Brennan Hawken: Good morning again. Thanks for taking the follow-up. Would have to sort of take a step back and hear about your perspectives. You guys have added a lot of senior banking talent, and one of the big metrics that I would like to focus on is revenue per trailing MD, right, so looking at trailing 12-month MD count. And excluding the GOGO years of 2021 and to the prior high watermark was about $20 million, and that was in 2018. When you think about the level and caliber of some of these stem winding bankers, John, as you refer to them, how should we think about that productivity number? And how much upside do you think there could be in thinking about an upcoming cycle, given what you have done to the team on the field? Thanks.
John Weinberg: Brennan thanks for the question. And we think about a lot of the same things that you just mentioned and really kind of assess really what the impact of bringing really high-quality people is with respect to our growth. We have always taken the approach and we continue to and we will continue to really take the approach that high-quality talent is going to be significantly additive to the growth of the firm. We have, right now, 30-plus people ramping, both the high-level recruits that we brought in as well as the partner promotes that we have had over the last couple of years. So, we think it’s going to keep going. In terms of the revenue per partner level, we actually think it’s going to be strong. Now, will it get to the 2021 level, maybe not immediately, certainly, you have to have a really strong market to get to something like that.
But we think that the revenue per partner is going to reflect the fact that we have a really strong, high-quality group of partners who are really focused on their clients right now, and activity levels across the board are picking up. And as you know, one of the big things to think about is are the right factors in place for the market to pick up, and those, as we have talked about before, things like CEO confidence, access to capital, stability of the markets and sponsor recovery. And if you think about it, each one of those right now looks to be pointing in the right direction. And so with those coming together in the right way, I could easily see revenue per partner levels picking up materially.
Brennan Hawken: Okay. Thanks for taking my follow-up.
Operator: Our next question will come from Ryan Kenny with Morgan Stanley. Please go ahead.
Ryan Kenny: Hey. Thanks for taking my follow-up. Question on underwriting, so there is a really large increase year-over-year, revenues more than doubled, strongest quarter in several years, should we think of that as lumpy in the first quarter? Maybe it was exceptionally good for Evercore, or is this a good base to build off of as underwriting activity picks up?
John Weinberg: It’s always hard to take one quarter and make that be multiplied out for the year. The underwriting business tends to be somewhat lumpy, although it is building. We are feeling strength in our underwriting business and the backlogs are good. We have been involved in several and we certainly have a lot of activity going on. So, I guess the best and most fair way to answer your question is we feel very constructive. We think that the first quarter was a good first quarter. We anticipate that throughout the next three quarters of the year will come together in a way that where it’s – we certainly outperformed last year and we think we will feel good about really the end results. But it’s very hard for me to call the shots with respect to the second and third quarters at this point. But I would say that the backlog levels are very robust.
Ryan Kenny: Great. Thanks.
Tim LaLonde: Look, I think in the – just to add a little bit of detail. If you look at the equity markets in terms of dollar value, issuance is up 131% over last year, so our revenues were up 143% over last year. And we are certainly not sitting here saying you should annualize what you saw in the first quarter. But what we are saying is there is a noticeable change in the environment. And the deals that we have seen getting priced in this last quarter have tended to have better performance, both with respect to the pricing itself and to where they traded in the aftermarket. And so we are optimistic that at least those days of 2023 are kind of behind us.
Ryan Kenny: Thank you.
Operator: Thank you. We have no further questions in queue at this time. I would like to turn the call back to management for any additional or closing remarks.
John Weinberg: Thank you all for joining us. We look forward to next quarter.
Operator: And this does conclude today’s Evercore first quarter 2024 earnings conference call. You may disconnect your line at this time and have a wonderful day.
