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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 _____________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to         
001-32975
(Commission File Number)
____________________________________________________
EVERCORE INC.
(Exact name of registrant as specified in its charter)
 _____________________________________________________
Delaware
 
20-4748747
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
55 East 52nd Street
New York,
New York
10055
(Address of principal executive offices)
Registrant’s telephone number: (212857-3100
N/A
(Former name, former address and former fiscal year, if changed since last report)
_______________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share
EVR
New York Stock Exchange
The number of shares of the registrant’s Class A common stock, par value $0.01 per share, outstanding as of July 24, 2019 was 39,871,985. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of July 24, 2019 was 87 (excluding 13 shares of Class B common stock held by a subsidiary of the registrant).


Table of Contents                                            

Table of Contents
In this report, references to "Evercore", the "Company", "we", "us", "our" refer to Evercore Inc., a Delaware corporation, and its consolidated subsidiaries. Unless the context otherwise requires, references to (1) "Evercore Inc." refer solely to Evercore Inc., and not to any of its consolidated subsidiaries and (2) "Evercore LP" refer solely to Evercore LP, a Delaware limited partnership, and not to any of its consolidated subsidiaries.
 
 
 
Page
 
Item 1.
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 2.
Item 6.
 



2

Table of Contents                                            

PART I. FINANCIAL INFORMATION


Item 1.
Financial Statements

 
 
Condensed Consolidated Financial Statements (Unaudited)
Page
 
 


3

Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
374,321

 
$
790,590

Marketable Securities and Certificates of Deposit
217,049

 
304,627

Financial Instruments Owned and Pledged as Collateral at Fair Value
22,798

 
22,349

Securities Purchased Under Agreements to Resell
2,975

 
2,696

Accounts Receivable (net of allowances of $7,359 and $6,037 at June 30, 2019 and December 31, 2018, respectively)
316,878

 
309,075

Receivable from Employees and Related Parties
19,709

 
23,836

Other Current Assets
109,834

 
28,444

Total Current Assets
1,063,564

 
1,481,617

Investments
89,520

 
90,644

Deferred Tax Assets
272,140

 
241,092

Operating Lease Right-of-Use Assets

178,241

 

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $101,600 and $89,494 at June 30, 2019 and December 31, 2018, respectively)
103,510

 
81,069

Goodwill
131,600

 
131,387

Intangible Assets (net of accumulated amortization of $45,816 and $41,217 at June 30, 2019 and December 31, 2018, respectively)
5,779

 
10,378

Other Assets
95,395

 
89,480

Total Assets
$
1,939,749

 
$
2,125,667

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Accrued Compensation and Benefits
$
245,061

 
$
602,122

Accounts Payable and Accrued Expenses
46,144

 
37,948

Securities Sold Under Agreements to Repurchase
25,781

 
25,075

Payable to Employees and Related Parties
45,651

 
31,894

Operating Lease Liabilities
33,360

 

Taxes Payable
3,918

 
33,621

Other Current Liabilities
12,056

 
19,031

Total Current Liabilities
411,971

 
749,691

Operating Lease Liabilities
184,553

 

Notes Payable
168,748

 
168,612

Amounts Due Pursuant to Tax Receivable Agreements
94,411

 
94,411

Other Long-term Liabilities
105,231

 
105,014

Total Liabilities
964,914

 
1,117,728

Commitments and Contingencies (Note 17)

 

Equity
 
 
 
Evercore Inc. Stockholders' Equity
 
 
 
Common Stock
 
 
 
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 68,508,501 and 65,872,014 issued at June 30, 2019 and December 31, 2018, respectively, and 39,864,606 and 39,748,576 outstanding at June 30, 2019 and December 31, 2018, respectively)
685

 
659

Class B, par value $0.01 per share (1,000,000 shares authorized, 87 and 86 issued and outstanding at June 30, 2019 and December 31, 2018, respectively)

 

Additional Paid-In-Capital
1,916,503

 
1,818,100

Accumulated Other Comprehensive Income (Loss)
(31,988
)
 
(30,434
)
Retained Earnings
463,002

 
364,882

Treasury Stock at Cost (28,643,895 and 26,123,438 shares at June 30, 2019 and December 31, 2018, respectively)
(1,609,916
)
 
(1,395,087
)
Total Evercore Inc. Stockholders' Equity
738,286

 
758,120

Noncontrolling Interest
236,549

 
249,819

Total Equity
974,835

 
1,007,939

Total Liabilities and Equity
$
1,939,749

 
$
2,125,667


See Notes to Unaudited Condensed Consolidated Financial Statements.

4

Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars and share amounts in thousands, except per share data)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
443,580

 
$
362,995

 
$
769,424

 
$
741,310

Underwriting Fees
16,910

 
21,065

 
43,830

 
51,344

Commissions and Related Fees
48,660

 
51,076

 
90,597

 
94,110

Asset Management and Administration Fees
12,419

 
12,170

 
24,802

 
23,925

Other Revenue, Including Interest and Investments
13,640

 
6,239

 
25,975

 
10,768

Total Revenues
535,209

 
453,545

 
954,628

 
921,457

Interest Expense
4,163

 
5,068

 
8,255

 
9,417

Net Revenues
531,046

 
448,477

 
946,373

 
912,040

Expenses
 
 
 
 
 
 
 
Employee Compensation and Benefits
314,323

 
265,591

 
561,955

 
541,085

Occupancy and Equipment Rental
18,062

 
14,478

 
34,279

 
27,882

Professional Fees
20,511

 
20,833

 
39,335

 
36,883

Travel and Related Expenses
19,397

 
17,622

 
37,061

 
33,978

Communications and Information Services
11,481

 
10,360

 
22,627

 
21,044

Depreciation and Amortization
7,666

 
6,746

 
14,704

 
13,394

Execution, Clearing and Custody Fees
3,199

 
1,560

 
6,218

 
4,750

Special Charges
1,029

 

 
2,058

 
1,897

Acquisition and Transition Costs

 

 
108

 
21

Other Operating Expenses
8,544

 
6,505

 
17,384

 
13,775

Total Expenses
404,212

 
343,695

 
735,729

 
694,709

Income Before Income from Equity Method Investments and Income Taxes
126,834

 
104,782

 
210,644

 
217,331

Income from Equity Method Investments
2,453

 
2,419

 
4,664

 
4,544

Income Before Income Taxes
129,287

 
107,201

 
215,308

 
221,875

Provision for Income Taxes
32,030

 
25,541

 
39,851

 
30,479

Net Income
97,257

 
81,660

 
175,457

 
191,396

Net Income Attributable to Noncontrolling Interest
15,515

 
12,729

 
26,483

 
26,922

Net Income Attributable to Evercore Inc.
$
81,742

 
$
68,931

 
$
148,974

 
$
164,474

Net Income Attributable to Evercore Inc. Common Shareholders
$
81,742

 
$
68,931

 
$
148,974

 
$
164,474

Weighted Average Shares of Class A Common Stock Outstanding
 
 
 
 
 
 
 
Basic
40,546

 
40,889

 
40,522

 
40,653

Diluted
43,376

 
45,299

 
43,766

 
45,377

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
 
 
 
 
 
 
 
Basic
$
2.02

 
$
1.69

 
$
3.68

 
$
4.05

Diluted
$
1.88

 
$
1.52

 
$
3.40

 
$
3.62



See Notes to Unaudited Condensed Consolidated Financial Statements.

5

Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(dollars in thousands)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net Income
$
97,257

 
$
81,660

 
$
175,457

 
$
191,396

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Marketable Securities and Investments, net
(63
)
 
119

 
(670
)
 
(422
)
Foreign Currency Translation Adjustment Gain (Loss), net
(4,007
)
 
(6,496
)
 
(1,148
)
 
(2,301
)
Other Comprehensive Income (Loss)
(4,070
)
 
(6,377
)
 
(1,818
)
 
(2,723
)
Comprehensive Income
93,187

 
75,283

 
173,639

 
188,673

Comprehensive Income Attributable to Noncontrolling Interest
14,926

 
11,789

 
26,219

 
26,503

Comprehensive Income Attributable to Evercore Inc.
$
78,261

 
$
63,494

 
$
147,420

 
$
162,170


See Notes to Unaudited Condensed Consolidated Financial Statements.




6

Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(dollars in thousands, except share data)

 
For the Three Months Ended June 30, 2019
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Other
 
 
 
 
 
 
 
 
 
 
 
Class A Common Stock
 
Paid-In
 
Comprehensive
 
Retained
 
Treasury Stock
 
Noncontrolling
 
Total
 
Shares
 
Dollars
 
Capital
 
Income (Loss)
 
Earnings
 
Shares
 
Dollars
 
Interest
 
Equity
Balance at March 31, 2019
68,441,333

 
$
684

 
$
1,890,069

 
$
(28,507
)
 
$
408,281

 
(27,372,948
)
 
$
(1,502,780
)
 
$
238,211

 
$
1,005,958

Net Income

 

 

 

 
81,742

 

 

 
15,515

 
97,257

Other Comprehensive Income (Loss)

 

 

 
(3,481
)
 

 

 

 
(589
)
 
(4,070
)
Treasury Stock Purchases

 

 

 

 

 
(1,270,947
)
 
(107,136
)
 

 
(107,136
)
Evercore LP Units Converted into Class A Common Stock
19,529

 

 
13,035

 

 

 

 

 
(754
)
 
12,281

Equity-based Compensation Awards
47,639

 
1

 
54,881

 

 

 

 

 
6,610

 
61,492

Dividends

 

 

 

 
(27,021
)
 

 

 

 
(27,021
)
Noncontrolling Interest (Note 14)

 

 
(41,482
)
 

 

 

 

 
(22,444
)
 
(63,926
)
Balance at June 30, 2019
68,508,501

 
$
685

 
$
1,916,503

 
$
(31,988
)
 
$
463,002

 
(28,643,895
)
 
$
(1,609,916
)
 
$
236,549

 
$
974,835

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2019
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Other
 
 
 
 
 
 
 
 
 
 
 
Class A Common Stock
 
Paid-In
 
Comprehensive
 
Retained
 
Treasury Stock
 
Noncontrolling
 
Total
 
Shares
 
Dollars
 
Capital
 
Income (Loss)
 
Earnings
 
Shares
 
Dollars
 
Interest
 
Equity
Balance at December 31, 2018
65,872,014

 
$
659

 
$
1,818,100

 
$
(30,434
)
 
$
364,882

 
(26,123,438
)
 
$
(1,395,087
)
 
$
249,819

 
$
1,007,939

Net Income

 

 

 

 
148,974

 

 

 
26,483

 
175,457

Other Comprehensive Income (Loss)

 

 

 
(1,554
)
 

 

 

 
(264
)
 
(1,818
)
Treasury Stock Purchases

 

 

 

 

 
(2,520,457
)
 
(214,829
)
 

 
(214,829
)
Evercore LP Units Converted into Class A Common Stock
256,896

 
2

 
29,327

 

 

 

 

 
(11,177
)
 
18,152

Equity-based Compensation Awards
2,379,591

 
24

 
110,558

 

 

 

 

 
12,116

 
122,698

Dividends

 

 

 

 
(50,854
)
 

 

 

 
(50,854
)
Noncontrolling Interest (Note 14)

 

 
(41,482
)
 

 

 

 

 
(40,428
)
 
(81,910
)
Balance at June 30, 2019
68,508,501

 
$
685

 
$
1,916,503

 
$
(31,988
)
 
$
463,002

 
(28,643,895
)
 
$
(1,609,916
)
 
$
236,549

 
$
974,835

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2018
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Other
 
 
 
 
 
 
 
 
 
 
 
Class A Common Stock
 
Paid-In
 
Comprehensive
 
Retained
 
Treasury Stock
 
Noncontrolling
 
Total
 
Shares
 
Dollars
 
Capital
 
Income (Loss)
 
Earnings
 
Shares
 
Dollars
 
Interest
 
Equity
Balance at March 31, 2018
65,391,119

 
$
654

 
$
1,666,292

 
$
(26,049
)
 
$
153,605

 
(24,439,399
)
 
$
(1,244,642
)
 
$
224,473

 
$
774,333

Net Income

 

 

 

 
68,931

 

 

 
12,729

 
81,660

Other Comprehensive Income (Loss)

 

 

 
(5,437
)
 

 

 

 
(940
)
 
(6,377
)
Treasury Stock Purchases

 

 

 

 

 
(239,593
)
 
(21,285
)
 

 
(21,285
)
Evercore LP Units Converted into Class A Common Stock
194,592

 
2

 
9,053

 

 

 

 

 
(7,229
)
 
1,826

Equity-based Compensation Awards
37,643

 

 
46,554

 

 

 

 

 
4,875

 
51,429

Dividends

 

 

 

 
(23,721
)
 

 

 

 
(23,721
)
Noncontrolling Interest (Note 14)

 

 
(231
)
 

 

 

 

 
(6,634
)
 
(6,865
)
Balance at June 30, 2018
65,623,354

 
$
656

 
$
1,721,668

 
$
(31,486
)
 
$
198,815

 
(24,678,992
)
 
$
(1,265,927
)
 
$
227,274

 
$
851,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2018
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Other
 

 
 
 
 
 
 
 
 
 
Class A Common Stock
 
Paid-In
 
Comprehensive
 
Retained
 
Treasury Stock
 
Noncontrolling
 
Total
 
Shares
 
Dollars
 
Capital
 
Income (Loss)
 
Earnings
 
Shares
 
Dollars
 
Interest
 
Equity
Balance at December 31, 2017
62,119,904

 
$
621

 
$
1,600,699

 
$
(31,411
)
 
$
79,461

 
(23,017,750
)
 
$
(1,105,406
)
 
$
252,404

 
$
796,368

Cumulative Effect of Accounting Change(1)

 

 

 
2,229

 
(2,229
)
 

 

 

 

Net Income

 

 

 

 
164,474

 

 

 
26,922

 
191,396

Other Comprehensive Income (Loss)

 

 

 
(2,304
)
 

 

 

 
(419
)
 
(2,723
)
Treasury Stock Purchases

 

 

 

 

 
(1,661,242
)
 
(160,521
)
 

 
(160,521
)
Evercore LP Units Converted into Class A Common Stock
1,054,707

 
11

 
56,968

 

 

 

 

 
(41,565
)
 
15,414

Equity-based Compensation Awards
2,448,743

 
24

 
89,459

 

 

 

 

 
9,997

 
99,480

Dividends

 

 

 

 
(42,891
)
 

 

 

 
(42,891
)
Noncontrolling Interest (Note 14)

 

 
(25,458
)
 

 

 

 

 
(20,065
)
 
(45,523
)
Balance at June 30, 2018
65,623,354

 
$
656

 
$
1,721,668

 
$
(31,486
)
 
$
198,815

 
(24,678,992
)
 
$
(1,265,927
)
 
$
227,274

 
$
851,000

(1) The cumulative adjustment relates to the adoption of ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" on January 1, 2018, for which the Company recorded an adjustment to Retained Earnings to reflect cumulative unrealized losses, net of tax, on available-for-sale equity securities previously recorded in Accumulated Other Comprehensive Income (Loss).

See Notes to Unaudited Condensed Consolidated Financial Statements.











7

Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 
For the Six Months Ended June 30,
 
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net Income
$
175,457

 
$
191,396

Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
 
 
 
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration
(9,985
)
 
1,941

Equity Method Investments
3,402

 
3,673

Equity-Based and Other Deferred Compensation
192,286

 
141,225

Depreciation, Amortization and Accretion
28,214

 
13,523

Bad Debt Expense
1,750

 
1,622

Deferred Taxes
(12,427
)
 
(1,576
)
Decrease (Increase) in Operating Assets:
 
 
 
Marketable Securities
(514
)
 
36

Financial Instruments Owned and Pledged as Collateral at Fair Value
120

 
508

Securities Purchased Under Agreements to Resell
(210
)
 
(50
)
Accounts Receivable
(9,800
)
 
(92,014
)
Receivable from Employees and Related Parties
4,133

 
(4,075
)
Other Assets
(87,498
)
 
(4,401
)
(Decrease) Increase in Operating Liabilities:
 
 
 
Accrued Compensation and Benefits
(411,865
)
 
(81,922
)
Accounts Payable and Accrued Expenses
(176
)
 
6,506

Securities Sold Under Agreements to Repurchase
68

 
(447
)
Payables to Employees and Related Parties
13,757

 
13,415

Taxes Payable
(29,702
)
 
(11,125
)
Other Liabilities
7,911

 
(3,728
)
Net Cash Provided by (Used in) Operating Activities
(135,079
)
 
174,507

Cash Flows From Investing Activities
 
 
 
Investments Purchased
(2,819
)
 
(45
)
Distributions of Private Equity Investments
364

 
1,578

Marketable Securities:
 
 
 
Proceeds from Sales and Maturities
263,490

 
41,950

Purchases
(266,486
)
 
(176,202
)
Maturity of Certificates of Deposit
100,000

 
63,527

Purchase of Certificates of Deposit

 
(50,000
)
Purchase of Furniture, Equipment and Leasehold Improvements
(26,282
)
 
(7,178
)
Net Cash Provided by (Used in) Investing Activities
68,267

 
(126,370
)
Cash Flows From Financing Activities
 
 
 
Issuance of Noncontrolling Interests

 
830

Distributions to Noncontrolling Interests
(31,696
)
 
(20,584
)
Short-Term Borrowings
30,000

 
30,000

Repayment of Short-Term Borrowings
(30,000
)
 
(30,000