Evercore (EVR) Q1 FY2024 earnings: revenue $581 million, up 1.5% on the year

Evercore Inc. (EVR) reported revenue of $581 million for Q1 FY2024, the quarter ended 31 March 2024, up 1.5% on the same quarter a year earlier. Net income was $86 million, up 2.8% on the year, and diluted earnings per share $2.09. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$581 millionup 1.5%

Net income$86 millionup 2.8%

Diluted EPS$2.09

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	581	784	n/a	n/a
Operating income	84.1	118	n/a	n/a
Operating margin	14.5%	15.0%	n/a
Interest expense	4.2	4.2	n/a	n/a
Pre-tax income	86.4	120	n/a	n/a
Income tax	-6.7	27.6	n/a	n/a
Effective tax rate	-7.7%	23.1%	n/a
Net income	85.7	82.7	n/a	n/a
Net margin	14.8%	10.6%	n/a
Diluted EPS	$2.09	$2.03	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-281	416	n/a	n/a
Capital expenditure	1.1	1.5	n/a	n/a
Free cash flow	-282	414	n/a	n/a
Free cash flow margin	-48.6%	52.8%	n/a
Cash from investing	577	-275	n/a	n/a
Cash from financing	-319	-46.6	n/a	n/a
Depreciation and amortisation	6.3	6.0	n/a	n/a
Share-based compensation	139	122	n/a	n/a
Dividends paid	43.2	28.8	n/a	n/a
Dividend per share	$0.76	n/a	n/a	n/a
Diluted shares, weighted	41m	41m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,445	1,577	n/a	n/a
Non-controlling interest	203	206	n/a	n/a
Debt	374	374	n/a	n/a
Operating lease liabilities	428	434	n/a	n/a
Other liabilities	556	1,113	n/a	n/a
Total liabilities and equity	3,006	3,703	n/a	n/a
Fixed assets	133	138	n/a	n/a
Goodwill	125	125	n/a	n/a
Investments	865	1,437	n/a	n/a
Cash and equivalents	570	597	n/a	n/a
Other assets	1,313	1,406	n/a	n/a
Total assets	3,006	3,703	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	570	784	581	689	734	975	695	834	1,039	1,288	1,392	990
Operating income	76.8	118	84.1	108	122	213	111	150	216	312	331	147
Operating margin	13%	15%	14%	16%	17%	22%	16%	18%	21%	24%	24%	15%
Interest expense	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	7.1	8.8	8.9	8.3
Pre-tax income	78.5	120	86.4	110	123	214	112	151	217	313	332	148
Tax rate	25%	23%	-8%	26%	28%	28%	-37%	29%	28%	29%	3%	28%
Net income	52.1	82.7	85.7	73.8	78.4	140	146	97.2	145	204	301	95.3
Net margin	9%	11%	15%	11%	11%	14%	21%	12%	14%	16%	22%	10%
Diluted EPS	$1.30	$2.03	$2.09	$1.81	$1.86	$3.30	$3.48	$2.36	$3.41	$4.76	$7.20	$2.32
Operating cash flow	248	416	-281	348	234	686	-550	438	561	807	-226	526
Capital expenditure	6.2	1.5	1.1	7.8	7.9	13.3	19.7	26.0	19.4	8.9	3.1	10.7
Free cash flow	242	414	-282	341	227	673	-569	412	541	799	-229	515
Dividends paid	28.8	28.8	43.2	30.9	30.8	30.9	46.5	32.6	32.8	32.5	49.8	34.9
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001360901-24-000013: the filing on EDGAR. All of Evercore Inc.'s filings: EDGAR company page.

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