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 2020-06-30 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 2020-07-22 Earnings, Exhibits
8-K 2020-07-14 Officers, Exhibits
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 - 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 evr6302020ex311.htm
EX-31.2 evr6302020ex312.htm
EX-31.3 evr6302020ex313.htm
EX-32.1 evr6302020ex321.htm
EX-32.2 evr6302020ex322.htm
EX-32.3 evr6302020ex323.htm

Evercore Earnings 2020-06-30

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 June 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 July 23, 2020 was 40,590,841. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of July 23, 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)
 
June 30, 2020
 
December 31, 2019
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
1,015,723

 
$
633,808

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $991 and $114,204 at June 30, 2020 and December 31, 2019, respectively)
99,727

 
623,946

Financial Instruments Owned and Pledged as Collateral at Fair Value
16,206

 
12,431

Securities Purchased Under Agreements to Resell
5,144

 
13,566

Accounts Receivable (net of allowances of $11,125 and $7,881 at June 30, 2020 and December 31, 2019, respectively)
310,208

 
296,355

Receivable from Employees and Related Parties
22,978

 
22,416

Other Current Assets
45,821

 
87,900

Total Current Assets
1,515,807

 
1,690,422

Investments
81,011

 
89,490

Deferred Tax Assets
278,951

 
268,591

Operating Lease Right-of-Use Assets

267,502

 
199,988

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $129,856 and $117,387 at June 30, 2020 and December 31, 2019, respectively)
139,415

 
126,799

Goodwill
124,118

 
130,758

Intangible Assets (net of accumulated amortization of $8,519 and $7,292 at June 30, 2020 and December 31, 2019, respectively)
1,076

 
2,303

Other Assets
91,709

 
90,262

Total Assets
$
2,499,589

 
$
2,598,613

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Accrued Compensation and Benefits
$
365,788

 
$
518,991

Accounts Payable and Accrued Expenses
35,947

 
39,726

Securities Sold Under Agreements to Repurchase
21,350

 
26,000

Payable to Employees and Related Parties
37,234

 
31,703

Operating Lease Liabilities
37,042

 
33,316

Taxes Payable
3,780

 
3,400

Current Portion of Notes Payable
37,922

 

Other Current Liabilities
25,652

 
15,517

Total Current Liabilities
564,715

 
668,653

Operating Lease Liabilities
295,207

 
217,251

Notes Payable
335,208

 
375,062

Amounts Due Pursuant to Tax Receivable Agreements
84,949

 
84,952

Other Long-term Liabilities
87,360

 
126,445

Total Liabilities
1,367,439

 
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, 71,977,753 and 68,698,675 issued at June 30, 2020 and December 31, 2019, respectively, and 40,584,273 and 39,176,010 outstanding at June 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 June 30, 2020 and December 31, 2019, respectively)

 

Additional Paid-In-Capital
2,166,837

 
2,016,524

Accumulated Other Comprehensive Income (Loss)
(37,167
)
 
(27,596
)
Retained Earnings
590,866

 
558,269

Treasury Stock at Cost (31,393,480 and 29,522,665 shares at June 30, 2020 and December 31, 2019, respectively)
(1,820,728
)
 
(1,678,168
)
Total Evercore Inc. Stockholders' Equity
900,528

 
869,716

Noncontrolling Interest
231,622

 
256,534

Total Equity
1,132,150

 
1,126,250

Total Liabilities and Equity
$
2,499,589

 
$
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 June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
336,436

 
$
443,580

 
$
695,000

 
$
769,424

Underwriting Fees
93,565

 
16,910

 
114,683

 
43,830

Commissions and Related Fees
54,119

 
48,660

 
109,500

 
90,597

Asset Management and Administration Fees
12,953

 
12,419

 
25,700

 
24,802

Other Revenue, Including Interest and Investments
15,331

 
13,640

 
568

 
25,975

Total Revenues
512,404

 
535,209

 
945,451

 
954,628

Interest Expense
5,329

 
4,163

 
11,369

 
8,255

Net Revenues
507,075

 
531,046

 
934,082

 
946,373

Expenses
 
 
 
 
 
 
 
Employee Compensation and Benefits
334,046

 
314,323

 
604,788

 
561,955

Occupancy and Equipment Rental
17,365

 
18,062

 
36,275

 
34,279

Professional Fees
18,875

 
20,511

 
35,841

 
39,335

Travel and Related Expenses
3,756

 
19,397

 
19,907

 
37,061

Communications and Information Services
14,269

 
11,481

 
26,836

 
22,627

Depreciation and Amortization
6,975

 
7,666

 
13,846

 
14,704

Execution, Clearing and Custody Fees
3,204

 
3,199

 
7,390

 
6,218

Special Charges, Including Business Realignment Costs
8,558

 
1,029

 
32,234

 
2,058

Acquisition and Transition Costs
98

 

 
106

 
108

Other Operating Expenses
13,200

 
8,544

 
20,827

 
17,384

Total Expenses
420,346

 
404,212

 
798,050

 
735,729

Income Before Income from Equity Method Investments and Income Taxes
86,729

 
126,834

 
136,032

 
210,644

Income from Equity Method Investments
2,313

 
2,453

 
5,441

 
4,664

Income Before Income Taxes
89,042

 
129,287

 
141,473

 
215,308

Provision for Income Taxes
21,814

 
32,030

 
35,365

 
39,851

Net Income
67,228

 
97,257

 
106,108

 
175,457

Net Income Attributable to Noncontrolling Interest
10,816

 
15,515

 
18,521

 
26,483

Net Income Attributable to Evercore Inc.
$
56,412

 
$
81,742

 
$
87,587

 
$
148,974

Net Income Attributable to Evercore Inc. Common Shareholders
$
56,412

 
$
81,742

 
$
87,587

 
$
148,974

Weighted Average Shares of Class A Common Stock Outstanding
 
 
 
 
 
 
 
Basic
40,635

 
40,546

 
40,313

 
40,522

Diluted
41,894

 
43,376

 
42,105

 
43,766

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
 
 
 
 
 
 
 
Basic
$
1.39

 
$
2.02

 
$
2.17

 
$
3.68

Diluted
$
1.35

 
$
1.88

 
$
2.08

 
$
3.40



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,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net Income
$
67,228

 
$
97,257

 
$
106,108

 
$
175,457

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Securities and Investments, net
(764
)
 
(63
)
 
(1,697
)
 
(670
)
Foreign Currency Translation Adjustment Gain (Loss), net
1,667

 
(4,007
)
 
(9,641
)
 
(1,148
)
Other Comprehensive Income (Loss)
903

 
(4,070
)
 
(11,338
)
 
(1,818
)
Comprehensive Income
68,131

 
93,187

 
94,770

 
173,639

Comprehensive Income Attributable to Noncontrolling Interest
10,958

 
14,926

 
16,754

 
26,219

Comprehensive Income Attributable to Evercore Inc.
$
57,173

 
$
78,261

 
$
78,016

 
$
147,420


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, 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 March 31, 2020
71,899,956

 
$
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 Stock
14,660

 

 
765

 

 

 

 

 
(583
)
 
182

Equity-based Compensation Awards
63,137

 
1

 
54,127

 

 

 

 

 
2,384

 
56,512

Dividends

 

 

 

 
(26,563
)
 

 

 

 
(26,563
)
Noncontrolling Interest (Note 14)

 

 

 

 

 

 

 
(2,431
)
 
(2,431
)
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 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

 

 

 

 
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 Stock
806,355

 
8

 
42,342

 

 

 

 

 
(33,754
)
 
8,596

Equity-based Compensation Awards
2,472,723

 
25

 
109,536

 

 

 

 

 
5,695

 
115,256

Dividends

 

 

 

 
(53,680
)
 

 

 

 
(53,680
)
Noncontrolling Interest (Note 14)

 

 
(1,565
)
 

 

 

 

 
(13,607
)
 
(15,172
)
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 June 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 March 31, 2019
68,441,333

 
$
684

 
$
1,890,069

 
$
(28,507
)
 
$
408,281

 
(27,372,948
)
 
$
(1,502,780
)
 
$
238,211

 
$
1,005,958

Net Income

 

 

 

 
81,742

 

 

 
15,515

 
97,257

Other Comprehensive Income (Loss)

 

 

 
(3,481
)
 

 

 

 
(589
)
 
(4,070
)
Treasury Stock Purchases

 

 

 

 

 
(1,270,947
)
 
(107,136
)
 

 
(107,136
)
Evercore LP Units Exchanged for Class A Common Stock
19,529

 

 
13,035

 

 

 

 

 
(754
)
 
12,281

Equity-based Compensation Awards
47,639

 
1

 
54,881

 

 

 

 

 
6,610

 
61,492

Dividends

 

 

 

 
(27,021
)
 

 

 

 
(27,021
)
Noncontrolling Interest (Note 14)

 

 
(41,482
)