Evercore Partners Inc. (NYSE:EVR) Q3 2017 Earnings Conference Call Transcript

Oct 26, 2017 • 08:00 am ET


Evercore Partners Inc. (NYSE:EVR) Q3 2017 Earnings Conference Call Transcript


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Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Evercore Third Quarter and Nine Months 2017 Financial Results Conference Call. During today's presentation, all parties will be in listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions) This conference call is being recorded today, Thursday, October 26, 2017.

I would now like to turn the conference call over to your host, Evercore's Chief Financial Officer, Bob Walsh. Please go ahead.

Bob Walsh

Thank you. Good morning and thank you for joining us today for Evercore's third quarter and nine months 2017 financial results conference call. I'm Bob Walsh, Evercore's Chief Financial Officer. Joining me on the call today are John Weinberg, our Executive Chairman, who is here with me in New York; and Ralph Schlosstein, our President and Chief Executive Officer, who is traveling. After our prepared remarks, we will open the call for questions. Earlier today, we issued a press release announcing Evercore's third quarter 2017 financial results. The Company's discussion of our results today is complementary to that press release, which is available on our website at evercore.com. This conference call is being webcast live on the Investor Relations section of the website and an archive of it will be available for 30 days beginning approximately one hour after the conclusion of this call.

(Forward-Looking Cautionary 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. For detailed disclosures on these measures and to their GAAP reconciliations, you should refer to the financial data contained within our press release, which as previously mentioned, is posted on our website. We continue to believe that it is important to evaluate Evercore's performance on an annual basis. As we've noted previously, our results for any particular quarter are influenced by the timing of transaction closings.

I'll now turn the call over to Ralph.

Ralph Schlosstein

Thank you, Bob. And as Bob indicated, John and Bob are in New York, I'm in Riyadh. So if we sound slightly uncoordinated, that's the reason. Once again we are pleased with our third quarter and year-to-date results. We achieved record revenues for our third quarter and for the first nine months. Adjusted earnings per share for the quarter matched last year's record and were a record for the year-to-date period. As we noted in our earnings release this morning, this is our fifth consecutive year of period year-over-year growth in adjusted earnings per share for the nine-month period. Our results continue to be driven by the steady execution of our strategy, investing in and developing world-class talent as we expand our coverage of clients and broaden the services that we provide to those clients all in businesses in which we have a competitive advantage.

We anticipate that 2017 will be another strong recruiting year, adding six to seven senior managing directors in advisory and three in our equities business. Our operating metrics