QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements |
Condensed Consolidated Financial Statements (Unaudited) | Page | ||||
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and Cash Equivalents | $ | $ | |||||||||
Investment Securities and Certificates of Deposit (includes available-for-sale debt securities with an amortized cost of $ | |||||||||||
Accounts Receivable (net of allowances of $ | |||||||||||
Receivable from Employees and Related Parties | |||||||||||
Other Current Assets | |||||||||||
Total Current Assets | |||||||||||
Investments | |||||||||||
Deferred Tax Assets | |||||||||||
Operating Lease Right-of-Use Assets | |||||||||||
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $ | |||||||||||
Goodwill | |||||||||||
Intangible Assets (net of accumulated amortization of $ | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Accrued Compensation and Benefits | $ | $ | |||||||||
Accounts Payable and Accrued Expenses | |||||||||||
Payable to Employees and Related Parties | |||||||||||
Operating Lease Liabilities | |||||||||||
Taxes Payable | |||||||||||
Other Current Liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Operating Lease Liabilities | |||||||||||
Notes Payable | |||||||||||
Amounts Due Pursuant to Tax Receivable Agreements | |||||||||||
Other Long-term Liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies (Note 15) | |||||||||||
Equity | |||||||||||
Evercore Inc. Stockholders' Equity | |||||||||||
Common Stock | |||||||||||
Class A, par value $ | |||||||||||
Class B, par value $ | |||||||||||
Additional Paid-In-Capital | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ( | ( | |||||||||
Retained Earnings | |||||||||||
Treasury Stock at Cost ( | ( | ( | |||||||||
Total Evercore Inc. Stockholders' Equity | |||||||||||
Noncontrolling Interest | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||
Advisory Fees | $ | $ | $ | $ | |||||||||||||||||||
Underwriting Fees | |||||||||||||||||||||||
Commissions and Related Revenue | |||||||||||||||||||||||
Asset Management and Administration Fees | |||||||||||||||||||||||
Other Revenue, Including Interest and Investments | ( | ( | |||||||||||||||||||||
Total Revenues | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Employee Compensation and Benefits | |||||||||||||||||||||||
Occupancy and Equipment Rental | |||||||||||||||||||||||
Professional Fees | |||||||||||||||||||||||
Travel and Related Expenses | |||||||||||||||||||||||
Communications and Information Services | |||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
Execution, Clearing and Custody Fees | |||||||||||||||||||||||
Special Charges, Including Business Realignment Costs | |||||||||||||||||||||||
Acquisition and Transition Costs | |||||||||||||||||||||||
Other Operating Expenses | |||||||||||||||||||||||
Total Expenses | |||||||||||||||||||||||
Income Before Income from Equity Method Investments and Income Taxes | |||||||||||||||||||||||
Income from Equity Method Investments | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Provision for Income Taxes | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | |||||||||||||||||||||||
Net Income Attributable to Evercore Inc. | $ | $ | $ | $ | |||||||||||||||||||
Net Income Attributable to Evercore Inc. Common Shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Shares of Class A Common Stock Outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||||||||||
Unrealized Gain on Securities and Investments, net | |||||||||||||||||||||||
Foreign Currency Translation Adjustment Gain (Loss), net | ( | ( | |||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | |||||||||||||||||||||||
Comprehensive Income Attributable to Evercore Inc. | $ | $ | $ | $ |
For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 12) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | — | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 12) | — | — | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 12) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Paid-In | Comprehensive | Retained | Treasury Stock | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Capital | Income (Loss) | Earnings | Shares | Dollars | Interest | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock Purchases | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Common Stock | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation Awards | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest (Note 12) | — | — | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities: | |||||||||||
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration | ( | ||||||||||
Equity Method Investments, Including Gain on Sale | |||||||||||
Equity-Based and Other Deferred Compensation | |||||||||||
Noncash Lease Expense | |||||||||||
Depreciation, Amortization and Accretion | |||||||||||
Bad Debt Expense | ( | ||||||||||
Deferred Taxes | ( | ||||||||||
Decrease (Increase) in Operating Assets: | |||||||||||
Investment Securities | ( | ( | |||||||||
Accounts Receivable | |||||||||||
Receivable from Employees and Related Parties | |||||||||||
Other Assets | ( | ( | |||||||||
(Decrease) Increase in Operating Liabilities: | |||||||||||
Accrued Compensation and Benefits | ( | ( | |||||||||
Accounts Payable and Accrued Expenses | |||||||||||
Payables to Employees and Related Parties | |||||||||||
Taxes Payable | ( | ( | |||||||||
Other Liabilities | ( | ( | |||||||||
Net Cash Provided by (Used In) Operating Activities | ( | ||||||||||
Cash Flows From Investing Activities | |||||||||||
Investments Purchased | ( | ||||||||||
Proceeds from Redemption of G5 Debt Security in 2021 and Sale of Investments in 2022 | |||||||||||
Distributions of Private Equity Investments | |||||||||||
Investment Securities: | |||||||||||
Proceeds from Sales and Maturities of Investment Securities | |||||||||||
Purchases of Investment Securities | ( | ( | |||||||||
Maturity of Certificates of Deposit | |||||||||||
Purchase of Certificates of Deposit | ( | ( | |||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | ( | ( | |||||||||
Net Cash Provided by Investing Activities | |||||||||||
Cash Flows From Financing Activities | |||||||||||
Issuance of Noncontrolling Interests | |||||||||||
Distributions to Noncontrolling Interests | ( | ( | |||||||||
Payment of Notes Payable | ( | ( | |||||||||
Issuance of Notes Payable | |||||||||||
Debt Issuance Costs and Make-Whole Amount | ( | ( | |||||||||
Purchase of Treasury Stock and Noncontrolling Interests | ( | ( | |||||||||
Dividends | ( | ( | |||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ( | |||||||||
Effect of Exchange Rate Changes on Cash | ( | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ( | |||||||||
Cash, Cash Equivalents and Restricted Cash – Beginning of Period | |||||||||||
Cash, Cash Equivalents and Restricted Cash – End of Period | $ | $ | |||||||||
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||||||||||
Payments for Interest | $ | $ | |||||||||
Payments for Income Taxes | $ | $ | |||||||||
Accrued Dividends | $ | $ | |||||||||
Settlement of Sale of Trilantic VI | $ | $ | |||||||||
Receipt of Equity Securities in Settlement of Accounts Receivable | $ | $ | |||||||||
Debt Issuance Costs Accrued | $ | $ | |||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||
Advisory Fees | $ | $ | $ | $ | |||||||||||||||||||
Underwriting Fees | |||||||||||||||||||||||
Commissions and Related Revenue | |||||||||||||||||||||||
Total Investment Banking | $ | $ | $ | $ | |||||||||||||||||||
Investment Management: | |||||||||||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||||||||||
Wealth Management | $ | $ | $ | $ | |||||||||||||||||||
Total Investment Management | $ | $ | $ | $ |
For the Six Months Ended June 30, 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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Increase (Decrease) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Receivables (Current)(1) | Receivables (Long-term)(2) | Contract Assets (Current)(3) | Contract Assets (Long-term)(2) | Deferred Revenue (Current Contract Liabilities)(4) | Deferred Revenue (Long-term Contract Liabilities)(5) | ||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Increase (Decrease) | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | |||||||||||||||||||
Bad debt expense, net of reversals | ( | ( | |||||||||||||||||||||
Write-offs, foreign currency translation and other adjustments | ( | ( | ( | ||||||||||||||||||||
Ending Balance | $ | $ | $ | $ |
Amortized Carrying Value by Origination Year | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||||||||||||||
Long-term Accounts Receivable and Long-Term Contract Assets | $ | $ | $ | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt Securities | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Carried by EGL | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds | |||||||||||||||||||||||||||||||||||||||||||||||
Total Investment Securities (carried at fair value) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Certificates of Deposit (carried at contract value) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Investment Securities and Certificates of Deposit | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Due within one year | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
ABS | $ | $ | |||||||||
Atalanta Sosnoff | |||||||||||
Luminis | |||||||||||
Seneca Evercore | |||||||||||
Total | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Glisco II, Glisco III and Glisco IV | $ | $ | |||||||||
Trilantic IV, Trilantic V and Trilantic VI | |||||||||||
Total Private Equity Funds | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
New Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Weighted-average remaining lease term - operating leases | |||||||||||||||||||||||
Weighted-average discount rate - operating leases | % | % |
2022 (July 1 through December 31) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: Tenant Improvement Allowances | ( | ||||
Less: Imputed Interest | ( | ||||
Present value of lease liabilities | |||||
Less: Current lease liabilities | ( | ||||
Long-term lease liabilities | $ |
June 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Debt Securities Carried by EGL | $ | $ | $ | $ | |||||||||||||||||||
Other Debt and Equity Securities(1) | |||||||||||||||||||||||
Investment Funds | |||||||||||||||||||||||
Total Assets Measured At Fair Value | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Debt Securities Carried by EGL | $ | $ | $ | $ | |||||||||||||||||||
Other Debt and Equity Securities(1) | |||||||||||||||||||||||
Investment Funds | |||||||||||||||||||||||
Total Assets Measured At Fair Value | $ | $ | $ | $ |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Certificates of Deposit | |||||||||||||||||||||||||||||
Receivables(1) | |||||||||||||||||||||||||||||
Contract Assets(2) | |||||||||||||||||||||||||||||
Receivable from Employees and Related Parties | |||||||||||||||||||||||||||||
Closely-held Equity Securities | |||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payable to Employees and Related Parties | |||||||||||||||||||||||||||||
Notes Payable | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Certificates of Deposit | |||||||||||||||||||||||||||||
Receivables(1) | |||||||||||||||||||||||||||||
Contract Assets(2) | |||||||||||||||||||||||||||||
Receivable from Employees and Related Parties | |||||||||||||||||||||||||||||
Closely-held Equity Securities | |||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Payable to Employees and Related Parties | |||||||||||||||||||||||||||||
Notes Payable | |||||||||||||||||||||||||||||
Carrying Value(a) | ||||||||||||||||||||||||||
Note | Maturity Date | Effective Annual Interest Rate | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Evercore Inc. | 3/30/2023 | % | $ | $ | ||||||||||||||||||||||
Evercore Inc. | 3/30/2026 | % | ||||||||||||||||||||||||
Evercore Inc. | 3/30/2028 | % | ||||||||||||||||||||||||
Evercore Inc. | 8/1/2029 | % | ||||||||||||||||||||||||
Evercore Inc. | 8/1/2031 | % | ||||||||||||||||||||||||
Evercore Inc. | 8/1/2033 | % | ||||||||||||||||||||||||
Evercore Inc. | 8/1/2033 | % | ||||||||||||||||||||||||
Evercore Inc. | 8/1/2025 | % | ||||||||||||||||||||||||
Evercore Inc. | 11/15/2028 | % | ||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Subsidiary: | |||||||||||
Evercore LP | % | % | |||||||||
Evercore Wealth Management ("EWM")(1) | % | % | |||||||||
Real Estate Capital Advisory ("RECA")(2) | % | % | |||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||||||||
Total Comprehensive Income | |||||||||||||||||||||||
Evercore LP Units Exchanged for Class A Shares | ( | ( | ( | ( | |||||||||||||||||||
Amortization and Vesting of LP Units | |||||||||||||||||||||||
Other Items: | |||||||||||||||||||||||
Distributions to Noncontrolling Interests | ( | ( | ( | ( | |||||||||||||||||||
Issuance of Noncontrolling Interest | |||||||||||||||||||||||
Purchase of Noncontrolling Interest | ( | ( | |||||||||||||||||||||
Total Other Items | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | |||||||||||||||||||||||
Basic net income per share attributable to Evercore Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Evercore Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares | (a) | (a) | (a) | (a) | |||||||||||||||||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above | (a) | (a) | (a) | (a) | |||||||||||||||||||
Diluted net income attributable to Evercore Inc. common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average Class A Shares outstanding, including vested RSUs | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Shares that are contingently issuable(b) | |||||||||||||||||||||||
Diluted weighted average Class A Shares outstanding | |||||||||||||||||||||||
Diluted net income per share attributable to Evercore Inc. common shareholders | $ | $ | $ | $ |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Beginning Balance | $ | $ | |||||||||
Termination Costs Incurred | |||||||||||
Cash Benefits Paid | ( | ( | |||||||||
Non-Cash Charges | ( | ( | |||||||||
Ending Balance | $ | $ |
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash and Cash Equivalents | $ | $ | |||||||||
Restricted Cash included in Other Assets | |||||||||||
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Banking | |||||||||||||||||||||||
Net Revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Other Expenses(2) | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Income from Equity Method Investments | |||||||||||||||||||||||
Pre-Tax Income | $ | $ | $ | $ | |||||||||||||||||||
Identifiable Segment Assets | $ | $ | $ | $ | |||||||||||||||||||
Investment Management | |||||||||||||||||||||||
Net Revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Income from Equity Method Investments | |||||||||||||||||||||||
Pre-Tax Income | $ | $ | $ | $ | |||||||||||||||||||
Identifiable Segment Assets | $ | $ | $ | $ | |||||||||||||||||||
Total | |||||||||||||||||||||||
Net Revenues(1) | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Other Expenses(2) | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Income from Equity Method Investments | |||||||||||||||||||||||
Pre-Tax Income | $ | $ | $ | $ | |||||||||||||||||||
Identifiable Segment Assets | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Banking(A) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Investment Management | ( | ||||||||||||||||||||||
Total Other Revenue, net | $ | ( | $ | $ | ( | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Investment Banking | |||||||||||||||||||||||
Special Charges, Including Business Realignment Costs | $ | $ | $ | $ | |||||||||||||||||||
Acquisition and Transition Costs | |||||||||||||||||||||||
Total Investment Banking | |||||||||||||||||||||||
Investment Management | |||||||||||||||||||||||
Total Investment Management | |||||||||||||||||||||||
Total Other Expenses | $ | $ | $ | $ |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Revenues:(1) | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Europe and Other | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Total Assets: | |||||||||||
United States | $ | $ | |||||||||
Europe and Other | |||||||||||
Total | $ | $ |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||||||||||||||
Advisory Fees | $ | 576,245 | $ | 560,814 | 3 | % | $ | 1,200,809 | $ | 1,072,732 | 12 | % | |||||||||||||||||||||||
Underwriting Fees | 13,516 | 48,048 | (72 | %) | 49,822 | 127,305 | (61 | %) | |||||||||||||||||||||||||||
Commissions and Related Revenue | 52,485 | 50,725 | 3 | % | 103,383 | 104,251 | (1 | %) | |||||||||||||||||||||||||||
Asset Management and Administration Fees | 15,968 | 16,183 | (1 | %) | 33,083 | 31,132 | 6 | % | |||||||||||||||||||||||||||
Other Revenue, Including Interest and Investments | (23,039) | 16,401 | NM | (24,818) | 23,631 | NM | |||||||||||||||||||||||||||||
Total Revenues | 635,175 | 692,171 | (8 | %) | 1,362,279 | 1,359,051 | — | % | |||||||||||||||||||||||||||
Interest Expense | 4,258 | 4,306 | (1 | %) | 8,508 | 8,876 | (4 | %) | |||||||||||||||||||||||||||
Net Revenues | 630,917 | 687,865 | (8 | %) | 1,353,771 | 1,350,175 | — | % | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating Expenses | 484,203 | 480,852 | 1 | % | 997,693 | 948,947 | 5 | % | |||||||||||||||||||||||||||
Other Expenses | 532 | — | NM | 532 | 7 | NM | |||||||||||||||||||||||||||||
Total Expenses | 484,735 | 480,852 | 1 | % | 998,225 | 948,954 | 5 | % | |||||||||||||||||||||||||||
Income Before Income from Equity Method Investments and Income Taxes | 146,182 | 207,013 | (29 | %) | 355,546 | 401,221 | (11 | %) | |||||||||||||||||||||||||||
Income from Equity Method Investments | 2,274 | 3,394 | (33 | %) | 4,786 | 6,418 | (25 | %) | |||||||||||||||||||||||||||
Income Before Income Taxes | 148,456 | 210,407 | (29 | %) | 360,332 | 407,639 | (12 | %) | |||||||||||||||||||||||||||
Provision for Income Taxes | 38,562 | 46,478 | (17 | %) | 73,344 | 78,159 | (6 | %) | |||||||||||||||||||||||||||
Net Income | 109,894 | 163,929 | (33 | %) | 286,988 | 329,480 | (13 | %) | |||||||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 14,267 | 23,570 | (39 | %) | 33,345 | 44,769 | (26 | %) | |||||||||||||||||||||||||||
Net Income Attributable to Evercore Inc. | $ | 95,627 | $ | 140,359 | (32 | %) | $ | 253,643 | $ | 284,711 | (11 | %) | |||||||||||||||||||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | $ | 2.33 | $ | 3.21 | (27 | %) | $ | 6.13 | $ | 6.46 | (5 | %) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Investment Banking: | |||||||||||||||||||||||||||||||||||
Advisory Fees | $ | 576,245 | $ | 560,814 | 3 | % | $ | 1,200,809 | $ | 1,072,732 | 12 | % | |||||||||||||||||||||||
Underwriting Fees | 13,516 | 48,048 | (72 | %) | 49,822 | 127,305 | (61 | %) | |||||||||||||||||||||||||||
Commissions and Related Revenue | 52,485 | 50,725 | 3 | % | 103,383 | 104,251 | (1 | %) | |||||||||||||||||||||||||||
Other Revenue, net(1)(2) | (26,996) | 11,233 | NM | (34,463) | 13,817 | NM | |||||||||||||||||||||||||||||
Net Revenues | 615,250 | 670,820 | (8 | %) | 1,319,551 | 1,318,105 | — | % | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating Expenses | 470,540 | 468,160 | 1 | % | 971,112 | 924,686 | 5 | % | |||||||||||||||||||||||||||
Other Expenses | 532 | — | NM | 532 | 7 | NM | |||||||||||||||||||||||||||||
Total Expenses | 471,072 | 468,160 | 1 | % | 971,644 | 924,693 | 5 | % | |||||||||||||||||||||||||||
Operating Income | 144,178 | 202,660 | (29 | %) | 347,907 | 393,412 | (12 | %) | |||||||||||||||||||||||||||
Income from Equity Method Investments(3) | 164 | 549 | (70 | %) | 538 | 718 | (25 | %) | |||||||||||||||||||||||||||
Pre-Tax Income | $ | 144,342 | $ | 203,209 | (29 | %) | $ | 348,445 | $ | 394,130 | (12 | %) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Industry Statistics ($ in billions) * | |||||||||||||||||||||||||||||||||||
Value of North American M&A Deals Announced | $ | 438 | $ | 709 | (38 | %) | $ | 971 | $ | 1,398 | (31 | %) | |||||||||||||||||||||||
Value of North American M&A Deals Completed | $ | 395 | $ | 453 | (13 | %) | $ | 868 | $ | 837 | 4 | % | |||||||||||||||||||||||
Value of Global M&A Deals Announced | $ | 1,106 | $ | 1,412 | (22 | %) | $ | 2,121 | $ | 2,668 | (21 | %) | |||||||||||||||||||||||
Value of Global M&A Deals Completed | $ | 805 | $ | 956 | (16 | %) | $ | 1,955 | $ | 1,819 | 7 | % | |||||||||||||||||||||||
Evercore Statistics ** | |||||||||||||||||||||||||||||||||||
Total Number of Fees From Advisory Client Transactions | 217 | 255 | (15 | %) | 354 | 418 | (15 | %) | |||||||||||||||||||||||||||
Total Number of Fees of at Least $1 million from Advisory Client Transactions | 100 | 115 | (13 | %) | 186 | 218 | (15 | %) | |||||||||||||||||||||||||||
Total Number of Underwriting Transactions | 7 | 31 | (77 | %) | 21 | 70 | (70 | %) | |||||||||||||||||||||||||||
Total Number of Underwriting Transactions as a Bookrunner | 5 | 25 | (80 | %) | 18 | 56 | (68 | %) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Asset Management and Administration Fees: | |||||||||||||||||||||||||||||||||||
Wealth Management | $ | 15,968 | $ | 16,183 | (1 | %) | $ | 33,083 | $ | 31,132 | 6 | % | |||||||||||||||||||||||
Other Revenue, net(1) | (301) | 862 | NM | 1,137 | 938 | 21 | % | ||||||||||||||||||||||||||||
Net Revenues | 15,667 | 17,045 | (8 | %) | 34,220 | 32,070 | 7 | % | |||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Operating Expenses | 13,663 | 12,692 | 8 | % | 26,581 | 24,261 | 10 | % | |||||||||||||||||||||||||||
Total Expenses | 13,663 | 12,692 | 8 | % | 26,581 | 24,261 | 10 | % | |||||||||||||||||||||||||||
Operating Income | 2,004 | 4,353 | (54 | %) | 7,639 | 7,809 | (2 | %) | |||||||||||||||||||||||||||
Income from Equity Method Investments(2) | 2,110 | 2,845 | (26 | %) | 4,248 | 5,700 | (25 | %) | |||||||||||||||||||||||||||
Pre-Tax Income | $ | 4,114 | $ | 7,198 | (43 | %) | $ | 11,887 | $ | 13,509 | (12 | %) |
Wealth Management(1) | |||||
(dollars in millions) | |||||
Balance at December 31, 2021 | $ | 12,184 | |||
Inflows | 894 | ||||
Outflows | (897) | ||||
Market Appreciation (Depreciation) | (1,719) | ||||
Balance at June 30, 2022 | $ | 10,462 | |||
Unconsolidated Affiliates - Balance at June 30, 2022: | |||||
Atalanta Sosnoff | $ | 6,995 | |||
ABS | $ | 6,530 |
Wealth Management | |||||
Equities | 63 | % | |||
Fixed Income | 22 | % | |||
Liquidity(1) | 9 | % | |||
Alternatives | 6 | % | |||
Total | 100 | % |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Cash Provided By (Used In) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 286,988 | $ | 329,480 | |||||||
Non-cash charges | 297,567 | 221,687 | |||||||||
Other operating activities | (753,175) | (436,709) | |||||||||
Operating activities | (168,620) | 114,458 | |||||||||
Investing activities | 615,595 | 11,968 | |||||||||
Financing activities | (561,818) | (517,217) | |||||||||
Effect of exchange rate changes | (19,056) | 3,558 | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (133,899) | (387,233) | |||||||||
Cash, Cash Equivalents and Restricted Cash | |||||||||||
Beginning of Period | 587,293 | 838,224 | |||||||||
End of Period | $ | 453,394 | $ | 450,991 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
2022 | Total Number of Shares (or Units) Purchased(1) | Average Price Paid Per Share | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
January 1 to January 31 | 574 | $ | 136.20 | — | 5,311,647 | |||||||||||||||||||||
February 1 to February 28 | 1,868,073 | 128.34 | 1,075,902 | 9,959,215 | ||||||||||||||||||||||
March 1 to March 31 | 122,469 | 125.00 | — | 9,959,215 | ||||||||||||||||||||||
Total January 1 to March 31 | 1,991,116 | $ | 128.14 | 1,075,902 | 9,959,215 | |||||||||||||||||||||
April 1 to April 30 | 215,573 | $ | 109.11 | 208,568 | 9,750,647 | |||||||||||||||||||||
May 1 to May 31 | 1,267,557 | 110.10 | 1,258,788 | 8,491,859 | ||||||||||||||||||||||
June 1 to June 30 | 85,581 | 110.09 | 44,942 | 8,446,917 | ||||||||||||||||||||||
Total April 1 to June 30 | 1,568,711 | $ | 109.96 | 1,512,298 | 8,446,917 | |||||||||||||||||||||
Total January 1 to June 30 | 3,559,827 | $ | 120.13 | 2,588,200 | 8,446,917 | |||||||||||||||||||||
Item 6. | Exhibits and Financial Statement Schedules |
Exhibit Number | Description | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | The following materials from the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, are formatted in Inline XBRL: (i) Condensed Consolidated Statements of Financial Condition as of June 30, 2022 and December 31, 2021, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021, (iv) Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2022 and 2021, (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text including detailed tags | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 is formatted in Inline XBRL (and contained in Exhibit 101) |
Evercore Inc. | ||||||||
By: | /s/ JOHN S. WEINBERG | |||||||
Name: | John S. Weinberg | |||||||
Title: | Chief Executive Officer and Chairman | |||||||
By: | /s/ CELESTE MELLET | |||||||
Name: | Celeste Mellet | |||||||
Title: | Chief Financial Officer |
SECTION 1. | AUTHORIZATION OF NOTES | 1 | ||||||
SECTION 2. | SALE AND PURCHASE OF NOTES; SUBSIDIARY GUARANTIES | 1 | ||||||
Section 2.1 | Sale and Purchase of Notes | 1 | ||||||
Section 2.2 | Subsidiary Guaranties | 1 | ||||||
SECTION 3. | CLOSING | 2 | ||||||
SECTION 4. | CONDITIONS TO CLOSING | 2 | ||||||
Section 4.1 | Representations and Warranties | 2 | ||||||
Section 4.2 | Performance; No Default | 2 | ||||||
Section 4.3 | Compliance Certificates | 2 | ||||||
Section 4.4 | Opinions of Counsel | 3 | ||||||
Section 4.5 | Purchase Permitted by Applicable Law, Etc | 3 | ||||||
Section 4.6 | Sale of Other Notes | 3 | ||||||
Section 4.7 | Payment of Special Counsel Fees | 3 | ||||||
Section 4.8 | Private Placement Numbers | 4 | ||||||
Section 4.9 | Changes in Corporate Structure | 4 | ||||||
Section 4.10 | Funding Instructions | 4 | ||||||
Section 4.11 | Subsidiary Guaranties | 4 | ||||||
Section 4.12 | Proceedings and Documents | 4 | ||||||
SECTION 5. | REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 4 | ||||||
Section 5.1 | Organization; Power and Authority | 4 | ||||||
Section 5.2 | Authorization, Etc | 5 | ||||||
Section 5.3 | Disclosure | 5 | ||||||
Section 5.4 | Organization and Ownership of Shares of Subsidiaries; Affiliates | 6 | ||||||
Section 5.5 | Financial Statements; Material Liabilities | 7 | ||||||
Section 5.6 | Compliance with Laws, Other Instruments, Etc | 7 | ||||||
Section 5.7 | Governmental Authorizations, Etc | 7 | ||||||
Section 5.8 | Litigation; Observance of Agreements, Statutes and Orders | 7 | ||||||
Section 5.9 | Taxes | 8 | ||||||
Section 5.10 | Title to Property; Leases | 8 |
-i- |
Section 5.11 | Licenses, Permits, Etc | 8 | ||||||
Section 5.12 | Compliance with ERISA | 8 | ||||||
Section 5.13 | Private Offering by the Company | 10 | ||||||
Section 5.14 | Use of Proceeds; Margin Regulations | 10 | ||||||
Section 5.15 | Existing Indebtedness; Future Liens | 10 | ||||||
Section 5.16 | Foreign Assets Control Regulations, Etc | 11 | ||||||
Section 5.17 | Status under Certain Statutes | 12 | ||||||
Section 5.18 | Environmental Matters | 13 | ||||||
SECTION 6. | REPRESENTATIONS OF THE PURCHASERS | 13 | ||||||
Section 6.1 | Purchase for Investment | 13 | ||||||
Section 6.2 | Source of Funds | 14 | ||||||
SECTION 7. | INFORMATION AS TO COMPANY | 16 | ||||||
Section 7.1 | Financial and Business Information | 16 | ||||||
Section 7.2 | Officer’s Certificate | 18 | ||||||
Section 7.3 | Visitation | 19 | ||||||
Section 7.4 | Electronic Delivery | 20 | ||||||
SECTION 8. | PAYMENT AND PREPAYMENT OF THE NOTES | 21 | ||||||
Section 8.1 | Maturity | 21 | ||||||
Section 8.2 | Optional Prepayments with Make-Whole Amount | 21 | ||||||
Section 8.3 | Allocation of Partial Prepayments | 21 | ||||||
Section 8.4 | Maturity; Surrender, Etc | 22 | ||||||
Section 8.5 | Purchase of Notes | 22 | ||||||
Section 8.6 | Make-Whole Amount | 22 | ||||||
Section 8.7 | Change of Control Prepayment | 24 | ||||||
Section 8.8 | Disposition of Assets Prepayment | 24 | ||||||
Section 8.9 | Payments Due on Non-Business Days | 25 | ||||||
SECTION 9. | AFFIRMATIVE COVENANTS | 26 | ||||||
Section 9.1 | Compliance with Laws | 26 | ||||||
Section 9.2 | Insurance | 26 | ||||||
Section 9.3 | Maintenance of Properties | 26 | ||||||
-ii- |
Section 9.4 | Payment of Taxes and Claims | 26 | ||||||
Section 9.5 | Corporate Existence, Etc | 27 | ||||||
Section 9.6 | Books and Records | 27 | ||||||
Section 9.7 | Subsidiary Guarantors | 27 | ||||||
SECTION 10. | NEGATIVE COVENANTS | 28 | ||||||
Section 10.1 | Transactions with Affiliates | 29 | ||||||
Section 10.2 | Merger, Consolidation, Etc | 29 | ||||||
Section 10.3 | Line of Business | 30 | ||||||
Section 10.4 | Terrorism Sanctions Regulations | 30 | ||||||
Section 10.5 | Liens | 30 | ||||||
Section 10.6 | Subsidiary Indebtedness | 33 | ||||||
Section 10.7 | Disposition of Assets | 33 | ||||||
Section 10.8 | Financial Covenants | 35 | ||||||
SECTION 11. | EVENTS OF DEFAULT | 35 | ||||||
SECTION 12. | REMEDIES ON DEFAULT, ETC | 37 | ||||||
Section 12.1 | Acceleration | 37 | ||||||
Section 12.2 | Other Remedies | 38 | ||||||
Section 12.3 | Rescission | 38 | ||||||
Section 12.4 | No Waivers or Election of Remedies, Expenses, Etc | 38 | ||||||
SECTION 13. | REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES | 39 | ||||||
Section 13.1 | Registration of Notes | 39 | ||||||
Section 13.2 | Transfer and Exchange of Notes | 39 | ||||||
Section 13.3 | Replacement of Notes | 39 | ||||||
Section 13.4 | Legend | 40 | ||||||
SECTION 14. | PAYMENTS ON NOTES | 40 | ||||||
Section 14.1 | Place of Payment | 40 | ||||||
Section 14.2 | Home Office Payment | 40 | ||||||
SECTION 15. | EXPENSES, ETC | 41 | ||||||
Section 15.1 | Transaction Expenses | 41 | ||||||
Section 15.2 | Survival | 41 | ||||||
-iii- |
SECTION 16. | SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT | 41 | ||||||
SECTION 17. | AMENDMENT AND WAIVER | 42 | ||||||
Section 17.1 | Requirements | 42 | ||||||
Section 17.2 | Solicitation of Holders of Notes | 42 | ||||||
Section 17.3 | Binding Effect, etc | 43 | ||||||
Section 17.4 | Notes Held by Company, etc | 43 | ||||||
SECTION 18. | NOTICES | 43 | ||||||
SECTION 19. | REPRODUCTION OF DOCUMENTS | 44 | ||||||
SECTION 20. | CONFIDENTIAL INFORMATION | 44 | ||||||
SECTION 21. | SUBSTITUTION OF PURCHASER | 45 | ||||||
SECTION 22. | MISCELLANEOUS | 46 | ||||||
Section 22.1 | Successors and Assigns | 46 | ||||||
Section 22.2 | Accounting Terms | 46 | ||||||
Section 22.3 | Severability | 48 | ||||||
Section 22.4 | Construction, etc | 48 | ||||||
Section 22.5 | Divisions | 48 | ||||||
Section 22.6 | Counterparts | 48 | ||||||
Section 22.7 | Governing Law | 49 | ||||||
Section 22.8 | Jurisdiction and Process; Waiver of Jury Trial | 49 |
-iv- |
SCHEDULE A | — | DEFINED TERMS | ||||||
SCHEDULE 1 | — | FORM OF SERIES J NOTE | ||||||
SCHEDULE 2.2 | — | FORM OF SUBSIDIARY GUARANTY | ||||||
SCHEDULE 4.4(a) | — | FORM OF OPINION OF SPECIAL COUNSEL FOR THE COMPANY AND THE SUBSIDIARY GUARANTORS | ||||||
SCHEDULE 4.4(b) | — | FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS | ||||||
SCHEDULE 5.3 | — | DISCLOSURE MATERIALS | ||||||
SCHEDULE 5.4 | — | SUBSIDIARIES OF THE COMPANY AND OWNERSHIP OF SUBSIDIARY STOCK | ||||||
SCHEDULE 5.5 | — | FINANCIAL STATEMENTS | ||||||
SCHEDULE 5.15 | — | EXISTING INDEBTEDNESS | ||||||
SCHEDULE 10.5 | — | EXISTING LIENS | ||||||
SCHEDULE B | — | INFORMATION RELATING TO PURCHASERS |
/ s / JOHN S. WEINBERG | |||||
John S. Weinberg Chief Executive Officer and Chairman |
/ s / CELESTE MELLET | |||||
Celeste Mellet Chief Financial Officer |
/ s / JOHN S. WEINBERG | |||||
John S. Weinberg Chief Executive Officer and Chairman |
* | The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document. |
/ s / CELESTE MELLET | |||||
Celeste Mellet Chief Financial Officer |
* | The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document. |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale, Amortized Cost | $ 462,544 | $ 706,826 |
Accounts Receivable, Allowances | 1,447 | 2,704 |
Furniture, Equipment and Leasehold Improvements, Accumulated Depreciation and Amortization | 176,376 | 165,857 |
Intangible Assets, Accumulated Amortization | $ 3,476 | $ 3,294 |
Treasury Stock at Cost, shares | 40,460,685 | 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 | 79,597,763 | 74,804,288 |
Common Stock, Shares, Outstanding | 39,137,078 | 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 Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 109,894 | $ 163,929 | $ 286,988 | $ 329,480 |
Other Comprehensive Income (Loss), net of tax: | ||||
Unrealized Gain on Securities and Investments, net | 304 | 453 | 307 | 495 |
Foreign Currency Translation Adjustment Gain (Loss), net | (18,519) | 886 | (21,539) | 2,439 |
Other Comprehensive Income (Loss) | (18,215) | 1,339 | (21,232) | 2,934 |
Comprehensive Income | 91,679 | 165,268 | 265,756 | 332,414 |
Comprehensive Income Attributable to Noncontrolling Interest | 12,593 | 23,739 | 31,398 | 45,172 |
Comprehensive Income Attributable to Evercore Inc. | $ 79,086 | $ 141,529 | $ 234,358 | $ 287,242 |
Organization |
6 Months Ended |
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Jun. 30, 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 |
6 Months Ended |
---|---|
Jun. 30, 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 $520,319 and liabilities of $203,531 at June 30, 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 Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsASU 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 |
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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 and six months ended June 30, 2022 and 2021:
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 six months ended June 30, 2022 and 2021 are as follows:
(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 $6,297 and $10,505 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022, respectively, and $5,609 and $8,076 for the three and six months ended June 30, 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 and six months ended June 30, 2022 and 2021 is as follows:
The change in the balance during the three and six months ended June 30, 2022 is primarily 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 June 30, 2022, by year of origination:
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Related Parties |
6 Months Ended |
---|---|
Jun. 30, 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 $4,251 and $7,111 for the three and six months ended June 30, 2022, respectively, and $16,052 and $23,087 for the three and six months ended June 30, 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 $21,694 and $20,397 as of June 30, 2022 and December 31, 2021, respectively. See Note 14 for further information.
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Investment Securities and Certificates of Deposit |
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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 June 30, 2022 and December 31, 2021 were as follows:
Scheduled maturities of the Company's available-for-sale debt securities as of June 30, 2022 and December 31, 2021 were as follows:
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 June 30, 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) for the six months ended June 30, 2022 and ($11) for the six months ended June 30, 2021. 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 (losses) of ($459) and ($448) for the three and six months ended June 30, 2022, respectively, and ($267) and $1,860 for the three and six months ended June 30, 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 $507 and $528 for the three and six months ended June 30, 2022, respectively, and ($4) and ($9) for the three and six months ended June 30, 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 ($26,353) and ($31,516) for the three and six months ended June 30, 2022, respectively, and $9,774 and $16,002 for the three and six months ended June 30, 2021, respectively. Certificates of Deposit At June 30, 2022 and December 31, 2021, the Company held certificates of deposit of $148,563 and $141,218, respectively, with certain banks with original maturities of four months or less when purchased.
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Investments |
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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 June 30, 2022 and December 31, 2021 was as follows:
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 six months ended June 30, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations. At June 30, 2022, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,171 and $2,370 for the three and six months ended June 30, 2022, respectively, and $2,295 and $4,490 for the three and six months ended June 30, 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 June 30, 2022, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $939 and $1,878 for the three and six months ended June 30, 2022, respectively, and $550 and $1,210 for the three and six months ended June 30, 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 June 30, 2022, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $102 and $390 for the three and six months ended June 30, 2022, respectively, and $549 and $718 for the three and six months ended June 30, 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 $62 and $148 for the three and six months ended June 30, 2022, respectively, 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 June 30, 2022 and 2021 and $158 for each of the six months ended June 30, 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, resulting in a gain of $4,374, included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021. 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 June 30, 2022 and December 31, 2021 was as follows:
Net realized and unrealized gains (losses) on private equity fund investments were $19 and ($64) for the three and six months ended June 30, 2022, respectively, and ($17) and $22 for the three and six months ended June 30, 2021, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of June 30, 2022, $703 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 $3,225 and $3,408 included in its Unaudited Condensed Consolidated Statements of Financial Condition at June 30, 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 June 30, 2022 and December 31, 2021 was $5,524 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 $608 and $676 as of June 30, 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. Following the Glisco transaction in 2016, the Company recorded an investment in Glisco Manager Holdings LP representing the fair value of the deferred consideration resulting from this transaction. This investment is accounted for at its cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company amortizes the balance of its investment as distributions are received related to the deferred consideration. This investment was fully amortized as of June 30, 2022 and had a balance of $221 as of December 31, 2021.
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Leases |
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Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035. The Company reflects lease expense over the lease terms on a straight-line basis. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. 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 $12,769 and $25,609 for the three and six months ended June 30, 2022, respectively, and $12,334 and $24,500 for the three and six months ended June 30, 2021, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses, of $1,744 and $3,644 for the three and six months ended June 30, 2022, respectively, and $1,766 and $3,618 for the three and six months ended June 30, 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 June 30, 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 $1,258 and $2,501 for the three and six months ended June 30, 2022, respectively, and $1,144 and $2,651 for the three and six months ended June 30, 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 $30,201 and $22,893 for the six months ended June 30, 2022 and 2021, respectively, related to its operating leases, which was net of cash received from lease incentives of $332 and $4,144 for the six months ended June 30, 2022 and 2021, respectively. Other information as it relates to the Company's operating leases is as follows:
As of June 30, 2022, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
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 $230,009 as of June 30, 2022.
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Fair Value Measurements |
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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 June 30, 2022 and December 31, 2021:
(1)Includes $5,886 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 June 30, 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.
(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.
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Notes Payable |
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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. 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 June 30, 2022, the Company was in compliance with all of these covenants. In March 2021, the Company repaid the $38,000 aggregate principal amount of its Series A Notes. On June 28, 2022, the Company prepaid the $67,000 aggregate principal amount of its Series B Notes plus the applicable make-whole amount. In conjunction with the June 2022 prepayment and the acceleration of the remaining debt issuance costs, the Company recorded a loss of $456 for the three and six months ended June 30, 2022, included within Special Charges, Including Business Realignment Costs, on the Unaudited Condensed Consolidated Statements of Operations. 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 June 30, 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 June 30, 2022, the Company was in compliance with all of these covenants. 2022 Private Placement Notes On June 28, 2022, the Company issued $67,000 aggregate principal amount of its 4.61% Series J senior notes due November 15, 2028 (the "Series J Notes" or the "2022 Private Placement Notes"), pursuant to a note purchase agreement (the "2022 Note Purchase Agreement") dated as of June 28, 2022, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Interest on the 2022 Private Placement Notes is payable semi-annually and the 2022 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 2022 Private Placement Notes, in an amount not less than 5% of the aggregate principal amount of the 2022 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 2022 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2022 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2022 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 June 30, 2022, the Company was in compliance with all of these covenants. Notes Payable is comprised of the following as of June 30, 2022 and December 31, 2021:
(a)Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
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Evercore Inc. Stockholders' Equity |
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Jun. 30, 2022 | |
Equity [Abstract] | |
Evercore Inc. Stockholders' Equity | Evercore Inc. Stockholders' Equity Dividends – The Company's Board of Directors declared on July 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 August 26, 2022, which will be paid on September 9, 2022. During the three and six months ended June 30, 2022, the Company declared and paid dividends of $0.72 and $1.40 per share, respectively, totaling $28,182 and $55,687, respectively, and accrued deferred cash dividends on unvested restricted stock units ("RSUs") totaling $4,234 and $8,362, respectively. The Company also paid deferred cash dividends of $1,067 and $15,181 during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the Company declared and paid dividends of $0.68 and $1.29 per share, respectively, totaling $27,534 and $52,928, respectively, and accrued deferred cash dividends on unvested RSUs totaling $3,685 and $7,096, respectively. The Company also paid deferred cash dividends of $191 and $12,211 during the three and six months ended June 30, 2021, respectively. Treasury Stock – During the three months ended June 30, 2022, the Company purchased 57 Class A Shares from employees at an average cost per share of $110.92, primarily for the net settlement of stock-based compensation awards, and 1,512 Class A Shares at an average cost per share of $109.92 pursuant to the Company's share repurchase program. The aggregate 1,569 Class A Shares were purchased at an average cost per share of $109.96, and the result of these purchases was an increase in Treasury Stock of $172,494 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022. During the six months ended June 30, 2022, the Company purchased 972 Class A Shares from employees at an average cost per share of $127.99, primarily for the net settlement of stock-based compensation awards, and 2,588 Class A Shares at an average cost per share of $117.18 pursuant to the Company's share repurchase program. The aggregate 3,560 Class A Shares were purchased at an average cost per share of $120.13, and the result of these purchases was an increase in Treasury Stock of $427,635 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022. LP Units – During the three and six months ended June 30, 2022, 26 and 2,573 Evercore LP partnership units ("LP Units"), respectively, were exchanged for Class A Shares, resulting in an increase to Class A Common Stock of $26 for the six months ended June 30, 2022, and an increase to Additional Paid-In-Capital of $1,530 and $159,281 for the three and six months ended June 30, 2022, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2022. See Note 12 for further information. Accumulated Other Comprehensive Income (Loss) – As of June 30, 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 ($5,262) and ($26,109), respectively.
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | Noncontrolling Interest Noncontrolling 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.
(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 June 30, 2022, the EWM members held 25% of the outstanding EWM Units. Changes in Noncontrolling Interest for the three and six months ended June 30, 2022 and 2021 were as follows:
Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains on securities and investments, net, of $28 for the three and six months ended June 30, 2022 and $62 and $68 for the three and six months ended June 30, 2021, respectively, and foreign currency translation adjustment gains (losses), net, of ($1,702) and ($1,975) for the three and six months ended June 30, 2022, respectively, and $107 and $335 for the three and six months ended June 30, 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 and six months ended June 30, 2022, an aggregate of 26 and 2,573 LP Units, respectively, were exchanged for Class A Shares, including the Class E LP Units described above. These exchanges resulted in a decrease to Noncontrolling Interest of $1,530 and $159,307 for the three and six months ended June 30, 2022, respectively, an increase to Additional-Paid-In-Capital of $1,530 and $159,281 for the three and six months ended June 30, 2022, respectively, and an increase to Class A Common Stock of $26 for the six months ended June 30, 2022 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 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 June 30, 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 settled in cash during the three months ended June 30, 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 June 30, 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 settled in cash during the three months ended June 30, 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 June 30, 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 six months ended June 30, 2022, and contingent cash consideration which will be settled in early 2024. As of June 30, 2022 and December 31, 2021, the fair value of the contingent consideration is $17,309 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. For the three and six months ended June 30, 2022, the Company recognized a reversal of expense of $2,701 and $3,278, respectively, within Other Operating Expenses on the Unaudited Condensed Consolidated Statements of Operations, related to the change in fair value of the contingent consideration. 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.
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Net Income Per Share Attributable to Evercore Inc. Common Shareholders |
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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 and six months ended June 30, 2022 and 2021 are described and presented below.
(a)The Company has outstanding Class A and E LP Units, Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the three and six months ended June 30, 2022 and 2021, the Class A, E, I and K 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 2,656 and 3,296 for the three and six months ended June 30, 2022, respectively, and 4,848 and 4,887 for the three and six months ended June 30, 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 $11,664 and $26,731 for the three and six months ended June 30, 2022, respectively, and $17,159 and $34,170 for the three and six months ended June 30, 2021, respectively. In computing this adjustment, the Company assumes that all Class A, E, I and K 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, I and K 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 128 and 257 for the three and six months ended June 30, 2022, respectively, and 480 for each of the three and six months ended June 30, 2021. 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.
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Share-Based and Other Deferred Compensation |
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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 awarded 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 the achievement of certain market and service conditions on March 1, 2022. Compensation expense related to this award was $753 for the six months ended June 30, 2022 and $1,130 and $2,366 for the three and six months ended June 30, 2021, respectively. Class K-P Units – In November 2017, the Company awarded 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 awarded 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 awarded 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 June 30, 2022 to be $100,877, related to 946 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 $6,308 and $11,776 for the three and six months ended June 30, 2022, respectively, and $1,881 and $3,741 for the three and six months ended June 30, 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"). During the second quarter of 2022, the Company's stockholders approved the Second Amended and Restated 2016 Evercore Inc. Stock Incentive Plan (the "Second Amended 2016 Plan"), which amended the Amended 2016 Plan. The Second Amended 2016 Plan, among other things, authorizes an additional 6,500 shares of the Company's Class A Shares. The Second 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 Second Amended 2016 Plan and its predecessor plan. Class A Shares underlying any award granted under the Second 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 Second Amended 2016 Plan was 7,752 as of June 30, 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 six months ended June 30, 2022, pursuant to the above Stock Incentive Plans, the Company granted employees 2,886 RSUs that are Service-based Awards. Service-based Awards granted during the six months ended June 30, 2022 had grant date fair values of $93.03 to $137.59 per share, with an average value of $124.56 per share, for an aggregate fair value of $359,481, and generally vest ratably over four years. During the six months ended June 30, 2022, 2,194 Service-based Awards vested and 66 Service-based Awards were forfeited. Compensation expense related to Service-based Awards was $67,597 and $127,844 for the three and six months ended June 30, 2022, respectively, and $58,054 and $109,762 for the three and six months ended June 30, 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 $28,448 and $58,985 for the three and six months ended June 30, 2022, respectively, and $34,858 and $65,747 for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the Company expects to pay an aggregate of $302,255 related to the Company's deferred cash compensation program at various dates through 2026 and total compensation expense not yet recognized related to these awards was $204,704. The weighted-average period over which this compensation cost is expected to be recognized is 26 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 June 30, 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 vested in five equal installments over the period ending June 30, 2022, subject to continued employment. The Company recognized 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 to two years. 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 $4,507 and $9,327 for the three and six months ended June 30, 2022, respectively, and $2,180 and $5,521 for the three and six months ended June 30, 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 $48,333 of current liabilities and $56,736 of long-term liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 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 six months ended June 30, 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 $13,977 and $29,262 of compensation expense for the three and six months ended June 30, 2022, respectively, and $8,209 and $13,102 for the three and six months ended June 30, 2021, respectively. As of June 30, 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 $4,736. As of June 30, 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 $189,890. 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 to five years and in certain circumstances, subject to the achievement of performance requirements. Generally, these awards, based on the terms, include a requirement of either full or partial repayment by the employee if the service or other requirements of the agreements with the Company are not achieved. In circumstances where the employee meets the Company's minimum credit standards, the Company amortizes these awards to compensation expense over the relevant service period, which is generally the period they are subject to forfeiture. Compensation expense related to these awards was $7,987 and $13,439 for the three and six months ended June 30, 2022, respectively, and $6,296 and $10,446 for the three and six months ended June 30, 2021, respectively. The remaining unamortized amount of these awards was $42,024 as of June 30, 2022. Separation and Transition Benefits The following table presents the change in the Company's Termination Costs liability for the six months ended June 30, 2022 and 2021:
In addition to the above Termination Costs incurred, the Company also incurred expenses related to the acceleration of the amortization of share-based payments previously granted to affected employees of $280 and $694 for the three and six months ended June 30, 2022, respectively, (related to 10 RSUs) and $1,663 and $1,948 for the three and six months ended June 30, 2021, respectively, (related to 29 RSUs) recorded in Employee Compensation and Benefits, within the Investment Banking segment, on the Company's Unaudited Condensed Consolidated Statements of Operations.
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Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 June 30, 2022, the Company had unfunded commitments for capital contributions of $2,704 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 $17,309 as of June 30, 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 six months ended June 30, 2021. The contingent consideration was fully paid as of June 30, 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:
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" ("ASC 450") when warranted. Once established, such provisions are adjusted when there is more information available or when an event occurs requiring a change.
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Regulatory Authorities |
6 Months Ended |
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Jun. 30, 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 June 30, 2022 and December 31, 2021 was $365,745 and $660,032, respectively, which exceeded the minimum net capital requirement by $365,495 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 June 30, 2022. Evercore Trust Company, N.A. ("ETC"), which is limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency ("OCC") and is a member bank of the Federal Reserve System. The Company, Evercore LP and ETC are subject to written agreements with the OCC that, among other things, require the Company and Evercore LP to maintain at least $5,000 in Tier 1 capital in ETC (or such other amount as the OCC may require) and maintain liquid assets in ETC in an amount at least equal to the greater of $3,500 or 180 days coverage of ETC's operating expenses. The Company was in compliance with the aforementioned agreements as of June 30, 2022.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's Provision for Income Taxes was $38,562 and $73,344 for the three and six months ended June 30, 2022, respectively, and $46,478 and $78,159 for the three and six months ended June 30, 2021, respectively. The effective tax rate was 26.0% and 20.4% for the three and six months ended June 30, 2022, respectively, and 22.1% and 19.2% for the three and six months ended June 30, 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 $19,782 and $17,018 being recognized in the Company's Provision for Income Taxes for the six months ended June 30, 2022 and 2021, respectively, and resulted in a reduction in the effective tax rate of 5.5 and 4.2 percentage points for the six months ended June 30, 2022 and 2021, respectively. The effective tax rate for 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 and six months ended June 30, 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 $100 associated with changes in Unrealized Gain (Loss) on Securities and Investments and an increase of $7,033 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the six months ended June 30, 2022. The Company recorded a decrease in deferred tax assets of $153 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $763 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the six months ended June 30, 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 June 30, 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 $8 and $1, respectively, during the three months ended June 30, 2022.
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Segment Operating Results |
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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 and six months ended June 30, 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 the following: •Special Charges, Including Business Realignment Costs – Includes expenses in 2022 related to charges associated with the prepayment of the Company's Series B Notes during the second quarter, as well as certain professional fees related to the ongoing liquidation of the Company's operations in Mexico. •Acquisition and Transition Costs – Includes costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services. The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses. One client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended June 30, 2022. No client accounted for more than 10% of the Company's Consolidated Net Revenues for the six months ended June 30, 2022. The following information presents each segment's contribution.
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,258 and $8,508 for the three and six months ended June 30, 2022, respectively, and $4,306 and $8,876 for the three and six months ended June 30, 2021, respectively. (2)Other Expenses are as follows:
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:
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense. The Company's total assets are located in the following geographical areas:
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Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 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 $520,319 and liabilities of $203,531 at June 30, 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.
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Revenue and Accounts Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 and six months ended June 30, 2022 and 2021:
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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 six months ended June 30, 2022 and 2021 are as follows:
(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.
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Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The allowance for credit losses for the three and six months ended June 30, 2022 and 2021 is as follows:
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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 June 30, 2022, by year of origination:
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Investment Securities and Certificates of Deposit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | The Company's Investment Securities and Certificates of Deposit as of June 30, 2022 and December 31, 2021 were as follows:
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Investments Classified by Contractual Maturity Date | Scheduled maturities of the Company's available-for-sale debt securities as of June 30, 2022 and December 31, 2021 were as follows:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 June 30, 2022 and December 31, 2021 was as follows:
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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 June 30, 2022 and December 31, 2021 was as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Operating Lease Information [Table Text Block] | Other information as it relates to the Company's operating leases is as follows:
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Maturities of Undiscounted Operating Lease Liabilities | As of June 30, 2022, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 June 30, 2022 and December 31, 2021:
(1)Includes $5,886 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 June 30, 2022 and December 31, 2021, respectively.
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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.
(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.
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Notes Payable (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Notes Payable is comprised of the following as of June 30, 2022 and December 31, 2021:
(a)Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
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Noncontrolling Interest (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interest |
(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.
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Changes in Noncontrolling Interest | Changes in Noncontrolling Interest for the three and six months ended June 30, 2022 and 2021 were as follows:
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Net Income Per Share Attributable to Evercore Inc. Common Shareholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 and six months ended June 30, 2022 and 2021 are described and presented below.
(a)The Company has outstanding Class A and E LP Units, Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the three and six months ended June 30, 2022 and 2021, the Class A, E, I and K 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 2,656 and 3,296 for the three and six months ended June 30, 2022, respectively, and 4,848 and 4,887 for the three and six months ended June 30, 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 $11,664 and $26,731 for the three and six months ended June 30, 2022, respectively, and $17,159 and $34,170 for the three and six months ended June 30, 2021, respectively. In computing this adjustment, the Company assumes that all Class A, E, I and K 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, I and K 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 128 and 257 for the three and six months ended June 30, 2022, respectively, and 480 for each of the three and six months ended June 30, 2021.
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Share-Based and Other Deferred Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 six months ended June 30, 2022 and 2021:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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:
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Segment Operating Results (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Regarding Operations By Segment | The following information presents each segment's contribution.
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $4,258 and $8,508 for the three and six months ended June 30, 2022, respectively, and $4,306 and $8,876 for the three and six months ended June 30, 2021, respectively. (2)Other Expenses are as follows:
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Revenues Derived from Clients by Geographical Areas | The Company's revenues were derived from clients located and managed in the following geographical areas:
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
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Assets by Geographic Areas | The Company's total assets are located in the following geographical areas:
|
Significant Accounting Policies (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Significant Accounting Policies [Line Items] | |||
Total Assets | $ 3,011,488 | $ 3,802,657 | $ 2,947,448 |
Total Liabilities | 1,490,779 | 2,167,376 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Significant Accounting Policies [Line Items] | |||
Total Assets | 520,319 | 446,736 | |
Total Liabilities | $ 203,531 | $ 260,426 |
Revenue and Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||||
Contract With Customer Liability Revenue Recognized That Was Initially Recorded As Deferred Revenue | $ 6,297 | $ 5,609 | $ 10,505 | $ 8,076 |
Period in Which Performance Obligations Under Client Arrangements Settled | 1 year |
Revenue and Accounts Receivable - Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 2,054 | $ 2,017 | $ 2,704 | $ 5,372 |
Bad debt expense, net of reversals | 2,022 | (28) | 1,503 | (1,766) |
Write-offs, foreign currency translation and other adjustments | (2,629) | 154 | (2,760) | (1,463) |
Ending Balance | $ 1,447 | $ 2,143 | $ 1,447 | $ 2,143 |
Revenue and Accounts Receivable - Long-Term Accounts Receivable and Contract Assets (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Accounts Receivable, Noncurrent, Originated in Current Fiscal Year | $ 6,753 |
Accounts Receivable, Noncurrent, Originated in Fiscal Year before Latest Fiscal Year | 37,739 |
Accounts Receivable, Noncurrent, Originated Two Years before Latest Fiscal Year | 16,865 |
Accounts Receivable, Noncurrent, Originated Three Years before Latest Fiscal Year | 3,527 |
Accounts Receivable, Noncurrent, Originated Four Years before Latest Fiscal Year | 0 |
Accounts Receivable, Noncurrent, Originated, More than Five Years before Current Fiscal Year | 0 |
Accounts Receivable, Noncurrent, Not Past Due | $ 64,884 |
Related Parties Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Other Assets [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from Related Parties, Noncurrent | $ 21,694 | $ 21,694 | $ 20,397 | ||
Investment Banking [Member] | Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 4,251 | $ 16,052 | $ 7,111 | $ 23,087 |
Investment Securities and Certificates of Deposit - Scheduled Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, amortized cost | $ 462,544 | $ 706,826 |
Debt Securities, Available-for-sale, Amortized Cost | 462,544 | 706,826 |
Due within one year, fair value | 462,890 | 706,847 |
Total, fair value | $ 462,890 | $ 706,847 |
Investments - Summary of Other Equity Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 36,056 | $ 58,590 |
ABS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 18,986 | 40,977 |
Atalanta Sosnoff [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 10,865 | 10,948 |
Luminis [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 5,757 | 6,158 |
Seneca Evercore [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 448 | $ 507 |
Investments - Summary of Investments in Private Equity Funds (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 36,056 | $ 58,590 |
Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 6,240 | 15,689 |
Glisco II, III and IV [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 3,582 | 3,479 |
Trilantic IV, V and VI [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 2,658 | $ 12,210 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | $ 12,769 | $ 12,334 | $ 25,609 | $ 24,500 | |
Variable Lease, Cost | 1,744 | 1,766 | 3,644 | 3,618 | |
Operating Lease, Payments | 30,201 | 22,893 | |||
Operating Lease, Incentive Payments Received | 332 | 4,144 | |||
Lessee, Additional Payments for Operating Leases Not Yet Commenced | $ 230,009 | $ 230,009 | |||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years | 3 years | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 13 years | 13 years | |||
Letter of Credit [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Other Assets | $ 5,616 | $ 5,616 | $ 5,616 | ||
Office Equipment [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | $ 1,258 | $ 1,144 | $ 2,501 | $ 2,651 |
Leases - Supplemental Operating Lease Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Leases [Abstract] | ||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,585 | $ 12,327 | $ 7,192 | $ 14,211 |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 8 months 12 days | 11 years 2 months 12 days | 10 years 8 months 12 days | 11 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.91% | 4.02% | 3.91% | 4.02% |
Leases - Maturities of Undiscounted Operating Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
2022 (July 1 through December 31) | $ 29,804 | |
2023 | 45,266 | |
2024 | 37,153 | |
2025 | 38,712 | |
2026 | 38,497 | |
Thereafter | 216,888 | |
Total lease payments | 406,320 | |
Tenant Improvement Allowances | (5,949) | |
Imputed Interest | (76,478) | |
Operating Lease, Liability | 323,893 | |
Current Operating Lease Liabilities | (45,120) | $ (47,321) |
Long-term Operating Lease Liabilities | $ 278,773 | $ 297,473 |
Noncontrolling Interest - Schedule of Noncontrolling Interest (Details) |
Jun. 30, 2022 |
Jun. 30, 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% | 25.00% |
Real Estate Capital Advisory [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 0.00% | 38.00% |
Share-Based and Other Deferred Compensation - Schedule of Changes in Termination Costs Liability (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 675 | $ 4,589 |
Termination Costs Incurred | 667 | 1,053 |
Cash Benefits Paid | (748) | (3,033) |
Non-Cash Charges | (115) | (25) |
Ending Balance | $ 479 | $ 2,584 |
- Commitments and Contingencies - Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Cash and Cash Equivalents | $ 444,306 | $ 578,317 | $ 442,187 | |
Restricted Cash included in Other Assets | 9,088 | 8,804 | ||
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ 453,394 | $ 587,293 | $ 450,991 | $ 838,224 |
Regulatory Authorities (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
EGL [Member] | ||
Regulatory Authorities [Line Items] | ||
Broker-Dealer, Minimum Net Capital Required, Alternative Standard | $ 250,000 | |
Broker-Dealer, Net Capital | 365,745,000 | $ 660,032,000 |
Broker-Dealer, Excess Net Capital, Alternative Standard | 365,495,000 | $ 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 |
Segment Operating Results - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment Operating Results (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||||
Net Revenues | $ 630,917 | $ 687,865 | $ 1,353,771 | $ 1,350,175 | |
Operating Expenses | 484,203 | 480,852 | 997,693 | 948,947 | |
Other Expenses | 532 | 0 | 532 | 7 | |
Income Before Income from Equity Method Investments and Income Taxes | 146,182 | 207,013 | 355,546 | 401,221 | |
Income from Equity Method Investments | 2,274 | 3,394 | 4,786 | 6,418 | |
Pre-Tax Income | 148,456 | 210,407 | 360,332 | 407,639 | |
Identifiable Segment Assets | 3,011,488 | 2,947,448 | 3,011,488 | 2,947,448 | $ 3,802,657 |
Investment Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 615,250 | 670,820 | 1,319,551 | 1,318,105 | |
Operating Expenses | 470,540 | 468,160 | 971,112 | 924,686 | |
Other Expenses | 532 | 0 | 532 | 7 | |
Income Before Income from Equity Method Investments and Income Taxes | 144,178 | 202,660 | 347,907 | 393,412 | |
Income from Equity Method Investments | 164 | 549 | 538 | 718 | |
Pre-Tax Income | 144,342 | 203,209 | 348,445 | 394,130 | |
Identifiable Segment Assets | 2,859,302 | 2,775,859 | 2,859,302 | 2,775,859 | |
Investment Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 15,667 | 17,045 | 34,220 | 32,070 | |
Operating Expenses | 13,663 | 12,692 | 26,581 | 24,261 | |
Other Expenses | 0 | 0 | 0 | 0 | |
Income Before Income from Equity Method Investments and Income Taxes | 2,004 | 4,353 | 7,639 | 7,809 | |
Income from Equity Method Investments | 2,110 | 2,845 | 4,248 | 5,700 | |
Pre-Tax Income | 4,114 | 7,198 | 11,887 | 13,509 | |
Identifiable Segment Assets | $ 152,186 | $ 171,589 | $ 152,186 | $ 171,589 |
Segment Operating Results - (Footnotes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | $ (27,297) | $ 12,095 | $ (33,326) | $ 14,755 |
Special Charges, Including Business Realignment Costs | 532 | 0 | 532 | 0 |
Acquisition and Transition Costs | 0 | 0 | 0 | 7 |
Total Other Expenses | 532 | 0 | 532 | 7 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | (26,996) | 11,233 | (34,463) | 13,817 |
Interest expense on Notes Payable and Line of Credit | 4,258 | 4,306 | 8,508 | 8,876 |
Special Charges, Including Business Realignment Costs | 532 | 0 | 532 | 0 |
Acquisition and Transition Costs | 0 | 0 | 0 | 7 |
Total Other Expenses | 532 | 0 | 532 | 7 |
Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | (301) | 862 | 1,137 | 938 |
Total Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Operating Results - Revenues Derived from Clients by Geographical Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 658,214 | $ 675,770 | $ 1,387,097 | $ 1,335,420 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 423,189 | 528,322 | 1,033,920 | 988,970 |
Europe And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 234,968 | 145,117 | 347,033 | 343,731 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 57 | $ 2,331 | $ 6,144 | $ 2,719 |
Segment Operating Results - Assets by Geographic Area (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Segment Reporting Information [Line Items] | |||
Total Assets | $ 3,011,488 | $ 3,802,657 | $ 2,947,448 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 2,419,561 | 3,199,435 | |
Europe And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 591,927 | $ 603,222 |
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