Evercore Inc.(EVR), a leading global i ndependent investment banking advisory firm, has released its unaudited Condensed Consolidated Statements of Financial Condition and Statements of Operations for the first quarter of 2023. The financial data reveals the company's net income and revenue performance during this period.
Net Income/Loss
During the first quarter of 2023, Evercore Inc. reported a net income of $92.2 million. This reflects the company's bottom-line performance and signifies its ability to generate profits after accounting for all expenses and taxes.
Revenue
For the same period, Evercore Inc. achieved total net revenues of $572.1 million. This figure includes various revenue streams, such as advisory fees, underwriting fees, commissions, asset management, and other sources.
Financial Overview
The company's total assets as of March 31, 2023, amounted to $2.75 billion. This represents a decrease from the previous year's December 31, 2022, total assets of $3.62 billion.
Assets
The major components of Evercore Inc.'s assets are as follows:
Current Assets: Total current assets stood at $1.81 billion as of March 31, 2023, showing a decline from $2.71 billion at the end of 2022. Cash and cash equivalents contributed $579.2 million to the current assets, while investment securities and certificates of deposit made up $803.1 million.
Investments: The company held $43.7 million in investments as of March 31, 2023.
Deferred Tax Assets: Evercore Inc. reported deferred tax assets of $259.8 million, indicating tax benefits that may be realized in future periods.
Goodwill: The company's goodwill, representing the excess of purchase price over the fair value of acquired assets, was recorded at $124.1 million.
Liabilities and Equity
The company's liabilities and equity structure as of March 31, 2023, are as follows:
Current Liabilities: Evercore Inc.'s current liabilities totaled $343.4 million, a decrease from $1.07 billion at the end of 2022. Major components included accrued compensation and benefits ($196.3 million) and accounts payable and accrued expenses ($28.6 million).
Operating Lease Liabilities: Non-current operating lease liabilities were $289.4 million, showing a slight increase from the previous year.
Notes Payable: Non-current notes payable stood at $372.5 million, slightly higher than the previous year's amount.
Evercore Inc. Stockholders' Equity: The equity attributable to Evercore Inc.'s common shareholders amounted to $1.38 billion. This figure includes common stock, additional paid-in capital, accumulated other comprehensive income (loss), retained earnings, and treasury stock.
Noncontrolling Interest: Noncontrolling interest in subsidiaries amounted to $193.3 million, reflecting the portion of equity not owned by Evercore Inc.
Despite the decline in total assets, Evercore Inc. delivered positive net income in the first quarter of 2023. The company's revenues remained strong, showcasing its continued prominence in the investment banking advisory sector. As the global economic landscape evolves, Evercore Inc. is expected to adapt its strategies to maintain its position as a leading financial advisory firm.