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 2020-03-31 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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits and Financial Statement Schedules
EX-31.1 evr3312020ex3111.htm
EX-31.2 evr3312020ex3121.htm
EX-32.1 evr3312020ex3211.htm
EX-32.2 evr3312020ex3221.htm

Evercore Earnings 2020-03-31

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 March 31, 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 April 23, 2020 was 40,535,637. The number of shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding as of April 23, 2020 was 54 (excluding 46 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)
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
584,598

 
$
633,808

Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $13,060 and $114,204 at March 31, 2020 and December 31, 2019, respectively)
261,660

 
623,946

Financial Instruments Owned and Pledged as Collateral at Fair Value
20,422

 
12,431

Securities Purchased Under Agreements to Resell

 
13,566

Accounts Receivable (net of allowances of $6,895 and $7,881 at March 31, 2020 and December 31, 2019, respectively)
247,445

 
296,355

Receivable from Employees and Related Parties
24,697

 
22,416

Other Current Assets
86,735

 
87,900

Total Current Assets
1,225,557

 
1,690,422

Investments
88,225

 
89,490

Deferred Tax Assets
279,177

 
268,591

Operating Lease Right-of-Use Assets

269,832

 
199,988

Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $122,943 and $117,387 at March 31, 2020 and December 31, 2019, respectively)
132,233

 
126,799

Goodwill
123,517

 
130,758

Intangible Assets (net of accumulated amortization of $7,907 and $7,292 at March 31, 2020 and December 31, 2019, respectively)
1,688

 
2,303

Other Assets
101,323

 
90,262

Total Assets
$
2,221,552

 
$
2,598,613

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Accrued Compensation and Benefits
$
207,083

 
$
518,991

Accounts Payable and Accrued Expenses
32,712

 
39,726

Securities Sold Under Agreements to Repurchase
20,422

 
26,000

Payable to Employees and Related Parties
35,858

 
31,703

Operating Lease Liabilities
34,585

 
33,316

Taxes Payable
571

 
3,400

Current Portion of Notes Payable
37,897

 

Other Current Liabilities
20,841

 
15,517

Total Current Liabilities
389,969

 
668,653

Operating Lease Liabilities
289,610

 
217,251

Notes Payable
335,173

 
375,062

Amounts Due Pursuant to Tax Receivable Agreements
84,949

 
84,952

Other Long-term Liabilities
83,986

 
126,445

Total Liabilities
1,183,687

 
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, 71,899,956 and 68,698,675 issued at March 31, 2020 and December 31, 2019, respectively, and 40,535,411 and 39,176,010 outstanding at March 31, 2020 and December 31, 2019, respectively)
719

 
687

Class B, par value $0.01 per share (1,000,000 shares authorized, 55 and 84 issued and outstanding at March 31, 2020 and December 31, 2019, respectively)

 

Additional Paid-In-Capital
2,111,945

 
2,016,524

Accumulated Other Comprehensive Income (Loss)
(37,928
)
 
(27,596
)
Retained Earnings
561,017

 
558,269

Treasury Stock at Cost (31,364,545 and 29,522,665 shares at March 31, 2020 and December 31, 2019, respectively)
(1,819,182
)
 
(1,678,168
)
Total Evercore Inc. Stockholders' Equity
816,571

 
869,716

Noncontrolling Interest
221,294

 
256,534

Total Equity
1,037,865

 
1,126,250

Total Liabilities and Equity
$
2,221,552

 
$
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 March 31,
 
2020
 
2019
Revenues
 
 
 
Investment Banking:
 
 
 
Advisory Fees
$
358,564

 
$
325,844

Underwriting Fees
21,118

 
26,920

Commissions and Related Fees
55,381

 
41,937

Asset Management and Administration Fees
12,747

 
12,383

Other Revenue, Including Interest and Investments
(14,763
)
 
12,335

Total Revenues
433,047

 
419,419

Interest Expense
6,040

 
4,092

Net Revenues
427,007

 
415,327

Expenses
 
 
 
Employee Compensation and Benefits
270,742

 
247,632

Occupancy and Equipment Rental
18,910

 
16,217

Professional Fees
16,966

 
18,824

Travel and Related Expenses
16,151

 
17,664

Communications and Information Services
12,567

 
11,146

Depreciation and Amortization
6,871

 
7,038

Execution, Clearing and Custody Fees
4,186

 
3,019

Special Charges, Including Business Realignment Costs
23,676

 
1,029

Acquisition and Transition Costs
8

 
108

Other Operating Expenses
7,627

 
8,840

Total Expenses
377,704

 
331,517

Income Before Income from Equity Method Investments and Income Taxes
49,303

 
83,810

Income from Equity Method Investments
3,128

 
2,211

Income Before Income Taxes
52,431

 
86,021

Provision for Income Taxes
13,551

 
7,821

Net Income
38,880

 
78,200

Net Income Attributable to Noncontrolling Interest
7,705

 
10,968

Net Income Attributable to Evercore Inc.
$
31,175

 
$
67,232

Net Income Attributable to Evercore Inc. Common Shareholders
$
31,175

 
$
67,232

Weighted Average Shares of Class A Common Stock Outstanding
 
 
 
Basic
39,992

 
40,497

Diluted
42,317

 
44,155

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
 
 
 
Basic
$
0.78

 
$
1.66

Diluted
$
0.74

 
$
1.52



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 March 31,
 
2020
 
2019
Net Income
$
38,880

 
$
78,200

Other Comprehensive Income (Loss), net of tax:
 
 
 
Unrealized Gain (Loss) on Securities and Investments, net
(933
)
 
(607
)
Foreign Currency Translation Adjustment Gain (Loss), net
(11,308
)
 
2,859

Other Comprehensive Income (Loss)
(12,241
)
 
2,252

Comprehensive Income
26,639

 
80,452

Comprehensive Income Attributable to Noncontrolling Interest
5,796

 
11,293

Comprehensive Income Attributable to Evercore Inc.
$
20,843

 
$
69,159


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 March 31, 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

 

 

 

 
31,175

 

 

 
7,705

 
38,880

Other Comprehensive Income (Loss)

 

 

 
(10,332
)
 

 

 

 
(1,909
)
 
(12,241
)
Treasury Stock Purchases

 

 

 

 

 
(1,841,880
)
 
(141,014
)
 

 
(141,014
)
Evercore LP Units Converted into Class A Common Stock
791,695

 
8

 
41,577

 

 

 

 

 
(33,171
)
 
8,414

Equity-based Compensation Awards
2,409,586

 
24

 
55,409

 

 

 

 

 
3,311

 
58,744

Dividends

 

 

 

 
(27,117
)
 

 

 

 
(27,117
)
Noncontrolling Interest (Note 14)

 

 
(1,565
)
 

 

 

 

 
(11,176
)
 
(12,741
)
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 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 December 31, 2018
65,872,014

 
$
659

 
$
1,818,100

 
$
(30,434
)
 
$
364,882

 
(26,123,438
)
 
$
(1,395,087
)
 
$
249,819

 
$
1,007,939

Net Income

 

 

 

 
67,232

 

 

 
10,968

 
78,200

Other Comprehensive Income

 

 

 
1,927

 

 

 

 
325

 
2,252

Treasury Stock Purchases

 

 

 

 

 
(1,249,510
)
 
(107,693
)
 

 
(107,693
)
Evercore LP Units Converted into Class A Common Stock
237,367

 
2

 
16,292

 

 

 

 

 
(10,423
)
 
5,871

Equity-based Compensation Awards
2,331,952

 
23

 
55,677

 

 

 

 

 
5,506

 
61,206

Dividends

 

 

 

 
(23,833
)
 

 

 

 
(23,833
)
Noncontrolling Interest (Note 14)

 

 

 

 

 

 

 
(17,984
)
 
(17,984
)
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


(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.

See Notes to Unaudited Condensed Consolidated Financial Statements.












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Table of Contents                                            

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(dollars in thousands)
 
For the Three Months Ended March 31,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net Income
$
38,880

 
$
78,200

Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
 
 
 
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration
24,767

 
(6,207
)
Equity Method Investments
(1,291
)
 
(910
)
Equity-Based and Other Deferred Compensation
77,910

 
96,951

Noncash Lease Expense
9,065

 
8,479

Depreciation, Amortization and Accretion
8,526

 
8,135

Bad Debt Expense
474

 
1,353

Deferred Taxes
2,105

 
(6,598
)
Decrease (Increase) in Operating Assets:
 
 
 
Investment Securities
634

 
(49
)
Financial Instruments Owned and Pledged as Collateral at Fair Value
(13,099
)
 
5,741

Securities Purchased Under Agreements to Resell
12,831

 
(5,887
)
Accounts Receivable
42,009

 
(47,194
)
Receivable from Employees and Related Parties
(2,344
)
 
1,654

Other Assets
(11,564
)
 
(3,382
)
(Decrease) Increase in Operating Liabilities:
 
 
 
Accrued Compensation and Benefits
(359,947
)
 
(519,492
)
Accounts Payable and Accrued Expenses
(6,070
)
 
(1,257
)
Securities Sold Under Agreements to Repurchase
266

 
119

Payables to Employees and Related Parties
4,152

 
13,141

Taxes Payable
(2,829
)
 
(32,606
)
Other Liabilities
1,219

 
(2,939
)
Net Cash Provided (Used In) by Operating Activities
(174,306
)
 
(412,748
)
Cash Flows From Investing Activities
 
 
 
Investments Purchased

 
(2,440
)
Distributions of Private Equity Investments

 
364

Investment Securities:
 
 
 
Proceeds from Sales and Maturities of Investment Securities
332,819

 
136,606

Purchases of Investment Securities and Futures Contracts Activity
(209,602
)
 
(138,493
)
Maturity of Certificates of Deposit
214,266

 
100,000

Purchase of Furniture, Equipment and Leasehold Improvements
(12,661
)
 
(15,644
)
Net Cash Provided by Investing Activities
324,822

 
80,393

Cash Flows From Financing Activities
 
 
 
Issuance of Noncontrolling Interests
30

 

Distributions to Noncontrolling Interests
(11,068
)
 
(17,984
)
Short-Term Borrowings

 
30,000

Purchase of Treasury Stock and Noncontrolling Interests
(141,014
)
 
(107,693
)
Dividends
(33,781
)
 
(27,471
)
Net Cash Provided by (Used in) Financing Activities
(185,833
)
 
(123,148
)
Effect of Exchange Rate Changes on Cash
(8,429
)
 
3,868

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
(43,746
)
 
(451,635
)
Cash, Cash Equivalents and Restricted Cash-Beginning of Period
643,886

 
800,096

Cash, Cash Equivalents and Restricted Cash-End of Period
$
600,140

 
$
348,461

SUPPLEMENTAL CASH FLOW DISCLOSURE
 
 
 
Payments for Interest
$
5,667

 
$
6,297

Payments for Income Taxes
$
20,896

 
$
50,736

Accrued Dividends
$
3,531

 
$
3,336

Non-Cash Purchase of Noncontrolling Interest
$
1,703

 
$


See Notes to Unaudited Condensed Consolidated Financial Statements.

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Table of Contents
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 North America, 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, the institutional asset management business through which the Company, directly and through affiliates, manages financial assets for sophisticated institutional investors 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, 2019.
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, 2019. The December 31, 2019 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 the interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020.
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 in Note 25

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Table of Contents
EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)


to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan") and Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan and Evercore Beijing (as of January 1, 2019 for Evercore Japan and Evercore Beijing), 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 and Evercore Beijing assets of $174,774 and liabilities of $72,084 at March 31, 2020 and assets of $227,885 and liabilities of $129,494 at December 31, 2019.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
The Company adopted ASU No. 2016-13 on January 1, 2020, using a modified retrospective method of transition. The Company recorded a cumulative-effect adjustment to decrease retained earnings by $1,310 as of January 1, 2020. Following the adoption of ASU 2016-13, the Company’s accounting policies are as follows:
Accounts Receivable and Contract Assets Accounts Receivable consists primarily of investment banking fees and expense reimbursements charged to the Company's clients. The Company records Accounts Receivable, net of any allowance for doubtful accounts, when relevant revenue recognition criteria has been achieved and payment is conditioned on the passage of time. The Company maintains an allowance for doubtful accounts to provide coverage for estimated losses from its client receivables. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company's analysis of historical credit loss experience of its client receivables, and taking into consideration current market conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company has determined that long-term forecasted information is not relevant to its fee receivables, which are primarily short-term. The Company updates its average credit loss rates periodically and maintains a quarterly allowance review process to consider current factors that would require an adjustment to the credit loss allowance. In addition, the Company periodically performs a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss rates. Expected credit losses for newly recognized financial assets and changes to expected credit losses during the period are recognized in earnings.
The Investment Banking and Investment Management receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and fees related to private funds capital raising, which are collected in a period exceeding one year. The collection period for restructuring transaction receivables may exceed 90 days. Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition.
The Company records contract assets within Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition when payment is due from a client conditioned on future performance or the occurrence of other events. The Company also recognizes a contract asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. The Company applies a practical expedient to expense costs to obtain a contract as incurred when the amortization period is one year or less.
Note 3 – Recent Accounting Pronouncements
ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13. ASU 2016-13 provides amendments to Accounting Standards Codification ("ASC") 326, "Financial Instruments - Credit Losses," which amend the guidance on the impairment of financial instruments and add an impairment model (the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Entities will recognize an allowance for its estimate of expected credit losses as of the end of each reporting period. ASU 2016-13 also eliminates the concept of other-than-temporary impairment for available-for-sale debt securities and requires impairments on these securities to be recognized in earnings through an allowance when fair value is less than amortized cost and a credit loss exists or when the securities are expected to be sold before a recovery of amortized cost. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted after December 15, 2018.

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Table of Contents
EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)


The Company adopted ASU 2016-13 on January 1, 2020 using the modified retrospective approach by means of a cumulative-effect adjustment to decrease retained earnings by $1,310 as of January 1, 2020. As a result of adopting ASU 2016-13, the Company’s allowance for credit losses on financial assets that are measured at amortized cost will reflect management’s estimate of credit losses over the remaining expected life of such assets. These expected credit losses are measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amounts. Expected credit losses for newly recognized financial assets, and changes to expected credit losses during the period are recognized in earnings. The impact of the new guidance primarily relates to the Company’s trade accounts receivable. The Company previously used the specific identification method for establishing credit provisions and write-offs of its trade accounts receivable.
ASU 2018-13 In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 provides amendments to ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"), which remove the requirements surrounding the disclosure and policy of transfers between fair value levels and the valuation processes for recurring Level 3 fair value measurements. In addition, ASU 2018-13 adds disclosure requirements for changes in unrealized gains and losses for Level 3 measurements and the range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments on changes in unrealized gains and losses and unobservable inputs for Level 3 measurements should be applied prospectively, and all other amendments in this update should be applied retrospectively. The Company adopted ASU 2018-13 on January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
ASU 2018-17 In October 2018, the FASB issued ASU No. 2018-17, "Consolidation (Topic 810) - Targeted Improvements to Related Party Guidance for Variable Interest Entities" ("ASU 2018-17"). ASU 2018-17 provides amendments to ASC 810, "Consolidation" which states that any indirect interest held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments are required to be retrospectively applied with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company adopted ASU 2018-17 on January 1, 2020. The adoption of ASU 2018-17 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
ASU 2019-12 In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes" ("ASU 2019-12"). ASU 2019-12 provides amendments to ASC 740, "Income Taxes" ("ASC 740") which simplify the accounting for income taxes by removing certain exceptions in ASC 740 and clarify and amend certain existing guidance. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, with early adoption permitted. The amendments on separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented, amendments on ownership changes of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis, with a cumulative-effect adjustment recorded through retained earnings as of the beginning of the period of adoption, and all other amendments should be applied prospectively. The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
ASU 2020-01In January 2020, the FASB issued ASU No. 2020-01, "Clarifying the Interactions Between Topic 321, 323, and Topic 815" ("ASU 2020-01"). ASU 2020-01 provides amendments to clarify the accounting for certain equity securities when the equity method of accounting is applied or discontinued and scope considerations related to forward contracts and purchased options on certain securities. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.






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Table of Contents
EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)


Note 4 – Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three months ended March 31, 2020 and 2019:
 
For the Three Months Ended March 31,
 
2020
 
2019
Investment Banking:
 
 
 
Advisory Fees
$
358,564

 
$
325,844

Underwriting Fees
21,118

 
26,920

Commissions and Related Fees
55,381

 
41,937

Total Investment Banking
$
435,063

 
$
394,701

 
 
 
 
Investment Management:
 
 
 
Asset Management and Administration Fees:
 
 
 
Wealth Management
$
12,328

 
$
11,438

Institutional Asset Management
419

 
945

Total Investment Management
$
12,747

 
$
12,383


Contract Balances
The change in the Company’s contract assets and liabilities during the 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, 2020 and 2019 are as follows:
 
For the Three Months Ended March 31, 2020
 
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, 2020
$
296,355

 
$
63,554

 
$
31,525

 
$
2,504

 
$
2,492

 
$
615

Increase (Decrease)
(48,910
)
 
(3,968
)
 
166

 
6,960

 
3,131

 

Balance at March 31, 2020
$
247,445

 
$
59,586

 
$
31,691

 
$
9,464

 
$
5,623

 
$
615

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 2019
 
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, 2019
$
309,075

 
$
60,948

 
$
2,833

 
$
541

 
$
4,016

 
$
1,731

Increase (Decrease)
47,926

 
(152
)
 
(2,833
)
 
2,073

 
2,327

 

Balance at March 31, 2019
$
357,001

 
$
60,796

 
$

 
$
2,614

 
$
6,343

 
$
1,731

(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.


12



Table of Contents
EVERCORE INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in thousands, except per share amounts, unless otherwise noted)


The Company recognized revenue of $2,029 and $2,466 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019, respectively, that was initially included in deferred revenue 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, 2020 and 2019 is as follows:
 
For the Three Months Ended March 31,
 
2020
 
2019
Beginning Balance(1)
$
9,191

 
$
6,037

Bad debt expense
474

 
1,353

Writeoffs, foreign currency translation and other adjustments
(2,770
)
 
161

Ending Balance
$
6,895

 
$
7,551


(1) Beginning Balance for the three months ended March 31, 2020 includes the cumulative-effect adjustment of $1,310, which reflects the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model related to the adoption of ASU 2016-13 on January 1, 2020. See Notes 2 and 3 for further information.
The change in the balance during the three months ended March 31, 2020 is primarily related to the writeoff of aged receivables, as well as the impact of a decrease in the amount of receivables outstanding greater than 120 days at March 31, 2020.
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, 2020 by year of origination:
 
Amortized Cost Basis by Origination Year
 
2020
 
2019