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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 March 31, 2021
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                  .

Commission File Number 001-32975
____________________________________________________
EVERCORE INC.
(Exact name of registrant as specified in its charter)
 ____________________________________________________
Delaware20-4748747
(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, including area code: (212) 857-3100
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per shareEVRNew York Stock Exchange

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.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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  ☒

The number of shares of the registrant’s Class A common stock, par value $0.01 per share, outstanding as of April 23, 2021 was 40,949,919. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of April 23, 2021 was 47 (excluding 53 shares of Class B common stock held by a subsidiary of the registrant).


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 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

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
March 31, 2021December 31, 2020
Assets
Current Assets
Cash and Cash Equivalents$410,848 $829,598 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $147,995 and $402,824 at March 31, 2021 and December 31, 2020, respectively)
873,117 1,060,836 
Accounts Receivable (net of allowances of $2,017 and $5,372 at March 31, 2021 and December 31, 2020, respectively)
356,430 368,346 
Receivable from Employees and Related Parties23,074 23,593 
Other Current Assets78,671 92,231 
Total Current Assets1,742,140 2,374,604 
Investments86,360 86,681 
Deferred Tax Assets 256,491 257,862 
Operating Lease Right-of-Use Assets262,173 270,498 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $146,412 and $139,572 at March 31, 2021 and December 31, 2020, respectively)
150,537 148,832 
Goodwill129,232 129,126 
Intangible Assets (net of accumulated amortization of $3,023 and $2,932 at March 31, 2021 and December 31, 2020, respectively)
607 698 
Other Assets98,373 102,587 
Total Assets$2,725,913 $3,370,888 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$326,082 $778,043 
Accounts Payable and Accrued Expenses40,770 37,961 
Payable to Employees and Related Parties47,042 24,047 
Operating Lease Liabilities43,654 42,871 
Taxes Payable1,809 15,346 
Current Portion of Notes Payable 37,974 
Other Current Liabilities32,845 127,691 
Total Current Liabilities492,202 1,063,933 
Operating Lease Liabilities294,644 300,275 
Notes Payable376,491 338,518 
Amounts Due Pursuant to Tax Receivable Agreements78,884 76,860 
Other Long-term Liabilities49,295 101,928 
Total Liabilities1,291,516 1,881,514 
Commitments and Contingencies (Note 16)
Equity
Evercore Inc. Stockholders' Equity
Common Stock
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 74,521,960 and 72,195,283 issued at March 31, 2021 and December 31, 2020, respectively, and 41,136,472 and 40,750,225 outstanding at March 31, 2021 and December 31, 2020, respectively)
745 722 
Class B, par value $0.01 per share (1,000,000 shares authorized, 47 and 48 issued and outstanding at March 31, 2021 and December 31, 2020, respectively)
  
Additional Paid-In-Capital2,322,421 2,266,136 
Accumulated Other Comprehensive Income (Loss)(8,397)(9,758)
Retained Earnings 914,120 798,573 
Treasury Stock at Cost (33,385,488 and 31,445,058 shares at March 31, 2021 and December 31, 2020, respectively)
(2,059,581)(1,824,727)
Total Evercore Inc. Stockholders' Equity1,169,308 1,230,946 
Noncontrolling Interest265,089 258,428 
Total Equity1,434,397 1,489,374 
Total Liabilities and Equity$2,725,913 $3,370,888 
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 March 31,
 20212020
Revenues
Investment Banking:
Advisory Fees$511,918 $358,564 
Underwriting Fees79,257 21,118 
Commissions and Related Revenue53,526 55,566 
Asset Management and Administration Fees14,949 12,747 
Other Revenue, Including Interest and Investments7,230 (14,948)
Total Revenues666,880 433,047 
Interest Expense4,570 6,040 
Net Revenues662,310 427,007 
Expenses
Employee Compensation and Benefits395,390 270,742 
Occupancy and Equipment Rental18,709 18,910 
Professional Fees21,607 16,966 
Travel and Related Expenses2,292 16,151 
Communications and Information Services14,029 12,567 
Depreciation and Amortization6,641 6,871 
Execution, Clearing and Custody Fees3,552 4,186 
Special Charges, Including Business Realignment Costs 23,676 
Acquisition and Transition Costs7 8 
Other Operating Expenses5,875 7,627 
Total Expenses468,102 377,704 
Income Before Income from Equity Method Investments and Income Taxes194,208 49,303 
Income from Equity Method Investments3,024 3,128 
Income Before Income Taxes197,232 52,431 
Provision for Income Taxes31,681 13,551 
Net Income165,551 38,880 
Net Income Attributable to Noncontrolling Interest21,199 7,705 
Net Income Attributable to Evercore Inc.$144,352 $31,175 
Net Income Attributable to Evercore Inc. Common Shareholders$144,352 $31,175 
Weighted Average Shares of Class A Common Stock Outstanding
Basic41,364 39,992 
Diluted44,456 42,317 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$3.49 $0.78 
Diluted$3.25 $0.74 


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 March 31,
 20212020
Net Income$165,551 $38,880 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net42 (933)
Foreign Currency Translation Adjustment Gain (Loss), net1,553 (11,308)
Other Comprehensive Income (Loss)1,595 (12,241)
Comprehensive Income 167,146 26,639 
Comprehensive Income Attributable to Noncontrolling Interest21,433 5,796 
Comprehensive Income Attributable to Evercore Inc.$145,713 $20,843 

See Notes to Unaudited Condensed Consolidated Financial Statements.




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

For the Three Months Ended March 31, 2021
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at December 31, 202072,195,283 $722 $2,266,136 $(9,758)$798,573 (31,445,058)$(1,824,727)$258,428 $1,489,374 
Net Income— — — — 144,352 — — 21,199 165,551 
Other Comprehensive Income — — — 1,361 — — — 234 1,595 
Treasury Stock Purchases— — — — — (1,940,430)(234,854)— (234,854)
Evercore LP Units Exchanged for Class A Common Stock120,143 1 7,211 — — — — (5,714)1,498 
Equity-based Compensation Awards2,206,534 22 51,900 — — — — 3,096 55,018 
Dividends— — — — (28,805)— — — (28,805)
Noncontrolling Interest (Note 13)— — (2,826)— — — — (12,154)(14,980)
Balance at March 31, 202174,521,960 $745 $2,322,421 $(8,397)$914,120 (33,385,488)$(2,059,581)$265,089 $1,434,397 
For the Three Months Ended March 31, 2020
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at December 31, 201968,698,675 $687 $2,016,524 $(27,596)$558,269 (29,522,665)$(1,678,168)$256,534 $1,126,250 
Cumulative Effect of Accounting Change(1)
— — — — (1,310)— — — (1,310)
Net Income— — — — 31,175 — — 7,705 38,880 
Other Comprehensive Income (Loss)— — — (10,332)— — — (1,909)(12,241)
Treasury Stock Purchases— — — — — (1,841,880)(141,014)— (141,014)
Evercore LP Units Exchanged for Class A Common Stock791,695 8 41,577 — — — — (33,171)8,414 
Equity-based Compensation Awards2,409,586 24 55,409 — — — — 3,311 58,744 
Dividends— — — — (27,117)— — — (27,117)
Noncontrolling Interest (Note 13)— — (1,565)— — — — (11,176)(12,741)
Balance at March 31, 202071,899,956 $719 $2,111,945 $(37,928)$561,017 (31,364,545)$(1,819,182)$221,294 $1,037,865 
(1)The cumulative adjustment relates to the adoption of Accounting Standards Update ("ASU") No. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13") on January 1, 2020, for which the Company recorded an adjustment to Retained Earnings to reflect an increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model.

See Notes to Unaudited Condensed Consolidated Financial Statements.






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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 For the Three Months Ended March 31,
 20212020
Cash Flows From Operating Activities
Net Income$165,551 $38,880 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration(7,605)24,767 
Equity Method Investments349 (1,291)
Equity-Based and Other Deferred Compensation 94,211 77,910 
Noncash Lease Expense10,058 9,065 
Depreciation, Amortization and Accretion6,751 8,526 
Bad Debt Expense(1,738)474 
Deferred Taxes4,502 2,105 
Decrease (Increase) in Operating Assets:
Investment Securities(1,950)634 
Financial Instruments Owned and Pledged as Collateral at Fair Value (13,099)
Securities Purchased Under Agreements to Resell 12,831 
Accounts Receivable14,265 42,009 
Receivable from Employees and Related Parties523 (2,344)
Other Assets17,550 (11,564)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(535,197)(359,947)
Accounts Payable and Accrued Expenses2,397 (6,070)
Securities Sold Under Agreements to Repurchase 266 
Payables to Employees and Related Parties22,736 4,152 
Taxes Payable(13,537)(2,829)
Other Liabilities(108,977)1,219 
Net Cash Provided by (Used In) Operating Activities(330,111)(174,306)
Cash Flows From Investing Activities
Investments Purchased(159) 
Distributions of Private Equity Investments5  
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities 888,534 332,819 
Purchases of Investment Securities and Futures Contracts Activity(616,624)(209,602)
Maturity of Certificates of Deposit 214,266 
Purchase of Certificates of Deposit(73,877) 
Purchase of Furniture, Equipment and Leasehold Improvements(7,714)(12,661)
Net Cash Provided by Investing Activities190,165 324,822 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests1,107 30 
Distributions to Noncontrolling Interests(12,894)(11,068)
Payment of Notes Payable(38,000) 
Issuance of Notes Payable38,000  
Purchase of Treasury Stock and Noncontrolling Interests(231,296)(141,014)
Dividends(37,414)(33,781)
Net Cash Provided by (Used in) Financing Activities(280,497)(185,833)
Effect of Exchange Rate Changes on Cash1,816 (8,429)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(418,627)(43,746)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period838,224 643,886 
Cash, Cash Equivalents and Restricted Cash-End of Period$419,597 $600,140 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$4,469 $5,667 
Payments for Income Taxes$27,331 $20,896 
Accrued Dividends$3,411 $3,531 
Noncash Purchase of Noncontrolling Interest$3,170 $1,703 
Receipt of Equity Securities in Settlement of Accounts Receivable$1,955 $ 
Debt Issuance Costs Accrued$355 $ 
See Notes to Unaudited Condensed Consolidated Financial Statements.
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Note 1 – Organization
Evercore Inc., together with its subsidiaries (the "Company"), is an investment banking and investment management firm, incorporated in Delaware and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in, and is the sole general partner of, Evercore LP, a Delaware limited partnership ("Evercore LP"). The Company operates from its offices and through its affiliates in North America, Europe, the Middle East and Asia.
The Investment Banking segment includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity interests. The Investment Banking business also includes the Evercore ISI business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors.
The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company. The Company's historical results also include the institutional asset management business, through which the Company directly and through affiliates, managed financial assets for sophisticated institutional investors. This business included Evercore Casa de Bolsa, S.A. de C.V. ("ECB"), which was sold during 2020.
Note 2 – Significant Accounting Policies
For a further discussion of the Company's accounting policies, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2020. The December 31, 2020 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021.
The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP's wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date.
Evercore LP is a VIE and the Company is the primary beneficiary. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 25 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada (as of January 1, 2020 for Evercore Canada), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $343,806 and liabilities of $114,032 at March 31, 2021 and assets of $377,878 and liabilities of $164,779 at December 31, 2020.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
Reclassifications: During the three months ended March 31, 2021, certain balances on the Unaudited Condensed Consolidated Statements of Operations in the prior period were reclassified to conform to their current presentation.
Commissions and Related Revenue The Company renamed "Commissions and Related Fees" to "Commissions and Related Revenue" on the Unaudited Condensed Consolidated Statements of Operations and reclassified $185 of principal trading gains and losses from the Company's institutional equities business from "Other Revenue, Including Interest and Investments" to "Commissions and Related Revenue" for the three months ended March 31, 2020.
The prior period reclassifications from "Other Revenue, Including Interest and Investments" to "Commissions and Related Revenue" are as follows: for the three months ended March 31, 2020: $185; for the three months ended June 30, 2020: $215; for the three months ended September 30, 2020: $150; for the three months ended December 31, 2020: $375; for the three months ended March 31, 2019: ($2); for the three months ended June 30, 2019: $25; for the three months ended September 30, 2019: $320; for the three months ended December 31, 2019: $249.
Note 3 – Recent Accounting Pronouncements
ASU 2019-12 In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes" ("ASU 2019-12"). ASU 2019-12 provides amendments to ASC 740, "Income Taxes" ("ASC 740") which simplify the accounting for income taxes by removing certain exceptions in ASC 740 and clarify and amend certain existing guidance. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, with early adoption permitted. The amendments on separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented, amendments on ownership changes of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis, with a cumulative-effect adjustment recorded through retained earnings as of the beginning of the period of adoption, and all other amendments should be applied prospectively. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
ASU 2020-01In January 2020, the FASB issued ASU No. 2020-01, "Clarifying the Interactions Between Topic 321, 323, and Topic 815" ("ASU 2020-01"). ASU 2020-01 provides amendments to clarify the accounting for certain equity securities when the equity method of accounting is applied or discontinued and scope considerations related to forward contracts and purchased options on certain securities. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-01 on January 1, 2021. The adoption of ASU 2020-01 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
ASU 2020-06 In August 2020, the FASB issued ASU No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 provides amendments to reduce the number of models
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
used to account for convertible instruments and to simplify the accounting for contracts in an entity's own equity. ASU 2020-06 also provides amendments to diluted earnings per share calculations, which require entities to use the if-converted method for convertible instruments and to include the effect of potential share settlement from instruments that may be settled in cash or in shares. The amendments in this update are effective during interim and annual periods beginning after December 15, 2021, with early adoption permitted. The amendments should be applied using a modified or full retrospective transition method. The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
20212020
Investment Banking:
Advisory Fees$511,918 $358,564 
Underwriting Fees79,257 21,118 
Commissions and Related Revenue53,526 55,566 
Total Investment Banking$644,701 $435,248 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$14,949 $12,328 
Institutional Asset Management
 419 
Total Investment Management$14,949 $12,747 
Contract Balances
The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2021 and 2020 are as follows:
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For the Three Months Ended March 31, 2021
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2021$368,346 $70,975 $29,327 $5,283 $9,373 $147 
Increase (Decrease)(11,916)(2,434)(1,527)(1,111)3,791  
Balance at March 31, 2021$356,430 $68,541 $27,800 $4,172 $13,164 $147 
For the Three Months Ended March 31, 2020
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2020$296,355 $63,554 $31,525 $2,504 $2,492 $615 
Increase (Decrease)(48,910)(3,968)166 6,960 3,131  
Balance at March 31, 2020$247,445 $59,586 $31,691 $9,464 $5,623 $615 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5)Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $2,467 and $2,029 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
The allowance for credit losses for the three months ended March 31, 2021 and 2020 is as follows:
For the Three Months Ended March 31,
20212020
Beginning Balance(1)
$5,372 $9,191 
Bad debt expense, net of reversals(1,738)474 
Write-offs, foreign currency translation and other adjustments(1,617)(2,770)
Ending Balance$2,017 $6,895 
(1)Beginning Balance for the three months ended March 31, 2020 includes the cumulative-effect adjustment of $1,310, which reflects the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model related to the adoption of ASU 2016-13 on January 1, 2020.
The change in the balance during the three months ended March 31, 2021 is primarily related to a decrease in the current period provision of expected credit losses, which is impacted by reversals of bad debt expense, as well as the change in the amount of receivables outstanding greater than 120 days at March 31, 2021, and the write-off of aged receivables.
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2021, by year of origination:
Amortized Cost Basis by Origination Year
20212020201920182017Total
Long-term Accounts Receivable and Long-Term Contract Assets$12,420 $42,303 $12,238 $5,353 $399 $72,713 
Note 5 – Special Charges, Including Business Realignment Costs, and Intangible Asset Amortization
Special Charges, Including Business Realignment Costs
The Company recognized $23,676 for the three months ended March 31, 2020, as Special Charges, Including Business Realignment Costs. For the three months ended March 31, 2020, these costs included $22,127 for separation and transition benefits and related costs as a result of the Company's review of its operations, described below, and $1,549 related to the acceleration of depreciation expense for leasehold improvements and certain other fixed assets in conjunction with the expansion of the Company's headquarters in New York and the Company's business realignment initiatives.
In 2020, the Company completed a review of its operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position itself for future growth. This review generated reductions of 8% of the Company's headcount. See Note 15 for further information.
Intangible Asset Amortization
Expense associated with the amortization of intangible assets for Investment Management was $91 and $108 for the three months ended March 31, 2021 and 2020, respectively, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations. Expense associated with the amortization of intangible assets for Investment Banking was $507 for the three months ended March 31, 2020, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations.
Note 6 – Related Parties
Investment Banking Revenue includes advisory fees earned from clients that have Senior Managing Directors and certain Senior Advisors and executives as a member of their Board of Directors of $5,612 for the three months ended March 31, 2021.
Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $8,693 and $10,159 as of March 31, 2021 and December 31, 2020, respectively. See Note 15 for further information.
Note 7 – Investment Securities and Certificates of Deposit
The Company's Investment Securities and Certificates of Deposit as of March 31, 2021 and December 31, 2020 were as follows:
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EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
 March 31, 2021December 31, 2020
 CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueCostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt Securities$147,995 $1 $ $147,996 $402,824 $39 $ $402,863 
Equity Securities2,621 2,055  4,676 666  73 593 
Debt Securities Carried by Broker-Dealers519,969 19 1 519,987 550,002 27 3 550,026 
Investment Funds109,268 17,313  126,581 87,612 19,742  107,354 
Total Investment Securities (carried at fair value)$779,853 $19,388 $1 $799,240 $1,041,104 $19,808 $76 $1,060,836 
Certificates of Deposit (carried at contract value)73,877  
Total Investment Securities and Certificates of Deposit$873,117