Evercore Inc (EVR) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Evercore First Quarter 2023 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Evercore management and the question-and-answer session. (Operator Instructions) I will now turn the call over to Katy Haber, Managing Director of Investor Relations and ESG at Evercore. Please go ahead.

早上好，歡迎來到 Evercore 2023 年第一季度收益電話會議。今天的電話會議計劃持續約 1 小時，包括 Evercore 管理層的講話和問答環節。 （操作員說明）我現在將電話轉給 Evercore 投資者關係和 ESG 董事總經理 Katy Haber。請繼續。

Thank you, Chelsey. Good morning, and thank you for joining us today for Evercore's First Quarter 2023 Financial Results Conference Call. I'm Katy Haber, Evercore's Head of Investor Relations and ESG. Joining me on the call today is John Weinberg, our Chairman and CEO; and Tim LaLonde, our CFO. After our prepared remarks, we will open up the call for questions.

謝謝你，切爾西。早上好，感謝您今天加入我們參加 Evercore 2023 年第一季度財務業績電話會議。我是 Katy Haber，Evercore 的投資者關係和 ESG 主管。今天和我一起參加電話會議的是我們的董事長兼首席執行官 John Weinberg；和我們的首席財務官 Tim LaLonde。在準備好發言後，我們將開始提問。

Earlier today, we issued a press release announcing Evercore's first quarter 2023 financial results. A discussion of our results today is complementary to the press release, which is available on our website at evercore.com. This conference call is being webcast live in the For Investors section of our website and an archive of it will be available for 30 days beginning approximately 1 hour after the conclusion of this conference call.

今天早些時候，我們發布了一份新聞稿，宣布了 Evercore 2023 年第一季度的財務業績。今天對我們結果的討論是對新聞稿的補充，新聞稿可在我們的網站 evercore.com 上獲取。本次電話會議正在我們網站的“面向投資者”部分進行網絡直播，其存檔將從本次電話會議結束後約 1 小時開始提供 30 天。

During the course of this call, we may make a number of forward-looking statements. Any forward-looking statements that we make are subject to various risks and uncertainties and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements. These factors include, but are not limited to, those discussed in Evercore's filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. I want to remind you that the company assumes no duty to update any forward-looking statements.

在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們所做的任何前瞻性陳述都受到各種風險和不確定性的影響，並且有一些重要因素可能導致實際結果與這些陳述中所示的結果大不相同。這些因素包括但不限於 Evercore 向美國證券交易委員會提交的文件中討論的因素，包括我們的 10-K 表格年度報告、10-Q 表格季度報告和 8-K 表格當前報告。我想提醒您，公司不承擔更新任何前瞻性陳述的義務。

In our presentation today, unless otherwise indicated, we will be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the GAAP (inaudible) data contained within our press release, which is posted on our website. We continue to believe it is important to evaluate Evercore's performance on an annual basis. As we have noted previously, our results for any particular quarter are influenced by the timing of transaction closing. I will now turn the call over to John.

在我們今天的演講中，除非另有說明，否則我們將討論調整後的財務指標，這是我們認為在評估公司業績時有意義的非公認會計原則指標。有關這些措施的詳細披露以及我們發佈在我們網站上的新聞稿中包含的 GAAP（聽不清）數據。我們仍然認為每年評估 Evercore 的業績很重要。正如我們之前所指出的，我們任何特定季度的業績都受到交易結束時間的影響。我現在將電話轉給約翰。

Thank you, Katy, and good morning, everyone. Before I review the quarter, I want to start off by addressing the environment. I've been in this business for many years, and it is clear, it will always be cyclical. Historically, Evercore has embraced all cycles and use each part of the cycle to build and strengthen our firm by expanding our client connectivity and product and sector capabilities, and we will aspire to do so again in this environment.

謝謝你，凱蒂，大家早上好。在回顧本季度之前，我想先解決環境問題。我從事這項業務多年，很明顯，它永遠是周期性的。從歷史上看，Evercore 已經接受了所有周期，並利用周期的每個部分通過擴展我們的客戶連接以及產品和行業能力來建立和加強我們的公司，我們將渴望在這種環境下再次這樣做。

In this current cycle, we also see great opportunity to add extraordinary talent to our firm, which will further enhance our franchise. We believe we are well positioned regardless of the macroeconomic landscape and have maintained an all-weather balance sheet. We believe we will emerge from this downturn in a stronger position as we have done in every other cycle. Continued volatility and uncertainty in the market have resulted in a challenging first quarter for both the market and for Evercore. That said, our bankers and teams are increasingly active as promising client dialogues continue to build momentum and CEO confidence levels have begun to rise off of recent lows.

在當前的周期中，我們還看到了為我們公司增加非凡人才的大好機會，這將進一步增強我們的特許經營權。我們相信，無論宏觀經濟形勢如何，我們都處於有利地位，並保持了全天候的資產負債表。我們相信，我們將像在其他所有周期中所做的那樣，以更強大的地位擺脫這次低迷。市場的持續波動和不確定性導致第一季度對市場和 Evercore 都充滿挑戰。也就是說，我們的銀行家和團隊越來越活躍，因為有前途的客戶對話繼續建立勢頭，CEO 信心水平開始從近期低點回升。

In the quarter, Evercore achieved $578 million in adjusted net revenues, $93 million in adjusted net income and $2.16 in adjusted earnings per share. Our adjusted net revenues and EPS were down 21% and 43%, respectively, compared to last year's record first quarter. In the first part of the quarter, green shoots had begun to emerge. However, in early March with the banking system disruption, volatility return and confidence levels shift lower.

本季度，Evercore 實現調整後淨收入 5.78 億美元、調整後淨收入 9300 萬美元和調整後每股收益 2.16 美元。與去年創紀錄的第一季度相比，我們調整後的淨收入和每股收益分別下降了 21% 和 43%。在本季度的前半部分，新芽開始出現。然而，在 3 月初，隨著銀行系統的中斷，波動性回歸和信心水平走低。

As challenging macro and geopolitical risks remain enforced coupled with diminished access to the M&A market, global announced M&A transactions greater than 100 in the first quarter were down 43% and 44% on a dollar in number of transaction basis, respectively, versus a year ago. Our backlogs remain strong. We continue to note that execution risk remains as transaction processes and closing time lines continue to be elongated. And while the outlook for global economies and market conditions will continue to influence the timing of deal activity, our teams continue to be fully engaged in consequential discussions with management teams and Boards as companies continue to prepare for a turn in the market.

由於具有挑戰性的宏觀和地緣政治風險仍然存在，加上進入併購市場的機會減少，第一季度全球宣布的超過 100 筆的併購交易按交易數量計算，與一年前相比分別下降了 43% 和 44% .我們的積壓訂單量仍然很大。我們繼續注意到，隨著交易流程和關閉時間線繼續延長，執行風險仍然存在。雖然全球經濟和市場狀況的前景將繼續影響交易活動的時間安排，但隨著公司繼續為市場轉變做準備，我們的團隊將繼續充分參與與管理團隊和董事會的後續討論。

A recovery in the market will be led by macroeconomic clarity, increasing confidence levels and an improvement in the financing markets. As I mentioned, we are seeing significant opportunities to recruit high-quality talent in many areas of our strategic focus. So far, in 2023, we've welcomed 2 new SMBs, 1 in our private capital advisory business and another in our technology practice. Furthermore, another advisory SMB is joining the firm later this week and in our European equity capital markets business, and 1 other is committed to join our technology group later this year. Additionally, our newly promoted SMDs are off to a strong start. Importantly, as we move forward, we will continue to focus on actively managing our expense base while executing on our future growth plans.

宏觀經濟的清晰度、信心水平的提高和融資市場的改善將引領市場的複蘇。正如我所提到的，我們看到了在我們戰略重點的許多領域招募高素質人才的重大機會。到目前為止，在 2023 年，我們迎來了 2 家新的 SMB，一家在我們的私人資本諮詢業務中，另一家在我們的技術實踐中。此外，本週晚些時候，另一家諮詢 SMB 將加入公司，負責我們的歐洲股權資本市場業務，另外 1 家 SMB 承諾在今年晚些時候加入我們的技術團隊。此外，我們新推出的 SMD 開局良好。重要的是，隨著我們的前進，我們將繼續專注於積極管理我們的費用基礎，同時執行我們未來的增長計劃。

Let me give a brief rundown of our businesses. In Global Advisory, M&A activity levels were slower than a year ago and represented the weakest first quarter for industry-wide M&A volumes since 2014. That said, we continue to be involved in take private activity, particularly with the tech sector as sponsors are slowly starting to become more active. We are making real progress with this client base as we have significantly increased our efforts in traditional sponsor coverage over the last year as well as continuing to invest in our private capital businesses.

讓我簡要介紹一下我們的業務。在全球諮詢中，併購活動水平低於一年前，是自 2014 年以來全行業併購交易量最弱的第一季度。也就是說，我們繼續參與私有化活動，尤其是科技行業，因為發起人緩慢開始變得更加活躍。我們在這一客戶群方面取得了真正的進展，因為我們在過去一年中顯著加大了對傳統贊助商覆蓋範圍的努力，並繼續投資於我們的私人資本業務。

Our advisory team in Europe had another strong quarter, and we continue to build our pipeline in the region. Our leading strategic defense and shareholder advisory business continues to be strong as activist campaigns remain at an elevated pace. In restructuring, where we have one of the most active groups in the industry, our activity levels are high and gaining momentum.

我們在歐洲的諮詢團隊又迎來了一個強勁的季度，我們將繼續在該地區建設我們的渠道。我們領先的戰略防禦和股東諮詢業務繼續保持強勁勢頭，因為維權運動的步伐仍然加快。在重組方面，我們擁有業內最活躍的團隊之一，我們的活動水平很高並且勢頭強勁。

We are starting to see the implications of rising interest rates and default rates, which began a year ago. In addition, the tightening of credit markets has led to an uptick in traditional restructuring and liability management activity. Significant near-term maturity walls in 2024 and 2026 may serve as catalysts for continued activity in the coming months.

我們開始看到一年前開始的利率和違約率上升的影響。此外，信貸市場收緊導致傳統重組和負債管理活動增加。 2024 年和 2026 年的重大短期到期壁壘可能會成為未來幾個月持續活動的催化劑。

Our private capital advisory and fundraising businesses saw strong client dialogues and activity in the quarter, albeit at lower levels from peaks in 2021. The fundraising environment across all fund sizes has started to see marginal improvements relative to 2022. The underwriting business continues to be impacted by broad market and macroeconomic uncertainty. However, we acted as a footprint in 11 of our 12 equity and equity-related offerings in the quarter, highlighting our progress in equity capital markets.

我們的私人資本諮詢和籌款業務在本季度看到了強勁的客戶對話和活動，儘管與 2021 年的峰值相比有所下降。與 2022 年相比，所有基金規模的籌款環境都開始出現邊際改善。承銷業務繼續受到影響受廣闊市場和宏觀經濟不確定性的影響。然而，我們在本季度的 12 項股權和股權相關產品中有 11 項成為足跡，突顯了我們在股權資本市場方面的進展。

In fact, we were involved as a book runner in the 2 largest follow-on of the quarter. In our equities business, we continue to be a thought leader across both macro and fundamental research, helping our clients navigate recent market uncertainty. Lastly, in Wealth Management, our long-term performance and client retention have remained strong.

事實上，我們作為簿記員參與了本季度最大的 2 個後續行動。在我們的股票業務中，我們繼續成為宏觀和基礎研究領域的思想領袖，幫助我們的客戶應對近期的市場不確定性。最後，在財富管理方面，我們的長期業績和客戶保留率一直保持強勁。

Before I turn the call over to Tim to review our financial results and other financial matters, I want to briefly discuss our capital return strategy. We remain committed to our goal of returning excess cash not invested in the business to shareholders in the form of dividends and share repurchases over time.

在我將電話轉給蒂姆審查我們的財務業績和其他財務事項之前，我想簡要討論一下我們的資本回報策略。我們仍然致力於實現我們的目標，即隨著時間的推移，以股息和股票回購的形式將未投資於業務的多餘現金返還給股東。

Our Board declared a dividend of $0.76 a share, an increase of 6% from the prior dividend declared. Looking ahead, our -- while uncertainty continues to be a constant and to have an impact on the business environment, we remain excited for the opportunities that lie ahead and we have a clear path to the firm going forward.

我們的董事會宣布派發每股 0.76 美元的股息，比之前宣布的股息增加 6%。展望未來，我們的 - 雖然不確定性仍然存在並且對商業環境產生影響，但我們仍然對未來的機遇感到興奮，並且我們有一條清晰的公司前進道路。

As I detailed in our fourth quarter earnings, our consistent road map for growth, including investing in talent and broadening and deepening our products and capabilities will allow us to continuously serve our clients and address their needs. With that, let me turn it over to Tim.

正如我在第四季度收益中詳述的那樣，我們一貫的增長路線圖，包括投資人才以及擴大和深化我們的產品和能力，將使我們能夠持續為客戶提供服務並滿足他們的需求。有了這個，讓我把它交給蒂姆。

Thank you, John. I'm now about 7 weeks into the new role, and I'm pleased to be doing my first earnings call as CFO of Evercore. I've been in the industry since 1986 and though for the past year, we've been in a challenging environment, I know that eventually, the cycle will turn. It always does. And I am encouraged about our medium and longer-term outlook and the way Evercore continues to implement its plan through the cycle. And lastly, I look forward to meeting all of you, our investors and sell-side research analysts over the coming months.

謝謝你，約翰。我現在擔任新職位大約 7 週，我很高興作為 Evercore 的首席財務官參加我的第一次財報電話會議。我從 1986 年開始進入這個行業，雖然在過去的一年裡，我們一直處於充滿挑戰的環境中，但我知道最終，這個週期會發生轉變。它總是如此。我對我們的中長期前景以及 Evercore 在整個週期中繼續實施其計劃的方式感到鼓舞。最後，我期待在未來幾個月與你們所有人、我們的投資者和賣方研究分析師會面。

For the first quarter of 2023, net revenues, net income and EPS on a GAAP basis were $572 million, $83 million and $2.06 per share, respectively. My comments from here will focus on non-GAAP metrics, which we believe are useful when evaluating our results. Our standard GAAP reporting and a reconciliation of GAAP to adjusted results can be found in our press release, which is on our website.

2023 年第一季度，按 GAAP 計算的淨收入、淨收入和每股收益分別為 5.72 億美元、8300 萬美元和每股 2.06 美元。我在這裡的評論將集中在非 GAAP 指標上，我們認為這些指標在評估我們的結果時很有用。我們的標準 GAAP 報告和 GAAP 與調整後結果的對賬可以在我們網站上的新聞稿中找到。

The first quarter adjusted net revenues of $578 million declined 21% versus the first quarter of 2022, which was a record first quarter for our firm. First quarter adjusted operating income and adjusted net income of $115 million and $93 million decreased in each case, 46% versus the first quarter of 2022. Adjusted earnings per share of $2.16 decreased 43% versus the first quarter of last year.

第一季度調整後的淨收入為 5.78 億美元，與 2022 年第一季度相比下降了 21%，這是我們公司創紀錄的第一季度。第一季度調整後營業收入和調整後淨收入分別為 1.15 億美元和 9300 萬美元，較 2022 年第一季度下降 46%。調整後每股收益為 2.16 美元，較去年第一季度下降 43%。

Our adjusted operating margin was 20% for the first quarter, lower than the first quarter 2022 adjusted operating margin of nearly 30%, but roughly in line with the first quarter adjusted operating margins in 2020 and 2019, of 19% and 23%, respectively.

我們第一季度調整後的營業利潤率為 20%，低於 2022 年第一季度調整後的營業利潤率近 30%，但與 2020 年和 2019 年第一季度調整後的營業利潤率分別為 19% 和 23% 大致一致.

Turning to the businesses. First quarter adjusted advisory fees of $463 million declined 26% year-over-year compared to a record first quarter for advisory fees last year. As we all know, we continue to operate in a challenging environment that has affected the capital raising and M&A markets.

轉向企業。第一季度調整後的諮詢費為 4.63 億美元，與去年第一季度創紀錄的諮詢費相比下降了 26%。眾所周知，我們繼續在影響融資和併購市場的充滿挑戰的環境中運營。

By comparison, the dollar value and number of M&A announcements globally for transactions greater than $100 million, which as John cited earlier, were down 43% and 44%, respectively. In accordance with the relevant accounting principles, our revenue for the first quarter of 2023 includes $18 million from transactions which closed subsequent to March 31, or otherwise had contingent elements at March 31.

相比之下，正如約翰之前提到的那樣，全球超過 1 億美元的交易的美元價值和併購公告數量分別下降了 43% 和 44%。根據相關會計原則，我們 2023 年第一季度的收入包括 1800 萬美元來自於 3 月 31 日之後結束的交易，或者在 3 月 31 日有其他或有因素的交易。

To compare, we recognized $45 million in the first quarter of 2022 and $116 million in the fourth quarter of 2022 in accordance with the same accounting principles. First quarter underwriting revenues of $23 million were down 37% compared to the first quarter of 2022 as our underwriting business continues to be impacted by the broader market conditions, which reflects substantially lower than normal issuance levels.

相比之下，我們根據相同的會計原則在 2022 年第一季度確認了 4500 萬美元，在 2022 年第四季度確認了 1.16 億美元。第一季度的承銷收入為 2300 萬美元，與 2022 年第一季度相比下降了 37%，因為我們的承銷業務繼續受到更廣泛市場狀況的影響，這反映出發行水平大大低於正常水平。

Commissions and related revenue of $48 million in the first quarter was down 6% year-over-year, reflecting weaker trading volumes as a result of lower volatility. First quarter adjusted asset management and administration fees of $17 million decreased 10% year-over-year, primarily reflecting a decline in AUM, driven by market depreciation.

第一季度的佣金和相關收入為 4800 萬美元，同比下降 6%，反映出波動性較低導致交易量下降。第一季度調整後的資產管理和行政費用為 1700 萬美元，同比下降 10%，主要反映了受市場貶值推動的 AUM 下降。

First quarter adjusted other revenue net was a gain of approximately $27 million, in part reflecting the increase in value of our investment funds portfolio, which is used as a hedge for our DCCP commitments. In addition, we generated interest income on our cash balance, which benefited from short-term rates that have been higher this year than last. Also note that our cash balance was higher in January and February prior to bonus payments that occurred in March.

第一季度調整後的其他收入淨額約為 2700 萬美元，部分反映了我們投資基金組合價值的增加，該投資組合被用作對沖我們的 DCCP 承諾。此外，我們的現金餘額產生了利息收入，這得益於今年高於去年的短期利率。另請注意，我們的現金餘額在 1 月和 2 月高於 3 月的獎金支付。

Turning to expenses. The adjusted compensation ratio for the first quarter is 63.5%. It is still early in the year, and our first quarter compensation ratio reflects the best estimate for the full year based on our visibility at this point in time, which is limited. With that in mind, it is important to note that we remain disciplined about continuing to implement our strategic plan throughout the cycle and to build on the strength of our franchise.

談到開支。一季度調整後薪酬比例為63.5%。現在還處於年初，我們第一季度的薪酬比率反映了基於我們此時能見度的全年最佳估計，這是有限的。考慮到這一點，重要的是要注意我們在整個週期中繼續實施我們的戰略計劃並建立我們的特許經營權的力量。

As John mentioned, we believe the current recruiting environment presents an attractive opportunity for us. That said, we are judiciously managing our headcount and using a disciplined approach to hire additional senior bankers where we see hiring opportunities, which we believe can be especially impactful to our business.

正如約翰所說，我們相信當前的招聘環境為我們提供了一個有吸引力的機會。也就是說，我們正在明智地管理我們的員工人數，並在我們認為有招聘機會的地方使用紀律嚴明的方法聘請更多高級銀行家，我們認為這對我們的業務尤其有影響。

As the year progresses, if we have greater-than-anticipated success in our hiring goals and/or a market recovery takes longer, we will adjust accordingly. Our first quarter noncompensation expenses were $95 million, up 14% from a year ago, primarily driven by an increase in travel and related expenses including both a higher number of trips and travel cost per trip as well as other operating expenses, driven by an increase in bad debt expenses, which are episodic in nature.

隨著時間的推移，如果我們的招聘目標取得了超出預期的成功和/或市場復甦需要更長時間，我們將進行相應調整。我們第一季度的非薪酬支出為 9500 萬美元，比去年同期增長 14%，這主要是由於旅行和相關費用的增加，包括旅行次數和每次旅行的旅行成本以及其他運營費用的增加，這是由於增加在壞賬支出中，這在本質上是偶發的。

As we mentioned last quarter, we continue to expect noncomps to increase in 2023, but at a lower rate than what we saw in 2022. This will be driven by continued normalization of travel practices some inflationary pressures across both travel and tech as well as continued occupancy-related increases driven by the annualization of new space and contractual rent increases. We remain focused on scrutinizing our expenses and managing them tightly.

正如我們上個季度提到的，我們繼續預計 2023 年非補償金將增加，但增速低於 2022 年的水平。這將受到旅行實踐持續正常化、旅行和科技領域的一些通脹壓力以及持續的新空間的年化和合同租金上漲推動了與入住率相關的增長。我們仍然專注於審查我們的開支並嚴格管理它們。

Our adjusted tax rate for the quarter was 15.2%, compared to 17.1% in the first quarter of last year. The tax rate for this quarter reflects a tax benefit associated with the vesting of stock compensation awards similar to a year ago, but had larger impact this quarter as the net income was lower.

我們本季度的調整後稅率為 15.2%，而去年第一季度為 17.1%。本季度的稅率反映了與一年前類似的股票薪酬獎勵歸屬相關的稅收優惠，但由於淨收入較低，本季度的影響更大。

Turning to our balance sheet. As of March 31, our cash and investment securities totaled nearly $1.4 billion, our excess cash as a percentage of our total cash and investment securities was in the mid-20s percent range. We have a durable and liquid balance sheet and a strong cash position, which provides us with the ability to invest in our business throughout market cycles.

轉向我們的資產負債表。截至 3 月 31 日，我們的現金和投資證券總額接近 14 億美元，我們的超額現金占我們現金和投資證券總額的百分比在 20% 左右。我們擁有持久且流動性強的資產負債表和強大的現金狀況，這使我們能夠在整個市場週期中投資於我們的業務。

We regularly review our cash position with respect to the current business environment and we prudently manage our cash position to ensure we have significant liquidity to enable us to implement our strategy, including hiring plans, ability to capitalize on opportunities and ensuring all our stakeholders that we have financial stability.

我們會根據當前的商業環境定期審查我們的現金狀況，並審慎地管理我們的現金狀況，以確保我們擁有充足的流動性，使我們能夠實施我們的戰略，包括招聘計劃、利用機會的能力並確保我們所有的利益相關者我們財務穩定。

In the first quarter, we returned a total of $327.8 million to shareholders through dividends and repurchases of 2.2 million shares at an average price of $132.20. We bought back stock in the quarter through net settlements and in the open market offsetting the majority of the dilution from the RSU grants that were issued in the quarter, and we plan to continue this strategy going forward.

第一季度，我們通過派息和以平均 132.20 美元的價格回購 220 萬股股票，向股東返還了 3.278 億美元。我們在本季度通過淨結算和公開市場回購了股票，抵消了本季度發行的 RSU 贈款的大部分稀釋，我們計劃繼續實施這一戰略。

Our first quarter adjusted diluted share count decreased by 2.5 million shares to $43.2 million from $45.7 million a year ago, driven by the impact of share repurchases, partially offset by the vesting of awards. While we are currently in a challenging environment, we remain optimistic and energized about the prospects of the firm, and I am excited in my new role as CFO to help along with John, our management team and our Board of Directors chart the course of this company as we continue to implement our medium- and long-term plan and create value for our shareholders. With that, we'll now open the line for questions.

我們第一季度調整後的稀釋股數從一年前的 4570 萬美元減少了 250 萬股至 4320 萬美元，這是受股票回購的影響，部分被授予獎勵所抵消。雖然我們目前處於充滿挑戰的環境中，但我們對公司的前景保持樂觀和充滿活力，我很高興擔任首席財務官的新角色，與 John 一起幫助我們的管理團隊和董事會規劃這一進程公司繼續實施中長期規劃，為股東創造價值。有了這個，我們現在將打開問題熱線。

(Operator Instructions) Our first question will come from Devin Ryan with JMP Securities.

（操作員說明）我們的第一個問題將來自 JMP 證券公司的 Devin Ryan。

Terrific. Goodmorning John and Tim, welcome to the call. First question, I guess my only question, I want you to start on just restructuring. And John, you noted the restructuring team has been increasingly active and we're tracking a pretty healthy acceleration in mandates at Evercore over the past 9 months. So just maybe love to just parse through a little bit more the commentary and how you frame the current environment relative to maybe some other periods of stress? And then looking ahead, with this maturity wall coming, do you think the baseline of activity is going to be higher for the next few years, irrespective of what happened in the credit backdrop. Just want to get some more flavor for kind of what you're seeing there and how impactful this acceleration is.

了不起。早上好，約翰和蒂姆，歡迎來電。第一個問題，我想我唯一的問題是，我希望你從重組開始。約翰，你注意到重組團隊越來越活躍，我們在過去 9 個月中跟踪 Evercore 的授權加速。所以也許只是喜歡通過更多的評論來解析，以及你如何構建當前環境相對於其他壓力時期的框架？然後展望未來，隨著這個期限牆的到來，你認為未來幾年活動的基線會更高，不管信貸背景下發生了什麼。只是想對您在那裡看到的東西以及這種加速的影響力有更多的了解。

Sure. Thanks, Devin. We definitely see increasing activity in the restructuring area. And as we've noted, we've invested more there and our team continues to see momentum in their business and it continues to build. As you mentioned, rising rates, difficult refinancing markets really and also default rates, which are beginning to come up and predicted to be even higher. We are seeing restructuring more liability management assignments we are seeing people begin really significant default preparation. And we are actually finding opportunities really across the board with companies, both at larger corporate situations where we really have to help them with their liability management as well as portfolio companies. The wall that's coming of refinancing is going to actually really produce real activity levels. We think that your prediction or your question, which is, will there be continuing momentum in this business we think there will be -- we're planning for that. We think it's -- we think that the restructuring business has real like to it, comparing it to in particular, I don't think it will actually be at the same level of '08 because I just believe it's going to be more consistent. But I also think that it's going to sustain longer. I think it's going to be a sustained activity level going forward.

當然。謝謝，德文。我們肯定會看到重組領域的活動越來越多。正如我們所指出的，我們在那裡投入了更多資金，我們的團隊繼續看到他們業務的發展勢頭，並繼續發展。正如你所提到的，利率上升，再融資市場困難重重，違約率也開始上升，預計會更高。我們看到重組更多的負債管理任務，我們看到人們開始真正重要的違約準備。事實上，我們正在與公司一起尋找真正全面的機會，無論是在我們真正必須幫助他們進行負債管理的大型公司環境中，還是在投資組合公司中。即將到來的再融資牆將真正產生真正的活動水平。我們認為你的預測或你的問題，也就是說，我們認為這項業務是否會有持續的勢頭——我們正在為此做計劃。我們認為它 - 我們認為重組業務真的很喜歡它，特別是比較它，我認為它實際上不會與 08 年處於同一水平，因為我只是相信它會更加一致。但我也認為它會持續更長時間。我認為這將是一個持續的活動水平。

Our next question will come from Brennan Hawken with UBS.

我們的下一個問題將來自瑞銀的 Brennan Hawken。

Tim, welcome to our quarterly dance. Good to have you. So curious about the comp ratio. So Tim, very clear current this quarter's level is what you expect. But could you maybe help us frame a little bit some of the commentary around both recruiting, but also revenue expectation and environment last year we learned that when many firms were sort of anticipating a recovery in the back half of the year and that resulted in some movement in the expectations of comp ratio. What kind of -- does that 63.5% assume that the environment remains the same? And then when you think about the recruiting pipeline, does it assume that you're able to continue to recruit in line with your expectations? Or if you -- does it not assume any recruiter? How can you help us calibrate that recruiting comment please?

蒂姆，歡迎來到我們的季度舞會。很高興有你。對補償比率很好奇。所以蒂姆，非常清楚本季度的當前水平是你所期望的。但是你能否幫助我們圍繞去年的招聘、收入預期和環境提出一些評論，我們了解到，當許多公司都在某種程度上預計今年下半年會出現復甦，這導致了一些補償比率預期的變化。什麼樣的——63.5% 的人認為環境保持不變？然後當你考慮招聘渠道時，它是否假設你能夠繼續按照你的期望招聘？或者，如果你——它不假設任何招聘人員嗎？請問您如何幫助我們校準招聘評論？

Yes, sure. And thank you, Brennan. Look, as you correctly hit in your question as a context of the key drivers, which is it does reflect our best outlook for this year. That's probably the single greatest factor that will determine where it actually ends up will be what happens to the revenue. And so in response to the first aspect of your question, it assumes an environment that's similar to what we're in today. Now there's seasonality in the sense that, as we all know, fourth quarter tends to be the biggest quarter of the year for people in our business but it assumes a consistent environment. With respect to the new partner hire, it reflects what we know today. And so what we're -- we don't do from an accounting standpoint is guess about how many might join us in the fourth quarter or something like that. But it reflects what we know today. And then the last key variable is really where the market is for investment banking compensation and that remains to be seen. It's a long way away.

是的，當然。謝謝你，布倫南。看，當你正確地提出你的問題作為關鍵驅動因素的背景時，它確實反映了我們今年的最佳前景。這可能是決定其實際最終結果的最大因素，即收入會發生什麼。因此，為了回答您問題的第一個方面，它假設一個環境與我們今天所處的環境相似。從某種意義上說，現在存在季節性，眾所周知，第四季度往往是我們業務人員一年中最大的一個季度，但它假設環境是一致的。關於新合作夥伴的聘用，它反映了我們今天所知道的。所以我們 - 從會計的角度來看，我們不會做的是猜測有多少人可能會在第四季度或類似的時候加入我們。但它反映了我們今天所知道的。然後最後一個關鍵變量實際上是投資銀行薪酬市場的位置，還有待觀察。路途遙遠。

Our next question will come from Ryan Kenny with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Ryan Kenny。

I heard that comment around the March taking industry events pushing out the pipeline? How should we think about the size and planning of that impact? Does it push out your completions by few weeks from March to April? Or do you think it's a longer push out from March to maybe year-end or sometime further?

我聽說 3 月左右的評論將行業事件推向了管道？我們應該如何考慮這種影響的規模和規劃？從 3 月到 4 月，它會將您的完成時間推遲幾週嗎？還是您認為從 3 月到年底或更長時間的推出時間更長？

Really, it's very much on a deal-by-deal basis. I think there -- if you're asking whether it takes longer to do transactions, the answer is most likely yes, because it's just taking longer to get the transactions through the pipeline. And once we do get those, it's taking longer to get them finished and closed. So if you're asking the question, will deals that are in the backlog take longer to get out of backlog and into the market I think the answer is also yes, I think it will take somewhat longer because I think what's happening now is there's a real thought process going on, which is when will the recovery happen and when will markets become more active and buoyant. And I think that management teams as well as financial sponsors are really looking at that. And as we said, what people are really looking for with respect to deals is clarity, the confidence levels and really the financing markets being open. And so that will actually impact how deals come out and what they do. So I would say that really, it's really across the board, but I think that you should think about that once deals get out, they'll take somewhat longer, but I don't think it's going to be material, but there are many deals in backlog right now which are very good deals, and there's a lot of activity really in the backlog that we have. And I think what we're saying is that those may take a little longer to come out because the some of the decision-makers are really waiting for the -- to be a turn to the market.

真的，這在很大程度上取決於逐筆交易。我認為——如果你問是否需要更長的時間來完成交易，答案很可能是肯定的，因為通過管道完成交易需要更長的時間。一旦我們確實得到了這些，就需要更長的時間來完成和關閉它們。因此，如果您要問這個問題，積壓的交易是否需要更長的時間才能擺脫積壓並進入市場？我認為答案也是肯定的，我認為這需要更長的時間，因為我認為現在正在發生的事情是一個真正的思考過程正在進行中，即復蘇何時發生以及市場何時變得更加活躍和活躍。我認為管理團隊和財務贊助商確實在關注這一點。正如我們所說，人們在交易方面真正尋求的是清晰度、信心水平以及真正開放的融資市場。因此，這實際上會影響交易的達成方式和交易方式。所以我想說真的，它真的是全面的，但我認為你應該考慮一旦交易出來，他們會需要更長的時間，但我認為這不會是實質性的，但有很多現在處理積壓訂單，這是非常好的交易，我們的積壓訂單中確實有很多活動。而且我認為我們所說的是這些可能需要更長的時間才能出來，因為一些決策者真的在等待 - 轉向市場。

Right. And 1 thing I would add to that is that with respect to financing transactions, what you could see because there's some pent-up demand that we're seeing companies that would like to raise financing, but are sitting on the sidelines because of the challenging markets that when those financing windows open, it's possible you could see some attempt to rush through those windows. And you could see a flurry, but we don't know exactly when that will be.

正確的。我要補充的一件事是，在融資交易方面，你可以看到，因為存在一些被壓抑的需求，我們看到一些公司想要籌集資金，但由於面臨挑戰而處於觀望狀態市場認為，當這些融資窗口打開時，您可能會看到有人企圖衝過這些窗口。你可能會看到一陣陣風，但我們不知道那會是什麼時候。

Our next question will come from Steven Chubak with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Steven Chubak。

Welcome, Tim. So I wanted to ask a question on traditional M&A. I'm actually going to pivot and build down in expenses a little bit. Since both of you indicated that you're focused on managing expenses alluded to a slower pace of non-comp growth in the coming year. I was hoping you can just offer some additional specificity on the planned expense actions you're taking. I know those what's driving the slower pace of non-comp growth? Are there incremental opportunities on the comp side that you're seeing as well?

歡迎，蒂姆。所以我想問一個關於傳統併購的問題。實際上，我要調整併減少開支。由於你們倆都表示您專注於管理費用，這暗示著來年非補償增長速度放緩。我希望你能就你正在採取的計劃支出行動提供一些額外的細節。我知道是什麼導致非薪酬增長放緩？您是否也看到了補償方面的增量機會？

Yes, sure. I'll take that. The -- let me just make a couple of observations. And so one is we are up year-over-year from $85 million to about $95 million. Although the $95 million that we booked this quarter is consistent with the prior 3 quarters. And bear in mind, that's in an environment, which is significantly inflationary. And so we think we have demonstrated some cost containment there. The reason we're at 95%, though as opposed to the lower number like what you saw 4 quarters ago, is travel. And to me, that's a good thing. If we're going to spend money somewhere, I'd like to spend on travel because that means our bankers are out there seeing clients. And so we've seen that ramp up, literally, the number of trips is virtually double what it was a year ago. And so I think what you've seen is really an increase in travel and then what I would call pretty good cost containment with respect to the other expense lines. Now we're doing a little bit of an office move, which is just required due to some building complications where some of our employees currently are. So that will be there, and there's little we can do about that. And then with respect to other types of contracts, whether it's information services or trying to reduce the cost per trip of our travel expenses, you can rest assured we're working hard on that.

是的，當然。我會接受的。 - 讓我做一些觀察。因此，一個是我們同比增長，從 8500 萬美元增加到約 9500 萬美元。儘管我們本季度預訂的 9500 萬美元與前 3 個季度一致。請記住，這是在一個顯著通貨膨脹的環境中。所以我們認為我們已經在那裡展示了一些成本控制。我們達到 95% 的原因與您在 4 個季度前看到的較低數字相反，是因為旅行。對我來說，這是一件好事。如果我們要在某個地方花錢，我想花在旅行上，因為那意味著我們的銀行家會去見客戶。因此，我們已經看到，從字面上看，旅行次數實際上是一年前的兩倍。因此，我認為你所看到的實際上是旅行的增加，然後我稱之為相對於其他費用線的相當好的成本控制。現在我們正在做一些辦公室搬遷，這是由於我們的一些員工目前所在的一些建築複雜情況而需要的。所以那將在那裡，我們對此無能為力。然後關於其他類型的合同，無論是信息服務還是試圖降低我們每次旅行的差旅費用，您可以放心，我們正在為此努力。

(Operator Instructions) Our next question will come from James Yaro with Goldman Sachs.

（操作員說明）我們的下一個問題將來自高盛的 James Yaro。

So you've talked a little bit about the impact so far. But what do you see is the longer-term ramifications of the stress on the banking industry in terms of how it affects the broader M&A business. And then how would you contrast the dialogues that you're having with large versus mid-cap clients and between strategic and sponsor clients at this point?

到目前為止，您已經談到了一些影響。但你看到的是銀行業壓力在如何影響更廣泛的併購業務方面的長期後果。那麼，在這一點上，您將如何對比您與大中型客戶以及戰略客戶和讚助商客戶之間的對話？

The long-term impact of the bank disruption is really hard really to predict. I think we're all hoping that the stabilization will really allow the markets to really go back to being quite healthy again. We actually anticipate that. We think that the markets will return. Right now, what we're looking at in the medium term is we feel like that things will begin to recover. We don't exactly know when -- in the near term, we think that there will continue to be less clarity and therefore, we think it will take some time. But obviously, things like interest rate inflation and really what is happening in the banking system will impact the timing of when things turn. The -- one of the things I think that I think everybody is watching right now is, how are the banks feeling about lending because as deposits sometime migrate out of banks, some of the banks will actually become a little bit more conservative about lending. And so that will impact if -- if that does have an effect, it will impact exactly how aggressive there is in terms of the bank markets generally. But we really anticipate and see that banks are really returning to their normal levels of thinking about risk and taking risk and putting money out and doing leveraged loans. And we do see a beginning of a recovery in leveraged loans and also in the general lending market. So I think what we're looking at is that it's going to recover. In terms of corporates versus sponsors, we think that sponsors are really looking really carefully at when they can go. I think that sponsors have a lot of capital build up. I think there's over $3 trillion of dry powder on the equity side. And I think that sponsors really want to get to work. I think that, that will be different dependent somewhat on availability and interest late rate levels for financing because, obviously, that does impact their economics. On the corporate side, we see the companies really have been doing their homework. And I can just tell you firsthand that there are a number of companies that I deal with, where they really have done a tremendous amount of work getting ready for what they will perceive as a turn when they see that there is some confidence and that markets will be receptive and the bid asks are in a decent place. I think you'll see the big corporates start to come out because pretty rapidly -- because they've done a lot of homework and they've had lots of discussions and Board level discussions have taken place. And so many companies know exactly what they want to do when they perceive a turn in the market and when they see receptivity.

銀行業務中斷的長期影響真的很難預測。我認為我們都希望穩定將真正讓市場真正恢復到非常健康的狀態。我們實際上預料到了這一點。我們認為市場將會回歸。現在，我們在中期看到的是我們覺得事情會開始復蘇。我們不知道什麼時候——在短期內，我們認為清晰度會繼續降低，因此我們認為這需要一些時間。但顯然，利率通脹以及銀行系統中真正發生的事情等因素將影響事情轉變的時間。我認為每個人現在都在關注的一件事是，銀行對貸款的看法如何，因為隨著存款有時會流出銀行，一些銀行實際上會對貸款變得更加保守。因此，這將影響——如果確實有影響，它將影響銀行市場總體上的激進程度。但我們確實預計並看到，銀行確實正在恢復到正常的風險思考、承擔風險、放款和提供槓桿貸款的水平。我們確實看到槓桿貸款和一般貸款市場開始復蘇。所以我認為我們正在關注的是它將會恢復。就企業與讚助商而言，我們認為贊助商真的非常仔細地考慮他們什麼時候可以去。我認為贊助商有很多資本積累。我認為股票方面有超過 3 萬億美元的干火藥。我認為贊助商真的很想開始工作。我認為，這將在某種程度上取決於融資的可用性和利率水平，因為很明顯，這確實會影響他們的經濟。在企業方面，我們看到這些公司確實一直在做功課。我可以直接告訴你，我與許多公司打交道，他們確實做了大量工作，準備迎接他們認為有一些信心和市場的轉折點將被接受並且出價要求在一個體面的地方。我想你會看到大公司開始站出來，因為速度非常快——因為他們做了很多功課，進行了很多討論，並且已經進行了董事會級別的討論。如此多的公司在察覺到市場轉變和接受度時，確切地知道自己想做什麼。

Our next question will come from Matt Moon with KBW.

我們的下一個問題將來自 KBW 的 Matt Moon。

I just had one for Tim. Given that this is your first full quarter as CFO, just wondering if you could provide some insights into how you're thinking about the business now that you've had a full quarter under your belt. It sounded like in your prepared remarks that your thoughts on excess cash levels were pretty consistent with prior disclosures. But kind of curious on your thoughts on capital preferences as it relates to buybacks and dividends is always your general thoughts on comp and your recruiting philosophy. It would be great to hear your thoughts on these items, particularly if there's any kind of differences in the versus your predecessor?

我剛給蒂姆買了一個。鑑於這是您作為首席財務官的第一個完整季度，只是想知道您是否可以提供一些見解，說明您現在已經擁有了一個完整的季度，是如何看待業務的。在你準備好的評論中，你對過剩現金水平的看法似乎與之前披露的內容非常一致。但是，您對與回購和股息相關的資本偏好的看法有點好奇，這始終是您對薪酬和招聘理念的一般看法。很高興聽到您對這些項目的看法，特別是如果與您的前任有任何差異？

Yes. Great. And happy to touch on that. It's a bit of a wide-ranging question, and I have limited time, but I'll hit on the highlights. And so -- with respect to capital return, I think that's an area where the firm has done pretty well. Over the last 2 years, we returned $1.5 billion of capital this year, $328 million already in the first quarter. and we've nearly repurchased shares equivalent to all of the RSUs we issued as part of our compensation process. So I'm pretty pleased with that. And I think my own personal philosophy is very consistent with what you've seen from the firm over the last several years. I think with respect to the compensation ratio, we care a lot about that. We're managing headcount, as I said in my remarks judiciously. I think if you look at where the headcount stands today in terms of total employees relative to about 3 quarters ago or last summer, you would see it's been about perfectly flat over that period of time. And -- but what I don't want to do is be shortsighted. And because we also care about implementing our medium- and long-term strategic plan and about the growth for the firm. And Therefore, we're out there working hard to continue to build and upgrade the team we have in place. And so I don't like to focus on maximizing margins for any single quarter, but instead try to build the firm over the medium and long term to create value for the shareholders.

是的。偉大的。很高興談到這一點。這是一個範圍廣泛的問題，而且我的時間有限，但我會重點介紹。因此——關於資本回報，我認為這是公司做得很好的領域。在過去的兩年裡，我們今年返還了 15 億美元的資本，第一季度已經返還了 3.28 億美元。作為補償流程的一部分，我們幾乎回購了相當於我們發行的所有 RSU 的股份。所以我對此很滿意。我認為我個人的理念與你在過去幾年從公司看到的非常一致。我認為關於薪酬比例，我們非常關心。正如我在發言中所說的那樣，我們正在管理員工人數。我認為，如果你看看今天的員工總數相對於大約 3 個季度前或去年夏天的員工總數，你會發現在那段時間裡它幾乎完全持平。而且——但我不想做的是目光短淺。因為我們也關心實施我們的中長期戰略計劃以及公司的發展。因此，我們正在努力繼續建設和升級我們現有的團隊。因此，我不喜歡專注於任何一個季度的利潤最大化，而是試圖在中長期內建立公司，為股東創造價值。

Our next question will come from Jim Mitchell with Seaport Global.

我們的下一個問題將來自 Seaport Global 的 Jim Mitchell。

You have another hire in Europe this time on the ECM side. So can you kind of update us where you are in the build-out process in Europe, how you view the current environment and the opportunity set long term?

這次您在歐洲又僱用了 ECM 方面的人員。那麼，您能否向我們介紹一下您在歐洲擴建過程中的最新情況，您如何看待當前環境和長期機遇？

Sure, Jim. We continue to look at really strong growth opportunities in Europe. And as we've always said, we are taking opportunities to fill the white spaces and to fill out our product set as we see opportunities. And really, the mitigating factor or the limiting factor is the top talent. And right now, we're seeing some very good talent. So I could see us doing more hiring in Europe because I believe that what really has happened is that there's some very high-level A+ talent available. And so we're focusing on that. will we hire more in Europe than we do other places? No, but what we're doing is we're looking very carefully at the opportunities that we've identified not only in terms of white space, but also product needs, and we are actually hiring and so we're going to continue to invest in Europe. And we are going to continue to do so in a way that really is leveraging our opportunities and also very much trying to take advantage of what we see available in the market. So the bottom line is we will continue to drive that. You can anticipate that we will do that consistently. The market that we see and the opportunities in Europe are extensive. And I think for us, that build-out is important.

當然，吉姆。我們繼續關注歐洲真正強勁的增長機會。正如我們一直所說的那樣，我們正在抓住機會填補空白，並在我們看到機會時填寫我們的產品集。實際上，緩解因素或限制因素是頂尖人才。現在，我們看到了一些非常優秀的人才。所以我可以看到我們在歐洲做更多的招聘，因為我相信真正發生的是有一些非常高水平的 A+ 人才可用。所以我們專注於此。我們在歐洲會比在其他地方僱用更多人嗎？不，但我們正在做的是，我們正在非常仔細地尋找我們已經確定的機會，不僅是在空白領域，還有產品需求，我們實際上正在招聘，所以我們將繼續投資歐洲。我們將繼續以一種真正利用我們的機會並非常努力地利用我們在市場上看到的東西的方式這樣做。所以底線是我們將繼續推動它。您可以預期我們會始終如一地這樣做。我們看到的市場和歐洲的機會是廣泛的。我認為對我們來說，擴建很重要。

Our last question will come from Steven Chubak with Wolfe Research.

我們的最後一個問題將來自 Wolfe Research 的 Steven Chubak。

You've highlighted in the past that's composed at least 1/3 of revenues over the past 3 years. Just given less activity today, I was hoping you can provide some perspective on how the mix compares to that 1/3 baseline, especially in light of some of the positive commentary that you offered, both on the restructuring side, as well as in the private capital advisory business, given you're more active on the secondary side, which appears to be more robust at the moment.

您過去曾強調，在過去 3 年中，這至少佔收入的 1/3。鑑於今天的活動較少，我希望您能提供一些觀點，說明該組合與 1/3 基線相比如何，特別是考慮到您在重組方面以及在私人資本諮詢業務，考慮到你在二級方面更活躍，目前看起來更強勁。

Yes. Thanks, and good question. Look, I think we've talked, as you mentioned in the past about our non-M&A business is comprising at least 1/3 of revenue. And so what you would expect to see in a quarter like this is, of course, with M&A a little bit softer and restructuring gathering steam, you would expect to see that principal hold even more so than normal, and that's the case. And so restructuring is ramping up. We've got a fantastic PCA business. And that's one, by the way, that we've continued to invest in along with the other business as you've seen. In fact, one of our partner hires, who's already joined us, Joy (inaudible) is in that business, and we're pleased to have her here. And so what you would see is in an environment where sell -- M&A sell size for private equity sponsors is more challenging that some of those sponsors might be looking at, for example, continuation funds as an alternative. And we are continuing to see activity in that area. And so we're pleased that what we think we've built, which is what I would call an all-weather firm, is continuing to prove out in a market like this.

是的。謝謝，好問題。聽著，我想我們已經談過了，正如你過去提到的，我們的非併購業務至少佔收入的 1/3。因此，你希望在這樣的一個季度看到的是，當然，隨著併購變得更加溫和，重組的勢頭越來越大，你會希望看到本金持有量比正常情況下更多，情況就是這樣。因此，重組正在加速進行。我們擁有出色的 PCA 業務。順便說一句，正如您所看到的，我們一直在繼續投資其他業務。事實上，我們的一位合作夥伴僱員已經加入我們，Joy（聽不清）從事該業務，我們很高興她能來這裡。因此，您會看到在出售的環境中——私募股權發起人的併購出售規模更具挑戰性，其中一些發起人可能正在考慮，例如，延續基金作為替代方案。我們將繼續看到該領域的活動。因此，我們很高興我們認為我們已經建立的，我稱之為全天候公司，正在這樣的市場中繼續證明。

Yes. I would just add that on the private capital advisory businesses, they're seeing good activity levels. And I think that they continue to see real prospects as the year goes on. They're less limited by the overall public market and really influenced by availability of capital and also the appetite for sponsors to do different things like raise money or to basically think about bringing some of their companies into a continuation process. So I'd just say that we are seeing really strong activity levels in those areas. And I think that there is a strong possibility that they will continue to build momentum through the year.

是的。我只想補充一點，在私人資本諮詢業務上，他們看到了良好的活動水平。而且我認為，隨著時間的推移，他們將繼續看到真正的前景。他們較少受到整個公開市場的限制，並且真正受到資本可用性的影響，以及贊助商做不同事情的興趣，例如籌集資金或基本上考慮讓他們的一些公司進入延續過程。所以我只想說，我們在這些領域看到了非常強勁的活動水平。而且我認為他們很有可能在今年繼續建立勢頭。

No, that's great color. If I could squeeze in one more, just on NII. Other fees surprised positively this quarter. The commentary in the release suggests that $17 million was driven by interest income. I know you're never perceived to be a very rate-sensitive firm, but it appears that that's for the -- at least on that side of the ledger, rates are providing a nice windfall given 1Q tends to be the low point for cash on the balance sheet I was hoping you can provide some context as to how you see that contribution evolving as the year progresses, especially if we're in a higher for longer interest rate environment.

不，那是很棒的顏色。如果我能再擠一個，就在 NII 上。本季度其他費用令人驚喜。新聞稿中的評論表明，1700 萬美元是由利息收入推動的。我知道你從來沒有被認為是一家對利率非常敏感的公司，但看起來那是因為 - 至少在分類賬的那一邊，鑑於第一季度往往是現金的低點，利率提供了一筆不錯的意外收穫在資產負債表上，我希望您能提供一些背景信息，說明您如何看待這種貢獻隨著時間的推移而變化，特別是如果我們處於利率更高的環境中。

Right. I think with respect to the other revenue and just thank everyone on the phone, and that -- let's assume about 1/3 of that was due to the DCCP hedge and then roughly 2/3 to interest income. And of course, the S&P was up about 7% in the first quarter, so that's what would account for that DCCP gain. And then with respect to the cash, there are really 2 components that resulted in a higher-than-normal number this quarter. And one of those was, of course, short-term interest rates, which are higher than they were a year ago up in the, let's call it, the 4% area. And then -- but we also, during the first 2 months of the quarter had higher cash balances because that, of course, was prior to paying the bonuses, year-end bonuses. And so I'd be a little careful about annualizing for example, that number. But I think I've given you enough guidance where you can build your own framework.

正確的。我認為關於其他收入，只是感謝電話中的每個人，而且 - 我們假設其中約 1/3 來自 DCCP 對沖，然後大約 2/3 來自利息收入。當然，標準普爾指數在第一季度上漲了約 7%，這就是 DCCP 上漲的原因。然後關於現金，實際上有 2 個組成部分導致本季度的數字高於正常水平。其中之一當然是短期利率，高於一年前的水平，我們稱之為 4% 的區域。然後——但我們也在本季度的前兩個月擁有更高的現金餘額，因為這當然是在支付獎金、年終獎金之前。因此，例如，我會對這個數字進行年化處理時要小心一些。但我認為我已經為您提供了足夠的指導，您可以在其中構建自己的框架。

Thank you. And ladies and gentlemen, this does conclude today's Evercore's First Quarter 2023 Financial Results Conference Call. You may now disconnect.

謝謝。女士們，先生們，今天的 Evercore 2023 年第一季度財務業績電話會議到此結束。您現在可以斷開連接。