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TheStreet Open House

Evercore Reports Second Quarter 2013 Results Quarterly Dividend Of $0.22 Per Share

With respect to any securities offered by any private equity fund referenced herein, such securities have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

       
 

ANNEX I

 
 
           
Schedule         Page Number

Unaudited Condensed Consolidated Statements of Operations for theThree and Six Months Ended June 30, 2013 and 2012

        A-1
Adjusted Pro Forma:          
Adjusted Pro Forma Results (Unaudited)         A-2
U.S. GAAP Reconciliation to Adjusted Pro Forma (Unaudited)         A-4

U.S. GAAP Segment Reconciliation to Adjusted Pro Forma for theThree and Six Months ended June 30, 2013 (Unaudited)

        A-6

U.S. GAAP Segment Reconciliation to Adjusted Pro Forma for theThree Months ended March 31, 2013 (Unaudited)

        A-7

U.S. GAAP Segment Reconciliation to Adjusted Pro Forma for theThree and Six Months ended June 30, 2012 (Unaudited)

        A-8

Notes to Unaudited Condensed Consolidated Adjusted Pro FormaFinancial Data

        A-9
 
 
EVERCORE PARTNERS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012
(dollars in thousands, except per share data)
(UNAUDITED)
             
Three Months Ended June 30, Six Months Ended June 30,
2013 2012 2013 2012
 
Revenues
Investment Banking Revenue $ 183,454 $ 154,426 $ 314,837 $ 238,921
Investment Management Revenue 25,738 20,036 47,277 39,800
Other Revenue   1,428   1,593   3,221   3,889
Total Revenues 210,620 176,055 365,335 282,610
Interest Expense (1)   3,174   3,558   6,467   7,315
Net Revenues   207,446   172,497   358,868   275,295
 
Expenses
Employee Compensation and Benefits 131,793 114,290 233,865 195,017
Occupancy and Equipment Rental 8,238 9,146 16,997 17,391
Professional Fees 9,418 8,272 17,270 15,328
Travel and Related Expenses 8,284 7,648 15,465 14,381
Communications and Information Services 3,424 3,028 6,844 5,816
Depreciation and Amortization 3,661 3,680 7,219 9,042
Special Charges - 662 - 662
Acquisition and Transition Costs - 75 58 148
Other Operating Expenses   4,566   4,501   8,144   8,458
Total Expenses   169,384   151,302   305,862   266,243
 
Income Before Income from Equity Method Investments and Income Taxes 38,062 21,195 53,006 9,052
Income from Equity Method Investments   1,015   719   1,771   3,104
Income Before Income Taxes 39,077 21,914 54,777 12,156
Provision for Income Taxes   17,066   9,773   24,388   5,135
Net Income 22,011 12,141 30,389 7,021
Net Income Attributable to Noncontrolling Interest   5,585   4,207   7,994   2,455
Net Income Attributable to Evercore Partners Inc. $ 16,426 $ 7,934 $ 22,395 $ 4,566
 
Net Income Attributable to Evercore Partners Inc. Common Shareholders $ 16,405 $ 7,913 $ 22,353 $ 4,524
 
Weighted Average Shares of Class A Common Stock Outstanding:
Basic 31,811 29,213 31,836 29,169
Diluted 37,501 31,664 37,738 32,106
 
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders:
Basic $ 0.52 $ 0.27 $ 0.70 $ 0.16
Diluted $ 0.44 $ 0.25 $ 0.59 $ 0.14
 
 
(1) Includes interest expense on long-term debt and interest expense on short-term repurchase agreements.
 
 

A - 1

 
 

Adjusted Pro Forma Results

Throughout the discussion of Evercore’s business segments, information is presented on an Adjusted Pro Forma basis, which is a non-generally accepted accounting principles (“non-GAAP”) measure. Adjusted Pro Forma results begin with information prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), adjusted to exclude certain items and reflect the conversion of vested and unvested Evercore LP Units, other IPO related restricted stock unit awards, as well as Acquisition Related Share Issuances and Unvested Restricted Stock Units granted to Lexicon employees, into Class A shares. Evercore believes that the disclosed Adjusted Pro Forma measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore’s results across several periods and facilitate an understanding of Evercore’s operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted Pro Forma amounts are allocated to the Company’s two business segments: Investment Banking and Investment Management. The differences between Adjusted Pro Forma and U.S. GAAP results are as follows:

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