XML 47 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Evercore Inc. (Parent Company Only) Financial Statements
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Evercore Inc. (Parent Company Only) Financial Statements Evercore Inc. (Parent Company Only) Financial Statements
EVERCORE INC.
(parent company only)
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except share data)
 December 31,
 20202019
ASSETS
Equity Investment in Subsidiary$1,419,718 $1,066,398 
Deferred Tax Assets237,595 244,965 
Goodwill15,236 15,236 
Other Assets25,603 18,704 
TOTAL ASSETS$1,698,152 $1,345,303 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Current Liabilities
Payable to Related Party$9,891 $9,570 
Other Current Liabilities3,963 6,003 
Current Portion of Notes Payable37,974— 
Total Current Liabilities51,828 15,573 
Amounts Due Pursuant to Tax Receivable Agreements76,860 84,952 
Long-term Debt - Notes Payable338,518 375,062 
TOTAL LIABILITIES467,206 475,587 
Stockholders' Equity
Common Stock
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 72,195,283 and 68,698,675 issued at December 31, 2020 and 2019, respectively, and 40,750,225 and 39,176,010 outstanding at December 31, 2020 and 2019, respectively)
722 687 
Class B, par value $0.01 per share (1,000,000 shares authorized, 48 and 84 issued and outstanding at December 31, 2020 and 2019, respectively)
— — 
Additional Paid-In-Capital2,266,136 2,016,524 
Accumulated Other Comprehensive Income (Loss)(9,758)(27,596)
Retained Earnings798,573 558,269 
Treasury Stock at Cost (31,445,058 and 29,522,665 shares at December 31, 2020 and 2019, respectively)
(1,824,727)(1,678,168)
TOTAL STOCKHOLDERS' EQUITY1,230,946 869,716 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,698,152 $1,345,303 

See notes to parent company only financial statements.
EVERCORE INC.
(parent company only)
CONDENSED STATEMENTS OF OPERATIONS
 For the Years Ended December 31,
 202020192018
REVENUES
Other Revenue, Including Interest and Investments$18,197 $12,915 $9,202 
TOTAL REVENUES18,197 12,915 9,202 
Interest Expense18,197 12,915 9,202 
NET REVENUES— — — 
EXPENSES
TOTAL EXPENSES— — — 
OPERATING INCOME— — — 
Equity in Income of Subsidiary451,129 383,717 473,978 
Provision for Income Taxes100,555 86,281 96,738 
NET INCOME$350,574 $297,436 $377,240 
See notes to parent company only financial statements.
EVERCORE INC.
(parent company only)
CONDENSED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31,
 202020192018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$350,574 $297,436 $377,240 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Undistributed Income of Subsidiary(451,129)(383,717)(473,978)
Deferred Taxes11,395 (3,966)(5,311)
Accretion on Long-term Debt435 336 265 
(Increase) Decrease in Operating Assets:
Other Assets(6,899)(18,704)9,689 
Increase (Decrease) in Operating Liabilities:
Taxes Payable— (30,749)30,749 
Net Cash Provided by (Used in) Operating Activities(95,624)(139,364)(61,346)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Subsidiary202,206 30,449 138,648 
Net Cash Provided by Investing Activities202,206 30,449 138,648 
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Notes Payable— 205,718 — 
Dividends(106,582)(96,803)(77,302)
Net Cash Provided by (Used in) Financing Activities(106,582)108,915 (77,302)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH— — — 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of Year— — — 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of Year$— $— $— 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Accrued Dividends$13,734 $14,642 $12,288 
See notes to parent company only financial statements.
EVERCORE INC.
(parent company only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Note A – Organization
Evercore Inc. (the "Company") was incorporated as a Delaware corporation on July 21, 2005. The Company did not begin meaningful operations until the reorganization discussed below. Pursuant to a reorganization into a holding company structure, the Company became a holding company and its sole asset is a controlling equity interest in Evercore LP. As the sole general partner of Evercore LP, the Company operates and controls all of the business and affairs of Evercore LP and, through Evercore LP and its subsidiaries, continues to conduct the business now conducted by these subsidiaries.
Note B – Significant Accounting Policies
Basis of Presentation. The Statements of Financial Condition, Operations and Cash Flows have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Equity Investment in Subsidiary and Equity in Income of Subsidiary. Equity Investment in Subsidiary includes the Company's receivable from Evercore LP for senior notes owed by Evercore LP to the Company having similar terms as described below in Note D – issuance of Notes Payable. The Equity in Income of Subsidiary represents the Company's share of income from Evercore LP.
Note C – Stockholders' Equity
The Company is authorized to issue 1,000,000 shares of Class A common stock ("Class A Shares"), par value $0.01 per share, and 1,000 shares of Class B common stock, par value $0.01 per share. All Class A Shares and shares of Class B common stock vote together as a single class. At December 31, 2020, the Company has issued 72,195 Class A Shares. The Company canceled two shares of Class B common stock, which were held by limited partners of Evercore LP during 2020. During 2020, the Company purchased 1,068 Class A Shares primarily from employees at market values ranging from $38.23 to $104.38 per share (at an average cost per share of $76.51) primarily for the net settlement of stock-based compensation awards and 854 Class A Shares at market values ranging from $58.28 to $81.96 per share (at an average cost per share of $75.93) pursuant to the Company's share repurchase program. The result of these purchases was an increase in Treasury Stock of $146,559 on the Company's Statement of Financial Condition as of December 31, 2020. During the year ended December 31, 2020, the Company declared and paid dividends of $2.35 per share, totaling $95,226, which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested RSUs, totaling $13,734. During the year ended December 31, 2020, the Company also paid deferred cash dividends of $11,356, which were wholly funded by the Company's sole subsidiary, Evercore LP. Dividends are paid and treasury shares are repurchased by a subsidiary of Evercore Inc.
As discussed in Note 19 to the consolidated financial statements, both the Evercore LP partnership units and restricted stock units are exchangeable into Class A Shares on a one-for-one basis once vested.
Note D – Issuance of Notes Payable
On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes (the "2016 Private Placement Notes"), including: $38,000 aggregate principal amount of its 4.88% Series A senior notes due 2021, $67,000 aggregate principal amount of its 5.23% Series B senior notes due 2023, $48,000 aggregate principal amount of its 5.48% Series C senior notes due 2026 and $17,000 aggregate principal amount of its 5.58% Series D senior notes due 2028, pursuant to a 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.
On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes (the "2019 Private Placement 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 2029, $60,000 aggregate principal amount of its 4.44% Series F senior notes due 2031, $40,000 aggregate principal amount of its 4.54% Series G senior notes due 2033 and £25,000 aggregate principal amount of its 3.33% Series H senior notes due 2033, each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Note E – Commitments and Contingencies
As of December 31, 2020, as discussed in Note 14 to the consolidated financial statements, the Company estimates the contractual obligations related to the 2016 and 2019 Private Placement Notes to be $505,236. Pursuant to the 2016 and 2019 Private Placement Notes, the Company expects to make payments to the notes' holders of $54,883 within one year or less, $97,160 in one to three years, $24,904 in three to five years and $328,289 after five years.
As of December 31, 2020, as discussed in Note 20 to the consolidated financial statements, the Company estimates the contractual obligations related to the Tax Receivable Agreement to be $86,751. The company expects to pay to the counterparties to the Tax Receivable Agreement $9,891 within one year or less, $20,586 in one to three years, $19,572 in three to five years and $36,702 after five years.