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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, 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 October 21, 2021 was 39,019,219. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of October 21, 2021 was 46 (excluding 54 shares of Class B common stock held by a subsidiary of the registrant).


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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)
September 30, 2021December 31, 2020
Assets
Current Assets
Cash and Cash Equivalents$478,819 $829,598 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $452,955 and $402,824 at September 30, 2021 and December 31, 2020, respectively)
1,269,961 1,060,836 
Accounts Receivable (net of allowances of $3,563 and $5,372 at September 30, 2021 and December 31, 2020, respectively)
397,964 368,346 
Receivable from Employees and Related Parties21,596 23,593 
Other Current Assets131,386 92,231 
Total Current Assets2,299,726 2,374,604 
Investments70,773 86,681 
Deferred Tax Assets 254,490 257,862 
Operating Lease Right-of-Use Assets254,840 270,498 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $159,249 and $139,572 at September 30, 2021 and December 31, 2020, respectively)
150,732 148,832 
Goodwill128,167 129,126 
Intangible Assets (net of accumulated amortization of $3,204 and $2,932 at September 30, 2021 and December 31, 2020, respectively)
426 698 
Other Assets112,734 102,587 
Total Assets$3,271,888 $3,370,888 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$786,644 $778,043 
Accounts Payable and Accrued Expenses45,528 37,961 
Payable to Employees and Related Parties33,622 24,047 
Operating Lease Liabilities44,837 42,871 
Taxes Payable1,841 15,346 
Current Portion of Notes Payable 37,974 
Other Current Liabilities22,007 127,691 
Total Current Liabilities934,479 1,063,933 
Operating Lease Liabilities291,795 300,275 
Notes Payable375,991 338,518 
Amounts Due Pursuant to Tax Receivable Agreements79,108 76,860 
Other Long-term Liabilities78,277 101,928 
Total Liabilities1,759,650 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, 74,631,561 and 72,195,283 issued at September 30, 2021 and December 31, 2020, respectively, and 39,085,383 and 40,750,225 outstanding at September 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 September 30, 2021 and December 31, 2020, respectively)
  
Additional Paid-In-Capital2,436,727 2,266,136 
Accumulated Other Comprehensive Income (Loss)(13,725)(9,758)
Retained Earnings 1,152,527 798,573 
Treasury Stock at Cost (35,546,178 and 31,445,058 shares at September 30, 2021 and December 31, 2020, respectively)
(2,354,680)(1,824,727)
Total Evercore Inc. Stockholders' Equity1,221,595 1,230,946 
Noncontrolling Interest290,643 258,428 
Total Equity1,512,238 1,489,374 
Total Liabilities and Equity$3,271,888 $3,370,888 
See Notes to Unaudited Condensed Consolidated Financial Statements.
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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 September 30, For the Nine Months Ended September 30,
 2021202020212020
Revenues
Investment Banking:
Advisory Fees$708,333 $270,662 $1,781,065 $965,662 
Underwriting Fees54,381 66,499 181,686 181,182 
Commissions and Related Revenue46,763 44,003 151,014 153,903 
Asset Management and Administration Fees16,960 14,025 48,092 39,725 
Other Revenue, Including Interest and Investments1,511 12,329 25,142 12,497 
Total Revenues827,948 407,518 2,186,999 1,352,969 
Interest Expense4,393 5,003 13,269 16,372 
Net Revenues823,555 402,515 2,173,730 1,336,597 
Expenses
Employee Compensation and Benefits486,471 259,812 1,289,659 864,600 
Occupancy and Equipment Rental19,191 18,043 55,413 54,318 
Professional Fees24,851 17,324 67,859 53,165 
Travel and Related Expenses5,895 3,182 11,902 23,089 
Communications and Information Services14,082 13,868 42,191 40,704 
Depreciation and Amortization7,122 6,214 20,914 20,060 
Execution, Clearing and Custody Fees2,484 2,840 8,949 10,230 
Special Charges, Including Business Realignment Costs8,554 7,380 8,554 39,614 
Acquisition and Transition Costs 454 7 560 
Other Operating Expenses9,752 9,712 21,908 30,539 
Total Expenses578,402 338,829 1,527,356 1,136,879 
Income Before Income from Equity Method Investments and Income Taxes245,153 63,686 646,374 199,718 
Income from Equity Method Investments3,681 3,111 10,099 8,552 
Income Before Income Taxes248,834 66,797 656,473 208,270 
Provision for Income Taxes59,712 15,677 137,871 51,042 
Net Income189,122 51,120 518,602 157,228 
Net Income Attributable to Noncontrolling Interest29,577 8,510 74,346 27,031 
Net Income Attributable to Evercore Inc.$159,545 $42,610 $444,256 $130,197 
Net Income Attributable to Evercore Inc. Common Shareholders$159,545 $42,610 $444,256 $130,197 
Weighted Average Shares of Class A Common Stock Outstanding
Basic39,467 40,694 40,492 40,441 
Diluted42,697 42,343 43,597 42,185 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$4.04 $1.05 $10.97 $3.22 
Diluted$3.74 $1.01 $10.19 $3.09 


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,
 2021202020212020
Net Income$189,122 $51,120 $518,602 $157,228 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net(858)(23)(363)(1,720)
Foreign Currency Translation Adjustment Gain (Loss), net(6,749)6,773 (4,310)(2,868)
Other Comprehensive Income (Loss)(7,607)6,750 (4,673)(4,588)
Comprehensive Income 181,515 57,870 513,929 152,640 
Comprehensive Income Attributable to Noncontrolling Interest28,468 9,496 73,640 26,250 
Comprehensive Income Attributable to Evercore Inc.$153,047 $48,374 $440,289 $126,390 

See Notes to Unaudited Condensed Consolidated Financial Statements.




6

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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 September 30, 2021
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
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 
Net Income— — — — 159,545 — — 29,577 189,122 
Other Comprehensive Income (Loss)— — — (6,498)— — — (1,109)(7,607)
Treasury Stock Purchases— — — — — (792,706)(105,147)— (105,147)
Evercore LP Units Exchanged for Class A Common Stock250  21 — — — — (13)8 
Equity-based Compensation Awards43,128  52,981 — — — — 2,946 55,927 
Dividends— — — — (30,278)— — — (30,278)
Noncontrolling Interest (Note 13)— —  — — — — (15,054)(15,054)
Balance at September 30, 202174,631,561 $746 $2,436,727 $(13,725)$1,152,527 (35,546,178)$(2,354,680)$290,643 $1,512,238 
 For the Nine Months Ended September 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— — — — 444,256 — — 74,346 518,602 
Other Comprehensive Income (Loss)— — — (3,967)— — — (706)(4,673)
Treasury Stock Purchases— — — — — (4,101,120)(529,953)— (529,953)
Evercore LP Units Exchanged for Class A Common Stock140,943 1 8,787 — — — — (6,760)2,028 
Equity-based Compensation Awards2,295,335 23 164,630 — — — — 9,053 173,706 
Dividends— — — — (90,302)— — — (90,302)
Noncontrolling Interest (Note 13)— — (2,826)— — — — (43,718)(46,544)
Balance at September 30, 202174,631,561 $746 $2,436,727 $(13,725)$1,152,527 (35,546,178)$(2,354,680)$290,643 $1,512,238 

For the Three Months Ended September 30, 2020
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
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 
Net Income— — — — 42,610 — — 8,510 51,120 
Other Comprehensive Income— — — 5,764 — — — 986 6,750 
Treasury Stock Purchases— — — — — (15,876)(927)— (927)
Evercore LP Units Exchanged for Class A Common Stock200  11 — — — — (8)3 
Equity-based Compensation Awards36,775  49,874 — — — — 4,231 54,105 
Dividends— — — — (26,934)— — — (26,934)
Noncontrolling Interest (Note 13)— —  — — — — (9,253)(9,253)
Balance at September 30, 202072,014,728 $720 $2,216,722 $(31,403)$606,542 (31,409,356)$(1,821,655)$236,088 $1,207,014 
 For the Nine Months Ended September 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— — — — 130,197 — — 27,031 157,228 
Other Comprehensive Income (Loss)— — — (3,807)— — — (781)(4,588)
Treasury Stock Purchases— — — — — (1,886,691)(143,487)— (143,487)
Evercore LP Units Exchanged for Class A Common Stock806,555 8 42,353 — — — — (33,762)8,599 
Equity-based Compensation Awards2,509,498 25 159,410 — — — — 9,926 169,361 
Dividends — — — — (80,614)— — — (80,614)
Noncontrolling Interest (Note 13)— — (1,565)— — — — (22,860)(24,425)
Balance at September 30, 202072,014,728 $720 $2,216,722 $(31,403)$606,542 (31,409,356)$(1,821,655)$236,088 $1,207,014 
(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 Nine Months Ended September 30,
 20212020
Cash Flows From Operating Activities
Net Income$518,602 $157,228 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net (Gains) Losses on Investments and Investment Securities(12,067)3,471 
Equity Method Investments3,292 2,341 
Equity-Based and Other Deferred Compensation 309,204 271,145 
Gain on Sale of ECB Trust Business (1,355)
Noncash Lease Expense30,368 28,564 
Depreciation, Amortization and Accretion21,360 22,440 
Bad Debt Expense15 5,888 
Deferred Taxes9,364 (260)
Decrease (Increase) in Operating Assets:
Investment Securities(1,971)2,250 
Financial Instruments Owned and Pledged as Collateral at Fair Value (2,859)
Securities Purchased Under Agreements to Resell 2,753 
Accounts Receivable(31,122)4,037 
Receivable from Employees and Related Parties2,091 (3,503)
Other Assets(49,736)24,576 
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(144,111)(213,817)
Accounts Payable and Accrued Expenses8,814 283 
Securities Sold Under Agreements to Repurchase 109 
Payables to Employees and Related Parties9,076 (10,194)
Taxes Payable(13,505)(1,125)
Other Liabilities(129,770)(8,777)
Net Cash Provided by Operating Activities529,904 283,195 
Cash Flows From Investing Activities
Investments Purchased(3,862)(143)
Proceeds from Redemption of G5 Debt Security11,779  
Distributions of Private Equity Investments316 650 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity1,565,429 554,141 
Purchases of Investment Securities and Futures Contracts Activity(1,640,970)(247,920)
Maturity of Certificates of Deposit73,995 214,266 
Purchase of Certificates of Deposit(191,498) 
Purchase of Furniture, Equipment and Leasehold Improvements(23,417)(41,580)
Proceeds from Sale of Business 1,830 
Net Cash Provided by (Used in) Investing Activities(208,228)481,244 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests2,063 540 
Distributions to Noncontrolling Interests(45,768)(23,262)
Payment of Notes Payable(38,000) 
Issuance of Notes Payable38,000  
Debt Issuance Costs(355) 
Purchase of Treasury Stock and Noncontrolling Interests(533,737)