in the extraordinary growth of the firm and our dedication to excellence, our commitment to our people and the exemplary culture we have built. Our business continues to perform exceptionally well, and as we look ahead, the prospects for Evercore's long term growth are very real and very exciting."

Roger C. Altman, Founder and Senior Chairman, "Client support for Evercore's values of integrity, excellence, discretion and clients first led to another record year for the firm amidst the continuing challenges of COVID. We are grateful to our clients, to all of our employees and, especially to our outgoing CEO, Ralph Schlosstein, for this special year."

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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 and historically through Institutional Asset Management. See pages A-2 to A-10 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.

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and twelve months ended December 31, 2021 was higher than U.S. GAAP as a result of certain business acquisition-related and disposition-related charges and Special Charges, Including Business Realignment Costs. Acquisition- related charges for 2021 include professional fees incurred. Special Charges, Including Business Realignment Costs, in 2021 relate to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company's current investment strategy, the Company decided to wind down during the third quarter of 2021.

The gain on the redemption of the G5 debt security in the second quarter of 2021 was excluded from Adjusted Net Revenues.

Evercore's Adjusted Diluted Shares Outstanding for the three and twelve months ended December 31, 2021 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, 2020 are included in pages A-2 to A-10.

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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-6 to A-8 for our business segment results.

Net Revenues

							U.S. GAAP
		Three Months Ended				Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
		2021			2020		Change			2021			2020		Change
							(dollars in		thousands)
Investment Banking:
Advisory Fees	$	970,927	$	789,611		23%	$	2,751,992	$	1,755,273		57%
Underwriting Fees		65,019			95,009		(32%)			246,705			276,191		(11%)
Commissions and Related Revenue(1)		54,808			52,789		4%			205,822			206,692		-%
Investment Management:
Asset Management and Administration Fees		17,692			14,672		21%			65,784			54,397		21%
Other Revenue, net(1)(2)		7,323			(24,773)		NM			19,196			(28,648)		NM
Net Revenues	$	1,115,769		$	927,308		20%		$	3,289,499		$	2,263,905		45%

1. Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Commissions and Related Fees" has been renamed to "Commissions and Related Revenue" and principal trading gains and losses from our institutional equities business have been reclassified from "Other Revenue, net" to "Commissions and Related Revenue." For the three and twelve months ended December 31, 2020, this resulted in a reclassification of $0.4 million and $0.9 million, respectively, from "Other Revenue, net" to "Commissions and Related Revenue." There was no impact on U.S. GAAP Net Revenues, Operating Income, Net Income or Earnings Per Share. See page A-3 for further information.
2. Other Revenue, net, for the three months ended December 31, 2020, includes a loss of $32.2 million resulting from the sale and wind-down of our businesses in Mexico, including $4.8 million related to the sale of our ECB business, as well as $27.4 million related to the release of cumulative foreign exchange losses. Other Revenue, net, for the twelve months ended December 31, 2020, includes a loss of $30.8 million resulting from the sale and wind- down of our businesses in Mexico, including a net loss of $3.4 million related to the sale of our ECB businesses, as well as $27.4 million related to the release of cumulative foreign exchange losses.

	Three Months Ended			Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
	2021		2020		Change		2021		2020		Change
Total Number of Fees from Advisory Client	320	324		(1%)	797	687		16%
Transactions(1)
Total Number of Fees of at Least $1 million	153	162		(6%)	502	386		30%
from Advisory Client Transactions(1)
Total Number of Underwriting Transactions	23	40		(43%)	117	118		(1%)
Total Number of Underwriting Transactions as	21	33		(36%)	100	85		18%
a Bookrunner

1. Includes Advisory and Underwriting Transactions.

			As of December 31,
	2021				2020	%
					Change
Assets Under Management ($ mm)(1)
Wealth Management(2)	$	12,184		$	10,163	20%
Total Assets Under Management	$	12,184	$	10,163	20%

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 $76.3 million and $76.4 million as of December 31, 2021 and 2020, respectively.

Advisory Fees - Fourth quarter Advisory Fees increased $181.3 million, or 23%, year-over-year, reflecting growth in fee size. Full year Advisory Fees increased $996.7 million, or 57%, year-over-year, reflecting an increase in the number of fees earned and growth in fee size.

Underwriting Fees - Fourth quarter Underwriting Fees decreased $30.0 million, or 32%, year-over-year, reflecting a decrease in the number of transactions we participated in. Full year Underwriting Fees

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decreased $29.5 million, or 11%, year-over-year, reflecting a decrease in the number of transactions we participated in, as well as a decrease in the relative fee size of our participation in those transactions, as we participated in several of the largest deals in our history in 2020.

Commissions and Related Revenue - Fourth quarter Commissions and Related Revenue increased $2.0 million, or 4%, year-over-year, primarily reflecting higher revenues from research subscriptions and convertible securities. Full year Commissions and Related Revenue decreased $0.9 million year-over-year, reflecting lower volatility and volumes compared to the prior year period.

Asset Management and Administration Fees - Fourth quarter Asset Management and Administration Fees increased $3.0 million, or 21%, year-over-year, driven by an increase in fees from Wealth Management clients as associated AUM increased 20%, primarily from market appreciation. Full year Asset Management and Administration Fees increased $11.4 million, or 21%, year-over-year, driven by an increase in fees from Wealth Management clients as associated AUM increased 20%, primarily from market appreciation.

Other Revenue - Fourth quarter Other Revenue, net, increased $32.1 million year-over-year, primarily driven by a loss of $32.2 million in 2020, resulting from the sale and wind-down of our businesses in Mexico. Full year Other Revenue, net, increased $47.8 million year-over-year, primarily driven by a loss of $30.8 million in 2020, resulting from the sale and wind-down of our businesses in Mexico, as well as higher performance of our investment funds portfolio and a gain on the redemption of the G5 debt security in 2021.

Expenses

							U.S. GAAP
		Three Months Ended				Twelve Months Ended
	December 31,		December 31,	%		December 31,		December 31,	%
		2021			2020		Change			2021			2020		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	559,098	$	507,739		10%	$	1,848,757	$	1,372,339		35%
Compensation Ratio		50.1 %			54.8 %					56.2 %			60.6 %
Non-Compensation Costs	$	100,607	$	85,823		17%	$	329,750	$	318,488		4%
Non-Compensation Ratio		9.0 %			9.3 %					10.0 %			14.1 %
Special Charges, Including Business	$	-	$	7,031		NM	$	8,554	$	46,645		(82%)
Realignment Costs

Employee Compensation and Benefits - Fourth quarter Employee Compensation and Benefits increased $51.4 million, or 10%, year-over-year. The fourth quarter compensation ratio was 50.1% versus 54.8% for the prior year period. Full year Employee Compensation and Benefits increased $476.4 million, or 35%, year-over-year. The full year compensation ratio was 56.2% versus 60.6% for the prior year period. The increase in the amount of compensation recognized in both the fourth quarter and full year principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards, as well as increased headcount year over year, each related to growth in the business. The decrease in the compensation ratio for both the fourth quarter and full year reflects leverage achieved on higher revenues. See "Deferred Compensation" for more information.

Non-CompensationCosts - Fourth quarter Non-Compensation Costs increased $14.8 million, or 17%, year-over-year, primarily driven by an increase in other operating expenses related to charitable contributions made to the Evercore Foundation (formed in 2021) and an increase in travel and related expenses, as travel began to resume during the quarter. The fourth quarter Non-Compensation ratio of 9.0% decreased from 9.3% for the prior year period. Full year Non-Compensation Costs increased

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