Evercore (EVR) 26 Apr 232023 Q1 Earnings call transcript

Good morning, and welcome to the Evercore First Quarter 2023 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Evercore management and the question-and-answer session. [Operator Instructions] I will now turn the call over to Katy Haber, Managing Director of Investor Relations and ESG at Evercore. Please go ahead.

Thank you, Chelsey. you Financial us Results thank First for and XXXX Quarter Conference morning, for today joining Evercore's Good Call. I'm Investor Katy Relations of and ESG. Haber, Evercore's Head

the is Joining which questions. Earlier call our first results. prepared the Weinberg, website being we will announcing is call. conference and For call Evercore's release, the quarter to it LaLonde, at issued available XX remarks, evercore.com. website webcast me the will our complementary A call a available on of up for our and release our for Tim After financial days press is Chairman results in we an of discussion of This CEO; is John Investors after CFO. our open beginning conclusion this on archive be hour the today, and XXXX approximately today conference our section of today press live X

believe update financial evaluating X-K. we measures today, to be discussing including Form duty will to number want call, to, I are various During statements. discussed statements. risks this the to outcomes measures, these are important unless in our annual the and current performance. statements the SEC, report course meaningful and assumes subject company's otherwise which include, non-GAAP on from you Any factors with factors are no Form of XX-K, make remind but statements. In quarterly we uncertainties we materially filings cause and reports forward-looking indicated reports there those of we are on on adjusted when to actual our limited could forward-looking the that These in indicated, are forward-looking that company Form that make any that not a differ XX-Q Evercore's presentation may those

release, disclosures is our detailed [indiscernible] on contained the measures our posted GAAP and these press data which on For website. within

on Evercore's believe annual important to an to basis. is it evaluate continue performance We

the to our timing for are I over call results influenced previously, have we turn any by quarter the closing. John. transaction now of noted As particular will

everyone. Katy, you, and good morning, Thank

macroeconomic use Before off be this years, business to start Historically, I clear, aspire has will all always addressing our Evercore firm, the balance I've current review and many the add the we firm so to downturn further strengthen done in of have will quarter, believe and We again expanding cycles enhance landscape position and connectivity product this in every capabilities, build opportunity the believe each in we are positioned of great I well our which cycle do environment. In it part see and been it stronger and embraced this our to franchise. also environment. cyclical. client to from talent we as cycle, this We an will we we our a all-weather sector to will extraordinary want by regardless cycle. is emerge in have maintained and other sheet. for by and

bankers and in uncertainty for our in have market and client teams volatility That per momentum share. $XXX $X.XX CEO achieved net million Evercore in to levels the lows. In and rise $XX quarter, revenues, adjusted earnings and off in of have recent confidence million adjusted net begun adjusted income Evercore. are dialogues active quarter continue Continued for increasingly a the promising both to resulted challenging the as and in build market said, first

to emerge. XX%, down compared first respectively, Our record last net had of begun green the revenues year's first In the and XX% EPS quarter, shoots and to adjusted were quarter. part

with the disruption, early volatility in shift levels confidence return March banking system and lower. However,

ago. transaction M&A in market, basis, dollar on transactions and global number year quarter As access in XX% greater challenging coupled a macro diminished and XXX M&A than XX% a were geopolitical risks with enforced first of the the remain down respectively, announced versus to

strong. backlogs Our remain

conditions in as to that We And elongated. with turn confidence Boards companies continue global to transaction activity, our while will management engaged prepare macroeconomic and recovery and risk clarity, for led continue the a financing outlook of the discussions as teams to market consequential the fully deal to the and markets. continue for market. A in continue improvement execution an time be by teams in economies be continue and levels closing market note be to will increasing processes the in remains influence lines timing

recruit to of As I strategic mentioned, our areas significant are many seeing we focus. high-quality in opportunities talent

welcomed committed the in advisory to our new in and X another our SMBs, group this technology X is join capital in European business technology other year. is private another far, So practice. we've later in joining markets our equity firm XXXX, later SMB this and Furthermore, X our capital and advisory week business,

promoted start. our newly off to SMDs a Additionally, are strong

Importantly, as forward, on continue executing base while growth to our focus our move expense actively we we will on managing plans. future

activity M&A tech involved sponsors a me slower volumes continue private activity, the first Let brief slowly than sector more for take of we a represented businesses. to with in and ago XXXX. levels In starting quarter industry-wide are our M&A particularly give be year to since Global weakest said, were as Advisory, That active. rundown become the

capital increased continuing our real with traditional as year our coverage to last in as as invest over well making private are in have this We businesses. efforts client progress the we base sponsor significantly

and team in in advisory continue quarter, had our region. another the Europe strong build we to pipeline Our

our and continues remain restructuring, are be In as leading at strategic levels shareholder one elevated an to momentum. high and activist activity industry, advisory of pace. the groups strong active gaining most we business have the campaigns where Our defense in

began the year which interest starting rates rates, rising implications see are ago. of a default and to We

restructuring walls has XXXX and credit for to an markets catalysts In activity. near-term traditional and liability as tightening in addition, in uptick led coming serve may the continued months. XXXX of the maturity activity management Significant in

see fund XXXX. improvements peaks relative fundraising businesses from underwriting business Our private to by the The fundraising at dialogues continues to market saw XXXX. broad across strong to activity in capital macroeconomic and The all in advisory and lower client started be impacted has albeit quarter, uncertainty. marginal environment levels and sizes

equity-related of highlighting our in XX XX offerings equity we equity markets. quarter, and as a capital our the footprint However, progress in in acted

were a In to of in the navigate clients market fact, we leader equities and continue follow-on our uncertainty. thought be book X business, helping largest we quarter. the as our across involved runner a research, In both fundamental macro recent

Management, strong. Wealth retention in Lastly, remained client our performance have long-term and

business other call Tim share financial Before of not We over our form review capital shareholders in the returning excess over I to turn to of repurchases I the committed dividends goal to strategy. our matters, briefly cash results our want invested financial the and and return discuss to time. remain to in

declared a Board share, X% Our prior from of a an dividend of declared. dividend increase $X.XX the

a have to to continues impact the going ahead, a have -- business Looking path uncertainty lie constant forward. on and ahead environment, we clear remain and our that an opportunities while to the the we excited be for firm

including to detailed deepening talent allow products address I to it our broadening let that, in As our quarter turn and and Tim. me earnings, clients and for With capabilities serve fourth investing our their map will in our road and over needs. growth, consistent us continuously

CFO our And It will you, look way always to environment, meeting I past its I year, pleased call and of for X cycle Evercore in the to you, industry all been I'm through a XXXX turn. the that been challenging sell-side analysts about as the of encouraged since the and Thank outlook continues doing months. we've in I Evercore. new weeks about the cycle. longer-term implement into know the am first And research be and forward my I've I'm and investors eventually, now role, over medium John. earnings does. coming our to the plan lastly, though and

which on GAAP million net basis and respectively. quarter were when and evaluating our income here per believe useful results. we will are EPS My focus first comments revenues, a $X.XX $XX $XXX For net non-GAAP the on from share, of XXXX, million, metrics,

Our reporting on found our release, GAAP and of reconciliation our press which in can website. standard adjusted is to be GAAP results a

XX% quarter first our quarter million of a net revenues for of XXXX, first firm. was record $XXX the first adjusted The which quarter declined versus

case, quarter XX% of per share the year. adjusted versus and decreased XXXX. last income Adjusted and of income decreased operating quarter million First $XXX versus quarter first in net $X.XX of earnings XX% of million first each adjusted $XX the

the Our XX%, than margin quarter, in for but XX%, first nearly with the of was margin and operating adjusted and quarter XXXX XX% lower roughly margins the first of adjusted in first operating respectively. XX% operating quarter line XXXX adjusted XXXX,

Turning businesses. to the

record declined year-over-year XX% fees quarter a last to fees quarter compared adjusted year. First for first advisory $XXX of million advisory

revenue which were as M&A accounting for announcements which accordance down and transactions XX, to we had raising challenging to cited As continue number with for XX%, of in comparison, capital contingent affected operate we XX% closed or M&A has $XXX and transactions markets. By XX. March environment the the our greater from the March quarter than In first includes otherwise million, XXXX relevant that all earlier, globally subsequent at and respectively. elements $XX dollar value the a of million John principles, know,

in we accounting with of of in the accordance XXXX quarter $XXX first compare, same in To million recognized the and million principles. the $XX quarter XXXX fourth

first revenue normal were and to revenues by underwriting quarter down million broader reflects as reflecting quarter of down underwriting market than year-over-year, result continues conditions, lower in to our the of a $XX lower the which XXXX was of volumes quarter million the weaker XX% impacted volatility. of First $XX as compared levels. Commissions be first business related substantially X% trading issuance

decline First decreased administration million primarily adjusted reflecting a driven AUM, quarter depreciation. $XX of and market XX% by fees asset management year-over-year, in

net commitments. for $XX a a of increase our funds reflecting quarter portfolio, value our was revenue hedge adjusted in is gain approximately as the used which First in part other DCCP investment of million,

In short-term payments balance addition, have prior cash February rates than higher our March. benefited that which income note in from higher January our we last. that on to in year occurred bonus this and interest cash been was Also generated that balance,

for it reflects on visibility first which about build year With ratio Turning of the best still remain to at first and early time, compensation It to the that in continuing quarter our full strategic ratio mind, estimate adjusted in throughout and plan cycle that our compensation year, strength expenses. the important to is is to on point implement disciplined we franchise. is the this for is note limited. our quarter the in The XX.X%. based our the

environment where That disciplined and As recruiting our a hiring senior John opportunities, the bankers us. approach business. to current our can managing mentioned, said, believe presents we especially opportunity additional to judiciously believe an see we impactful hire attractive be are we we using headcount for which

a takes longer, we As the and/or year market have progresses, our accordingly. we in greater-than-anticipated hiring adjust success if recovery goals will

a both million, episodic and higher number expenses a by in in ago, XX% debt expenses, $XX well up by and in other as Our expenses noncompensation were increase from an driven trip increase year an per are first as nature. including which trips travel cost of operating driven quarter travel bad related primarily expenses,

we continue rate we driven last across This We our but remain continued focused by to As as expect occupancy-related will inflationary travel new pressures than them annualization in increase the of mentioned noncomps lower tech practices contractual managing quarter, as of saw what normalization be well on driven we a continued in scrutinizing at and and increases. space both XXXX. and expenses to tightly. XXXX, some increases by travel rent

of associated compared the was The benefit this the larger year of this quarter Our tax with compensation but quarter quarter as the for impact net last rate to was had the to rate a for XX.X%, reflects income quarter first ago, vesting in lower. awards tax similar a adjusted XX.X% stock year. tax

balance our to Turning sheet.

excess our range. cash securities and percentage March investment and securities XX, billion, of in cash as cash investment our totaled mid-XXs nearly percent of was our As a the total $X.X

that repurchases plan settlements our all stock the We sheet in prudently we our environment average strategy, net a have in to liquid to we returned us from in of stability. In We strong to opportunities to to our with at X.X in cash of grants plans, $XXX.X including quarter, regularly position an and that open bought total million of have offsetting we issued we quarter, our throughout million a on our provides enable a business ability manage significant financial going shares review current $XXX.XX. position, stakeholders we to hiring through price ability and majority dilution dividends cash and the the market implement have capitalize and which business the of respect liquidity back to cycles. We position ensuring first through this the the quarter strategy us durable ensure with RSU were forward. the and the and market balance cash invest the continue and shareholders to

a decreased from by quarter vesting driven by first $XX.X offset adjusted million impact shares by of repurchases, to of $XX.X the ago, count share the partially million X.X million share diluted Our awards. year

currently are of environment, help in optimistic about new my the along in we and as I we and While John, firm, remain energized we company role team with challenging and the our a management plan to CFO and value shareholders. our Board excited the medium- am long-term chart course questions. continue our line of as our implement and open the now for of we'll Directors for that, With this to prospects create

Our from Securities. Devin Ryan come Instructions] first question JMP [Operator will with

Goodmorning and Terrific. John call. the to Tim, welcome

mandates a X we're I John, Evercore the guess past want restructuring. you only team healthy at been noted acceleration active my tracking in has and I to months. And question, the question, restructuring First just you on pretty over start increasingly

maybe commentary and stress? be some more other few with going of little you looking what for the higher And to baseline you to think just coming, to then environment through backdrop. So happened parse frame maturity the credit relative the of in next just wall the the irrespective bit years, is do periods activity ahead, how current love a maybe of this

some more to want how impactful this get is. what Just seeing you're and of for flavor acceleration kind there

it increasing Devin. team in We more business we've definitely activity momentum to see the continues see build. to there And and Thanks, restructuring area. their noted, Sure. invested we've in as our continues and

rates, markets which mentioned, even beginning to rising default really also refinancing difficult you to up rates, be come are and predicted and higher. As

produce be liability both board at begin really we the where with management And that's going are companies. we activity which help corporate think management levels. we The their more be the there default to restructuring be that. we has to this real business will to to real in significant with is well finding think wall larger at particular, -- your liability it's actually think level it's don't is, there question, we assignments really I as think seeing it think We really that actually longer. believe more it, continuing think to -- We 'XX I also to your seeing are that it the going people of as it's that for restructuring comparing But like have in refinancing momentum we're them business same coming or just I really will be going preparation. planning situations will sustain are because across companies, of We opportunities portfolio actually prediction consistent.

a I forward. think to it's going going level be sustained activity

Our question Hawken with UBS. Brennan from will come next

Good to you. our welcome Tim, dance. to have quarterly

So curious ratio. the comp about

in a bit calibrate comp level about of back the current that that remains And can of year when the to if able year commentary that could this frame -- movement expect. any the with that help does learned expectation revenue it and How of expectations? were But you expectations please? Tim, assume clear So assume you sort quarter's many in recruiting not recruit it some environment of Or your very line you we recovery also pipeline, then you help same? in the little assume the -- the recruiting, a What last to when recruiter? what around is us in you're comment maybe us of does kind that environment XX.X% think resulted the anticipating but both some does continue firms and you half that ratio. recruiting

this which will it year. a Brennan. you, as revenue. will probably that what outlook thank That's of is factor your as in the our hit up key does best single And it ends correctly you sure. for reflect determine greatest actually to the drivers, where Look, context Yes, the happens question be

your And response aspect environment so what in assumes of to an in it we're the to that's first similar today. question,

we biggest to the for consistent quarter Now quarter assumes to that, business With be sense hire, it know tends a new year today. respect people as partner the but reflects in environment. it seasonality there's in we fourth all what know, our of the the

don't it the is join quarter how variable And And be -- the is do way standpoint guess us in or then an like accounting that. we're away. the what we a reflects last investment fourth so market what about might But for today. really know many and from is something to It's seen. we compensation key long remains banking where that

Kenny question Morgan next with come will Ryan from Our Stanley.

events of pushing the Does sometime should few a out it's it March the Or from completions by year-end March and longer comment March pipeline? think size push push How maybe or from I industry taking we around impact? weeks planning to about out heard think you April? that out further? the your do that to

Really, it's a very basis. much deal-by-deal on

asking because think the longer takes there get them And transactions to you're to do whether once it's taking it finished through most -- taking it's those, is longer answer and get I transactions, we do pipeline. longer yes, the if likely to get the closed. just

I we will really if markets on, clarity, somewhat looking will backlog thought the get it sponsors process as teams and the question, which to markets become more out the and And into So for said, that. open. well being people respect what with really I the at that recovery levels really and looking happen as is financing will financial and the confidence as the when are are active I asking think take you're is now will management buoyant. And backlog deals think to is that real also the a is yes, longer going what's answer because take there's are think market happening when longer of I deals in think

will deals actually what out how do. And and come so impact that they

you deals, really, deals should longer there board, backlog what to say to somewhat it's be the now the right market. that come and in that would across but saying are are very those once material, I there's a longer, little lot deals for out, decision-makers out but really they'll a may turn I in but get which that about good think some that waiting to -- that really think it's is I the don't a of think I we're take think going be the because the are we So backlog really have. activity And the of take to many

sidelines that I we're there's is could thing but would sitting seeing what with because challenging some exactly raise when that pent-up windows but windows. open, attempt a demand to And some when markets see financing, the that financing to transactions, possible to are that those that we those will X And you know rush like Right. of could you companies add that see financing through you because respect could on it's would see don't the be. to flurry,

next Steven with from question come Wolfe Our will Research. Chubak

Welcome, Tim.

can the well? ask year. question non-comp a you're the M&A. offer some the pace to to was on expenses of on build managing of in expenses as on traditional a you what's specificity bit. slower actually non-comp there in driving that pivot of actions hoping just wanted alluded comp those I side So incremental indicated I going additional that focused you're opportunities coming and I growth? seeing you're down slower you know growth Are planned a taking. on little I'm the both to Since expense pace

-- let observations. me couple a that. of take The make I'll sure. just Yes,

million. to million And so up from $XX one about is year-over-year we are $XX

which inflationary. $XX million an prior we environment, quarter that booked this quarters. bear the the And is that's in consistent Although mind, with significantly is in X

quarters spend number at that's If some And me, means lower opposed though saw reason have like there. we somewhere, we're bankers to to And The so on that think seeing there we're because a we what cost to demonstrated ago, is thing. going I'd as money like you clients. spend good our travel. travel X out XX%, the to are containment

was is the virtually of year up, seen so that double we've ago. what And a it ramp literally, trips number

the in And so an increase would with you've I and lines. other to expense is good travel I then pretty think respect seen cost call really what containment what

office to complications currently some doing some our building which move, of we're a required due just of Now is little an are. bit where employees

the rest So respect contracts, and our that. we're do assured there, then that And be to whether on or other travel expenses, will little that. of to about you with working reduce trying it's of cost per services there's hard information types trip we can can

[Operator will Sachs. question Goldman James from Instructions] come Our with next Yaro

So clients a then longer-term bit mid-cap dialogues you've so banking would But what do and in ramifications M&A you the and sponsor point? between the far. that the talked strategic little terms how the this stress versus the of with you business. industry of broader contrast clients impact affects the it is how on And about large having you're see at

predict. really the The of to long-term is impact bank disruption hard really

like in We the really I some exactly think term I everybody banks about really that the happening begin we're that of conservative to and to will think bit things being will how Right now of less stabilization hoping We impact turn. and some sometime lending think things are the out really about we in of timing what -- -- be healthy continue obviously, system migrate anticipate more return. inflation markets it the clarity take the I to we're The deposits all a banks, that banks interest that rate is, go is is become when feel will will think now, right things banking know think feeling is when therefore, as the again. medium time. watching quite actually actually things because the in what the there back think lending. term, the looking allow we we We markets that. at will near to recover. that the will don't will like But one of little

and really really that have of will anticipate there if leveraged risk will terms leveraged and of that risk exactly putting in we it of impact banks a see a about and out returning is recovery thinking an And see how that in if in money so market. impact do to effect, does loans taking And also But bank generally. loans. general doing beginning the and their normal we are lending -- the levels aggressive and markets

So what at going looking we're is it's to recover. I think that

sponsors, that really are carefully In terms think really versus we sponsors of when can at corporates they looking go.

build a sponsors think I of lot capital have up. that

trillion there's on over that powder I dry to side. $X think equity sponsors the to of I And think work. want get really

that impact late that, dependent because, on levels be think their for does interest obviously, I will different economics. that somewhat and financing availability rate

of corporate their we see with, can On the are done homework. side, the see companies you bid And and perceive that that they there the work turn are have a they I there really confidence some markets place. and amount be asks as firsthand a have number ready tell receptive for really companies that where what is when doing a in tremendous will I will of that decent a been getting deal just they

lot rapidly -- a see because discussions pretty I out had place. to corporates they've big discussions and of homework and because start level done taken you'll come think of lots Board have the they've

And so companies perceive what do to the want a when they market they in receptivity. when know turn they exactly many see and

Our Moon next from KBW. question come with Matt will

one Tim. just for I had

the thoughts with had a quarter CFO, were cash kind some on as kind always levels there's you've like relates just of would sounded items, is general you dividends that the in thoughts that excess as any on wondering preferences your your under your on to your predecessor? business on this philosophy. how prior insights now particularly differences hear great capital and your It that your it into if to thoughts Given thinking if in consistent thoughts you're buybacks could is be your your recruiting prepared comp of these It pretty on full curious quarter your But belt. disclosures. first about versus remarks full provide and

limited that. to the bit and I'll have question, a but happy on hit of wide-ranging a And time, highlights. touch Great. Yes. on I It's

-- done the with respect firm has think so that's well. where an I return, to area pretty And capital

equivalent our years, capital we the last $XXX X we of billion returned part process. million repurchased the the nearly year, and to of of already Over $X.X first this as RSUs all shares we've issued quarter. in compensation

I own with consistent firm with the very pretty And seen from that. the you've I'm think my what last philosophy several So years. over pleased personal is

respect said judiciously. with lot compensation about to think I in the remarks that. headcount, We're I managing we ratio, a my care as

the relative what summer, I at employees perfectly ago is of stands over last period see about X -- to don't total flat headcount in you terms think if time. that where today but or it's would want you quarters I of look about been And have be about plan build and medium- to Therefore, also because we're our upgrade we about care we implementing shortsighted. growth there do strategic working the to And and team to long-term hard the in the place. out for and firm. And continue

firm term the over any value single instead shareholders. try the I long and to the for to so And maximizing medium quarter, for don't like to build margins but focus on create

Mitchell question come next Seaport Jim from will with Our Global.

You in on this Europe have hire the time ECM another side.

Europe, you kind how term? us are the current So in view update the set the environment and in can where of you build-out long process opportunity you

Sure, Jim.

And opportunities growth opportunities factor said, as we've taking in mitigating or the we to the talent. fill strong really talent. we we're good are always fill limiting And right as at top white look to our And out to is see very seeing and spaces the continue Europe. now, We product some opportunities. factor set the really,

very A+ is hiring believe happened some available. that So has I see what could doing there's high-level us I that talent really because Europe in more

leveraging in invest trying so so we market. and in are advantage is really in actually very And needs, we're space, at will not identified but looking in focusing continue we we much carefully more way to hiring what the to are our Europe. the do but on we're opportunities terms going see that. Europe we're opportunities And and very to available only going so doing we we're than do a and hire is other take what of product in we've continue white that also places? we to that to also of No,

So line continue drive that. bottom to the we is will

will Europe we is opportunities You see I can are consistently. us, the think and do that that important. anticipate that market extensive. in build-out that And The we for

come last Chubak Wolfe Our with Research. from question Steven will

highlighted that's past X composed X/X past years. revenues in You've the over at of least the

to some both as less given the on in offered, of well the you're private the active baseline, which that business, hoping compares today, secondary the can given activity restructuring X/X to you the appears on moment. capital especially be side, commentary more light on mix that of the side, as was provide some you at how in Just more advisory perspective robust positive I

Yes. Look, we've as Thanks, revenue. comprising the our least good I in think past and X/X at is of talked, mentioned about business non-M&A you question.

to this And that so so of and a what steam, like restructuring softer you that's see the to you course, principal with than normal, see would expect bit and would expect gathering M&A is, more little case. quarter a hold in even

you've And along a one, business so we've way, is business. other restructuring to by fantastic got invest continued as up. PCA seen. in We've that the ramping And with that's the

we're have Joy In that here. our who's fact, in is partner her of pleased one hires, to [indiscernible] joined us, already business, and

more at, an for in in is is are those continuing some that see looking sell M&A as we be continuation area. you see sponsors private environment of where And sponsors challenging so example, to size that sell what -- might an And would activity funds for alternative. equity

this. I what we've like out that all-weather market which And a is pleased prove is would we continuing in call what an so firm, to think built, we're

of businesses, real that limited Yes. activity they're year seeing the I that by just the I to prospects add less the levels. money influenced really they goes think on basically see capital on. capital a And They're continuation some do and continue appetite sponsors raise think for about as companies into like different would availability advisory private things and good or to their market public to of also overall bringing by process. the

possibility to I'd areas. strong are levels they that strong is So year. continue we say there think really And that I that in build momentum just those the activity a seeing through will

was nice you rate that for provide on we're side firm, million $XX in commentary on more, the tends to environment. income. -- least was great never color. fees that XQ the be as contribution interest sheet it in to I point longer one the driven very providing year interest could that's rates progresses, evolving the I just windfall quarter. in on if ledger, suggests balance the you release surprised NII. the for higher for If that's hoping context given especially rate-sensitive a a cash as some No, that by this squeeze to perceived of that how I but can appears positively The low a know you're are Other be at see

Right.

I roughly think X those course, of X/X what hedge that quarter, that rates, one which And really the quarter. revenue higher and bonuses, interest this number are to but and paying everyone first because course, let's then there it, ago also, to bonuses. -- first year-end in the -- the than thank course, we higher-than-normal that income. X/X higher prior the, And and in quarter a a short-term other in respect on of the up are of so just let's then DCCP due were X% to interest And cash the was, during of DCCP with would of the And the resulted X respect that's was the up was year months balances account call the S&P then to they phone, the with was for had that area. of assume X% about that, components gain. cash, to about

example, annualizing be I've so can guidance think where a about own I number. framework. But your that you for given And I'd little build enough you careful

you. this Quarter First Evercore's ladies and does Financial Results conclude Conference Thank And XXXX Call. today's gentlemen,

disconnect. may You now