☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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 |
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 |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements |
Condensed Consolidated Financial Statements (Unaudited) | Page | ||||
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||
Current Assets | Current Assets | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,015,723 | $ | 633,808 | Cash and Cash Equivalents | $ | 442,187 | $ | 829,598 | |||||||||||||||
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $991 and $114,204 at June 30, 2020 and December 31, 2019, respectively) | 99,727 | 623,946 | ||||||||||||||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 16,206 | 12,431 | ||||||||||||||||||||||
Securities Purchased Under Agreements to Resell | 5,144 | 13,566 | ||||||||||||||||||||||
Accounts Receivable (net of allowances of $11,125 and $7,881 at June 30, 2020 and December 31, 2019, respectively) | 310,208 | 296,355 | ||||||||||||||||||||||
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $278,979 and $402,824 at June 30, 2021 and December 31, 2020, respectively) | Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $278,979 and $402,824 at June 30, 2021 and December 31, 2020, respectively) | 1,062,916 | 1,060,836 | |||||||||||||||||||||
Accounts Receivable (net of allowances of $2,143 and $5,372 at June 30, 2021 and December 31, 2020, respectively) | Accounts Receivable (net of allowances of $2,143 and $5,372 at June 30, 2021 and December 31, 2020, respectively) | 328,543 | 368,346 | |||||||||||||||||||||
Receivable from Employees and Related Parties | 22,978 | 22,416 | Receivable from Employees and Related Parties | 19,043 | 23,593 | |||||||||||||||||||
Other Current Assets | 45,821 | 87,900 | Other Current Assets | 108,477 | 92,231 | |||||||||||||||||||
Total Current Assets | 1,515,807 | 1,690,422 | Total Current Assets | 1,961,166 | 2,374,604 | |||||||||||||||||||
Investments | 81,011 | 89,490 | Investments | 75,839 | 86,681 | |||||||||||||||||||
Deferred Tax Assets | 278,951 | 268,591 | Deferred Tax Assets | 257,492 | 257,862 | |||||||||||||||||||
Operating Lease Right-of-Use Assets | 267,502 | 199,988 | Operating Lease Right-of-Use Assets | 264,456 | 270,498 | |||||||||||||||||||
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $129,856 and $117,387 at June 30, 2020 and December 31, 2019, respectively) | 139,415 | 126,799 | ||||||||||||||||||||||
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $152,992 and $139,572 at June 30, 2021 and December 31, 2020, respectively) | Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $152,992 and $139,572 at June 30, 2021 and December 31, 2020, respectively) | 151,173 | 148,832 | |||||||||||||||||||||
Goodwill | 124,118 | 130,758 | Goodwill | 129,424 | 129,126 | |||||||||||||||||||
Intangible Assets (net of accumulated amortization of $8,519 and $7,292 at June 30, 2020 and December 31, 2019, respectively) | 1,076 | 2,303 | ||||||||||||||||||||||
Intangible Assets (net of accumulated amortization of $3,114 and $2,932 at June 30, 2021 and December 31, 2020, respectively) | Intangible Assets (net of accumulated amortization of $3,114 and $2,932 at June 30, 2021 and December 31, 2020, respectively) | 516 | 698 | |||||||||||||||||||||
Other Assets | 91,709 | 90,262 | Other Assets | 107,382 | 102,587 | |||||||||||||||||||
Total Assets | $ | 2,499,589 | $ | 2,598,613 | Total Assets | $ | 2,947,448 | $ | 3,370,888 | |||||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||||
Accrued Compensation and Benefits | $ | 365,788 | $ | 518,991 | Accrued Compensation and Benefits | $ | 540,119 | $ | 778,043 | |||||||||||||||
Accounts Payable and Accrued Expenses | 35,947 | 39,726 | Accounts Payable and Accrued Expenses | 43,776 | 37,961 | |||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 21,350 | 26,000 | ||||||||||||||||||||||
Payable to Employees and Related Parties | 37,234 | 31,703 | Payable to Employees and Related Parties | 48,097 | 24,047 | |||||||||||||||||||
Operating Lease Liabilities | 37,042 | 33,316 | Operating Lease Liabilities | 44,223 | 42,871 | |||||||||||||||||||
Taxes Payable | 3,780 | 3,400 | Taxes Payable | 4,809 | 15,346 | |||||||||||||||||||
Current Portion of Notes Payable | 37,922 | — | Current Portion of Notes Payable | 0 | 37,974 | |||||||||||||||||||
Other Current Liabilities | 25,652 | 15,517 | Other Current Liabilities | 29,885 | 127,691 | |||||||||||||||||||
Total Current Liabilities | 564,715 | 668,653 | Total Current Liabilities | 710,909 | 1,063,933 | |||||||||||||||||||
Operating Lease Liabilities | 295,207 | 217,251 | Operating Lease Liabilities | 297,060 | 300,275 | |||||||||||||||||||
Notes Payable | 335,208 | 375,062 | Notes Payable | 376,778 | 338,518 | |||||||||||||||||||
Amounts Due Pursuant to Tax Receivable Agreements | 84,949 | 84,952 | Amounts Due Pursuant to Tax Receivable Agreements | 79,108 | 76,860 | |||||||||||||||||||
Other Long-term Liabilities | 87,360 | 126,445 | Other Long-term Liabilities | 58,326 | 101,928 | |||||||||||||||||||
Total Liabilities | 1,367,439 | 1,472,363 | Total Liabilities | 1,522,181 | 1,881,514 | |||||||||||||||||||
Commitments and Contingencies (Note 17) | ||||||||||||||||||||||||
Commitments and Contingencies (Note 16) | Commitments and Contingencies (Note 16) | 0 | 0 | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Evercore Inc. Stockholders' Equity | Evercore Inc. Stockholders' Equity | |||||||||||||||||||||||
Common Stock | Common Stock | |||||||||||||||||||||||
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 71,977,753 and 68,698,675 issued at June 30, 2020 and December 31, 2019, respectively, and 40,584,273 and 39,176,010 outstanding at June 30, 2020 and December 31, 2019, respectively) | 720 | 687 | ||||||||||||||||||||||
Class B, par value $0.01 per share (1,000,000 shares authorized, 53 and 84 issued and outstanding at June 30, 2020 and December 31, 2019, respectively) | — | — | ||||||||||||||||||||||
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 74,588,183 and 72,195,283 issued at June 30, 2021 and December 31, 2020, respectively, and 39,834,711 and 40,750,225 outstanding at June 30, 2021 and December 31, 2020, respectively) | Class A, par value $0.01 per share (1,000,000,000 shares authorized, 74,588,183 and 72,195,283 issued at June 30, 2021 and December 31, 2020, respectively, and 39,834,711 and 40,750,225 outstanding at June 30, 2021 and December 31, 2020, respectively) | 746 | 722 | |||||||||||||||||||||
Class B, par value $0.01 per share (1,000,000 shares authorized, 47 and 48 issued and outstanding at June 30, 2021 and December 31, 2020, respectively) | Class B, par value $0.01 per share (1,000,000 shares authorized, 47 and 48 issued and outstanding at June 30, 2021 and December 31, 2020, respectively) | 0 | 0 | |||||||||||||||||||||
Additional Paid-In-Capital | 2,166,837 | 2,016,524 | Additional Paid-In-Capital | 2,383,725 | 2,266,136 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | (37,167 | ) | (27,596 | ) | Accumulated Other Comprehensive Income (Loss) | (7,227) | (9,758) | |||||||||||||||||
Retained Earnings | 590,866 | 558,269 | Retained Earnings | 1,023,260 | 798,573 | |||||||||||||||||||
Treasury Stock at Cost (31,393,480 and 29,522,665 shares at June 30, 2020 and December 31, 2019, respectively) | (1,820,728 | ) | (1,678,168 | ) | ||||||||||||||||||||
Treasury Stock at Cost (34,753,472 and 31,445,058 shares at June 30, 2021 and December 31, 2020, respectively) | Treasury Stock at Cost (34,753,472 and 31,445,058 shares at June 30, 2021 and December 31, 2020, respectively) | (2,249,533) | (1,824,727) | |||||||||||||||||||||
Total Evercore Inc. Stockholders' Equity | 900,528 | 869,716 | Total Evercore Inc. Stockholders' Equity | 1,150,971 | 1,230,946 | |||||||||||||||||||
Noncontrolling Interest | 231,622 | 256,534 | Noncontrolling Interest | 274,296 | 258,428 | |||||||||||||||||||
Total Equity | 1,132,150 | 1,126,250 | Total Equity | 1,425,267 | 1,489,374 | |||||||||||||||||||
Total Liabilities and Equity | $ | 2,499,589 | $ | 2,598,613 | Total Liabilities and Equity | $ | 2,947,448 | $ | 3,370,888 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||||||||
Advisory Fees | $ | 560,814 | $ | 336,436 | $ | 1,072,732 | $ | 695,000 | |||||||||||||||||||||
Underwriting Fees | 48,048 | 93,565 | 127,305 | 114,683 | |||||||||||||||||||||||||
Commissions and Related Revenue | 50,725 | 54,334 | 104,251 | 109,900 | |||||||||||||||||||||||||
Asset Management and Administration Fees | 16,183 | 12,953 | 31,132 | 25,700 | |||||||||||||||||||||||||
Other Revenue, Including Interest and Investments | 16,401 | 15,116 | 23,631 | 168 | |||||||||||||||||||||||||
Total Revenues | 692,171 | 512,404 | 1,359,051 | 945,451 | |||||||||||||||||||||||||
Interest Expense | 4,306 | 5,329 | 8,876 | 11,369 | |||||||||||||||||||||||||
Net Revenues | 687,865 | 507,075 | 1,350,175 | 934,082 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Employee Compensation and Benefits | 407,798 | 334,046 | 803,188 | 604,788 | |||||||||||||||||||||||||
Occupancy and Equipment Rental | 17,513 | 17,365 | 36,222 | 36,275 | |||||||||||||||||||||||||
Professional Fees | 21,401 | 18,875 | 43,008 | 35,841 | |||||||||||||||||||||||||
Travel and Related Expenses | 3,715 | 3,756 | 6,007 | 19,907 | |||||||||||||||||||||||||
Communications and Information Services | 14,080 | 14,269 | 28,109 | 26,836 | |||||||||||||||||||||||||
Depreciation and Amortization | 7,151 | 6,975 | 13,792 | 13,846 | |||||||||||||||||||||||||
Execution, Clearing and Custody Fees | 2,913 | 3,204 | 6,465 | 7,390 | |||||||||||||||||||||||||
Special Charges, Including Business Realignment Costs | 0 | 8,558 | 0 | 32,234 | |||||||||||||||||||||||||
Acquisition and Transition Costs | 0 | 98 | 7 | 106 | |||||||||||||||||||||||||
Other Operating Expenses | 6,281 | 13,200 | 12,156 | 20,827 | |||||||||||||||||||||||||
Total Expenses | 480,852 | 420,346 | 948,954 | 798,050 | |||||||||||||||||||||||||
Income Before Income from Equity Method Investments and Income Taxes | 207,013 | 86,729 | 401,221 | 136,032 | |||||||||||||||||||||||||
Income from Equity Method Investments | 3,394 | 2,313 | 6,418 | 5,441 | |||||||||||||||||||||||||
Income Before Income Taxes | 210,407 | 89,042 | 407,639 | 141,473 | |||||||||||||||||||||||||
Provision for Income Taxes | 46,478 | 21,814 | 78,159 | 35,365 | |||||||||||||||||||||||||
Net Income | 163,929 | 67,228 | 329,480 | 106,108 | |||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 23,570 | 10,816 | 44,769 | 18,521 | |||||||||||||||||||||||||
Net Income Attributable to Evercore Inc. | $ | 140,359 | $ | 56,412 | $ | 284,711 | $ | 87,587 | |||||||||||||||||||||
Net Income Attributable to Evercore Inc. Common Shareholders | $ | 140,359 | $ | 56,412 | $ | 284,711 | $ | 87,587 | |||||||||||||||||||||
Weighted Average Shares of Class A Common Stock Outstanding | |||||||||||||||||||||||||||||
Basic | 40,667 | 40,635 | 41,010 | 40,313 | |||||||||||||||||||||||||
Diluted | 43,661 | 41,894 | 44,053 | 42,105 | |||||||||||||||||||||||||
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | |||||||||||||||||||||||||||||
Basic | $ | 3.45 | $ | 1.39 | $ | 6.94 | $ | 2.17 | |||||||||||||||||||||
Diluted | $ | 3.21 | $ | 1.35 | $ | 6.46 | $ | 2.08 | |||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | |||||||||||||||
Investment Banking: | |||||||||||||||
Advisory Fees | $ | 336,436 | $ | 443,580 | $ | 695,000 | $ | 769,424 | |||||||
Underwriting Fees | 93,565 | 16,910 | 114,683 | 43,830 | |||||||||||
Commissions and Related Fees | 54,119 | 48,660 | 109,500 | 90,597 | |||||||||||
Asset Management and Administration Fees | 12,953 | 12,419 | 25,700 | 24,802 | |||||||||||
Other Revenue, Including Interest and Investments | 15,331 | 13,640 | 568 | 25,975 | |||||||||||
Total Revenues | 512,404 | 535,209 | 945,451 | 954,628 | |||||||||||
Interest Expense | 5,329 | 4,163 | 11,369 | 8,255 | |||||||||||
Net Revenues | 507,075 | 531,046 | 934,082 | 946,373 | |||||||||||
Expenses | |||||||||||||||
Employee Compensation and Benefits | 334,046 | 314,323 | 604,788 | 561,955 | |||||||||||
Occupancy and Equipment Rental | 17,365 | 18,062 | 36,275 | 34,279 | |||||||||||
Professional Fees | 18,875 | 20,511 | 35,841 | 39,335 | |||||||||||
Travel and Related Expenses | 3,756 | 19,397 | 19,907 | 37,061 | |||||||||||
Communications and Information Services | 14,269 | 11,481 | 26,836 | 22,627 | |||||||||||
Depreciation and Amortization | 6,975 | 7,666 | 13,846 | 14,704 | |||||||||||
Execution, Clearing and Custody Fees | 3,204 | 3,199 | 7,390 | 6,218 | |||||||||||
Special Charges, Including Business Realignment Costs | 8,558 | 1,029 | 32,234 | 2,058 | |||||||||||
Acquisition and Transition Costs | 98 | — | 106 | 108 | |||||||||||
Other Operating Expenses | 13,200 | 8,544 | 20,827 | 17,384 | |||||||||||
Total Expenses | 420,346 | 404,212 | 798,050 | 735,729 | |||||||||||
Income Before Income from Equity Method Investments and Income Taxes | 86,729 | 126,834 | 136,032 | 210,644 | |||||||||||
Income from Equity Method Investments | 2,313 | 2,453 | 5,441 | 4,664 | |||||||||||
Income Before Income Taxes | 89,042 | 129,287 | 141,473 | 215,308 | |||||||||||
Provision for Income Taxes | 21,814 | 32,030 | 35,365 | 39,851 | |||||||||||
Net Income | 67,228 | 97,257 | 106,108 | 175,457 | |||||||||||
Net Income Attributable to Noncontrolling Interest | 10,816 | 15,515 | 18,521 | 26,483 | |||||||||||
Net Income Attributable to Evercore Inc. | $ | 56,412 | $ | 81,742 | $ | 87,587 | $ | 148,974 | |||||||
Net Income Attributable to Evercore Inc. Common Shareholders | $ | 56,412 | $ | 81,742 | $ | 87,587 | $ | 148,974 | |||||||
Weighted Average Shares of Class A Common Stock Outstanding | |||||||||||||||
Basic | 40,635 | 40,546 | 40,313 | 40,522 | |||||||||||
Diluted | 41,894 | 43,376 | 42,105 | 43,766 | |||||||||||
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | |||||||||||||||
Basic | $ | 1.39 | $ | 2.02 | $ | 2.17 | $ | 3.68 | |||||||
Diluted | $ | 1.35 | $ | 1.88 | $ | 2.08 | $ | 3.40 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net Income | $ | 163,929 | $ | 67,228 | $ | 329,480 | $ | 106,108 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities and Investments, net | 453 | (764) | 495 | (1,697) | |||||||||||||||||||||||||
Foreign Currency Translation Adjustment Gain (Loss), net | 886 | 1,667 | 2,439 | (9,641) | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 1,339 | 903 | 2,934 | (11,338) | |||||||||||||||||||||||||
Comprehensive Income | 165,268 | 68,131 | 332,414 | 94,770 | |||||||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | 23,739 | 10,958 | 45,172 | 16,754 | |||||||||||||||||||||||||
Comprehensive Income Attributable to Evercore Inc. | $ | 141,529 | $ | 57,173 | $ | 287,242 | $ | 78,016 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net Income | $ | 67,228 | $ | 97,257 | $ | 106,108 | $ | 175,457 | |||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||
Unrealized Gain (Loss) on Securities and Investments, net | (764 | ) | (63 | ) | (1,697 | ) | (670 | ) | |||||||
Foreign Currency Translation Adjustment Gain (Loss), net | 1,667 | (4,007 | ) | (9,641 | ) | (1,148 | ) | ||||||||
Other Comprehensive Income (Loss) | 903 | (4,070 | ) | (11,338 | ) | (1,818 | ) | ||||||||
Comprehensive Income | 68,131 | 93,187 | 94,770 | 173,639 | |||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | 10,958 | 14,926 | 16,754 | 26,219 | |||||||||||
Comprehensive Income Attributable to Evercore Inc. | $ | 57,173 | $ | 78,261 | $ | 78,016 | $ | 147,420 |
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||
Balance at March 31, 2020 | 71,899,956 | $ | 719 | $ | 2,111,945 | $ | (37,928 | ) | $ | 561,017 | (31,364,545 | ) | $ | (1,819,182 | ) | $ | 221,294 | $ | 1,037,865 | ||||||||||||||
Net Income | — | — | — | — | 56,412 | — | — | 10,816 | 67,228 | ||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 761 | — | — | — | 142 | 903 | ||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (28,935 | ) | (1,546 | ) | — | (1,546 | ) | |||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 14,660 | — | 765 | — | — | — | — | (583 | ) | 182 | |||||||||||||||||||||||
Equity-based Compensation Awards | 63,137 | 1 | 54,127 | — | — | — | — | 2,384 | 56,512 | ||||||||||||||||||||||||
Dividends | — | — | — | — | (26,563 | ) | — | — | — | (26,563 | ) | ||||||||||||||||||||||
Noncontrolling Interest (Note 14) | — | — | — | — | — | — | — | (2,431 | ) | (2,431 | ) | ||||||||||||||||||||||
Balance at June 30, 2020 | 71,977,753 | $ | 720 | $ | 2,166,837 | $ | (37,167 | ) | $ | 590,866 | (31,393,480 | ) | $ | (1,820,728 | ) | $ | 231,622 | $ | 1,132,150 | ||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||
Balance at December 31, 2019 | 68,698,675 | $ | 687 | $ | 2,016,524 | $ | (27,596 | ) | $ | 558,269 | (29,522,665 | ) | $ | (1,678,168 | ) | $ | 256,534 | $ | 1,126,250 | ||||||||||||||
Cumulative Effect of Accounting Change(1) | — | — | — | — | (1,310 | ) | — | — | — | (1,310 | ) | ||||||||||||||||||||||
Net Income | — | — | — | — | 87,587 | — | — | 18,521 | 106,108 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | (9,571 | ) | — | — | — | (1,767 | ) | (11,338 | ) | |||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (1,870,815 | ) | (142,560 | ) | — | (142,560 | ) | |||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 806,355 | 8 | 42,342 | — | — | — | — | (33,754 | ) | 8,596 | |||||||||||||||||||||||
Equity-based Compensation Awards | 2,472,723 | 25 | 109,536 | — | — | — | — | 5,695 | 115,256 | ||||||||||||||||||||||||
Dividends | — | — | — | — | (53,680 | ) | — | — | — | (53,680 | ) | ||||||||||||||||||||||
Noncontrolling Interest (Note 14) | — | — | (1,565 | ) | — | — | — | — | (13,607 | ) | (15,172 | ) | |||||||||||||||||||||
Balance at June 30, 2020 | 71,977,753 | $ | 720 | $ | 2,166,837 | $ | (37,167 | ) | $ | 590,866 | (31,393,480 | ) | $ | (1,820,728 | ) | $ | 231,622 | $ | 1,132,150 | ||||||||||||||
(1) The cumulative adjustment relates to the adoption of Accounting Standards Update ("ASU") No. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13") on January 1, 2020, for which the Company recorded an adjustment to Retained Earnings to reflect the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model. See Notes 2 and 3 for further information. | |||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||
Balance at March 31, 2019 | 68,441,333 | $ | 684 | $ | 1,890,069 | $ | (28,507 | ) | $ | 408,281 | (27,372,948 | ) | $ | (1,502,780 | ) | $ | 238,211 | $ | 1,005,958 | ||||||||||||||
Net Income | — | — | — | — | 81,742 | — | — | 15,515 | 97,257 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | (3,481 | ) | — | — | — | (589 | ) | (4,070 | ) | |||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (1,270,947 | ) | (107,136 | ) | — | (107,136 | ) | |||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 19,529 | — | 13,035 | — | — | — | — | (754 | ) | 12,281 | |||||||||||||||||||||||
Equity-based Compensation Awards | 47,639 | 1 | 54,881 | — | — | — | — | 6,610 | 61,492 | ||||||||||||||||||||||||
Dividends | — | — | — | — | (27,021 | ) | — | — | — | (27,021 | ) | ||||||||||||||||||||||
Noncontrolling Interest (Note 14) | — | — | (41,482 | ) | — | — | — | — | (22,444 | ) | (63,926 | ) | |||||||||||||||||||||
Balance at June 30, 2019 | 68,508,501 | $ | 685 | $ | 1,916,503 | $ | (31,988 | ) | $ | 463,002 | (28,643,895 | ) | $ | (1,609,916 | ) | $ | 236,549 | $ | 974,835 | ||||||||||||||
For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||
Balance at 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 | — | — | — | — | 148,974 | — | — | 26,483 | 175,457 | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | (1,554 | ) | — | — | — | (264 | ) | (1,818 | ) | |||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (2,520,457 | ) | (214,829 | ) | — | (214,829 | ) | |||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 256,896 | 2 | 29,327 | — | — | — | — | (11,177 | ) | 18,152 | |||||||||||||||||||||||
Equity-based Compensation Awards | 2,379,591 | 24 | 110,558 | — | — | — | — | 12,116 | 122,698 | ||||||||||||||||||||||||
Dividends | — | — | — | — | (50,854 | ) | — | — | — | (50,854 | ) | ||||||||||||||||||||||
Noncontrolling Interest (Note 14) | — | — | (41,482 | ) | — | — | — | — | (40,428 | ) | (81,910 | ) | |||||||||||||||||||||
Balance at June 30, 2019 | 68,508,501 | $ | 685 | $ | 1,916,503 | $ | (31,988 | ) | $ | 463,002 | (28,643,895 | ) | $ | (1,609,916 | ) | $ | 236,549 | $ | 974,835 |
For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 74,521,960 | $ | 745 | $ | 2,322,421 | $ | (8,397) | $ | 914,120 | (33,385,488) | $ | (2,059,581) | $ | 265,089 | $ | 1,434,397 | |||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 140,359 | — | — | 23,570 | 163,929 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 1,170 | — | — | — | 169 | 1,339 | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (1,367,984) | (189,952) | — | (189,952) | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 20,550 | 0 | 1,555 | — | — | — | — | (1,033) | 522 | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | 45,673 | 1 | 59,749 | — | — | — | — | 3,011 | 62,761 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (31,219) | — | — | — | (31,219) | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 13) | — | — | 0 | — | — | — | — | (16,510) | (16,510) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 74,588,183 | $ | 746 | $ | 2,383,725 | $ | (7,227) | $ | 1,023,260 | (34,753,472) | $ | (2,249,533) | $ | 274,296 | $ | 1,425,267 | |||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | 72,195,283 | $ | 722 | $ | 2,266,136 | $ | (9,758) | $ | 798,573 | (31,445,058) | $ | (1,824,727) | $ | 258,428 | $ | 1,489,374 | |||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 284,711 | — | — | 44,769 | 329,480 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 2,531 | — | — | — | 403 | 2,934 | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (3,308,414) | (424,806) | — | (424,806) | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 140,693 | 1 | 8,766 | — | — | — | — | (6,747) | 2,020 | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | 2,252,207 | 23 | 111,649 | — | — | — | — | 6,107 | 117,779 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (60,024) | — | — | — | (60,024) | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 13) | — | — | (2,826) | — | — | — | — | (28,664) | (31,490) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 74,588,183 | $ | 746 | $ | 2,383,725 | $ | (7,227) | $ | 1,023,260 | (34,753,472) | $ | (2,249,533) | $ | 274,296 | $ | 1,425,267 | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 71,899,956 | $ | 719 | $ | 2,111,945 | $ | (37,928) | $ | 561,017 | (31,364,545) | $ | (1,819,182) | $ | 221,294 | $ | 1,037,865 | |||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 56,412 | — | — | 10,816 | 67,228 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 761 | — | — | — | 142 | 903 | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (28,935) | (1,546) | — | (1,546) | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 14,660 | 0 | 765 | — | — | — | — | (583) | 182 | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | 63,137 | 1 | 54,127 | — | — | — | — | 2,384 | 56,512 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (26,563) | — | — | — | (26,563) | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 13) | — | — | 0 | — | — | — | — | (2,431) | (2,431) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 71,977,753 | $ | 720 | $ | 2,166,837 | $ | (37,167) | $ | 590,866 | (31,393,480) | $ | (1,820,728) | $ | 231,622 | $ | 1,132,150 | |||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 68,698,675 | $ | 687 | $ | 2,016,524 | $ | (27,596) | $ | 558,269 | (29,522,665) | $ | (1,678,168) | $ | 256,534 | $ | 1,126,250 | |||||||||||||||||||||||||||||||||||||
Cumulative Effect of Accounting Change(1) | — | — | — | — | (1,310) | — | — | — | (1,310) | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 87,587 | — | — | 18,521 | 106,108 | ||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | (9,571) | — | — | — | (1,767) | (11,338) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | (1,870,815) | (142,560) | — | (142,560) | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | 806,355 | 8 | 42,342 | — | — | — | — | (33,754) | 8,596 | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | 2,472,723 | 25 | 109,536 | — | — | — | — | 5,695 | 115,256 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | (53,680) | — | — | — | (53,680) | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 13) | — | — | (1,565) | — | — | — | — | (13,607) | (15,172) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 71,977,753 | $ | 720 | $ | 2,166,837 | $ | (37,167) | $ | 590,866 | (31,393,480) | $ | (1,820,728) | $ | 231,622 | $ | 1,132,150 |
For the Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Cash Flows From Operating Activities | |||||||
Net Income | $ | 106,108 | $ | 175,457 | |||
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities: | |||||||
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration | 11,780 | (9,985 | ) | ||||
Equity Method Investments | 3,309 | 3,402 | |||||
Equity-Based and Other Deferred Compensation | 176,968 | 192,286 | |||||
Noncash Lease Expense | 18,284 | 11,316 | |||||
Depreciation, Amortization and Accretion | 15,989 | 16,898 | |||||
Bad Debt Expense | 5,331 | 1,750 | |||||
Deferred Taxes | 2,112 | (12,427 | ) | ||||
Decrease (Increase) in Operating Assets: | |||||||
Investment Securities | 2,601 | (514 | ) | ||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | (6,486 | ) | 120 | ||||
Securities Purchased Under Agreements to Resell | 6,334 | (210 | ) | ||||
Accounts Receivable | (25,778 | ) | (9,800 | ) | |||
Receivable from Employees and Related Parties | (612 | ) | 4,133 | ||||
Other Assets | 33,968 | (87,498 | ) | ||||
(Decrease) Increase in Operating Liabilities: | |||||||
Accrued Compensation and Benefits | (241,190 | ) | (411,865 | ) | |||
Accounts Payable and Accrued Expenses | 62 | (176 | ) | ||||
Securities Sold Under Agreements to Repurchase | 149 | 68 | |||||
Payables to Employees and Related Parties | 5,529 | 13,757 | |||||
Taxes Payable | 380 | (29,702 | ) | ||||
Other Liabilities | 3,932 | 7,911 | |||||
Net Cash Provided (Used In) by Operating Activities | 118,770 | (135,079 | ) | ||||
Cash Flows From Investing Activities | |||||||
Investments Purchased | — | (2,819 | ) | ||||
Distributions of Private Equity Investments | 234 | 364 | |||||
Investment Securities: | |||||||
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity | 543,251 | 263,490 | |||||
Purchases of Investment Securities and Futures Contracts Activity | (244,470 | ) | (266,486 | ) | |||
Maturity of Certificates of Deposit | 214,266 | 100,000 | |||||
Purchase of Furniture, Equipment and Leasehold Improvements | (29,665 | ) | (26,282 | ) | |||
Net Cash Provided by Investing Activities | 483,616 | 68,267 | |||||
Cash Flows From Financing Activities | |||||||
Issuance of Noncontrolling Interests | 540 | — | |||||
Distributions to Noncontrolling Interests | (14,009 | ) | (31,696 | ) | |||
Short-Term Borrowings | — | 30,000 | |||||
Repayment of Short-Term Borrowings | — | (30,000 | ) | ||||
Purchase of Treasury Stock and Noncontrolling Interests | (143,412 | ) | (265,043 | ) | |||
Dividends | (57,529 | ) | (50,797 | ) | |||
Net Cash Provided by (Used in) Financing Activities | (214,410 | ) | (347,536 | ) | |||
Effect of Exchange Rate Changes on Cash | (6,842 | ) | (1,133 | ) | |||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 381,134 | (415,481 | ) | ||||
Cash, Cash Equivalents and Restricted Cash-Beginning of Period | 643,886 | 800,096 | |||||
Cash, Cash Equivalents and Restricted Cash-End of Period | $ | 1,025,020 | $ | 384,615 | |||
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||||||
Payments for Interest | $ | 12,856 | $ | 8,400 | |||
Payments for Income Taxes | $ | 23,646 | $ | 79,357 | |||
Accrued Dividends | $ | 6,918 | $ | 7,125 | |||
Noncash Purchase of Noncontrolling Interest | $ | 851 | $ | 2,701 |
For the Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net Income | $ | 329,480 | $ | 106,108 | |||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||||||
Net (Gains) Losses on Investments and Investment Securities | (22,193) | 11,780 | |||||||||||||||
Equity Method Investments | 5,038 | 3,309 | |||||||||||||||
Equity-Based and Other Deferred Compensation | 202,186 | 176,968 | |||||||||||||||
Noncash Lease Expense | 20,311 | 18,284 | |||||||||||||||
Depreciation, Amortization and Accretion | 14,129 | 15,989 | |||||||||||||||
Bad Debt Expense | (1,766) | 5,331 | |||||||||||||||
Deferred Taxes | 3,982 | 2,112 | |||||||||||||||
Decrease (Increase) in Operating Assets: | |||||||||||||||||
Investment Securities | (1,946) | 2,601 | |||||||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 0 | (6,486) | |||||||||||||||
Securities Purchased Under Agreements to Resell | 0 | 6,334 | |||||||||||||||
Accounts Receivable | 42,638 | (25,778) | |||||||||||||||
Receivable from Employees and Related Parties | 4,558 | (612) | |||||||||||||||
Other Assets | (20,482) | 33,968 | |||||||||||||||
(Decrease) Increase in Operating Liabilities: | |||||||||||||||||
Accrued Compensation and Benefits | (359,317) | (241,190) | |||||||||||||||
Accounts Payable and Accrued Expenses | 6,001 | 62 | |||||||||||||||
Securities Sold Under Agreements to Repurchase | 0 | 149 | |||||||||||||||
Payables to Employees and Related Parties | 23,791 | 5,529 | |||||||||||||||
Taxes Payable | (10,537) | 380 | |||||||||||||||
Other Liabilities | (121,415) | 3,932 | |||||||||||||||
Net Cash Provided by Operating Activities | 114,458 | 118,770 | |||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Investments Purchased | (1,355) | 0 | |||||||||||||||
Proceeds from Redemption of G5 Debt Security | 11,779 | 0 | |||||||||||||||
Distributions of Private Equity Investments | 171 | 234 | |||||||||||||||
Investment Securities: | |||||||||||||||||
Proceeds from Sales and Maturities of Investment Securities and Futures Contracts Activity | 992,836 | 543,251 | |||||||||||||||
Purchases of Investment Securities and Futures Contracts Activity | (852,579) | (244,470) | |||||||||||||||
Maturity of Certificates of Deposit | 0 | 214,266 | |||||||||||||||
Purchase of Certificates of Deposit | (122,510) | 0 | |||||||||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (16,374) | (29,665) | |||||||||||||||
Net Cash Provided by Investing Activities | 11,968 | 483,616 | |||||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuance of Noncontrolling Interests | 1,107 | 540 | |||||||||||||||
Distributions to Noncontrolling Interests | (29,642) | (14,009) | |||||||||||||||
Payment of Notes Payable | (38,000) | 0 | |||||||||||||||
Issuance of Notes Payable | 38,000 | 0 | |||||||||||||||
Debt Issuance Costs | (355) | 0 | |||||||||||||||
Purchase of Treasury Stock and Noncontrolling Interests | (423,188) | (143,412) | |||||||||||||||
Dividends | (65,139) | (57,529) | |||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (517,217) | (214,410) | |||||||||||||||
Effect of Exchange Rate Changes on Cash | 3,558 | (6,842) | |||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (387,233) | 381,134 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash – Beginning of Period | 838,224 | 643,886 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash – End of Period | $ | 450,991 | $ | 1,025,020 | |||||||||||||
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||||||||||||||||
Payments for Interest | $ | 8,912 | $ | 12,856 | |||||||||||||
Payments for Income Taxes | $ | 70,772 | $ | 23,646 | |||||||||||||
Accrued Dividends | $ | 7,096 | $ | 6,918 | |||||||||||||
Noncash Purchase of Noncontrolling Interest | $ | 0 | $ | 851 | |||||||||||||
Receipt of Equity Securities in Settlement of Accounts Receivable | $ | 1,955 | $ | 0 | |||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment Banking: | |||||||||||||||
Advisory Fees | $ | 336,436 | $ | 443,580 | $ | 695,000 | $ | 769,424 | |||||||
Underwriting Fees | 93,565 | 16,910 | 114,683 | 43,830 | |||||||||||
Commissions and Related Fees | 54,119 | 48,660 | 109,500 | 90,597 | |||||||||||
Total Investment Banking | $ | 484,120 | $ | 509,150 | $ | 919,183 | $ | 903,851 | |||||||
Investment Management: | |||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||
Wealth Management | $ | 12,632 | $ | 11,815 | $ | 24,960 | $ | 23,253 | |||||||
Institutional Asset Management | 321 | 604 | 740 | 1,549 | |||||||||||
Total Investment Management | $ | 12,953 | $ | 12,419 | $ | 25,700 | $ | 24,802 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||||||||
Advisory Fees | $ | 560,814 | $ | 336,436 | $ | 1,072,732 | $ | 695,000 | |||||||||||||||||||||
Underwriting Fees | 48,048 | 93,565 | 127,305 | 114,683 | |||||||||||||||||||||||||
Commissions and Related Revenue | 50,725 | 54,334 | 104,251 | 109,900 | |||||||||||||||||||||||||
Total Investment Banking | $ | 659,587 | $ | 484,335 | $ | 1,304,288 | $ | 919,583 | |||||||||||||||||||||
Investment Management: | |||||||||||||||||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||||||||||||||||
Wealth Management | $ | 16,183 | $ | 12,632 | $ | 31,132 | $ | 24,960 | |||||||||||||||||||||
Institutional Asset Management | 0 | 321 | 0 | 740 | |||||||||||||||||||||||||
Total Investment Management | $ | 16,183 | $ | 12,953 | $ | 31,132 | $ | 25,700 |
For the Six Months Ended June 30, 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) | 13,853 | (1,613 | ) | (24,756 | ) | 3,376 | 9,553 | (234 | ) | ||||||||||||||
Balance at June 30, 2020 | $ | 310,208 | $ | 61,941 | $ | 6,769 | $ | 5,880 | $ | 12,045 | $ | 381 | |||||||||||
For the Six Months Ended June 30, 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) | 7,803 | 1,700 | 72,701 | 6,740 | 1,049 | (812 | ) | ||||||||||||||||
Balance at June 30, 2019 | $ | 316,878 | $ | 62,648 | $ | 75,534 | $ | 7,281 | $ | 5,065 | $ | 919 |
For the Six Months Ended June 30, 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) | (39,803) | 5,011 | 25,438 | 1,380 | 2,280 | 0 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 328,543 | $ | 75,986 | $ | 54,765 | $ | 6,663 | $ | 11,653 | $ | 147 | |||||||||||||||||||||||
For the Six Months Ended June 30, 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) | 13,853 | (1,613) | (24,756) | 3,376 | 9,553 | (234) | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 310,208 | $ | 61,941 | $ | 6,769 | $ | 5,880 | $ | 12,045 | $ | 381 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning Balance(1) | $ | 6,895 | $ | 7,551 | $ | 9,191 | $ | 6,037 | |||||||
Bad debt expense | 4,857 | 397 | 5,331 | 1,750 | |||||||||||
Write-offs, foreign currency translation and other adjustments | (627 | ) | (589 | ) | (3,397 | ) | (428 | ) | |||||||
Ending Balance | $ | 11,125 | $ | 7,359 | $ | 11,125 | $ | 7,359 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Beginning Balance(1) | $ | 2,017 | $ | 6,895 | $ | 5,372 | $ | 9,191 | |||||||||||||||||||||
Bad debt expense, net of reversals | (28) | 4,857 | (1,766) | 5,331 | |||||||||||||||||||||||||
Write-offs, foreign currency translation and other adjustments | 154 | (627) | (1,463) | (3,397) | |||||||||||||||||||||||||
Ending Balance | $ | 2,143 | $ | 11,125 | $ | 2,143 | $ | 11,125 |
Amortized Cost Basis by Origination Year | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Total | ||||||||||||||||||
Long-term Accounts Receivable and Long-Term Contract Assets | $ | 21,370 | $ | 27,889 | $ | 15,744 | $ | 1,806 | $ | 1,012 | $ | 67,821 |
Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Total | ||||||||||||||||||||||||||||||||||||||||||
Long-term Accounts Receivable and Long-Term Contract Assets | $ | 29,457 | $ | 38,695 | $ | 10,426 | $ | 3,805 | $ | 266 | $ | 82,649 |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Debt Securities | $ | 991 | $ | 8 | $ | — | $ | 999 | $ | 114,204 | $ | 591 | $ | 11 | $ | 114,784 | |||||||||||||||
Equity Securities | 666 | — | 414 | 252 | 666 | — | 168 | 498 | |||||||||||||||||||||||
Debt Securities Carried by Broker-Dealers | 4,231 | 32 | — | 4,263 | 225,727 | 1,648 | 20 | 227,355 | |||||||||||||||||||||||
Investment Funds | 92,964 | 3,145 | 1,896 | 94,213 | 58,704 | 7,809 | — | 66,513 | |||||||||||||||||||||||
Total Investment Securities (carried at fair value) | $ | 98,852 | $ | 3,185 | $ | 2,310 | $ | 99,727 | $ | 399,301 | $ | 10,048 | $ | 199 | $ | 409,150 | |||||||||||||||
Certificates of Deposit (carried at contract value) | — | 214,796 | |||||||||||||||||||||||||||||
Total Investment Securities and Certificates of Deposit | $ | 99,727 | $ | 623,946 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt Securities | $ | 278,979 | $ | 5 | $ | 0 | $ | 278,984 | $ | 402,824 | $ | 39 | $ | 0 | $ | 402,863 | |||||||||||||||||||||||||||||||
Equity Securities | 2,621 | 1,786 | 0 | 4,407 | 666 | 0 | 73 | 593 | |||||||||||||||||||||||||||||||||||||||
Debt Securities Carried by Broker-Dealers | 519,874 | 14 | 0 | 519,888 | 550,002 | 27 | 3 | 550,026 | |||||||||||||||||||||||||||||||||||||||
Investment Funds | 110,329 | 26,798 | 0 | 137,127 | 87,612 | 19,742 | 0 | 107,354 | |||||||||||||||||||||||||||||||||||||||
Total Investment Securities (carried at fair value) | $ | 911,803 | $ | 28,603 | $ | 0 | $ | 940,406 | $ | 1,041,104 | $ | 19,808 | $ | 76 | $ | 1,060,836 | |||||||||||||||||||||||||||||||
Certificates of Deposit (carried at contract value) | 122,510 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Total Investment Securities and Certificates of Deposit | $ | 1,062,916 | $ | 1,060,836 |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 991 | $ | 999 | $ | 108,662 | $ | 109,217 | |||||||
Due after one year through five years | — | — | 5,542 | 5,567 | |||||||||||
Total | $ | 991 | $ | 999 | $ | 114,204 | $ | 114,784 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due within one year | $ | 278,979 | $ | 278,984 | $ | 402,824 | $ | 402,863 | |||||||||||||||
Total | $ | 278,979 | $ | 278,984 | $ | 402,824 | $ | 402,863 |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Asset (Liability) Balance | Market Value of Collateral Received or (Pledged) | Asset (Liability) Balance | Market Value of Collateral Received or (Pledged) | ||||||||||||
Assets | |||||||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | $ | 16,206 | $ | 12,431 | |||||||||||
Securities Purchased Under Agreements to Resell | 5,144 | $ | 5,151 | 13,566 | $ | 13,572 | |||||||||
Total Assets | $ | 21,350 | $ | 25,997 | |||||||||||
Liabilities | |||||||||||||||
Securities Sold Under Agreements to Repurchase | $ | (21,350 | ) | $ | (21,341 | ) | $ | (26,000 | ) | $ | (25,992 | ) |
June 30, 2021 | December 31, 2020 | ||||||||||
ABS | $ | 36,874 | $ | 41,439 | |||||||
Atalanta Sosnoff | 11,631 | 11,950 | |||||||||
Luminis | 5,856 | 6,119 | |||||||||
Total | $ | 54,361 | $ | 59,508 |
June 30, 2020 | December 31, 2019 | ||||||
ABS | $ | 36,304 | $ | 40,052 | |||
Atalanta Sosnoff | 12,138 | 12,300 | |||||
Luminis | 5,498 | 4,923 | |||||
Total | $ | 53,940 | $ | 57,275 |
June 30, 2020 | December 31, 2019 | ||||||
Glisco II, Glisco III and Glisco IV | $ | 2,499 | $ | 3,820 | |||
Trilantic IV, Trilantic V and Trilantic VI | 8,556 | 9,727 | |||||
Total Private Equity Funds | $ | 11,055 | $ | 13,547 |
June 30, 2021 | December 31, 2020 | ||||||||||
Glisco II, Glisco III and Glisco IV | $ | 3,504 | $ | 2,802 | |||||||
Trilantic IV, Trilantic V and Trilantic VI | 11,769 | 9,293 | |||||||||
Total Private Equity Funds | $ | 15,273 | $ | 12,095 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
New Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | 12,327 | $ | 7,632 | $ | 14,211 | $ | 88,765 | |||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||
Weighted-average remaining lease term - operating leases | 11.2 years | 11.8 years | |||||||||||||||||||||||||||
Weighted-average discount rate - operating leases | 4.02 | % | 4.25 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
New Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | 7,632 | $ | 1,418 | $ | 88,765 | $ | 15,997 | |||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||
Weighted-average remaining lease term - operating leases | 11.8 years | 9.0 years | |||||||||||||
Weighted-average discount rate - operating leases | 4.25 | % | 5.57 | % |
2020 (July 1 through December 31) | $ | 23,831 | |
2021 | 47,873 | ||
2022 | 47,321 | ||
2023 | 32,960 | ||
2024 | 27,265 | ||
Thereafter | 272,479 | ||
Total lease payments | 451,729 | ||
Less: Tenant Improvement Allowances | (19,673 | ) | |
Less: Imputed Interest | (99,807 | ) | |
Present value of lease liabilities | 332,249 | ||
Less: Current lease liabilities | (37,042 | ) | |
Long-term lease liabilities | $ | 295,207 |
2021 (July 1 through December 31) | $ | 27,821 | |||
2022 | 55,123 | ||||
2023 | 40,000 | ||||
2024 | 32,509 | ||||
2025 | 34,989 | ||||
Thereafter | 250,622 | ||||
Total lease payments | 441,064 | ||||
Less: Tenant Improvement Allowances | (11,360) | ||||
Less: Imputed Interest | (88,421) | ||||
Present value of lease liabilities | 341,283 | ||||
Less: Current lease liabilities | (44,223) | ||||
Long-term lease liabilities | $ | 297,060 |
June 30, 2020 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||
Debt Securities Carried by Broker-Dealers(1) | $ | 219,237 | $ | — | $ | — | $ | 219,237 | |||||||
Other Debt and Equity Securities(2) | 10,150 | — | — | 10,150 | |||||||||||
Investment Funds | 94,213 | — | — | 94,213 | |||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 16,206 | — | — | 16,206 | |||||||||||
Total Assets Measured At Fair Value | $ | 339,806 | $ | — | $ | — | $ | 339,806 | |||||||
December 31, 2019 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||
Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers | $ | 168,650 | $ | 58,705 | $ | — | $ | 227,355 | |||||||
Other Debt and Equity Securities(2) | 111,823 | 6,449 | — | 118,272 | |||||||||||
Investment Funds | 66,513 | — | — | 66,513 | |||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 12,431 | — | — | 12,431 | |||||||||||
Total Assets Measured At Fair Value | $ | 359,417 | $ | 65,154 | $ | — | $ | 424,571 |
June 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Debt Securities Carried by Broker-Dealers | $ | 519,888 | $ | 0 | $ | 0 | $ | 519,888 | |||||||||||||||
Other Debt and Equity Securities(1) | 289,291 | 0 | 0 | 289,291 | |||||||||||||||||||
Investment Funds | 137,127 | 0 | 0 | 137,127 | |||||||||||||||||||
Total Assets Measured At Fair Value | $ | 946,306 | $ | 0 | $ | 0 | $ | 946,306 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Debt Securities Carried by Broker-Dealers | $ | 550,026 | $ | 0 | $ | 0 | $ | 550,026 | |||||||||||||||
Other Debt and Equity Securities(1) | 410,456 | 0 | 0 | 410,456 | |||||||||||||||||||
Investment Funds | 107,354 | 0 | 0 | 107,354 | |||||||||||||||||||
Total Assets Measured At Fair Value | $ | 1,067,836 | $ | 0 | $ | 0 | $ | 1,067,836 |
June 30, 2021 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 436,287 | $ | 436,287 | $ | 0 | $ | 0 | $ | 436,287 | |||||||||||||||||||
Certificates of Deposit | 122,510 | 0 | 122,510 | 0 | 122,510 | ||||||||||||||||||||||||
Receivables(1) | 404,529 | 0 | 401,141 | 0 | 401,141 | ||||||||||||||||||||||||
Contract Assets(2) | 61,428 | 0 | 60,799 | 0 | 60,799 | ||||||||||||||||||||||||
Receivable from Employees and Related Parties | 19,043 | 0 | 19,043 | 0 | 19,043 | ||||||||||||||||||||||||
Closely-held Equity Securities | 691 | 0 | 0 | 691 | 691 | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | 43,776 | $ | 0 | $ | 43,776 | $ | 0 | $ | 43,776 | |||||||||||||||||||
Payable to Employees and Related Parties | 48,097 | 0 | 48,097 | 0 | 48,097 | ||||||||||||||||||||||||
Notes Payable | 376,778 | 0 | 396,393 | 0 | 396,393 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 822,598 | $ | 822,598 | $ | 0 | $ | 0 | $ | 822,598 | |||||||||||||||||||
Debt Security Investment | 7,385 | 0 | 0 | 7,385 | 7,385 | ||||||||||||||||||||||||
Receivables(1) | 439,321 | 0 | 434,083 | 0 | 434,083 | ||||||||||||||||||||||||
Contract Assets(2) | 34,610 | 0 | 34,052 | 0 | 34,052 | ||||||||||||||||||||||||
Receivable from Employees and Related Parties | 23,593 | 0 | 23,593 | 0 | 23,593 | ||||||||||||||||||||||||
Closely-held Equity Securities | 683 | 0 | 0 | 683 | 683 | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | 37,961 | $ | 0 | $ | 37,961 | $ | 0 | $ | 37,961 | |||||||||||||||||||
Payable to Employees and Related Parties | 24,047 | 0 | 24,047 | 0 | 24,047 | ||||||||||||||||||||||||
Notes Payable(3) | 376,492 | 0 | 409,682 | 0 | 409,682 | ||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Level I | Level II | Level III | Total | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and Cash Equivalents | $ | 791,850 | $ | 791,850 | $ | — | $ | — | $ | 791,850 | |||||||||
Debt Security Investment | 6,862 | — | — | 6,862 | 6,862 | ||||||||||||||
Securities Purchased Under Agreements to Resell | 5,144 | — | 5,144 | — | 5,144 | ||||||||||||||
Receivables(1) | 372,149 | — | 369,023 | — | 369,023 | ||||||||||||||
Contract Assets(2) | 12,649 | — | 12,129 | — | 12,129 | ||||||||||||||
Receivable from Employees and Related Parties | 22,978 | — | 22,978 | — | 22,978 | ||||||||||||||
Closely-held Equity Securities | 1,727 | — | — | 1,727 | 1,727 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | 35,947 | $ | — | $ | 35,947 | $ | — | $ | 35,947 | |||||||||
Securities Sold Under Agreements to Repurchase | 21,350 | — | 21,350 | — | 21,350 | ||||||||||||||
Payable to Employees and Related Parties | 37,234 | — | 37,234 | — | 37,234 | ||||||||||||||
Notes Payable(3) | 373,130 | — | 395,479 | — | 395,479 | ||||||||||||||
December 31, 2019 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Level I | Level II | Level III | Total | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and Cash Equivalents | $ | 630,818 | $ | 630,818 | $ | — | $ | — | $ | 630,818 | |||||||||
Certificates of Deposit | 214,796 | — | 214,796 | — | 214,796 | ||||||||||||||
Debt Security Investment | 9,235 | — | — | 9,235 | 9,235 | ||||||||||||||
Securities Purchased Under Agreements to Resell | 13,566 | — | 13,566 | — | 13,566 | ||||||||||||||
Receivables(1) | 359,909 | — | 357,047 | — | 357,047 | ||||||||||||||
Contract Assets(2) | 34,029 | — | 33,854 | — | 33,854 | ||||||||||||||
Receivable from Employees and Related Parties | 22,416 | — | 22,416 | — | 22,416 | ||||||||||||||
Closely-held Equity Securities | 1,772 | — | — | 1,772 | 1,772 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | 39,726 | $ | — | $ | 39,726 | $ | — | $ | 39,726 | |||||||||
Securities Sold Under Agreements to Repurchase | 26,000 | — | 26,000 | — | 26,000 | ||||||||||||||
Payable to Employees and Related Parties | 31,703 | — | 31,703 | — | 31,703 | ||||||||||||||
Notes Payable | 375,062 | — | 382,274 | — | 382,274 |
Carrying Value(a) | ||||||||||||||||||||||||||
Note | Maturity Date | Effective Annual Interest Rate | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Evercore Inc. 4.88% Series A Senior Notes | 3/30/2021 | 5.16 | % | $ | 0 | $ | 37,974 | |||||||||||||||||||
Evercore Inc. 5.23% Series B Senior Notes | 3/30/2023 | 5.44 | % | 66,765 | 66,702 | |||||||||||||||||||||
Evercore Inc. 5.48% Series C Senior Notes | 3/30/2026 | 5.64 | % | 47,680 | 47,651 | |||||||||||||||||||||
Evercore Inc. 5.58% Series D Senior Notes | 3/30/2028 | 5.72 | % | 16,866 | 16,858 | |||||||||||||||||||||
Evercore Inc. 4.34% Series E Senior Notes | 8/1/2029 | 4.46 | % | 74,376 | 74,325 | |||||||||||||||||||||
Evercore Inc. 4.44% Series F Senior Notes | 8/1/2031 | 4.55 | % | 59,481 | 59,449 | |||||||||||||||||||||
Evercore Inc. 4.54% Series G Senior Notes | 8/1/2033 | 4.64 | % | 39,645 | 39,627 | |||||||||||||||||||||
Evercore Inc. 3.33% Series H Senior Notes | 8/1/2033 | 3.42 | % | 34,300 | 33,906 | |||||||||||||||||||||
Evercore Inc. 1.97% Series I Senior Notes | 8/1/2025 | 2.20 | % | 37,665 | 0 | |||||||||||||||||||||
Total | $ | 376,778 | $ | 376,492 | ||||||||||||||||||||||
Less: Current Portion of Notes Payable | 0 | (37,974) | ||||||||||||||||||||||||
Notes Payable | $ | 376,778 | $ | 338,518 |
Carrying Value(a) | |||||||||||||
Note | Maturity Date | Effective Annual Interest Rate | June 30, 2020 | December 31, 2019 | |||||||||
Evercore Inc. 4.88% Series A Senior Notes | 3/30/2021 | 5.16 | % | $ | 37,922 | $ | 37,873 | ||||||
Evercore Inc. 5.23% Series B Senior Notes | 3/30/2023 | 5.44 | % | 66,640 | 66,581 | ||||||||
Evercore Inc. 5.48% Series C Senior Notes | 3/30/2026 | 5.64 | % | 47,623 | 47,595 | ||||||||
Evercore Inc. 5.58% Series D Senior Notes | 3/30/2028 | 5.72 | % | 16,850 | 16,842 | ||||||||
Evercore Inc. 4.34% Series E Senior Notes | 8/1/2029 | 4.46 | % | 74,318 | 74,282 | ||||||||
Evercore Inc. 4.44% Series F Senior Notes | 8/1/2031 | 4.55 | % | 59,441 | 59,422 | ||||||||
Evercore Inc. 4.54% Series G Senior Notes | 8/1/2033 | 4.64 | % | 39,623 | 39,613 | ||||||||
Evercore Inc. 3.33% Series H Senior Notes | 8/1/2033 | 3.42 | % | 30,713 | 32,854 | ||||||||
Total | $ | 373,130 | $ | 375,062 | |||||||||
Less: Current Portion of Notes Payable | (37,922 | ) | — | ||||||||||
Notes Payable | $ | 335,208 | $ | 375,062 |
June 30, | |||||
2020 | 2019 | ||||
Subsidiary: | |||||
Evercore LP | 11 | % | 12 | % | |
Evercore Wealth Management ("EWM")(1) | 22 | % | 33 | % | |
Real Estate Capital Advisory ("RECA")(2) | 38 | % | 38 | % |
June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Subsidiary: | |||||||||||||||||
Evercore LP | 11 | % | 11 | % | |||||||||||||
Evercore Wealth Management ("EWM")(1) | 25 | % | 22 | % | |||||||||||||
Real Estate Capital Advisory ("RECA")(2) | 38 | % | 38 | % | |||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning balance | $ | 221,294 | $ | 238,211 | $ | 256,534 | $ | 249,819 | |||||||
Comprehensive Income: | |||||||||||||||
Net Income Attributable to Noncontrolling Interest | 10,816 | 15,515 | 18,521 | 26,483 | |||||||||||
Other Comprehensive Income (Loss) | 142 | (589 | ) | (1,767 | ) | (264 | ) | ||||||||
Total Comprehensive Income | 10,958 | 14,926 | 16,754 | 26,219 | |||||||||||
Evercore LP Units Exchanged for Class A Shares | (583 | ) | (754 | ) | (33,754 | ) | (11,177 | ) | |||||||
Amortization and Vesting of LP Units | 2,384 | 6,610 | 5,695 | 12,116 | |||||||||||
Other Items: | |||||||||||||||
Distributions to Noncontrolling Interests | (2,941 | ) | (13,712 | ) | (14,009 | ) | (31,696 | ) | |||||||
Issuance of Noncontrolling Interest | 510 | 2,701 | 540 | 2,701 | |||||||||||
Purchase of Noncontrolling Interest | — | (11,433 | ) | (138 | ) | (11,433 | ) | ||||||||
Total Other Items | (2,431 | ) | (22,444 | ) | (13,607 | ) | (40,428 | ) | |||||||
Ending balance | $ | 231,622 | $ | 236,549 | $ | 231,622 | $ | 236,549 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Beginning balance | $ | 265,089 | $ | 221,294 | $ | 258,428 | $ | 256,534 | |||||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 23,570 | 10,816 | 44,769 | 18,521 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 169 | 142 | 403 | (1,767) | |||||||||||||||||||||||||
Total Comprehensive Income | 23,739 | 10,958 | 45,172 | 16,754 | |||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Shares | (1,033) | (583) | (6,747) | (33,754) | |||||||||||||||||||||||||
Amortization and Vesting of LP Units | 3,011 | 2,384 | 6,107 | 5,695 | |||||||||||||||||||||||||
Other Items: | |||||||||||||||||||||||||||||
Distributions to Noncontrolling Interests | (16,748) | (2,941) | (29,642) | (14,009) | |||||||||||||||||||||||||
Issuance of Noncontrolling Interest | 238 | 510 | 1,345 | 540 | |||||||||||||||||||||||||
Purchase of Noncontrolling Interest | 0 | 0 | (367) | (138) | |||||||||||||||||||||||||
Total Other Items | (16,510) | (2,431) | (28,664) | (13,607) | |||||||||||||||||||||||||
Ending balance | $ | 274,296 | $ | 231,622 | $ | 274,296 | $ | 231,622 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | 140,359 | $ | 56,412 | $ | 284,711 | $ | 87,587 | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | 40,667 | 40,635 | 41,010 | 40,313 | |||||||||||||||||||||||||
Basic net income per share attributable to Evercore Inc. common shareholders | $ | 3.45 | $ | 1.39 | $ | 6.94 | $ | 2.17 | |||||||||||||||||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | 140,359 | $ | 56,412 | $ | 284,711 | $ | 87,587 | |||||||||||||||||||||
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares | (b) | (b) | (b) | (b) | |||||||||||||||||||||||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above | (b) | (b) | (b) | (b) | |||||||||||||||||||||||||
Diluted net income attributable to Evercore Inc. common shareholders | $ | 140,359 | $ | 56,412 | $ | 284,711 | $ | 87,587 | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | 40,667 | 40,635 | 41,010 | 40,313 | |||||||||||||||||||||||||
Assumed exchange of LP Units for Class A Shares(a)(b) | 0 | 0 | 0 | 144 | |||||||||||||||||||||||||
Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method | 2,514 | 859 | 2,563 | 1,248 | |||||||||||||||||||||||||
Shares that are contingently issuable(c) | 480 | 400 | 480 | 400 | |||||||||||||||||||||||||
Diluted weighted average Class A Shares outstanding | 43,661 | 41,894 | 44,053 | 42,105 | |||||||||||||||||||||||||
Diluted net income per share attributable to Evercore Inc. common shareholders | $ | 3.21 | $ | 1.35 | $ | 6.46 | $ | 2.08 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | 56,412 | $ | 81,742 | $ | 87,587 | $ | 148,974 | |||||||
Denominator: | |||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | 40,635 | 40,546 | 40,313 | 40,522 | |||||||||||
Basic net income per share attributable to Evercore Inc. common shareholders | $ | 1.39 | $ | 2.02 | $ | 2.17 | $ | 3.68 | |||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | 56,412 | $ | 81,742 | $ | 87,587 | $ | 148,974 | |||||||
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares | (b) | (b) | (b) | (b) | |||||||||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above | (b) | (b) | (b) | (b) | |||||||||||
Diluted net income attributable to Evercore Inc. common shareholders | $ | 56,412 | $ | 81,742 | $ | 87,587 | $ | 148,974 | |||||||
Denominator: | |||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | 40,635 | 40,546 | 40,313 | 40,522 | |||||||||||
Assumed exchange of LP Units for Class A Shares(a)(b) | — | 648 | 144 | 810 | |||||||||||
Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method | 859 | 1,782 | 1,248 | 2,034 | |||||||||||
Shares that are contingently issuable(c) | 400 | 400 | 400 | 400 | |||||||||||
Diluted weighted average Class A Shares outstanding | 41,894 | 43,376 | 42,105 | 43,766 | |||||||||||
Diluted net income per share attributable to Evercore Inc. common shareholders | $ | 1.35 | $ | 1.88 | $ | 2.08 | $ | 3.40 |
(b)The Company has outstanding Class A and E LP Units, which give the holders the right to receive Class A Shares upon exchange on a 1-for-one basis. During the three and six months ended June 30, 2021 and 2020, the Class A and E LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc. common shareholders. The units that would have been included |
For the Six Months Ended | |||
June 30, 2020 | |||
Balance at January 1, 2020 | $ | 1,151 | |
Termination Costs Incurred | 22,816 | ||
Cash Benefits Paid | (17,978 | ) | |
Non-Cash Charges | (603 | ) | |
Balance at June 30, 2020 | $ | 5,386 |
For the Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Beginning Balance | $ | 4,589 | $ | 1,151 | |||||||
Termination Costs Incurred | 1,053 | 22,816 | |||||||||
Cash Benefits Paid | (3,033) | (17,978) | |||||||||
Non-Cash Charges | (25) | (603) | |||||||||
Ending Balance | $ | 2,584 | $ | 5,386 |
June 30, | |||||||
2020 | 2019 | ||||||
Cash and Cash Equivalents | $ | 1,015,723 | $ | 374,321 | |||
Restricted Cash included in Other Assets | 9,297 | 10,294 | |||||
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ | 1,025,020 | $ | 384,615 |
June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash and Cash Equivalents | $ | 442,187 | $ | 1,015,723 | |||||||||||||
Restricted Cash included in Other Assets | 8,804 | 9,297 | |||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ | 450,991 | $ | 1,025,020 |
•Amortization of LP Units and Certain Other Awards – Includes amortization costs associated with the vesting of Class J LP Units issued in conjunction with the acquisition of ISI. •Special Charges, Including Business Realignment Costs – Includes expenses in 2020 related to separation and transition benefits and related costs as a result of the Company's review of its operations and the acceleration of depreciation expense for leasehold improvements and certain other fixed assets in conjunction with the expansion of the Company's headquarters in New York and the Company's business realignment initiatives. 33 EVERCORE INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (amounts in thousands, except per share amounts, unless otherwise noted) •Acquisition and Transition Costs – Includes costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services. • |
Intangible Asset and Other Amortization – Includes amortization of intangible assets |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Investment Banking | |||||||||||||||||||||||||||||
Net Revenues(1) | $ | 670,820 | $ | 495,374 | $ | 1,318,105 | $ | 909,030 | |||||||||||||||||||||
Operating Expenses | 468,160 | 399,476 | 924,686 | 739,271 | |||||||||||||||||||||||||
Other Expenses(2) | 0 | 9,163 | 7 | 34,389 | |||||||||||||||||||||||||
Operating Income | 202,660 | 86,735 | 393,412 | 135,370 | |||||||||||||||||||||||||
Income from Equity Method Investments | 549 | 65 | 718 | 601 | |||||||||||||||||||||||||
Pre-Tax Income | $ | 203,209 | $ | 86,800 | $ | 394,130 | $ | 135,971 | |||||||||||||||||||||
Identifiable Segment Assets | $ | 2,775,859 | $ | 2,358,662 | $ | 2,775,859 | $ | 2,358,662 | |||||||||||||||||||||
Investment Management | |||||||||||||||||||||||||||||
Net Revenues(1) | $ | 17,045 | $ | 11,701 | $ | 32,070 | $ | 25,052 | |||||||||||||||||||||
Operating Expenses | 12,692 | 11,707 | 24,261 | 24,358 | |||||||||||||||||||||||||
Other Expenses(2) | 0 | 0 | 0 | 32 | |||||||||||||||||||||||||
Operating Income (Loss) | 4,353 | (6) | 7,809 | 662 | |||||||||||||||||||||||||
Income from Equity Method Investments | 2,845 | 2,248 | 5,700 | 4,840 | |||||||||||||||||||||||||
Pre-Tax Income | $ | 7,198 | $ | 2,242 | $ | 13,509 | $ | 5,502 | |||||||||||||||||||||
Identifiable Segment Assets | $ | 171,589 | $ | 140,927 | $ | 171,589 | $ | 140,927 | |||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Net Revenues(1) | $ | 687,865 | $ | 507,075 | $ | 1,350,175 | $ | 934,082 | |||||||||||||||||||||
Operating Expenses | 480,852 | 411,183 | 948,947 | 763,629 | |||||||||||||||||||||||||
Other Expenses(2) | 0 | 9,163 | 7 | 34,421 | |||||||||||||||||||||||||
Operating Income | 207,013 | 86,729 | 401,221 | 136,032 | |||||||||||||||||||||||||
Income from Equity Method Investments | 3,394 | 2,313 | 6,418 | 5,441 | |||||||||||||||||||||||||
Pre-Tax Income | $ | 210,407 | $ | 89,042 | $ | 407,639 | $ | 141,473 | |||||||||||||||||||||
Identifiable Segment Assets | $ | 2,947,448 | $ | 2,499,589 | $ | 2,947,448 | $ | 2,499,589 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment Banking | |||||||||||||||
Net Revenues(1) | $ | 495,374 | $ | 516,386 | $ | 909,030 | $ | 917,574 | |||||||
Operating Expenses | 399,476 | 385,378 | 739,271 | 697,288 | |||||||||||
Other Expenses(2) | 9,163 | 6,909 | 34,389 | 14,167 | |||||||||||
Operating Income | 86,735 | 124,099 | 135,370 | 206,119 | |||||||||||
Income from Equity Method Investments | 65 | 219 | 601 | 474 | |||||||||||
Pre-Tax Income | $ | 86,800 | $ | 124,318 | $ | 135,971 | $ | 206,593 | |||||||
Identifiable Segment Assets | $ | 2,358,662 | $ | 1,749,339 | $ | 2,358,662 | $ | 1,749,339 | |||||||
Investment Management | |||||||||||||||
Net Revenues(1) | $ | 11,701 | $ | 14,660 | $ | 25,052 | $ | 28,799 | |||||||
Operating Expenses | 11,707 | 11,925 | 24,358 | 24,166 | |||||||||||
Other Expenses(2) | — | — | 32 | 108 | |||||||||||
Operating Income (Loss) | (6 | ) | 2,735 | 662 | 4,525 | ||||||||||
Income from Equity Method Investments | 2,248 | 2,234 | 4,840 | 4,190 | |||||||||||
Pre-Tax Income | $ | 2,242 | $ | 4,969 | $ | 5,502 | $ | 8,715 | |||||||
Identifiable Segment Assets | $ | 140,927 | $ | 190,410 | $ | 140,927 | $ | 190,410 | |||||||
Total | |||||||||||||||
Net Revenues(1) | $ | 507,075 | $ | 531,046 | $ | 934,082 | $ | 946,373 | |||||||
Operating Expenses | 411,183 | 397,303 | 763,629 | 721,454 | |||||||||||
Other Expenses(2) | 9,163 | 6,909 | 34,421 | 14,275 | |||||||||||
Operating Income | 86,729 | 126,834 | 136,032 | 210,644 | |||||||||||
Income from Equity Method Investments | 2,313 | 2,453 | 5,441 | 4,664 | |||||||||||
Pre-Tax Income | $ | 89,042 | $ | 129,287 | $ | 141,473 | $ | 215,308 | |||||||
Identifiable Segment Assets | $ | 2,499,589 | $ | 1,939,749 | $ | 2,499,589 | $ | 1,939,749 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Investment Banking(A) | $ | 11,233 | $ | 11,039 | $ | 13,817 | $ | (10,553) | |||||||||||||||||||||
Investment Management | 862 | (1,252) | 938 | (648) | |||||||||||||||||||||||||
Total Other Revenue, net | $ | 12,095 | $ | 9,787 | $ | 14,755 | $ | (11,201) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment Banking(A) | $ | 11,254 | $ | 7,236 | $ | (10,153 | ) | $ | 13,723 | ||||||
Investment Management | (1,252 | ) | 2,241 | (648 | ) | 3,997 | |||||||||
Total Other Revenue, net | $ | 10,002 | $ | 9,477 | $ | (10,801 | ) | $ | 17,720 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment Banking | |||||||||||||||
Amortization of LP Units and Certain Other Awards | $ | — | $ | 3,723 | $ | 1,067 | $ | 7,795 | |||||||
Special Charges, Including Business Realignment Costs | 8,558 | 1,029 | 32,202 | 2,058 | |||||||||||
Acquisition and Transition Costs | 98 | — | 106 | — | |||||||||||
Intangible Asset and Other Amortization | 507 | 2,157 | 1,014 | 4,314 | |||||||||||
Total Investment Banking | 9,163 | 6,909 | 34,389 | 14,167 | |||||||||||
Investment Management | |||||||||||||||
Special Charges, Including Business Realignment Costs | — | — | 32 | — | |||||||||||
Acquisition and Transition Costs | — | — | — | 108 | |||||||||||
Total Investment Management | — | — | 32 | 108 | |||||||||||
Total Other Expenses | $ | 9,163 | $ | 6,909 | $ | 34,421 | $ | 14,275 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Investment Banking | |||||||||||||||||||||||||||||
Amortization of LP Units | $ | 0 | $ | 0 | $ | 0 | $ | 1,067 | |||||||||||||||||||||
Special Charges, Including Business Realignment Costs | 0 | 8,558 | 0 | 32,202 | |||||||||||||||||||||||||
Acquisition and Transition Costs | 0 | 98 | 7 | 106 | |||||||||||||||||||||||||
Intangible Asset Amortization | 0 | 507 | 0 | 1,014 | |||||||||||||||||||||||||
Total Investment Banking | 0 | 9,163 | 7 | 34,389 | |||||||||||||||||||||||||
Investment Management | |||||||||||||||||||||||||||||
Special Charges, Including Business Realignment Costs | 0 | 0 | 0 | 32 | |||||||||||||||||||||||||
Total Investment Management | 0 | 0 | 0 | 32 | |||||||||||||||||||||||||
Total Other Expenses | $ | 0 | $ | 9,163 | $ | 7 | $ | 34,421 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net Revenues:(1) | |||||||||||||||||||||||||||||
United States | $ | 528,322 | $ | 391,977 | $ | 988,970 | $ | 757,377 | |||||||||||||||||||||
Europe and Other | 145,117 | 100,224 | 343,731 | 180,245 | |||||||||||||||||||||||||
Latin America | 2,331 | 5,087 | 2,719 | 7,661 | |||||||||||||||||||||||||
Total | $ | 675,770 | $ | 497,288 | $ | 1,335,420 | $ | 945,283 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net Revenues:(1) | |||||||||||||||
United States | $ | 391,762 | $ | 386,545 | $ | 756,977 | $ | 660,667 | |||||||
Europe and Other | 100,224 | 130,144 | 180,245 | 259,428 | |||||||||||
Latin America | 5,087 | 4,880 | 7,661 | 8,558 | |||||||||||
Total | $ | 497,073 | $ | 521,569 | $ | 944,883 | $ | 928,653 |
June 30, 2020 | December 31, 2019 | ||||||
Total Assets: | |||||||
United States | $ | 2,138,684 | $ | 2,158,347 | |||
Europe and Other | 316,430 | 373,822 | |||||
Latin America | 44,475 | 66,444 | |||||
Total | $ | 2,499,589 | $ | 2,598,613 |
June 30, 2021 | December 31, 2020 | ||||||||||
Total Assets: | |||||||||||
United States | $ | 2,433,168 | $ | 2,862,343 | |||||||
Europe and Other | 514,280 | 508,545 | |||||||||
Total | $ | 2,947,448 | $ | 3,370,888 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
•Amortization of LP Units and Certain Other Awards – Includes amortization costs associated with the vesting of Class J LP Units issued in conjunction with the acquisition of ISI. •Special Charges, Including Business Realignment Costs – Includes expenses in 2020 related to separation and transition benefits and related costs as a result of our review of operations and the acceleration of depreciation expense 38 for leasehold improvements and certain other fixed assets in conjunction with the expansion of our headquarters in New York and our business realignment initiatives. •Acquisition and Transition Costs – Includes costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services. • |
Intangible Asset and Other Amortization – Includes amortization of intangible assets |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Banking: | Investment Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Fees | $ | 336,436 | $ | 443,580 | (24 | %) | $ | 695,000 | $ | 769,424 | (10 | %) | Advisory Fees | $ | 560,814 | $ | 336,436 | 67 | % | $ | 1,072,732 | $ | 695,000 | 54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Underwriting Fees | 93,565 | 16,910 | 453 | % | 114,683 | 43,830 | 162 | % | Underwriting Fees | 48,048 | 93,565 | (49 | %) | 127,305 | 114,683 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and Related Fees | 54,119 | 48,660 | 11 | % | 109,500 | 90,597 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and Related Revenue | Commissions and Related Revenue | 50,725 | 54,334 | (7 | %) | 104,251 | 109,900 | (5 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management and Administration Fees | 12,953 | 12,419 | 4 | % | 25,700 | 24,802 | 4 | % | Asset Management and Administration Fees | 16,183 | 12,953 | 25 | % | 31,132 | 25,700 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Revenue, Including Interest and Investments | 15,331 | 13,640 | 12 | % | 568 | 25,975 | (98 | %) | Other Revenue, Including Interest and Investments | 16,401 | 15,116 | 9 | % | 23,631 | 168 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | 512,404 | 535,209 | (4 | %) | 945,451 | 954,628 | (1 | %) | Total Revenues | 692,171 | 512,404 | 35 | % | 1,359,051 | 945,451 | 44 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 5,329 | 4,163 | 28 | % | 11,369 | 8,255 | 38 | % | Interest Expense | 4,306 | 5,329 | (19 | %) | 8,876 | 11,369 | (22 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | 507,075 | 531,046 | (5 | %) | 934,082 | 946,373 | (1 | %) | Net Revenues | 687,865 | 507,075 | 36 | % | 1,350,175 | 934,082 | 45 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | 411,183 | 397,303 | 3 | % | 763,629 | 721,454 | 6 | % | Operating Expenses | 480,852 | 411,183 | 17 | % | 948,947 | 763,629 | 24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | 9,163 | 6,909 | 33 | % | 34,421 | 14,275 | 141 | % | Other Expenses | — | 9,163 | NM | 7 | 34,421�� | (100 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Expenses | 420,346 | 404,212 | 4 | % | 798,050 | 735,729 | 8 | % | Total Expenses | 480,852 | 420,346 | 14 | % | 948,954 | 798,050 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income from Equity Method Investments and Income Taxes | 86,729 | 126,834 | (32 | %) | 136,032 | 210,644 | (35 | %) | Income Before Income from Equity Method Investments and Income Taxes | 207,013 | 86,729 | 139 | % | 401,221 | 136,032 | 195 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from Equity Method Investments | 2,313 | 2,453 | (6 | %) | 5,441 | 4,664 | 17 | % | Income from Equity Method Investments | 3,394 | 2,313 | 47 | % | 6,418 | 5,441 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 89,042 | 129,287 | (31 | %) | 141,473 | 215,308 | (34 | %) | Income Before Income Taxes | 210,407 | 89,042 | 136 | % | 407,639 | 141,473 | 188 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | 21,814 | 32,030 | (32 | %) | 35,365 | 39,851 | (11 | %) | Provision for Income Taxes | 46,478 | 21,814 | 113 | % | 78,159 | 35,365 | 121 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 67,228 | 97,257 | (31 | %) | 106,108 | 175,457 | (40 | %) | Net Income | 163,929 | 67,228 | 144 | % | 329,480 | 106,108 | 211 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 10,816 | 15,515 | (30 | %) | 18,521 | 26,483 | (30 | %) | Net Income Attributable to Noncontrolling Interest | 23,570 | 10,816 | 118 | % | 44,769 | 18,521 | 142 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Evercore Inc. | $ | 56,412 | $ | 81,742 | (31 | %) | $ | 87,587 | $ | 148,974 | (41 | %) | Net Income Attributable to Evercore Inc. | $ | 140,359 | $ | 56,412 | 149 | % | $ | 284,711 | $ | 87,587 | 225 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | $ | 1.35 | $ | 1.88 | (28 | %) | $ | 2.08 | $ | 3.40 | (39 | %) | Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | $ | 3.21 | $ | 1.35 | 138 | % | $ | 6.46 | $ | 2.08 | 211 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||
Advisory Fees(1) | $ | 336,436 | $ | 443,580 | (24 | %) | $ | 695,000 | $ | 769,424 | (10 | %) | |||||||||
Underwriting Fees(2) | 93,565 | 16,910 | 453 | % | 114,683 | 43,830 | 162 | % | |||||||||||||
Commissions and Related Fees | 54,119 | 48,660 | 11 | % | 109,500 | 90,597 | 21 | % | |||||||||||||
Other Revenue, net(3) | 11,254 | 7,236 | 56 | % | (10,153 | ) | 13,723 | NM | |||||||||||||
Net Revenues | 495,374 | 516,386 | (4 | %) | 909,030 | 917,574 | (1 | %) | |||||||||||||
Expenses | |||||||||||||||||||||
Operating Expenses | 399,476 | 385,378 | 4 | % | 739,271 | 697,288 | 6 | % | |||||||||||||
Other Expenses | 9,163 | 6,909 | 33 | % | 34,389 | 14,167 | 143 | % | |||||||||||||
Total Expenses | 408,639 | 392,287 | 4 | % | 773,660 | 711,455 | 9 | % | |||||||||||||
Operating Income | 86,735 | 124,099 | (30 | %) | 135,370 | 206,119 | (34 | %) | |||||||||||||
Income from Equity Method Investments(4) | 65 | 219 | (70 | %) | 601 | 474 | 27 | % | |||||||||||||
Pre-Tax Income | $ | 86,800 | $ | 124,318 | (30 | %) | $ | 135,971 | $ | 206,593 | (34 | %) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
Industry Statistics ($ in billions) * | |||||||||||||||||||||
Value of North American M&A Deals Announced | $ | 104 | $ | 642 | (84 | %) | $ | 363 | $ | 1,182 | (69 | %) | |||||||||
Value of North American M&A Deals Announced between $1 - $5 billion | $ | 31 | $ | 100 | (69 | %) | $ | 111 | $ | 163 | (32 | %) | |||||||||
Value of North American M&A Deals Completed | $ | 452 | $ | 326 | 39 | % | $ | 746 | $ | 758 | (2 | %) | |||||||||
Value of Global M&A Deals Announced | $ | 509 | $ | 1,054 | (52 | %) | $ | 1,194 | $ | 2,013 | (41 | %) | |||||||||
Value of Global M&A Deals Announced between $1 - $5 billion | $ | 78 | $ | 222 | (65 | %) | $ | 242 | $ | 396 | (39 | %) | |||||||||
Value of Global M&A Deals Completed | $ | 803 | $ | 702 | 14 | % | $ | 1,377 | $ | 1,535 | (10 | %) | |||||||||
Evercore Statistics ** | |||||||||||||||||||||
Total Number of Fees From Advisory Client Transactions | 222 | 225 | (1 | %) | 358 | 362 | (1 | %) | |||||||||||||
Investment Banking Fees of at Least $1 million from Advisory Client Transactions | 77 | 81 | (5 | %) | 150 | 149 | 1 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Fees | $ | 560,814 | $ | 336,436 | 67 | % | $ | 1,072,732 | $ | 695,000 | 54 | % | |||||||||||||||||||||||||||||||||||||||||
Underwriting Fees | 48,048 | 93,565 | (49 | %) | 127,305 | 114,683 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||
Commissions and Related Revenue(1) | 50,725 | 54,334 | (7 | %) | 104,251 | 109,900 | (5 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Other Revenue, net(2)(3) | 11,233 | 11,039 | 2 | % | 13,817 | (10,553) | NM | ||||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | 670,820 | 495,374 | 35 | % | 1,318,105 | 909,030 | 45 | % | |||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | 468,160 | 399,476 | 17 | % | 924,686 | 739,271 | 25 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | — | 9,163 | NM | 7 | 34,389 | (100 | %) | ||||||||||||||||||||||||||||||||||||||||||||||
Total Expenses | 468,160 | 408,639 | 15 | % | 924,693 | 773,660 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||
Operating Income | 202,660 | 86,735 | 134 | % | 393,412 | 135,370 | 191 | % | |||||||||||||||||||||||||||||||||||||||||||||
Income from Equity Method Investments(4) | 549 | 65 | 745 | % | 718 | 601 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||||
Pre-Tax Income | $ | 203,209 | $ | 86,800 | 134 | % | $ | 394,130 | $ | 135,971 | 190 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Industry Statistics ($ in billions) * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of North American M&A Deals Announced | $ | 750 | $ | 127 | 491 | % | $ | 1,441 | $ | 394 | 266 | % | |||||||||||||||||||||||||||||||||||||||||
Value of North American M&A Deals Announced between $1 - $5 billion | $ | 214 | $ | 38 | 463 | % | $ | 491 | $ | 122 | 302 | % | |||||||||||||||||||||||||||||||||||||||||
Value of North American M&A Deals Completed | $ | 426 | $ | 494 | (14 | %) | $ | 806 | $ | 801 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Value of Global M&A Deals Announced | $ | 1,481 | $ | 519 | 185 | % | $ | 2,742 | $ | 1,180 | 132 | % | |||||||||||||||||||||||||||||||||||||||||
Value of Global M&A Deals Announced between $1 - $5 billion | $ | 417 | $ | 84 | 396 | % | $ | 882 | $ | 245 | 260 | % | |||||||||||||||||||||||||||||||||||||||||
Value of Global M&A Deals Completed | $ | 886 | $ | 871 | 2 | % | $ | 1,729 | $ | 1,472 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
Evercore Statistics ** | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Number of Fees From Advisory Client Transactions | 255 | 222 | 15 | % | 418 | 358 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||||
Investment Banking Fees of at Least $1 million from Advisory Client Transactions | 115 | 77 | 49 | % | 218 | 150 | 45 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Number of Underwriting Transactions | 31 | 36 | (14 | %) | 70 | 48 | 46 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Number of Underwriting Transactions as a Bookrunner | 25 | 21 | 19 | % | 56 | 29 | 93 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Management | $ | 16,183 | $ | 12,632 | 28 | % | $ | 31,132 | $ | 24,960 | 25 | % | |||||||||||||||||||||||||||||||||||||||||
Institutional Asset Management(1) | — | 321 | NM | — | 740 | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Management and Administration Fees | 16,183 | 12,953 | 25 | % | 31,132 | 25,700 | 21 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other Revenue, net | 862 | (1,252) | NM | 938 | (648) | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | 17,045 | 11,701 | 46 | % | 32,070 | 25,052 | 28 | % | |||||||||||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | 12,692 | 11,707 | 8 | % | 24,261 | 24,358 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | — | — | NM | — | 32 | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Total Expenses | 12,692 | 11,707 | 8 | % | 24,261 | 24,390 | (1 | %) | |||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | 4,353 | (6) | NM | 7,809 | 662 | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Income from Equity Method Investments(2) | 2,845 | 2,248 | 27 | % | 5,700 | 4,840 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Pre-Tax Income | $ | 7,198 | $ | 2,242 | 221 | % | $ | 13,509 | $ | 5,502 | 146 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||||||||
Wealth Management | $ | 12,632 | $ | 11,815 | 7 | % | $ | 24,960 | $ | 23,253 | 7 | % | |||||||||
Institutional Asset Management | 321 | 604 | (47 | %) | 740 | 1,549 | (52 | %) | |||||||||||||
Asset Management and Administration Fees | 12,953 | 12,419 | 4 | % | 25,700 | 24,802 | 4 | % | |||||||||||||
Other Revenue, net | (1,252 | ) | 2,241 | NM | (648 | ) | 3,997 | NM | |||||||||||||
Net Revenues | 11,701 | 14,660 | (20 | %) | 25,052 | 28,799 | (13 | %) | |||||||||||||
Expenses | |||||||||||||||||||||
Operating Expenses | 11,707 | 11,925 | (2 | %) | 24,358 | 24,166 | 1 | % | |||||||||||||
Other Expenses | — | — | NM | 32 | 108 | (70 | %) | ||||||||||||||
Total Expenses | 11,707 | 11,925 | (2 | %) | 24,390 | 24,274 | — | % | |||||||||||||
Operating Income (Loss) | (6 | ) | 2,735 | NM | 662 | 4,525 | (85 | %) | |||||||||||||
Income from Equity Method Investments(1) | 2,248 | 2,234 | 1 | % | 4,840 | 4,190 | 16 | % | |||||||||||||
Pre-Tax Income | $ | 2,242 | $ | 4,969 | (55 | %) | $ | 5,502 | $ | 8,715 | (37 | %) |
Wealth Management(1) | ||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 10,163 | ||||||||||||||||||||||||
Inflows | 540 | |||||||||||||||||||||||||
Outflows | (377) | |||||||||||||||||||||||||
Market Appreciation | 808 | |||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 11,134 | ||||||||||||||||||||||||
Unconsolidated Affiliates - Balance at June 30, 2021: | ||||||||||||||||||||||||||
Atalanta Sosnoff | $ | 8,277 | ||||||||||||||||||||||||
ABS | $ | 7,206 |
Wealth Management(1) | Institutional Asset Management | Total | |||||||||
(dollars in millions) | |||||||||||
Balance at December 31, 2019 | $ | 9,058 | $ | 1,634 | $ | 10,692 | |||||
Inflows | 520 | 319 | 839 | ||||||||
Outflows | (389 | ) | (301 | ) | (690 | ) | |||||
Market Depreciation | (108 | ) | (324 | ) | (432 | ) | |||||
Balance at June 30, 2020 | $ | 9,081 | $ | 1,328 | $ | 10,409 | |||||
Unconsolidated Affiliates - Balance at June 30, 2020: | |||||||||||
Atalanta Sosnoff | $ | — | $ | 6,772 | $ | 6,772 | |||||
ABS | $ | — | $ | 5,516 | $ | 5,516 |
Wealth Management | |||||||||||
Equities | 66 | % | |||||||||
Fixed Income | 21 | % | |||||||||
Liquidity(1) | 8 | % | |||||||||
Alternatives | 5 | % | |||||||||
Total | 100 | % |
Wealth Management | Institutional Asset Management | ||||
Equities | 56 | % | 28 | % | |
Fixed Income | 26 | % | 72 | % | |
Liquidity(1) | 13 | % | — | % | |
Alternatives | 5 | % | — | % | |
Total | 100 | % | 100 | % |
For the Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Cash Provided By (Used In) | |||||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 329,480 | $ | 106,108 | |||||||||||||
Non-cash charges | 221,687 | 233,773 | |||||||||||||||
Other operating activities | (436,709) | (221,111) | |||||||||||||||
Operating activities | 114,458 | 118,770 | |||||||||||||||
Investing activities | 11,968 | 483,616 | |||||||||||||||
Financing activities | (517,217) | (214,410) | |||||||||||||||
Effect of exchange rate changes | 3,558 | (6,842) | |||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (387,233) | 381,134 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash | |||||||||||||||||
Beginning of Period | 838,224 | 643,886 | |||||||||||||||
End of Period | $ | 450,991 | $ | 1,025,020 |
For the Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
(dollars in thousands) | |||||||
Cash Provided By (Used In) | |||||||
Operating activities: | |||||||
Net income | $ | 106,108 | $ | 175,457 | |||
Non-cash charges | 233,773 | 203,240 | |||||
Other operating activities | (221,111 | ) | (513,776 | ) | |||
Operating activities | 118,770 | (135,079 | ) | ||||
Investing activities | 483,616 | 68,267 | |||||
Financing activities | (214,410 | ) | (347,536 | ) | |||
Effect of exchange rate changes | (6,842 | ) | (1,133 | ) | |||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 381,134 | (415,481 | ) | ||||
Cash, Cash Equivalents and Restricted Cash | |||||||
Beginning of Period | 643,886 | 800,096 | |||||
End of Period | $ | 1,025,020 | $ | 384,615 |
June 30, 2020 | December 31, 2019 | ||||||||||||||
Amount | Market Value of Collateral Received or (Pledged) | Amount | Market Value of Collateral Received or (Pledged) | ||||||||||||
(dollars in thousands) | |||||||||||||||
Assets | |||||||||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value | $ | 16,206 | $ | 12,431 | |||||||||||
Securities Purchased Under Agreements to Resell | 5,144 | $ | 5,151 | 13,566 | $ | 13,572 | |||||||||
Total Assets | $ | 21,350 | $ | 25,997 | |||||||||||
Liabilities | |||||||||||||||
Securities Sold Under Agreements to Repurchase | $ | (21,350 | ) | $ | (21,341 | ) | $ | (26,000 | ) | $ | (25,992 | ) | |||
Net Liabilities | $ | — | $ | (3 | ) | ||||||||||
Risk Measures | |||||||||||||||
VaR | $ | 1 | $ | 1 | |||||||||||
Stress Test: | |||||||||||||||
Portfolio sensitivity to a 100 basis point increase in the interest rate | $ | (1 | ) | $ | (1 | ) | |||||||||
Portfolio sensitivity to a 100 basis point decrease in the interest rate | $ | 1 | $ | 1 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
2021 | Total Number of Shares (or Units) Purchased(1) | Average Price Paid Per Share | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
January 1 to January 31 | 16,143 | $ | 80.49 | — | 3,265,267 | |||||||||||||||||||||
February 1 to February 28 | 1,306,786 | 117.48 | 472,899 | 2,792,368 | ||||||||||||||||||||||
March 1 to March 31 | 617,501 | 129.62 | 550,335 | 2,242,033 | ||||||||||||||||||||||
Total January 1 to March 31 | 1,940,430 | $ | 121.03 | 1,023,234 | 2,242,033 | |||||||||||||||||||||
April 1 to April 30 | 322,978 | $ | 137.42 | 317,224 | 8,432,105 | |||||||||||||||||||||
May 1 to May 31 | 397,602 | 144.44 | 387,290 | 8,044,815 | ||||||||||||||||||||||
June 1 to June 30 | 647,404 | 136.15 | 646,279 | 7,398,536 | ||||||||||||||||||||||
Total April 1 to June 30 | 1,367,984 | $ | 138.86 | 1,350,793 | 7,398,536 | |||||||||||||||||||||
Total January 1 to June 30 | 3,308,414 | $ | 128.40 | 2,374,027 | 7,398,536 | |||||||||||||||||||||
2020 | Total Number of Shares (or Units) Purchased(1) | Average Price Paid Per Share | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||
January 1 to January 31 | 32,232 | $ | 76.45 | 25,000 | 4,094,401 | |||||||||
February 1 to February 29 | 1,742,690 | 76.99 | 825,134 | 3,269,267 | ||||||||||
March 1 to March 31 | 66,958 | 65.83 | — | 3,269,267 | ||||||||||
Total January 1 to March 31 | 1,841,880 | $ | 76.57 | 850,134 | 3,269,267 | |||||||||
April 1 to April 30 | 9,394 | $ | 52.62 | — | 3,269,267 | |||||||||
May 1 to May 31 | 9,000 | 49.98 | — | 3,269,267 | ||||||||||
June 1 to June 30 | 10,541 | 57.11 | 4,000 | 3,265,267 | ||||||||||
Total April 1 to June 30 | 28,935 | $ | 53.43 | 4,000 | 3,265,267 | |||||||||
Total January 1 to June 30 | 1,870,815 | $ | 76.22 | 854,134 | $ | 3,265,267 | ||||||||
Item 6. | Exhibits and Financial Statement Schedules |
Exhibit Number | Description | ||||||||
Number | |||||||||
31.1 | |||||||||
31.2 | |||||||||
31.3 | |||||||||
32.1 | |||||||||
32.2 | |||||||||
32.3 | |||||||||
101.INS | The following materials from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||||||
104 | Cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, |
Evercore Inc. | ||||||||
/s/ RALPH SCHLOSSTEIN | ||||||||
Name: | Ralph Schlosstein | |||||||
Co-Chief Executive Officer and Co-Chairman | ||||||||
By: | / | |||||||
Name: | John S. Weinberg | |||||||
Title: | Co-Chief Executive Officer and Co-Chairman | |||||||
By: | / | |||||||
Name: | Robert B. Walsh | |||||||
Title: | Chief Financial Officer |