Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32975 | |
Entity Registrant Name | EVERCORE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-4748747 | |
Entity Address, Address Line One | 55 East 52nd Street | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10055 | |
City Area Code | 212 | |
Local Phone Number | 857-3100 | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | EVR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001360901 | |
Current Fiscal Year End Date | --12-31 | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40,595,011 | |
Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50 | |
Subsidiaries [Member] | Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and Cash Equivalents | $ 454,768 | $ 578,317 |
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $286,567 and $706,826 at March 31, 2022 and December 31, 2021, respectively) | 1,096,774 | 1,784,639 |
Accounts Receivable (net of allowances of $2,054 and $2,704 at March 31, 2022 and December 31, 2021, respectively) | 313,677 | 351,668 |
Receivable from Employees and Related Parties | 23,722 | 25,208 |
Other Current Assets | 91,153 | 58,533 |
Total Current Assets | 1,980,094 | 2,798,365 |
Investments | 48,163 | 75,176 |
Deferred Tax Assets | 255,267 | 248,077 |
Operating Lease Right-of-Use Assets | 257,117 | 263,329 |
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $172,091 and $165,857 at March 31, 2022 and December 31, 2021, respectively) | 147,571 | 148,589 |
Goodwill | 126,816 | 128,246 |
Intangible Assets (net of accumulated amortization of $3,384 and $3,294 at March 31, 2022 and December 31, 2021, respectively) | 246 | 336 |
Other Assets | 123,090 | 140,539 |
Total Assets | 2,938,364 | 3,802,657 |
Current Liabilities | ||
Accrued Compensation and Benefits | 348,089 | 1,109,716 |
Accounts Payable and Accrued Expenses | 32,443 | 31,633 |
Payable to Employees and Related Parties | 58,947 | 58,876 |
Operating Lease Liabilities | 49,002 | 47,321 |
Taxes Payable | 16,518 | 20,980 |
Current Portion of Notes Payable | 66,863 | 0 |
Other Current Liabilities | 27,398 | 28,610 |
Total Current Liabilities | 599,260 | 1,297,136 |
Operating Lease Liabilities | 288,768 | 297,473 |
Notes Payable | 308,498 | 376,243 |
Amounts Due Pursuant to Tax Receivable Agreements | 70,209 | 70,209 |
Other Long-term Liabilities | 83,960 | 126,315 |
Total Liabilities | 1,350,695 | 2,167,376 |
Commitments and Contingencies | ||
Evercore Inc. Stockholders' Equity | ||
Additional Paid-In-Capital | 2,679,900 | 2,458,779 |
Accumulated Other Comprehensive Income (Loss) | (14,830) | (12,086) |
Retained Earnings | 1,544,765 | 1,418,382 |
Treasury Stock at Cost (38,891,974 and 36,900,858 shares at March 31, 2022 and December 31, 2021, respectively) | (2,800,593) | (2,545,452) |
Total Evercore Inc. Stockholders' Equity | 1,410,037 | 1,320,371 |
Noncontrolling Interest | 177,632 | 314,910 |
Total Equity | 1,587,669 | 1,635,281 |
Total Liabilities and Equity | 2,938,364 | 3,802,657 |
Class A [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | 795 | 748 |
Class B [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | $ 0 | $ 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Amortized Cost | $ 286,567 | $ 706,826 |
Accounts Receivable, Allowances | 2,054 | 2,704 |
Furniture, Equipment and Leasehold Improvements, Accumulated Depreciation and Amortization | 172,091 | 165,857 |
Intangible Assets, Accumulated Amortization | $ 3,384 | $ 3,294 |
Treasury Stock at Cost, shares | 38,891,974 | 36,900,858 |
Class A [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 79,460,450 | 74,804,288 |
Common Stock, Shares, Outstanding | 40,568,476 | 37,903,430 |
Class B [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Shares, Issued | 50 | 53 |
Common Stock, Shares, Outstanding | 50 | 53 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Banking: | ||
Other Revenue, Including Interest and Investments | $ (1,779) | $ 7,230 |
Total Revenues | 727,104 | 666,880 |
Interest Expense | 4,250 | 4,570 |
Net Revenues | 722,854 | 662,310 |
Expenses | ||
Employee Compensation and Benefits | 429,735 | 395,390 |
Occupancy and Equipment Rental | 19,177 | 18,709 |
Professional Fees | 24,146 | 21,607 |
Travel and Related Expenses | 7,826 | 2,292 |
Communications and Information Services | 16,028 | 14,029 |
Depreciation and Amortization | 7,110 | 6,641 |
Execution, Clearing and Custody Fees | 2,797 | 3,552 |
Acquisition and Transition Costs | 0 | 7 |
Other Operating Expenses | 6,671 | 5,875 |
Total Expenses | 513,490 | 468,102 |
Income Before Income from Equity Method Investments and Income Taxes | 209,364 | 194,208 |
Income from Equity Method Investments | 2,512 | 3,024 |
Income Before Income Taxes | 211,876 | 197,232 |
Provision for Income Taxes | 34,782 | 31,681 |
Net Income | 177,094 | 165,551 |
Net Income Attributable to Noncontrolling Interest | 19,078 | 21,199 |
Net Income Attributable to Evercore Inc. | 158,016 | 144,352 |
Net Income Attributable to Evercore Inc. Common Shareholders | $ 158,016 | $ 144,352 |
Weighted Average Shares of Class A Common Stock Outstanding | ||
Basic (in shares) | 39,176 | 41,364 |
Diluted (in shares) | 41,708 | 44,456 |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | ||
Basic (in dollars per share) | $ 4.03 | $ 3.49 |
Diluted (in dollars per share) | $ 3.79 | $ 3.25 |
Investment Banking [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | $ 711,768 | $ 644,701 |
Net Revenues | 704,301 | 647,285 |
Expenses | ||
Acquisition and Transition Costs | 0 | 7 |
Income Before Income from Equity Method Investments and Income Taxes | 203,729 | 190,752 |
Income from Equity Method Investments | 374 | 169 |
Income Before Income Taxes | 204,103 | 190,921 |
Investment Banking [Member] | Advisory Fees [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | 624,564 | 511,918 |
Investment Banking [Member] | Underwriting Fees [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | 36,306 | 79,257 |
Investment Banking [Member] | Commissions and Related Revenue [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | 50,898 | 53,526 |
Investment Management [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | 17,115 | 14,949 |
Net Revenues | 18,553 | 15,025 |
Expenses | ||
Income Before Income from Equity Method Investments and Income Taxes | 5,635 | 3,456 |
Income from Equity Method Investments | 2,138 | 2,855 |
Income Before Income Taxes | 7,773 | 6,311 |
Investment Management [Member] | Asset Management [Member] | ||
Investment Banking: | ||
Revenue from Contract with Customer | $ 17,115 | $ 14,949 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 177,094 | $ 165,551 |
Other Comprehensive Income (Loss), net of tax: | ||
Unrealized Gain on Securities and Investments, net | 3 | 42 |
Foreign Currency Translation Adjustment Gain (Loss), net | (3,020) | 1,553 |
Other Comprehensive Income (Loss) | (3,017) | 1,595 |
Comprehensive Income | 174,077 | 167,146 |
Comprehensive Income Attributable to Noncontrolling Interest | 18,805 | 21,433 |
Comprehensive Income Attributable to Evercore Inc. | $ 155,272 | $ 145,713 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Class A [Member] | Common Stock [Member]Class A [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 1,489,374 | $ 722 | $ 2,266,136 | $ (9,758) | $ 798,573 | $ (1,824,727) | $ 258,428 | |
Beginning Balance, Shares at Dec. 31, 2020 | 72,195,283 | (31,445,058) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 165,551 | 144,352 | 21,199 | |||||
Other Comprehensive Income (Loss) | 1,595 | 1,361 | 234 | |||||
Treasury Stock Purchases | (234,854) | $ (234,854) | ||||||
Treasury Stock Purchases, Shares (in shares) | (1,940,430) | |||||||
Evercore LP Units Exchanged for Class A Common Stock | 1,498 | $ 1 | 7,211 | (5,714) | ||||
Evercore LP Units Exchanged for Class A Common Stock, Shares | 120,143 | |||||||
Equity-based Compensation Awards | 55,018 | $ 22 | 51,900 | 3,096 | ||||
Equity-based Compensation Awards, Shares | 2,206,534 | |||||||
Dividends | (28,805) | (28,805) | ||||||
Noncontrolling Interest (Note 12) | (14,980) | (2,826) | (12,154) | |||||
Ending Balance at Mar. 31, 2021 | 1,434,397 | $ 745 | 2,322,421 | (8,397) | 914,120 | $ (2,059,581) | 265,089 | |
Ending Balance, Shares at Mar. 31, 2021 | 74,521,960 | (33,385,488) | ||||||
Beginning Balance at Dec. 31, 2021 | 1,635,281 | $ 748 | 2,458,779 | (12,086) | 1,418,382 | $ (2,545,452) | 314,910 | |
Beginning Balance, Shares at Dec. 31, 2021 | 37,903,430 | 74,804,288 | (36,900,858) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 177,094 | 158,016 | 19,078 | |||||
Other Comprehensive Income (Loss) | (3,017) | (2,744) | (273) | |||||
Treasury Stock Purchases | $ (255,141) | $ (255,141) | ||||||
Treasury Stock Purchases, Shares (in shares) | (1,991,000) | (1,991,116) | ||||||
Evercore LP Units Exchanged for Class A Common Stock | $ 4,283 | $ 26 | 162,034 | (157,777) | ||||
Evercore LP Units Exchanged for Class A Common Stock, Shares | 2,546,405 | |||||||
Equity-based Compensation Awards | 66,690 | $ 21 | 60,448 | 6,221 | ||||
Equity-based Compensation Awards, Shares | 2,109,757 | |||||||
Dividends | (31,633) | (31,633) | ||||||
Noncontrolling Interest (Note 12) | (5,888) | (1,361) | (4,527) | |||||
Ending Balance at Mar. 31, 2022 | $ 1,587,669 | $ 795 | $ 2,679,900 | $ (14,830) | $ 1,544,765 | $ (2,800,593) | $ 177,632 | |
Ending Balance, Shares at Mar. 31, 2022 | 40,568,476 | 79,460,450 | (38,891,974) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net Income | $ 177,094 | $ 165,551 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities: | ||
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration | 4,456 | (7,605) |
Equity Method Investments, Including Gain on Sale | (786) | 349 |
Equity-Based and Other Deferred Compensation | 117,524 | 94,211 |
Noncash Lease Expense | 10,094 | 10,058 |
Depreciation, Amortization and Accretion | 7,219 | 6,751 |
Bad Debt Expense | (519) | (1,738) |
Deferred Taxes | (1,942) | 4,502 |
Decrease (Increase) in Operating Assets: | ||
Investment Securities | (21) | (1,950) |
Accounts Receivable | 36,230 | 14,265 |
Receivable from Employees and Related Parties | 1,460 | 523 |
Other Assets | (14,980) | 17,550 |
(Decrease) Increase in Operating Liabilities: | ||
Accrued Compensation and Benefits | (839,975) | (535,197) |
Accounts Payable and Accrued Expenses | 373 | 2,397 |
Payables to Employees and Related Parties | 28,261 | 22,736 |
Taxes Payable | (4,462) | (13,537) |
Other Liabilities | (6,246) | (108,977) |
Net Cash Provided by (Used In) Operating Activities | (486,220) | (330,111) |
Cash Flows From Investing Activities | ||
Investments Purchased | 0 | (159) |
Proceeds from Sale of Investments | 18,300 | 0 |
Distributions of Private Equity Investments | 20 | 5 |
Investment Securities: | ||
Proceeds from Sales and Maturities of Investment Securities | 1,325,038 | 888,534 |
Purchases of Investment Securities | (626,283) | (616,624) |
Maturity of Certificates of Deposit | 67,796 | 0 |
Purchase of Certificates of Deposit | (85,843) | (73,877) |
Purchase of Furniture, Equipment and Leasehold Improvements | (5,491) | (7,714) |
Net Cash Provided by Investing Activities | 693,537 | 190,165 |
Cash Flows From Financing Activities | ||
Issuance of Noncontrolling Interests | 300 | 1,107 |
Distributions to Noncontrolling Interests | (4,740) | (12,894) |
Payment of Notes Payable | 0 | (38,000) |
Issuance of Notes Payable | 0 | 38,000 |
Purchase of Treasury Stock and Noncontrolling Interests | (283,126) | (231,296) |
Dividends | (41,619) | (37,414) |
Net Cash Provided by (Used in) Financing Activities | (329,185) | (280,497) |
Effect of Exchange Rate Changes on Cash | (1,531) | 1,816 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (123,399) | (418,627) |
Cash, Cash Equivalents and Restricted Cash – Beginning of Period | 587,293 | 838,224 |
Cash, Cash Equivalents and Restricted Cash – End of Period | 463,894 | 419,597 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Payments for Interest | 3,542 | 4,469 |
Payments for Income Taxes | 36,867 | 27,331 |
Accrued Dividends | 4,128 | 3,411 |
Amounts Due for Purchase of Noncontrolling Interest | 1,448 | 3,170 |
Settlement of Sale of Trilantic VI | 9,188 | 0 |
Receipt of Equity Securities in Settlement of Accounts Receivable | 0 | 1,955 |
Debt Issuance Costs Accrued | $ 0 | $ 355 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization Evercore Inc., together with its subsidiaries (the "Company"), is an investment banking and investment management firm, incorporated in Delaware and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in, and is the sole general partner of, Evercore LP, a Delaware limited partnership ("Evercore LP"). The Company operates from its offices and through its affiliates in the Americas, Europe, the Middle East and Asia. The Investment Banking segment includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity interests. The Investment Banking business also includes the Evercore ISI business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors. The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a further discussion of the Company's accounting policies, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2021. The December 31, 2021 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP's wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date. Evercore LP is a VIE and the Company is the primary beneficiary. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $418,369 and liabilities of $158,448 at March 31, 2022 and assets of $446,736 and liabilities of $260,426 at December 31, 2021. All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2020-06 – In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 provides amendments to reduce the number of models used to account for convertible instruments and to simplify the accounting for contracts in an entity's own equity. ASU 2020-06 also provides amendments to diluted earnings per share calculations, which require entities to use the if-converted method for convertible instruments and to include the effect of potential share settlement from instruments that may be settled in cash or in shares. The amendments in this update are effective during interim and annual periods beginning after December 15, 2021, with early adoption permitted. The amendments should be applied using a modified or full retrospective transition method. The Company adopted ASU 2020-06 on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. |
Revenue and Accounts Receivable
Revenue and Accounts Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue and Accounts Receivable The following table presents revenue recognized by the Company for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Investment Banking: Advisory Fees $ 624,564 $ 511,918 Underwriting Fees 36,306 79,257 Commissions and Related Revenue 50,898 53,526 Total Investment Banking $ 711,768 $ 644,701 Investment Management: Asset Management and Administration Fees: Wealth Management $ 17,115 $ 14,949 Total Investment Management $ 17,115 $ 14,949 Contract Balances The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2022 and 2021 are as follows: For the Three Months Ended March 31, 2022 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2022 $ 351,668 $ 87,764 $ 14,092 $ 12,945 $ 9,257 $ 147 Increase (Decrease) (37,991) (12,541) 30,493 (4,411) 1,827 — Balance at March 31, 2022 $ 313,677 $ 75,223 $ 44,585 $ 8,534 $ 11,084 $ 147 For the Three Months Ended March 31, 2021 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2021 $ 368,346 $ 70,975 $ 29,327 $ 5,283 $ 9,373 $ 147 Increase (Decrease) (11,916) (2,434) (1,527) (1,111) 3,791 — Balance at March 31, 2021 $ 356,430 $ 68,541 $ 27,800 $ 4,172 $ 13,164 $ 147 (1) Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition. (2) Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3) Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (4) Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. (5) Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period. The Company recognized revenue of $4,208 and $2,467 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition. Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. The allowance for credit losses for the three months ended March 31, 2022 and 2021 is as follows: For the Three Months Ended March 31, 2022 2021 Beginning Balance $ 2,704 $ 5,372 Bad debt expense, net of reversals (519) (1,738) Write-offs, foreign currency translation and other adjustments (131) (1,617) Ending Balance $ 2,054 $ 2,017 The change in the balance during the three months ended March 31, 2022 is primarily related to the decrease in the current period provision of expected credit losses, which is impacted by the change in the amount of receivables outstanding greater than 120 days at March 31, 2022. The change in the balance during the three months ended March 31, 2022 is also related to the write-off of aged receivables. For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2022, by year of origination: Amortized Carrying Value by Origination Year 2022 2021 2020 2019 2018 Prior Total Long-term Accounts Receivable and Long-Term Contract Assets $ 2,144 $ 55,323 $ 20,651 $ 4,392 $ 1,114 $ 133 $ 83,757 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Investment Banking Revenue includes advisory fees earned from clients that have the Company's Senior Managing Directors, certain Senior Advisors and executives as a member of their Board of Directors of $2,860 and $5,612 for the three months ended March 31, 2022 and 2021, respectively. Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $19,041 and $20,397 as of March 31, 2022 and December 31, 2021, respectively. See Note 14 for further information. |
Investment Securities and Certi
Investment Securities and Certificates of Deposit | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities and Certificates of Deposit | Investment Securities and Certificates of Deposit The Company's Investment Securities and Certificates of Deposit as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Cost Gross Gross Fair Value Cost Gross Gross Fair Value Debt Securities $ 286,567 $ 10 $ — $ 286,577 $ 706,826 $ 37 $ 16 $ 706,847 Equity Securities 666 203 — 869 666 193 — 859 Debt Securities Carried by EGL 489,541 49 — 489,590 784,813 43 14 784,842 Investment Funds 144,781 17,644 — 162,425 111,682 39,191 — 150,873 Total Investment Securities (carried at fair value) $ 921,555 $ 17,906 $ — $ 939,461 $ 1,603,987 $ 39,464 $ 30 $ 1,643,421 Certificates of Deposit (carried at contract value) 157,313 141,218 Total Investment Securities and Certificates of Deposit $ 1,096,774 $ 1,784,639 Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Due within one year $ 286,567 $ 286,577 $ 706,826 $ 706,847 Total $ 286,567 $ 286,577 $ 706,826 $ 706,847 The Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity. Further, the securities are all U.S. Treasuries, and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at March 31, 2022 and has not recorded a credit allowance on these securities. Debt Securities Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses included in earnings. The Company had net realized losses of ($34) and ($11) for the three months ended March 31, 2022 and 2021, respectively. Equity Securities Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains of $11 and $2,128 for the three months ended March 31, 2022 and 2021, respectively. Debt Securities Carried by EGL EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury bills. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of $21 and ($5) for the three months ended March 31, 2022 and 2021, respectively. Investment Funds The Company invests in a portfolio of exchange-traded funds as an economic hedge against its deferred cash compensation program. See Note 14 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($5,163) and $6,228 for the three months ended March 31, 2022 and 2021, respectively. Certificates of Deposit At March 31, 2022 and December 31, 2021, the Company held certificates of deposit of $157,313 and $141,218, respectively, with certain banks with original maturities of four months or less when purchased. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments | Investments The Company's investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in unconsolidated affiliated companies, other investments in private equity partnerships, equity securities in private companies and investments in G5 Holdings S.A. ("G5") (through June 25, 2021), Glisco Manager Holdings LP and Trilantic Capital Partners ("Trilantic"). The Company's investments are relatively high-risk and illiquid assets. The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities. The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on private equity investments are included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. Equity Method Investments A summary of the Company's investments accounted for under the equity method of accounting as of March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 ABS $ 23,198 $ 40,977 Atalanta Sosnoff 10,944 10,948 Luminis 6,560 6,158 Seneca Evercore 513 507 Total $ 41,215 $ 58,590 ABS On December 29, 2011, the Company made an investment accounted for under the equity method of accounting in ABS Investment Management, LLC. Effective as of September 1, 2018, ABS Investment Management, LLC underwent an internal reorganization pursuant to which the Company contributed its ownership interest in ABS Investment Management, LLC to ABS in exchange for ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC. Taken together, the ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC were substantially equivalent to the contributed ownership interests in ABS Investment Management, LLC. In January 2022, the Company entered into an agreement to sell a portion of its interest in ABS. This transaction closed on March 28, 2022 and resulted in the reduction of the Company's ownership interest from 46% to 26%. The Company received cash of $18,300 as consideration for its interests sold and recorded a gain of $1,294 for the three months ended March 31, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. At March 31, 2022, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,199 and $2,195 for the three months ended March 31, 2022 and 2021, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Atalanta Sosnoff On December 31, 2015, the Company amended the Operating Agreement with Atalanta Sosnoff and deconsolidated its assets and liabilities, accounting for its interest under the equity method of accounting from that date forward. At March 31, 2022, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $939 and $660 for the three months ended March 31, 2022 and 2021, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Luminis On January 1, 2017, the Company acquired an interest in Luminis and accounted for its interest under the equity method of accounting. At March 31, 2022, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $288 and $169 for the three months ended March 31, 2022 and 2021, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. This investment is subject to currency translation from the Australian dollar to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition . Seneca Evercore On July 7, 2021, the Company acquired a 20% interest in Seneca Evercore for $500 and maintains proportional representation on the board of directors of Seneca Evercore (but not less than one director) following this transaction. The Company accounts for its interest under the equity method of accounting. This investment resulted in earnings of $86 for the three months ended March 31, 2022, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statement of Operations. This investment is subject to currency translation from the Brazilian real to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition . Other The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees. The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $79 for each of the three months ended March 31, 2022 and 2021. The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Debt Security Investment On December 31, 2017, the Company exchanged all of its outstanding equity interests in G5 for debentures of G5. The Company previously recorded its investment in G5 as a held-to-maturity debt security within Investments on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities were mandatorily redeemable on December 31, 2027, or earlier, subject to the occurrence of certain events. The Company was accreting its investment to its redemption value ratably, or on an accelerated basis if certain revenue thresholds were met by G5, from December 31, 2017 to December 31, 2027. This investment was subject to currency translation from the Brazilian real to the U.S. dollar, included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. On June 25, 2021, G5 repaid its outstanding debentures with the Company in full. Investments in Private Equity Private Equity Funds The Company's investments related to private equity partnerships and associated entities include investments in Glisco Partners II, L.P. ("Glisco II"), Glisco Partners III, L.P. ("Glisco III"), Glisco Capital Partners IV ("Glisco IV"), Trilantic Capital Partners Associates IV, L.P. ("Trilantic IV"), Trilantic Capital Partners V, L.P. ("Trilantic V") and Trilantic Capital Partners VI (North America), L.P. ("Trilantic VI", through January 1, 2022). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value. Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations. A summary of the Company's investments in the private equity funds as of March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 Glisco II, Glisco III and Glisco IV $ 3,519 $ 3,479 Trilantic IV, Trilantic V and Trilantic VI 2,773 12,210 Total Private Equity Funds $ 6,292 $ 15,689 Net realized and unrealized gains (losses) on private equity fund investments were ($83) and $39 for the three months ended March 31, 2022 and 2021, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of March 31, 2022, $696 of previously distributed carried interest received from the funds was subject to repayment. On December 14, 2021, the Company entered into an agreement to sell its interests in Trilantic VI for $9,188. Consideration for this transaction was received in December 2021 and was reflected in Cash and Cash Equivalents and Other Current Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition at December 31, 2021. This transaction closed on January 1, 2022 and as of that date, the Company has no further commitments to invest in Trilantic VI. General Partners of Private Equity Funds which are VIEs Following the Glisco transaction, the Company concluded that Glisco Capital Partners II, Glisco Capital Partners III and Glisco Manager Holdings LP are VIEs and that the Company is not the primary beneficiary of these VIEs. The Company's assessment of the primary beneficiary of these entities included assessing which parties have the power to significantly impact the economic performance of these entities and the obligation to absorb losses, which could be potentially significant to the entities, or the right to receive benefits from the entities that could be potentially significant. Neither the Company nor its related parties will have the ability to make decisions that significantly impact the economic performance of these entities. Further, as a limited partner in these entities, the Company does not possess substantive participating rights. The Company had assets of $3,174 and $3,408 included in its Unaudited Condensed Consolidated Statements of Financial Condition at March 31, 2022 and December 31, 2021, respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities. The Company's exposure to the obligations of these VIEs is generally limited to its investments in these entities. The Company's maximum exposure to loss as of March 31, 2022 and December 31, 2021 was $5,473 and $5,715, respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds. Other Investments In certain instances, the Company receives equity securities in private companies in exchange for advisory services. These investments, which had a balance of $656 and $676 as of March 31, 2022 and December 31, 2021, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company reflects lease expense over the lease terms on a straight-line basis. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office space of $12,840 and $12,166 for the three months ended March 31, 2022 and 2021, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses, of $1,900 and $1,852 for the three months ended March 31, 2022 and 2021, respectively. In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $5,616 as of March 31, 2022 and December 31, 2021, which are secured by cash that is included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other information technology related equipment). Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes operating lease cost for office equipment of $1,243 and $1,507 for the three months ended March 31, 2022 and 2021, respectively. The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases. The Company incurred net operating cash outflows of $14,811 and $10,091 for the three months ended March 31, 2022 and 2021, respectively, related to its operating leases, which was net of cash received from lease incentives of $332 and $3,441 for the three months ended March 31, 2022 and 2021, respectively. Other information as it relates to the Company's operating leases is as follows: For the Three Months Ended March 31, 2022 2021 New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 5,589 $ 1,864 March 31, 2022 March 31, 2021 Weighted-average remaining lease term - operating leases 10.7 years 11.4 years Weighted-average discount rate - operating leases 3.90 % 4.06 % As of March 31, 2022, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows: 2022 (April 1 through December 31) $ 45,562 2023 45,653 2024 37,395 2025 39,090 2026 38,894 Thereafter 216,838 Total lease payments 423,432 Less: Tenant Improvement Allowances (5,949) Less: Imputed Interest (79,713) Present value of lease liabilities 337,770 Less: Current lease liabilities (49,002) Long-term lease liabilities $ 288,768 In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York, and lease agreements at certain other locations, the Company entered into leases for office space which have not yet commenced and thus are not yet included on the Company's Unaudited Condensed Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that it will take possession of these spaces by the end of 2023. These spaces will have lease terms of 3 to 13 years once the Company has taken possession. The additional future payments under these arrangements are $228,349 as of March 31, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820") establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily-available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level 1 include listed equities, listed derivatives and treasury bills. As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Periodically, the Company holds investments in corporate bonds, municipal bonds and other debt securities, the estimated fair values of which are based on prices provided by external pricing services. Level 3 – Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total Debt Securities Carried by EGL $ 489,590 $ — $ — $ 489,590 Other Debt and Equity Securities (1) 290,343 — — 290,343 Investment Funds 162,425 — — 162,425 Total Assets Measured At Fair Value $ 942,358 $ — $ — $ 942,358 December 31, 2021 Level 1 Level 2 Level 3 Total Debt Securities Carried by EGL $ 784,842 $ — $ — $ 784,842 Other Debt and Equity Securities (1) 710,706 — — 710,706 Investment Funds 150,873 — — 150,873 Total Assets Measured At Fair Value $ 1,646,421 $ — $ — $ 1,646,421 (1) Includes $2,897 and $3,000 of treasury bills and notes classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021, respectively. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below. March 31, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and Cash Equivalents $ 451,871 $ 451,871 $ — $ — $ 451,871 Certificates of Deposit 157,313 — 157,313 — 157,313 Receivables (1) 388,900 — 386,703 — 386,703 Contract Assets (2) 53,119 — 52,314 — 52,314 Receivable from Employees and Related Parties 23,722 — 23,722 — 23,722 Closely-held Equity Securities 656 — — 656 656 Financial Liabilities: Accounts Payable and Accrued Expenses $ 32,443 $ — $ 32,443 $ — $ 32,443 Payable to Employees and Related Parties 58,947 — 58,947 — 58,947 Notes Payable (3) 375,361 — 364,821 — 364,821 December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and Cash Equivalents $ 575,317 $ 575,317 $ — $ — $ 575,317 Certificates of Deposit 141,218 — 141,218 — 141,218 Receivables (1) 439,432 — 436,749 — 436,749 Contract Assets (2) 27,037 — 25,986 — 25,986 Receivable from Employees and Related Parties 25,208 — 25,208 — 25,208 Closely-held Equity Securities 676 — — 676 676 Financial Liabilities: Accounts Payable and Accrued Expenses $ 31,633 $ — $ 31,633 $ — $ 31,633 Payable to Employees and Related Parties 58,876 — 58,876 — 58,876 Notes Payable 376,243 — 390,288 — 390,288 (1) Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (2) Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3) Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Unaudited Condensed Consolidated Statements of Financial Condition. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable 2016 Private Placement Notes On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes, including: $38,000 aggregate principal amount of its 4.88% Series A senior notes which were due March 30, 2021 (the "Series A Notes"), $67,000 aggregate principal amount of its 5.23% Series B senior notes due March 30, 2023 (the "Series B Notes"), $48,000 aggregate principal amount of its 5.48% Series C senior notes due March 30, 2026 (the "Series C Notes") and $17,000 aggregate principal amount of its 5.58% Series D senior notes due March 30, 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 Note Purchase Agreement") dated as of March 30, 2016, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. In March 2021, the Company repaid the $38,000 aggregate principal amount of its Series A Notes. Interest on the 2016 Private Placement Notes is payable semi-annually and the 2016 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2016 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2016 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2016 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2016 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2016 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio, and customary events of default. As of March 31, 2022, the Company was in compliance with all of these covenants. 2019 Private Placement Notes On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26%. These notes include: $75,000 aggregate principal amount of its 4.34% Series E senior notes due August 1, 2029 (the "Series E Notes"), $60,000 aggregate principal amount of its 4.44% Series F senior notes due August 1, 2031 (the "Series F Notes"), $40,000 aggregate principal amount of its 4.54% Series G senior notes due August 1, 2033 (the "Series G Notes") and £25,000 aggregate principal amount of its 3.33% Series H senior notes due August 1, 2033 (the "Series H Notes" and together with the Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Interest on the 2019 Private Placement Notes is payable semi-annually and the 2019 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2019 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2019 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2019 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2019 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2019 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of March 31, 2022, the Company was in compliance with all of these covenants. 2021 Private Placement Notes On March 29, 2021, the Company issued an aggregate of $38,000 of senior notes, comprised of $38,000 aggregate principal amount of its 1.97% Series I senior notes due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement (the "2021 Note Purchase Agreement") dated as of March 29, 2021, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Interest on the 2021 Private Placement Notes is payable semi-annually and the 2021 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the 2021 Private Placement Notes, in an amount not less than 5% of the aggregate principal amount of the 2021 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2021 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2021 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2021 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of March 31, 2022, the Company was in compliance with all of these covenants. Notes Payable is comprised of the following as of March 31, 2022 and December 31, 2021: Carrying Value (a) Note Maturity Date Effective Annual Interest Rate March 31, 2022 December 31, 2021 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % $ 66,863 $ 66,829 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,724 47,710 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,877 16,874 Evercore Inc. 4.34% Series E Senior Notes 8/1/2029 4.46 % 74,424 74,407 Evercore Inc. 4.44% Series F Senior Notes 8/1/2031 4.55 % 59,511 59,500 Evercore Inc. 4.54% Series G Senior Notes 8/1/2033 4.64 % 39,660 39,655 Evercore Inc. 3.33% Series H Senior Notes 8/1/2033 3.42 % 32,578 33,564 Evercore Inc. 1.97% Series I Senior Notes 8/1/2025 2.20 % 37,724 37,704 Total $ 375,361 $ 376,243 Less: Current Portion of Notes Payable (66,863) — Notes Payable $ 308,498 $ 376,243 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. |
Evercore Inc. Stockholders' Equ
Evercore Inc. Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Evercore Inc. Stockholders' Equity | Evercore Inc. Stockholders' Equity Dividends – The Company's Board of Directors declared on April 26, 2022, a quarterly cash dividend of $0.72 per share, to the holders of record of shares of Class A common stock ("Class A Shares") as of May 27, 2022, which will be paid on June 10, 2022. During the three months ended March 31, 2022, the Company declared and paid dividends of $0.68 per share, totaling $27,505, and accrued deferred cash dividends on unvested restricted stock units ("RSUs"), totaling $4,128. During the three months ended March 31, 2022, the Company also paid deferred cash dividends of $14,114. Treasury Stock – During the three months ended March 31, 2022, the Company purchased 915 Class A Shares from employees at an average cost per share of $129.04, primarily for the net settlement of stock-based compensation awards, and 1,076 Class A Shares at an average cost per share of $127.37 pursuant to the Company's share repurchase program. The aggregate 1,991 Class A Shares were purchased at an average cost per share of $128.14, and the result of these purchases was an increase in Treasury Stock of $255,141 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. LP Units – During the three months ended March 31, 2022, 2,546 Evercore LP partnership units ("LP Units") were exchanged for Class A Shares, resulting in an increase to Class A Common Stock and Additional Paid-In-Capital of $26 and $157,751, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. See Note 12 for further information. Accumulated Other Comprehensive Income (Loss) – As of March 31, 2022, Accumulated Other Comprehensive Income (Loss) on the Company's Unaudited Condensed Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of ($5,538) and ($9,292), respectively. |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling InterestNoncontrolling Interest recorded in the unaudited condensed consolidated financial statements of the Company relates to the following approximate interests in certain consolidated subsidiaries, which are not owned by the Company. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits or losses to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations. March 31, 2022 2021 Subsidiary: Evercore LP 6 % 11 % Evercore Wealth Management ("EWM") (1) 25 % 23 % Real Estate Capital Advisory ("RECA") (2) — % 38 % (1) Noncontrolling Interests represent a blended rate for multiple classes of interests in EWM. (2) Noncontrolling Interests represent the Class R Interests of Private Capital Advisory L.P. The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares. During the period January 1, 2023 through December 31, 2023, the Company has the option to purchase, at fair value, a portion of the outstanding EWM Class A Units such that the noncontrolling interest holders would continue to hold no less than 25% of the outstanding units following the transaction. This transaction may be settled in cash, Evercore LP Units or Class A shares of the Company, at the Company’s discretion. If the Company has not exercised its option prior to the end of the option period, or the noncontrolling interest holders continue to hold greater than 25% of the outstanding units following the transaction, the noncontrolling interest holders may exchange their interests for Evercore LP Units, at fair value, sufficient to reduce their outstanding interest to 25%. As of March 31, 2022, the EWM members held 25% of the outstanding EWM Units. Changes in Noncontrolling Interest for the three months ended March 31, 2022 and 2021 were as follows: For the Three Months Ended March 31, 2022 2021 Beginning balance $ 314,910 $ 258,428 Comprehensive Income: Net Income Attributable to Noncontrolling Interest 19,078 21,199 Other Comprehensive Income (Loss) (273) 234 Total Comprehensive Income 18,805 21,433 Evercore LP Units Exchanged for Class A Shares (157,777) (5,714) Amortization and Vesting of LP Units 6,221 3,096 Other Items: Distributions to Noncontrolling Interests (4,740) (12,894) Issuance of Noncontrolling Interest 300 1,107 Purchase of Noncontrolling Interest (87) (367) Total Other Items (4,527) (12,154) Ending balance $ 177,632 $ 265,089 Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains on securities and investments, net, of $6 for the three months ended March 31, 2021, and foreign currency translation adjustment gains (losses), net, of ($273) and $228 for the three months ended March 31, 2022 and 2021, respectively. LP Units Exchanged – On February 24, 2022, the Company entered into an agreement (the "Exchange Agreement") with ISI Holding, Inc. ("ISI Holding"), the principal stockholder of which is Ed Hyman, an executive officer of the Company. Pursuant to the Exchange Agreement, ISI Holding exercised its existing conversion rights under the terms of the partnership agreement of Evercore LP to exchange (the "Exchange") all 2,545 of the Class E limited partnership units of Evercore LP ("Class E LP Units") owned by it for 2,545 Class A Shares. Following the Exchange, ISI Holding liquidated and distributed the Class A Shares received in the Exchange to its stockholders in accordance with their ownership interests in ISI Holding. The parties have relied on the exemption from the registration requirements of the Securities Act of 1933 under Section 4(a)(2) thereof for the Exchange. During the three months ended March 31, 2022, an aggregate of 2,546 LP Units were exchanged for Class A Shares, including the Class E LP Units described above. These exchanges resulted in a decrease to Noncontrolling Interest of $157,777 and an increase to Additional-Paid-In-Capital and Class A Common Stock of $157,751 and $26, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. See Note 11 for further information. Interests Issued – During the first quarter of 2021, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $975 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2021. Interests Purchased – During the first quarter of 2022, the Company purchased, at fair value, an additional 0.4% of the EWM Class A Units for $1,448, which was included within Other Current Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. This purchase resulted in a decrease to Noncontrolling Interest of $87 and a decrease to Additional-Paid-In-Capital of $1,361 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. During the first quarter of 2021, the Company purchased, at fair value, an additional 1% of the EWM Class A Units for $3,170 (which was paid in cash in April 2021 and was included within Other Current Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2021). This purchase resulted in a decrease to Noncontrolling Interest of $344 and a decrease to Additional Paid-In-Capital of $2,826 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2021. On December 31, 2021, the Company purchased, at fair value, all of the outstanding Class R Interests of Private Capital Advisory L.P. from employees of the RECA business for $54,297. Consideration for this transaction included the payment of $6,000 of cash in 2021, $27,710 of cash during the three months ended March 31, 2022, and contingent cash consideration which will be settled in early 2024. As of March 31, 2022 and December 31, 2021, the fair value of the contingent consideration is $20,010 and $20,587, respectively, and is included within Other Long-term Liabilities on the Company's Unaudited Condensed Consolidated Statement of Financial Condition. The amount of contingent consideration to be paid is dependent on the RECA business achieving certain revenue performance targets. The fair value of the contingent consideration reflects the present value of the expected payment due based on the current expectation for the business meeting the revenue performance targets. This purchase resulted in a decrease to Noncontrolling Interest of $7,137 and a decrease to Additional Paid-In-Capital of $47,160 on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition on December 31, 2021. In conjunction with this transaction, the Company will also issue two separate payments in early 2023 and 2024, contingent on continued employment with the Company, and accordingly, will be treated as compensation expense for accounting purposes in the periods earned. These payments will also be dependent on the RECA business achieving certain revenue performance targets. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | Net Income Per Share Attributable to Evercore Inc. Common ShareholdersThe calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the three months ended March 31, 2022 and 2021 are described and presented below. For the Three Months Ended March 31, 2022 2021 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,176 41,364 Basic net income per share attributable to Evercore Inc. common shareholders $ 4.03 $ 3.49 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (a) (a) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (a) (a) Diluted net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,176 41,364 Assumed exchange of LP Units for Class A Shares (a) — — Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method 2,117 2,612 Shares that are contingently issuable (b) 415 480 Diluted weighted average Class A Shares outstanding 41,708 44,456 Diluted net income per share attributable to Evercore Inc. common shareholders $ 3.79 $ 3.25 (a) The Company has outstanding Class A and E LP Units, Class K limited partnership units of Evercore LP ("Class K LP Units") and Class I limited partnership units of Evercore LP ("Class I LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the three months ended March 31, 2022 and 2021, the Class A, E, K and I 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 in the denominator of the computation of diluted net income per share attributable to Evercore Inc. common shareholders if the effect would have been dilutive were 3,943 and 4,926 for the three months ended March 31, 2022 and 2021, respectively. The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $15,066 and $17,012 for the three months ended March 31, 2022 and 2021, respectively. In computing this adjustment, the Company assumes that all Class A, E, K and I LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Inc. and that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the Class A, E, K and I LP Units will result in a dilutive computation in future periods. (b) The Company previously had outstanding Class I-P units of Evercore LP ("Class I-P Units") which were contingently exchangeable into Class I LP Units, and ultimately Class A Shares, and has outstanding Class K-P units of Evercore LP ("Class K-P Units") which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. On March 1, 2022, all of the Class I-P Units converted to Class I LP Units. See Note 14 for further information. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class I-P Units and Class K-P Units are included in diluted weighted average Class A Shares outstanding as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that are included in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. The units that were assumed to be converted to an equal number of Class A Shares for purposes of computing diluted net income per share attributable to Evercore Inc. common shareholders were 415 and 480 for the three months ended March 31, 2022 and 2021, respectively. The shares of Class B common stock have no right to receive dividends or a distribution on liquidation or winding up of the Company. The shares of Class B common stock do not share in the earnings of the Company and no earnings are allocable to such class. Accordingly, basic and diluted net income per share of Class B common stock have not been presented. |
Share-Based and Other Deferred
Share-Based and Other Deferred Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based and Other Deferred Compensation | Share-Based and Other Deferred Compensation LP Units Class I-P Units – In November 2016, the Company issued 400 Class I-P Units in conjunction with the appointment of the Chief Executive Officer (then Executive Chairman). These Class I-P Units converted into 400 Class I LP Units (which are exchangeable on a one -for-one basis to Class A Shares), upon on the achievement of certain market and service conditions through March 1, 2022. Compensation expense related to this award was $753 and $1,236 for the three months ended March 31, 2022 and 2021, respectively . Class K-P Units – In November 2017, the Company issued 64 Class K-P Units to an employee of the Company. These Class K-P Units converted into 80 Class K LP Units (which are exchangeable on a one-for-one basis to Class A Shares), upon the achievement of certain defined benchmark results relating to the employee's business and continued service through December 31, 2021. In June 2019, the Company issued 220 Class K-P Units to an employee of the Company. These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one-for-one basis to Class A Shares), contingent and based upon the achievement of certain defined benchmark results relating to the employee's business and continued service through February 4, 2023 for the first tranche, which consists of 120 Class K-P Units, and February 4, 2028 for the second tranche, which consists of 100 Class K-P Units. In December 2021, the Company issued 400 Class K-P Units to certain employees of the Company. These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one-for-one basis to Class A Shares), contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through December 31, 2025. As this award contains market, performance and service conditions, the expense for this award will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance and service conditions. These Class K-P Units in the aggregate may convert into a maximum of 1,180 Class K LP Units, contingent upon the achievement of certain defined benchmarks and continued service, as described above. The Company determined the grant date fair value of these awards probable to vest as of March 31, 2022 to be $96,174, related to 876 Class K LP Units which were probable of achievement, and recognizes expense for these units over the respective service periods. Aggregate compensation expense related to the Class K-P Units was $5,468 and $1,860 for the three months ended March 31, 2022 and 2021, respectively. Class L Interests – In April 2021, the Company's Board of Directors approved the issuance of Class L Interests in Evercore LP ("Class L Interests") to certain of the named executive officers of the Company, pursuant to which the named executive officers received a discretionary distribution of profits from Evercore LP, which was paid in the first quarter of 2022. Distributions pursuant to these interests were made in lieu of any cash incentive compensation payments which may otherwise have been made to the named executive officers of the Company in respect of their service for 2021. Following the distribution, these Class L Interests were cancelled pursuant to their terms. In January 2022, the Company issued Class L Interests to certain of the named executive officers of the Company, pursuant to which the named executive officers may receive a discretionary distribution of profits from Evercore LP, to be paid in the first quarter of 2023. The Company records expense related to these interests as part of its accrual for incentive compensation within Employee Compensation and Benefits on the Unaudited Condensed Consolidated Statements of Operations. Stock Incentive Plan During 2020, the Company's stockholders approved the Amended and Restated 2016 Evercore Inc. Stock Incentive Plan (the "Amended 2016 Plan"), which amended the prior Amended and Restated 2016 Evercore Inc. Stock Incentive Plan. The Amended 2016 Plan, among other things, authorizes an additional 6,000 shares of the Company's Class A Shares. The Amended 2016 Plan permits the Company to grant to certain employees, directors and consultants incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards based on the Company's Class A Shares. The Company intends to use newly-issued Class A Shares to satisfy any awards under the Amended 2016 Plan and its predecessor plan. Class A Shares underlying any award granted under the Amended 2016 Plan that expire, terminate or are canceled or satisfied for any reason without being settled in stock again become available for awards under the plan. The total shares available to be granted in the future under the Amended 2016 Plan was 1,480 as of March 31, 2022. The Company also grants, at its discretion, dividend equivalents, in the form of unvested RSU awards, or deferred cash dividends, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested RSU grants. The dividend equivalents have the same vesting and delivery terms as the underlying RSU award. The Company estimates forfeitures in the aggregate compensation cost to be amortized over the requisite service period of its awards. The Company periodically monitors its estimated forfeiture rate and adjusts its assumptions to the actual occurrence of forfeited awards. A change in estimated forfeitures is recognized through a cumulative adjustment in the period of the change. Equity Grants During the three months ended March 31, 2022, pursuant to the Amended 2016 Plan, the Company granted employees 2,619 RSUs that are Service-based Awards. Service-based Awards granted during the three months ended March 31, 2022 had grant date fair values of $114.45 to $137.59 per share, with an average value of $126.76 per share, for an aggregate fair value of $332,010, and generally vest ratably over four years. During the three months ended March 31, 2022, 2,079 Service-based Awards vested and 27 Service-based Awards were forfeited. Compensation expense related to Service-based Awards was $60,247 and $51,708 for the three months ended March 31, 2022 and 2021, respectively. Deferred Cash Deferred Cash Compensation Program – The Company's deferred cash compensation program provides participants the ability to elect to receive a portion of their deferred compensation in cash, which is indexed to notional investment portfolios selected by the participant and generally vests ratably over four years and requires payment upon vesting. The Company granted $123,729 of deferred cash awards pursuant to the deferred cash compensation program during the first quarter of 2022. Compensation expense related to the Company's deferred cash compensation program was $30,537 and $30,889 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company expects to pay an aggregate of $330,137 related to the Company's deferred cash compensation program at various dates through 2026 and total compensation expense related to these awards not yet recognized was $259,530. The weighted-average period over which this compensation cost is expected to be recognized is 29 months. Amounts due pursuant to this program are expensed over the service period of the award and are reflected in Accrued Compensation and Benefits on the Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022. Other Deferred Cash Awards – In November 2016, the Company granted a restricted cash award in conjunction with the appointment of the Chief Executive Officer (then Executive Chairman) with a target payment amount of $35,000, of which $11,000 vested on March 1, 2019, $6,000 vested on each of March 1, 2020, 2021 and 2022, and $6,000 is scheduled to vest on March 1, 2023, provided that the Chief Executive Officer continues to remain employed through such vesting date, subject to vesting upon specified termination events (including retirement, upon satisfying certain eligibility criteria, on or following May 1, 2019, subject to a six month prior written notice requirement) or a change in control. The Company had the discretion to increase (by an amount up to $35,000) or decrease (by an amount up to $8,750) the total amount payable under this award. In 2017, the Company granted deferred cash awards of $29,500 to certain employees. These awards vest in five equal installments over the period ending June 30, 2022, subject to continued employment. The Company recognizes expense for these awards ratably over the vesting period. During the first quarter of 2022, the Company granted $19,861 of deferred cash awards to certain employees. These awards vest ratably over one In addition, the Company periodically grants other deferred cash awards to certain employees. The Company recognizes expense for these awards ratably over the vesting period. Compensation expense related to other deferred cash awards was $4,820 and $3,341 for the three months ended March 31, 2022 and 2021, respectively. Long-term Incentive Plan The Company's Long-term Incentive Plan provides for incentive compensation awards to Advisory Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over four-year performance periods beginning January 1, 2017 (the "2017 Long-term Incentive Plan") and January 1, 2021 (the "2021 Long-term Incentive Plan", which was approved by the Company's Board of Directors in April 2021 and modified in July 2021). Remaining amounts due pursuant to the 2017 and 2021 Long-term Incentive Plans, which aggregate $48,404 of current liabilities and $43,088 of long-term liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2022, are due to be paid, in cash or Class A Shares, at the Company's discretion, in the first quarter of 2023 (for the 2017 Long-term Incentive Plan), and in the first quarter of 2025, 2026 and 2027 (for the 2021 Long-term Incentive Plan), subject to employment at the time of payment. The performance period for the 2017 Long-term Incentive Plan ended on December 31, 2020. In conjunction with this plan, the Company distributed cash payments of $3,940 in the three months ended March 31, 2022, and $92,938 in the year ended December 31, 2021 (including the first cash distribution made in March 2021 pursuant to the 2017 Long-term Incentive Plan of $48,461, and an additional cash distribution made in December 2021 of $44,477, related to the acceleration of certain amounts due in the first quarter of 2022). Awards issued under the 2017 Long-term Incentive Plan are subject to retirement eligibility requirements after the performance criteria has been achieved. The Company periodically assesses the probability of the benchmarks being achieved and expenses the probable payout over the requisite service period of the award. The Company recorded $15,285 and $4,893 of compensation expense for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the total remaining expense to be recognized for the 2017 Long-term Incentive Plan over the future vesting period ending March 15, 2023 is $6,418. As of March 31, 2022, the total remaining expense to be recognized for the 2021 Long-term Incentive Plan over the future vesting period ending March 15, 2027, based on the current anticipated probable payout for the plan, is $208,652. Employee Loans Receivable Periodically, the Company provides new and existing employees with cash payments in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements ranging from one Separation and Transition Benefits The following table presents the change in the Company's Termination Costs liability for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Beginning Balance $ 675 $ 4,589 Termination Costs Incurred 219 287 Cash Benefits Paid (564) (2,472) Non-Cash Charges (115) (25) Ending Balance $ 215 $ 2,379 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies For a further discussion of the Company's commitments, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Private Equity – As of March 31, 2022, the Company had unfunded commitments for capital contributions of $2,695 to private equity funds. These commitments will be funded as required through the end of each private equity fund's investment period, subject to certain conditions. Such commitments are satisfied in cash and are generally required to be made as investment opportunities are consummated by the private equity funds. Lines of Credit – On June 24, 2016, Evercore Partners Services East L.L.C. ("East") entered into a loan agreement with PNC Bank, National Association ("PNC") for a revolving credit facility in an aggregate principal amount of up to $30,000, to be used for working capital and other corporate activities. This facility is secured by East's accounts receivable and the proceeds therefrom, as well as certain assets of EGL, including certain of EGL's accounts receivable. In addition, the agreement contains certain reporting covenants, as well as certain debt covenants that prohibit East and the Company from incurring other indebtedness, subject to specified exceptions. The Company and its consolidated subsidiaries were in compliance with these covenants as of March 31, 2022. East amended this facility on October 29, 2021 such that, among other things, the interest rate provisions were LIBOR (or an applicable benchmark replacement) plus 150 basis points and the maturity date was extended to October 28, 2023 (as amended, the "Existing PNC Facility"). There were no drawings under this facility at March 31, 2022. On July 26, 2019, East entered into an additional loan agreement with PNC for a revolving credit facility in an aggregate principal amount, as amended on October 30, 2020, of up to $30,000, to be used for working capital and other corporate activities. This facility is unsecured. In addition, the agreement contains certain reporting requirements and debt covenants consistent with the Existing PNC Facility. The Company and its consolidated subsidiaries were in compliance with these covenants as of March 31, 2022. East amended this facility on October 29, 2021 such that, among other things, the revolving credit facility has increased to an aggregate principal amount of $55,000. Drawings under this facility bear interest at LIBOR (or an applicable benchmark replacement) plus 180 basis points and the maturity date was extended to October 28, 2023. East is only permitted to borrow under this facility if there is no undrawn availability under the Existing PNC Facility and must repay indebtedness under this facility prior to repaying indebtedness under the Existing PNC Facility. There were no drawings under this facility at March 31, 2022. On October 29, 2021, EGL entered into a subordinated revolving credit facility with PNC in an aggregate principal amount of up to $75,000, to be used as needed in support of capital requirements from time to time of EGL. This facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the Existing PNC Facility. Drawings under this facility will bear interest at LIBOR (or an applicable benchmark replacement) plus 180 basis points and the maturity date will be October 28, 2023, unless prepayment is otherwise approved earlier by FINRA. There were no drawings under this facility at March 31, 2022. In addition, EGL's clearing broker provides temporary funding for the settlement of securities transactions. Other Commitments – The Company has a commitment for contingent consideration related to the purchase of the outstanding Class R Interests of Private Capital Advisory L.P. from employees of the RECA business in 2021. The Company’s consideration for this transaction included contingent cash consideration which will be settled in 2024. The contingent consideration has a fair value of $20,010 as of March 31, 2022, and is included within Other Long-term Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition. The amount of contingent consideration to be paid is dependent on the RECA business achieving certain revenue performance targets. See Note 12 for further information. The Company enters into commitments to pay contingent consideration related to certain of its acquisitions. The Company paid $270 of its commitment for contingent consideration related to its acquisition of Kuna & Co, KG during the three months ended March 31, 2021. The contingent consideration was fully paid as of March 31, 2021. Restricted Cash – The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial condition that sum to the total of amounts shown in the Unaudited Condensed Consolidated Statements of Cash Flows: March 31, 2022 2021 Cash and Cash Equivalents $ 454,768 $ 410,848 Restricted Cash included in Other Assets 9,126 8,749 Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 463,894 $ 419,597 Restricted Cash included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition primarily represents letters of credit which are secured by cash as collateral for the lease of office space and security deposits for certain equipment. The restrictions will lapse when the leases end. Contingencies In the normal course of business, from time to time, the Company and its affiliates are involved in judicial or regulatory proceedings, arbitration or mediation concerning matters arising in connection with the conduct of its businesses, including contractual and employment matters. In addition, United Kingdom, German, Hong Kong, Singapore, Canadian, Dubai and United States government agencies and self-regulatory organizations, as well as state securities commissions in the United States, conduct periodic examinations and initiate administrative proceedings regarding the Company's business, including, among other matters, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees. In view of the inherent difficulty of determining whether any loss in connection with such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company. Provisions for losses are established in accordance with ASC 450, "Contingencies" |
Regulatory Authorities
Regulatory Authorities | 3 Months Ended |
Mar. 31, 2022 | |
Brokers and Dealers [Abstract] | |
Regulatory Authorities | Regulatory Authorities EGL is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Under the Alternative Net Capital Requirement, EGL's minimum net capital requirement is $250. EGL's regulatory net capital as of March 31, 2022 and December 31, 2021 was $412,184 and $660,032, respectively, which exceeded the minimum net capital requirement by $411,934 and $659,782, respectively. Certain other non-U.S. subsidiaries are subject to various securities and banking regulations and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries are in excess of their local capital adequacy requirements at March 31, 2022. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company's Provision for Income Taxes was $34,782 and $31,681 for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate was 16.4% and 16.1% for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate reflects net excess tax benefits associated with the appreciation in the Company's share price upon vesting of employee share-based awards above the original grant price of $19,036 and $16,669 being recognized in the Company's Provision for Income Taxes for the three months ended March 31, 2022 and 2021, respectively, and resulted in a reduction in the effective tax rate of 9.0 and 8.5 percentage points for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 and 2021 also reflects the effect of certain nondeductible expenses, including expenses related to Class I-P and K-P Units, as well as the noncontrolling interest associated with LP Units and other adjustments. Additionally, the Company is subject to the income tax effects associated with the global intangible low-taxed income ("GILTI") provisions in the period incurred. For the three months ended March 31, 2022 and 2021 , no additional income tax expense associated with the GILTI provisions has been recognized and it is not expected to be material to the Company's effective tax rate for the year. The Company recorded a decrease in deferred tax assets of $1 associated with changes in Unrealized Gain (Loss) on Securities and Investments and an increase of $965 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2022. The Company recorded a decrease in deferred tax assets of $13 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $638 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2021. The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Unaudited Condensed Consolidated Statements of Operations. As of March 31, 2022, there were $254 of unrecognized tax benefits that, if recognized, $206 would affect the effective tax rate. Related to the unrecognized tax benefits, the Company accrued interest and penalties of $7 and $1, respectively, during the three months ended March 31, 2022. |
Segment Operating Results
Segment Operating Results | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Operating Results | Segment Operating Results Business Segments – The Company's business results are categorized into the following two segments: Investment Banking and Investment Management. Investment Banking includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company. The Company's segment information for the three months ended March 31, 2022 and 2021 is prepared using the following methodology: • Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income. • Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors. • Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors. • Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held. Other Revenue, net, included in each segment's Net Revenues includes the following: • Interest income and income (losses) on investment securities, including the Company's investment funds which are used as an economic hedge against the Company's deferred cash compensation program, certificates of deposit, cash and cash equivalents, long-term accounts receivable and on the Company’s debt security investment in G5 (through June 25, 2021, the date G5 repaid its outstanding debentures with the Company in full. See Note 7 for further information.) • A gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022. See Note 7 for further information • Gains (losses) resulting from foreign currency fluctuations • Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company • Interest expense associated with the Company’s Notes Payable and lines of credit • Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates Each segment's Operating Expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities. Other Expenses includes Acquisition and Transition Costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services. The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses. No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended March 31, 2022. The following information presents each segment's contribution. For the Three Months Ended March 31, 2022 2021 Investment Banking Net Revenues (1) $ 704,301 $ 647,285 Operating Expenses 500,572 456,526 Other Expenses (2) — 7 Operating Income 203,729 190,752 Income from Equity Method Investments 374 169 Pre-Tax Income $ 204,103 $ 190,921 Identifiable Segment Assets $ 2,787,619 $ 2,576,598 Investment Management Net Revenues (1) $ 18,553 $ 15,025 Operating Expenses 12,918 11,569 Operating Income 5,635 3,456 Income from Equity Method Investments 2,138 2,855 Pre-Tax Income $ 7,773 $ 6,311 Identifiable Segment Assets $ 150,745 $ 149,315 Total Net Revenues (1) $ 722,854 $ 662,310 Operating Expenses 513,490 468,095 Other Expenses (2) — 7 Operating Income 209,364 194,208 Income from Equity Method Investments 2,512 3,024 Pre-Tax Income $ 211,876 $ 197,232 Identifiable Segment Assets $ 2,938,364 $ 2,725,913 (1) Net Revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended March 31, 2022 2021 Investment Banking (A) $ (7,467) $ 2,584 Investment Management 1,438 76 Total Other Revenue, net $ (6,029) $ 2,660 (A) Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,250 and $4,570 for the three months ended March 31, 2022 and 2021, respectively. (2) Other Expenses are as follows: For the Three Months Ended March 31, 2022 2021 Investment Banking Acquisition and Transition Costs $ — $ 7 Total Investment Banking — 7 Investment Management Total Investment Management — — Total Other Expenses $ — $ 7 Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole. The Company's revenues were derived from clients located and managed in the following geographical areas: For the Three Months Ended March 31, 2022 2021 Net Revenues: (1) United States $ 610,731 $ 460,648 Europe and Other 112,065 198,614 Latin America 6,087 388 Total $ 728,883 $ 659,650 (1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense. The Company's total assets are located in the following geographical areas: March 31, 2022 December 31, 2021 Total Assets: United States $ 2,446,819 $ 3,199,435 Europe and Other 491,545 603,222 Total $ 2,938,364 $ 3,802,657 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2021. The December 31, 2021 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP's wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date. Evercore LP is a VIE and the Company is the primary beneficiary. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) Condensed Statements of Financial Condition in Note 24 to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan"), Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") and Evercore Partners Canada Ltd. ("Evercore Canada") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing and Evercore Canada, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. The Company has the majority economic interest in Evercore U.K. and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $418,369 and liabilities of $158,448 at March 31, 2022 and assets of $446,736 and liabilities of $260,426 at December 31, 2021. All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. |
Revenue and Accounts Receivab_2
Revenue and Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents revenue recognized by the Company for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Investment Banking: Advisory Fees $ 624,564 $ 511,918 Underwriting Fees 36,306 79,257 Commissions and Related Revenue 50,898 53,526 Total Investment Banking $ 711,768 $ 644,701 Investment Management: Asset Management and Administration Fees: Wealth Management $ 17,115 $ 14,949 Total Investment Management $ 17,115 $ 14,949 |
Contract with Customer, Asset and Liability [Table Text Block] | The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2022 and 2021 are as follows: For the Three Months Ended March 31, 2022 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2022 $ 351,668 $ 87,764 $ 14,092 $ 12,945 $ 9,257 $ 147 Increase (Decrease) (37,991) (12,541) 30,493 (4,411) 1,827 — Balance at March 31, 2022 $ 313,677 $ 75,223 $ 44,585 $ 8,534 $ 11,084 $ 147 For the Three Months Ended March 31, 2021 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2021 $ 368,346 $ 70,975 $ 29,327 $ 5,283 $ 9,373 $ 147 Increase (Decrease) (11,916) (2,434) (1,527) (1,111) 3,791 — Balance at March 31, 2021 $ 356,430 $ 68,541 $ 27,800 $ 4,172 $ 13,164 $ 147 (1) Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition. (2) Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3) Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (4) Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. (5) Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The allowance for credit losses for the three months ended March 31, 2022 and 2021 is as follows: For the Three Months Ended March 31, 2022 2021 Beginning Balance $ 2,704 $ 5,372 Bad debt expense, net of reversals (519) (1,738) Write-offs, foreign currency translation and other adjustments (131) (1,617) Ending Balance $ 2,054 $ 2,017 |
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block] | For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2022, by year of origination: Amortized Carrying Value by Origination Year 2022 2021 2020 2019 2018 Prior Total Long-term Accounts Receivable and Long-Term Contract Assets $ 2,144 $ 55,323 $ 20,651 $ 4,392 $ 1,114 $ 133 $ 83,757 |
Investment Securities and Cer_2
Investment Securities and Certificates of Deposit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The Company's Investment Securities and Certificates of Deposit as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Cost Gross Gross Fair Value Cost Gross Gross Fair Value Debt Securities $ 286,567 $ 10 $ — $ 286,577 $ 706,826 $ 37 $ 16 $ 706,847 Equity Securities 666 203 — 869 666 193 — 859 Debt Securities Carried by EGL 489,541 49 — 489,590 784,813 43 14 784,842 Investment Funds 144,781 17,644 — 162,425 111,682 39,191 — 150,873 Total Investment Securities (carried at fair value) $ 921,555 $ 17,906 $ — $ 939,461 $ 1,603,987 $ 39,464 $ 30 $ 1,643,421 Certificates of Deposit (carried at contract value) 157,313 141,218 Total Investment Securities and Certificates of Deposit $ 1,096,774 $ 1,784,639 |
Investments Classified by Contractual Maturity Date | Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Due within one year $ 286,567 $ 286,577 $ 706,826 $ 706,847 Total $ 286,567 $ 286,577 $ 706,826 $ 706,847 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Equity Method Investments [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company's investments accounted for under the equity method of accounting as of March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 ABS $ 23,198 $ 40,977 Atalanta Sosnoff 10,944 10,948 Luminis 6,560 6,158 Seneca Evercore 513 507 Total $ 41,215 $ 58,590 |
Private Equity Funds [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company's investments in the private equity funds as of March 31, 2022 and December 31, 2021 was as follows: March 31, 2022 December 31, 2021 Glisco II, Glisco III and Glisco IV $ 3,519 $ 3,479 Trilantic IV, Trilantic V and Trilantic VI 2,773 12,210 Total Private Equity Funds $ 6,292 $ 15,689 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Supplemental Operating Lease Information [Table Text Block] | Other information as it relates to the Company's operating leases is as follows: For the Three Months Ended March 31, 2022 2021 New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 5,589 $ 1,864 March 31, 2022 March 31, 2021 Weighted-average remaining lease term - operating leases 10.7 years 11.4 years Weighted-average discount rate - operating leases 3.90 % 4.06 % |
Maturities of Undiscounted Operating Lease Liabilities | As of March 31, 2022, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows: 2022 (April 1 through December 31) $ 45,562 2023 45,653 2024 37,395 2025 39,090 2026 38,894 Thereafter 216,838 Total lease payments 423,432 Less: Tenant Improvement Allowances (5,949) Less: Imputed Interest (79,713) Present value of lease liabilities 337,770 Less: Current lease liabilities (49,002) Long-term lease liabilities $ 288,768 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total Debt Securities Carried by EGL $ 489,590 $ — $ — $ 489,590 Other Debt and Equity Securities (1) 290,343 — — 290,343 Investment Funds 162,425 — — 162,425 Total Assets Measured At Fair Value $ 942,358 $ — $ — $ 942,358 December 31, 2021 Level 1 Level 2 Level 3 Total Debt Securities Carried by EGL $ 784,842 $ — $ — $ 784,842 Other Debt and Equity Securities (1) 710,706 — — 710,706 Investment Funds 150,873 — — 150,873 Total Assets Measured At Fair Value $ 1,646,421 $ — $ — $ 1,646,421 (1) Includes $2,897 and $3,000 of treasury bills and notes classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021, respectively. |
Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value | The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below. March 31, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and Cash Equivalents $ 451,871 $ 451,871 $ — $ — $ 451,871 Certificates of Deposit 157,313 — 157,313 — 157,313 Receivables (1) 388,900 — 386,703 — 386,703 Contract Assets (2) 53,119 — 52,314 — 52,314 Receivable from Employees and Related Parties 23,722 — 23,722 — 23,722 Closely-held Equity Securities 656 — — 656 656 Financial Liabilities: Accounts Payable and Accrued Expenses $ 32,443 $ — $ 32,443 $ — $ 32,443 Payable to Employees and Related Parties 58,947 — 58,947 — 58,947 Notes Payable (3) 375,361 — 364,821 — 364,821 December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Financial Assets: Cash and Cash Equivalents $ 575,317 $ 575,317 $ — $ — $ 575,317 Certificates of Deposit 141,218 — 141,218 — 141,218 Receivables (1) 439,432 — 436,749 — 436,749 Contract Assets (2) 27,037 — 25,986 — 25,986 Receivable from Employees and Related Parties 25,208 — 25,208 — 25,208 Closely-held Equity Securities 676 — — 676 676 Financial Liabilities: Accounts Payable and Accrued Expenses $ 31,633 $ — $ 31,633 $ — $ 31,633 Payable to Employees and Related Parties 58,876 — 58,876 — 58,876 Notes Payable 376,243 — 390,288 — 390,288 (1) Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (2) Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3) Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Unaudited Condensed Consolidated Statements of Financial Condition. |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Notes Payable is comprised of the following as of March 31, 2022 and December 31, 2021: Carrying Value (a) Note Maturity Date Effective Annual Interest Rate March 31, 2022 December 31, 2021 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % $ 66,863 $ 66,829 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,724 47,710 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,877 16,874 Evercore Inc. 4.34% Series E Senior Notes 8/1/2029 4.46 % 74,424 74,407 Evercore Inc. 4.44% Series F Senior Notes 8/1/2031 4.55 % 59,511 59,500 Evercore Inc. 4.54% Series G Senior Notes 8/1/2033 4.64 % 39,660 39,655 Evercore Inc. 3.33% Series H Senior Notes 8/1/2033 3.42 % 32,578 33,564 Evercore Inc. 1.97% Series I Senior Notes 8/1/2025 2.20 % 37,724 37,704 Total $ 375,361 $ 376,243 Less: Current Portion of Notes Payable (66,863) — Notes Payable $ 308,498 $ 376,243 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | March 31, 2022 2021 Subsidiary: Evercore LP 6 % 11 % Evercore Wealth Management ("EWM") (1) 25 % 23 % Real Estate Capital Advisory ("RECA") (2) — % 38 % (1) Noncontrolling Interests represent a blended rate for multiple classes of interests in EWM. |
Changes in Noncontrolling Interest | Changes in Noncontrolling Interest for the three months ended March 31, 2022 and 2021 were as follows: For the Three Months Ended March 31, 2022 2021 Beginning balance $ 314,910 $ 258,428 Comprehensive Income: Net Income Attributable to Noncontrolling Interest 19,078 21,199 Other Comprehensive Income (Loss) (273) 234 Total Comprehensive Income 18,805 21,433 Evercore LP Units Exchanged for Class A Shares (157,777) (5,714) Amortization and Vesting of LP Units 6,221 3,096 Other Items: Distributions to Noncontrolling Interests (4,740) (12,894) Issuance of Noncontrolling Interest 300 1,107 Purchase of Noncontrolling Interest (87) (367) Total Other Items (4,527) (12,154) Ending balance $ 177,632 $ 265,089 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Evercore Inc. Common Shareholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share | The calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the three months ended March 31, 2022 and 2021 are described and presented below. For the Three Months Ended March 31, 2022 2021 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,176 41,364 Basic net income per share attributable to Evercore Inc. common shareholders $ 4.03 $ 3.49 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (a) (a) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (a) (a) Diluted net income attributable to Evercore Inc. common shareholders $ 158,016 $ 144,352 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,176 41,364 Assumed exchange of LP Units for Class A Shares (a) — — Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method 2,117 2,612 Shares that are contingently issuable (b) 415 480 Diluted weighted average Class A Shares outstanding 41,708 44,456 Diluted net income per share attributable to Evercore Inc. common shareholders $ 3.79 $ 3.25 (a) The Company has outstanding Class A and E LP Units, Class K limited partnership units of Evercore LP ("Class K LP Units") and Class I limited partnership units of Evercore LP ("Class I LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the three months ended March 31, 2022 and 2021, the Class A, E, K and I 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 in the denominator of the computation of diluted net income per share attributable to Evercore Inc. common shareholders if the effect would have been dilutive were 3,943 and 4,926 for the three months ended March 31, 2022 and 2021, respectively. The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $15,066 and $17,012 for the three months ended March 31, 2022 and 2021, respectively. In computing this adjustment, the Company assumes that all Class A, E, K and I LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Inc. and that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the Class A, E, K and I LP Units will result in a dilutive computation in future periods. (b) The Company previously had outstanding Class I-P units of Evercore LP ("Class I-P Units") which were contingently exchangeable into Class I LP Units, and ultimately Class A Shares, and has outstanding Class K-P units of Evercore LP ("Class K-P Units") which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. On March 1, 2022, all of the Class I-P Units converted to Class I LP Units. See Note 14 for further information. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class I-P Units and Class K-P Units are included in diluted weighted average Class A Shares outstanding as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of |
Share-Based and Other Deferre_2
Share-Based and Other Deferred Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table presents the change in the Company's Termination Costs liability for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Beginning Balance $ 675 $ 4,589 Termination Costs Incurred 219 287 Cash Benefits Paid (564) (2,472) Non-Cash Charges (115) (25) Ending Balance $ 215 $ 2,379 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial condition that sum to the total of amounts shown in the Unaudited Condensed Consolidated Statements of Cash Flows: March 31, 2022 2021 Cash and Cash Equivalents $ 454,768 $ 410,848 Restricted Cash included in Other Assets 9,126 8,749 Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 463,894 $ 419,597 |
Segment Operating Results (Tabl
Segment Operating Results (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Information Regarding Operations By Segment | The following information presents each segment's contribution. For the Three Months Ended March 31, 2022 2021 Investment Banking Net Revenues (1) $ 704,301 $ 647,285 Operating Expenses 500,572 456,526 Other Expenses (2) — 7 Operating Income 203,729 190,752 Income from Equity Method Investments 374 169 Pre-Tax Income $ 204,103 $ 190,921 Identifiable Segment Assets $ 2,787,619 $ 2,576,598 Investment Management Net Revenues (1) $ 18,553 $ 15,025 Operating Expenses 12,918 11,569 Operating Income 5,635 3,456 Income from Equity Method Investments 2,138 2,855 Pre-Tax Income $ 7,773 $ 6,311 Identifiable Segment Assets $ 150,745 $ 149,315 Total Net Revenues (1) $ 722,854 $ 662,310 Operating Expenses 513,490 468,095 Other Expenses (2) — 7 Operating Income 209,364 194,208 Income from Equity Method Investments 2,512 3,024 Pre-Tax Income $ 211,876 $ 197,232 Identifiable Segment Assets $ 2,938,364 $ 2,725,913 (1) Net Revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended March 31, 2022 2021 Investment Banking (A) $ (7,467) $ 2,584 Investment Management 1,438 76 Total Other Revenue, net $ (6,029) $ 2,660 (A) Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,250 and $4,570 for the three months ended March 31, 2022 and 2021, respectively. (2) Other Expenses are as follows: For the Three Months Ended March 31, 2022 2021 Investment Banking Acquisition and Transition Costs $ — $ 7 Total Investment Banking — 7 Investment Management Total Investment Management — — Total Other Expenses $ — $ 7 |
Revenues Derived from Clients by Geographical Areas | The Company's revenues were derived from clients located and managed in the following geographical areas: For the Three Months Ended March 31, 2022 2021 Net Revenues: (1) United States $ 610,731 $ 460,648 Europe and Other 112,065 198,614 Latin America 6,087 388 Total $ 728,883 $ 659,650 (1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense. |
Assets by Geographic Areas | The Company's total assets are located in the following geographical areas: March 31, 2022 December 31, 2021 Total Assets: United States $ 2,446,819 $ 3,199,435 Europe and Other 491,545 603,222 Total $ 2,938,364 $ 3,802,657 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Significant Accounting Policies [Line Items] | |||
Total Assets | $ 2,938,364 | $ 3,802,657 | $ 2,725,913 |
Total Liabilities | 1,350,695 | 2,167,376 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Significant Accounting Policies [Line Items] | |||
Total Assets | 418,369 | 446,736 | |
Total Liabilities | $ 158,448 | $ 260,426 |
Revenue and Accounts Receivab_3
Revenue and Accounts Receivable - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | $ 711,768 | $ 644,701 |
Investment Banking [Member] | Advisory Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 624,564 | 511,918 |
Investment Banking [Member] | Underwriting Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 36,306 | 79,257 |
Investment Banking [Member] | Commissions and Related Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 50,898 | 53,526 |
Investment Management [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | 17,115 | 14,949 |
Investment Management [Member] | Wealth Management [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer | $ 17,115 | $ 14,949 |
Revenue and Accounts Receivab_4
Revenue and Accounts Receivable - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Contract with Customer, Asset, Net, Current [Roll Forward] | ||
Contract with Customer, Receivable, Net, Current | $ 351,668 | $ 368,346 |
Contract with Customer, Receivable, Current, Net Increase (Decrease) | (37,991) | (11,916) |
Contract with Customer, Receivable, Net, Current | 313,677 | 356,430 |
Contract with Customer, Asset, Gross, Current | 14,092 | 29,327 |
Contract with Customer, Contract Asset, Current, Net Increase (Decrease) | 30,493 | (1,527) |
Contract with Customer, Asset, Gross, Current | 44,585 | 27,800 |
Contract with Customer, Asset, Net, Noncurrent [Roll Forward] | ||
Contract with Customer, Receivable, Net, Noncurrent | 87,764 | 70,975 |
Contract with Customer, Receivable, NonCurrent, Net Increase (Decrease) | (12,541) | (2,434) |
Contract with Customer, Receivable, Net, Noncurrent | 75,223 | 68,541 |
Contract with Customer, Asset, Gross, Noncurrent | 12,945 | 5,283 |
Increase (Decrease) in Contract Receivables, Net | (4,411) | (1,111) |
Contract with Customer, Asset, Gross, Noncurrent | 8,534 | 4,172 |
Contract with Customer, Liability, Current [Roll Forward] | ||
Contract with Customer, Liability, Current | 9,257 | 9,373 |
Contract with Customer, Liability, Current, Net Increase (Decrease) | 1,827 | 3,791 |
Contract with Customer, Liability, Current | 11,084 | 13,164 |
Contract with Customer, Liability, Noncurrent [Roll Forward] | ||
Contract with Customer, Liability, Noncurrent | 147 | 147 |
Contract with Customer, Liability, Noncurrent, Net Increase (Decrease) | 0 | 0 |
Contract with Customer, Liability, Noncurrent | $ 147 | $ 147 |
Revenue and Accounts Receivab_5
Revenue and Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract With Customer Liability Revenue Recognized That Was Initially Recorded As Deferred Revenue | $ 4,208 | $ 2,467 |
Period in Which Performance Obligations Under Client Arrangements Settled | 1 year | |
Contract with Customer, Asset, Threshold Period Past Due | 120 days |
Revenue and Accounts Receivab_6
Revenue and Accounts Receivable - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 2,704 | $ 5,372 |
Bad Debt Expense | (519) | (1,738) |
Write-offs, foreign currency translation and other adjustments | (131) | (1,617) |
Ending Balance | $ 2,054 | $ 2,017 |
Revenue and Accounts Receivab_7
Revenue and Accounts Receivable - Long-Term Accounts Receivable and Contract Assets (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue from Contract with Customer [Abstract] | |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | $ 2,144 |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 55,323 |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 20,651 |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 4,392 |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 1,114 |
Accounts Receivable, Noncurrent, Originated, More than Five Years before Current Fiscal Year | 133 |
Accounts Receivable, Noncurrent, Not Past Due | $ 83,757 |
Related Parties Additional Info
Related Parties Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other Assets [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Noncurrent | $ 19,041 | $ 20,397 | |
Investment Banking [Member] | Director [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 2,860 | $ 5,612 |
Investment Securities and Cer_3
Investment Securities and Certificates of Deposit - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 286,567 | $ 706,826 |
Debt Securities, Available-for-sale | 286,577 | 706,847 |
Investment Securities, Amortized Cost Basis | 921,555 | 1,603,987 |
Investment Securities, Accumulated Gross Unrealized Gain, before Tax | 17,906 | 39,464 |
Investment Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 30 |
Investment Securities | 939,461 | 1,643,421 |
Certificates of Deposit, at Carrying Value | 157,313 | 141,218 |
Investment Securities and Certificates of Deposit | 1,096,774 | 1,784,639 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 286,567 | 706,826 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 10 | 37 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 16 |
Debt Securities, Available-for-sale | 286,577 | 706,847 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Cost | 666 | 666 |
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 203 | 193 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | 869 | 859 |
Debt Securities Carried by EGL | ||
Debt Securities, Available-for-sale [Line Items] | ||
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 49 | 43 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 14 |
Debt Securities, Trading, Amortized Cost | 489,541 | 784,813 |
Debt Securities, Trading | 489,590 | 784,842 |
Investment Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Cost | 144,781 | 111,682 |
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 17,644 | 39,191 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Equity Securities, FV-NI | $ 162,425 | $ 150,873 |
Investment Securities and Cer_4
Investment Securities and Certificates of Deposit - Scheduled Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, amortized cost | $ 286,567 | $ 706,826 |
Debt Securities, Available-for-sale, Amortized Cost | 286,567 | 706,826 |
Due within one year, fair value | 286,577 | 706,847 |
Total, fair value | $ 286,577 | $ 706,847 |
Investment Securities and Cer_5
Investment Securities and Certificates of Deposit - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule Of Marketable Securities [Line Items] | |||
Certificates of Deposit, at Carrying Value | $ 157,313 | $ 141,218 | |
Certificates of Deposit | |||
Schedule Of Marketable Securities [Line Items] | |||
Cash and Cash Equivalents Maturity | 4 months | ||
Debt Securities [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Investment Securities, Realized Gains (Losses) | $ (34) | $ (11) | |
Equity Securities [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Investment Securities, Realized and Unrealized Gains (Losses) | 11 | 2,128 | |
Debt Securities Carried by EGL | |||
Schedule Of Marketable Securities [Line Items] | |||
Investment Securities, Realized and Unrealized Gains (Losses) | 21 | (5) | |
Investment Funds [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Investment Securities, Realized and Unrealized Gains (Losses) | $ (5,163) | $ 6,228 |
Investments - Summary of Other
Investments - Summary of Other Equity Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 41,215 | $ 58,590 |
ABS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 23,198 | 40,977 |
Atalanta Sosnoff [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 10,944 | 10,948 |
Luminis [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 6,560 | 6,158 |
Seneca Evercore [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 513 | $ 507 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands | Jul. 07, 2021USD ($)director | Dec. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 28, 2022 | Jan. 31, 2022 |
Schedule of Investments [Line Items] | ||||||
Income from Equity Method Investments | $ 2,512 | $ 3,024 | ||||
Net Realized and Unrealized Gains (Losses) on Private Equity Fund Investments | (83) | 39 | ||||
Previously Received Carried Interest Subject to Repayment | 696 | |||||
Total Assets | $ 3,802,657 | 2,938,364 | 2,725,913 | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 5,715 | 5,473 | ||||
Equity Securities without Readily Determinable Fair Value, Amount | 676 | 656 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Total Assets | 3,408 | 3,174 | ||||
Equity Method Investments [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Amortization of Intangible Assets | $ 79 | 79 | ||||
ABS [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 26.00% | 26.00% | 46.00% | |||
Proceeds from Sale of Equity Method Investments | $ 18,300 | |||||
Income from Equity Method Investments | 1,199 | 2,195 | ||||
ABS [Member] | Other Revenue, Including Interest and Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 1,294 | |||||
Atalanta Sosnoff [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 49.00% | |||||
Income from Equity Method Investments | $ 939 | 660 | ||||
Luminis [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Income from Equity Method Investments | $ 288 | $ 169 | ||||
Seneca Evercore [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Income from Equity Method Investments | $ 86 | |||||
Payments to Acquire Equity Method Investments | $ 500 | |||||
Number of Directors | director | 1 | |||||
Glisco [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | 221 | |||||
Trilantic VI [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Proceeds from Sale of Equity Method Investments | $ 9,188 |
Investments - Summary of Invest
Investments - Summary of Investments in Private Equity Funds (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 41,215 | $ 58,590 |
Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 6,292 | 15,689 |
Glisco II, III and IV [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 3,519 | 3,479 |
Trilantic IV, V and VI [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 2,773 | $ 12,210 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 12,840 | $ 12,166 | |
Variable Lease, Cost | 1,900 | 1,852 | |
Operating Lease, Payments | 14,811 | 10,091 | |
Operating Lease, Incentive Payments Received | 332 | 3,441 | |
Lessee, Additional Payments for Operating Leases Not Yet Commenced | $ 228,349 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 13 years | ||
Letter of Credit [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Other Assets | $ 5,616 | $ 5,616 | |
Office Equipment [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 1,243 | $ 1,507 |
Leases - Supplemental Operating
Leases - Supplemental Operating Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,589 | $ 1,864 |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 8 months 12 days | 11 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 4.06% |
Leases - Maturities of Undiscou
Leases - Maturities of Undiscounted Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (April 1 through December 31) | $ 45,562 | |
2023 | 45,653 | |
2024 | 37,395 | |
2025 | 39,090 | |
2026 | 38,894 | |
Thereafter | 216,838 | |
Total lease payments | 423,432 | |
Tenant Improvement Allowances | (5,949) | |
Imputed Interest | (79,713) | |
Operating Lease, Liability | 337,770 | |
Current Operating Lease Liabilities | (49,002) | $ (47,321) |
Long-term Operating Lease Liabilities | $ 288,768 | $ 297,473 |
Fair Value Measurements - Categ
Fair Value Measurements - Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 942,358 | $ 1,646,421 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 942,358 | 1,646,421 |
Cash and Cash Equivalents | 451,871 | 575,317 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash and Cash Equivalents | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash and Cash Equivalents | 0 | 0 |
Debt Securities Carried by EGL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 489,590 | 784,842 |
Debt Securities Carried by EGL | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 489,590 | 784,842 |
Debt Securities Carried by EGL | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Debt Securities Carried by EGL | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Other Debt and Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 290,343 | 710,706 |
Other Debt and Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 290,343 | 710,706 |
Other Debt and Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Other Debt and Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 162,425 | 150,873 |
Investment Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 162,425 | 150,873 |
Investment Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Investment Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Treasury Bills, Municipal Bonds and Commercial Paper [Member] | Other Debt and Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 2,897 | $ 3,000 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Level 1 [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | $ 451,871 | $ 575,317 |
Certificates of Deposit, at Carrying Value | 0 | 0 |
Receivables(1) | 0 | 0 |
Contract Assets(2) | 0 | 0 |
Receivable from Employees and Related Parties | 0 | 0 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Notes Payable(3) | 0 | 0 |
Level 2 [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit, at Carrying Value | 157,313 | 141,218 |
Receivables(1) | 386,703 | 436,749 |
Contract Assets(2) | 52,314 | 25,986 |
Receivable from Employees and Related Parties | 23,722 | 25,208 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 32,443 | 31,633 |
Payable to Employees and Related Parties | 58,947 | 58,876 |
Notes Payable(3) | 364,821 | 390,288 |
Level 3 [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit, at Carrying Value | 0 | 0 |
Receivables(1) | 0 | 0 |
Contract Assets(2) | 0 | 0 |
Receivable from Employees and Related Parties | 0 | 0 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Notes Payable(3) | 0 | 0 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 451,871 | 575,317 |
Certificates of Deposit, at Carrying Value | 157,313 | 141,218 |
Receivables(1) | 388,900 | 439,432 |
Contract Assets(2) | 53,119 | 27,037 |
Receivable from Employees and Related Parties | 23,722 | 25,208 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 32,443 | 31,633 |
Payable to Employees and Related Parties | 58,947 | 58,876 |
Notes Payable(3) | 375,361 | 376,243 |
Total [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 451,871 | 575,317 |
Certificates of Deposit, at Carrying Value | 157,313 | 141,218 |
Receivables(1) | 386,703 | 436,749 |
Contract Assets(2) | 52,314 | 25,986 |
Receivable from Employees and Related Parties | 23,722 | 25,208 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 32,443 | 31,633 |
Payable to Employees and Related Parties | 58,947 | 58,876 |
Notes Payable(3) | 364,821 | 390,288 |
Equity Securities [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Investments | 656 | 676 |
Equity Securities [Member] | Carrying Amount [Member] | ||
Financial Assets: | ||
Investments | 656 | 676 |
Equity Securities [Member] | Total [Member] | ||
Financial Assets: | ||
Investments | $ 656 | $ 676 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) | Aug. 01, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022 | Mar. 29, 2021USD ($) | Aug. 01, 2019GBP (£) | Mar. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Minimum Repayment of Aggregate Principal Amount of Senior Notes (as a percent) | 5.00% | |||||
Outstanding Principal Amount of Senior Notes (as a percent) | 100.00% | |||||
Parent Company [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 38,000,000 | $ 170,000,000 | ||||
Long-term Debt, Weighted Average Life | 12 years | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time (as a percent) | 4.26% | 4.26% | ||||
Parent Company [Member] | Senior Notes [Member] | United States of America, Dollars | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 175,000,000 | |||||
Parent Company [Member] | Senior Notes [Member] | United Kingdom, Pounds | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||
Parent Company [Member] | Series A Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 38,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |||||
Repayments of Senior Debt | $ 38,000,000 | |||||
Parent Company [Member] | Series B Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 67,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.23% | |||||
Parent Company [Member] | Series C Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 48,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.48% | |||||
Parent Company [Member] | Series D Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 17,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | |||||
Parent Company [Member] | Series E Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 75,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | 4.34% | ||||
Parent Company [Member] | Series F Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 60,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.44% | 4.44% | ||||
Parent Company [Member] | Series G Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 40,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | 4.54% | ||||
Parent Company [Member] | Series H Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.33% | 3.33% | ||||
Parent Company [Member] | Series I Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 38,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.97% |
Notes Payable - Schedule of Deb
Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Current Portion of Notes Payable | $ (66,863) | $ 0 |
Notes Payable | 308,498 | 376,243 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | 375,361 | 376,243 |
Current Portion of Notes Payable | (66,863) | 0 |
Notes Payable | $ 308,498 | 376,243 |
Senior Notes [Member] | Series B Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 5.44% | |
Carrying Value | $ 66,863 | 66,829 |
Senior Notes [Member] | Series C Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 5.64% | |
Carrying Value | $ 47,724 | 47,710 |
Senior Notes [Member] | Series D Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 5.72% | |
Carrying Value | $ 16,877 | 16,874 |
Senior Notes [Member] | Series E Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 4.46% | |
Carrying Value | $ 74,424 | 74,407 |
Senior Notes [Member] | Series F Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 4.55% | |
Carrying Value | $ 59,511 | 59,500 |
Senior Notes [Member] | Series G Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 4.64% | |
Carrying Value | $ 39,660 | 39,655 |
Senior Notes [Member] | Series H Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 3.42% | |
Carrying Value | $ 32,578 | 33,564 |
Senior Notes [Member] | Series I Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate (as a percent) | 2.20% | |
Carrying Value | $ 37,724 | $ 37,704 |
Evercore Inc. Stockholders' E_2
Evercore Inc. Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 26, 2022 | Feb. 24, 2022 | Mar. 31, 2022 |
Temporary Equity [Line Items] | |||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.68 | ||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.68 | ||
Declared and Paid Dividends, Cash | $ 27,505 | ||
Treasury Stock, Shares, Acquired (in shares) | 1,991 | ||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 128.14 | ||
Increase in Treasury Stock | $ 255,141 | ||
LP Units Exchanged By Employees (in units) | 2,545 | 2,546 | |
Increase in Common Stock | $ 26 | ||
Adjustments to Additional Paid-In-Capital | 157,751 | ||
Accumulated Unrealized Gain (Loss) on Securities and Investments | (5,538) | ||
Foreign Currency Translation Adjustment Gain (Loss), Net | $ (9,292) | ||
Share Repurchase Program [Member] | |||
Temporary Equity [Line Items] | |||
Treasury Stock, Shares, Acquired (in shares) | 1,076 | ||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 127.37 | ||
Net Settlement of Share Based Awards [Member] | |||
Temporary Equity [Line Items] | |||
Treasury Stock, Shares, Acquired (in shares) | 915 | ||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 129.04 | ||
Dividends Accrued [Member] | |||
Temporary Equity [Line Items] | |||
Accrued Deferred Cash Dividends | $ 4,128 | ||
Dividend Paid [Member] | |||
Temporary Equity [Line Items] | |||
Accrued Deferred Cash Dividends | $ 14,114 | ||
Subsequent Event [Member] | |||
Temporary Equity [Line Items] | |||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.72 |
Noncontrolling Interest - Sched
Noncontrolling Interest - Schedule of Noncontrolling Interest (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Evercore LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 6.00% | 11.00% |
Evercore Wealth Management [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 25.00% | 23.00% |
Real Estate Capital Advisory [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 0.00% | 38.00% |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | Feb. 24, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2023 |
Noncontrolling Interest [Line Items] | ||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 6 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (273) | 228 | ||||
LP Units Exchanged By Employees (in units) | 2,545 | 2,546 | ||||
Evercore LP Units Exchanged for Class A Shares | $ 4,283 | $ 1,498 | ||||
Adjustments to Additional Paid-In-Capital | 157,751 | |||||
Increase in Common Stock | $ 26 | |||||
Class A [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Conversion of Stock, Shares Issued | 2,545 | |||||
Evercore Wealth Management [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest (as a percent) | 25.00% | 23.00% | ||||
Adjustments to Additional Paid-In-Capital | $ (1,361) | $ (2,826) | ||||
Issuance of Noncontrolling Interest | $ 975 | |||||
Noncontrolling Interest, Purchase Of Interest (as a percent) | 0.40% | 1.00% | ||||
Purchase Of Noncontrolling Interest | $ 1,448 | $ 3,170 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 87 | $ 344 | ||||
Evercore Wealth Management [Member] | Minimum [Member] | Forecast [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest (as a percent) | 25.00% | |||||
Noncontrolling Interest, Ownership Percentage After Purchase Option | 25.00% | |||||
Noncontrolling Interest, Percent Noncontrolling Interest Members May Reduce Outstanding Interest To | 25.00% | |||||
Real Estate Capital Advisory [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest (as a percent) | 0.00% | 38.00% | ||||
Adjustments to Additional Paid-In-Capital | $ (47,160) | |||||
Purchase Of Noncontrolling Interest | $ 54,297 | $ 27,710 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 7,137 | |||||
Real Estate Capital Advisory [Member] | Cash and Cash Equivalents | ||||||
Noncontrolling Interest [Line Items] | ||||||
Purchase Of Noncontrolling Interest | 6,000 | |||||
Real Estate Capital Advisory [Member] | Other Noncurrent Liabilities | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Purchase of Interest, Contingent Consideration, Liability, Noncurrent | $ 20,587 | $ 20,010 | $ 20,587 | |||
Evercore LP [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest (as a percent) | 6.00% | 11.00% | ||||
Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Evercore LP Units Exchanged for Class A Shares | $ (157,777) | $ (5,714) | ||||
Issuance of Noncontrolling Interest | 300 | 1,107 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 87 | 367 | ||||
Common Stock [Member] | Class A [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Evercore LP Units Exchanged for Class A Shares | $ 26 | $ 1 |
Noncontrolling Interest - Chang
Noncontrolling Interest - Changes In Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 314,910 | ||
Comprehensive Income: | |||
Net Income Attributable to Noncontrolling Interest | 19,078 | $ 21,199 | |
Total Comprehensive Income | 18,805 | 21,433 | |
Evercore LP Units Exchanged for Class A Shares | 4,283 | 1,498 | |
Total Other Items | (5,888) | (14,980) | |
Ending balance | 177,632 | $ 314,910 | |
Noncontrolling Interest [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | 314,910 | 258,428 | 258,428 |
Comprehensive Income: | |||
Net Income Attributable to Noncontrolling Interest | 19,078 | 21,199 | |
Other Comprehensive Income (Loss) | (273) | 234 | |
Total Comprehensive Income | 18,805 | 21,433 | |
Evercore LP Units Exchanged for Class A Shares | (157,777) | (5,714) | |
Amortization and Vesting of LP Units | 6,221 | 3,096 | |
Distributions to Noncontrolling Interests | (4,740) | (12,894) | |
Issuance of Noncontrolling Interest | 300 | 1,107 | |
Purchase of Noncontrolling Interest | (87) | (367) | |
Total Other Items | (4,527) | (12,154) | |
Ending balance | $ 177,632 | $ 265,089 | $ 314,910 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,176 | 41,364 |
Basic net income per share attributable to Evercore Inc. common shareholders | $ 4.03 | $ 3.49 |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,176 | 41,364 |
Diluted weighted average Class A Shares outstanding | 41,708 | 44,456 |
Diluted net income per share attributable to Evercore Inc. common shareholders | $ 3.79 | $ 3.25 |
Class A [Member] | ||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||
Net income attributable to Evercore Inc. common shareholders | $ 158,016 | $ 144,352 |
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,176 | 41,364 |
Basic net income per share attributable to Evercore Inc. common shareholders | $ 4.03 | $ 3.49 |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||
Net income attributable to Evercore Inc. common shareholders | $ 158,016 | $ 144,352 |
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares | ||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above | ||
Diluted net income attributable to Evercore Inc. common shareholders | $ 158,016 | $ 144,352 |
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,176 | 41,364 |
Assumed exchange of LP Units for Class A Shares (in shares) | 0 | 0 |
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 (in shares) | 2,117 | 2,612 |
Shares that are contingently issuable (in shares) | 415 | 480 |
Diluted weighted average Class A Shares outstanding | 41,708 | 44,456 |
Diluted net income per share attributable to Evercore Inc. common shareholders | $ 3.79 | $ 3.25 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Additional Information (Details) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2016 | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($)shares | |
Class I-P and K-P Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares that are Contingently Issuable (in shares) | 415 | 480 | |
LP Units [Member] | Class A, E, K and I LP Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 3,943 | 4,926 | |
Adjustment to Diluted Net Income Attributable to Class A Common Shareholders if LP Units were Dilutive | $ | $ 15,066 | $ 17,012 | |
LP Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 |
Share-Based and Other Deferre_3
Share-Based and Other Deferred Compensation (Details) $ / shares in Units, $ in Thousands | Mar. 01, 2022USD ($) | Mar. 01, 2021USD ($) | Mar. 01, 2020USD ($) | Mar. 01, 2019USD ($) | Dec. 31, 2021USD ($)shares | Mar. 31, 2021USD ($) | Jun. 30, 2019shares | Nov. 30, 2017shares | Nov. 30, 2016USD ($)shares | Mar. 31, 2022USD ($)Installments$ / sharesshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020shares | Dec. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Severance Costs | $ 219 | $ 287 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted Stock Units Related to Restructuring | shares | 7,000 | 3,000 | ||||||||||||
Employee Compensation and Benefits | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Severance Costs | $ 414 | $ 284 | ||||||||||||
LP Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | ||||||||||||
Amended Two Thousand Sixteen Stock Incentive Plan [Member] | Class A [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of Additional Shares Authorized (in shares) | shares | 6,000,000 | |||||||||||||
Number of Shares Available for Grant (in shares) | shares | 1,480,000 | |||||||||||||
Long Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 15,285 | 4,893 | ||||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 44,477 | $ 48,461 | 3,940 | $ 92,938 | ||||||||||
Long Term Incentive Plan [Member] | Current Liabilities [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 48,404 | |||||||||||||
Long Term Incentive Plan [Member] | Noncurrent Liabilities [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 43,088 | |||||||||||||
Class I-P Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period | shares | 400,000 | |||||||||||||
Class I-P Units [Member] | Board of Directors Chairman [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant of I-P Units (in units) | shares | 400,000 | |||||||||||||
Compensation Expense | $ 753 | 1,236 | ||||||||||||
Class K-P Units [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period | shares | 80,000 | |||||||||||||
Compensation Expense | $ 5,468 | 1,860 | ||||||||||||
Grant of K-P Units (in units) | shares | 400,000 | 220,000 | 64,000 | |||||||||||
K-P Units to be Granted Upon Achievement of Benchmarks (in units) | shares | 1,180,000 | |||||||||||||
Grant of K-P Units, Fair Value of Award | $ 96,174 | |||||||||||||
Class K Units Probable of Achievement (in units) | shares | 876,000 | |||||||||||||
Class K-P Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant of K-P Units (in units) | shares | 120,000 | |||||||||||||
Class K-P Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant of K-P Units (in units) | shares | 100,000 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award Vesting Period | 4 years | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Amended Two Thousand Sixteen Stock Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares Issued During Period (in shares) | shares | 2,619,000 | |||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 126.76 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 332,010 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Amended Two Thousand Sixteen Stock Incentive Plan [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 114.45 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Amended Two Thousand Sixteen Stock Incentive Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 137.59 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | 2006 and 2016 Stock Incentive Plans [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Compensation Expense | $ 60,247 | 51,708 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 2,079,000 | |||||||||||||
Shares Forfeited During Period (in shares) | shares | 27,000 | |||||||||||||
Deferred Cash Compensation Program [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation, Vesting Period (in years) | 4 years | |||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 30,537 | 30,889 | ||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 330,137 | |||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Cost Not Yet Recognized | $ 259,530 | |||||||||||||
Deferred Compensation Arrangement With Individual, Total Compensation Cost Not Yet Recognized Period For Recognition | 29 months | |||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 123,729 | |||||||||||||
Restricted Cash Award [Member] | Board of Directors Chairman [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 35,000 | |||||||||||||
Deferred Compensation Arrangement With Individual Cash Award Tranche One Vesting Amount | $ 11,000 | |||||||||||||
Deferred Compensation Arrangement With Individual Cash Award Tranche Two Vesting Amount | $ 6,000 | |||||||||||||
Deferred Compensation Arrangement With Individual Cash Award Tranche Three Vesting Amount | $ 6,000 | |||||||||||||
Deferred Compensation Arrangement With Individual Tranche Four Vesting Amount | $ 6,000 | |||||||||||||
Deferred Compensation Arrangement with Individual Cash Award Tranche Five Vesting Amount | $ 6,000 | |||||||||||||
Retirement Notice Requirement | 6 months | |||||||||||||
Restricted Cash Award [Member] | Board of Directors Chairman [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 8,750 | |||||||||||||
Restricted Cash Award [Member] | Board of Directors Chairman [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 35,000 | |||||||||||||
Other Deferred Cash [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement Compensation Expense | 4,820 | 3,341 | ||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 19,861 | $ 29,500 | ||||||||||||
Deferred Compensation Arrangement with Individual, Number of Installments | Installments | 5 | |||||||||||||
Other Deferred Cash [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation, Vesting Period (in years) | 1 year | |||||||||||||
Other Deferred Cash [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation, Vesting Period (in years) | 2 years | |||||||||||||
2017 Long-term Incentive Plan [Member] | Long Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Cost Not Yet Recognized | $ 6,418 | |||||||||||||
Long Term Incentive Plan Performance Period (in years) | 4 years | |||||||||||||
2021 Long Term Incentive Plan | Long Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Cost Not Yet Recognized | $ 208,652 | |||||||||||||
Employee Loans [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Deferred Compensation Arrangement Compensation Expense | 5,452 | $ 4,149 | ||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 41,364 | |||||||||||||
Employee Loans [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Requisite Service Period (in years) | 1 year | |||||||||||||
Employee Loans [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Requisite Service Period (in years) | 5 years |
Share-Based and Other Deferre_4
Share-Based and Other Deferred Compensation - Schedule of Changes in Termination Costs Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 675 | $ 4,589 |
Termination Costs Incurred | 219 | 287 |
Cash Benefits Paid | (564) | (2,472) |
Non-Cash Charges | (115) | (25) |
Ending Balance | $ 215 | $ 2,379 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Oct. 29, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Oct. 30, 2020 | Jun. 24, 2016 |
Other Commitments [Line Items] | ||||||
Unfunded Commitments for Capital Contributions | $ 2,695,000 | |||||
Cash Paid For Contingent Consideration | $ 270,000 | |||||
Other Noncurrent Liabilities | Real Estate Capital Advisory [Member] | ||||||
Other Commitments [Line Items] | ||||||
Noncontrolling Interest, Purchase of Interest, Contingent Consideration, Liability, Noncurrent | 20,010,000 | $ 20,587,000 | ||||
Secured Line of Credit [Member] | PNC Bank [Member] | ||||||
Other Commitments [Line Items] | ||||||
Maximum Borrowing Capacity | $ 30,000,000 | |||||
Short-Term Borrowings | 0 | |||||
Secured Line of Credit [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Other Commitments [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | ||||||
Other Commitments [Line Items] | ||||||
Maximum Borrowing Capacity | $ 55,000,000 | $ 30,000,000 | ||||
Short-Term Borrowings | 0 | |||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | EGL [Member] | ||||||
Other Commitments [Line Items] | ||||||
Maximum Borrowing Capacity | $ 75,000,000 | |||||
Short-Term Borrowings | $ 0 | |||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Other Commitments [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | EGL [Member] | ||||||
Other Commitments [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
- Commitments and Contingencies
- Commitments and Contingencies - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Cash and Cash Equivalents | $ 454,768 | $ 578,317 | $ 410,848 | |
Restricted Cash included in Other Assets | 9,126 | 8,749 | ||
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ 463,894 | $ 587,293 | $ 419,597 | $ 838,224 |
Regulatory Authorities (Details
Regulatory Authorities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
EGL [Member] | ||
Regulatory Authorities [Line Items] | ||
Broker-Dealer, Minimum Net Capital Required, Alternative Standard | $ 250,000 | |
Broker-Dealer, Net Capital | 412,184,000 | $ 660,032,000 |
Broker-Dealer, Excess Net Capital, Alternative Standard | 411,934,000 | $ 659,782,000 |
Evercore Trust Company [Member] | ||
Regulatory Authorities [Line Items] | ||
Tier One Capital | 5,000,000 | |
Minimum Liquid Assets, Amount | $ 3,500,000 | |
Coverage of Operating Expenses (in days) | 180 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for Income Taxes | $ 34,782 | $ 31,681 |
Effective Income Tax Rate | 16.40% | 16.10% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ (19,036) | $ (16,669) |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent | (9.00%) | (8.50%) |
Increase (Decrease) In Deferred Tax Assets Associated With Changes In Unrealized Gain Loss On Marketable Securities In Accumulated Other Comprehensive Income Loss | $ (1) | $ (13) |
Increase (Decrease) In Deferred Tax Assets Associated With Changes In Foreign Currency Translation Adjustment Gain Loss In Accumulated Other Comprehensive Income Loss | 965 | $ (638) |
Unrecognized Tax Benefits | 254 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 206 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 7 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 1 |
Segment Operating Results - Add
Segment Operating Results - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment Operating Results (Deta
Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Revenues | $ 722,854 | $ 662,310 | |
Operating Expenses | 513,490 | 468,095 | |
Other Expenses | 0 | 7 | |
Income Before Income from Equity Method Investments and Income Taxes | 209,364 | 194,208 | |
Income from Equity Method Investments | 2,512 | 3,024 | |
Pre-Tax Income | 211,876 | 197,232 | |
Identifiable Segment Assets | 2,938,364 | 2,725,913 | $ 3,802,657 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 704,301 | 647,285 | |
Operating Expenses | 500,572 | 456,526 | |
Other Expenses | 0 | 7 | |
Income Before Income from Equity Method Investments and Income Taxes | 203,729 | 190,752 | |
Income from Equity Method Investments | 374 | 169 | |
Pre-Tax Income | 204,103 | 190,921 | |
Identifiable Segment Assets | 2,787,619 | 2,576,598 | |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 18,553 | 15,025 | |
Operating Expenses | 12,918 | 11,569 | |
Other Expenses | 0 | 0 | |
Income Before Income from Equity Method Investments and Income Taxes | 5,635 | 3,456 | |
Income from Equity Method Investments | 2,138 | 2,855 | |
Pre-Tax Income | 7,773 | 6,311 | |
Identifiable Segment Assets | $ 150,745 | $ 149,315 |
Segment Operating Results - (Fo
Segment Operating Results - (Footnotes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Other Revenue, net | $ (6,029) | $ 2,660 |
Acquisition and Transition Costs | 0 | 7 |
Total Other Expenses | 0 | 7 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, net | (7,467) | 2,584 |
Interest expense on Notes Payable and Line of Credit | 4,250 | 4,570 |
Acquisition and Transition Costs | 0 | 7 |
Total Other Expenses | 0 | 7 |
Investment Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, net | 1,438 | 76 |
Total Other Expenses | $ 0 | $ 0 |
Segment Operating Results - Rev
Segment Operating Results - Revenues Derived from Clients by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net Revenues | $ 728,883 | $ 659,650 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Revenues | 610,731 | 460,648 |
Europe And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Revenues | 112,065 | 198,614 |
Latin America [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Revenues | $ 6,087 | $ 388 |
Segment Operating Results - Ass
Segment Operating Results - Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 2,938,364 | $ 3,802,657 | $ 2,725,913 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 2,446,819 | 3,199,435 | |
Europe And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 491,545 | $ 603,222 |