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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, 2022
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, 2022 was 39,144,156. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of July 22, 2022 was 50 (excluding 50 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.
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Table of Contents                                            
PART I. FINANCIAL INFORMATION

Item 1.Financial Statements
Condensed Consolidated Financial Statements (Unaudited)Page



















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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
June 30, 2022December 31, 2021
Assets
Current Assets
Cash and Cash Equivalents$444,306 $578,317 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $462,544 and $706,826 at June 30, 2022 and December 31, 2021, respectively)
1,135,700 1,784,639 
Accounts Receivable (net of allowances of $1,447 and $2,704 at June 30, 2022 and December 31, 2021, respectively)
317,990 351,668 
Receivable from Employees and Related Parties21,207 25,208 
Other Current Assets156,808 58,533 
Total Current Assets2,076,011 2,798,365 
Investments42,904 75,176 
Deferred Tax Assets 268,299 248,077 
Operating Lease Right-of-Use Assets245,154 263,329 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $176,376 and $165,857 at June 30, 2022 and December 31, 2021, respectively)
147,449 148,589 
Goodwill123,429 128,246 
Intangible Assets (net of accumulated amortization of $3,476 and $3,294 at June 30, 2022 and December 31, 2021, respectively)
154 336 
Other Assets108,088 140,539 
Total Assets$3,011,488 $3,802,657 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$505,222 $1,109,716 
Accounts Payable and Accrued Expenses38,224 31,633 
Payable to Employees and Related Parties56,436 58,876 
Operating Lease Liabilities45,120 47,321 
Taxes Payable4,449 20,980 
Other Current Liabilities21,361 28,610 
Total Current Liabilities670,812 1,297,136 
Operating Lease Liabilities278,773 297,473 
Notes Payable371,707 376,243 
Amounts Due Pursuant to Tax Receivable Agreements70,770 70,209 
Other Long-term Liabilities98,717 126,315 
Total Liabilities1,490,779 2,167,376 
Commitments and Contingencies (Note 15)
Equity
Evercore Inc. Stockholders' Equity
Common Stock
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 79,597,763 and 74,804,288 issued at June 30, 2022 and December 31, 2021, respectively, and 39,137,078 and 37,903,430 outstanding at June 30, 2022 and December 31, 2021, respectively)
796 748 
Class B, par value $0.01 per share (1,000,000 shares authorized, 50 and 53 issued and outstanding at June 30, 2022 and December 31, 2021, respectively)
  
Additional Paid-In-Capital2,746,245 2,458,779 
Accumulated Other Comprehensive Income (Loss)(31,371)(12,086)
Retained Earnings 1,607,976 1,418,382 
Treasury Stock at Cost (40,460,685 and 36,900,858 shares at June 30, 2022 and December 31, 2021, respectively)
(2,973,087)(2,545,452)
Total Evercore Inc. Stockholders' Equity1,350,559 1,320,371 
Noncontrolling Interest170,150 314,910 
Total Equity1,520,709 1,635,281 
Total Liabilities and Equity$3,011,488 $3,802,657 
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 June 30, For the Six Months Ended June 30,
 2022202120222021
Revenues
Investment Banking:
Advisory Fees$576,245 $560,814 $1,200,809 $1,072,732 
Underwriting Fees13,516 48,048 49,822 127,305 
Commissions and Related Revenue52,485 50,725 103,383 104,251 
Asset Management and Administration Fees15,968 16,183 33,083 31,132 
Other Revenue, Including Interest and Investments(23,039)16,401 (24,818)23,631 
Total Revenues635,175 692,171 1,362,279 1,359,051 
Interest Expense4,258 4,306 8,508 8,876 
Net Revenues630,917 687,865 1,353,771 1,350,175 
Expenses
Employee Compensation and Benefits388,971 407,798 818,706 803,188 
Occupancy and Equipment Rental19,608 17,513 38,785 36,222 
Professional Fees27,767 21,401 51,913 43,008 
Travel and Related Expenses14,786 3,715 22,612 6,007 
Communications and Information Services14,384 14,080 30,412 28,109 
Depreciation and Amortization6,597 7,151 13,707 13,792 
Execution, Clearing and Custody Fees2,631 2,913 5,428 6,465 
Special Charges, Including Business Realignment Costs532  532  
Acquisition and Transition Costs   7 
Other Operating Expenses9,459 6,281 16,130 12,156 
Total Expenses484,735 480,852 998,225 948,954 
Income Before Income from Equity Method Investments and Income Taxes146,182 207,013 355,546 401,221 
Income from Equity Method Investments2,274 3,394 4,786 6,418 
Income Before Income Taxes148,456 210,407 360,332 407,639 
Provision for Income Taxes38,562 46,478 73,344 78,159 
Net Income109,894 163,929 286,988 329,480 
Net Income Attributable to Noncontrolling Interest14,267 23,570 33,345 44,769 
Net Income Attributable to Evercore Inc.$95,627 $140,359 $253,643 $284,711 
Net Income Attributable to Evercore Inc. Common Shareholders$95,627 $140,359 $253,643 $284,711 
Weighted Average Shares of Class A Common Stock Outstanding
Basic39,834 40,667 39,507 41,010 
Diluted41,108 43,661 41,395 44,053 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$2.40 $3.45 $6.42 $6.94 
Diluted$2.33 $3.21 $6.13 $6.46 


See Notes to Unaudited Condensed Consolidated Financial Statements.
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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,
 2022202120222021
Net Income$109,894 $163,929 $286,988 $329,480 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain on Securities and Investments, net304 453 307 495 
Foreign Currency Translation Adjustment Gain (Loss), net(18,519)886 (21,539)2,439 
Other Comprehensive Income (Loss)(18,215)1,339 (21,232)2,934 
Comprehensive Income91,679 165,268 265,756 332,414 
Comprehensive Income Attributable to Noncontrolling Interest12,593 23,739 31,398 45,172 
Comprehensive Income Attributable to Evercore Inc.$79,086 $141,529 $234,358 $287,242 

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 June 30, 2022
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at March 31, 202279,460,450 $795 $2,679,900 $(14,830)$1,544,765 (38,891,974)$(2,800,593)$177,632 $1,587,669 
Net Income— — — — 95,627 — — 14,267 109,894 
Other Comprehensive Income (Loss)— — — (16,541)— — — (1,674)(18,215)
Treasury Stock Purchases— — — — — (1,568,711)(172,494)— (172,494)
Evercore LP Units Exchanged for Class A Common Stock26,200  1,655 — — — — (1,530)125 
Equity-based Compensation Awards111,113 1 64,690 — — — — 6,308 70,999 
Dividends— — — — (32,416)— — — (32,416)
Noncontrolling Interest (Note 12)— —  — — — — (24,853)(24,853)
Balance at June 30, 202279,597,763 $796 $2,746,245 $(31,371)$1,607,976 (40,460,685)$(2,973,087)$170,150 $1,520,709 
 For the Six Months Ended June 30, 2022
Accumulated
AdditionalOther
 Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
 SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
Balance at December 31, 202174,804,288 $748 $2,458,779 $(12,086)$1,418,382 (36,900,858)$(2,545,452)$314,910 $1,635,281 
Net Income— — — — 253,643 — — 33,345 286,988 
Other Comprehensive Income (Loss)— — — (19,285)— — — (1,947)(21,232)
Treasury Stock Purchases— — — — — (3,559,827)(427,635)— (427,635)
Evercore LP Units Exchanged for Class A Common Stock2,572,605 26 163,689 — — — — (159,307)4,408 
Equity-based Compensation Awards2,220,870 22 125,138 — — — — 12,529 137,689 
Dividends— — — — (64,049)— — — (64,049)
Noncontrolling Interest (Note 12)— — (1,361)— — — — (29,380)(30,741)
Balance at June 30, 202279,597,763 $796 $2,746,245 $(31,371)$1,607,976 (40,460,685)$(2,973,087)$170,150 $1,520,709 
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 12)— —  — — — — (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 12)— — (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 

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 Six Months Ended June 30,
 20222021
Cash Flows From Operating Activities
Net Income$286,988 $329,480 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration28,678 (22,193)
Equity Method Investments, Including Gain on Sale3,968 5,038 
Equity-Based and Other Deferred Compensation 238,641 202,186 
Noncash Lease Expense18,760 20,311 
Depreciation, Amortization and Accretion14,386 14,129 
Bad Debt Expense1,503 (1,766)
Deferred Taxes(8,369)3,982 
Decrease (Increase) in Operating Assets:
Investment Securities(528)(1,946)
Accounts Receivable21,713 42,638 
Receivable from Employees and Related Parties3,917 4,558 
Other Assets(67,406)(20,482)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(705,445)(359,317)
Accounts Payable and Accrued Expenses5,865 6,001 
Payables to Employees and Related Parties25,801 23,791 
Taxes Payable(16,531)(10,537)
Other Liabilities(20,561)(121,415)
Net Cash Provided by (Used In) Operating Activities(168,620)114,458 
Cash Flows From Investing Activities
Investments Purchased (1,355)
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 202218,300 11,779 
Distributions of Private Equity Investments27 171 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities1,703,871 992,836 
Purchases of Investment Securities(1,078,819)(852,579)
Maturity of Certificates of Deposit138,305  
Purchase of Certificates of Deposit(154,640)(122,510)
Purchase of Furniture, Equipment and Leasehold Improvements(11,449)(16,374)
Net Cash Provided by Investing Activities615,595 11,968 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests300 1,107 
Distributions to Noncontrolling Interests(32,541)(29,642)
Payment of Notes Payable(67,000)(38,000)
Issuance of Notes Payable67,000 38,000 
Debt Issuance Costs and Make-Whole Amount(1,641)(355)
Purchase of Treasury Stock and Noncontrolling Interests(457,068)(423,188)
Dividends(70,868)(65,139)
Net Cash Provided by (Used in) Financing Activities(561,818)(517,217)
Effect of Exchange Rate Changes on Cash(19,056)3,558 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(133,899)(387,233)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period587,293 838,224 
Cash, Cash Equivalents and Restricted Cash – End of Period$453,394 $450,991 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$9,164 $8,912 
Payments for Income Taxes$140,187 $70,772 
Accrued Dividends$8,362 $7,096 
Settlement of Sale of Trilantic VI$9,188 $