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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, 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 July 22, 2021 was 39,657,354. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of July 22, 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

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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)
June 30, 2021December 31, 2020
Assets
Current Assets
Cash and Cash Equivalents$442,187 $829,598 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $278,979 and $402,824 at June 30, 2021 and December 31, 2020, respectively)
1,062,916 1,060,836 
Accounts Receivable (net of allowances of $2,143 and $5,372 at June 30, 2021 and December 31, 2020, respectively)
328,543 368,346 
Receivable from Employees and Related Parties19,043 23,593 
Other Current Assets108,477 92,231 
Total Current Assets1,961,166 2,374,604 
Investments75,839 86,681 
Deferred Tax Assets 257,492 257,862 
Operating Lease Right-of-Use Assets264,456 270,498 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $152,992 and $139,572 at June 30, 2021 and December 31, 2020, respectively)
151,173 148,832 
Goodwill129,424 129,126 
Intangible Assets (net of accumulated amortization of $3,114 and $2,932 at June 30, 2021 and December 31, 2020, respectively)
516 698 
Other Assets107,382 102,587 
Total Assets$2,947,448 $3,370,888 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$540,119 $778,043 
Accounts Payable and Accrued Expenses43,776 37,961 
Payable to Employees and Related Parties48,097 24,047 
Operating Lease Liabilities44,223 42,871 
Taxes Payable4,809 15,346 
Current Portion of Notes Payable 37,974 
Other Current Liabilities29,885 127,691 
Total Current Liabilities710,909 1,063,933 
Operating Lease Liabilities297,060 300,275 
Notes Payable376,778 338,518 
Amounts Due Pursuant to Tax Receivable Agreements79,108 76,860 
Other Long-term Liabilities58,326 101,928 
Total Liabilities1,522,181 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, 74,588,183 and 72,195,283 issued at June 30, 2021 and December 31, 2020, respectively, and 39,834,711 and 40,750,225 outstanding at June 30, 2021 and December 31, 2020, respectively)
746 722 
Class B, par value $0.01 per share (1,000,000 shares authorized, 47 and 48 issued and outstanding at June 30, 2021 and December 31, 2020, respectively)
  
Additional Paid-In-Capital2,383,725 2,266,136 
Accumulated Other Comprehensive Income (Loss)(7,227)(9,758)
Retained Earnings 1,023,260 798,573 
Treasury Stock at Cost (34,753,472 and 31,445,058 shares at June 30, 2021 and December 31, 2020, respectively)
(2,249,533)(1,824,727)
Total Evercore Inc. Stockholders' Equity1,150,971 1,230,946 
Noncontrolling Interest274,296 258,428 
Total Equity1,425,267 1,489,374 
Total Liabilities and Equity$2,947,448 $3,370,888 
See Notes to Unaudited Condensed Consolidated Financial Statements.
4

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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,
 2021202020212020
Revenues
Investment Banking:
Advisory Fees$560,814 $336,436 $1,072,732 $695,000 
Underwriting Fees48,048 93,565 127,305 114,683 
Commissions and Related Revenue50,725 54,334 104,251 109,900 
Asset Management and Administration Fees16,183 12,953 31,132 25,700 
Other Revenue, Including Interest and Investments16,401 15,116 23,631 168 
Total Revenues692,171 512,404 1,359,051 945,451 
Interest Expense4,306 5,329 8,876 11,369 
Net Revenues687,865 507,075 1,350,175 934,082 
Expenses
Employee Compensation and Benefits407,798 334,046 803,188 604,788 
Occupancy and Equipment Rental17,513 17,365 36,222 36,275 
Professional Fees21,401 18,875 43,008 35,841 
Travel and Related Expenses3,715 3,756 6,007 19,907 
Communications and Information Services14,080 14,269 28,109 26,836 
Depreciation and Amortization7,151 6,975 13,792 13,846 
Execution, Clearing and Custody Fees2,913 3,204 6,465 7,390 
Special Charges, Including Business Realignment Costs 8,558  32,234 
Acquisition and Transition Costs 98 7 106 
Other Operating Expenses6,281 13,200 12,156 20,827 
Total Expenses480,852 420,346 948,954 798,050 
Income Before Income from Equity Method Investments and Income Taxes207,013 86,729 401,221 136,032 
Income from Equity Method Investments3,394 2,313 6,418 5,441 
Income Before Income Taxes210,407 89,042 407,639 141,473 
Provision for Income Taxes46,478 21,814 78,159 35,365 
Net Income163,929 67,228 329,480 106,108 
Net Income Attributable to Noncontrolling Interest23,570 10,816 44,769 18,521 
Net Income Attributable to Evercore Inc.$140,359 $56,412 $284,711 $87,587 
Net Income Attributable to Evercore Inc. Common Shareholders$140,359 $56,412 $284,711 $87,587 
Weighted Average Shares of Class A Common Stock Outstanding
Basic40,667 40,635 41,010 40,313 
Diluted43,661 41,894 44,053 42,105 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$3.45 $1.39 $6.94 $2.17 
Diluted$3.21 $1.35 $6.46 $2.08 


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,
 2021202020212020
Net Income$163,929 $67,228 $329,480 $106,108 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net453 (764)495 (1,697)
Foreign Currency Translation Adjustment Gain (Loss), net886 1,667 2,439 (9,641)
Other Comprehensive Income (Loss)1,339 903 2,934 (11,338)
Comprehensive Income 165,268 68,131 332,414 94,770 
Comprehensive Income Attributable to Noncontrolling Interest23,739 10,958 45,172 16,754 
Comprehensive Income Attributable to Evercore Inc.$141,529 $57,173 $287,242 $78,016 

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, 2021
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
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 
Net Income— — — — 140,359 — — 23,570 163,929 
Other Comprehensive Income — — — 1,170 — — — 169 1,339 
Treasury Stock Purchases— — — — — (1,367,984)(189,952)— (189,952)
Evercore LP Units Exchanged for Class A Common Stock20,550  1,555 — — — — (1,033)522 
Equity-based Compensation Awards45,673 1 59,749 — — — — 3,011 62,761 
Dividends— — — — (31,219)— — — (31,219)
Noncontrolling Interest (Note 13)— —  — — — — (16,510)(16,510)
Balance at June 30, 202174,588,183 $746 $2,383,725 $(7,227)$1,023,260 (34,753,472)$(2,249,533)$274,296 $1,425,267 
 For the Six Months Ended June 30, 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— — — — 284,711 — — 44,769 329,480 
Other Comprehensive Income — — — 2,531 — — — 403 2,934 
Treasury Stock Purchases— — — — — (3,308,414)(424,806)— (424,806)
Evercore LP Units Exchanged for Class A Common Stock140,693 1 8,766 — — — — (6,747)2,020 
Equity-based Compensation Awards2,252,207 23 111,649 — — — — 6,107 117,779 
Dividends— — — — (60,024)— — — (60,024)
Noncontrolling Interest (Note 13)— — (2,826)— — — — (28,664)(31,490)
Balance at June 30, 202174,588,183 $746 $2,383,725 $(7,227)$1,023,260 (34,753,472)$(2,249,533)$274,296 $1,425,267 

For the Three Months Ended June 30, 2020
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
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 
Net Income— — — — 56,412 — — 10,816 67,228 
Other Comprehensive Income— — — 761 — — — 142 903 
Treasury Stock Purchases— — — — — (28,935)(1,546)— (1,546)
Evercore LP Units Exchanged for Class A Common Stock14,660  765 — — — — (583)182 
Equity-based Compensation Awards63,137 1 54,127 — — — — 2,384 56,512 
Dividends— — — — (26,563)— — — (26,563)
Noncontrolling Interest (Note 13)— —  — — — — (2,431)(2,431)
Balance at June 30, 202071,977,753 $720 $2,166,837 $(37,167)$590,866 (31,393,480)$(1,820,728)$231,622 $1,132,150 
 For the Six Months Ended June 30, 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— — — — 87,587 — — 18,521 106,108 
Other Comprehensive Income (Loss)— — — (9,571)— — — (1,767)(11,338)
Treasury Stock Purchases— — — — — (1,870,815)(142,560)— (142,560)
Evercore LP Units Exchanged for Class A Common Stock806,355 8 42,342 — — — — (33,754)8,596 
Equity-based Compensation Awards2,472,723 25 109,536 — — — — 5,695 115,256 
Dividends — — — — (53,680)— — — (53,680)
Noncontrolling Interest (Note 13)— — (1,565)— — — — (13,607)(15,172)
Balance at June 30, 202071,977,753 $720 $2,166,837 $(37,167)$590,866 (31,393,480)$(1,820,728)$231,622 $1,132,150 
(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.






7

Table of Contents                                            
EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 For the Six Months Ended June 30,
 20212020
Cash Flows From Operating Activities
Net Income$329,480 $106,108 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net (Gains) Losses on Investments and Investment Securities(22,193)11,780 
Equity Method Investments5,038 3,309 
Equity-Based and Other Deferred Compensation 202,186 176,968 
Noncash Lease Expense20,311 18,284 
Depreciation, Amortization and Accretion14,129 15,989 
Bad Debt Expense(1,766)5,331 
Deferred Taxes3,982 2,112 
Decrease (Increase) in Operating Assets:
Investment Securities(1,946)2,601 
Financial Instruments Owned and Pledged as Collateral at Fair Value (6,486)
Securities Purchased Under Agreements to Resell 6,334 
Accounts Receivable42,638 (25,778)
Receivable from Employees and Related Parties4,558 (612)
Other Assets(20,482)33,968 
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(359,317)(241,190)
Accounts Payable and Accrued Expenses6,001 62 
Securities Sold Under Agreements to Repurchase 149 
Payables to Employees and Related Parties23,791 5,529 
Taxes Payable(10,537)380 
Other Liabilities(121,415)3,932 
Net Cash Provided by Operating Activities114,458 118,770 
Cash Flows From Investing Activities
Investments Purchased(1,355) 
Proceeds from Redemption of G5 Debt Security11,779  
Distributions of Private Equity Investments171 234 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity992,836 543,251 
Purchases of Investment Securities and Futures Contracts Activity(852,579)(244,470)
Maturity of Certificates of Deposit 214,266 
Purchase of Certificates of Deposit(122,510) 
Purchase of Furniture, Equipment and Leasehold Improvements(16,374)(29,665)
Net Cash Provided by Investing Activities11,968 483,616 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests1,107 540 
Distributions to Noncontrolling Interests(29,642)(14,009)
Payment of Notes Payable(38,000) 
Issuance of Notes Payable38,000  
Debt Issuance Costs(355) 
Purchase of Treasury Stock and Noncontrolling Interests(423,188)(143,412)
Dividends(65,139)(57,529)
Net Cash Provided by (Used in) Financing Activities(517,217)(214,410)
Effect of Exchange Rate Changes on Cash