Evercore Inc (EVR) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Evercore's first-quarter 2025 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 at Evercore. Please go ahead.

早安，歡迎參加 Evercore 2025 年第一季財報電話會議。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。（操作員指示）現在我將電話轉給 Evercore 投資者關係董事總經理 Katy Haber。請繼續。

Thank you, operator. Good morning, and thank you for joining us today for Evercore's first-quarter 2025 financial results conference call. I'm Katy Haber, Evercore's Head of Investor Relations. Joining me on the call today is John Weinberg, our Chairman and CEO; and Tim LaLonde, CFO. After our prepared remarks, we will open up the call for questions.

謝謝您，接線生。早安，感謝您今天參加 Evercore 2025 年第一季財務業績電話會議。我是 Evercore 投資者關係主管 Katy Haber。今天與我一起參加電話會議的還有我們的董事長兼執行長約翰溫伯格 (John Weinberg)；以及財務長 Tim LaLonde。在我們準備好發言之後，我們將開始提問。

Earlier today, we issued a press release announcing Evercore's first quarter 2025 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.

今天早些時候，我們發布了一份新聞稿，宣布了 Evercore 2025 年第一季的財務表現。我們今天對結果的討論是新聞稿的補充，新聞稿可在我們的網站 evercore.com 上查閱。本次電話會議將在我們網站的「投資者」部分進行網路直播，會議檔案將在電話會議結束後約 1 小時開始提供 30 天。

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 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，並且存在可能導致實際結果與這些陳述中所示的結果有重大差異的重要因素。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 表年度報告、10-Q 表季度報告和 8-K 表當前報告。我想提醒您，本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 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 closings.

在我們今天的演示中，除非另有說明，我們將討論調整後的財務指標，這些指標是非 GAAP 指標，我們認為這些指標在評估公司業績時是有意義的。有關這些指標和 GAAP 對帳的詳細揭露，請參閱我們網站上發布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。正如我們之前所指出的，任何特定季度的業績都會受到交易結束時間的影響。

will now turn the call over to John.

現在將把電話轉給約翰。

Thank you, Katy, and good morning, everyone. Before we turn to the quarter, I want to first address the current environment as a result of heightened geopolitical and trade tensions, we are experiencing increased volatility in global financial and asset markets. This reflects growing concerns about inflation, interest rates and the global and domestic economic outlook. While there are many unanswered questions at this time, the Evercore today is far better positioned than Evercore in the past.

謝謝你，凱蒂，大家早安。在討論本季之前，我想先談談當前的環境，由於地緣政治和貿易緊張局勢加劇，全球金融和資產市場波動加劇。這反映出人們對通貨膨脹、利率以及全球和國內經濟前景的擔憂日益加劇。儘管目前仍有許多問題尚未解答，但今天的 Evercore 比過去的 Evercore 處於更有利的地位。

Our diversified platform across geographies, sectors, products, client types and deal sizes enables us to perform across varied market environments. Our global M&A advisory franchise has proven resilient through different markets. In addition, our capabilities in liability management and restructuring, private capital advisory and fundraising, debt capital markets advisory, equity underwriting, equity research and sales and trading continue to contribute meaningfully amid shifting market conditions.

我們跨地域、行業、產品、客戶類型和交易規模的多元化平台使我們能夠在不同的市場環境中發揮作用。我們的全球併購諮詢特許經營權已證明在不同的市場中具有韌性。此外，我們在負債管理和重組、私募資本諮詢和融資、債務資本市場諮詢、股票承銷、股票研究和銷售及交易方面的能力在不斷變化的市場條件下繼續發揮著重要作用。

We are built to deliver for clients in all environments, including ones like this. In challenging markets, our ability to provide thoughtful strategic and financial advice is more important than ever. Based on what we see today, market complexity has prompted greater caution and has weighed on CEO and Board confidence levels and, in turn, has impacted the broader transaction environment. We expect transaction levels to pick up once there is greater clarity and stability in the macroeconomic backdrop and financial markets.

我們致力於為所有環境下的客戶提供服務，包括這樣的環境。在充滿挑戰的市場中，我們提供周到的策略和財務建議的能力比以往任何時候都更重要。根據我們今天看到的情況，市場複雜性促使人們更加謹慎，並對執行長和董事會的信心水平產生了影響，進而影響了更廣泛的交易環境。我們預計，一旦宏觀經濟背景和金融市場更加清晰和穩定，交易水準將會回升。

Client dialogues remain active and constructive supporting our robust backlogs and new engagement letter signings, and there is a high degree of pent-up demand to transact among both strategic and sponsored clients. While the timing and shape of the market recovery is uncertain at this time, we will continue to operate with the same long-term client-centric focus that has always defined Evercore. As we've discussed on prior calls, we continue to believe in our business model and expect to invest in talent through the cycle.

客戶對話仍然活躍且具有建設性，支持了我們強勁的積壓訂單和新的委託書簽署，並且戰略客戶和贊助客戶之間的交易需求很高。雖然目前市場復甦的時間和形態尚不確定，但我們將繼續秉承 Evercore 一貫堅持的以客戶為中心的長期理念。正如我們在之前的電話會議中討論的那樣，我們仍然相信我們的商業模式，並希望在整個週期中對人才進行投資。

In the first quarter, two senior managing directors have joined our investment banking practice, both of whom were announced in 2024. And four additional investment banking SMDs have committed to join our franchise, three of whom will be in our industrials, health care and private capital advisory practices and one in Europe. Also, earlier this month, we announced that Bill Burns, former Director of the CIA will be joining Evercore in June as a Senior Advisor with a focus on global affairs. In addition to our externally hired SMDs, we started the year with a class of 11 promoted investment banking SMDs and an additional 4 in other areas of the firm. Developing our internal talent has always been a core priority for us.

第一季度，兩位資深董事總經理加入了我們的投資銀行業務，兩人均於 2024 年宣布加入。另外有四家投資銀行 SMD 承諾加入我們的特許經營業務，其中三家將負責我們的工業、醫療保健和私人資本諮詢業務，一家將負責歐洲業務。此外，本月早些時候，我們宣布前中央情報局局長比爾·伯恩斯將於 6 月加入 Evercore，擔任高級顧問，專注於全球事務。除了從外部聘用的高級管理總監之外，今年我們還提拔了 11 名投資銀行高級管理總監，另外還提拔了 4 名公司其他部門的高級管理總監。培養內部人才一直是我們的核心優先事項。

Now let me briefly discuss the quarter. We delivered solid year-over-year growth across nearly all areas of the firm, reflecting the strength of our diversified revenue base. In the first quarter, more than 50% of of total Evercore revenues were from non-M&A sources. In advisory, we've advised on a number of notable and complex transactions in the quarter, including Calpine on its sales of Constellation Energy for $29.1 billion, which is one of the largest transactions so far this year and Ampere on a $6.5 billion sale to SoftBank.

現在讓我簡單討論一下本季。我們幾乎在公司的所有領域都實現了穩健的同比增長，反映了我們多元化收入基礎的強勁。第一季度，Evercore 總營收的 50% 以上來自非併購來源。在諮詢方面，我們在本季度為多起值得注意的複雜交易提供了諮詢服務，包括 Calpine 以 291 億美元出售 Constellation Energy（這是今年迄今為止最大的交易之一）以及 Ampere 以 65 億美元出售給軟銀的交易。

And momentum has carried into April, with several significant transactions announced in recent weeks, including advising the shareholders of Colonial Enterprises on its $9 billion sale to Brookfield Infrastructure Partners; Woodside Energy on its $5.7 billion sale of a 40% interest in Louisiana LNG infrastructure to Stonepeak. Matic on its $5.1 billion sale to Simons, and EQT on the minority stake sale of IFS for over EUR15 billion.

這一勢頭一直持續到 4 月份，最近幾週宣布了幾項重大交易，包括為 Colonial Enterprises 股東就其以 90 億美元出售給 Brookfield Infrastructure Partners 提供諮詢；伍德賽德能源公司以 57 億美元的價格向 Stonepeak 出售路易斯安那州液化天然氣基礎設施 40% 的權益。代表 Matic 以 51 億歐元的價格將其出售給 Simons，以及代表 EQT 以超過 150 億歐元的價格出售 IFS 的少數股權。

Turning to financial sponsors. Industry-wide global volumes increased in the first quarter compared to the prior year, though the number of transactions declined due to the recent macroeconomic and market headwinds. Sponsored deal activity remains selective, dependent on asset quality and sector. That said, our sponsors team has meaningfully expanded its global client base and continues to see strong dialogue levels.

轉向財務贊助商。儘管由於近期宏觀經濟和市場逆風，交易數量有所下降，但第一季全行業的全球交易量與去年同期相比有所增加。贊助交易活動仍然具有選擇性，取決於資產品質和行業。也就是說，我們的贊助商團隊已經大幅擴大了其全球客戶群，並繼續保持強勁的對話水準。

Our strategic defense and shareholder advisory group remains busy as the number of activist campaigns hit new records last quarter. Our liability management and restructuring group continues to see strong activity in the quarter, driven in part by private equity-led liability management situation. Currently, we are focused on sectors expected to be impacted by newly announced tariffs. Our team continues to collaborate closely across the firm to support clients as they navigate increased uncertainty.

由於上個季度激進投資者活動的數量創下新高，我們的策略防禦和股東諮詢小組仍然忙碌。我們的負債管理和重組集團在本季持續保持強勁活動，部分原因是私募股權主導的負債管理狀況。目前，我們重點關注預計將受到新宣布的關稅影響的行業。我們的團隊將繼續在整個公司內密切合作，為客戶提供支持，幫助他們應對日益增加的不確定性。

Our industry-leading private capital advisory group had a record first quarter. We continue to lead in GP-led continuation vehicles, which remain the primary revenue driver for PCA. We also achieved a record quarter in LP secondaries and made significant progress in our securitized capital solutions business. Our Private Funds Group continues to perform well as it broadens its client base. Our underwriting had a strong first quarter with issuance activity showing solid momentum compared to historical periods.

我們業界領先的私人資本諮詢集團第一季創下了紀錄。我們繼續在 GP 主導的延續工具中處於領先地位，這仍然是 PCA 的主要收入驅動力。我們也在 LP 二級市場創下了季度紀錄，並在證券化資本解決方案業務方面取得了重大進展。我們的私募基金集團持續表現良好，客戶群不斷擴大。我們的第一季承銷表現強勁，與歷史時期相比，發行活動表現出強勁勢頭。

As we've experienced a slowdown in underwriting in the first few weeks of the quarter, we note that market conditions for this business can shift quickly in either direction. Our equities franchise had its strongest first quarter since the first quarter of 2020, driven by market volatility and increased trading volumes. Our market-leading macro and sector research teams have been highly engaged throughout the recent market volatility, and together with sales and trading are supporting our institutional clients as they navigate a rapidly evolving environment.

由於我們在本季度的前幾週經歷了承保業務的放緩，我們注意到該業務的市場狀況可能會迅速向任何一個方向轉變。受市場波動和交易量增加的推動，我們的股票業務迎來了自 2020 年第一季以來最強勁的第一季。我們市場領先的宏觀和行業研究團隊在最近的市場波動中一直積極參與，並與銷售和交易部門一起支持我們的機構客戶應對快速變化的環境。

Lastly, Wealth Management delivered a solid quarter, achieving net new business amid a volatile environment. Before I turn it over to Tim to discuss the financial results, I want to wrap up with a few points. As we move through this period, we will continue to focus on long-term value creation for our clients and shareholders. Our capital return philosophy has not changed and we have returned a record amount of capital to our shareholders in the quarter. We remain optimistic about our prospects over the medium and long term and are committed to building our firm across the cycle.

最後，財富管理本季表現穩健，在動盪的環境中實現了淨新業務。在交給提姆討論財務結果之前，我想總結幾點。在這段時期，我們將繼續致力於為客戶和股東創造長期價值。我們的資本回報理念沒有改變，我們在本季向股東返還了創紀錄的資本。我們對中長期前景保持樂觀，並致力於在整個週期中建立我們的公司。

Historically, we've emerged from challenging periods stronger than when we entered them, and we believe we have the opportunity to do so again. And with that, let me turn it over to Tim.

從歷史上看，我們走出充滿挑戰的時期時會比進入時期時更強大，我們相信我們有機會再次做到這一點。現在，讓我把麥克風交給提姆。

Thank you, John. Evercore delivered strong performance in the first quarter. Our results reflected the early stages of a gradual recovery that had begun last year. That said, based on what we know today, we expect results in the second and third quarter will experience an impact from the volatility in the markets and broader uncertainty in the environment. I will now discuss our financial results.

謝謝你，約翰。Evercore 第一季表現強勁。我們的業績反映了去年開始的逐步復甦的早期階段。也就是說，根據我們今天所了解的情況，我們預計第二季和第三季的業績將受到市場波動和更廣泛的環境不確定性的影響。我現在將討論我們的財務結果。

For the first quarter of 2025, net revenues, operating income and EPS on a GAAP basis were $695 million, $111 million and $3.48 per share, respectively. My comments from here will focus on non-GAAP metrics, which we believe are useful in 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. Our first quarter adjusted net revenues of $700 million increased 19% versus the first quarter of 2024.

2025 年第一季，根據 GAAP 計算的淨收入、營業收入和每股盈餘分別為 6.95 億美元、1.11 億美元和每股 3.48 美元。我在這裡的評論將集中在非公認會計準則指標上，我們認為這些指標對於評估我們的結果很有用。我們的標準 GAAP 報告以及 GAAP 與調整後結果的對帳可以在我們網站上的新聞稿中找到。我們第一季的調整後淨收入為 7 億美元，較 2024 年第一季成長 19%。

First quarter adjusted operating income of $116 million increased 28% versus the first quarter of 2024. Adjusted earnings per share of $3.49, increased 64% versus the first quarter of last year. Our adjusted operating margin was 16.6% for the first quarter up from 15.4% in the prior year period. In addition, we had significant net tax benefit this quarter for which we will provide additional commentary.

第一季調整後的營業收入為 1.16 億美元，較 2024 年第一季成長 28%。調整後每股收益為 3.49 美元，較去年第一季成長 64%。第一季調整後的營業利益率為 16.6%，高於去年同期的 15.4%。此外，本季我們獲得了可觀的淨稅收收益，我們將對此提供更多評論。

Turning to the businesses. First quarter adjusted advisory fees of $557 million increased 29% year-over-year, representing the strength of both our M&A and non-M&A advisory businesses. Our first quarter underwriting revenues were $54 million, down 2% from a year ago. Lower levels of follow-on activity were offset by improvement in the IPO market in the quarter and an increase for our business in the convertible area.

轉向企業。第一季調整後的諮詢費為 5.57 億美元，年增 29%，體現了我們的併購和非併購顧問業務的強勁表現。我們第一季的承保收入為 5,400 萬美元，比去年同期下降 2%。本季 IPO 市場的改善以及可轉換領域業務的成長抵消了後續活動的下降。

Of course, activity in the equity capital markets business is sensitive to volatility and the overall health of public capital raising activities, and that market can open and close quickly. Commissions and related revenue of $55 million in the first quarter increased 14% year-over-year, primarily reflecting increased trading volume relating to higher levels of volatility. And that business has gotten off to a good start in the second quarter.

當然，股權資本市場業務的活動對波動性和公共融資活動的整體健康狀況很敏感，而且該市場可以快速開啟和關閉。第一季佣金及相關收入為 5,500 萬美元，年增 14%，主要反映了與波動性增加相關的交易量增加。該業務在第二季度取得了良好的開端。

First quarter adjusted asset management and administration fees of $22 million rose 8% year-over-year, driven by an increase in fees as AUM increased. First quarter adjusted other revenue net was approximately $11 million, which compares to $33 million a year ago. The primary driver of the other revenue reflects lower performance of our DCCP hedge, which is correlated to the performance of the broader equity market, and had a negative impact of $5.9 million this year compared to a positive impact of $14.9 million in the year ago quarter, an approximately $20.8 million swing. The interest income was very similar to last year.

第一季調整後的資產管理和管理費用為 2,200 萬美元，年增 8%，主要是由於資產管理規模增加導致費用增加。第一季調整後的其他淨收入約為 1,100 萬美元，而去年同期為 3,300 萬美元。其他收入的主要驅動因素反映了我們的 DCCP 對沖業績下滑，這與更廣泛的股票市場表現相關，今年產生了 590 萬美元的負面影響，而去年同期的正面影響為 1,490 萬美元，波動幅度約為 2,080 萬美元。利息收入與去年非常相似。

Turning to expenses. The adjusted compensation ratio for the first quarter is 65.7%, down 30 basis points from the prior year period and consistent with our 2024 full year compensation ratio. As a reminder, on our last earnings call, we noted that we were striving to achieve meaningful improvement in our compensation ratio in 2025, which may prove more challenging in the current environment.

談到費用。第一季調整後的薪資率為 65.7%，較去年同期下降 30 個基點，與我們 2024 年全年薪資率一致。提醒一下，在我們上次的收益電話會議上，我們指出，我們正在努力在 2025 年實現薪酬比率的顯著改善，這在當前環境下可能會更具挑戰性。

As we have discussed in the past, one of the most significant drivers of the comp ratio is revenue. It is still early in the year, and therefore, our best judgment is to accrue at 65.7% and and we will adjust appropriately as we progress through the year and obtain better visibility. Noncompensation expenses in the quarter were $124 million, up 14% from a year ago and less than 1% versus last quarter.

正如我們過去所討論過的，收入是影響薪酬比率最重要的因素之一。現在還處於年初階段，因此，我們的最佳判斷是累積到 65.7%，並且隨著今年的進展和獲得更好的可見性，我們將進行適當的調整。本季非薪酬支出為 1.24 億美元，比去年同期成長 14%，比上一季成長不到 1%。

The increase from a year ago is primarily driven by two things: first, communication and information services expense rose due to vendor rate increases and IT spend attributable to head count growth. Subscription rates on information services generally have increased at a rate higher than inflation, and we believe this is broadly true in the industry.

與去年同期相比的成長主要由兩方面因素推動：首先，由於供應商費率上漲以及員工人數成長導致 IT 支出增加，導致通訊和資訊服務費用增加。資訊服務的訂閱費率的成長率通常高於通貨膨脹率，我們認為這在整個行業中都是普遍存在的。

Second, occupancy and equipment increase related to the addition of new floors in our New York headquarters and the transition to a new location for some of our corporate employees due to the expiration of a lease as well as a new office in Paris and one in Dubai. We are maintaining a disciplined focus on managing our non-compensation expenses. Our non-comp expense ratio for the year also, of course, will be influenced by our revenues. And while activity levels are good, full year revenues are difficult to predict with a high level of certainty.

其次，由於我們紐約總部增加了新樓層，部分公司員工因租約到期而遷往新地點，加上我們在巴黎和杜拜設立了新辦公室，因此入住率和設備有所增加。我們始終嚴格管理非薪酬費用。當然，我們今年的非經營性費用率也會受到收入的影響。儘管活動水準良好，但全年收入卻很難高度確定地預測。

Our adjusted tax rate for the quarter was negative 39.7%, which included a benefit of $78 million related to the vesting of our RSUs and our share price at the time of vesting in relation to the price at the time of grant. This year, we received a greater benefit as our stock price appreciation at the time of vesting was significantly higher than the appreciation a year ago. We anticipate that our effective tax rate in the remaining three quarters of this year will be more similar to or slightly higher than what we experienced in those quarters during prior years.

我們本季的調整後稅率為-39.7%，其中包括與我們的 RSU 歸屬相關的 7,800 萬美元收益以及歸屬時的股價相對於授予時的價格。今年，我們獲得了更大的收益，因為歸屬時的股價升值幅度明顯高於一年前。我們預計今年剩餘三個季度的有效稅率將與前幾年這些季度的稅率更加接近或略高。

Turning to our balance sheet. As of March 31, our cash and investment securities totaled nearly $1.4 billion, which is in line with our cash balance at the end of the first quarter a year ago. Our cash balance is down from year-end due to the payout of bonus compensation in March and share repurchases consistent with historical practices. In the quarter, we returned $454 million of capital, which was a record amount through the repurchase of 1.6 million shares and the payment of dividends.

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，與去年同期第一季末的現金餘額一致。由於 3 月支付了獎金並按照歷史慣例進行了股票回購，我們的現金餘額較年底有所下降。本季度，我們透過回購160萬股股票和支付股利返還了4.54億美元的資本，創下了歷史新高。

Consistent with historical practice, we bought back stock through net settlements of vesting RSUs and in the open market, offsetting the dilution from the RSU grants that were issued in the quarter as part of our annual bonus compensation process. It is important to note that of the 1.6 million shares we repurchased in the quarter nearly 60% were through net settlements at an average price of approximately $285, which has been our practice since our IPO in 2006.

與歷史慣例一致，我們透過歸屬 RSU 的淨結算和在公開市場回購了股票，抵消了本季度作為年度獎金補償流程的一部分發放的 RSU 授予所造成的稀釋。值得注意的是，我們在本季回購的 160 萬股股票中，近 60% 是透過淨結算回購的，平均價格約為 285 美元，這也是我們自 2006 年 IPO 以來的做法。

In most recent years, this has been beneficial as our share price has trended upward. But in this year, it resulted in the net settlement of shares at a price materially higher than current levels. The remaining 40% was repurchased prior to quarter end at an average price of $227 with the last 400,000 shares repurchased at an average price of $2.01.

近年來，這對我們來說是有利的，因為我們的股價一直呈上升趨勢。但今年，這導致股票淨結算價格大幅高於目前水準。剩餘 40% 在季度末之前以平均 227 美元的價格回購，最後 400,000 股以平均 2.01 美元的價格回購。

Separately, our Board declared a dividend of $0.84 per share, an increase of 5% from the prior dividend declared. Our first quarter adjusted diluted share count was 44.4 million shares, an increase from the prior year, but down nearly 600,000 shares from the fourth quarter. We expect that the same accounting impact with regard to unvested RSUs that increased our weighted average share count as our share price was rising, should cause a modest decrease in share count during the second quarter due to the decline in our share price.

另外，董事會宣布派發每股 0.84 美元的股息，較先前宣布的股息增加 5%。我們第一季調整後的稀釋股數為 4,440 萬股，較上年增加，但較第四季減少了近 60 萬股。我們預計，隨著我們股價的上漲，未歸屬 RSU 的會計影響會導致我們的加權平均股數增加，但由於我們股價的下跌，第二季的股數將略有減少。

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 which is particularly important in moments of volatility and uncertainty. It is still early in the year and there are some bright spots.

考慮到當前的經濟和商業環境、實施策略性舉措（包括招聘計劃）的現金需求以及保持穩固的財務基礎（這在動盪和不確定的時刻尤為重要），我們繼續保持強勁的現金狀況。今年還處於初期階段，但仍有一些亮點。

Since the beginning of April, we have announced a number of significant transactions, which John mentioned in his comments. Our backlogs, activity levels, engagement letter signings and client discussions remain strong, and our firm is durable and broadly diversified. We have confidence in the strength of our firm and our financial condition. We believe we are well positioned to execute on our strategy in all environments including this one.

自 4 月初以來，我們宣布了多項重大交易，John 在他的評論中提到了這些交易。我們的積壓訂單、活動水準、業務約定書籤署和客戶討論依然強勁，我們的公司持久且多元化。我們對公司的實力和財務狀況充滿信心。我們相信，我們有能力在包括當前環境在內的所有環境中執行我們的策略。

With that, we will now open the line for questions.

現在，我們將開放問答熱線。

(Operator Instructions)

（操作員指示）

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

Hey, thanks. Good morning. How are you guys? Good. I want just start off on the backlogs. And obviously, heard in the comment wrapping up, Tim, just about kind of backlogs and activity levels being strong. Would be great to get any of the nuance just amongst kind of client types or even geography, and more than anything, I think people just are trying to figure out, so I'd love to get your thoughts around what you guys think it will take to actually see things that are in the backlog progressing? Is it just a few weeks of the market's settling down?

嘿，謝謝。早安.你們好嗎？好的。我只想從積壓工作開始。顯然，蒂姆在總結評論時提到了積壓和活動水平強勁的情況。如果能了解客戶類型甚至地理位置之間的細微差別就太好了，更重要的是，我認為人們只是想弄清楚，所以我很想聽聽你們的想法，你們認為要真正看到積壓的事情取得進展需要什麼？市場只需要幾週就能穩定下來嗎？

Or is it just data suggesting the economy is not rolling over? Or just what do you think it will take to kind of get people to build conviction to actually move forward on these deep backlogs that as you're talking about still sound like they're pretty healthy?

或者這只是顯示經濟尚未復甦的數據？或者您認為需要怎麼做才能讓人們建立信心，真正推動這些積壓的工作，而您所說的這些積壓工作聽起來仍然很健康？

Thanks for the question, Devin. I'd like to start by just saying I'm really pleased with how our business and our team are responding to these conditions. As you indicated, there is a lot of uncertainty out there. Our backlogs are robust. They are at record levels, and they're growing.

謝謝你的提問，德文。首先我想說，我對我們的業務和團隊應對這些情況的方式感到非常滿意。正如您所說，存在許多不確定性。我們的積壓訂單非常多。它們已經達到了創紀錄的水平，並且還在不斷增長。

Our dialogues are very high and really across the board. Engagement letters are running at a very strong clip. And several of our areas are really doing extremely well. And obviously, there are others that are more impacted by the current uncertainty and the conditions regarding tariffs and other situations.

我們的對話水平非常高，而且涉及各個方面。聘用合約正以非常快的速度遞增。我們的一些地區確實表現得非常好。顯然，其他人受到當前不確定性以及關稅和其他情況的影響更大。

But directly to your question, the backlog levels, we think that the businesses that we have that are doing quite well right now, which include our software business, our PCA business, our restructuring business, activism and defense infrastructure and power. Those are going to continue, we think, at a decent clip. And we think that deals in the backlog on those will come through. In terms of the certainty level and really how it opens up for the whole -- for really the whole expense of our client base, it's going to take time because the uncertainty created doesn't just immediately go away.

但直接回答您的問題，關於積壓訂單水平，我們認為我們目前的業務表現相當不錯，其中包括我們的軟體業務、PCA 業務、重組業務、激進主義和國防基礎設施及電力。我們認為，這些趨勢將會以相當快的速度持續下去。我們認為，積壓的這些交易將會完成。就確定性水平以及它如何真正為整個客戶群帶來好處而言，這需要時間，因為產生的不確定性不會立即消失。

Having said that, when there is more certainty and there is less volatility, we think there will be a pretty strong recovery and in places like sponsors and in some of the other larger industry sectors, there's continuing to be a lot of work being done to prepare for the opening of the market. And so I'd say that it will begin -- it's really impossible to say when this uncertainty is going to lift, and the uncertainty will impact the volatility. But clearly, the more progress that's made to stabilize really how people are thinking about the economy and people's view that there's not going to be radical changes to the extent that happens. it will go relatively quickly.

話雖如此，當確定性增強、波動性減小時，我們認為將會出現相當強勁的復甦，而在贊助商和其他一些較大的行業領域，人們正在繼續開展大量工作，為市場開放做準備。所以我想說，它將會開始——真的不可能說這種不確定性何時會消失，而且這種不確定性將影響波動性。但顯然，取得的進展越大，人們對經濟的看法就越穩定，人們的觀點就越不會再有那麼劇烈的變化。它會相對較快地進行。

So I guess the answer to your question is hard to call when the uncertainty is going to lift. But clearly, the market is ready, clients are ready and I think that with respect to what's in our backlog, we aren't seeing a lot of cancellations. We're seeing some pauses, but we're not seeing a lot of cancellations.

因此，我猜你的問題的答案很難預測不確定性何時會消失。但顯然，市場已經準備好了，客戶也準備好了，而且我認為，就我們的積壓訂單而言，我們沒有看到很多取消的情況。我們看到了一些暫停，但沒有看到很多取消的情況。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

Hi, good morning and thanks for taking my questions. You indicated that you had a record first quarter contribution from Private Capital Advisory. Could you speak to the outlook for the secondaries business from here in a weaker sponsor M&A backdrop that I think at the beginning of the year? And relatedly, is there any ability to provide anything more quantitative on how big this business has become?

大家好，早安，感謝您回答我的問題。您曾表示，第一季私人資本諮詢公司的貢獻創下了歷史新高。您能否談談在年初贊助商併購活動較弱的背景下二級市場業務的前景？與此相關的是，我們能否提供更量化的數據來顯示這項業務的規模有多大？

So our private capital advisory business is actually, as you indicated, strong. And as you know, there's the limited partner business and there's general partner business. The general partner business is very much driven right now by continuity funds and continuity funds are actually doing really quite well in terms of being a method that sponsors are thinking about to actually try to monetize.

因此，正如您所說，我們的私募資本諮詢業務實際上非常強勁。如您所知，有有限合夥人業務和普通合夥人業務。目前，普通合夥人業務很大程度上受到連續性基金的推動，而連續性基金作為發起人正在考慮的實際貨幣化方法，實際上做得相當不錯。

One of the things we all know is that there's a lot of pressure on financial sponsors to return capital to LPs. The continuity fund does that quite well. You asked in your question whether the M&A market slowing might impact kind of how this business really fares. And in fact, I think there's a lot more interest in continuity funds right now because it's a very strong and effective method of monetizing some of these assets and returning capital to the LPs. And so there's no question that, that is actually impacting that business, and we think it will sustain over the period.

我們都知道的一件事是，金融贊助商面臨著向 LP 返還資本的巨大壓力。連續性基金在這方面做得很好。您在問題中詢問併購市場放緩是否會影響該業務的實際表現。事實上，我認為現在人們對連續性基金的興趣更大，因為它是一種將部分資產貨幣化並向 LP 返還資本的非常強大和有效的方法。因此毫無疑問，這實際上正在影響該業務，我們認為這種影響將持續一段時間。

The LP business is actually doing quite well also, as we said, we're running at record levels there in the first quarter. That one is not going to be quite as buoyant, I think, but it will be actually strong through the end of the year. I think there's -- it's not going to be lifted as much by that overall economic power and things that we talked about, which is the fact that the continuity funds are being driven by the fact that harvest there. But the LP business will be quite strong. So generally, I think that that business is going to continue to go along quite strongly. In terms of the size of that business, I don't think we disclosed that. So just to say it's a very significant and effective business

正如我們所說，LP 業務實際上也做得很好，第一季我們的營運達到了創紀錄的水平。我認為，今年的勢頭不會那麼強勁，但到年底仍將保持強勁。我認為——它不會因為整體經濟實力和我們所談論的事情而受到太大的影響，事實上，連續性資金是由那裡的收成所驅動的。但 LP 業務將會相當強勁。所以總的來說，我認為這項業務將會繼續強勁發展。就該業務的規模而言，我認為我們並未披露。所以可以說這是一項非常重要且有效的業務

Brendan O'Brien, Wolfe Research.

布倫丹·奧布萊恩（Brendan O'Brien），沃爾夫研究公司。

Good morning and thanks for taking my question. I just wanted to ask on Europe. There's been a lot more positivity on the M&A backdrop in the region relative to the US, just given some of the potential positive stuff by local governments there and a little bit more protection from tariffs. So I just want to get a sense as to how your conversations compare in Europe relative to those in the US and whether we could see a recovery in activity in the region more quickly in your view?

早上好，感謝您回答我的問題。我只是想問一下有關歐洲的問題。與美國相比，該地區的併購背景更加積極，這主要是因為地方政府採取了一些潛在的積極措施，對關稅的保護力度也更強一些。因此，我只是想了解一下，您在歐洲的談話與在美國的談話相比如何，以及在您看來，我們是否能夠更快地看到該地區的經濟活動復甦？

I would say that from what I'm hearing from our European business. I don't think that there's -- that market is being driven by forces stronger than where things are in the United States. I think that in the US, there is clearly focus on regulatory and really how that's going to play out. I don't think any of us really know yet exactly how that's going to be. We've heard the sentiments.

根據我從我們的歐洲業務中聽到的消息，我會這麼說。我不認為有比美國更強大的力量在推動這個市場。我認為，美國顯然非常關注監管以及監管將如何發揮作用。我認為我們還沒有人真正知道事情到底會如何發展。我們聽到了這些聲音。

At one point, we were hearing that the current administration was going to echo the past administration. But on the other hand, there's a lot of people who are participants who believe that there will be a variation on that kind of regulation and that things may be in many cases, loosen to a degree to allow business and allow deals that might not have gone in the last administration.

我們一度聽到現任政府將重複上一屆政府的做法。但另一方面，許多參與者認為，這種監管將會有所變化，在許多情況下，監管可能會有所放鬆，以允許商業活動並達成上屆政府可能無法達成的交易。

But frankly, it's just too early to know. With respect to Europe, we think that there is -- it's a good activity level in terms of dialogues and transactions that are being contemplated. It really remains to be seen whether we are -- if it's really going to recover faster. As I said, from what we see and what I see doesn't look like it's going to be particularly stronger in terms of its recovery. But we do think that there is a good healthy level of activity and velocity going on there.

但坦白說，現在下結論還為時過早。就歐洲而言，我們認為，就正在考慮的對話和交易而言，歐洲的活躍程度良好。我們是否真的能夠更快地恢復還有待觀察。正如我所說，從我們所看到的情況和我所看到的情況來看，它的復甦似乎不會特別強勁。但我們確實認為那裡的活動水平和速度都處於良好的健康水平。

Yeah. And the only other point I would add to that is that while the tariffs, of course, affect Europe-US trade flow the trade flow within Europe is South is not hindered at the moment, which is a helpful factor.

是的。我唯一想補充的一點是，雖然關稅當然會影響歐美之間的貿易流動，但目前南歐內部的貿易流動並未受到阻礙，這是一個有利因素。

Mike Brown, Wells Fargo Securities.

富國證券的麥克布朗。

Great. Thank you. I wanted to follow up on the comp ratio. So Tim, what kind of revenue growth do you think you need in 2025 to deliver year-over-year improvement? And then just given the head count is up, there's inflationary pressure, deferred comp dynamics. Can you just give us a little color about how we can think about the fixed cost component for 2025 relative to 2024? Thank you.

偉大的。謝謝。我想跟進一下補償比率。那麼提姆，您認為 2025 年需要什麼樣的收入成長才能達到年成長？而且，由於員工人數增加，還有通膨壓力和遞延薪資動態。您能否稍微向我們介紹一下，相對於 2024 年，我們如何看待 2025 年的固定成本部分？謝謝。

Yeah, sure. Look, we had talked about -- if you go back to the last couple of earnings calls, we had talked about trying to make progress. And we had, in fact, made progress -- and so things were kind of humming along pretty well. We obviously saw last year, each quarter in terms of revenues was a better revenue quarter than the quarter before. The year was up 23%. You've seen our first quarter results, where our revenues were up 19%. And as John talked about, our backlog is pretty strong.

是的，當然。瞧，我們已經討論過了——如果你回顧一下最近的幾次財報電話會議，我們討論過努力取得進展。事實上，我們已經取得了進展——所以事情進展得相當順利。我們清楚地看到，去年每季的營收都比前一季好。今年上漲了23%。您已經看到了我們的第一季業績，我們的收入成長了 19%。正如約翰所說，我們的積壓訂單非常多。

And so in that environment, absent the trade issues and the uncertainty created by that, we felt like we were tracking pretty well to make continued improvement. And I think given the uncertainty we've seen in the market in this past month now, I might note that Evercore itself in this past month has actually performed reasonably well, I think. And you could see that if you went back and looked at the transactions we announced over the last month. And then as John alluded to the backlogs, our backlogs over this past month have actually increased, not decreased, which means we had more coming in than going out.

因此，在這種環境下，沒有貿易問題及其造成的不確定性，我們覺得我們正在很好地追蹤並持續改進。我認為，考慮到我們在過去一個月看到的市場不確定性，我可能會注意到，Evercore 本身在過去一個月的表現實際上相當不錯。如果你回顧我們上個月宣布的交易，你會發現這一點。然後，正如約翰提到的積壓問題，我們過去一個月的積壓問題實際上增加了，而不是減少了，這意味著我們收到的訂單多於發出的訂單。

And -- but nonetheless, revenues are a pretty important factor when you're thinking about a comp ratio improvement because we've built the firm and we're a much stronger, more diversified firm than we were a few years back. But that -- in order to make real progress there, the revenues have to improve. And John, mentioned in his Q&A comments that it's difficult to know exactly how long the level of uncertainty will last. And so I think I'm going to stop there and not try to make a prediction.

但儘管如此，當你考慮提高薪資比率時，收入是一個非常重要的因素，因為我們已經建立了公司，而且與幾年前相比，我們公司更加強大、更加多元化。但為了取得真正的進展，收入必須提高。約翰在問答中提到，很難確切知道這種不確定性程度會持續多久。所以我想我就此打住，不再試著做出預測。

(Operator Instructions)

（操作員指示）

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

Hey, good morning. Maybe you could just talk a little bit about the restructuring environment. Obviously, a lot of it's been liability management. Is there any issue in the debt markets in sort of fulfilling liability management assignments. Does that sort of put a pause on that business or push deal flow more towards Chapter 11 filings? Or is there still a good environment and a good ability to execute on those?

嘿，早安。也許您可以稍微談談重組環境。顯然，其中很大一部分是責任管理。債務市場在履行負債管理任務方面是否有任何問題？這是否會暫停該業務或推動交易流程更多地轉向第 11 章申請？或者是否仍然有良好的環境和良好的執行能力？

Thanks, Jim. Restructuring business is running at a very healthy clip right now. The -- it had a very strong first quarter and they had a really strong year last year, and they're running ahead at this time in their backlog of last year. And so on many different counts, the business is quite healthy. In terms of debt markets and liability management we're not seeing any limitation on our ability to serve the clients on liability management. In fact, that part of the business continues to be strong and to power forward and to build.

謝謝，吉姆。目前重組業務運作非常健康。他們第一季的表現非常強勁，去年全年的表現也非常強勁，目前他們在去年積壓的訂單方面處於領先地位。從很多不同方面來看，我們的業務都相當健康。在債務市場和負債管理方面，我們認為為客戶提供負債管理服務的能力沒有受到任何限制。事實上，這部分業務持續保持強勁，並不斷向前發展。

Obviously, there are people looking at bankruptcies and the fact that rates are relatively high and that there is some kind of a concern with respect to 2025 and the debt wall. But I'd say that the business is quite diversified. It's the debtor side. We have significant creditor business and the liability -- the liability management piece just continues to power forward. And I don't think there's really any limitation right now. We feel very constructive about that business.

顯然，有人關注破產和利率相對較高的事實，並且對 2025 年和債務牆有某種擔憂。但我想說的是，我們的業務相當多元化。這是債務人一方。我們有大量債權人業務和負債——負債管理部分正在繼續向前推進。我認為現在確實不存在任何限制。我們對這項業務感到非常有建設性。

Ryan Kenny, Morgan Stanley.

摩根士丹利的瑞安·肯尼。

Hi, good morning. Thanks for taking my questions. Can you talk a bit about the hiring environment and what your hiring plans are in a potentially slower M&A backdrop? Should we expect the pace of hiring versus last year to slow down or pick up? And any color on the areas that you're leaning into would be helpful.

嗨，早安。感謝您回答我的問題。您能否談談招聘環境以及在併購速度可能放緩的背景下您的招聘計劃？與去年相比，我們是否應該預期招募速度會放緩或加快？您所傾向的區域的任何顏色都會有所幫助。

Sure. As we've said before, our hiring philosophy is that we continue to look at the areas that we think that we need talent in and we hire. In addition, if there's A+ talent that would like to come over, we accommodate that. And frankly, we've been running at a pretty consistent clip in terms of the people coming over. We have a good pipeline, and we're going to continue to consistently hire very strong people who are -- who want to come over and are available and we're going to stay on that.

當然。正如我們之前所說，我們的招募理念是，我們會持續關注我們認為需要人才的領域並進行招募。此外，如果有 A+ 人才願意過來，我們也會予以滿足。坦白說，就來訪的人數而言，我們的成長速度一直相當穩定。我們擁有良好的人才輸送管道，我們將繼續持續聘用那些願意過來並且有空的優秀人才，我們將繼續保持這種狀態。

So I would say that I wouldn't think that we're going to change dramatically as we don't manage to numbers. And so to the extent that there are really good people available, we are going to move on that. And to the extent that those people in our pipeline go slower, that may slow down, and it may actually take more time.

所以我想說，我不認為我們會有巨大的改變，因為我們無法控制數字。因此，只要有真正優秀的人才，我們就會繼續努力。並且，如果我們管道中的那些人進展緩慢，那麼這可能會減慢速度，實際上可能需要更多時間。

But I would say that we're going to try and remain pretty consistent, managed to this overall talent quality level. And in terms of areas that we continue to look at, I mean, we -- frankly, there's a lot of opportunity, whether it's in tech and TMT or health care and tech technology and services we look at consumer, we have signed.

但我想說的是，我們會盡力保持一致，管理整體人才素質水準。就我們持續關注的領域而言，坦白說，有很多機會，無論是在科技和 TMT 領域，還是在醫療保健和科技技術與服務領域，我們都專注於消費者，我們已經簽署了協議。

As you've seen, we've grown Europe over time. We basically added a team in France and just hired someone in Italy. We're going to continue on all of those places. So we have a number of areas that we can fulfill. We clearly feel that talent drives opportunity. And that's, I think, where we're going with that.

如您所見，隨著時間的推移，歐洲不斷發展。我們基本上在法國增加了一個團隊，並在義大利僱用了一個人。我們將繼續前往所有這些地方。因此，我們有許多領域可以實現。我們清楚感覺到，人才帶來機會。我想，這就是我們要實現的目標。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

Thanks for taking the follow-up. I just wanted to touch on the equity capital markets business. Could you perhaps update us on the backlogs there, your outlook for IPOs and perhaps how those have evolved perhaps year to date with the recent market volatility?

感謝您的跟進。我只是想談談股權資本市場業務。您能否向我們介紹一下那裡的積壓情況、您對 IPO 的展望，以及今年迄今為止在最近的市場波動下 IPO 的發展情況？

Sure, James. Equity capital markets right now, we're looking at it as somewhat episodic in that -- there are definitely movements to prepare for a window opening, and we'll see whether that happens. We have a pretty good backlog. We have several places where we're involved in some sound and -- we think up strong IPO transactions. We'll see whether those actually roll out.

當然，詹姆斯。就目前的股票資本市場而言，我們認為它在某種程度上是偶發性的——肯定存在為打開窗口做準備的舉措，我們將看看這是否會發生。我們有大量積壓訂單。我們在多個地方參與了一些合理的項目，並想出了強有力的 IPO 交易。我們將拭目以待這些措施是否能真正實施。

I think our equity capital markets group feels quite optimistic that we're going to start that activity up in the not-too-distant future. So I think that in terms of thinking about that, I would say that the market will actually take their cues from certainty and from volatility.

我認為我們的股權資本市場集團非常樂觀地認為我們將在不久的將來啟動這項活動。因此，我認為從這個角度來看，市場實際上會從確定性和波動性中獲得線索。

And to the extent those do allow the market to open, I think you'll see it open. And I think there's a pretty good backlog of transactions that are ready to go that basically have gone through some of the filing processes and are actually loaded to go. So I think you'll see as the uncertainty level starts to diminish, you'll see that build. And so we feel, I think I think we feel optimistic that, that business will begin to unfold some -- and really begin to transact in the not too distant future, but we'll see, as I said, it all depends on the market and really the volatility levels.

只要這些措施確實允許市場開放，我想你就會看到市場開放。我認為，有大量積壓交易已經準備就緒，基本上已經完成了部分備案流程，並且已經裝好準備出發。所以我認為，隨著不確定性程度開始降低，你會看到這種趨勢的形成。因此，我們感到，我認為我們感到樂觀，業務將開始展開 - 並在不久的將來真正開始交易，但我們會看到，正如我所說的，這一切都取決於市場和真正的波動水平。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

Hey, thanks for the follow-up. Just on -- maybe, Tim, you could talk about the non-comp expense side, is there an ability to flex a little in a tougher environment? And how you're thinking about growth in non-comps this year?

嘿，謝謝你的跟進。只是——也許，蒂姆，你可以談談非薪酬費用方面，是否有能力在更艱難的環境中稍微靈活一點？您如何看待今年非同業業務的成長？

Yeah, sure. So if you kind of look at our results, what you saw is that they're up only slightly from the fourth quarter, and they were up 14% from the year earlier. And those were really driven by -- primarily by two things. One was occupancy. And so we took three floors in the building here.

是的，當然。因此，如果你看一下我們的業績，你會發現，與第四季度相比，我們的業績僅略有增長，但與去年同期相比，我們的業績成長了 14%。而這些其實主要是由兩件事推動的。一是入住率。因此，我們佔據了這棟建築的三層樓。

And then we relocated our finance team from one location to another in New York because the lease was expiring. We opened a Paris office for the team we added and which we talked about last quarter and then also moved the team in Dubai.

然後，我們將財務團隊從紐約的一個地方遷到另一個地方，因為租約即將到期。我們為新增的團隊開設了巴黎辦事處，我們上個季度討論過此事，然後還將團隊遷至杜拜。

So some of that was occupancy and then some of it was what we call communication and information services, which also has certain IT costs pulled in, and that's kind of driven by really two things, primarily. One is head count increases because that, of course, increases subscription cost. And then the second would be the rates on the subscriptions themselves. And the information services companies are obviously important to our business and many businesses, they have some pricing power. Those rates have gone up faster than the rate of inflation.

其中一些是佔用率，還有一些是我們所謂的通訊和資訊服務，其中也包含一定的 IT 成本，而這主要由兩件事驅動。一是員工人數增加，因為這當然會增加訂閱成本。第二個是訂閱本身的費率。資訊服務公司顯然對我們的業務和許多企業都很重要，它們擁有一定的定價權。這些利率的上漲速度快於通貨膨脹率。

There's not a giant amount in the short term -- not a giant amount in the short term. We've tried to run a pretty tight ship. I think our comp ratios, if you look at them in relation to the peer group have been toward the lower end. And I think on the travel side, we want our people out seeing clients. I think there's obviously been a benefit there from an increased -- post-COVID, an increased use of Zoom for meetings.

短期內不會有太大的變化——短期內不會有太大的變化。我們一直努力做到嚴格管理。我認為，如果與同業相比，我們的薪酬比率處於較低水準。我認為在旅行方面，我們希望我們的員工出去拜訪客戶。我認為，在新冠疫情之後，Zoom 會議使用量的增加顯然帶來了好處。

So not -- it's not every meeting that we have to hop on a plane and fly somewhere for. But -- and so that, to some extent, will be probably permanently a little lower and it's -- the normalization, I think, is starting to flatten a bit.

所以，並不是每次會議我們都需要搭飛機飛往某個地方。但是 — — 因此，從某種程度上來說，這個水平可能會永久地保持在較低水平 — — 我認為，正常化已經開始趨於平緩。

So that's a good sign on there. And then I think the last thing you see is we do have revenue leverage. It's not perfectly tied to our revenue. And so in a quarter like this one we just experienced, where we outperformed on the revenue front, we were able to demonstrate some leverage on the comp ratio. And we hope that when the level of uncertainty decreases, and we see revenues coming back in a stronger way, we'll continue to be able to demonstrate some leverage in that area. And operate at non-comp ratio levels that are lower than what we were operating at pre-Covid.

所以這是一個好兆頭。然後我認為您看到的最後一件事是我們確實有收入槓桿。它與我們的收入並不完全掛鉤。因此，在我們剛剛經歷的這個季度中，我們在收入方面表現出色，我們能夠在比較比率上展示一些槓桿作用。我們希望，當不確定性水平降低，收入以更強勁的方式回升時，我們將繼續能夠在該領域展示一些影響力。且非同業拆借比率水準低於新冠疫情前的水準。

Thank you. This concludes today's Evercore first-quarter 2025 earnings conference call. You may now disconnect.

謝謝。今天的 Evercore 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。