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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 March 31, 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 April 22, 2022 was 40,595,011. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of April 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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PART I. FINANCIAL INFORMATION




















3

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(dollars in thousands, except share data)
March 31, 2022December 31, 2021
Assets
Current Assets
Cash and Cash Equivalents$454,768 $578,317 
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $286,567 and $706,826 at March 31, 2022 and December 31, 2021, respectively)
1,096,774 1,784,639 
Accounts Receivable (net of allowances of $2,054 and $2,704 at March 31, 2022 and December 31, 2021, respectively)
313,677 351,668 
Receivable from Employees and Related Parties23,722 25,208 
Other Current Assets91,153 58,533 
Total Current Assets1,980,094 2,798,365 
Investments48,163 75,176 
Deferred Tax Assets 255,267 248,077 
Operating Lease Right-of-Use Assets257,117 263,329 
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $172,091 and $165,857 at March 31, 2022 and December 31, 2021, respectively)
147,571 148,589 
Goodwill126,816 128,246 
Intangible Assets (net of accumulated amortization of $3,384 and $3,294 at March 31, 2022 and December 31, 2021, respectively)
246 336 
Other Assets123,090 140,539 
Total Assets$2,938,364 $3,802,657 
Liabilities and Equity
Current Liabilities
Accrued Compensation and Benefits$348,089 $1,109,716 
Accounts Payable and Accrued Expenses32,443 31,633 
Payable to Employees and Related Parties58,947 58,876 
Operating Lease Liabilities49,002 47,321 
Taxes Payable16,518 20,980 
Current Portion of Notes Payable66,863  
Other Current Liabilities27,398 28,610 
Total Current Liabilities599,260 1,297,136 
Operating Lease Liabilities288,768 297,473 
Notes Payable308,498 376,243 
Amounts Due Pursuant to Tax Receivable Agreements70,209 70,209 
Other Long-term Liabilities83,960 126,315 
Total Liabilities1,350,695 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, 79,460,450 and 74,804,288 issued at March 31, 2022 and December 31, 2021, respectively, and 40,568,476 and 37,903,430 outstanding at March 31, 2022 and December 31, 2021, respectively)
795 748 
Class B, par value $0.01 per share (1,000,000 shares authorized, 50 and 53 issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
  
Additional Paid-In-Capital2,679,900 2,458,779 
Accumulated Other Comprehensive Income (Loss)(14,830)(12,086)
Retained Earnings 1,544,765 1,418,382 
Treasury Stock at Cost (38,891,974 and 36,900,858 shares at March 31, 2022 and December 31, 2021, respectively)
(2,800,593)(2,545,452)
Total Evercore Inc. Stockholders' Equity1,410,037 1,320,371 
Noncontrolling Interest177,632 314,910 
Total Equity1,587,669 1,635,281 
Total Liabilities and Equity$2,938,364 $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 March 31,
 20222021
Revenues
Investment Banking:
Advisory Fees$624,564 $511,918 
Underwriting Fees36,306 79,257 
Commissions and Related Revenue50,898 53,526 
Asset Management and Administration Fees17,115 14,949 
Other Revenue, Including Interest and Investments(1,779)7,230 
Total Revenues727,104 666,880 
Interest Expense4,250 4,570 
Net Revenues722,854 662,310 
Expenses
Employee Compensation and Benefits429,735 395,390 
Occupancy and Equipment Rental19,177 18,709 
Professional Fees24,146 21,607 
Travel and Related Expenses7,826 2,292 
Communications and Information Services16,028 14,029 
Depreciation and Amortization7,110 6,641 
Execution, Clearing and Custody Fees2,797 3,552 
Acquisition and Transition Costs 7 
Other Operating Expenses6,671 5,875 
Total Expenses513,490 468,102 
Income Before Income from Equity Method Investments and Income Taxes209,364 194,208 
Income from Equity Method Investments2,512 3,024 
Income Before Income Taxes211,876 197,232 
Provision for Income Taxes34,782 31,681 
Net Income177,094 165,551 
Net Income Attributable to Noncontrolling Interest19,078 21,199 
Net Income Attributable to Evercore Inc.$158,016 $144,352 
Net Income Attributable to Evercore Inc. Common Shareholders$158,016 $144,352 
Weighted Average Shares of Class A Common Stock Outstanding
Basic39,176 41,364 
Diluted41,708 44,456 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$4.03 $3.49 
Diluted$3.79 $3.25 


See Notes to Unaudited Condensed Consolidated Financial Statements.
5

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EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(dollars in thousands)
For the Three Months Ended March 31,
 20222021
Net Income$177,094 $165,551 
Other Comprehensive Income (Loss), net of tax:
Unrealized Gain on Securities and Investments, net3 42 
Foreign Currency Translation Adjustment Gain (Loss), net(3,020)1,553 
Other Comprehensive Income (Loss)(3,017)1,595 
Comprehensive Income 174,077 167,146 
Comprehensive Income Attributable to Noncontrolling Interest18,805 21,433 
Comprehensive Income Attributable to Evercore Inc.$155,272 $145,713 

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 March 31, 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— — — — 158,016 — — 19,078 177,094 
Other Comprehensive Income (Loss)— — — (2,744)— — — (273)(3,017)
Treasury Stock Purchases— — — — — (1,991,116)(255,141)— (255,141)
Evercore LP Units Exchanged for Class A Common Stock2,546,405 26 162,034 — — — — (157,777)4,283 
Equity-based Compensation Awards2,109,757 21 60,448 — — — — 6,221 66,690 
Dividends— — — — (31,633)— — — (31,633)
Noncontrolling Interest (Note 12)— — (1,361)— — — — (4,527)(5,888)
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 
For the Three Months Ended March 31, 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— — — — 144,352 — — 21,199 165,551 
Other Comprehensive Income— — — 1,361 — — — 234 1,595 
Treasury Stock Purchases— — — — — (1,940,430)(234,854)— (234,854)
Evercore LP Units Exchanged for Class A Common Stock120,143 1 7,211 — — — — (5,714)1,498 
Equity-based Compensation Awards2,206,534 22 51,900 — — — — 3,096 55,018 
Dividends— — — — (28,805)— — — (28,805)
Noncontrolling Interest (Note 12)— — (2,826)— — — — (12,154)(14,980)
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 

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 Three Months Ended March 31,
 20222021
Cash Flows From Operating Activities
Net Income$177,094 $165,551 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration4,456 (7,605)
Equity Method Investments, Including Gain on Sale(786)349 
Equity-Based and Other Deferred Compensation 117,524 94,211 
Noncash Lease Expense10,094 10,058 
Depreciation, Amortization and Accretion7,219 6,751 
Bad Debt Expense(519)(1,738)
Deferred Taxes(1,942)4,502 
Decrease (Increase) in Operating Assets:
Investment Securities(21)(1,950)
Accounts Receivable36,230 14,265 
Receivable from Employees and Related Parties1,460 523 
Other Assets(14,980)17,550 
(Decrease) Increase in Operating Liabilities:
Accrued Compensation and Benefits(839,975)(535,197)
Accounts Payable and Accrued Expenses373 2,397 
Payables to Employees and Related Parties28,261 22,736 
Taxes Payable(4,462)(13,537)
Other Liabilities(6,246)(108,977)
Net Cash Provided by (Used In) Operating Activities(486,220)(330,111)
Cash Flows From Investing Activities
Investments Purchased (159)
Proceeds from Sale of Investments18,300  
Distributions of Private Equity Investments20 5 
Investment Securities:
Proceeds from Sales and Maturities of Investment Securities1,325,038 888,534 
Purchases of Investment Securities(626,283)(616,624)
Maturity of Certificates of Deposit67,796  
Purchase of Certificates of Deposit(85,843)(73,877)
Purchase of Furniture, Equipment and Leasehold Improvements(5,491)(7,714)
Net Cash Provided by Investing Activities693,537 190,165 
Cash Flows From Financing Activities
Issuance of Noncontrolling Interests300 1,107 
Distributions to Noncontrolling Interests(4,740)(12,894)
Payment of Notes Payable (38,000)
Issuance of Notes Payable 38,000 
Purchase of Treasury Stock and Noncontrolling Interests(283,126)(231,296)
Dividends(41,619)(37,414)
Net Cash Provided by (Used in) Financing Activities(329,185)(280,497)
Effect of Exchange Rate Changes on Cash(1,531)1,816 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(123,399)(418,627)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period587,293 838,224 
Cash, Cash Equivalents and Restricted Cash – End of Period$463,894 $419,597 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for Interest$3,542 $4,469 
Payments for Income Taxes$36,867 $27,331 
Accrued Dividends$4,128 $3,411 
Amounts Due for Purchase of Noncontrolling Interest$1,448 $3,170 
Settlement of Sale of Trilantic VI$9,188 $ 
Receipt of Equity Securities in Settlement of Accounts Receivable$ $1,955 
Debt Issuance Costs Accrued$ $355 

See Notes to Unaudited Condensed Consolidated Financial Statements.
8

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Note 1 – Organization
Evercore Inc., together with its subsidiaries (the "Company"), is an investment banking and investment management firm, incorporated in Delaware and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in, and is the sole general partner of, Evercore LP, a Delaware limited partnership ("Evercore LP"). The Company operates from its offices and through its affiliates in the Americas, Europe, the Middle East and Asia.
The Investment Banking segment includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity interests. The Investment Banking business also includes the Evercore ISI business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors.
The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company.
Note 2 – Significant Accounting Policies
For a further discussion of the Company's accounting policies, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2021. The December 31, 2021 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.
The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP's wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date.
Evercore LP is a VIE and the Company is the primary beneficiary. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition
9

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $418,369 and liabilities of $158,448 at March 31, 2022 and assets of $446,736 and liabilities of $260,426 at December 31, 2021.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
Note 3 – Recent Accounting Pronouncements
ASU 2020-06 In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 provides amendments to reduce the number of models used to account for convertible instruments and to simplify the accounting for contracts in an entity's own equity. ASU 2020-06 also provides amendments to diluted earnings per share calculations, which require entities to use the if-converted method for convertible instruments and to include the effect of potential share settlement from instruments that may be settled in cash or in shares. The amendments in this update are effective during interim and annual periods beginning after December 15, 2021, with early adoption permitted. The amendments should be applied using a modified or full retrospective transition method. The Company adopted ASU 2020-06 on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Investment Banking:
Advisory Fees$624,564 $511,918 
Underwriting Fees36,306 79,257 
Commissions and Related Revenue50,898 53,526 
Total Investment Banking$711,768 $644,701 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$17,115 $14,949 
Total Investment Management$17,115 $14,949 
Contract Balances
The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2022 and 2021 are as follows:
10

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
For the Three Months Ended March 31, 2022
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2022$351,668 $87,764 $14,092 $12,945 $9,257 $147 
Increase (Decrease)(37,991)(12,541)30,493 (4,411)1,827  
Balance at March 31, 2022$313,677 $75,223 $44,585 $8,534 $11,084 $147 
For the Three Months Ended March 31, 2021
Receivables
(Current)(1)
Receivables
(Long-term)(2)
Contract Assets (Current)(3)
Contract Assets (Long-term)(2)
Deferred Revenue
(Current Contract Liabilities)(4)
Deferred Revenue
(Long-term Contract Liabilities)(5)
Balance at January 1, 2021$368,346 $70,975 $29,327 $5,283 $9,373 $147 
Increase (Decrease)(11,916)(2,434)(1,527)(1,111)3,791  
Balance at March 31, 2021$356,430 $68,541 $27,800 $4,172 $13,164 $147 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5)Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $4,208 and $2,467 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
The allowance for credit losses for the three months ended March 31, 2022 and 2021 is as follows:
For the Three Months Ended March 31,
20222021
Beginning Balance$2,704 $5,372 
Bad debt expense, net of reversals(519)(1,738)
Write-offs, foreign currency translation and other adjustments(131)(1,617)
Ending Balance$2,054 $2,017 
The change in the balance during the three months ended March 31, 2022 is primarily related to the decrease in the current period provision of expected credit losses, which is impacted by the change in the amount of receivables outstanding greater than 120 days at March 31, 2022. The change in the balance during the three months ended March 31, 2022 is also related to the write-off of aged receivables.
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2022, by year of origination:
11

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
Amortized Carrying Value by Origination Year
20222021202020192018PriorTotal
Long-term Accounts Receivable and Long-Term Contract Assets$2,144 $55,323 $20,651 $4,392 $1,114 $133 $83,757 
Note 5 – Related Parties
Investment Banking Revenue includes advisory fees earned from clients that have the Company's Senior Managing Directors, certain Senior Advisors and executives as a member of their Board of Directors of $2,860 and $5,612 for the three months ended March 31, 2022 and 2021, respectively.
Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $19,041 and $20,397 as of March 31, 2022 and December 31, 2021, respectively. See Note 14 for further information.
Note 6 – Investment Securities and Certificates of Deposit
The Company's Investment Securities and Certificates of Deposit as of March 31, 2022 and December 31, 2021 were as follows:
 March 31, 2022December 31, 2021
 CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueCostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Debt Securities$286,567 $10 $ $286,577 $706,826 $37 $16 $706,847 
Equity Securities666 203  869 666 193  859 
Debt Securities Carried by EGL489,541 49  489,590 784,813 43 14 784,842 
Investment Funds144,781 17,644  162,425 111,682 39,191  150,873 
Total Investment Securities (carried at fair value)$921,555 $17,906 $ $939,461 $1,603,987 $39,464 $30 $1,643,421 
Certificates of Deposit (carried at contract value)157,313 141,218 
Total Investment Securities and Certificates of Deposit$1,096,774 $1,784,639 
Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2022 and December 31, 2021 were as follows:
 March 31, 2022December 31, 2021
 Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Due within one year$286,567 $286,577 $706,826 $706,847 
Total$286,567 $286,577 $706,826 $706,847 
The Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity. Further, the securities are all U.S. Treasuries, and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at March 31, 2022 and has not recorded a credit allowance on these securities.
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses
12

EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)
included in earnings. The Company had net realized losses of ($34) and ($11) for the three months ended March 31, 2022 and 2021, respectively.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains of $11 and $2,128 for the three months ended March 31, 2022 and 2021, respectively.
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury bills. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of $21 and ($5) for the three months ended March 31, 2022 and 2021, respectively.
Investment Funds
The Company invests in a portfolio of exchange-traded funds as an economic hedge against its deferred cash compensation program. See Note 14 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($5,163) and $6,228 for the three months ended March 31, 2022 and 2021, respectively.
Certificates of Deposit
At March 31, 2022 and December 31, 2021, the Company held certificates of deposit of $157,313 and $141,218, respectively, with certain banks with original maturities of four months or less when purchased.
Note 7 – Investments
The Company's investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in unconsolidated affiliated companies, other investments in private equity partnerships, equity securities in private companies and investments in G5 Holdings S.A. ("G5") (through June 25, 2021), Glisco Manager Holdings LP and Trilantic Capital Partners ("Trilantic"). The Company's investments are relatively high-risk and illiquid assets.
The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities. The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations.
The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on private equity investments are included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations.
Equity Method Investments
A summary of the Company's investments accounted for under the equity method of accounting as of March 31, 2022 and December 31, 2021 was as follows:
March 31, 2022