Evercore Inc (EVR) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Evercore Fourth Quarter and Full Year 2023 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Evercore management and a 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，歡迎參加 Evercore 第四季和 2023 年全年財報電話會議。今天的電話會議預計持續約 1 小時，包括 Evercore 管理層的演講和問答環節。 （操作員說明）。我現在將把電話轉給凱蒂·哈伯。 Evercore 投資者關係和 ESG 董事總經理。請繼續。

Thank you, operator. Good morning, and thank you for joining us today on Evercore's Fourth Quarter and Full Year 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. Earlier today, we issued a press release announcing Evercore's fourth quarter and full year 2023 financial results. Our 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 call.

謝謝你，接線生。早安，感謝您今天參加 Evercore 2023 年第四季和全年財務業績電話會議。我是凱蒂·哈伯 (Katy Haber)，Evercore 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執行長約翰溫伯格 (John Weinberg)。和我們的財務長 Tim LaLonde。在我們準備好發言後，我們將開始提問。今天早些時候，我們發布了新聞稿，宣布 Evercore 第四季和 2023 年全年財務表現。我們今天對結果的討論是對新聞稿的補充，該新聞稿可在我們的網站evercore.com上取得。本次電話會議將在我們網站的「投資者專區」部分進行網路直播，其檔案將保留 30 天，從本次電話會議結束後約 1 小時開始。

During the course of this conference 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 a number of 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. 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.

在本次電話會議期間，我們可能會做出一些前瞻性聲明。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，並且有許多重要因素可能導致實際結果與這些陳述中所示的結果有重大差異。這些因素包括但不限於 Evercore 向 SEC 提交的文件中討論的因素，包括我們的 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告。我想提醒您的是，本公司不承擔更新任何前瞻性陳述的義務。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，這些指標是我們認為在評估公司績效時有意義的非公認會計準則指標。

For detailed disclosures on these measures and the GAAP reconciliations, you should refer to the financial data contained within our press release, which is posted on our website. We continue to believe that 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.

有關這些措施和 GAAP 調整表的詳細揭露，您應該參閱我們發佈在我們網站上的新聞稿中包含的財務資料。我們仍然認為，每年評估 Evercore 的表現非常重要。正如我們之前指出的，我們任何特定季度的業績都會受到交易結束時間的影響。我現在將把電話轉給約翰。

Thank you, Katy. Good morning, everyone. 2023 was a year of significant investment for Evercore, and the firm gained momentum, which had continued into 2024. Despite the challenging market environment, we've continued to strengthen our franchise by investing in and diversifying our business. We hired our largest class ever of Advisory Senior Managing Directors, and we expanded our client relationships and coverage universe. Our competitive positioning and strategic focus provided us with the opportunity to hire this new group of exceptional talent, and we expect to continue investing in our business in 2024. Over the past decade, we've broadened and deepened our capabilities which have significantly transformed the firm.

謝謝你，凱蒂。大家，早安。 2023 年對 Evercore 來說是重大投資的一年，公司獲得了強勁的發展勢頭，並一直持續到 2024 年。儘管市場環境充滿挑戰，我們仍透過投資和業務多元化繼續加強我們的特許經營權。我們聘請了有史以來規模最大的諮詢高級董事總經理，並擴大了我們的客戶關係和覆蓋範圍。我們的競爭定位和策略重點為我們提供了聘用這批新的傑出人才的機會，我們預計到2024 年將繼續投資於我們的業務。在過去的十年中，我們擴大和深化了我們的能力，這極大地改變了我們的業務公司。

Aside from being a market leader in the M&A business, which has always been core to what we do, we've invested heavily in virtually all of our businesses in which we've built real scale. This build-out has led to a significant diversification of our revenues. In fact, in 2023, more than 1/3 of our revenues came from non-M&A sources. This growth has provided us with the ability to comprehensively service our clients in nearly all areas of investment banking, which has positioned us once again as the fourth largest investment bank globally based on Advisory Fees. We believe we are better positioned today than at any other point in our history. Today, our internal backlogs continue to strengthen.

除了成為併購業務的市場領導者（這一直是我們業務的核心）之外，我們還對幾乎所有已形成實際規模的業務進行了大量投資。這種擴張導致我們的收入顯著多元化。事實上，到 2023 年，我們超過 1/3 的收入來自非併購來源。這種成長使我們有能力在幾乎所有投資銀行領域為客戶提供全面服務，這使我們再次成為以諮詢費計算的全球第四大投資銀行。我們相信，我們今天的處境比歷史上任何時候都更好。今天，我們的內部積壓繼續增加。

When coupled with a better market environment, and our current and ramping SMD base comprised of both external hires and internal promotes, we expect to see higher activity levels and an increase in our firm's productivity over time. We are now a month into the new year, and we're encouraged by what we see. Activity and confidence levels have continued to improve, building off momentum we saw towards the end of last year. So far, as a firm, we've been very active and involved in some of the largest and most notable transactions to date. We remain hopeful that 2024 will present an improved operating backdrop for the M&A and capital raising markets. However, it is still early days, and we continue to closely monitor the geopolitical and economic uncertainties that could alter the timing and strength of an M&A recovery. As a result, we expect the recovery to be a slow build. Before I discuss our businesses, I want to touch further on our hiring activities.

再加上更好的市場環境，以及我們目前不斷擴大的由外部聘用和內部晉升組成的SMD 基礎，我們預計隨著時間的推移，我們的活動水平將會更高，公司的生產力也會有所提高。現在已經進入新年一個月了，我們對所看到的一切感到鼓舞。經濟活動和信心水準持續改善，延續了去年年底的勢頭。到目前為止，作為一家公司，我們一直非常活躍，參與了一些迄今為止最大、最著名的交易。我們仍然希望 2024 年將為併購和融資市場帶來更好的營運背景。然而，現在還處於早期階段，我們將繼續密切關注地緣政治和經濟的不確定性，這些不確定性可能會改變併購復甦的時機和強度。因此，我們預計復甦將是緩慢的。在討論我們的業務之前，我想進一步談談我們的招募活動。

We're pleased with our 11 newest Advisory SMD additions, bringing on board some of the highest quality bankers in their respective areas of expertise. These include technology in both U.S. and Europe, sponsor coverage, business services, industrials, real estate and capital advisory, all areas of strategic significance to Evercore. Looking at 2024, we will continue to be active in the market and recruit talent based on our strategic needs while maintaining our high standards. Additionally, developing talent from within remains critical to our strategic build-out. We begin 2024 with 7 newly promoted SMDs in our Advisory business across various sectors and capabilities as well as one in our Equities business. This expanding group of high-quality bankers will allow us to provide enhanced coverage and service to our growing client base.

我們對新增的 11 位諮詢 SMD 感到非常滿意，他們在各自的專業領域中引入了一些最優秀的銀行家。其中包括美國和歐洲的技術、贊助商覆蓋範圍、商業服務、工業、房地產和資本諮詢，所有這些領域對 Evercore 具有戰略意義。展望2024年，我們將持續活躍市場，根據策略需求招募人才，同時維持高標準。此外，從內部培養人才對於我們的策略擴張仍然至關重要。從 2024 年開始，我們將在各個領域和能力的諮詢業務中新晉升 7 個 SMD，以及在我們的股票業務中新晉升 1 個 SMD。這個不斷擴大的高素質銀行家隊伍將使我們能夠為不斷增長的客戶群提供更好的覆蓋範圍和服務。

About 40% of our Advisory SMDs had been promoted from what's inside the organization, and we are committed to further growing this group. Let me now spend a couple of minutes on highlights from the quarter and year. As we previously discussed, our full year financial results reflect a challenging operating environment. Tim will discuss our financial results and metrics in detail in a few minutes. In the fourth quarter, confidence levels and credit availability started to improve. M&A activity subsequently picked up notably with some large transactions. Nevertheless, in 2023, industry-wide M&A announcement activity remained below historical levels, particularly among sponsors. For the year, global announced M&A activity based on deal value was down almost 20%.

我們大約 40% 的顧問 SMD 是從組織內部晉升的，我們致力於進一步發展這個團隊。現在讓我花幾分鐘時間重點介紹本季和本年度的亮點。正如我們之前所討論的，我們的全年財務表現反映了充滿挑戰的經營環境。蒂姆將在幾分鐘內詳細討論我們的財務表現和指標。第四季度，信心水準和信貸可用性開始改善。隨後，併購活動顯著回升，出現了一些大型交易。儘管如此，2023 年全行業的併購公告活動仍低於歷史水平，尤其是發起人之間。今年，全球宣布的併購活動（以交易價值計算）下降了近 20%。

If for Evercore specifically announced global M&A activity as measured by deal value was up over 40% versus the year prior due in part to announcements late in 2023. In the fourth quarter, we advised on several transformative transactions, including Chevron on its $60 billion acquisition of Hess, U.S. Steel on its sale to Nippon Steel for $14.9 billion and NFP on its sale to Aon for $13.4 billion. In 2023, we were involved in 4 of the 10 largest deals, all of which were announced in the second half of the year. This momentum has continued into the first few weeks of 2024. We have advised on 3 of the largest announced global strategic transactions, including Synopsys on its $35 billion acquisition of Ansys, which is the largest deal year-to-date. Additionally, we advised global infrastructure partners on its sale to BlackRock for $12.5 billion, and Chesapeake Energy on its $7.4 billion merger with Southwestern Energy.

如果Evercore 特別宣布，以交易價值衡量的全球併購活動比上年增長了40% 以上，部分原因是2023 年末的公告。在第四季度，我們為幾項變革性交易提供了諮詢服務，包括雪佛龍600 億美元的收購代表赫斯公司、美國鋼鐵公司以 149 億美元出售給新日鐵，以及 NFP 以 134 億美元出售給怡安。 2023年，我們參與了10筆最大交易中的4筆，所有這些交易都是在下半年宣布的。這種勢頭一直持續到 2024 年的前幾週。我們為三項已宣布的最大全球策略交易提供了諮詢服務，其中包括 Synopsys 以 350 億美元收購 Ansys，這是今年迄今為止最大的交易。此外，我們也為全球基礎設施合作夥伴以 125 億美元出售給貝萊德提供諮詢服務，並為切薩皮克能源公司以 74 億美元的價格與西南能源公司合併提供諮詢服務。

As we mentioned in our last earnings call, we continue to make progress on our sponsor coverage efforts. For the last several years, 30% to 45% of our Advisory revenue has been sponsor-related, including deals in our private capital businesses. Our European Advisory Group had a solid quarter and year despite continued macro and geopolitical challenges. The team has a very healthy pipeline as we enter 2024, yet execution and closing time lines remain elongated. We continue to focus on further expanding in the region, and we are excited about the opportunity set there. Our private capital advisory and fundraising businesses finished 2023 on a strong note. This was driven in part by robust continuation fund activity in which we are the market leader. In the fourth quarter, we also priced our first ever collateralized fund obligation security, which marks the successful addition of a new product capability. Additionally, our private fundraising group had its second best year ever.

正如我們在上次財報電話會議中提到的，我們在贊助商覆蓋方面繼續取得進展。在過去的幾年裡，我們 30% 到 45% 的顧問收入與贊助商相關，包括我們私人資本業務的交易。儘管宏觀和地緣政治挑戰持續存在，但我們的歐洲諮詢小組在季度和年度都取得了穩健的業績。進入 2024 年，該團隊擁有非常健康的管道，但執行和結束時間仍然很長。我們繼續專注於在該地區的進一步擴張，我們對那裡的機會感到興奮。我們的私人資本諮詢和籌款業務 2023 年表現強勁。這在一定程度上是由於我們是市場領導者的持續基金活動的強勁推動的。在第四季度，我們也對首個基金抵押債券進行了定價，這標誌著新產品能力的成功增加。此外，我們的私人籌款團體也迎來了有史以來第二好的一年。

Demand for our private capital advisory businesses continues to grow. Our strategic defense and shareholder advisory business had a strong year as activist campaigns continued near record levels, both in the U.S. and internationally. As markets remain challenged and interest rates elevated, our restructuring business had another strong year. Activity in the fourth quarter continued at a robust pace in a large part driven by liability management activity among sponsors. We're beginning 2024 with a strong pipeline for opportunities. In underwriting, the market and our business did not yield the level of activity or results many were hoping to see in the fourth quarter or for the full year. In the year, we were a book runner on nearly all of our underwritten equity offerings. Of note, we were the left lead book runner on a $2.2 billion offering for GE Healthcare Technologies.

對我們私人資本諮詢業務的需求持續成長。我們的戰略防禦和股東諮詢業務今年表現強勁，美國和國際上的積極活動繼續接近創紀錄水平。由於市場仍面臨挑戰且利率上升，我們的重組業務又迎來了強勁的一年。第四季度的活動繼續保持強勁步伐，這在很大程度上是由贊助商之間的負債管理活動所推動的。 2024 年伊始，我們就擁有大量機會。在核保方面，市場和我們的業務並未產生許多人希望在第四季度或全年看到的活動水平或業績。這一年，我們幾乎擔任所有承銷股票發行的帳簿管理人。值得注意的是，我們是 GE Healthcare Technologies 22 億美元發行專案的左側牽頭帳簿管理人。

We remain focused on improving our market share by continuing to diversify across sectors and products as well as elevating our underwriting position on deals. Our equity franchise closed out the year with its strongest fourth quarter performance in the last 5 years. Despite continued low volatility and market volumes, we recently announced the additions of top-ranked analysts in the biotech, consumer and technology sectors as well as in public policy. Lastly, in Wealth Management, our assets under management ended the quarter at $12.3 billion, which is the highest month-end AUM point since the business is inception. While 2023 was another challenging year for the industry and Evercore, we are proud of what we've accomplished. As we begin a new year, we're excited for the opportunities that lie ahead for the firm. We remain focused on executing our strategic plan by continuing to invest in, expand and deepen our capabilities and products as well as further enhancing our intellectual capital.

我們仍然專注於透過繼續跨行業和產品多元化以及提升我們的交易承銷地位來提高我們的市場份額。我們的股權特許經營權以過去 5 年來最強勁的第四季度業績結束了這一年。儘管波動性和市場交易量持續較低，我們最近還是宣布增加生物技術、消費者和技術領域以及公共政策領域的頂級分析師。最後，在財富管理方面，本季末我們管理的資產達到 123 億美元，這是該業務成立以來月末資產管理規模的最高點。雖然 2023 年對於行業和 Evercore 來說又是充滿挑戰的一年，但我們對我們所取得的成就感到自豪。在新的一年開始之際，我們對公司面臨的機會感到興奮。我們仍然專注於執行我們的策略計劃，繼續投資、擴展和深化我們的能力和產品，並進一步增強我們的智力資本。

With that, let me turn the call over to Tim.

接下來，讓我把電話轉給提姆。

Thank you, John. Our fourth quarter results reflect further stabilization in the operating environment and an increase in activity levels for several areas of our business as well as some seasonality. In 2023, we generated over $2.4 billion in net revenues in one of the most challenging financial markets since the global financial crisis. As John mentioned, our diversified revenue streams have provided significant support and strong results in the last quarter, and throughout much of last year. We ended the year on a solid note, and we continue to see activity levels strengthen, particularly among larger situations. However, it is important to note from a timing perspective that many of these larger transactions are not expected to close until the latter part of this year and into the following year. The impact to financial results is not immediate, but will build and be recognized over time.

謝謝你，約翰。我們第四季的業績反映了經營環境的進一步穩定、我們業務的多個領域的活動水平的增加以及一些季節性因素。 2023 年，我們在全球金融危機以來最具挑戰性的金融市場之一創造了超過 24 億美元的淨收入。正如約翰所提到的，我們多元化的收入來源在上個季度以及去年的大部分時間裡提供了重要的支持和強勁的業績。我們以穩健的成績結束了這一年，我們繼續看到活動水平加強，特別是在較大的情況下。然而，從時間角度來看，值得注意的是，許多此類大型交易預計要到今年下半年和明年才會完成。對財務業績的影響不是立竿見影的，但會隨著時間的推移而逐漸形成並得到認可。

I will now discuss our fourth quarter and full year financial results. For the fourth quarter of '23, net revenues, operating income and EPS on a GAAP basis were $784 million, $118 million and $2.03 per share, respectively. For the full year, net revenues, operating income and EPS on a GAAP basis were $2.4 billion, $359 million and $6.37 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. Fourth quarter adjusted net revenues of $790 million declined 6% versus the fourth quarter of 2022. On a full year basis, adjusted net revenues of $2.4 billion declined 12% compared to last year.

我現在將討論我們第四季和全年的財務表現。 2023 年第四季，以 GAAP 計算的淨收入、營業收入和每股盈餘分別為 7.84 億美元、1.18 億美元和每股 2.03 美元。全年淨收入、營業收入和每股美國通用會計準則 (GAAP) 每股收益分別為 24 億美元、3.59 億美元和 6.37 美元。我在這裡的評論將重點放在非公認會計準則指標，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 報告以及 GAAP 與調整後結果的調整可以在我們網站上的新聞稿中找到。第四季調整後淨收入為 7.9 億美元，較 2022 年第四季下降 6%。全年調整後淨收入為 24 億美元，較去年下降 12%。

Fourth quarter adjusted operating income of $124 million decreased 43% compared to the fourth quarter of 2022. Adjusted earnings per share of $2.02 decreased 42% versus the fourth quarter last year. For the full year, adjusted operating income of $385 million decreased 47%, and adjusted earnings per share of $6.46 decreased 46% versus the full year 2022. Our adjusted operating margin was 15.7% for the fourth quarter and for the full year.

第四季調整後營業收入為 1.24 億美元，較 2022 年第四季下降 43%。調整後每股收益為 2.02 美元，較去年第四季下降 42%。與2022 年全年相比，全年調整後營業收入為3.85 億美元，下降47%，調整後每股收益為6.46 美元，下降46%。第四季度和全年調整後營業利潤率為15.7% 。

Turning to the businesses. Fourth quarter adjusted Advisory Fees of $660 million were down 6% year-over-year. Adjusted Advisory Fees were $2 billion for the full year, an 18% decline compared to 2022. By our estimates, we have increased our market share again this year. Fourth quarter Underwriting Fees of $19 million were down 57% compared to the fourth quarter of 2022. For the full year, Underwriting revenues were $111 million, down 9% versus last year. Equity issuance for last year was well below normal levels and for the fourth quarter, issuance activity did not experience the strong pickup that we had hoped for. We have a strong team in place and believe we will see a pickup in our revenues as the markets begin to normalize. Commissions and related revenue of $56 million in the fourth quarter were up 4% year-over-year, which, as John mentioned, reflected our strongest fourth quarter in the last 5 years.

轉向企業。第四季調整後諮詢費為 6.6 億美元，較去年同期下降 6%。全年調整後的諮詢費用為 20 億美元，比 2022 年下降 18%。根據我們的估計，今年我們的市佔率再次增加。第四季承保費用為 1,900 萬美元，較 2022 年第四季下降 57%。全年承保收入為 1.11 億美元，較去年下降 9%。去年的股票發行量遠低於正常水平，第四季的發行活動並未出現我們所希望的強勁回升。我們擁有一支強大的團隊，相信隨著市場開始正常化，我們的收入將會增加。第四季的佣金和相關收入為 5,600 萬美元，年增 4%，正如約翰所提到的，這反映了我們過去 5 年來最強勁的第四季度。

For the full year, Commissions and related revenue of $203 million were down 2% compared to 2022. Fourth quarter adjusted Asset Management and Administration Fees of $19 million increased 13% year-over-year, while full year revenues of $73 million increased 3% compared to 2022. Fourth quarter adjusted other revenue net was a gain of approximately $37 million, which compares to a gain of $18 million in the fourth quarter of 2022. For the full year, adjusted other revenue net was a gain of $98 million compared to a loss of $9 million last year. As I mentioned on prior calls, the significant swing year, year-over-year, was driven by 2 primary factors. First, approximately 2/3 of the net gain we recognized was interest income due to higher short-term rates in 2023 and 2022. Second, the balance was from gains in our investment funds portfolio, which is used as a hedge for our DCCP commitments as equity market values increased significantly in the year.

全年佣金及相關收入為2.03 億美元，較2022 年下降2%。第四季調整後的資產管理和行政費用為1,900 萬美元，年增13%，而全年收入為7,300 萬美元，增長3 %與2022 年相比。第四季調整後其他收入淨額增加約3,700 萬美元，而2022 年第四季則增加1,800 萬美元。全年而言，調整後其他收入淨額增加9,800 萬美元，而2022 年第四季調整後其他收入淨額增加9,800 萬美元。去年虧損900萬美元。正如我在之前的電話會議中提到的，同比的顯著波動是由兩個主要因素所驅動的。首先，由於 2023 年和 2022 年短期利率上升，我們確認的淨收益中約 2/3 是利息收入。其次，餘額來自我們投資基金投資組合的收益，用於對沖我們的 DCCP 承諾由於年內股票市場價值大幅上升。

The large difference between last year's number and this year's is primarily due to returns in the equity markets. These gains were partially offset by minor foreign currency adjustments. Turning to expenses. The adjusted compensation ratio for the fourth quarter was 70.8%. Our full year reported adjusted comp ratio was 67.6%. Our full year comp ratio is consistent with the commentary I provided on last quarter's earnings call. When I mentioned, we expected the second quarter ratio of 67% and the third quarter ratio of 68% would be generally representative of our full year estimates.

去年和今年數字之間的巨大差異主要是由於股票市場的回報率所造成的。這些收益被小幅匯率調整所部分抵銷。轉向開支。第四季調整後薪資比例為70.8%。我們全年報告的調整後補償率為 67.6%。我們的全年薪資比率與我在上個季度財報電話會議上提供的評論一致。當我提到時，我們預計第二季 67% 的比率和第三季 68% 的比率將大致代表我們全年的預測。

As I mentioned on last quarter's earnings call, the increase in our compensation ratio is a byproduct of the weaker revenue environment, amortization of prior year awards, the onboarding of our new senior hires, and the market level for compensation. We had a strong recruiting year in 2023, and we do not begin accruing for our new hires until they arrive. Most of our new advisory SMD additions joined late in the year, and we recognized their compensation from the start date through year-end, which contributed to the higher fourth quarter ratio.

正如我在上季度的財報電話會議上提到的，我們薪酬比率的增加是收入環境疲軟、上一年獎金攤銷、新高級員工的入職以及市場薪酬水平的副產品。 2023 年是我們的招募旺年，在新進員工到來之前我們不會開始為他們累積費用。我們的大多數新諮詢 SMD 成員都是在今年稍後加入的，我們從開始日期到年底都確認了他們的薪酬，這導致了第四季度的比率較高。

We will continue to strive to make improvements on our compensation ratio. Ultimately, it will depend on the timing and magnitude of improvement in the environment and our revenues, among other factors. Shifting to non-compensation expenses. Fourth quarter non-comp cost of $107 million were up 11% from a year ago. For the full year, non-comp costs of $407 million also were up 11%, primarily driven by increases in travel and related expenses, higher license and research fees as well as other operating expenses. As a reminder, our non-comp expenses from a year ago reflected a reversal of a liability, which meaningfully decreased our non-comp expense in 2022, resulting in a larger increase year-over-year. Without the net impact of this, the increase in non-comp expense would have been approximately 8%.

我們將繼續努力提高薪資比例。最終，這將取決於環境改善的時間和程度以及我們的收入等因素。轉向非補償費用。第四季非營利成本為 1.07 億美元，比去年同期成長 11%。全年非公司成本也成長了 11%，達到 4.07 億美元，這主要是由於差旅和相關費用、更高的許可和研究費用以及其他營運費用的成長。提醒一下，我們一年前的非補償費用反映了負債的逆轉，這大大減少了我們 2022 年的非補償費用，導致同比增幅更大。如果沒有此淨影響，非補償費用的增加將約為 8%。

The other significant impact was travel expense, which accounted for about 4 percentage points of the 11% increase. These 2 items, the expense reversal and the travel expense normalization accounted for the majority of the increase. While our non-comp expenses per head were higher relative to the prior year, they still were about 4% lower than in 2019, the pre-COVID year. Our adjusted tax rate for the quarter was 25.3%, down versus last year. The full year adjusted tax rate was 23.4%, also down slightly relative to the prior year. Turning to our balance sheet. As of December 31, our cash and investment securities totaled about $2 billion, which is up from $1.6 billion at the end of last quarter. We continue to maintain a strong cash position, taking into consideration the current economic and business environment, cash needs for the implementation of our strategic initiatives including hiring plans and preserving a solid financial footing.

另一個重大影響是差旅費用，約佔 11% 增幅的 4 個百分點。費用沖銷和差旅費用正常化這兩項佔成長的大部分。雖然我們的人均非補償費用較前一年增加，但仍比 2019 年（新冠疫情爆發前的一年）低 4% 左右。本季調整後稅率為 25.3%，低於去年。全年調整後稅率為23.4%，也較上年略有下降。轉向我們的資產負債表。截至 12 月 31 日，我們的現金和投資證券總額約為 20 億美元，高於上季末的 16 億美元。考慮到當前的經濟和商業環境、實施我們的策略性舉措（包括招聘計劃）和保持穩固的財務基礎所需的現金需求，我們繼續保持強勁的現金狀況。

For the full year, we returned a total of $523.5 million to shareholders through dividends and repurchases of 3 million shares at an average price of $129.04. Our fourth quarter adjusted diluted share count increased to 43.4 million. Relative to a year ago, our share count is down slightly. Our capital return philosophy has not changed. We remain committed to repurchasing shares to offset the dilution from our RSU year-end bonus grants. Beyond that, we strive to return capital through dividends and share repurchases based on our cash needs and strategic goals, coupled with our ability to maintain a durable balance sheet. As John mentioned, our backlogs are strong. We are seeing strength and momentum across a number of our business lines, and we look forward to what this next year will bring.

全年，我們透過股息和以平均價格 129.04 美元回購 300 萬股股票的方式，向股東總共返還 5.235 億美元。我們在第四季調整後的稀釋後股票數量增加至 4,340 萬股。與一年前相比，我們的股票數量略有下降。我們的資本回報理念沒有改變。我們仍然致力於回購股票，以抵消 RSU 年終獎金的稀釋。除此之外，我們努力根據我們的現金需求和策略目標以及維持持久資產負債表的能力，透過股利和股票回購來回報資本。正如約翰所提到的，我們的積壓訂單很多。我們在許多業務領域都看到了實力和勢頭，我們期待明年會帶來什麼。

With that, we'll now open the line for questions.

現在，我們將開放提問熱線。

(Operator Instructions) Our first question comes from James Yaro with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 James Yaro。

So if I look at completed revenue this quarter versus the Dealogic, the magnitude that's not explained by the Dealogic did reach a fairly large magnitude in the fourth quarter. So maybe you could just speak to which of the non-M&A Advisory businesses performed so well in the quarter and then the sustainability of these? And then specifically, just on the restructuring backdrop, obviously, financing and financial conditions have improved towards the year-end and into January. So how should we think about the ability for restructuring to remain at an elevated level into 2024?

因此，如果我將本季的完成收入與 Dealogic 進行對比，就會發現 Dealogic 無法解釋的規模在第四季度確實達到了相當大的規模。那麼，也許您可以談談哪些非併購顧問業務在本季表現如此出色，然後談談這些業務的可持續性？具體而言，在重組背景下，融資和財務狀況顯然在年底和一月份有所改善。那麼，我們該如何看待重組在 2024 年之前保持在較高水準的能力呢？

Sure. So let me start with the Dealogic question. And so that -- the way they calculate that is they look at deal announcements and then they have an algorithm that estimates revenue. And so there's 2 areas for potential discrepancy. One is, to the extent, the algorithm differs from the actual revenue. And that's, of course, going to happen in almost every case, although I know they're hoping for a portfolio effect where across a large number of transactions that's relatively close, but it's not always as you've seen. Second thing is it doesn't pick up our capital advisory business. And so the capital advisory business, of course, includes PCA and PFG and real estate capital advisory as well. And those businesses really had a very strong year and a particularly strong quarter. And that would perhaps have widened any normal discrepancy you might have seen.

當然。讓我從 Dealogic 問題開始。因此，他們計算的方式是查看交易公告，然後他們有一個估算收入的演算法。因此，有兩個方面存在潛在差異。一是算法與實際收入有一定程度的差異。當然，這幾乎在所有情況下都會發生，儘管我知道他們希望在大量交易中產生相對接近的投資組合效應，但並不總是像你所看到的那樣。第二件事是它沒有接手我們的資本諮詢業務。所以資本諮詢業務當然包括PCA和PFG以及房地產資本諮詢。這些業務確實經歷了非常強勁的一年和特別強勁的季度。這可能會擴大你可能看到的任何正常差異。

No, let me pick up because the question on restructuring business. The restructuring business had a very good year last year and bookings going into 2024 are quite strong also. We actually feel very good about our prospects going forward. The business is really diversified. It's liability management and also we've built out our creditor business as well as our strong traditional debtor business. So generally, we think that, that business will continue its momentum. It's one of the businesses that we think will have strength going into the year and through the year.

不，讓我來回答關於重組業務的問題。去年，重整業務表現非常好，2024 年的預訂量也相當強勁。事實上，我們對未來的前景感到非常樂觀。業務確實多元化。這是負債管理，我們也建立了債權人業務以及強大的傳統債務人業務。因此，總的來說，我們認為該業務將繼續保持成長勢頭。我們認為，這是今年乃至全年都將保持強勁的業務之一。

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

我們的下一個問題將來自 Seaport Global 的吉姆·米切爾 (Jim Mitchell)。

Just maybe a question on the headcount and investments. You guys -- it was a heavy investment year. But if you look at net headcount growth, I think it was sort of on the SMD side, mid-single digits, total head count 4%. So how do we think about the implication for productivity? And how are you thinking about net hiring in '24?

也許只是關於員工人數和投資的問題。你們——這是一個大量投資的一年。但如果你看淨員工人數成長，我認為是 SMD 方面的，中等個位數，總員工數為 4%。那我們要如何看待這對生產力的影響呢？您如何看待 24 年的淨招募？

Well, our -- the way we think about hiring is that we are looking at all the areas where we think we have strategic imperatives, and we move into that. We have a very strong pipeline going in with respect to hiring. We will make decisions as we go. We are also trying very hard to make sure that we are being responsible about headcount. And so we're really making sure that we manage people coming in and also there are some that are leaving in the process. I think the best way to think about our head count is that we're going to actually grow where we think it's actually going to be productive for the firm, and we are definitely in the market, and we're going to continue to be responsible in managing our numbers going forward. We clearly are trying to make sure that we grow commensurate with our opportunity.

嗯，我們思考招募的方式是，我們正在研究我們認為具有策略必要性的所有領域，然後我們就會進入這個領域。我們在招募方面擁有非常強大的管道。我們將邊做邊決定。我們也非常努力確保我們對員工人數負責。因此，我們確實要確保管理好新加入的人員，以及在過程中離開的人員。我認為考慮我們員工數量的最佳方式是，我們將在我們認為實際上會對公司產生生產力的地方進行實際增長，而且我們肯定在市場上，並且我們將繼續負責管理我們未來的人數。顯然，我們正在努力確保我們的成長與我們的機會相稱。

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瑞安·肯尼。

So just want to clarify on the comp ratio comments when you said that you expect to continue to improve on the comp ratio. Was that against the 67.6% number for the full year or against the 70.8% number for the fourth quarter? And any thoughts on where you want that ratio to head towards this year?

因此，當您表示希望繼續提高薪酬比率時，我想澄清一下薪酬比率的評論。這是相對於全年 67.6% 的數字還是相對於第四季 70.8% 的數字？您對今年這一比率的發展有何想法？

Yes, sure. Thanks, Ryan. The short answer is both. I think the 70.8% fourth quarter number was unusually high, and that was due to some extent to the back-end loading on the arrival of our new SMDs. With respect to the 67.6%, we're absolutely striving to improve on that. And as we all know, there are a number of factors that feed into what the comp ratio is, most important of all is the revenue environment. So certainly, to the extent that the landscape, we think, is improving. And hopefully, our revenues, along with that, we would expect to see some improvement there.

是的，當然。謝謝，瑞安。簡短的回答是兩者皆有。我認為第四季 70.8% 的數字異常高，這在某種程度上是由於我們新 SMD 到達時的後端負載造成的。對於 67.6%，我們絕對會努力改進。眾所周知，影響薪酬比率的因素很多，其中最重要的是收入環境。因此，我們認為，從某種程度上來說，情況確實正在改善。希望我們的收入也能隨之有所改善。

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。

I wanted to start off with just a question on the election, how that's impacting willingness for both strategics and sponsors to transact. And maybe just more broadly, what are some of the biggest potential risk that could derail the M&A recovery in '24, whether geopolitical, election or macro in terms of what you're hearing from C-suite?

我想先問一個有關選舉的問題，這如何影響策略和贊助商的交易意願。也許更廣泛地說，就您從高階主管那裡聽到的情況而言，可能會破壞 24 年併購復甦的最大潛在風險是什麼，無論是地緣政治、選舉還是宏觀風險？

To date, we don't think that there is really anything regarding the election that is putting a damper on people's willingness or interest in strategic dialogues and doing deals. We think that, in effect, in the past, elections haven't really had a major impact. We don't know what's going to happen this year. Obviously, it's a different year, and it's certainly a different election as it is every election. But we don't really see anything right now with respect to the election. The really big concern is actually more than anything else geopolitical. Obviously, there could be economic impacts also if the economy somehow backs up. But I think the thing that people would classify as the biggest risk going into this market right now is the geopolitical risk, which I think is heightened in many respects. I think most people would actually agree with that. And I think that's the thing that we're all watching.

迄今為止，我們認為選舉並沒有真正影響人們進行策略對話和達成交易的意願或興趣。我們認為，事實上，在過去，選舉並沒有真正產生重大影響。我們不知道今年會發生什麼事。顯然，這是不同的一年，當然也是不同的選舉，因為每次選舉都是不同的。但我們現在並沒有真正看到任何與選舉有關的事情。真正令人擔憂的其實是地緣政治。顯然，如果經濟以某種方式回升，也可能產生經濟影響。但我認為，人們現在進入這個市場的最大風險是地緣政治風險，我認為這種風險在許多方面都加劇了。我想大多數人實際上都會同意這一點。我認為這就是我們都在關注的事情。

Next, we have Brennan Hawken with UBS.

接下來是瑞銀集團的布倫南·霍肯。

This is Ben Rubin, filling in for Brennan. Congrats on a strong close to the year. My question is related to the incremental hires from last year. So the 11 Advisory SMDs that you've added, what is the best way to think about the incremental operating leverage from your successful recruiting campaign last year? And how should we think about the corresponding impact of revenue growth as a result of those hires as well as the increase in your baseline comp as a result? So for example, if Advisory revenue is up x percent, what type of impact to comp growth could we expect as a result?

我是本‧魯賓 (Ben Rubin)，接替布倫南 (Brennan)。祝賀今年取得了強勁的成績。我的問題與去年的增量招募有關。那麼，對於您新增的 11 個諮詢 SMD，考慮去年成功的招募活動帶來的增量營運影響力的最佳方式是什麼？我們應該如何考慮這些招募帶來的收入成長的相應影響以及由此帶來的基準薪酬的增加？例如，如果諮詢收入成長了 x%，我們預期會對公司成長產生哪種類型的影響？

Well, let me take the first part of the question, and I'll let Tim take the second. The people we've hired, we're really excited about. And in some cases, they're already hitting the ground running and revenues coming in as a result of their presence inside the firm. For the most part, you should think of people coming in, in a ramp. And usually, it takes between 1.5 years to 2 years for a full ramp-up. Some of the people that we've brought in, as I said, are not going to take nearly that long. But I think you should think about it as a consistent ramping of these talented people coming in. And so the revenue growth will happen. As you also know, this business is somewhat lumpy. You bring in a couple of big deals and then there's a little bit of time between the next couple of deals.

好吧，讓我回答問題的第一部分，然後讓提姆回答第二部分。我們對聘用的員工感到非常興奮。在某些情況下，他們已經開始運作，並且由於他們在公司內部的存在而獲得了收入。在大多數情況下，您應該想到人們從坡道進來。通常，完全提升需要 1.5 年到 2 年的時間。正如我所說，我們引進的一些人不會花那麼長時間。但我認為你應該將其視為這些人才不斷湧入的情況。這樣收入就會成長。如您所知，這項業務有些不穩定。你帶來了幾筆大交易，然後在接下來的幾筆交易之間有一點時間。

And so I think that for the most part, what you should be looking at is the consistent addition of talented people. And over time, that should lead to build in our revenue base. In terms of revenue per banker, that all very much depends on really the market itself and how busy and how active the market is, our levels of revenue per banker go up materially as the revenue goes up in aggregate.

所以我認為在大多數情況下，你應該關注的是人才的持續增加。隨著時間的推移，這應該會增強我們的收入基礎。就每位銀行家的收入而言，這在很大程度上取決於市場本身以及市場的繁忙程度和活躍程度，隨著總收入的增加，我們的每位銀行家的收入水平也會大幅上升。

Sure. And I can just expand on that a little bit by putting a few numbers around it. One would be if you look at our Advisory partner headcount, and you compare it to 2021, which was our peak revenue year, you would see the Advisory partner headcount has increased almost 20%, and that's a reflection of a potential increase in productive capacity. If you were to go back 3 years to 2020, you would have seen our Advisory partner headcount has increased about 27%. And so that's, we think, good news for us when the market returns to more normal activity levels. Beyond that, I would point out that while we were doing those 11 partner headcount adds this year, our overall headcount firm-wide was up 3.7%, which is, by historical standards for us, a relatively modest amount. And both of those statistics speak a little bit to productivity. We look at productivity 2 ways.

當然。我可以通過在其周圍添加一些數字來對此進行一些擴展。其中之一是，如果您查看我們的諮詢合作夥伴人數，並將其與2021 年（我們的收入高峰年）進行比較，您會發現諮詢合作夥伴人數增加了近20%，這反映了生產能力的潛在增長。如果您回到 3 年前的 2020 年，您會發現我們的諮詢合作夥伴人數增加了約 27%。因此，我們認為，當市場恢復到更正常的活動水平時，這對我們來說是個好消息。除此之外，我想指出的是，雖然我們今年增加了 11 名合夥人人數，但我們全公司的總人數增加了 3.7%，按照我們的歷史標準，這是一個相對適中的數字。這兩項統計數據都說明了生產力。我們從兩個方面來看生產力。

One is on a revenue per partner basis, and another is on a revenue per banker basis, both of which ultimately impact margins throughout a cycle. And so we think what we've done there is hopefully in the process of rigorously managing our headcount, increased productivity as we head into, hopefully, a more favorable environment. If you look at the partner revenue statistics productivity, what you would see is generally across the cycle, you would see those ranging anywhere from ballpark, $15 million or $16 million per Advisory partner head on the lower end to the low 20s. 2021 was an outlier, was north of $25 million per partner head. But generally, in a good market, they peak somewhere in the low 20s for us per partner head. And so we feel like we're well positioned for when the market returns.

一種是基於每個合作夥伴的收入，另一種是基於每個銀行家的收入，這兩種方法最終都會影響整個週期的利潤率。因此，我們認為我們所做的希望是在嚴格管理員工人數的過程中，在我們進入一個更有利的環境時提高生產力。如果您查看合作夥伴收入統計生產力，您會看到通常是在整個週期內，您會看到每個諮詢合作夥伴的生產力從大約 1500 萬美元或 1600 萬美元到較低的 20 美元以上不等。 2021 年是一個異常值，每位合夥人負責人的收入超過 2,500 萬美元。但一般來說，在一個好的市場中，我們每個合作夥伴的最高收入在 20 多歲左右。因此，我們認為，當市場回歸時，我們已經做好了充分的準備。

(Operator Instructions) And our next question will come from Devin Ryan with JMP Securities.

（操作員說明）我們的下一個問題將來自 JMP 證券的 Devin Ryan。

I just want to dig in a little bit on the strategic versus sponsor dynamic. In 2023, sponsor announcements were down about 40% year-over-year. That was the slowest year since 2013. Corporates from our data were roughly flat year-over-year. And so I know Evercore does quite well with corporates and perhaps corporates are having a moment with sponsors being a little bit out of the market. But just wanted to get a little sense from you around whether a sponsor recovery is necessary for kind of a broader recovery for Evercore. Are you seeing that right now? Or can you continue to do quite well with corporates, which may be, as I mentioned, seem to be behaving better in this backdrop?

我只是想深入探討一下策略與贊助商的動態。 2023 年，贊助商公告較去年同期下降約 40%。這是自 2013 年以來最慢的一年。我們的數據顯示，企業年比大致持平。所以我知道 Evercore 在企業方面做得很好，也許企業正在經歷贊助商有點退出市場的時刻。但我只是想從您那裡得到一些關於贊助商恢復對於 Evercore 更廣泛的恢復是否必要的了解。你現在看到了嗎？或者你能否繼續與企業打交道，正如我所提到的，在這種背景下，企業似乎表現得更好？

Sure, Devin. We believe that the full recovery of the market is going to require that sponsors really start to engage. We see a warming up of the sponsors. But as you said, in 2023, it was slow. And we think 2024, we think there will be -- as there will be on the strategic side, we think there will be a ramp. We have gotten ourselves off to a very good start on the strategic side. We've done some very strong strategic type transactions and frankly, inside the firm, the dialogues are very good. The backlogs are building. I think that the sponsors may be delayed, but we really do believe they will begin to start kicking in. There's a lot of pressure at the sponsor level to start doing some activity. LPs want capital back. There's just a whole series of flows that need to happen. So we think it will happen.

當然，德文。我們相信，市場的全面復甦將需要贊助商真正開始參與。我們看到贊助商正在升溫。但正如你所說，2023 年進展緩慢。我們認為到 2024 年，我們認為將會出現——就像戰略方面一樣，我們認為將會出現一個斜坡。我們在戰略方面已經有了一個很好的開始。我們已經完成了一些非常強大的策略類型交易，坦白說，在公司內部，對話非常好。積壓的訂單正在增加。我認為贊助商可能會被推遲，但我們確實相信他們會開始介入。贊助商層面面臨著很大的壓力來開始進行一些活動。有限合夥人希望收回資本。只需要發生一連串的流程即可。所以我們認為這會發生。

We believe that we will get off to a decent start on strategics. We think that there will be satisfactory activity to really keep us busy and productive. I think though, the sponsor side is going to be important for the overall market. As you may know, or I'm sure you do, 30% and 45% of our revenues come from sponsor-related activities. That is private capital advisory type activities as well as the M&A side. So it clearly is important to us as I think it is to many firms.

我們相信，我們將在戰略上有一個良好的開始。我們認為會有令人滿意的活動讓我們真正保持忙碌和富有成效。但我認為，贊助商方面對於整個市場來說非常重要。您可能知道，或者我確信您知道，我們 30% 和 45% 的收入來自與贊助商相關的活動。這是私人資本諮詢類型的活動以及併購方面。因此，這顯然對我們很重要，我認為對許多公司也很重要。

Our next question will come from Mike Brown with KBW.

我們的下一個問題將來自 KBW 的 Mike Brown。

On restructuring, you had mentioned that you feel good about the restructuring and the liability management activity. If we take a step back, what do you think this cycle will look like, I think, over a multiyear horizon? And with central banks looking like they're going to shift to easing. It looks like the opportunity set is maybe a little softer than we thought 3 months ago or 6 months ago. So it would be just great to get some more color on how you think this activity could progress over the coming years and how you think the revenue potential could compare to 2023?

關於重組，您提到您對重組和負債管理活動感覺良好。如果我們退一步，我認為，從多年的角度來看，您認為這個週期會是什麼樣子？央行看起來將轉向寬鬆政策。看起來機會集可能比我們 3 個月前或 6 個月前想像的要軟一些。因此，如果您能進一步了解您認為這項活動在未來幾年會如何進展，以及您認為與 2023 年相比收入潛力如何，那就太好了？

As we've looked at how we're looking at the year ahead, we actually think that it's going to be quite a strong year in restructuring. Granted, if rates come down, there will be less distress in the system. Having said that, rates are still pretty high. The maturity walls are out there in '24 and '25. And we see a lot of activity, not necessarily in bankruptcies, although there will be bankruptcies, and there will be some larger bankruptcies, but in the activity of liability management and helping companies to structure themselves to grow. And increasingly, we are getting involved in the general course of helping people think through their balance sheet and their liabilities. And so as we look at what we're expecting for our restructuring business, it's actually going to be quite a healthy year. And we think that, that will extend itself in the future also. We really feel quite positive about how the market is being defined by our group and really their impact.

當我們展望未來一年時，我們實際上認為這將是重組過程中相當強勁的一年。誠然，如果利率下降，系統中的困境就會減少。話雖如此，利率仍然相當高。成熟度牆在 24 年和 25 年就已經存在。我們看到很多活動，不一定是破產，儘管會有破產，而且會有一些更大的破產，但是在負債管理和幫助公司建構自身成長的活動中。我們越來越多地參與幫助人們思考資產負債表和負債的一般過程。因此，當我們審視對重組業務的預期時，這實際上將是相當健康的一年。我們認為，這也將在未來擴展。我們對我們團隊如何定義市場及其影響感到非常積極。

Right. The only thing I would add to that is if you put this in historical context, years ago, it used to be that the restructuring M&A cycle was kind of fees for one famine for the other. It feels like in more recent years, what we've really seen is that restructuring has an opportunity to perform reasonably strongly throughout the cycle. And I think the points John raised about higher rates, we're still in a higher rate environment. So a lot of companies put on a lot of debt at very low interest rates that were variable and are now experiencing higher rates or alternatively having to refinance at higher rates and so even in an economic environment, which is reasonable in a capital raising and deal environment, which is reasonable, we could still have a very solid restructuring environment for some period of time.

正確的。我唯一要補充的是，如果你把這放在歷史背景下，幾年前，重組併購週期曾經是一種為另一方飢荒支付的費用。感覺就像最近幾年，我們真正看到的是重組有機會在整個週期中表現相當強勁。我認為約翰提出的關於更高利率的觀點，我們仍然處於更高利率的環境。因此，許多公司以極低的利率背負了大量債務，這些債務的利率是可變的，現在利率更高，或者不得不以更高的利率再融資，因此即使在經濟環境下，這在融資和交易中也是合理的環境是合理的，在一段時間內我們仍然可以擁有非常穩固的重組環境。

Our next question will come from James Yaro with Goldman Sachs.

我們的下一個問題將來自高盛的詹姆斯·亞羅。

So I think it's very constructive that 40% of your MDs are promoted internally. And I also thought it was true that you gave the 1.5 to 2 years ramp for MDs hired externally. Maybe you could just talk about the differences in the ramp between those that are promoted internally versus hired externally.

所以我認為你們 40% 的 MD 是內部晉升的，這是非常有建設性的。我還認為您確實為外部聘用的 MD 提供了 1.5 到 2 年的晉升時間。也許你可以談談內部晉升和外部聘用之間的晉升差異。

Well, I think that the ones who are promoted internally take a little bit longer to really get to the high productivity level because, quite frankly, and obviously, they're growing and they're learning. A lot of times, with what we're looking for in the lateral sense and people coming in laterally, they're already really at the height of their powers. They come in with a fully developed client base. And in many cases, they have transactions, which they've been talking about and dreaming about and really pushing for quite some time. And so it takes longer. And I think hard to really put a number as to how much longer, but I think it's safe to say that the 1.5 to 2 years is really a, maybe, conservative for the people coming laterally and probably about right for the people who are ramping -- who have been promoted from within.

嗯，我認為那些在內部晉升的人需要更長的時間才能真正達到高生產力水平，因為，坦白說，顯然，他們正在成長並且正在學習。很多時候，隨著我們在橫向意義上尋找的東西以及橫向進入的人們，他們已經真正處於權力的頂峰。他們擁有成熟的客戶群。在很多情況下，他們都有交易，他們已經談論、夢想並真正推動了相當長一段時間。所以需要更長的時間。我認為很難真正給出一個數字來說明需要多長時間，但我認為可以肯定地說，對於橫向發展的人來說，1.5 到2 年確實可能是保守的，而對於那些正在崛起的人來說，這可能是正確的。— 從內部提拔的人。

Right. And in addition to that, I think if we were to open our books to the public, what you would see is a very healthy proportion of our highest producing partners are actually people who have been promoted internally. And I think that speaks a little bit to 2 things. One is the strengthening of our franchise, so they've got a better calling card than they might have had 5 or 10 years ago. And the second is, I think, an improved ability over time to develop our people into productive partners.

正確的。除此之外，我認為如果我們向公眾開放我們的書籍，你會看到我們最高產出的合作夥伴中有很大一部分實際上是內部晉升的人。我認為這說明了兩件事。一是加強我們的特許經營權，這樣他們就擁有了比 5 或 10 年前更好的名片。我認為，第二個是隨著時間的推移，將我們的員工培養成富有成效的合作夥伴的能力不斷提高。

One of the most important parts of really growing the firm is to create a culture of aspiration and to really allow people to think that they have real opportunity to grow. And so hiring from within, promoting from within, growing our people is really a critical part of what the culture of Evercore is and should be. In addition, creating an environment where people who do come in laterally have a great opportunity to grow and really find their way and fulfill themselves is also a very important part. So it all ties in culturally.

真正發展公司的最重要部分之一是創造一種有抱負的文化，並真正讓人們認為他們有真正的成長機會。因此，從內部招募、從內部提拔、培養員工確實是 Evercore 文化的關鍵部分。另外，創造一個環境，​​讓橫向進來的人有很好的成長機會，真正找到自己的路，實現自己，也是很重要的一部分。所以這一切都與文化有關。

And we do have another question from Steven Chubak with Wolfe Research.

沃爾夫研究中心的史蒂文·查巴克（Steven Chubak）向我們提出了另一個問題。

First, just on ECM. The performance, as you noted, was a bit challenged this year. I was hoping you could just speak to your outlook, whether you envisage a meaningful ramp in '24 as the range of revenue outcomes just over the past few years has been incredibly wide. And any specific sectors that you anticipate will be more or less active?

首先，就 ECM 而言。正如您所指出的，今年的表現有點挑戰。我希望您能談談您的展望，無論您是否設想在 24 年實現有意義的成長，因為過去幾年的收入結果範圍非常廣泛。您預計有哪些特定產業會更活躍或不那麼活躍？

We agree, Steven, that 2023 was disappointing. We actually see 2024 off to a reasonable start. We actually have a good book of business that's building. We've been in a few deals starting off the new year, and we see it building. And so it's hard to really predict exactly where it's going to come out, but we think there's a real strengthening and we are quite optimistic that this will actually continue.

史蒂文，我們一致認為 2023 年是令人失望的。事實上，我們看到 2024 年有一個合理的開端。事實上，我們正​​在建立一本很好的商業手冊。從新的一年開始，我們已經達成了幾筆交易，我們看到它正在不斷發展。因此，很難真正準確地預測它會出現在哪裡，但我們認為確實有加強，而且我們非常樂觀地認為這種情況實際上會持續下去。

We do have a follow-up from Jim Mitchell with Seaport Global.

我們確實收到了 Jim Mitchell 和 Seaport Global 的後續報告。

Maybe just, Tim, any thoughts on the non-comp outlook for growth this year given the puts and takes of trying to be efficient versus the headcount growth?

提姆，也許只是考慮到努力提高效率與員工人數成長的差距，對今年的非公司成長前景有什麼想法嗎？

Yes, sure. And so I guess the way I think about it is -- and by the way, just for full clarity on the call, our noncomps increased from $365 million last year to $407 million this year, which is about 11%. As you heard in my comments, really due to 2 things, which were the reversal at last year's non-comp expense of about $12 million and the increase in normalization of travel and the 2 of those combined would have taken -- if you remove them, would have taken that 11-plus percent increase down to the 4% area. Where do I think we are for the outlook this year? I think there's a few things. One is we will probably see some continued normalization of travel. And so I would expect to see some additional increase there. We also are living in an environment where we've got a very data-driven world. And of course, the data providers are able to have some influence on pricing power.

是的，當然。所以我想我的想法是——順便說一句，為了讓電話會議更加清楚，我們的非公司費用從去年的 3.65 億美元增加到今年的 4.07 億美元，增幅約為 11%。正如您在我的評論中聽到的那樣，實際上是由於兩件事，即去年約1200 萬美元的非補償費用的逆轉以及旅行正常化的增加，如果將它們刪除，則將其中的2 件事情加起來，將 11% 以上的增幅降至 4% 的區域。我認為今年的前景如何？我認為有幾件事。一是我們可能會看到旅行持續正常化。因此，我預計那裡會出現一些額外的增長。我們還生活在一個非常數據驅動的世界。當然，數據提供者能夠對定價能力產生一些影響。

And so there could be some modest increase there, some modest increase with respect to headcount as noncomps are highly correlated with head count and a little bit of increase within relation to lease expense as we continue to grow the firm. What I would note, though, is if you look at our noncomps on a per head basis, what you would see is that they are up a little bit over last year, probably about 4%, but still below pre-COVID levels. And so I feel like on a per head basis, we've done a pretty good job of controlling those over these last 4 or 5 years.

因此，員工人數可能會有一些適度的成長，因為非公司員工與員工人數高度相關，隨著我們繼續發展公司，租賃費用也會有一些成長。不過，我要指出的是，如果你按人均來看我們的非比較，你會發現它們比去年有所上升，可能約為 4%，但仍低於新冠疫情前的水平。所以我覺得在過去的四、五年裡，我們在人均控制方面做得非常好。

Next, we have Devin Ryan with JMP Securities.

接下來請來 JMP 證券的 Devin Ryan。

Just wanted to ask about the deal time lines and I heard the prepared remarks that they're still on the more elongated side. And so I just wanted to here if that's been improving at all just with some of the improvements in tone and activity. So really, is that just kind of the typical dynamic here that as recovery occurs, the time lines are elongated, but inevitably will shrink? Or is there something else going on with this recovery or just in the broader kind of macro or M&A market that may continue to keep deals moving slower than they otherwise would in prior recoveries?

只是想詢問交易時間表，我聽到了準備好的評論，他們仍然處於更長的一側。所以我只是想知道，透過語氣和活動方面的一些改進，情況是否有所改善。那麼，這真的是一種典型的動態嗎？隨著復甦的發生，時間線被拉長，但不可避免地會縮短？或者，本次復甦是否存在其他因素，或者只是在更廣泛的宏觀或併購市場中，可能會繼續使交易進展慢於先前的復甦？

I think that the time lines will continue to be elongated for the foreseeable future. Financing is something that is taking more time to really get that sorted out as companies go forward. There's always a concern at this point regarding the regulatory side and antitrust. And people are taking longer to really do that analysis. I think that honestly, the strategics are feeling tremendous urgency to run to the finish. So I think it's going to take some time. I think the elongated process will continue. I don't see it really accelerating into a deal frenzy for quite some time. And I think what we ought to -- we all ought to actually expect is that it will continue to be in a slightly elongated way for the foreseeable future.

我認為在可預見的未來，時間線將繼續拉長。隨著公司的發展，融資需要更多時間才能真正解決。目前，監管方面和反壟斷方面始終存在擔憂。人們需要更長的時間來真正進行分析。老實說，我認為戰略上感到非常緊迫，需要跑到終點。所以我認為這需要一些時間。我認為這個漫長的過程將會持續下去。我認為在相當長的一段時間內它不會真正加速進入交易狂潮。我認為我們應該——我們都應該真正預期的是，在可預見的未來，它將繼續以稍微拉長的方式出現。

Right. One aspect, though, that it is at least modestly favorable is that one of the elements of the elongated closing time in 2022 and 2023, was a very challenged capital-raising environment. And we do see some improvement there and would hope that, that might be helpful as we move forward.

正確的。不過，至少有一個適度有利的方面是，2022 年和 2023 年關閉時間延長的因素之一是融資環境充滿挑戰。我們確實看到了一些改進，並希望這對我們的前進有所幫助。

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瑞安·肯尼。

So one of the big macro changes that's happened since last quarter's call is the amount of rate cuts expected this year. Can you help us understand how CEOs and Boards are thinking through potential rate cuts? Are companies waiting at all to get more clarity on the size and pace of rate cuts to put transactions through? Or is there more momentum to get things through the finish line now that the forward curve has come down?

因此，自上季電話會議以來發生的重大宏觀變化之一是今年預期的降息幅度。您能否幫助我們了解執行長和董事會如何考慮潛在的降息？公司是否正在等待更明確的降息規模和速度以完成交易？或者，既然前進曲線已經下降，是否有更多的動力來完成任務？

I think those deals where they are far along and the strategy makes sense, I don't think people are going to wait for rates. I think people are going to move forward. I do think that as rate cuts start to kick in, people will look at them and certainly appreciate that rates are going to go lower and that the markets will maybe become even more liquid. But I don't think there's going to be any deals that are actually in process. They're going to be sitting and waiting for the rate cut that may be coming next.

我認為那些進展順利且策略有意義的交易，我認為人們不會等待利率。我認為人們會繼續前進。我確實認為，隨著降息開始生效，人們會關注降息，並且肯定會意識到利率將會下降，市場可能會變得更加流動。但我認為不會有任何實際正在進行的交易。他們將坐等接下來可能到來的降息。

This does conclude the question-and-answer portion of today's call. So I'd like to turn the floor back over to our speakers for any additional or closing remarks.

今天電話會議的問答部分到此結束。因此，我想請我們的發言人發表補充或結束語。

Thank you all for joining us today. We really appreciate it.

感謝大家今天加入我們。我們真的很感激。

This concludes today's Evercore Fourth Quarter and Full Year 2023 Earnings Conference Call. You may now disconnect.

今天的 Evercore 第四季和 2023 年全年財報電話會議到此結束。您現在可以斷開連線。