Evercore Inc (EVR) 2025 Q4 法說會逐字稿

Good morning, and welcome to Evercore's fourth quarter 2025 and full-year earnings conference call. Today's call is scheduled to last about one hour, including remarks by Evercore management and the question-and-answer session. (Operator Instructions)

早安，歡迎參加 Evercore 2025 年第四季及全年財報電話會議。今天的電話會議預計持續約一小時，包括 Evercore 管理層的演講和問答環節。（操作說明）

I will now turn the call over to Katy Haber, Head of Investor Relations at Evercore. Please go ahead.

現在我將把電話交給 Evercore 的投資人關係主管 Katy Haber。請繼續。

Thank you, operator. Good morning, and thank you for joining us today for Evercore's fourth quarter and full year 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 call for questions.

謝謝接線生。早安，感謝各位今天參加 Evercore 2025 年第四季及全年財務業績電話會議。我是 Katy Haber，Evercore 的投資人關係主管。今天和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，以及我們的財務長蒂姆·拉隆德。在我們發言完畢後，我們將開放提問環節。

Earlier today, we issued a press release announcing Evercore's fourth quarter and full year 2025 financial results. Our discussion of our results today is complementary to the press release, which is available on our website at evercore.com.

今天早些時候，我們發布了一份新聞稿，宣布了 Evercore 2025 年第四季和全年財務表現。我們今天對研究結果的討論是對新聞稿的補充，新聞稿可在我們的網站 evercore.com 上查閱。

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.

本次電話會議將在我們網站的「投資者關係」版塊進行網路直播，會議結束後約一小時後，會議錄影將存檔，有效期限為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.

在本次電話會議期間，我們可能會發表一些前瞻性聲明。我們所做的任何前瞻性陳述都存在各種風險和不確定性，並且存在一些重要因素可能導致實際結果與這些陳述中指出的結果有重大差異。

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.

這些因素包括但不限於 Evercore 向美國證券交易委員會提交的文件中討論的因素，包括我們的 10-K 表格年度報告、10-Q 表格季度報告和 8-K 表格當前報告。我想提醒各位，本公司不承擔更新任何前瞻性聲明的義務。

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.

在今天的演示中，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績效時是有意義的。有關這些措施和 GAAP 調節的詳細揭露，請參閱我們網站上發布的新聞稿中包含的財務資料。

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.

我們仍然認為，對 Evercore 的表現進行年度評估非常重要。正如我們之前提到的，任何特定季度的業績都會受到交易完成時間的影響。

I will now turn the call over to John.

現在我將把通話轉給約翰。

Thank you, Katy, and good morning, everyone. 2025 was a strong year for Evercore. We saw broad-based momentum across all of our businesses and ended the year with the strongest revenue performance in our history.

謝謝凱蒂，大家早安。 2025年對Evercore來說是碩果累累的一年。我們所有業務都呈現全面成長勢頭，並以公司歷史上最強勁的營收業績結束了這一年。

Firm-wide adjusted net revenue reached approximately $3.9 billion, up 29% versus the prior year and nearly 17% above our previous record in 2021. In fact, our fourth quarter represented the strongest revenue quarter in our history with nearly $1.3 billion in adjusted net revenue.

該公司整體調整後淨收入達到約 39 億美元，比上年增長 29%，比 2021 年創下的歷史最高紀錄高出近 17%。事實上，我們第四季是我們歷史上收入最高的季度，調整後淨收入接近 13 億美元。

For the year, we generated approximately $14.56 in adjusted earnings per share, continued to return a meaningful amount of capital to shareholders and improved our margin profile. Our quarterly and full year record results reflect the improving market environment, the benefits of our diversified business model and the execution of our long-term growth strategy.

本年度，我們調整後每股收益約為 14.56 美元，繼續向股東返還了大量資本，並提高了利潤率。我們的季度和全年業績均創歷史新高，反映了市場環境的改善、多元化商業模式的優勢以及長期成長策略的執行。

We're pleased with how we delivered for our clients and our shareholders in 2025, and we enter 2026 with strong momentum and optimism. Before getting into the details, I want to put our results in the context of the market environment. Industry-wide global M&A activity rebounded meaningfully last year.

我們對 2025 年為客戶和股東所取得的成績感到滿意，並以強勁的勢頭和樂觀的態度進入 2026 年。在深入探討細節之前，我想先將我們的結果放在市場環境的背景下進行分析。去年，全球產業併購活動出現顯著反彈。

Announced transactions totaled approximately $4.5 trillion, up 49% from the prior year and just 19% below record levels of 2021. Importantly, activity accelerated throughout the year. Deal volumes in the second half of 2025 were approximately 45% higher than in the first half, reflecting a clear shift in sentiment and decision-making.

已公佈的交易總額約為 4.5 兆美元，比上年增長 49%，僅比 2021 年的創紀錄水平低 19%。重要的是，全年活動都在加速進行。2025 年下半年的交易量比上半年成長了約 45%，反映出市場情緒和決策方式的明顯轉變。

That improvement was particularly evident in the large cap segment of the market, global M&A volumes for transactions greater than $5 billion were the highest ever and approximately 13% above 2021 levels. Taken together, these metrics reflect improving confidence among boards and management teams, constructive financing conditions across public and private markets and strong equity markets.

這項改善在大盤股市場中尤其明顯，全球併購交易額超過 50 億美元的交易量創歷史新高，比 2021 年的水準高出約 13%。綜合來看，這些指標反映出董事會和管理團隊信心的增強、公共和私人市場融資環境的改善以及強勁的股票市場。

Now turning to Evercore. I want to highlight a few of our key accomplishments from the year across our market position, talent investment and platform expansion. We continue to serve clients on a number of the most complex and notable transactions, acting as financial adviser on five of the 15 largest global M&A deals for the year and ranked third for sell-side transactions in the US based on dollar value.

現在轉向Evercore。我想重點介紹一下我們在過去一年中在市場地位、人才投資和平台擴張方面取得的一些主要成就。我們繼續為客戶處理許多最複雜、最引人注目的交易，擔任了當年全球 15 筆最大併購交易中 5 筆的財務顧問，並在美國賣方交易中按美元價值排名第三。

Relative to our largest global competitors, we continue to gain share. For the second year in a row, we ranked as the third largest investment bank globally in 2025 based on advisory fees across all public firms. Nearly all of our businesses posted record results, including our North America and EMEA Advisory businesses, Private Capital Advisory, Private Funds Group, our Equities business and Wealth Management.

相對於我們最大的全球競爭對手，我們的市佔率持續成長。根據所有上市公司的諮詢費排名，我們連續第二年名列2025年全球第三大投資銀行。我們幾乎所有業務都取得了創紀錄的業績，包括北美和歐洲、中東及非洲地區的顧問業務、私募資本諮詢業務、私募基金集團、股票業務和財富管理業務。

Importantly, the benefits of our diversification were increasingly evident. For the fourth quarter and full year, approximately 45% of revenues were generated from non-M&A businesses.

重要的是，我們多角化經營帶來的好處越來越明顯。第四季和全年約 45% 的收入來自非併購業務。

Turning to talent. 2025 was a year of continued investment as we build out our senior advisory bench globally. We entered 2026 with 171 investment banking senior managing directors. We hired 19 SMDs across sectors, products and geographies, representing our largest class of new lateral SMDs to date and added 11 new promotes at the beginning of 2025.

轉向人才培育。 2025年是我們持續投資的一年，我們將在全球擴充我們的高級顧問團隊。進入 2026 年，我們擁有 171 位投資銀行資深董事總經理。我們在各行業、產品和地區招募了 19 位高階管理總監，這是我們迄今為止規模最大的新橫向高階管理總監團隊，並在 2025 年初新增了 11 位晉升人員。

We are also excited to announce the recent promotion of eight investment banking SMDs globally, which is in addition to the 171 SMDs, underscoring our continued commitment to developing talent from within. In fact, 40% of our investment banking SMDs have been promoted internally, the highest percentage in our history.

我們也欣喜地宣布，近期全球有八位投資銀行高階管理總監獲得晉升，加上先前已有的 171 位高階管理總監，這凸顯了我們持續致力於內部人才培養的決心。事實上，我們投資銀行高階主管中有 40% 是從內部晉升的，這是我們歷史上最高的比例。

Our SMD base is 50% larger than it was at the end of 2021 and more than 40 SMDs are currently in a ramp mode, positioning us well for years ahead. Finally, expanding our platform across regions, sectors and products was a key area of focus for us in 2025.

我們的 SMD 基礎比 2021 年底擴大了 50%，目前有 40 多個 SMD 處於量產階段，這使我們在未來幾年處於有利地位。最後，將我們的平台擴展到各個地區、產業和產品領域是我們 2025 年的重點領域。

We completed the acquisition of Robey Warshaw, a leading UK-based advisory firm. The acquisition represents a significant next step in our EMEA expansion strategy, and the integration is progressing well. We also continue to expand our footprint across key markets in EMEA, including significant investment in France and first-time offices in Italy, the Nordics and Saudi Arabia, and we remain focused on building those out over time.

我們完成了對英國領先的顧問公司 Robey Warshaw 的收購。此次收購是我們歐洲、中東和非洲地區擴張策略的重要一步，整合工作進展順利。我們也將繼續擴大在歐洲、中東和非洲主要市場的業務版圖，包括在法國進行大量投資，並在義大利、北歐和沙烏地阿拉伯首次設立辦事處，我們將繼續專注於逐步發展這些業務。

We further strengthened our sector coverage globally, including health care, industrials and transportation, while continuing to deepen our sponsor coverage efforts. We remain focused on broadening our product capabilities, including debt advisory, securitization, private capital advisory, ECM and Ratings Advisory to name a few.

我們進一步加強了全球產業覆蓋範圍，包括醫療保健、工業和交通運輸，同時繼續深化對贊助商的覆蓋工作。我們將繼續專注於拓展產品能力，包括債務諮詢、證券化、私募資本諮詢、股權資本市場和評級諮詢等等。

Before turning to the outlook, I'll briefly highlight a few key trends across our businesses from the quarter and the year. Our M&A advisory businesses finished the year with strong momentum. In North America, our team achieved a record year and activity was broad-based across sectors, while financial sponsor engagement continued to increase and broaden.

在展望未來之前，我將簡要介紹本季和本年度我們各項業務的一些關鍵趨勢。我們的併購諮詢業務以強勁的成長勢頭結束了這一年。在北美，我們的團隊取得了創紀錄的一年，業務活動遍及各個領域，同時，金融贊助商的參與度也不斷提高和擴大。

Industry-wide financial sponsor activity for 2025 was up 43% in dollar volume and 14% in number of transactions, excluding deals below $100 million, and we are expecting continued improved activity in 2026. In EMEA, advisory activity accelerated meaningfully in the second half of the year.

2025 年，產業整體金融贊助商活動金額成長 43%，交易筆數成長 14%（不包括 1 億美元以下的交易），我們預計 2026 年活動將持續改善。在歐洲、中東和非洲地區，諮詢活動在下半年顯著加速。

Our EMEA Advisory business delivered record results in the fourth quarter and year with strength across sectors and products. In the fourth quarter, we advised on a number of significant transactions around the globe, including Warner Bros. Discovery on its $83 billion sale of Warner Bros. to Netflix and the related spin-off, which was the largest announced transaction of the year.

我們的 EMEA 諮詢業務在第四季度和全年均取得了創紀錄的業績，各行業和產品均表現強勁。第四季度，我們為全球範圍內的多項重大交易提供諮詢服務，其中包括華納兄弟。Discovery 宣布以 830 億美元將華納兄弟出售給 Netflix 以及相關的分拆，這是今年宣布的最大一筆交易。

Axalta's $25 billion merger with AkzoNobel, Cidara Therapeutics on its $9.2 billion sale to Merck and Sealed Air's $10.3 billion acquisition by CD&R. Our strategic defense and shareholder advisory group continued to be busy into year end as activist campaigns remained at elevated levels. The liability management and Restructuring group had a strong close to the year, generating its second best year for revenues and notably well above last year's performance.

Axalta 與 AkzoNobel 以 250 億美元合併，Cidara Therapeutics 以 92 億美元出售給 Merck，Sealed Air 被 CD&R 以 103 億美元收購。由於激進主義活動持續高漲，我們的策略防禦和股東諮詢小組在年底前依然非常忙碌。負債管理和重組集團在年底表現強勁，實現了公司歷史上第二好的年度收入，明顯高於去年的業績。

Activity in the quarter and year reflected a more balanced mix of liability management and traditional restructuring activity. The private capital-related businesses remained a source of strength. PCA delivered another record year with strong performance across GP-led continuation funds, LP transactions and structured capital solutions, and we advised on nearly half of industry-wide secondary volumes in 2025.

本季和本年度的業務活動反映出負債管理和傳統重組活動更加平衡的組合。與私人資本相關的企業仍然是力量的來源。PCA 又創下了新的紀錄，在 GP 主導的延續基金、LP 交易和結構化資本解決方案方面均取得了強勁的業績，我們為 2025 年近一半的行業二級市場交易量提供了諮詢服務。

The Private Funds Group also posted a record year, continuing to deepen relationships with our core client base while also expanding our reach. Equity capital markets activity continued to gain momentum into the year end, benefiting from an improving market backdrop for IPOs.

私募股權基金集團也取得了創紀錄的一年業績，在不斷加深與核心客戶群關係的同時，也擴大了業務範圍。股票資本市場活動在年底前繼續保持成長勢頭，受益於IPO市場環境的改善。

We were a bookrunner in all of our equity transactions across products, and we continue to be diversified across sectors. Our equities business delivered a record quarter and year and had nine consecutive quarters of year-over-year revenue growth.

我們擔任所有產品股權交易的簿記管理人，並且我們繼續保持跨行業的多元化經營。我們的股票業務實現了創紀錄的季度和年度業績，並連續九個季度實現了同比增長。

Finally, our Wealth Management business had a record year and reached its highest quarter end AUM of approximately $15.5 billion. As we look ahead, we believe 2025 steady build of activity will continue into 2026 and beyond. We expect many of the themes from 2025 to continue, including sustained engagement on large strategic transactions alongside a further broadening of activity across deal sizes, sectors, products and geographies.

最後，我們的財富管理業務取得了創紀錄的一年，季末資產管理規模達到約 155 億美元，創歷史新高。展望未來，我們相信2025年穩定成長的活動動能將持續到2026年及以後。我們預計 2025 年的許多主題將會延續，包括持續參與大型策略交易，以及在交易規模、產業、產品和地理方面進一步擴大業務活動。

Given the investments we've made across our platform, we believe Evercore is well positioned to serve clients across the full spectrum of the market. We start the year with strong momentum and backlogs at record levels.

鑑於我們在整個平台上的投資，我們相信 Evercore 完全有能力為整個市場範圍內的客戶提供服務。今年開年勢頭強勁，積壓訂單量也創下歷史新高。

Overall, we are constructive on the environment. At the same time, we remain mindful of the geopolitical and macroeconomic risks and note that transaction timing can be uneven. Importantly, the strategy we've been executing over the last several years continues to deliver results.

整體而言，我們對環境持建設性態度。同時，我們仍然關注地緣政治和宏觀經濟風險，並注意到交易時間可能不均衡。重要的是，我們過去幾年一直執行的策略持續取得成效。

We remain focused on delivering outstanding client service and intend to continue investing thoughtfully as new opportunities arise. We're confident in our position as we start the new year.

我們將繼續專注於提供卓越的客戶服務，並計劃在新機會出現時繼續進行審慎的投資。新年伊始，我們對自身地位充滿信心。

With that, let me turn it over to Tim.

那麼，接下來就交給提姆吧。

Thank you, John. Evercore's fourth quarter and full year results reflect strong performance across all our businesses.

謝謝你，約翰。Evercore 第四季和全年業績反映了我們所有業務的強勁表現。

For the fourth quarter of 2025, net revenues, operating income and EPS on a GAAP basis were $1.3 billion, $312 million and $4.76 per share, respectively. For the full year, net revenues, operating income and EPS on a GAAP basis were $3.9 billion, $790 million and $14.05 per share, respectively. For the full year, net revenues, operating income and EPS on a GAAP basis were $3.9 billion, $790 million and $14.05 per share, respectively.

2025 年第四季度，以美國通用會計準則計算，淨收入、營業收入和每股盈餘分別為 13 億美元、3.12 億美元和 4.76 美元。全年淨收入、營業收入和以美國通用會計準則計算的每股收益分別為 39 億美元、7.9 億美元和 14.05 美元。全年淨收入、營業收入和以美國通用會計準則計算的每股收益分別為 39 億美元、7.9 億美元和 14.05 美元。

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.

接下來我將重點放在非GAAP指標，我們認為這些指標在評估我們的績效時很有用。我們的標準 GAAP 報告以及 GAAP 與調整後結果的調整表可以在我們網站上的新聞稿中找到。

Our fourth quarter adjusted net revenues of $1.3 billion increased 32% versus the fourth quarter of 2024, our best quarter to date. On a full year basis, adjusted net revenues of $3.9 billion increased 29% compared to last year and represent our strongest year on record.

我們在第四季調整後淨收入為 13 億美元，比 2024 年第四季成長 32%，是我們迄今為止業績最好的一個季度。全年調整後淨收入為 39 億美元，較上年成長 29%，創歷史新高。

Fourth quarter adjusted operating income of $337 million increased 55% versus the fourth quarter of 2024. Adjusted earnings per share of $5.13 increased 50% versus the prior year period. For the full year, adjusted operating income of $839 million increased 50% and adjusted earnings per share of $14.56 increased 55% versus the full year 2024.

第四季調整後營業收入為 3.37 億美元，比 2024 年第四季成長 55%。調整後的每股收益為 5.13 美元，比上年同期增長 50%。全年調整後營業收入為 8.39 億美元，較 2024 年全年增長 50%；調整後每股收益為 14.56 美元，較 2024 年全年增長 55%。

Our adjusted operating margin in the fourth quarter was 26%, an improvement of 380 basis points versus the prior year period. For the full year, our adjusted operating margin was 21.6%, up 300 basis points from the full year 2024.

我們第四季的調整後營業利潤率為 26%，比上年同期提高了 380 個基點。全年調整後的營業利潤率為 21.6%，比 2024 年全年增長 300 個基點。

Turning to the businesses. Fourth quarter adjusted advisory fees of over $1.1 billion increased 33% year over year and represents a record quarter. Adjusted advisory fees were $3.3 billion for the full year, up 34% compared to 2024 and 19% above our prior record in 2021. Our advisory results for the quarter and year reflect strong client activity levels and momentum that built throughout the year.

接下來談談企業。第四季調整後諮詢費超過 11 億美元，年增 33%，創歷史新高。經調整後的全年諮詢費為 33 億美元，比 2024 年增長 34%，比 2021 年的先前紀錄增長 19%。本季和年度的諮詢業績反映了強勁的客戶活躍度和全年不斷增長的勢頭。

Our fourth quarter adjusted underwriting fees were $49 million, up 87% from a year ago. For the full year, adjusted underwriting revenues were $180 million, up 14% versus last year, reflecting improved market conditions.

我們在第四季調整後的承保費用為 4,900 萬美元，比去年同期成長 87%。全年調整後的核保收入為 1.8 億美元，比上年增長 14%，反映出市場狀況的改善。

Commissions and related revenue of $66 million in the fourth quarter was up 15% year over year. For the full year, commissions and related revenue of $243 million was up 13% compared to 2024. Both the quarter and the year represented record results.

第四季佣金及相關收入為 6,600 萬美元，年增 15%。全年佣金及相關收入為 2.43 億美元，較 2024 年成長 13%。本季和本年度均創下歷史新高。

Fourth quarter adjusted asset management and administration fees were $24 million, up 10% versus the fourth quarter of last year. For the full year, adjusted asset management and administration were $91 million, up 8% versus 2024.

第四季調整後的資產管理和行政費用為 2,400 萬美元，比去年第四季成長 10%。全年調整後的資產管理和行政費用為 9,100 萬美元，比 2024 年成長 8%。

Fourth quarter adjusted other revenue net was approximately $30 million, which compares to $24 million a year ago. For the full year, adjusted other revenue net was $103 million compared to $105 million last year. Approximately 25% of the other revenue in 2025 was a gain on our DCCP hedge with the remainder predominantly from interest income.

第四季調整後其他收入淨額約為 3,000 萬美元，而去年同期為 2,400 萬美元。全年調整後其他淨收入額為 1.03 億美元，去年為 1.05 億美元。2025 年其他收入中約有 25% 來自我們的 DCCP 對沖收益，其餘則主要來自利息收入。

Turning to expenses. The adjusted compensation ratio for the fourth quarter was 62%, down 320 basis points from last year's fourth quarter. Our full year adjusted compensation ratio was 64.2%, down 150 basis points from 2024 and down 340 basis points over the past two years.

接下來談談費用。第四季調整後的薪資比率為 62%，比去年第四季下降了 320 個基點。我們全年調整後的薪資比率為 64.2%，比 2024 年下降 150 個基點，比過去兩年下降 340 個基點。

Our increased revenue and the reduction in our full year comp ratio reflect the benefits of a strengthening in the investment banking environment, an increase in our market share, partially offset by our significant investment in talent, including our largest ever addition of external SMDs.

我們收入的成長和全年薪酬比率的下降反映了投資銀行環境的改善和市場份額的增加所帶來的好處，但部分被我們對人才的大量投資所抵消，其中包括我們有史以來規模最大的外部高級管理人才招聘。

We are continuing to strive for additional gradual improvement in our comp ratio, balancing that with investment in our business and execution on our strategic growth plan. As I have said on past calls, our goals are to deliver excellence to our clients and to create value for our shareholders over the medium to longer term.

我們將繼續努力逐步提高薪酬比率，同時兼顧業務投資和策略成長計畫的執行。正如我過去在電話會議中所說，我們的目標是為客戶提供卓越的服務，並在中長期為股東創造價值。

The latter is accomplished by investing in and building our business and managing our expenses in a way that maximizes the present value of our future earnings and cash flows. Adjusted noncomp expenses in the fourth quarter and full year were $156 million and $552 million, up 26% and 17%, respectively.

後者是透過投資和發展我們的業務以及管理我們的支出來實現的，從而最大限度地提高我們未來收益和現金流的現值。第四季和全年調整後的非併購支出分別為 1.56 億美元和 5.52 億美元，分別成長 26% 和 17%。

The noncomp ratio for the full year was 14.2%, down 150 basis points from 2024, driven by stronger revenues. For the quarter, the non-comp ratio was 12%. The 17% increase in our full year non-comp expenses was in line with the increase we saw in 2024.

全年非競爭性支出比率為 14.2%，較 2024 年下降 150 個基點，主要得益於收入成長。本季非競爭性支出比率為 12%。我們全年非補償性支出成長了 17%，與 2024 年的成長幅度一致。

The year-over-year increase reflects continued investment in the firm's technology infrastructure and increase in client-related expenses, particularly as deal activity accelerated throughout the year. The increase also reflects higher rent and occupancy costs associated with office expansion, including additional floors in and renovation costs related to our New York offices and additional occupancy costs related to our new leases in Paris, London and Dubai.

與去年相比，成長反映了公司對技術基礎設施的持續投資以及客戶相關支出的增加，尤其是在全年交易活動加速的情況下。此次成長也反映了與辦公室擴張相關的更高租金和占用成本，包括紐約辦公室的額外樓層和翻新成本，以及我們在巴黎、倫敦和杜拜新租約相關的額外佔用成本。

Client-related travel and entertainment spend also increased in the year as deal activity picked up. As we grow and continue to diversify our revenue streams, both geographically and with respect to lines of business, we must continue to invest in talent, technology and infrastructure.

隨著交易活動的增加，與客戶相關的差旅和招待支出也在年內成長。隨著我們不斷發展壯大，並在地域和業務領域上持續實現收入來源多元化，我們必須繼續投資於人才、技術和基礎設施。

We have discussed in some depth over the years our investment in talent. Some of our investment, such as in occupancy-related areas, is required to support our growth in the US and EMEA. And at the time of investment, we must obtain enough capacity to provide for planned future growth.

多年來，我們對人才投資進行了深入探討。我們的一些投資，例如在與入住率相關的領域，是為了支持我們在美國和歐洲、中東及非洲地區的成長。在投資時，我們必須獲得足夠的產能，以滿足未來計劃的成長。

Part of our non-comp expense is for information services, for which the costs increase at a rate faster than the rate of inflation. In addition, as is broadly known, there are significant improvements in the rapidly evolving technology landscape, and we must make investments and incur costs today that we believe will provide benefits in the medium term.

我們非競爭性支出的一部分用於資訊服務，而資訊服務的成本增長速度超過了通貨膨脹率。此外，眾所周知，快速發展的技術格局正在發生重大變化，我們必須進行投資並承擔成本，因為我們相信這些投資和成本將在中期內帶來收益。

In the past, we have discussed noncomp growth drivers such as headcount growth, inflation and some upward pressure beyond that related to the items I have just discussed, and they will continue to influence non-comp costs in the near term.

過去，我們討論過非補償性成本成長的驅動因素，例如員工人數成長、通貨膨脹以及一些超出我剛才討論的專案範圍的上行壓力，這些因素在短期內將繼續影響非補償性成本。

As a reminder, the non-comp expense line consists of a mix of fixed and variable expenses, of which a significant portion would be considered variable and will fluctuate with transaction activity and headcount, both in our businesses and in our corporate area to execute on our increased transaction activity and growth initiatives.

提醒一下，非補償性支出項目包括固定支出和可變支出，其中很大一部分屬於可變支出，會隨著我們業務部門和公司總部的交易活動和人員規模而波動，以執行我們不斷增長的交易活動和增長計劃。

Nonetheless, as you can see from the improvement in both our full year comp and non-comp ratios, we demonstrated leverage in 2025. We maintain a disciplined focus on our expenses, balancing that with investment in order to execute our strategic plan. Our adjusted tax rate for the quarter was 29.4%, up from the fourth quarter of last year.

不過，正如您從我們全年薪資和非薪資比率的改善中看到的那樣，我們在 2025 年展現了槓桿效應。我們嚴格控制支出，並在支出和投資之間取得平衡，以執行我們的策略計劃。本季調整後的稅率為 29.4%，高於去年第四季。

Our full year adjusted tax rate was 19.8%, down from 21.8% in 2024. The full year adjusted tax rate was significantly impacted by, among other things, the appreciation of the firm's share price upon vesting of RSU grants above the original grant price, generating a benefit which was larger than the prior year's tax benefit.

我們全年的調整後稅率為 19.8%，低於 2024 年的 21.8%。全年調整後的稅率受到許多因素的顯著影響，其中包括：限制性股票單位授予後，公司股價上漲，漲幅高於原始授予價格，由此產生的收益大於上一年的稅收優惠。

As a reminder, the majority of this impact typically occurs in the first quarter. Turning to our balance sheet. As of December 31, our cash and investment securities totaled $3 billion. In 2025, we returned the second largest amount of capital in the firm's history, totaling $812 million. This included approximately $151 million through dividends and $661 million through the repurchase of 2.4 million shares at an average price of $275.42.

需要提醒的是，這種影響的大部分通常發生在第一季。接下來來看看我們的資產負債表。截至12月31日，我們的現金和投資證券總額為30億美元。2025 年，我們返還了公司歷史上第二大筆資本，總計 8.12 億美元。這其中包括透過股息支付的約 1.51 億美元，以及以平均每股 275.42 美元的價格回購 240 萬股股票而獲得的 6.61 億美元。

Our fourth quarter adjusted diluted share count was approximately 45 million shares, modestly higher than the third quarter. For the full year, our weighted average share count ended at 44.4 million shares, approximately 225,000 shares higher versus the year prior. We remain committed to repurchasing shares to offset dilution from our year-end RSU bonus grants.

我們第四季經調整後的稀釋股份數量約為 4500 萬股，略高於第三季。全年加權平均股數為 4,440 萬股，較上年同期增加約 22.5 萬股。我們仍致力於回購股票，以抵銷年末限制性股票單位獎金授予造成的股權稀釋。

And for the fifth year in a row, we have repurchased a number of shares greater than that, and we expect to do so again in 2026. We also repurchased shares sufficient to cover the number expected to be issued in both 2025 and 2026 in relation to the Robey Warshaw acquisition.

我們連續第五年回購了超過這個數量的股票，預計2026年也將再次這樣做。我們也回購了足夠的股份，以彌補預計在 2025 年和 2026 年因收購 Robey Warshaw 而發行的股份數量。

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.

我們繼續保持強勁的現金狀況，並考慮到監管要求、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。

We are pleased with our performance in 2025. And as John mentioned, we began the year with strong momentum in all of our businesses. We believe we are well positioned for 2026 and are approaching this year with optimism.

我們對2025年的表現感到滿意。正如約翰所提到的那樣，我們今年的所有業務都取得了強勁的開局。我們相信我們已經為 2026 年做好了充分準備，並且對今年充滿樂觀。

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

接下來，我們將開放提問通道。

(Operator Instructions) James Yaro, Goldman Sachs.

（操作說明）詹姆斯·亞羅，高盛。

This is Songqing Jiang, step in for James. 2025 was a heavily mega cap M&A-driven market. So could you help us think through the outlook for the large deals to continue or even accelerate from here?

我是宋慶江，代替詹姆斯發言。 2025年是一個由大型併購交易驅動的市場。那麼，您能否幫助我們分析一下大型交易的前景，看看它們是否會繼續甚至加速發展？

Thank you very much for the question. We think that we will continue to have a healthy environment. All of the things that have really existed to fuel the merger recovery still exists, whether it's business prospects for many of the large companies, the strategy outreach from the companies, access to capital and in many respects, a relatively benign environment with respect to the regulatory side.

非常感謝您的提問。我們認為我們將繼續擁有一個健康的環境。推動併購復甦的所有因素依然存在，無論是許多大公司的業務前景、公司的策略拓展、獲得資本的管道，以及在許多方面相對寬鬆的監管環境。

We are in -- our backlogs are very strong, but those backlogs really incorporate both large cap and mid-cap and small cap really at all sizes. We are very optimistic about this year. We continue to believe that it's going to be a constant and steady build. And we think that the -- if our backlog is any indication, we are going to see a continuation of large-cap deals as well as deals really of all shapes and sizes.

我們已經進入市場——我們的訂單積壓非常充足，但這些訂單實際上涵蓋了大盤股、中盤股和小型股，各種規模的公司都有。我們對今年充滿信心。我們仍然相信這將是一個持續且穩定發展的過程。我們認為——如果我們的積壓訂單可以作為參考的話——我們將看到大型交易的持續進行，以及各種類型和規模的交易。

Mike Brown, UBS.

麥克布朗，瑞銀集團。

So in 2025, we had a bit of a Goldilocks environment with the strong performance from restructuring and also M&A. As we look to 2026, can both continue to remain elevated here? Can restructuring revenue actually grow in 2026 versus 2025? And if the restructuring market itself stays somewhat flat, how much additional share do you think you can get in liability management and restructuring?

因此，在 2025 年，我們迎來了一個恰到好處的環境，重組和併購都帶來了強勁的業績。展望2026年，這兩項指標能否持續維持高位？2026 年重組收入真的會比 2025 年成長嗎？如果重組市場本身保持平穩，您認為在負債管理和重組方面還能獲得多少額外份額？

We think that the environment where restructuring and M&A coexist, both strong, is highly likely to persist. Our backlogs in each of those areas are high and really in most respects, record levels. We think that with respect to restructuring, our backlog is very diversified. So we're looking at whether liability management, we're looking at restructurings, we're looking at bankruptcies.

我們認為，重組和併購並存且兩者都十分強勁的環境很可能會持續下去。我們在這些領域的積壓工作量都很高，而且在大多數方面都達到了歷史最高水準。我們認為，就重組而言，我們的積壓項目非常多樣化。所以我們正在研究負債管理、重整和破產等問題。

All of those things are quite full in our backlogs, and we think that those will continue. And really, we feel very good about the restructuring environment for our business. On the M&A side, it's the same. And we have very strong backlogs. We have real activity.

所有這些事項都已排滿了我們的待辦事項清單，我們認為這種情況還會持續下去。事實上，我們對公司目前的重組環境感到非常滿意。併購方面的情況也一樣。我們積壓的訂單非常多。我們有實際的活動。

We are in very serious and strong dialogues with corporations and management teams, and also boards. And we think that this is going to persist. So the answer to your question is we believe that both will coexist and both really will be quite strong if our backlogs and our activity levels are any indication.

我們正在與企業、管理團隊以及董事會進行非常認真和深入的對話。我們認為這種情況還會持續下去。所以，對於您的問題，我們的回答是，我們相信兩者將會共存，而且如果我們的積壓訂單和業務活動水平能夠說明什麼的話，那就是兩者都會非常強大。

In terms of market share, I think that we, I think, are continuing to pick up market share in liability management and restructuring. We feel really good about how we're covering clients. And really, the new activity coming in is very diversified. So we feel really good about really where we stand.

就市場佔有率而言，我認為我們在負債管理和重組領域正在繼續擴大市場份額。我們對目前的客戶服務狀況感到非常滿意。事實上，新出現的活動種類非常豐富。所以我們對目前的處境感到非常滿意。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

So Tim, you talked a little bit about investing making hay when the sun is shining on the tech side, which makes a lot of sense. Could you help us maybe understand -- is that going to be calibrated to revenue, right?

提姆，你剛才談到了在科技股一片繁榮時期進行投資的重要性，這很有道理。您能否幫我們理解一下——這是否會與收入掛鉤，對嗎？

So you almost start to think about the non-comp ratio, not -- obviously, it's not going to be the same as the comp ratio inherently, but maybe think about the growth rate with an eye to that and then maybe help us think about guardrails about how you manage it?

所以你幾乎開始考慮非薪酬比率，當然，它本質上不會與薪酬比率相同，但也許可以考慮一下增長率，並著眼於此，然後也許可以幫助我們思考如何管理它？

And also, are there any particular businesses that are tech heavy? I know like the PCA business is a very data-driven business. So any color on that would be great.

另外，有哪些企業是技術密集型企業？我知道PCA產業是一個非常注重數據的產業。所以任何顏色都行。

Yes. Sure, Brennan. Thanks for the question. Look, I think the way to think about it is we feel like we've made significant strides with respect to growing the business and diversifying the business, both with respect to lines of business and geographically. And in order to build a first-rate corporation and then a foundation upon which to continue that growth, we do need to invest in our infrastructure and part of that is technology.

是的。當然可以，布倫南。謝謝你的提問。我認為，看待這個問題的方式是，我們感覺在業務成長和業務多元化方面，無論是在業務線還是地域方面，我們都取得了顯著的進步。為了打造一流的企業，並為持續發展奠定基礎，我們需要投資基礎設施，而科技正是其中的一部分。

And we -- I mentioned in my comments about how there's a a rapidly evolving landscape. And I don't need to go into that because it's well covered in the news. But I think that you've seen a pickup probably in the investment in our non-comp over the last couple of years.

而且——我在評論中提到過，目前的情況瞬息萬變。我無需贅述，因為新聞報導已經很詳細了。但我認為，在過去幾年裡，您可能已經看到我們對非競爭性投資的增加。

And so the increase in '24 was 16%, increase in '25 was 17%. And I think in order to support the growth and the diversity and the technology initiatives and so on, I wouldn't be surprised to see something somewhat similar as we head into '26. I would note, though, I think that the good news is the growth in the non-comps is less than the growth in our revenues.

因此，2024 年的成長率為 16%，2025 年的成長率為 17%。我認為，為了支持成長、多樣性和技術舉措等等，到 2026 年，如果出現類似情況，我不會感到驚訝。不過，我想指出的是，我認為好消息是，非併購業務的成長低於我們收入的成長。

And so the corresponding revenue growth rates over those last two years were 23%, 29% -- and hence, we have made pretty significant progress on the non-comp ratio, bringing it down from 16.6% two years ago to 15.7% last year and 14.2% this year. And so I think we're going to continue to invest in our infrastructure and -- but we're pleased with the fact that we're able to make some progress on the noncomp ratio.

因此，過去兩年的相應收入成長率分別為 23% 和 29%——因此，我們在非併購比率方面取得了相當大的進展，從兩年前的 16.6% 降至去年的 15.7%，今年降至 14.2%。因此，我認為我們將繼續投資於我們的基礎設施，而且——但我們很高興能夠在非補償比率方面取得一些進展。

Sure. But the businesses that drive the noncomp, any color on that -- sorry?

當然。但是，對於造成非競爭性損失的企業，您有什麼看法嗎？抱歉。

Yes. I would say that it's -- yes, PCA is certainly one, but we're also for our standard and traditional M&A and restructuring businesses, we're using it in equities. It's really -- and frankly, in corporate as well as we seek to drive efficiencies in the corporate side of our business. And so it's really, I would say, comprehensive.

是的。我會說——是的，PCA 當然是其中之一，但我們也將其用於我們標準的、傳統的併購和重組業務，以及股票交易中。確實如此——坦白說，在公司層面也是如此，因為我們都在努力提高公司業務的效率。所以我覺得它真的很全面。

And then aside from the technology, as we expand, and I am pleased with the progress we've made in our geographic expansion, particularly in Europe. And that, of course, leads to both in Europe and in the US, increased occupancy costs as well, which are part of the underlying growth you're seeing in the non-comp expense.

除了技術方面，隨著我們的擴張，我對我們在地域擴張方面的進展感到滿意，尤其是在歐洲。當然，這會導致歐洲和美國的入住成本增加，這也是非補償性支出成長的根本原因之一。

And well done on the comp ratio, by the way.

順便說一句，你的補償比例做得很好。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

Question just on the broader outlook. Obviously, a lot of, I think, enthusiasm in there just around the momentum into 2026. And I think we can see a lot of that even from the outside in terms of M&A backlogs and just where the types of deals that Evercore is currently involved in. So great to see that.

僅就更宏觀的角度來看這個問題。顯然，我認為，大家對2026年的勢頭都充滿熱情。我認為即使從外部來看，我們也可以從併購積壓情況以及 Evercore 目前參與的交易類型中看到很多這一點。看到這個真是太好了。

And then you hit on some of the momentum you're still seeing in restructuring. It would be great if you could just hit on some of the other non-M&A businesses, whether that's private capital or capital markets advisory and just where all these stack together. So I think people are trying to put it all together, the non-M&A businesses have clearly grown in a bigger contribution -- you've got this M&A business that's on fire right now.

然後，你會發現重組領域仍然存在一些發展勢頭。如果您能探討其他非併購業務，無論是私募資本還是資本市場諮詢，以及所有這些業務是如何相互關聯的，那就太好了。所以我覺得大家都在努力把所有因素綜合起來，非併購業務的貢獻顯然已經成長得更大——而現在併購業務卻異常火爆。

Where are these other businesses in that mix in terms of like growth expectations over the next 12 to 18 months? Can they keep up at a similar pace? Or are they ballast in the market? Maybe M&A grows faster, but these other businesses can provide a little bit more stability. Just good to get some directional color there.

未來 12 至 18 個月內，其他這些企業的成長預期如何？他們能保持類似的速度嗎？還是它們是市場上的累贅？併購或許成長更快，但其他業務可以提供更多穩定性。在那裡增添一些方向性色彩挺好的。

Sure, Devin. We really continue to see strength throughout our system. I think as we said, virtually all of our businesses are at or very close to record levels. In terms of the businesses which you specifically highlighted, private capital advisory, let me start with that.

當然可以，德文。我們整個系統都持續保持強勁勢頭。我認為正如我們所說，我們幾乎所有業務都已達到或非常接近歷史最高水平。關於您特別提到的企業，例如私募資本諮詢，我就先從這方面談起。

PCA had a record year this year. PFG, which is our -- as you know, is our fundraising business, they had a record year. Our debt advisory/private capital markets businesses, which really were new two years ago or three years ago, have actually performed at a very high level and are setting records also.

PCA今年取得了創紀錄的成績。PFG，也就是我們——如您所知，是我們的籌款業務，他們今年的業績創下了紀錄。我們的債務諮詢/私募資本市場業務，實際上是在兩三年前才成立的，但實際上已經取得了非常高的成就，並且還在不斷創造紀錄。

Our real estate advisory businesses have really picked up dramatically. So across the board, we're seeing momentum to our businesses. So in terms of the breakout between M&A and other businesses, it's actually still continuing to be very high.

我們的房地產諮詢業務確實有了顯著成長。因此，我們看到各業務都呈現出成長動能。因此，就併購與其他業務之間的差距而言，實際上仍然非常高。

Even when M&A running as hot as it is, we still have 45% of our businesses are non-M&A. And I think that's going to persist no matter really how strong M&A gets. Now obviously, if M&A really hits the tsunami, that may be hard to pick up -- keep track -- to keep on top of that because the M&A business, as you know, has great leverage in our system.

即使併購活動如此火爆，我們仍有 45% 的業務與併購無關。我認為無論併購活動變得多麼強勁，這種情況都會持續下去。顯然，如果併購真的像海嘯一樣席捲而來，可能很難掌握——很難跟踪——很難掌控局面，因為正如你所知，併購業務在我們的系統中具有巨大的影響力。

But I think really, what you're seeing is a real diversification. We've worked really hard to diversify. We've built out these very, very strong businesses, and we continue to see that. On the PCA side, which had, as I said, had a record year, they had a very high market share this year. I think it was over 45%.

但我認為，你現在看到的其實是一種真正的多元化。我們為多元化經營付出了很多努力。我們已經建立起這些非常非常強大的業務，而且我們繼續看到這一點。正如我所說，PCA方面今年取得了創紀錄的成績，市佔率非常高。我認為超過了45%。

They continue to be looking at a very diversified product set, whether that is LP-based or the GP-based businesses. As you know, the GP is a continuation fund business, which has actually really been on fire. But we have significant new products in that business also.

他們繼續專注於非常多元化的產品組合，無論是基於有限合夥人（LP）的業務還是基於普通合夥人（GP）的業務。如您所知，GP 是一家延續基金公司，而這家公司目前發展勢頭非常強勁。但我們在該業務領域也有重要的新產品。

So I think really what we've -- what we're really building and working hard to do is to keep our very strong businesses and performing at the highest level, but also making sure that we are investing in the diversification, which we have promised shareholders that we will do. And I think so far, we're working hard and it's going quite well.

所以我認為我們真正正在努力打造的，是保持我們實力雄厚的業務並使其保持最高水平的業績，同時也要確保我們投資於多元化，這是我們向股東承諾過的。我認為到目前為止，我們工作很努力，而且進展相當順利。

Daniel Cocchiara, Bank of America.

丹尼爾‧科基亞拉，美國銀行。

Given the sell-off in software yesterday and as well as your stock's reaction, there seems to be some fears just about the potential impact AI may have on advisory businesses in 2026. I was wondering if you could talk to us about the potential disruption risks AI may pose to your pipelines? And if you can provide any color on sector exposures in your backlogs, both on the public and private side, that would be very helpful.

鑑於昨天軟體股的拋售以及貴公司股票的反應，似乎有人擔心人工智慧在 2026 年可能對諮詢業務的潛在影響。我想請您談談人工智慧可能對您的管道系統造成的潛在幹擾風險？如果您能提供一些關於您待處理專案中涉及的行業風險敞口的信息，包括公共和私營部門方面，那將非常有幫助。

Sure. Obviously, we've taken a strong look at that, certainly, especially over the last 24 hours. And honestly, we have -- in our backlogs and really our business activities, we are very diversified. There is no question that AI is influencing the world. As we look at our business in the near and medium term, we really don't see disruption.

當然。顯然，我們已經對此進行了深入研究，尤其是在過去24小時內。說實話，無論是我們的積壓訂單還是實際的業務活動，我們都非常多元化。人工智慧正在影響世界，這一點毋庸置疑。從近期和中期來看，我們公司的業務確實不會受到干擾。

Now obviously, the markets could be significantly seeing further disruption. And I think it would be unrealistic to say if the markets got very disruptive that it wouldn't impact our business. Certainly, it can.

顯然，市場可能會出現進一步的重大動盪。我認為，如果市場出現劇烈波動，卻說不會對我們的業務產生影響，這是不切實際的。當然可以。

But right now, we look at what we're working on, our backlogs, really what we're seeing, as I said, near term and medium term. And given our diversification really along products, geographies and sectors, we actually feel quite good about where we stand and really the stability of our business.

但現在，我們關注的是我們正在做的事情、我們的積壓工作，以及正如我所說，我們所看到的近期和中期情況。鑑於我們在產品、地理和產業方面的多元化，我們對自身所處的地位和業務的穩定性感到非常滿意。

(Operator Instructions) Alex Bond, KBW.

（操作員說明）Alex Bond，KBW。

I have a question on the expectations for ECM in 2026. So the IPO sentiment continues to improve and seems like there could be a strong lineup of large deals coming to market sometime in the near future. Can you just give us an update on your backlog here and maybe high-level outlook for the year?

我有一個關於2026年ECM預期發展的問題。因此，IPO市場情緒持續好轉，看來在不久的將來可能會有一批大型IPO專案上市。能否簡單介紹一下您目前的積壓工作情況，以及今年的整體展望？

And then also on the equities front, if this environment that we're in now in terms of heightened volatility becomes more entrenched or persists, can you just help us think about maybe what the right -- or what the revenue potential is for that area of the business?

另外，在股票方面，如果我們目前所處的這種波動性加劇的環境變得更加根深蒂固或持續下去，您能否幫助我們思考一下，對於該業務領域而言，合適的——或者說收入潛力是什麼？

Sure. In terms of our backlog, our backlogs are good and they're building. We really saw a really healthy build through the fourth quarter, and I think that has just continued. We will absolutely be involved in what I think is a very healthy IPO business going forward here.

當然。就我們的待辦事項而言，我們的待辦事項情況良好，而且還在增加。我們在第四節看到了球隊非常健康的進步，我認為這種勢頭一直延續了下來。我們一定會積極參與我認為非常健康的IPO業務。

And I think we're feeling quite good about really our activity levels. As you know, we've really diversified. We're not just in health care, but we're looking -- we are very involved in many different sectors now, and we've really spent a lot of time and effort building out our capabilities in those areas.

而且我覺得我們對目前的活動量相當滿意。如您所知，我們已經實現了多元化經營。我們不僅涉足醫療保健領域，而且我們還在關注其他領域——我們現在積極參與許多不同的行業，並且我們確實投入了大量的時間和精力來提升我們在這些領域的能力。

And I think also really with respect to our activity levels, having strong research with ISI really has helped us to stay involved in thinking about a lot of different sectors. The bottom line is that I think the equity capital markets business is actually healthy and growing. We expect that it's going to continue along the lines of where it was in the fourth quarter and strengthening from there. So we're feeling quite good about that.

而且我認為，就我們的業務活動水平而言，與 ISI 進行的強大研究確實幫助我們持續參與思考許多不同的領域。總而言之，我認為股票資本市場業務實際上發展良好且不斷成長。我們預計它將繼續保持第四季度的勢頭，並在此基礎上進一步增強。所以我們對此感覺相當不錯。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券。

Tim, I guess I'll ask the question that you probably don't want to answer, but you highlighted, I think, over the last two years, comp ratio improvement of 340 basis points. Is that your definition of gradual and a decent way to think about the next couple of years, assuming the environment continues to improve as we expect? Just any help on how you're thinking about the evolution of the comp ratio from here?

提姆，我想我會問一個你可能不想回答的問題，但你強調了過去兩年薪資比率提高了 340 個基點。你認為「漸進」的定義是這樣的嗎？假設環境如我們預期般持續改善，這是否是思考未來幾年的合理方式？您能否就接下來構築比例的演變提出一些建議？

Yes. Jim, sure, happy to share some thoughts. And yes, as you mentioned, we have made some progress these last couple of years, 340 basis points over the last two years as we came down from 67.6% to 65.7% and now 64.2% this year. And look, and I don't want to make this answer sound too much like a disclaimer, but there are really a lot of things that go into determining the comp ratio, and it has to do with absolute revenues, revenue growth, market comp and competitive environment, number of SMBs and non-SMBs hiring.

是的。吉姆，當然，我很樂意分享一些想法。是的，正如您所提到的，過去幾年我們取得了一些進展，過去兩年下降了 340 個基點，從 67.6% 降至 65.7%，而今年已降至 64.2%。你看，我不想讓我的回答聽起來像是在免責聲明，但實際上有很多因素會影響薪酬比率的確定，它與絕對收入、收入增長、市場競爭和競爭環境、中小企業和非中小企業招聘數量等都有關係。

So there's an awful lot of things that go into that. And what I'd say is we're striving to make continued progress. Now whether we can continue to decrease it every year at the same pace and magnitude that you've seen over the last couple of years might be a bit challenging, but we're striving to make continued improvement as we head into '26.

所以這裡面牽涉到很多因素。我想說的是，我們正在努力取得持續進步。現在，我們能否像過去幾年一樣，每年都以同樣的速度和幅度繼續降低它，可能有點挑戰性，但我們正在努力在進入 2026 年之際不斷改進。

Brendan O'Brien, Wolfe Research.

Brendan O'Brien，Wolfe Research。

I guess I just wanted to ask on the sponsor backdrop and specifically just how you'd characterize the conversations that you're having with your sponsor clients at the moment and whether there's been any notable shift in the tenor of those discussions and how we should be thinking about the trajectory of sponsor activity throughout the remainder of this year?

我想問的是贊助商方面的背景，特別是您目前與贊助商客戶的對話內容，以及這些討論的基調是否發生了任何明顯的轉變，以及我們應該如何看待今年剩餘時間裡贊助商活動的走向？

Thanks for the question. As you have seen, we've had a very interesting set of circumstances with sponsors. We have a lot of dry powder. We have LPs that really want liquidity. and we have markets that seem to be recovering.

謝謝你的提問。正如你所看到的，我們在贊助商方面遇到了一系列非常有趣的情況。我們有很多乾粉。我們有非常需要流動性的有限合夥人，而且市場似乎正在復甦。

And in many respects, the sponsor business has really started to gain momentum in terms of that activity level on the M&A side with size being a dictator, the bigger, the more active you're seeing in the market. I think what we're seeing on the M&A side that the market is starting to really start to diversify some and that some of the middle market assets or even the B assets are becoming more liquid.

在許多方面，贊助商業務在併購方面的活躍度確實開始上升，規模決定一切，規模越大，在市場上就越活躍。我認為我們在併購方面看到的是，市場開始真正走向多元化，一些中端市場資產甚至B級資產的流動性正在增強。

And we're seeing, in some respects, a capitulation where sponsors are trying to really look carefully at their portfolios and start to move things out because they really want to create more movement. And so I think there will be a growing momentum in the sponsor business.

在某些方面，我們看到了一種妥協，贊助商們正在努力仔細審視他們的投資組合，並開始轉移投資項目，因為他們真的想創造更多收益。因此，我認為贊助業務將會蓬勃發展。

Obviously, the big highest quality assets will continue. And then I think you're going to see assets throughout really the spectrum. Now one of the very important things in terms of sponsor activity for us is, as we've said, we have a very strong set of businesses which service sponsors, whether it's PCA or PFG or LP stake sales. And those businesses are very healthy.

顯然，優質大型資產將持續存在。然後我認為你會看到涵蓋各個領域的資產。就贊助商活動而言，對我們來說非常重要的一點是，正如我們所說，我們擁有一系列非常強大的業務來服務贊助商，無論是 PCA、PFG 還是 LP 股份銷售。這些企業經營狀況都非常好。

The dialogues are very strong. We're seeing that activity level continue. And so from that perspective, the sponsor business for us continues to build. As we've articulated in many calls before this, one of the things that we're spending a lot of time focusing on is how do we bring together all of the strengths of our businesses, the M&A side and the coverage side of the sponsors themselves, the PCA business and how we really interact with GPs on that business.

對話非常精彩。我們看到這種活躍度仍在持續。因此從這個角度來看，我們的贊助業務仍在不斷發展壯大。正如我們之前在多次電話會議中闡述的那樣，我們正在花費大量時間關注的一件事是如何將我們所有業務的優勢結合起來，包括併購方面、發起人自身的覆蓋範圍、PCA 業務以及我們如何與 GP 就該業務進行真正的互動。

The fundraising business with PFG and really how we think about advising the senior people in these businesses about liquidity. And I think we're making a lot of progress on that, and we're feeling momentum there. So I'm hoping that, that will lead to even more dialogue activity and opportunities for us to serve this very important client base.

PFG 的籌資業務，以及我們如何思考為這些企業的高階主管提供流動性方面的建議。我認為我們在這方面取得了很大進展，並且感受到了這方面的勢頭。所以我希望，這將促成更多的對話活動，並為我們服務這個非常重要的客戶群創造更多機會。

Nathan Stein, Deutsche Bank.

內森‧斯坦，德意志銀行。

So large mega deals really fueled the deal-making recovery in 2025, and we're all monitoring the industry data to see when this could really start to widen out down market. Could you talk about the -- are you seeing an uptick in the core upper middle market transactions within your business lines?

因此，大型超級交易確實推動了 2025 年的交易復甦，我們都在密切關注行業數據，看看這種情況何時才能真正開始向下游市場擴展。您能否談談—在您的業務線中，您是否看到核心中高端市場交易量有所增長？

We are definitely seeing more activity. We are definitely seeing more in our backlog. We do have diversification in our backlog. So we are seeing -- we have a significant number of what you classify as middle market. And frankly, if you think about our investment as a firm, we are investing in coverage of the middle market.

我們確實看到活動增多了。我們的積壓訂單確實越來越多了。我們的待辦事項確實涵蓋了多種類型。所以我們看到——我們有很多您歸類為中端市場的產品。坦白說，如果你從公司的角度來看我們的投資，我們實際上是在投資中端市場。

And so we're seeing more of those types of assignments coming into our backlog as the people who we've hired over the last two or three years begin to mature and to hit their stride. So we're seeing it building out. In terms of the market itself, which I think is what your question is, is there really continued or increasing activity in the middle market? We think there is. We think that there is a very healthy build in that side.

因此，隨著過去兩三年我們招募的人員開始成熟併步入正軌，我們看到越來越多的這類任務進入了我們的待辦事項清單。所以我們看到它正在逐步發展壯大。就市場本身而言（我認為這才是你的問題所在），中端市場是否真的持續活躍或日益活躍？我們認為有。我們認為那一側的體能結構非常健康。

And we're seeing a lot of that. Our pitch -- our numbers of pitches, both sponsors in the middle market companies as well as nonsponsor is up significantly. And so we're seeing a very strong level of pitch activity and dialogue activity in that middle market sector.

我們看到很多這樣的情況。我們的推廣數量——包括中端市場公司的贊助商和非贊助商——都顯著增加。因此，我們看到中端市場領域的推廣活動和對話活動非常活躍。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

So on the private capital advisory side, you are a market leader in secondaries, and we've seen some peers lean in recently. We've seen some of the money center banks doing more. So what's your sense of competition ramping up? Are you feeling that? And how do you protect your share?

因此，在私募資本諮詢方面，您是二級市場的領導者，我們最近看到一些同行也開始追趕您。我們看到一些大型銀行採取了更多措施。你覺得競爭加劇的程度如何？你也有這種感覺嗎？那麼，你該如何保護你的股份呢？

There is definitely a lot of activity in people trying to build these businesses. And I'm certain that there's going to be very worthy competition and it's going to grow. We have a very good business, and we have a really well-established base. We have a group of clients who are very happy with the service that we've been providing them.

確實有很多人在積極地嘗試創建這些企業。我確信將會出現非常精彩的競爭，而且競爭還會不斷發展壯大。我們擁有非常好的業務，並且擁有非常穩固的客戶基礎。我們有一部分客戶對我們提供的服務非常滿意。

And I think there's a level of advantage for having been in this business for a long time and done it well, whether it's data that we've been able to capture and it's very strong data, an experience level that people recognize and I think in many respects, clients appreciate, a track record of success and the relationships themselves.

我認為，在這個行業待了很久並且做得很好，這本身就具有一定的優勢，無論是我們能夠收集到的非常強大的數據，還是人們認可的經驗水平（我認為在很多方面，客戶都很欣賞），亦或是成功的記錄以及我們建立的關係本身。

And so I think that we're going to be able to compete very adequately as new people -- new entrants come into the market. But as you know, on Wall Street, competition can be intense. The competitors are always very worthy and good. So we're going to have our hands full, but I think we're ready for it. And I think we're actually competing extremely well right now.

所以我認為，隨著新企業——新進入者進入市場，我們將能夠很好地參與競爭。但如你所知，華爾街的競爭非常激烈。競爭對手們都非常優秀。所以我們將面臨很多挑戰，但我認為我們已經準備好了。而且我認為我們目前的競爭力非常強。

Daniel Cocchiara, Bank of America.

丹尼爾‧科基亞拉，美國銀行。

Just when thinking about private, we've seen alt struggle in terms of price action. Do you think LPs are recalibrating how they allocate to private markets? And on the non-M&A revenues, is there a high correlation between M&A activity? Or should we think of these two as entirely uncorrelated?

就私人資產而言，我們已經看到另類資產在價格走勢方面舉步維艱。你認為有限合夥人（LP）是否正在重新調整他們對私募市場的資產配置方式？那麼，非併購收入與併購活動之間是否有高度相關性呢？或者我們應該認為這兩者完全不相關？

Well, I don't think you can ever have something be entirely uncorrelated with the flow of funds going back and forth through asset classes. I don't think that we're going to see what I would call as a rethinking or maybe somewhat of a discussion on alt to be changing what's happening on the M&A side.

嗯，我認為任何事物都不可能與各類資產之間的資金流動完全無關。我不認為我們會看到對另類投資進行重新思考，或進行某種程度的討論，從而改變併購領域正在發生的事情。

So I think that what you'll see is you'll see flows of funds going back and forth. There always is. We don't see any major impact right now in our business. But obviously, we're watching it just like you are. And -- but we don't anticipate it's going to have a big impact.

所以我認為你會看到資金來回流動。總會有的。目前來看，我們的業務沒有受到任何重大影響。但很顯然，我們也和你們一樣在關注著它。但我們預計它不會產生重大影響。

Nathan Stein, Deutsche Bank.

內森‧斯坦，德意志銀行。

I was hoping you'd provide some additional color on the capital allocation strategy in 2026. You called out doing buybacks again this year, net of the employee comp program. Is the 4Q repurchase level a good run rate for buybacks for the rest of the year? And just how are you thinking about capital allocation this year?

我希望您能對 2026 年的資本配置策略提供一些更詳細的說明。您今年再次呼籲進行股票回購，並扣除員工補償計畫後。第四季的股票回購水準是否適合作為今年剩餘時間的股票回購計畫？那麼，您今年是如何考慮資金配置的呢？

Yes, sure, Nate, and thanks for the question. We -- I would not take any particular quarter of buybacks that you see from us and apply an annualization to it. I think just to give you some color on it. First, what I would note is that the $812 million that we returned last year was our second highest return of capital ever trailing only 2021 and trailing that number by not much.

當然可以，內特，謝謝你的提問。我們——我不會把你們看到的我們任何一個季度的股票回購數據進行年化處理。我只是想給你補充一些細節。首先，我想指出的是，我們去年返還的 8.12 億美元是我們有史以來第二高的資本回報率，僅次於 2021 年，而且與 2021 年的數字差距也不大。

And so that would be the first point. Second is -- each year, we've indicated to the market that we strive to acquire at least a number of shares equivalent to the number of RSUs we grant as part of our bonus cycle. So that's probably the second point I would make.

所以，這是第一點。第二點是－我們每年都向市場表明，我們力求獲得至少與我們在獎金週期中授予的限制性股票單位 (RSU) 數量相當的股票數量。所以，這大概是我要提出的第二點。

And then thirdly, we're sitting right now on -- as of year end, about $3 billion of cash. And some of that, of course, is required for regulatory purposes and for underwriting capital and for operating capital. But there's still some excess there.

第三，截至年底，我們目前擁有約 30 億美元的現金。當然，其中一些資金是出於監管目的、承銷資本和營運資本的需要。但那裡仍然有一些剩餘。

And we intend to be repurchasing shares, not only for the last five years, not only have we repurchased a number equivalent to the RSUs issued as part of our comp cycle, but we've acquired a number in excess of that. And I think we certainly strive to do that this year as well.

我們打算回購股票，不僅在過去五年裡，我們不僅回購了與薪酬週期中發行的限制性股票單位數量相當的股票，而且我們還獲得了超過這個數量的股票。而且我認為我們今年也一定會努力做到這一點。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券。

Sorry, apologies for keeping you. But maybe just, John, can you speak about the recruiting environment, whether or not it's getting tougher to get people to leave their seats in this environment? And is it getting more expensive? And just overall, what's your take on your recruiting pipeline?

抱歉，耽誤您時間了。約翰，或許你可以談談招募環境，在這種環境下，讓人們離開現有職位是否變得越來越難？而且價格還在漲嗎？總的來說，您對貴公司的招募流程有何看法？

Thanks, Jim. The recruiting environment is heated up a lot, and it's very intense and it's very competitive. We feel good about the pipeline of people that we're talking to. There is no question that getting people to move is harder than it was two or three years ago.

謝謝你，吉姆。招募環境非常激烈，競爭也很激烈。我們對目前正在洽談的人員儲備感到滿意。毫無疑問，現在讓人們搬家比兩三年前要難得多。

But I think what's happening is there's a lot of momentum at Evercore, and we have a pretty compelling story for people. But I do think your -- the premise of your question, which is it's harder and it's going to take more work and it may even be more expensive. Those -- that premise is correct.

但我認為，Evercore 目前發展勢頭強勁，我們有一個非常吸引人的故事。但我認為你的問題的前提是，這更難，需要更多的工作，甚至可能更貴。那些——這個前提是正確的。

There is definitely going to be more competition. It's probably going to be more expensive. We're going to be having to work harder to get people to make the move, especially if they're very busy in a recovering environment. So I do think it's going to be hard.

競爭肯定會更加激烈。價格可能會更高。我們需要更加努力才能讓人們做出改變，尤其是在他們非常忙碌且環境正在恢復的情況下。所以我認為這會很困難。

We spent a lot of effort and time finding the right people and going after A+ candidates. I think one of the things that we're really happy about is that a lot of the people that we really have worked hard to get over the last three or four years, many of them have ramped hit their stride and they're starting to really kick in. And some of the results that we're showing now is that group.

我們花了大量精力和時間尋找合適的人才，並積極爭取頂尖候選人。我認為我們真正感到高興的一點是，過去三、四年我們努力爭取來的許多人，他們中的許多人已經步入正軌，開始真正發揮作用了。我們現在展示的部分結果就來自這個群體。

So our incentive to continue to go even if the environment is harder, maybe more expensive, will still be there. We're going to continue our aggressive recruiting efforts throughout the cycle here.

所以，即使環境更加艱難，成本可能更高，我們繼續前進的動力依然存在。我們將繼續在整個招募週期內積極進行招募工作。

Right. One thing I might add to that, Jim, is the good news is that we've made a lot of progress in these past three years. We've added 41 through external means and promoted 25 internally. We've got 40 that are in ramp mode.

正確的。吉姆，我還要補充一點，好消息是，在過去的三年裡，我們已經取得了巨大的進步。我們透過外部途徑新增了 41 名員工，內部晉升了 25 名員工。我們有 40 台處於斜坡模式。

And so while, as John said, we're always out there working hard, trying to implement our strategic plan and talking to a lot of people, though we never know in any given year exactly how many will cross the finish line. The good news is I think we're really well positioned based on the success we have had over the past three years.

所以，正如約翰所說，我們一直在努力工作，試圖實施我們的戰略計劃，並與很多人交談，儘管我們永遠無法確切地知道每年會有多少人到達終點線。好消息是，我認為基於過去三年的成功，我們已經處於非常有利的地位。

And there are no further questions in the queue at this time. With that said, this does conclude Evercore's Fourth Quarter 2025 and Full Year Earnings Conference Call. You may now disconnect.

目前隊列中沒有其他問題了。綜上所述，Evercore 2025 年第四季及全年財報電話到此結束。您現在可以斷開連線了。