Evercore Inc (EVR) 2025 Q2 法說會逐字稿

Good morning, and welcome to Evercore's second quarter 2025 earnings conference call. Today's call is scheduled to last about one hour, including remarks by Evercore management in 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 年第二季財報電話會議。今天的電話會議預計將持續約一小時，包括 Evercore 管理層在問答環節的演講。（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 Second 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, our CFO. After our prepared remarks, we will open up the line for questions.

謝謝您，接線生。早安，感謝您今天參加 Evercore 2025 年第二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) 和我們的財務長 Tim LaLonde。在我們準備好發言之後，我們將開放提問環節。

Earlier today, we issued a press release announcing Evercore's second 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 one hour after the conclusion of this call. 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.

今天早些時候，我們發布了一份新聞稿，宣布了 Evercore 2025 年第二季的財務表現。我們今天對業績的討論是對新聞稿的補充，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「投資者專區」進行網路直播，會議存檔將在電話會議結束後約一小時後開放，為期 30 天。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。

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.

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。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，這些非 GAAP 指標我們認為在評估公司業績時是有意義的。

For detailed disclosures on these measures and the GAAP reconciliation, 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.

有關這些措施和 GAAP 對帳的詳細揭露，您應該參考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。

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.

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。我現在將電話轉給約翰。

Thank you, Katy. Before we review our second quarter financial results, I would like to spend a few minutes discussing our announcement from earlier this morning. We've entered into an agreement to acquire Robey Warshaw, a leading UK-based advisory firm with an extraordinary client franchise and relationships with some of the most prominent multinational companies in Europe.

謝謝你，凱蒂。在我們回顧第二季的財務表現之前，我想花幾分鐘討論我們今天早上發布的公告。我們已達成協議，收購 Robey Warshaw，這是一家總部位於英國的領先顧問公司，擁有非凡的客戶特許經營權，並與歐洲一些最著名的跨國公司建立了合作關係。

For 30 years, Evercore has been committed to delivering for clients by expanding our capabilities and talent each and every year, building a firm grounded in excellence and long-term high-quality growth. This acquisition continues that approach, enhancing our ability to create value for all of our stakeholders.

30 年來，Evercore 一直致力於為客戶提供服務，每年擴展我們的能力和人才，打造一家以卓越和長期高品質成長為基礎的公司。此次收購延續了這一做法，增強了我們為所有利害關係人創造價值的能力。

Robey Warshaw's partners have advised on some of the largest and most complex transactions globally, including 7 of the 10 largest in UK history. This year, Robey Warshaw advised Banco Santander on its $3.9 billion acquisition of TSB, Direct Line Insurance Group on its $4.5 billion acquisition by Aviva, and Johnson Matthey on its $2.4 billion sale of a CT division to Honeywell International. In the UK, Robey Warshaw has been a trusted adviser to over one-fourth of the FTSE 100 and has significant reach in the continent and globally. Robey Warshaw's business is highly complementary to Evercore's broad and growing EMEA platform.

Robey Warshaw 的合夥人為全球一些最大、最複雜的交易提供諮詢，其中包括英國歷史上 10 筆最大交易中的 7 筆。今年，羅比沃肖 (Robey Warshaw) 擔任桑坦德銀行 (Banco Santander) 39 億美元收購 TSB 的顧問，擔任 Direct Line Insurance Group 45 億美元被 Aviva 收購的顧問，擔任莊信萬豐 (Johnson Matthey) 24 億美元向霍尼韋爾國際公司 (Honeywell International) 出售 CT 部門的顧問。在英國，Robey Warshaw 已成為超過四分之一的富時 100 指數公司的可信賴顧問，並在歐洲大陸和全球範圍內擁有廣泛的影響力。Robey Warshaw 的業務與 Evercore 廣泛且不斷發展的 EMEA 平台高度互補。

This acquisition is a significant step in our global expansion strategy by combining Robey Warshaw's long-standing trusted relationships with large cap clients and Evercore relationships, broad product capabilities, deep sector expertise and global reach, we are enhancing the value we can deliver to clients around the world. As you have seen, we've been accelerating our growth in EMEA in recent years, including key additions in France, Spain and most recently, Italy. This acquisition will further strengthen our presence in the UK and the broader region. It will also strengthen our global efforts as we continue to serve large multinational companies on their most important transactions, including cross-border.

此次收購是我們全球擴張策略的重要一步，透過結合 Robey Warshaw 與大盤股客戶和 Evercore 的長期信任關係、廣泛的產品能力、深厚的行業專業知識和全球影響力，我們正在提升我們能夠為全球客戶提供的價值。如您所見，近年來我們一直在加速在歐洲、中東和非洲地區的發展，包括在法國、西班牙以及最近的義大利增加重要業務。此次收購將進一步加強我們在英國及更廣泛地區的影響力。這也將加強我們的全球努力，因為我們將繼續為大型跨國公司提供最重要的交易服務，包括跨國交易。

With the addition of the Robey Warshaw, Evercore will have more than 400 bankers across 9 countries in the region. We believe this transaction will unlock synergies, creating value for our shareholders and enhancing our ability to serve clients. Importantly, their values are an excellent match with ours as commitment to partnership and collaboration and to long-term client relationships, excellence, integrity and independence. We are looking forward to welcoming the Robey Warshaw team to Evercore and to what we will achieve together on behalf of our clients. Now let me discuss our business and second quarter results.

隨著 Robey Warshaw 的加入，Evercore 將在該地區 9 個國家擁有 400 多名銀行家。我們相信，此交易將釋放協同效應，為我們的股東創造價值並增強我們服務客戶的能力。重要的是，他們的價值觀與我們的價值觀完美契合，致力於夥伴關係和協作以及長期客戶關係、卓越、誠信和獨立。我們期待歡迎 Robey Warshaw 團隊加入 Evercore，並期待我們共同為客戶取得成就。現在讓我討論一下我們的業務和第二季的業績。

Despite the rapidly changing market conditions experienced throughout the second quarter, Evercore delivered strong results, generating adjusted net revenues of $839 million, up nearly 21% year-over-year. In the first half of 2025, Evercore generated over $1.5 billion in adjusted net revenue, a 20% increase compared to the same period a year ago.

儘管第二季市場環境瞬息萬變，Evercore 仍取得了強勁的業績，調整後淨收入達 8.39 億美元，年增近 21%。2025年上半年，Evercore的調整後淨收入超過15億美元，年增20%。

These results represent record revenues for both second quarter and first half. The strength and resilience we have demonstrated so far this year reflect the execution of our growth strategy and the versatility of our business model, which enable us to serve our clients and deliver results for our shareholders in various types of environments. Since the market disruption in late March and in early April, business conditions have improved with increasing CEO confidence levels, receptive debt and equity issuance markets and healthy engagement with both corporates and sponsors.

這些結果代表了第二季和上半年創紀錄的收入。我們今年迄今所展現的實力和韌性反映了我們成長策略的執行和業務模式的多樣性，這使我們能夠在各種環境下為客戶提供服務並為股東帶來成果。自 3 月底和 4 月初市場動盪以來，商業環境有所改善，CEO 信心水準不斷提高，債務和股票發行市場接受度提高，企業和發起人之間的互動也較為健康。

Year-to-date, through the end of the second quarter, industry-wide global M&A volumes were 30% higher than a year ago, with volumes increasing steadily each month. Our backlogs continue to build throughout the quarter and our client dialogue activity remains robust. While uncertainties remain, we continue to be optimistic about the path forward. As we move through the year, we expect greater clarity and stability in the market, which should support continued improvement in the investment banking environment. Shifting to talent.

截至第二季末，年初至今，全產業全球併購交易量比去年同期高出 30%，且每月交易量穩定成長。我們的積壓訂單在整個季度持續增加，我們的客戶對話活動依然強勁。儘管仍存在不確定性，但我們對未來的道路仍然保持樂觀。隨著時間的推移，我們預計市場將更加清晰和穩定，這將支持投資銀行環境的持續改善。轉向人才。

We continue to make progress on our recruitment goal. Since our last earnings call, four senior managing directors have joined our investment banking practice in private capital advisory, health care, industrial and in Italy. And three investment banking SMDs have committed to join our franchise, two focused on logistics and transportation and one focused on ratings advisory. So far for the year, nine investment banking SMDs and one senior adviser have started at the firm or will be joining later in the year, and we continue to have a solid pipeline of external candidates. Attracting and developing the highest quality talent continues to be a core priority for us.

我們在招募目標上不斷取得進展。自上次財報電話會議以來，已有四位高級董事總經理加入了我們在私人資本諮詢、醫療保健、工業和義大利的投資銀行業務。目前已有三家投資銀行 SMD 承諾加入我們的特許經營權，其中兩家專注於物流和運輸，另一家專注於評級諮詢。今年到目前為止，已有 9 名投資銀行高級董事總經理和 1 名高級顧問加入公司或將於今年稍後加入，我們繼續擁有一群可靠的外部候選人。吸引和培養最優秀的人才仍然是我們的核心優先事項。

The senior level talent we've hired and promoted over the past several years is contributing meaningfully to our results. Now let me briefly discuss the quarter. As noted earlier, we delivered strong year-over-year growth across our diversified mix of businesses in both the second quarter and the first half. In fact, in the second quarter and over the last 12 months, approximately 50% of our total revenues were from non-M&A sources, reflecting the strength of our diversified platform. In M&A, we advised on a number of notable and complex transactions in the quarter, including Cox Communications merger with Charter Communications, valuing Cox Communications of $34.5 billion.

在過去幾年中，我們聘用和提拔的高級人才為我們的業績做出了重大貢獻。現在讓我簡要討論一下本季。如前所述，我們第二季和上半年的多元化業務組合均實現了強勁的年成長。事實上，在第二季和過去 12 個月中，我們約 50% 的總收入來自非併購來源，反映了我們多元化平台的實力。在併購領域，我們在本季為多起值得關注的複雜交易提供了諮詢，包括考克斯通訊公司 (Cox Communications) 與 Charter Communications 的合併，對考克斯通訊公司的估值為 345 億美元。

Warner Bros. Discovery on its separation in two leading media companies, a transaction that leverages the expertise of multiple teams across the firm and the sale of Foot Locker to Dick's Sporting Goods for $2.5 billion. We've continued to experience strong momentum in July, advising Becton, Dickinson on the combination of its Biosciences and Diagnostic Solutions business with Waters in a $17.5 billion Reverse Morris Trust transaction and advising Huntington Bancshares on its acquisition of Veritex Holdings for $1.9 billion.

華納兄弟代表探索頻道 (Discovery) 處理其對兩家領先媒體公司的拆分，該交易充分利用了公司內多個團隊的專業知識，並以 25 億美元的價格將 Foot Locker 出售給迪克體育用品 (Dick's Sporting Goods)。7 月我們繼續保持強勁勢頭，為 Becton, Dickinson 就其生物科學和診斷解決方案業務與 Waters 的合併提供諮詢，該合併涉及一項價值 175 億美元的反向莫里斯信託交易，並為 Huntington Bancshares 就其以 19 億美元收購 Veritex Holdings 提供諮詢。

Year-to-date, we have advised on 4 of the 10 largest global transactions and remain active in a wide range of high-quality complex transactions spanning mid-cap, large-cap and mega cap deal sizes. Our European business saw growth in the quarter with an increase in activity across most sectors and products and momentum for deal activity in the region continues to build.

年初至今，我們已為全球 10 大交易中的 4 筆提供諮詢服務，並繼續活躍於涵蓋中型股、大型股和超大型股交易規模的各種高品質複雜交易。我們的歐洲業務在本季度實現了成長，大多數行業和產品的活動都有所增加，該地區交易活動的勢頭持續增強。

Activity among financial sponsors continues to strengthen, and we are experiencing strong levels of sponsor dialogue. Our strategic defense and shareholder advisory group remained highly active as the number of activist campaigns in the US reached new records in the first half of the year. The liability management and restructuring group continues to see strong activity levels. Private equity-led situations remain a key driver, and we expect the business to stay active in the near term as sponsors and corporates navigate upcoming maturity walls, elevated interest rates and broader market uncertainty.

金融贊助商之間的活動不斷加強，我們正在經歷強勁的贊助商對話。隨著今年上半年美國激進投資者活動數量創下新高，我們的策略防禦和股東諮詢小組依然保持高度活躍。負債管理和重組集團的活動水準持續強勁。私募股權主導的情況仍然是一個關鍵驅動因素，我們預計，隨著發起人和企業應對即將到來的到期壁壘、利率上升和更廣泛的市場不確定性，該業務將在短期內保持活躍。

Our industry-leading Private Capital Advisory business delivered a record first half and second quarter, driven by unprecedented volumes in GP-led continuation funds LP secondaries and securitization. We advised on many of the most significant transactions across these products, including several high-profile secondary market deals for endowments and pension funds.

我們業界領先的私募資本諮詢業務在上半年和第二季度創下了創紀錄的業績，這得益於 GP 主導的延續基金、LP 二級市場和證券化交易量的空前增長。我們為這些產品的許多最重要的交易提供諮詢，包括幾項備受矚目的捐贈基金和退休基金二級市場交易。

Trends in our private funds group remain in line with the first quarter as fundraising conditions continue to be challenging. However, our team remains active and expect a pick up in activity towards the end of the year, consistent with seasonal patterns. After a slowdown in activity in April, the equity capital markets has seen signs of recovery with dollar issuance volumes in the second quarter, reaching the highest level since the first quarter of 2021, so the number of transactions is still down year-over-year.

由於籌資條件持續充滿挑戰，我們私募基金集團的趨勢與第一季保持一致。然而，我們的團隊仍然很活躍，並預計到年底活動將會回升，與季節性模式一致。股票資本市場在4月活動放緩後，已出現復甦跡象，第二季美元發行量達到2021年第一季以來的最高水平，因此交易數量同比仍有所下降。

Our Underwriting business experienced an uptick in activity in May and June, and we expect these positive trends to continue as we enter the second half. Our Equity franchise had its strongest second quarter ever, driven by market volatility, increased trading volumes and strong client engagement. Lastly, Wealth Management reached a record quarter end AUM of approximately $14.5 billion, driven by market appreciation and net inflows. Before I turn it over to Tim, I'd like to make 1 final comment. We remain committed to executing on our growth strategy and on creating value for both our clients and our shareholders.

我們的核保業務在五月和六月有所回升，我們預計進入下半年這些正面趨勢將持續下去。在市場波動、交易量增加和客戶參與度增強的推動下，我們的股票業務迎來了有史以來最強勁的第二季。最後，在市場升值和淨流入的推動下，財富管理的季度末 AUM 達到了創紀錄的約 145 億美元。在交給蒂姆之前，我想做最後一條評論。我們將繼續致力於執行我們的成長策略並為我們的客戶和股東創造價值。

This is evident in our year-to-date financial results and in our acquisition of Robey Warshaw. With that, let me turn it over to Tim.

這從我們今年迄今的財務表現和對 Robey Warshaw 的收購中可見一斑。說完這些，讓我把麥克風交給提姆。

Thank you, John. We are excited to have the Robey Warshaw team joining and believe this will provide significant benefits to Evercore. Over the last 3 years, Robey Warshaw has produced average annual revenues of over GBP 60 million or more than $80 million. As you can see in the press release, the consideration we are paying is GBP 146 million or approximately $196 million, payable in two tranches with the first payment in Evercore stock at closing and the second payment at the one-year anniversary in stock or cash to be mutually agreed by Evercore and Robey Warshaw. There is also potential additional consideration, which is based on defined performance criteria over a multiyear period of time.

謝謝你，約翰。我們很高興 Robey Warshaw 團隊的加入，並相信這將為 Evercore 帶來巨大的利益。在過去 3 年裡，Robey Warshaw 的平均年收入超過 6,000 萬英鎊或超過 8,000 萬美元。正如您在新聞稿中看到的，我們支付的對價為 1.46 億英鎊或約 1.96 億美元，分兩筆支付，第一筆在交易結束時以 Evercore 股票支付，第二筆在交易一周年時以股票或現金支付，具體支付方式由 Evercore 和 Robey Warshaw 共同商定。還有潛在的額外考慮，這是基於多年時間內定義的績效標準。

The transaction is expected to close around the beginning of the fourth quarter of this year. We expect it to be accretive to Evercore's adjusted and GAAP EPS in our first full year together and thereafter. We will continue to maintain strong liquidity and conservative debt levels and are committed to building value for our shareholders. Now I will discuss our financial results for the second quarter. Evercore's second quarter reflected improving market conditions and strong results across our diversified mix of businesses.

該交易預計將於今年第四季初完成。我們預計它將在我們合作的第一個完整年度及之後增加 Evercore 的調整後每股收益和 GAAP 每股收益。我們將繼續保持強勁的流動性和保守的債務水平，並致力於為股東創造價值。現在我將討論我們第二季的財務表現。Evercore 第二季的業績反映出市場狀況的改善以及我們多元化業務組合的強勁業績。

The second quarter of 2025, net revenues, operating income and EPS on a GAAP basis were $834 million, $150 million and $2.36 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.

2025年第二季度，淨收入、營業收入和以GAAP計算的每股盈餘分別為8.34億美元、1.5億美元和每股2.36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 與調整後結果的對帳可以在我們網站上的新聞稿中找到。

Our second quarter adjusted net revenues of $839 million increased 21% versus the second quarter of 2024, which was a record for the second quarter, and we also achieved record revenues for the first 6 months of the year. Second quarter adjusted operating income of $157 million increased 37% versus the second quarter of 2024.

我們第二季的調整後淨收入為 8.39 億美元，較 2024 年第二季成長 21%，創下了第二季的最高紀錄，同時我們也實現了今年前 6 個月創紀錄的收入。第二季調整後的營業收入為 1.57 億美元，較 2024 年第二季成長 37%。

The adjusted earnings per share of $2.42, increased 34% versus the second quarter of last year. Our adjusted operating margin was 18.7% for the second quarter, up from 16.4% in the prior year period, an improvement of 230 basis points. Turning to the businesses. Second quarter adjusted Advisory fees of $698 million increased 23% year-over-year, which is a record for the second quarter. First half results also represented a record for the Advisory business.

調整後每股收益為 2.42 美元，較去年第二季成長 34%。我們第二季的調整後營業利潤率為 18.7%，高於去年同期的 16.4%，提高了 230 個基點。轉向企業。第二季調整後的諮詢費為 6.98 億美元，年增 23%，創下第二季的最高紀錄。上半年業績也創下了諮詢業務的最高紀錄。

Our second quarter Underwriting revenues were $32 million, up 4% from a year ago. Commissions and related revenue of $58 million in the quarter increased 10% year-over-year. The strength in the quarter was primarily driven by heightened trading volumes in April resulting from increased levels of volatility. Second quarter adjusted Asset Management and Administration Fees of $21 million, rose 3% year-over-year driven by market appreciation and net inflows.

我們第二季的承保收入為 3,200 萬美元，比去年同期成長 4%。本季佣金及相關收入為 5,800 萬美元，年增 10%。本季的強勁表現主要得益於 4 月波動性增加所導致的交易量增加。第二季調整後的資產管理和管理費用為 2,100 萬美元，受市場升值和淨流入推動，年增 3%。

Second quarter adjusted other revenue net was approximately $29 million, which compares to $22 million a year ago, slightly more than half of that is related to gains in our DCCP hedge portfolio, which is correlated to the performance of the broader equity market, and the balance of the other revenue is primarily related to interest income.

第二季調整後的其他淨收入約為 2,900 萬美元，而去年同期為 2,200 萬美元，其中略多於一半與我們的 DCCP 對沖投資組合的收益有關，該收益與更廣泛的股票市場的表現相關，其他收入的餘額主要與利息收入有關。

Turning to expenses. The adjusted compensation ratio for the second quarter is 65.4%, down 60 basis points from the prior year period and down 30 basis points from last quarter. Our compensation ratio for the quarter reflects a gradual improvement in the investment banking environment and an improvement in our revenue. As you have seen from the recent announcements, we are continuing to invest and execute on our strategic growth plan, which may create a time lag for making meaningful improvement in our comp ratio in the near term. Adjusted no compensation expenses in the quarter were $133 million, up 9% from a year ago.

談到費用。第二季調整後薪資率為65.4%，較去年同期下降60個基點，較上季下降30個基點。本季我們的薪酬比率反映了投資銀行環境的逐步改善和我們收入的提高。正如您從最近的公告中看到的那樣，我們將繼續投資並執行我們的策略性成長計劃，這可能會在短期內對我們的補償比率進行有意義的改善造成時間滯後。本季調整後的無薪酬支出為 1.33 億美元，比去年同期成長 9%。

The increase year-over-year is primarily driven by two things: the first is technology and information services expense, which rose due to higher renewal costs for market data and licensing fees and those costs tend to rise faster than the rate of inflation. And the other is the implementation and development of new software applications, which are intended to create efficiencies and facilitate our client coverage and service efforts.

年比成長主要由兩方面因素推動：首先是技術和資訊服務費用，由於市場數據和許可費的續訂成本上升而增加，而這些成本的上漲速度往往快於通貨膨脹率。另一個是實施和開發新的軟體應用程序，旨在提高效率並促進我們的客戶覆蓋和服務工作。

The second is occupancy and equipment expense, which increased due to higher rents and costs associated with the addition of new floors in our New York headquarters and new offices related to our expansions in Chicago, Paris, Dubai and London. Our adjusted noncomp ratio for the quarter is at 15.9%, 170 basis points below the ratio for the prior year period and 180 basis points below last quarter's ratio, benefiting from our revenue increase. Over a significant period of time, there is a correlation between head count and noncomp expenses with some additional increase related to inflation.

第二項是入住和設備費用，由於我們紐約總部增加新樓層以及在芝加哥、巴黎、杜拜和倫敦擴張新辦公室導致租金和成本上漲，導致該費用增加。由於營收成長，本季調整後的不合規比率為 15.9%，比去年同期低 170 個基點，比上一季低 180 個基點。在相當長的一段時間內，員工人數和非公司支出之間存在相關性，且通貨膨脹還會造成一些額外的增加。

If we look at our noncomp expense on a per head basis year-over-year, our second quarter adjusted noncomp expense would be up 2.4% per employee. As I've mentioned in the past, we are maintaining a disciplined focus on managing our no compensation expenses while investing in areas that are necessary to support our growth.

如果我們以人均非薪資支出與去年同期相比成長，那麼第二季調整後的人均非薪資支出將增加 2.4%。正如我過去提到的，我們始終嚴格關注管理無償支出，同時投資於支持我們成長所必需的領域。

Our adjusted tax rate for the quarter was 30% compared to 26.9% in the second quarter of last year. The year-over-year increase in the tax rate was primarily related to an increase in nondeductible expenses and an increase in taxes related to state and local apportionment. Turning to our balance sheet.

本季我們的調整後稅率為 30%，而去年第二季為 26.9%。稅率的同比增長主要與不可扣除費用的增加以及與州和地方分攤相關的稅收的增加有關。轉向我們的資產負債表。

As of June 30, our cash and investment securities totaled over $1.7 billion, and we continue to be cash flow positive. In the first 6 months of the year, we returned $532 million of capital to shareholders through the repurchase of shares and the payment of dividends. During the second quarter, we repurchased just under 200,000 shares at an average price of $236.05 per share.

截至 6 月 30 日，我們的現金和投資證券總額超過 17 億美元，並且我們的現金流持續為正。今年前6個月，我們透過回購股票和支付股利向股東返還了5.32億美元的資本。第二季度，我們以每股 236.05 美元的平均價格回購了近 200,000 股。

Year-to-date, we have repurchased approximately 1.7 million shares at an average price of $258.5 per share. We fully offset the dilution associated with RSU grants from our 2024 bonus cycle and returned more capital to our shareholders in the first half of this year than in any other consecutive two-quarter period in our history.

年初至今，我們已以每股 258.5 美元的平均價格回購了約 170 萬股。我們完全抵消了 2024 年獎金週期中與 RSU 授予相關的稀釋，並在今年上半年向股東返還了比我們歷史上任何連續兩個季度更多的資本。

Our second quarter adjusted diluted share count was 43.5 million shares, relatively in line with the prior year and down approximately 850,000 shares from the first quarter. The decline in the share count reflects a full quarter impact of repurchases during the first quarter and the accounting impact with respect to unvested RSUs as our weighted average share price declined in the second quarter. Given the increase in our share price third quarter to date, we would expect to see our share count modestly increased in the third quarter due to the same accounting impact on RSUs from our share price that caused our share count to decrease this quarter. Additionally, in July, we issued two tranches of senior notes in the form of a private placement for a total of $250 million. We issued $125 million of 5.17% Series K Notes due in 2030 and $125 million of 5.47% Series L Notes due in 2032.

我們第二季調整後的稀釋股數為 4,350 萬股，與上年基本持平，較第一季減少約 85 萬股。股票數量的下降反映了第一季回購對整個季度的影響，以及由於第二季度加權平均股價下跌對未歸屬 RSU 的會計影響。鑑於我們第三季迄今為止的股價上漲，我們預計第三季我們的股票數量將小幅增加，因為我們的股價對 RSU 的會計影響與導致本季我們的股票數量減少的影響相同。此外，7月份，我們以私募形式發行了兩批優先票據，總額為2.5億美元。我們發行了 1.25 億美元、票息率為 5.17% 的 2030 年到期 K 系列票據，以及 1.25 億美元、票息率為 5.47% 的 2032 年到期 L 系列票據。

The use of proceeds is to repay two tranches of notes that are maturing, one in August of 2025 and one in March of 2026 and totaling about $86 million, and the remainder is for general corporate purposes. We continue to maintain a strong cash position and take into consideration our regulatory requirements, the current economic and business environment, cash needs for the implementation of our strategic initiatives, including hiring plans and preserving a solid financial footing.

所得款項用途為償還兩批到期的票據，一批於 2025 年 8 月到期，一批於 2026 年 3 月到期，總額約 8,600 萬美元，其餘部分用於一般公司用途。我們繼續保持強勁的現金狀況，並考慮到我們的監管要求、當前的經濟和商業環境、實施策略性舉措的現金需求，包括招聘計劃和維持穩固的財務基礎。

As we enter the second half of the year, we remain confident in our ability to deliver solid results as we have continued to demonstrate that our diversified business model performs well in all types of environments. With that, we will now open the line for questions.

進入下半年，我們仍然對自己取得穩健業績的能力充滿信心，因為我們已經繼續證明，我們的多元化業務模式在各種環境中都表現良好。現在，我們將開放提問熱線。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

James Yaro with Goldman Sachs.

高盛的詹姆斯·亞羅。

Good morning and thanks for taking the questions. I wanted to start with the Robey Warshaw transaction. Would you be able to provide any additional color around the business profile for Robey Warshaw, specifically, what aside from M&A advisory they offer today?

早上好，感謝您回答問題。我想從羅比沃肖 (Robey Warshaw) 的交易開始。您能否進一步介紹一下 Robey Warshaw 的業務概況，具體來說，除了併購諮詢之外，他們現在還提供什麼服務？

Thanks, James. They are primarily a top-level adviser, spend a great deal of their time in the C-suite and with Boards. They are very strategic, and they have based their business on giving strategic advice. They are knowledgeable about a full line of products but they really haven't been able to translate their knowledge and really the advisory position that they have into revenues. And one of the great synergies of this transaction, we believe, is that we have this very full product set, a very extensive industry sector group and analyzing.

謝謝，詹姆斯。他們主要是高層顧問，花費大量時間在高階主管和董事會中。他們非常具有戰略眼光，並以提供戰略建議為基礎開展業務。他們對全系列產品都很了解，但他們實際上還無法將他們的知識和顧問地位轉化為收入。我們相信，此次交易的一大綜效是我們擁有非常完整的產品組合、非常廣泛的產業部門組和分析能力。

And what we are going to be able to do is really marry their extraordinary relationships with our capabilities, and we think that's going to be a real source of revenue and growth. So I think that they -- it's what they really have, which is absolutely extraordinary system, amazing client franchise, trusted relationships with so many very important companies. And I think that marrying that with our capabilities will actually be quite powerful.

我們所能做的就是將他們非凡的關係與我們的能力結合起來，我們認為這將成為真正的收入和成長來源。所以我認為他們——這就是他們真正擁有的，絕對非凡的系統、令人驚嘆的客戶特許經營權以及與許多非常重要的公司建立的信任關係。我認為將其與我們的能力結合起來實際上將會產生非常強大的效果。

That's great. For my second question, just around M&A, the backdrop, you sound constructive. But perhaps you could talk about whether in the boardroom, you're still seeing impacts from tariffs weighing on potential transactions.

那太棒了。對於我的第二個問題，就併購的背景而言，您聽起來很有建設性。但也許您可以談談在董事會會議上，您是否仍然看到關稅對潛在交易的影響。

Well, there's no question that there is not the full-on merger activity that you might have seen at the beginning of the year or that we anticipated. But having said that, I think that boards and management teams are getting more comfortable, and they believe they have more certainty, and so there is absolutely some building of activity in our backlog to build throughout our firm. And I think that we really believe that the activity levels could continue to grow, and the momentum could continue over the balance of this year. So the answer to your question really is that we see that people are becoming more comfortable there's more certainty. There is more clarity.

嗯，毫無疑問，今年並沒有出現像年初所見或我們所預期的全面合併活動。但話雖如此，我認為董事會和管理團隊變得更加安心，他們相信自己擁有更多的確定性，因此我們公司肯定會在整個積壓工作中進行一些活動。我認為，我們確實相信活動水平會繼續增長，並且這種勢頭會在今年餘下時間裡持續下去。所以，你問題的答案其實是，我們看到人們變得更加舒適，更加確定。更加清晰了。

Having said that, we don't think we have a full-on absolute roaring recovery at this moment.

話雖如此，我們認為目前還沒有出現全面、絕對的強勁復甦。

Ryan Kenny with Morgan Stanley

摩根士丹利的瑞安肯尼

Hi, good morning. On the Robey Warshaw deal, so a very clear overview on how it aligns with your global expansion strategy and your culture. My question is when you think about Evercore's strategy for gaining global market share going forward, do you see yourself doing more acquisitions in the future to fuel growth? And is there any change in how you think about the mix of organic growth, hiring, M&A and supporting growth?

嗨，早安。關於 Robey Warshaw 交易，因此非常清楚地概述了它如何與您的全球擴張策略和文化保持一致。我的問題是，當您考慮 Evercore 未來獲得全球市場份額的策略時，您是否認為自己未來會進行更多收購來推動成長？您對有機成長、招募、併購和支持成長的組合的看法有什麼變化嗎？

Our most important means of growth is going to continue to be hiring high-quality talent one by one. It's really the way we think it's the best way to do it and we're going to continue that. So if you think about how we're going to grow, we're going to continue it the way we have, which is on the basis of finding high-quality people and recruiting them. The reason we did Robey Warshaw is that we found an extraordinarily high-quality organization, which really had such a good match with us culturally and had some really interesting synergies from a business perspective. We would not be doing an acquisition if it hadn't been for Robey Warshaw.

我們最重要的成長手段將繼續是不斷聘用高素質人才。我們確實認為這是最好的做法，而且我們會繼續這樣做。因此，如果你想想我們將如何發展，我們將繼續以我們的方式發展，即在尋找高素質人才並招募他們的基礎上。我們選擇 Robey Warshaw 的原因是，我們發現了一個非常高品質的組織，它在文化上與我們非常契合，從商業角度來看，它具有一些非常有趣的協同效應。如果沒有 Robey Warshaw，我們就不會進行收購。

Having said that, we're not -- not taking anything off the table. If something comes up, we'll evaluate it. But I think if you think about us and how we're going to grow, we're going to aggressively grow one by one, we're going to continue to drive our pipeline. And I'd say that this year, as you probably know, we really have 10 senior bank -- 10 senior people in and we have a really healthy pipeline and we're going to continue to grow that pipeline and execute on that pipeline. I hope that helps.

話雖如此，我們不會放棄任何選擇。如果出現問題，我們會進行評估。但我認為，如果你考慮我們以及我們將如何成長，我們將會積極地逐一成長，我們將繼續推動我們的管道建設。我想說的是，今年，正如你們可能知道的，我們確實有 10 名高級銀行人員——10 名高級人員，我們擁有非常健康的人才儲備管道，我們將繼續擴大該人才儲備管道並執行該人才儲備管道。我希望這能有所幫助。

Devin Ryan with Citizens

德文·瑞安 (Devin Ryan) 與公民

Good morning and congrats on the deal. Question just on kind of the diversification of the business. So obviously, you highlighted again in the second quarter and actually last 12 months, approximately 50% of revenues were from non-M&A sources. So obviously a terrific job just kind of diversifying the business and seeing growth in some of those non-M&A businesses like private capital and restructuring and shareholder advisory but it's also been a tougher M&A market.

早上好，恭喜交易達成。問題只是關於業務多樣化的問題。顯然，您在第二季以及過去 12 個月中再次強調，大約 50% 的收入來自非併購來源。因此，顯然，這是一項了不起的工作，只是實現了業務多元化，並看到了一些非併購業務（如私人資本、重組和股東諮詢）的成長，但這也是一個更艱難的併購市場。

So I'm just curious if we should think about this as kind of a new baseline or kind of where you want to be from a mix perspective or is that simply as M&A kind of reaccelerate here these other businesses, maybe don't keep up until the mix goes back down to 40% or something less than that? Thanks

所以我只是好奇，我們是否應該將其視為一種新的基準，或者從組合角度來看您想要達到的目標，或者這僅僅是因為併購在這裡重新加速了這些其他業務，也許直到組合回落到 40% 或更低時才會跟上？謝謝

Well, it's hard to know exactly what the percentages are going to fall out to. But I would say that mergers is building. And our merger that -- we are very leveraged on our merger business. And as our merger business builds, we believe it will, over time, build and really continue to be the loin -- not the lion's share but a significant piece of really what we're able to do with clients. PCA restructuring, activism defense, those are very, very good businesses.

嗯，很難確切知道百分比會下降到多少。但我想說的是，合併正在興起。我們的合併—我們的合併業務發揮了很大的槓桿作用。隨著我們的合併業務不斷發展，我們相信，隨著時間的推移，它將不斷發展，並真正繼續成為我們能夠為客戶所做的一切的支柱——雖然不是最大份額，但卻是相當重要的一部分。PCA 重組、激進主義防禦，這些都是非常非常好的業務。

I don't see them really slowing right now. I think that they all have really healthy activity levels, and we really don't see that there's going to be weakness there. But we do think the merger business will strengthen. And so then by definition, the merger business will probably pick up and do a higher percentage but we intend to continue to invest in our non-merger businesses. So hopefully, over time, you'll see something that does approximate 40% or 50%.

我現在沒有看到他們真正放慢腳步。我認為他們的活動水平都非常健康，我們確實沒有看到他們出現疲軟的情況。但我們確實認為合併業務將會加強。因此，根據定義，合併業務可能會回升並佔據更高的比例，但我們打算繼續投資於非合併業務。因此希望隨著時間的推移，你會看到大約 40% 或 50% 的結果。

I don't know where it will fall in the middle of that. But clearly, we think that all of those businesses will grow and the merger business will probably grow faster as the market really does recover.

我不知道它會落在哪裡。但顯然，我們認為，隨著市場真正復甦，所有這些業務都會成長，而合併業務可能會成長得更快。

That's great color. Thank you.

顏色真棒。謝謝。

Alex Bond with KBW

KBW 的 Alex Bond

Hey, good morning, everyone. Thanks for thanks for taking the question. So it looks like industry secondary volumes reached a new high in the first half of the year. And you also mentioned that PCA revenues reached new highs in both 2Q and the first half. So just wondering if you can go into a bit more detail on the outlook for industry volumes in this area in the back half of the year? And then also maybe how you think about the -- how the competitive dynamics in the secondary space on the advisory side may evolve as broader momentum in this area continues.

嘿，大家早安。感謝您回答這個問題。因此看起來，產業二級市場交易量在今年上半年達到了新高。您也提到，PCA收入在第二季和上半年都創下了新高。所以我只是想問一下您是否可以更詳細地介紹一下今年下半年該地區的行業前景？然後也許您會想到——隨著該領域更廣泛的發展勢頭持續下去，諮詢方面的二級領域的競爭動態將如何演變。

Thanks. Sure. Competitively, there's no question that there are many people who are talking about really ramping up their activity level here. And so I do believe the competition will heat up even more. We are very well positioned. We have an outstanding team.

謝謝。當然。從競爭角度來看，毫無疑問，很多人都在談論如何真正提高他們的活動水平。因此我相信競爭將會更加激烈。我們的定位非常有利。我們擁有一支優秀的團隊。

We have a lot of experience. We have a real track record of success. So we think we're going to compete very well in that. In terms of the second half, it was a very good first half, as we said. We continue to see a very strong activity level on really all fronts, both on the GP level, with continuity and the LP level, where we've been involved in some of the most high profile of secondary sales.

我們有很多經驗。我們擁有真正的成功記錄。因此我們認為我們將在這方面有很好的競爭力。正如我們所說，就下半場而言，上半場表現非常出色。我們繼續看到各個方面的活動水平都非常強勁，無論是在 GP 層面，還是在 LP 層面，我們都參與了一些最引人注目的二級銷售。

We think those -- that we're going to continue. And I think that from our standpoint, I don't see a slowdown I do believe that we may not ramp as fast in the second half as we did but we feel very comfortable with the levels we're at right now.

我們認為──我們將繼續下去。我認為從我們的角度來看，我沒有看到經濟放緩，我確實相信我們下半年的成長速度可能不會像以前那麼快，但我們對目前的水平感到非常滿意。

Understood. That's helpful.

明白了。這很有幫助。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Brendan O'Brien with Wolfe Research.

沃爾夫研究公司的布倫丹·奧布萊恩。

Good morning and thanks for taking my questions. Just a two-parter here on expenses. I appreciate the potential top line synergies you mentioned earlier but I was hoping you can help us through the cost side of the equation and your ability to drive synergies by consolidating office space and tech infrastructure and the like. And then as we think about margins for the combined entity, Tim, I heard your comments on the comp ratio improvement but I just want to get a sense of your confidence in your ability to get your comp ratio back down to the sub-60% level once the cadence of hiring goes back to a more normal level?

早上好，感謝您回答我的問題。這裡僅就費用問題分兩部分。我很欣賞您之前提到的潛在的營收綜效，但我希望您能幫助我們解決成本問題，並透過整合辦公空間和技術基礎設施等來推動協同效應。然後，當我們考慮合併後實體的利潤率時，蒂姆，我聽到了您對薪酬比率改善的評論，但我只是想了解一下，一旦招聘節奏恢復到更正常的水平，您是否有信心將薪酬比率降至 60% 以下的水平？

Yes, sure. Thanks for the question, Brendan. Look, we -- as I said on previous calls, both compensation and non-compensation expenses are a significant focus of the firm. On the compensation side, and I think I mentioned this in my prepared remarks, we're very focused on achieving optimal value for the shareholders by balancing our investing in people, which is how we grow our firm along with managing our expenses. As you mentioned, we did make some progress on the comp ratio this quarter.

是的，當然。謝謝你的提問，布倫丹。你看，正如我在之前的電話會議上所說的那樣，薪酬和非薪酬支出都是公司關注的重點。在薪酬方面，我想我在準備好的發言中提到過這一點，我們非常注重透過平衡對人才的投資來實現股東的最佳價值，這就是我們在管理費用的同時發展公司的方式。正如您所提到的，本季度我們在同比率方面確實取得了一些進展。

We made, what I would say, quite meaningful progress from where we were two years ago. And I'm not satisfied with where we are. I think I'd like to take it lower. I think the comp ratio you saw for this quarter is reflective of our best judgment in relation to an accrual that takes into consideration what happened during the quarter and also our outlook for the remainder of the year. So as I sit here today, not seeing that in the next -- the near term, which I would define as the next quarter or two quite significant changes because our accrual reflects what we currently see today.

我想說，與兩年前相比，我們取得了相當有意義的進步。我對我們現在的狀況並不滿意。我想我會把它降低一點。我認為您看到的本季度的補償比率反映了我們對應計項目的最佳判斷，該判斷考慮了本季度發生的情況以及我們對今年剩餘時間的展望。因此，當我今天坐在這裡時，我沒有看到下一季——短期內，我將其定義為下一季或兩個季度——發生相當重大的變化，因為我們的應計反映了我們今天所看到的情況。

But we certainly are going to strive to make improvements looking beyond that. So that's on the compensation side. On the non-compensation side, as a percentage of revenues, you'll note that we made quite significant progress in this quarter, is the first point. Second is what I would say there is we do have some investments we're making. We -- if you look at our noncomps, they were up about $11 million year-over-year, and that's really attributable to two primary areas and one is the occupancy, which is up, and that's simply a reflection of our growth in our expansion.

但我們肯定會努力做出超越這一點的改進。這就是補償方面。在非薪酬方面，作為收入的百分比，您會注意到我們在本季度取得了相當大的進展，這是第一點。第二，我想說的是，我們確實正在進行一些投資。如果您看一下我們的非同業業務，您會發現它們比去年同期增加了約 1,100 萬美元，這主要歸因於兩個方面，一是入住率上升，這只是我們擴張成長的一個反映。

And so we've added office space in London. We've added office space in Paris and Dubai in Italy and in Chicago as well as consolidating some of our corporate people into one location in Manhattan. So that's what would explain that. And I think that's just a natural part of the growth. And then the other is investment in technology.

因此我們在倫敦增加了辦公空間。我們在義大利的巴黎、杜拜和芝加哥增加了辦公空間，並將部分公司員工集中到曼哈頓的一個地點。這就是可以解釋的事情。我認為這只是成長的自然組成部分。另一個是技術投資。

And we all know that we're at, I would say, historical inflection point in technology, and we're investing to make sure we take advantage of the improvements we're seeing and then hoping to realize productivity gains from that. Now one of the ways we look at our noncomps is we look at it on a per head basis because as I've said historically, the -- there's a correlation between head count growth and noncomp factoring a little bit for inflation. And if you look back to the pre-COVID year on a per head basis, our noncomps would be up about 13%. That's over six years. And so that's just a little over 2% per year, which I would attribute to inflationary pressures.

我們都知道，我們正處於技術的歷史轉折點，我們正在進行投資，以確保我們能夠利用我們所看到的改進，然後希望從中實現生產力的提高。現在，我們看待非同企業的一種方式是按人頭來看待，因為正如我過去所說的那樣，員工人數增長與非同企業之間存在一定的相關性，並略微考慮了通貨膨脹的影響。如果以人均計算回顧新冠疫情爆發之前的一年，我們的非同業拆借收入將成長約 13%。已經過去六年多了。因此，這僅略高於每年 2%，我認為這是由於通膨壓力造成的。

And so that's kind of how we think about it and where we think we're headed.

這就是我們對此的看法以及我們認為我們前進的方向。

That's great. Thank you for taking my questions.

那太棒了。感謝您回答我的問題。

James Yaro with Goldman Sachs

高盛的 James Yaro

Follow up. I just wanted to ask a little bit about the Robey Warshaw financing, if there is any. Would you consider issuing stock either of the first two tranches. Could you talk a little bit about the consideration between for the second tranche stock versus cash? And then perhaps you could talk a little bit about the performance incentives to the extent you can associated with potentially increasing the consideration?

跟進。我只是想問一下有關 Robey Warshaw 融資的問題，如果有的話。您是否考慮發行前兩批股票？能否談談第二批股票與現金的對價？然後，也許您可以稍微談談績效激勵，看看它是否可能與增加報酬有關？

Sure, James. Happy to. Now during my prepared remarks, one thing I just want to make sure it didn't go unnoticed as we did do a private notes offering where we raised $250 million in the form of two notes, one a 5-year note at 5.17%, and the second is the seven-year note at 5.47%. And so just wanted to make sure we noted that. On the Robey Warshaw transaction, you saw that our total what we call upfront consideration was in dollars, about $196 million, and is payable in two tranches, one at closing, one a year from now.

當然，詹姆斯。很開心。現在，在我準備好的發言中，有一件事我只想確保它不會被忽視，因為我們確實進行了一次私人票據發行，我們以兩種票據的形式籌集了 2.5 億美元，一種是 5 年期票據，利率為 5.17%，另一種是 7 年期票據，利率為 5.47%。所以只是想確保我們注意到了這一點。在 Robey Warshaw 交易中，您會看到我們所謂的預付對價總額以美元計算，約為 1.96 億美元，分兩筆支付，一筆在交易結束時支付，一筆在一年後支付。

And so think about it as about 49% and the one at closing about 51% at the time of the one-year anniversary. The first tranche was payable in -- or will be payable in stock. And as you know, we've been very disciplined about trying to manage our share count. And so no guarantees because we take a lot of factors into consideration, but we certainly are giving strong consideration to repurchasing shares that would be similar to the number issued in the upfront payment on this. And so in a way, you might think about it as net cash.

因此，可以認為其約為 49%，而在一周年紀念日時，其收盤價約為 51%。第一批款項將以股票支付。如您所知，我們一直非常嚴格地管理我們的股份數量。因此，我們無法做出任何保證，因為我們考慮了許多因素，但我們肯定會認真考慮回購與預付款中發行的數量相似的股票。因此，從某種程度上來說，你可以將其視為淨現金。

We love the idea of issuing shares and making sure our new colleagues are invested in the future as we all are. But I think from a shareholder standpoint, you could think about it as maybe netting out as we proceed in time and are giving strong consideration to repurchasing those shares.

我們喜歡發行股票的想法，並確保我們的新同事和我們一樣投資未來。但我認為，從股東的角度來看，隨著時間的推移，您可能會認為這可能是淨額，我們正在認真考慮回購這些股票。

And then if you look at the balance of payments too, you should think about it is it could be some combination of stock or cash. But to the extent of stock, we, again, at that point, would consider give strong consideration to repurchasing shares. So from a shareholder standpoint, over time, this should be thought of as a largely net cash transaction.

然後，如果你也看一下國際收支平衡表，你應該考慮它可能是股票或現金的某種組合。但就股票而言，我們再次認真考慮回購股票。因此，從股東的角度來看，隨著時間的推移，這應該被視為基本上是淨現金的交易。

That's the first point. Second, as you asked about any additional consideration. So of course, we noted in our press release that there is the potential for future consideration. And I think I'm very pleased with the structure of the transaction because that potential future consideration is only earned to the extent of two things. Number one, that the Robey Warshaw outperforms our base assumptions in the projections that we used and number two, in the event that significant synergies and aligned goals are achieved.

這是第一點。第二，正如您所問的，還有什麼額外的考慮嗎？因此，我們當然在新聞稿中指出，未來有可能考慮這一點。我認為我對交易的結構非常滿意，因為潛在的未來對價只能透過兩件事來獲得。第一，Robey Warshaw 的表現超越了我們所使用的預測的基本假設；第二，如果實現顯著的協同效應和一致的目標。

And if that happens, and they earn additional potential consideration that is a win-win because it also is very value accretive for our shareholders the way it's structured.

如果發生這種情況，他們會獲得額外的潛在對價，這是一個雙贏的局面，因為它的結構方式也為我們的股東帶來了巨大的價值增值。

The only thing I would like to add is that there are two actual aspects that I think are important in addition. One is that the add-on value that they can be able to generate is really something that will bind them to the firm. And so the good news is we think we're going to get them for a good long time and that's, I think, from our standpoint, very valuable. And the second is that obviously, by having something, which is kind of somewhat of an earn-out, it aligns their interests and the firm's interest. The fit between them culturally and us is extraordinary.

我唯一想補充的是，我認為還有兩個實際方面也很重要。一是他們能夠創造的附加價值確實會將他們與公司緊密聯繫在一起。因此，好消息是我們認為我們將能夠長期擁有它們，而且我認為從我們的角度來看，這是非常有價值的。第二，顯然，透過某種類似獲利的東西，他們的利益和公司的利益就一致了。他們的文化與我們非常契合。

But this kind of an arrangement will continue to carry forward the incentives that are very much aligned, and I think that's an important point.

但這種安排將繼續發揚非常一致的激勵措施，我認為這是很重要的一點。

Extremely helpful. Thank you.

非常有幫助。謝謝。

Thank you. And this concludes today's Evercore Second Quarter 2025 Earnings Conference Call. You may now disconnect.

謝謝。今天的 Evercore 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。