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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 September 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 October 23, 2019 was 39,085,998. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of October 23, 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)
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
304,718

 
$
790,590

Investment Securities and Certificates of Deposit
620,100

 
304,627

Financial Instruments Owned and Pledged as Collateral at Fair Value
23,643

 
22,349

Securities Purchased Under Agreements to Resell
1,423

 
2,696

Accounts Receivable (net of allowances of $1,943 and $6,037 at September 30, 2019 and December 31, 2018, respectively)
305,672

 
309,075

Receivable from Employees and Related Parties
20,655

 
23,836

Other Current Assets
51,187

 
28,444

Total Current Assets
1,327,398

 
1,481,617

Investments
87,854

 
90,644

Deferred Tax Assets
275,909

 
241,092

Operating Lease Right-of-Use Assets

183,083

 

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $108,382 and $89,494 at September 30, 2019 and December 31, 2018, respectively)
112,929

 
81,069

Goodwill
129,500

 
131,387

Intangible Assets (net of accumulated amortization of $48,115 and $41,217 at September 30, 2019 and December 31, 2018, respectively)
3,480

 
10,378

Other Assets
90,950

 
89,480

Total Assets
$
2,211,103

 
$
2,125,667

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Accrued Compensation and Benefits
$
284,422

 
$
602,122

Accounts Payable and Accrued Expenses
46,779

 
37,948

Securities Sold Under Agreements to Repurchase
25,062

 
25,075

Payable to Employees and Related Parties
28,748

 
31,894

Operating Lease Liabilities
34,270

 

Taxes Payable
753

 
33,621

Other Current Liabilities
12,975

 
19,031

Total Current Liabilities
433,009

 
749,691

Operating Lease Liabilities
192,673

 

Notes Payable
372,526

 
168,612

Amounts Due Pursuant to Tax Receivable Agreements
94,411

 
94,411

Other Long-term Liabilities
115,196

 
105,014

Total Liabilities
1,207,815

 
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, 68,573,861 and 65,872,014 issued at September 30, 2019 and December 31, 2018, respectively, and 39,436,023 and 39,748,576 outstanding at September 30, 2019 and December 31, 2018, respectively)
686

 
659

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

 

Additional Paid-In-Capital
1,968,179

 
1,818,100

Accumulated Other Comprehensive Income (Loss)
(34,789
)
 
(30,434
)
Retained Earnings
479,558

 
364,882

Treasury Stock at Cost (29,137,838 and 26,123,438 shares at September 30, 2019 and December 31, 2018, respectively)
(1,648,951
)
 
(1,395,087
)
Total Evercore Inc. Stockholders' Equity
764,683

 
758,120

Noncontrolling Interest
238,605

 
249,819

Total Equity
1,003,288

 
1,007,939

Total Liabilities and Equity
$
2,211,103

 
$
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 September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
320,885

 
$
305,949

 
$
1,090,309

 
$
1,047,259

Underwriting Fees
17,598

 
11,440

 
61,428

 
62,784

Commissions and Related Fees
46,820

 
45,337

 
137,417

 
139,447

Asset Management and Administration Fees
12,650

 
12,678

 
37,452

 
36,603

Other Revenue, Including Interest and Investments
9,911

 
10,058

 
35,886

 
20,826

Total Revenues
407,864

 
385,462

 
1,362,492

 
1,306,919

Interest Expense
5,666

 
4,203

 
13,921

 
13,620

Net Revenues
402,198

 
381,259

 
1,348,571

 
1,293,299

Expenses
 
 
 
 
 
 
 
Employee Compensation and Benefits
241,702

 
225,452

 
803,657

 
766,537

Occupancy and Equipment Rental
16,946

 
15,367

 
51,225

 
43,249

Professional Fees
21,577

 
19,698

 
60,912

 
56,581

Travel and Related Expenses
17,589

 
16,880

 
54,650

 
50,858

Communications and Information Services
12,146

 
10,590

 
34,773

 
31,634

Depreciation and Amortization
8,419

 
6,815

 
23,123

 
20,209

Execution, Clearing and Custody Fees
3,265

 
3,068

 
9,483

 
7,818

Special Charges
1,029

 
1,967

 
3,087

 
3,864

Acquisition and Transition Costs
380

 

 
488

 
21

Other Operating Expenses
8,801

 
6,882

 
26,185

 
20,657

Total Expenses
331,854

 
306,719

 
1,067,583

 
1,001,428

Income Before Income from Equity Method Investments and Income Taxes
70,344

 
74,540

 
280,988

 
291,871

Income from Equity Method Investments
2,562

 
2,298

 
7,226

 
6,842

Income Before Income Taxes
72,906

 
76,838

 
288,214

 
298,713

Provision for Income Taxes
20,402

 
17,539

 
60,253

 
48,018

Net Income
52,504

 
59,299

 
227,961

 
250,695

Net Income Attributable to Noncontrolling Interest
9,226

 
9,838

 
35,709

 
36,760

Net Income Attributable to Evercore Inc.
$
43,278

 
$
49,461

 
$
192,252

 
$
213,935

Net Income Attributable to Evercore Inc. Common Shareholders
$
43,278

 
$
49,461

 
$
192,252

 
$
213,935

Weighted Average Shares of Class A Common Stock Outstanding
 
 
 
 
 
 
 
Basic
39,704

 
40,966

 
40,246

 
40,762

Diluted
42,789

 
45,858

 
43,437

 
45,542

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
 
 
 
 
 
 
 
Basic
$
1.09

 
$
1.21

 
$
4.78

 
$
5.25

Diluted
$
1.01

 
$
1.08

 
$
4.43

 
$
4.70



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 September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net Income
$
52,504

 
$
59,299

 
$
227,961

 
$
250,695

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Securities and Investments, net
(45
)
 
(11
)
 
(715
)
 
(433
)
Foreign Currency Translation Adjustment Gain (Loss), net
(3,258
)
 
2,884

 
(4,406
)
 
583

Other Comprehensive Income (Loss)
(3,303
)
 
2,873

 
(5,121
)
 
150

Comprehensive Income
49,201

 
62,172

 
222,840

 
250,845

Comprehensive Income Attributable to Noncontrolling Interest
8,724

 
10,265

 
34,943

 
36,768

Comprehensive Income Attributable to Evercore Inc.
$
40,477

 
$
51,907

 
$
187,897

 
$
214,077


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 September 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 June 30, 2019
68,508,501

 
$
685

 
$
1,916,503

 
$
(31,988
)
 
$
463,002

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

 
$
974,835

Net Income

 

 

 

 
43,278

 

 

 
9,226

 
52,504

Other Comprehensive Income (Loss)

 

 

 
(2,801
)
 

 

 

 
(502
)
 
(3,303
)
Treasury Stock Purchases

 

 

 

 

 
(493,943
)
 
(39,035
)
 

 
(39,035
)
Evercore LP Units Converted into Class A Common Stock
24,789

 
1

 
1,501

 

 

 

 

 
(1,010
)
 
492

Equity-based Compensation Awards
40,571

 

 
50,175

 

 

 

 

 
6,993

 
57,168

Dividends

 

 

 

 
(26,722
)
 

 

 

 
(26,722
)
Noncontrolling Interest (Note 14)

 

 

 

 

 

 

 
(12,651
)
 
(12,651
)
Balance at September 30, 2019
68,573,861

 
$
686

 
$
1,968,179

 
$
(34,789
)
 
$
479,558

 
(29,137,838
)
 
$
(1,648,951
)
 
$
238,605

 
$
1,003,288

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 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

 

 

 

 
192,252

 

 

 
35,709

 
227,961

Other Comprehensive Income (Loss)

 

 

 
(4,355
)
 

 

 

 
(766
)
 
(5,121
)
Treasury Stock Purchases

 

 

 

 

 
(3,014,400
)
 
(253,864
)
 

 
(253,864
)
Evercore LP Units Converted into Class A Common Stock
281,685

 
3

 
30,828

 

 

 

 

 
(12,187
)
 
18,644

Equity-based Compensation Awards
2,420,162

 
24

 
160,733

 

 

 

 

 
19,109

 
179,866

Dividends

 

 

 

 
(77,576
)
 

 

 

 
(77,576
)
Noncontrolling Interest (Note 14)

 

 
(41,482
)
 

 

 

 

 
(53,079
)
 
(94,561
)
Balance at September 30, 2019
68,573,861

 
$
686

 
$
1,968,179

 
$
(34,789
)
 
$
479,558

 
(29,137,838
)
 
$
(1,648,951
)
 
$
238,605

 
$
1,003,288

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 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 June 30, 2018
65,623,354

 
$
656

 
$
1,721,668

 
$
(31,486
)
 
$
198,815

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

 
$
851,000

Net Income

 

 

 

 
49,461

 

 

 
9,838

 
59,299

Other Comprehensive Income

 

 

 
2,446

 

 

 

 
427

 
2,873

Treasury Stock Purchases

 

 

 

 

 
(247,247
)
 
(26,936
)
 

 
(26,936
)
Evercore LP Units Converted into Class A Common Stock
25,847

 

 
1,288

 

 

 

 

 
(1,001
)
 
287

Equity-based Compensation Awards
60,292

 
1

 
41,749

 

 

 

 

 
4,928

 
46,678

Dividends

 

 

 

 
(23,649
)
 

 

 

 
(23,649
)
Noncontrolling Interest (Note 14)

 

 

 

 

 

 

 
(10,155
)
 
(10,155
)
Balance at September 30, 2018
65,709,493

 
$
657

 
$
1,764,705

 
$
(29,040
)
 
$
224,627

 
(24,926,239
)
 
$
(1,292,863
)
 
$
231,311

 
$
899,397

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 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

 

 

 

 
213,935

 

 

 
36,760

 
250,695

Other Comprehensive Income

 

 

 
142

 

 

 

 
8

 
150

Treasury Stock Purchases

 

 

 

 

 
(1,908,489
)
 
(187,457
)
 

 
(187,457
)
Evercore LP Units Converted into Class A Common Stock
1,080,554

 
11

 
58,256

 

 

 

 

 
(42,566
)
 
15,701

Equity-based Compensation Awards
2,509,035

 
25

 
131,208

 

 

 

 

 
14,925

 
146,158

Dividends

 

 

 

 
(66,540
)
 

 

 

 
(66,540
)
Noncontrolling Interest (Note 14)

 

 
(25,458
)
 

 

 

 

 
(30,220
)
 
(55,678
)
Balance at September 30, 2018
65,709,493

 
$
657

 
$
1,764,705

 
$
(29,040
)
 
$
224,627

 
(24,926,239
)
 
$
(1,292,863
)
 
$
231,311

 
$
899,397

(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 Nine Months Ended September 30,
 
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net Income
$
227,961

 
$
250,695

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
 
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration
(9,330
)
 
(26
)
Equity Method Investments
2,516

 
2,535

Equity-Based and Other Deferred Compensation
278,422

 
208,858

Depreciation, Amortization and Accretion
49,174

 
21,432

Bad Debt Expense
2,569

 
2,244

Deferred Taxes
(14,621
)
 
(1,091
)
Decrease (Increase) in Operating Assets:
 
 
 
Investment Securities
(459
)
 
242

Financial Instruments Owned and Pledged as Collateral at Fair Value
(1,351
)
 
(2,142
)
Securities Purchased Under Agreements to Resell
1,299

 
7,457

Accounts Receivable
(1,567
)
 
(51,341
)
Receivable from Employees and Related Parties
3,153

 
(6,878
)
Other Assets
(25,491
)
 
(59,145
)
(Decrease) Increase in Operating Liabilities:
 
 
 
Accrued Compensation and Benefits
(389,446
)
 
(51,246
)
Accounts Payable and Accrued Expenses
4,059

 
5,379

Securities Sold Under Agreements to Repurchase
18

 
(5,303
)
Payables to Employees and Related Parties
(3,147
)
 
3,001

Taxes Payable
(32,868
)
 
(11,267
)
Other Liabilities
64

 
(2,758
)
Net Cash Provided by Operating Activities
90,955

 
310,646

Cash Flows From Investing Activities
 
 
 
Investments Purchased
(3,822
)
 
(45
)
Distributions of Private Equity Investments
1,698

 
2,143

Investment Securities:
 
 
 
Proceeds from Sales and Maturities
376,934

 
162,318

Purchases
(570,783
)
 
(304,950
)
Maturity of Certificates of Deposit
100,000

 
63,527

Purchase of Certificates of Deposit
(211,861
)
 
(100,000
)
Purchase of Furniture, Equipment and Leasehold Improvements
(46,155
)
 
(11,881
)
Net Cash Provided by (Used in) Investing Activities
(353,989
)
 
(188,888
)
Cash Flows From Financing Activities
 
 
 
Issuance of Noncontrolling Interests
600

 
1,165

Distributions to Noncontrolling Interests
(44,947
)
 
(30,374
)
Short-Term Borrowings
30,000

 
30,000

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

 
(6,799
)
Issuance of Notes Payable
205,718

 

Debt Issuance Costs
(2,032
)