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Evercore Inc. (Parent Company Only) Financial Statements
 12 Months Ended
Dec. 31, 2021
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,
 20212020
ASSETS
Equity Investment in Subsidiary$1,550,930 $1,419,718 
Deferred Tax Assets227,826 237,595 
Goodwill15,236 15,236 
Other Assets— 25,603 
TOTAL ASSETS$1,793,992 $1,698,152 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Current Liabilities
Payable to Related Party$10,465 $9,891 
Taxes Payable13,075 — 
Other Current Liabilities3,629 3,963 
Current Portion of Notes Payable— 37,974 
Total Current Liabilities27,169 51,828 
Amounts Due Pursuant to Tax Receivable Agreements70,209 76,860 
Long-term Debt - Notes Payable376,243 338,518 
TOTAL LIABILITIES473,621 467,206 
Stockholders' Equity
Common Stock
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 74,804,288 and 72,195,283 issued at December 31, 2021 and 2020, respectively, and 37,903,430 and 40,750,225 outstanding at December 31, 2021 and 2020, respectively)
748 722 
Class B, par value $0.01 per share (1,000,000 shares authorized, 53 and 48 issued and outstanding at December 31, 2021 and 2020, respectively)
— — 
Additional Paid-In-Capital2,458,779 2,266,136 
Accumulated Other Comprehensive Income (Loss)(12,086)(9,758)
Retained Earnings1,418,382 798,573 
Treasury Stock at Cost (36,900,858 and 31,445,058 shares at December 31, 2021 and 2020, respectively)
(2,545,452)(1,824,727)
TOTAL STOCKHOLDERS' EQUITY1,320,371 1,230,946 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,793,992 $1,698,152 

See notes to parent company only financial statements.
EVERCORE INC.
(parent company only)
CONDENSED STATEMENTS OF OPERATIONS
 For the Years Ended December 31,
 202120202019
REVENUES
Other Revenue, Including Interest and Investments$17,439 $18,197 $12,915 
TOTAL REVENUES17,439 18,197 12,915 
Interest Expense17,439 18,197 12,915 
NET REVENUES— — — 
EXPENSES
TOTAL EXPENSES— — — 
OPERATING INCOME— — — 
Equity in Income of Subsidiary954,167 451,129 383,717 
Provision for Income Taxes214,051 100,555 86,281 
NET INCOME$740,116 $350,574 $297,436 
See notes to parent company only financial statements.
EVERCORE INC.
(parent company only)
CONDENSED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31,
 202120202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$740,116 $350,574 $297,436 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Undistributed Income of Subsidiary(954,167)(451,129)(383,717)
Deferred Taxes29,017 11,395 (3,966)
Accretion on Long-term Debt433 435 336 
(Increase) Decrease in Operating Assets:
Other Assets25,603 (6,899)(18,704)
Increase (Decrease) in Operating Liabilities:
Taxes Payable13,075 — (30,749)
Net Cash Provided by (Used in) Operating Activities(145,923)(95,624)(139,364)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Subsidiary264,685 202,206 30,449 
Net Cash Provided by Investing Activities264,685 202,206 30,449 
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of Notes Payable (38,000)——
Issuance of Notes Payable38,000 — 205,718 
Dividends(118,762)(106,582)(96,803)
Net Cash Provided by (Used in) Financing Activities(118,762)(106,582)108,915 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH— — — 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of Year— — — 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of Year$— $— $— 
SUPPLEMENTAL CASH FLOW DISCLOSURE
Accrued Dividends$14,332 $13,734 $14,642 
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, 2021, the Company has issued 74,804 Class A Shares. The Company canceled six shares of Class B common stock, which were held by limited partners of Evercore LP during 2021. During 2021, the Company purchased 995 Class A Shares from employees at an average cost per share of $118.62, primarily for the net settlement of stock-based compensation awards, and 4,461 Class A Shares at an average cost per share of $135.11 pursuant to the Company's share repurchase program. The result of these purchases was an increase in Treasury Stock of $720,725 on the Company's Statement of Financial Condition as of December 31, 2021. During the year ended December 31, 2021, the Company declared and paid dividends of $2.65 per share, totaling $105,975, which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested RSUs, totaling $14,332. During the year ended December 31, 2021, the Company also paid deferred cash dividends of $12,796, 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 18 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 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, $48,000 aggregate principal amount of its 5.48% Series C senior notes due March 30, 2026 and $17,000 aggregate principal amount of its 5.58% Series D senior notes due March 30, 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. In March 2021, the Company repaid the $38,000 aggregate principal amount of its Series A Notes.
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 August 1, 2029, $60,000 aggregate principal amount of its 4.44% Series F senior notes due August 1, 2031, $40,000 aggregate principal amount of its 4.54% Series G senior notes due August 1, 2033 and £25,000 aggregate principal amount of its 3.33% Series H senior notes due August 1, 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.
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 "2021 Private Placement Notes"), pursuant to a 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.
Note E – Commitments and Contingencies
As of December 31, 2021, as discussed in Note 13 to the consolidated financial statements, future payments required related to the 2016, 2019 and 2021 Private Placement Notes are $490,661. Pursuant to the 2016, 2019 and 2021 Private Placement Notes, the Company expects to make payments to the notes' holders of $16,693 within one year or less, $95,130 in one to three years, $110,127 in three to five years and $268,711 after five years.
As of December 31, 2021, as discussed in Note 19 to the consolidated financial statements, the Company estimates the contractual obligations related to the Tax Receivable Agreement to be $80,674. The company expects to pay to the counterparties to the Tax Receivable Agreement $10,465 within one year or less, $20,676 in one to three years, $18,746 in three to five years and $30,787 after five years.