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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, 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 October 21, 2022 was 38,837,722. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of October 21, 2022 was 49 (excluding 51 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.





2

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PART I. FINANCIAL INFORMATION




















3

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
September 30, 2022December 31, 2021
Assets
Current Assets
Cash and Cash Equivalents$473,066 $578,317 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $655,809 and $706,826 at September 30, 2022 and December 31, 2021, respectively)
1,313,001 1,784,639 
Accounts Receivable (net of allowances of $4,352 and $2,704 at September 30, 2022 and December 31, 2021, respectively)
303,725 351,668 
Receivable from Employees and Related Parties23,178 25,208 
Other Current Assets108,544 58,533 
Total Current Assets2,221,514 2,798,365 
Investments43,314 75,176 
Deferred Tax Assets 278,535 248,077 
Operating Lease Right-of-Use Assets240,048 263,329 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $178,125 and $165,857 at September 30, 2022 and December 31, 2021, respectively)
145,815 148,589 
Goodwill119,812 128,246 
Intangible Assets (net of accumulated amortization of $3,568 and $3,294 at September 30, 2022 and December 31, 2021, respectively)
62 336 
Other Assets102,169 140,539 
Total Assets$3,151,269 $3,802,657 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$595,146 $1,109,716 
Accounts Payable and Accrued Expenses33,088 31,633 
Payable to Employees and Related Parties36,461 58,876 
Operating Lease Liabilities40,633 47,321 
Taxes Payable8,443 20,980 
Other Current Liabilities35,589 28,610 
Total Current Liabilities749,360 1,297,136 
Operating Lease Liabilities276,702 297,473 
Notes Payable369,300 376,243 
Amounts Due Pursuant to Tax Receivable Agreements70,770 70,209 
Other Long-term Liabilities97,297 126,315 
Total Liabilities1,563,429 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, 79,632,356 and 74,804,288 issued at September 30, 2022 and December 31, 2021, respectively, and 38,835,732 and 37,903,430 outstanding at September 30, 2022 and December 31, 2021, respectively)
796 748 
Class B, par value $0.01 per share (1,000,000 shares authorized, 49 and 53 issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
  
Additional Paid-In-Capital2,808,533 2,458,779 
Accumulated Other Comprehensive Income (Loss)(50,794)(12,086)
Retained Earnings 1,659,479 1,418,382 
Treasury Stock at Cost (40,796,624 and 36,900,858 shares at September 30, 2022 and December 31, 2021, respectively)
(3,006,249)(2,545,452)
Total Evercore Inc. Stockholders' Equity1,411,765 1,320,371 
Noncontrolling Interest176,075 314,910 
Total Equity1,587,840 1,635,281 
Total Liabilities and Equity$3,151,269 $3,802,657 
See Notes to Unaudited Condensed Consolidated Financial Statements.
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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,
 2022202120222021
Revenues
Investment Banking:
Advisory Fees$488,224 $708,333 $1,689,033 $1,781,065 
Underwriting Fees28,697 54,381 78,519 181,686 
Commissions and Related Revenue49,200 46,763 152,583 151,014 
Asset Management and Administration Fees15,641 16,960 48,724 48,092 
Other Revenue, Including Interest and Investments(637)1,511 (25,455)25,142 
Total Revenues581,125 827,948 1,943,404 2,186,999 
Interest Expense4,188 4,393 12,696 13,269 
Net Revenues576,937 823,555 1,930,708 2,173,730 
Expenses
Employee Compensation and Benefits355,794 486,471 1,174,500 1,289,659 
Occupancy and Equipment Rental19,680 19,191 58,465 55,413 
Professional Fees29,294 24,851 81,207 67,859 
Travel and Related Expenses12,862 5,895 35,474 11,902 
Communications and Information Services15,333 14,082 45,745 42,191 
Depreciation and Amortization7,065 7,122 20,772 20,914 
Execution, Clearing and Custody Fees2,378 2,484 7,806 8,949 
Special Charges, Including Business Realignment Costs 8,554 532 8,554 
Acquisition and Transition Costs   7 
Other Operating Expenses4,132 9,752 20,262 21,908 
Total Expenses446,538 578,402 1,444,763 1,527,356 
Income Before Income from Equity Method Investments and Income Taxes130,399 245,153 485,945 646,374 
Income from Equity Method Investments2,027 3,681 6,813 10,099 
Income Before Income Taxes132,426 248,834 492,758 656,473 
Provision for Income Taxes40,790 59,712 114,134 137,871 
Net Income91,636 189,122 378,624 518,602 
Net Income Attributable to Noncontrolling Interest9,198 29,577 42,543 74,346 
Net Income Attributable to Evercore Inc.$82,438 $159,545 $336,081 $444,256 
Net Income Attributable to Evercore Inc. Common Shareholders$82,438 $159,545 $336,081 $444,256 
Weighted Average Shares of Class A Common Stock Outstanding
Basic39,114 39,467 39,375 40,492 
Diluted40,527 42,697 41,104 43,597 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$2.11 $4.04 $8.54 $10.97 
Diluted$2.03 $3.74 $8.18 $10.19 


See Notes to Unaudited Condensed Consolidated Financial Statements.
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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,
 2022202120222021
Net Income$91,636 $189,122 $378,624 $518,602 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain (Loss) on Securities and Investments, net1,186 (858)1,493 (363)
Foreign Currency Translation Adjustment Gain (Loss), net(22,597)(6,749)(44,136)(4,310)
Other Comprehensive Income (Loss)(21,411)(7,607)(42,643)(4,673)
Comprehensive Income70,225 181,515 335,981 513,929 
Comprehensive Income Attributable to Noncontrolling Interest7,210 28,468 38,608 73,640 
Comprehensive Income Attributable to Evercore Inc.$63,015 $153,047 $297,373 $440,289 

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 September 30, 2022
Accumulated
AdditionalOther
Class A Common StockPaid-InComprehensiveRetainedTreasury StockNoncontrollingTotal
SharesDollarsCapitalIncome (Loss)EarningsSharesDollarsInterestEquity
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 
Net Income— — — — 82,438 — — 9,198 91,636 
Other Comprehensive Income (Loss)— — — (19,423)— — — (1,988)(21,411)
Treasury Stock Purchases— — — — — (335,939)(33,162)— (33,162)
Evercore LP Units Exchanged for Class A Common Stock850  47 — — — — (47) 
Equity-based Compensation Awards33,743  63,839 — — — — 5,403 69,242 
Dividends— — — — (30,935)— — — (30,935)
Noncontrolling Interest (Note 12)— — (1,598)— — — — (6,641)(8,239)
Balance at September 30, 202279,632,356 $796 $2,808,533 $(50,794)$1,659,479 (40,796,624)$(3,006,249)$176,075 $1,587,840 
 For the Nine Months Ended September 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— — — — 336,081 — — 42,543 378,624 
Other Comprehensive Income (Loss)— — — (38,708)— — — (3,935)(42,643)
Treasury Stock Purchases— — — — — (3,895,766)(460,797)— (460,797)
Evercore LP Units Exchanged for Class A Common Stock2,573,455 26 163,736 — — — — (159,354)4,408 
Equity-based Compensation Awards2,254,613 22 188,977 — — — — 17,932 206,931 
Dividends— — — — (94,984)— — — (94,984)
Noncontrolling Interest (Note 12)— — (2,959)— — — — (36,021)(38,980)
Balance at September 30, 202279,632,356 $796 $2,808,533 $(50,794)$1,659,479 (40,796,624)$(3,006,249)$176,075 $1,587,840 
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 12)— —  — — — — (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 12)— — (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 

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 Nine Months Ended September 30,
 20222021
Cash Flows From Operating Activities
Net Income$378,624 $518,602 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration27,305 (12,067)
Equity Method Investments, Including Gain on Sale3,291 3,292 
Equity-Based and Other Deferred Compensation 357,401 309,204 
Noncash Lease Expense27,096 30,368 
Depreciation, Amortization and Accretion21,579 21,360 
Bad Debt Expense4,905 15 
Deferred Taxes(11,300)9,364 
Decrease (Increase) in Operating Assets:
Investment Securities(1,541)(1,971)
Accounts Receivable30,729 (31,122)
Receivable from Employees and Related Parties1,817 2,091 
Other Assets(15,036)(49,736)
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(636,901)(144,111)
Accounts Payable and Accrued Expenses3,475 8,814 
Payables to Employees and Related Parties5,826 9,076 
Taxes Payable(12,537)(13,505)
Other Liabilities(27,560)(129,770)
Net Cash Provided by Operating Activities157,173 529,904 
Cash Flows From Investing Activities
Investments Purchased (3,862)
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 202218,300 11,779 
Distributions of Private Equity Investments238 316 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities2,326,799 1,565,429 
Purchases of Investment Securities(1,893,948)(1,640,970)
Maturity of Certificates of Deposit217,837 73,995 
Purchase of Certificates of Deposit(231,639)(191,498)
Purchase of Furniture, Equipment and Leasehold Improvements(19,072)(23,417)
Net Cash Provided by (Used In) Investing Activities418,515 (208,228)
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests300 2,063 
Distributions to Noncontrolling Interests(38,970)(45,768)
Payment of Notes Payable(67,000)(38,000)
Issuance of Notes Payable67,000 38,000 
Debt Issuance Costs and Make-Whole Amount(1,826)(355)
Purchase of Treasury Stock and Noncontrolling Interests(491,936)(533,737)
Dividends(99,082)(91,922)
Net Cash Provided by (Used in) Financing Activities(631,514)(669,719)
Effect of Exchange Rate Changes on Cash(49,296)(2,306)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(105,122)(350,349)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period587,293 838,224 
Cash, Cash Equivalents and Restricted Cash – End of Period$482,171 $487,875 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$10,954 $12,454 
Payments for Income Taxes$165,021 $118,892 
Accrued Dividends$11,245 $10,718 
Settlement of Sale of Trilantic VI$9,188