Company Quick10K Filing
Evercore
Price82.16 EPS10
Shares43 P/E8
MCap3,569 P/FCF39
Net Debt-314 EBIT621
TEV3,255 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-22
8-K 2020-10-21
8-K 2020-07-22
8-K 2020-07-14
8-K 2020-06-16
8-K 2020-04-22
8-K 2020-01-29
8-K 2019-10-23
8-K 2019-10-22
8-K 2019-07-24
8-K 2019-06-18
8-K 2019-04-24
8-K 2019-01-30
8-K 2018-10-24
8-K 2018-10-22
8-K 2018-07-25
8-K 2018-06-11
8-K 2018-04-25
8-K 2018-04-24
8-K 2018-01-31

EVR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Significant Accounting Policies
Note 3 - Recent Accounting Pronouncements
Note 4 - Revenue and Accounts Receivable
Note 5 - Business Developments, Special Charges, Including Business Realignment Costs, and Intangible Asset Amortization
Note 6 - Related Parties
Note 7 - Investment Securities and Certificates of Deposit
Note 9 - Investments
Note 10 - Leases
Note 11 - Fair Value Measurements
Note 12 - Notes Payable
Note 13 - Evercore Inc. Stockholders' Equity
Note 14 - Noncontrolling Interest
Note 15 - Net Income per Share Attributable To Evercore Inc. Common Shareholders
Note 16 - Share - Based and Other Deferred Compensation
Note 17 - Commitments and Contingencies
Note 18 - Regulatory Authorities
Note 19 - Income Taxes
Note 20 - Segment Operating Results
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits and Financial Statement Schedules
EX-31.1 evr9302020ex311.htm
EX-31.2 evr9302020ex312.htm
EX-31.3 evr9302020ex313.htm
EX-32.1 evr9302020ex321.htm
EX-32.2 evr9302020ex322.htm
EX-32.3 evr9302020ex323.htm

Evercore Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.31.81.40.90.50.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.1-0.0-0.2-0.3-0.52012201420172020
Ops, Inv, Fin

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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, 2020

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)
 _____________________________________________________
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, including area code: (212857-3100
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 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
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 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  ☒
The number of shares of the registrant’s Class A common stock, par value $0.01 per share, outstanding as of October 22, 2020 was 40,631,720. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of October 22, 2020 was 53 (excluding 47 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.
 

2



Table of Contents                                            

PART I. FINANCIAL INFORMATION


Item 1.
Financial Statements



3



Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
 
September 30, 2020
 
December 31, 2019
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
1,149,291

 
$
633,808

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $114,204 at December 31, 2019)
100,846

 
623,946

Financial Instruments Owned and Pledged as Collateral at Fair Value
13,279

 
12,431

Securities Purchased Under Agreements to Resell
8,766

 
13,566

Accounts Receivable (net of allowances of $10,833 and $7,881 at September 30, 2020 and December 31, 2019, respectively)
282,357

 
296,355

Receivable from Employees and Related Parties
25,900

 
22,416

Other Current Assets
61,749

 
87,900

Total Current Assets
1,642,188

 
1,690,422

Investments
82,262

 
89,490

Deferred Tax Assets
279,214

 
268,591

Operating Lease Right-of-Use Assets
278,055

 
199,988

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $136,815 and $117,387 at September 30, 2020 and December 31, 2019, respectively)
149,781

 
126,799

Goodwill
126,273

 
130,758

Intangible Assets (net of accumulated amortization of $8,793 and $7,292 at September 30, 2020 and December 31, 2019, respectively)
802

 
2,303

Other Assets
86,883

 
90,262

Total Assets
$
2,645,458

 
$
2,598,613

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Accrued Compensation and Benefits
$
429,932

 
$
518,991

Accounts Payable and Accrued Expenses
41,084

 
39,726

Securities Sold Under Agreements to Repurchase
22,050

 
26,000

Payable to Employees and Related Parties
21,512

 
31,703

Operating Lease Liabilities
41,018

 
33,316

Taxes Payable
2,275

 
3,400

Current Portion of Notes Payable
37,948

 

Other Current Liabilities
22,020

 
15,517

Total Current Liabilities
617,839

 
668,653

Operating Lease Liabilities
302,725

 
217,251

Notes Payable
336,562

 
375,062

Amounts Due Pursuant to Tax Receivable Agreements
84,949

 
84,952

Other Long-term Liabilities
96,369

 
126,445

Total Liabilities
1,438,444

 
1,472,363

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, 72,014,728 and 68,698,675 issued at September 30, 2020 and December 31, 2019, respectively, and 40,605,372 and 39,176,010 outstanding at September 30, 2020 and December 31, 2019, respectively)
720

 
687

Class B, par value $0.01 per share (1,000,000 shares authorized, 53 and 84 issued and outstanding at September 30, 2020 and December 31, 2019, respectively)

 

Additional Paid-In-Capital
2,216,722

 
2,016,524

Accumulated Other Comprehensive Income (Loss)
(31,403
)
 
(27,596
)
Retained Earnings
606,542

 
558,269

Treasury Stock at Cost (31,409,356 and 29,522,665 shares at September 30, 2020 and December 31, 2019, respectively)
(1,821,655
)
 
(1,678,168
)
Total Evercore Inc. Stockholders' Equity
970,926

 
869,716

Noncontrolling Interest
236,088

 
256,534

Total Equity
1,207,014

 
1,126,250

Total Liabilities and Equity
$
2,645,458

 
$
2,598,613

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,
 
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
270,662

 
$
320,885

 
$
965,662

 
$
1,090,309

Underwriting Fees
66,499

 
17,598

 
181,182

 
61,428

Commissions and Related Fees
43,853

 
46,820

 
153,353

 
137,417

Asset Management and Administration Fees
14,025

 
12,650

 
39,725

 
37,452

Other Revenue, Including Interest and Investments
12,479

 
9,911

 
13,047

 
35,886

Total Revenues
407,518

 
407,864

 
1,352,969

 
1,362,492

Interest Expense
5,003

 
5,666

 
16,372

 
13,921

Net Revenues
402,515

 
402,198

 
1,336,597

 
1,348,571

Expenses
 
 
 
 
 
 
 
Employee Compensation and Benefits
259,812

 
241,702

 
864,600

 
803,657

Occupancy and Equipment Rental
18,043

 
16,946

 
54,318

 
51,225

Professional Fees
17,324

 
21,577

 
53,165

 
60,912

Travel and Related Expenses
3,182

 
17,589

 
23,089

 
54,650

Communications and Information Services
13,868

 
12,146

 
40,704

 
34,773

Depreciation and Amortization
6,214

 
8,419

 
20,060

 
23,123

Execution, Clearing and Custody Fees
2,840

 
3,265

 
10,230

 
9,483

Special Charges, Including Business Realignment Costs
7,380

 
1,029

 
39,614

 
3,087

Acquisition and Transition Costs
454

 
380

 
560

 
488

Other Operating Expenses
9,712

 
8,801

 
30,539

 
26,185

Total Expenses
338,829

 
331,854

 
1,136,879

 
1,067,583

Income Before Income from Equity Method Investments and Income Taxes
63,686

 
70,344

 
199,718

 
280,988

Income from Equity Method Investments
3,111

 
2,562

 
8,552

 
7,226

Income Before Income Taxes
66,797

 
72,906

 
208,270

 
288,214

Provision for Income Taxes
15,677

 
20,402

 
51,042

 
60,253

Net Income
51,120

 
52,504

 
157,228

 
227,961

Net Income Attributable to Noncontrolling Interest
8,510

 
9,226

 
27,031

 
35,709

Net Income Attributable to Evercore Inc.
$
42,610

 
$
43,278

 
$
130,197

 
$
192,252

Net Income Attributable to Evercore Inc. Common Shareholders
$
42,610

 
$
43,278

 
$
130,197

 
$
192,252

Weighted Average Shares of Class A Common Stock Outstanding
 
 
 
 
 
 
 
Basic
40,694

 
39,704

 
40,441

 
40,246

Diluted
42,343

 
42,789

 
42,185

 
43,437

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
 
 
 
 
 
 
 
Basic
$
1.05

 
$
1.09

 
$
3.22

 
$
4.78

Diluted
$
1.01

 
$
1.01

 
$
3.09

 
$
4.43



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,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net Income
$
51,120

 
$
52,504

 
$
157,228

 
$
227,961

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Securities and Investments, net
(23
)
 
(45
)
 
(1,720
)
 
(715
)
Foreign Currency Translation Adjustment Gain (Loss), net
6,773

 
(3,258
)
 
(2,868
)
 
(4,406
)
Other Comprehensive Income (Loss)
6,750

 
(3,303
)
 
(4,588
)
 
(5,121
)
Comprehensive Income
57,870

 
49,201

 
152,640

 
222,840

Comprehensive Income Attributable to Noncontrolling Interest
9,496

 
8,724

 
26,250

 
34,943

Comprehensive Income Attributable to Evercore Inc.
$
48,374

 
$
40,477

 
$
126,390

 
$
187,897


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, 2020
 
 
 
 
 
 
 
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, 2020
71,977,753

 
$
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 Stock
200

 

 
11

 

 

 

 

 
(8
)
 
3

Equity-based Compensation Awards
36,775

 

 
49,874

 

 

 

 

 
4,231

 
54,105

Dividends

 

 

 

 
(26,934
)
 

 

 

 
(26,934
)
Noncontrolling Interest (Note 14)

 

 

 

 

 

 

 
(9,253
)
 
(9,253
)
Balance at September 30, 2020
72,014,728

 
$
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019
68,698,675

 
$
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 Stock
806,555

 
8

 
42,353

 

 

 

 

 
(33,762
)
 
8,599

Equity-based Compensation Awards
2,509,498

 
25

 
159,410

 

 

 

 

 
9,926

 
169,361

Dividends

 

 

 

 
(80,614
)
 

 

 

 
(80,614
)
Noncontrolling Interest (Note 14)

 

 
(1,565
)
 

 

 

 

 
(22,860
)
 
(24,425
)
Balance at September 30, 2020
72,014,728

 
$
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 the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model. See Notes 2 and 3 for further information.



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Exchanged for 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
)