x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
20-4748747
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
ý
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
|
|
Emerging growth company
|
o
|
|
|
Page
|
|
||
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 2.
|
||
Item 6.
|
||
|
Item 1.
|
Condensed Consolidated Financial Statements (Unaudited)
|
Condensed Consolidated Financial Statements (Unaudited)
|
|
|
Page
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
439,855
|
|
|
$
|
558,524
|
|
Marketable Securities and Certificates of Deposit
|
115,752
|
|
|
66,487
|
|
||
Assets Held for Sale
|
29,942
|
|
|
—
|
|
||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
22,632
|
|
|
18,535
|
|
||
Securities Purchased Under Agreements to Resell
|
11,268
|
|
|
12,585
|
|
||
Accounts Receivable (net of allowances of $2,492 and $2,751 at September 30, 2017 and December 31, 2016, respectively)
|
206,885
|
|
|
230,522
|
|
||
Receivable from Employees and Related Parties
|
16,934
|
|
|
15,034
|
|
||
Other Current Assets
|
20,173
|
|
|
23,946
|
|
||
Total Current Assets
|
863,441
|
|
|
925,633
|
|
||
Investments
|
99,207
|
|
|
116,633
|
|
||
Deferred Tax Assets
|
309,883
|
|
|
305,424
|
|
||
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $65,388 and $53,668 at September 30, 2017 and December 31, 2016, respectively)
|
67,599
|
|
|
51,651
|
|
||
Goodwill
|
133,911
|
|
|
160,961
|
|
||
Intangible Assets (net of accumulated amortization of $32,115 and $24,690 at September 30, 2017 and December 31, 2016, respectively)
|
21,945
|
|
|
29,370
|
|
||
Assets Segregated for Bank Regulatory Requirements
|
10,200
|
|
|
10,200
|
|
||
Other Assets
|
54,849
|
|
|
62,474
|
|
||
Total Assets
|
$
|
1,561,035
|
|
|
$
|
1,662,346
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accrued Compensation and Benefits
|
$
|
307,125
|
|
|
$
|
334,541
|
|
Accounts Payable and Accrued Expenses
|
33,001
|
|
|
30,723
|
|
||
Securities Sold Under Agreements to Repurchase
|
33,912
|
|
|
31,150
|
|
||
Payable to Employees and Related Parties
|
27,832
|
|
|
27,366
|
|
||
Taxes Payable
|
8,872
|
|
|
27,321
|
|
||
Liabilities Held for Sale
|
403
|
|
|
—
|
|
||
Other Current Liabilities
|
11,639
|
|
|
12,320
|
|
||
Total Current Liabilities
|
422,784
|
|
|
463,421
|
|
||
Notes Payable
|
168,282
|
|
|
168,097
|
|
||
Subordinated Borrowings
|
6,799
|
|
|
16,550
|
|
||
Amounts Due Pursuant to Tax Receivable Agreements
|
179,275
|
|
|
174,109
|
|
||
Other Long-term Liabilities
|
55,910
|
|
|
56,838
|
|
||
Total Liabilities
|
833,050
|
|
|
879,015
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
||||
Equity
|
|
|
|
||||
Evercore Inc. Stockholders' Equity
|
|
|
|
||||
Common Stock
|
|
|
|
||||
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 61,585,638 and 58,292,567 issued at September 30, 2017 and December 31, 2016, respectively, and 38,594,548 and 39,190,856 outstanding at September 30, 2017 and December 31, 2016, respectively)
|
616
|
|
|
582
|
|
||
Class B, par value $0.01 per share (1,000,000 shares authorized, 83 and 24 issued and outstanding at September 30, 2017 and December 31, 2016, respectively)
|
—
|
|
|
—
|
|
||
Additional Paid-In-Capital
|
1,505,824
|
|
|
1,368,122
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
(44,966
|
)
|
|
(50,096
|
)
|
||
Retained Earnings
|
117,433
|
|
|
20,343
|
|
||
Treasury Stock at Cost (22,991,090 and 19,101,711 shares at September 30, 2017 and December 31, 2016, respectively)
|
(1,103,342
|
)
|
|
(811,653
|
)
|
||
Total Evercore Inc. Stockholders' Equity
|
475,565
|
|
|
527,298
|
|
||
Noncontrolling Interest
|
252,420
|
|
|
256,033
|
|
||
Total Equity
|
727,985
|
|
|
783,331
|
|
||
Total Liabilities and Equity
|
$
|
1,561,035
|
|
|
$
|
1,662,346
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Investment Banking Revenue
|
$
|
388,834
|
|
|
$
|
368,434
|
|
|
$
|
1,118,303
|
|
|
$
|
936,234
|
|
Investment Management Revenue
|
18,236
|
|
|
17,158
|
|
|
48,464
|
|
|
57,842
|
|
||||
Other Revenue, Including Interest
|
4,944
|
|
|
5,509
|
|
|
12,542
|
|
|
12,650
|
|
||||
Total Revenues
|
412,014
|
|
|
391,101
|
|
|
1,179,309
|
|
|
1,006,726
|
|
||||
Interest Expense
|
5,413
|
|
|
4,787
|
|
|
14,991
|
|
|
12,043
|
|
||||
Net Revenues
|
406,601
|
|
|
386,314
|
|
|
1,164,318
|
|
|
994,683
|
|
||||
Expenses
|
|
|
|
|
|
|
|
||||||||
Employee Compensation and Benefits
|
246,772
|
|
|
231,710
|
|
|
689,186
|
|
|
632,959
|
|
||||
Occupancy and Equipment Rental
|
13,531
|
|
|
12,627
|
|
|
40,191
|
|
|
33,983
|
|
||||
Professional Fees
|
16,151
|
|
|
15,419
|
|
|
43,432
|
|
|
39,872
|
|
||||
Travel and Related Expenses
|
15,113
|
|
|
12,440
|
|
|
46,976
|
|
|
42,258
|
|
||||
Communications and Information Services
|
10,613
|
|
|
10,155
|
|
|
30,865
|
|
|
29,944
|
|
||||
Depreciation and Amortization
|
6,421
|
|
|
5,907
|
|
|
18,267
|
|
|
18,915
|
|
||||
Special Charges
|
—
|
|
|
—
|
|
|
21,507
|
|
|
—
|
|
||||
Acquisition and Transition Costs
|
599
|
|
|
339
|
|
|
976
|
|
|
10
|
|
||||
Other Operating Expenses
|
10,331
|
|
|
12,632
|
|
|
28,253
|
|
|
32,927
|
|
||||
Total Expenses
|
319,531
|
|
|
301,229
|
|
|
919,653
|
|
|
830,868
|
|
||||
Income Before Income from Equity Method Investments and Income Taxes
|
87,070
|
|
|
85,085
|
|
|
244,665
|
|
|
163,815
|
|
||||
Income from Equity Method Investments
|
1,827
|
|
|
1,178
|
|
|
5,507
|
|
|
4,129
|
|
||||
Income Before Income Taxes
|
88,897
|
|
|
86,263
|
|
|
250,172
|
|
|
167,944
|
|
||||
Provision for Income Taxes
|
28,815
|
|
|
38,980
|
|
|
69,566
|
|
|
79,390
|
|
||||
Net Income
|
60,082
|
|
|
47,283
|
|
|
180,606
|
|
|
88,554
|
|
||||
Net Income Attributable to Noncontrolling Interest
|
14,171
|
|
|
12,588
|
|
|
35,740
|
|
|
24,454
|
|
||||
Net Income Attributable to Evercore Inc.
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
Net Income Attributable to Evercore Inc. Common Shareholders
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
Weighted Average Shares of Class A Common Stock Outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
39,045
|
|
|
38,912
|
|
|
39,873
|
|
|
39,259
|
|
||||
Diluted
|
44,036
|
|
|
43,734
|
|
|
44,887
|
|
|
44,085
|
|
||||
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.18
|
|
|
$
|
0.89
|
|
|
$
|
3.63
|
|
|
$
|
1.63
|
|
Diluted
|
$
|
1.04
|
|
|
$
|
0.79
|
|
|
$
|
3.23
|
|
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Declared per Share of Class A Common Stock
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
1.02
|
|
|
$
|
0.93
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income
|
$
|
60,082
|
|
|
$
|
47,283
|
|
|
$
|
180,606
|
|
|
$
|
88,554
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized Gain (Loss) on Marketable Securities and Investments, net
|
24
|
|
|
(632
|
)
|
|
401
|
|
|
(1,448
|
)
|
||||
Foreign Currency Translation Adjustment Gain (Loss), net
|
4,832
|
|
|
(3,322
|
)
|
|
5,993
|
|
|
(11,861
|
)
|
||||
Other Comprehensive Income (Loss)
|
4,856
|
|
|
(3,954
|
)
|
|
6,394
|
|
|
(13,309
|
)
|
||||
Comprehensive Income
|
64,938
|
|
|
43,329
|
|
|
187,000
|
|
|
75,245
|
|
||||
Comprehensive Income Attributable to Noncontrolling Interest
|
15,131
|
|
|
11,739
|
|
|
37,004
|
|
|
21,757
|
|
||||
Comprehensive Income Attributable to Evercore Inc.
|
$
|
49,807
|
|
|
$
|
31,590
|
|
|
$
|
149,996
|
|
|
$
|
53,488
|
|
|
For the Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
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, 2016
|
58,292,567
|
|
|
$
|
582
|
|
|
$
|
1,368,122
|
|
|
$
|
(50,096
|
)
|
|
$
|
20,343
|
|
|
(19,101,711
|
)
|
|
$
|
(811,653
|
)
|
|
$
|
256,033
|
|
|
$
|
783,331
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,866
|
|
|
—
|
|
|
—
|
|
|
35,740
|
|
|
180,606
|
|
|||||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,130
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,264
|
|
|
6,394
|
|
|||||||
Treasury Stock Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,889,379
|
)
|
|
(291,689
|
)
|
|
—
|
|
|
(291,689
|
)
|
|||||||
Evercore LP Units Purchased or Converted into Class A Common Stock
|
737,739
|
|
|
8
|
|
|
27,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,393
|
)
|
|
(1,611
|
)
|
|||||||
Equity-based Compensation Awards
|
2,555,332
|
|
|
26
|
|
|
116,982
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,294
|
|
|
124,302
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,776
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,776
|
)
|
|||||||
Noncontrolling Interest (Note 12)
|
—
|
|
|
—
|
|
|
(7,054
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,518
|
)
|
|
(25,572
|
)
|
|||||||
Balance at September 30, 2017
|
61,585,638
|
|
|
$
|
616
|
|
|
$
|
1,505,824
|
|
|
$
|
(44,966
|
)
|
|
$
|
117,433
|
|
|
(22,991,090
|
)
|
|
$
|
(1,103,342
|
)
|
|
$
|
252,420
|
|
|
$
|
727,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
For the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Additional
|
|
Other
|
|
Retained
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Class A Common Stock
|
|
Paid-In
|
|
Comprehensive
|
|
Earnings
|
|
Treasury Stock
|
|
Noncontrolling
|
|
Total
|
||||||||||||||||||||
|
Shares
|
|
Dollars
|
|
Capital
|
|
Income (Loss)
|
|
(Deficit)
|
|
Shares
|
|
Dollars
|
|
Interest
|
|
Equity
|
||||||||||||||||
Balance at December 31, 2015
|
55,249,559
|
|
|
$
|
552
|
|
|
$
|
1,210,742
|
|
|
$
|
(34,539
|
)
|
|
$
|
(27,791
|
)
|
|
(15,626,288
|
)
|
|
$
|
(644,412
|
)
|
|
$
|
202,664
|
|
|
$
|
707,216
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,100
|
|
|
—
|
|
|
—
|
|
|
24,454
|
|
|
88,554
|
|
|||||||
Other Comprehensive Income (Loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,612
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,697
|
)
|
|
(13,309
|
)
|
|||||||
Treasury Stock Purchases, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,386,869
|
)
|
|
(161,778
|
)
|
|
—
|
|
|
(161,778
|
)
|
|||||||
Evercore LP Units Converted into Class A Common Stock
|
326,280
|
|
|
3
|
|
|
9,161
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,164
|
)
|
|
—
|
|
|||||||
Equity-based Compensation Awards
|
2,337,432
|
|
|
24
|
|
|
87,939
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,357
|
|
|
154,320
|
|
|||||||
Dividends and Equivalents
|
—
|
|
|
—
|
|
|
5,781
|
|
|
—
|
|
|
(43,474
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,693
|
)
|
|||||||
Noncontrolling Interest (Note 12)
|
—
|
|
|
—
|
|
|
(1,257
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,082
|
)
|
|
(37,339
|
)
|
|||||||
Balance at September 30, 2016
|
57,913,271
|
|
|
$
|
579
|
|
|
$
|
1,312,366
|
|
|
$
|
(45,151
|
)
|
|
$
|
(7,165
|
)
|
|
(19,013,157
|
)
|
|
$
|
(806,190
|
)
|
|
$
|
245,532
|
|
|
$
|
699,971
|
|
|
For the Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities
|
|
|
|
||||
Net Income
|
$
|
180,606
|
|
|
$
|
88,554
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
||||
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration
|
239
|
|
|
3,565
|
|
||
Equity Method Investments
|
1,863
|
|
|
4,118
|
|
||
Equity-Based and Other Deferred Compensation
|
163,094
|
|
|
177,812
|
|
||
Impairment of Goodwill and Equity Method Investments
|
21,507
|
|
|
—
|
|
||
Depreciation, Amortization and Accretion
|
18,453
|
|
|
19,033
|
|
||
Bad Debt Expense
|
2,547
|
|
|
1,966
|
|
||
Deferred Taxes
|
(1,849
|
)
|
|
(2,509
|
)
|
||
Decrease (Increase) in Operating Assets:
|
|
|
|
||||
Marketable Securities
|
707
|
|
|
680
|
|
||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
(1,526
|
)
|
|
20,621
|
|
||
Securities Purchased Under Agreements to Resell
|
2,910
|
|
|
(11,584
|
)
|
||
Accounts Receivable
|
23,423
|
|
|
23,414
|
|
||
Receivable from Employees and Related Parties
|
(2,102
|
)
|
|
1,700
|
|
||
Other Assets
|
9,391
|
|
|
(12,991
|
)
|
||
(Decrease) Increase in Operating Liabilities:
|
|
|
|
||||
Accrued Compensation and Benefits
|
(52,481
|
)
|
|
(49,915
|
)
|
||
Accounts Payable and Accrued Expenses
|
(96
|
)
|
|
(9,140
|
)
|
||
Securities Sold Under Agreements to Repurchase
|
(1,405
|
)
|
|
(9,070
|
)
|
||
Payables to Employees and Related Parties
|
471
|
|
|
(2,639
|
)
|
||
Taxes Payable
|
(18,471
|
)
|
|
10,641
|
|
||
Other Liabilities
|
(21,624
|
)
|
|
(3,855
|
)
|
||
Net Cash Provided by Operating Activities
|
325,657
|
|
|
250,401
|
|
||
Cash Flows From Investing Activities
|
|
|
|
||||
Investments Purchased
|
(857
|
)
|
|
(1,529
|
)
|
||
Distributions of Private Equity Investments
|
1,140
|
|
|
107
|
|
||
Marketable Securities:
|
|
|
|
||||
Proceeds from Sales and Maturities
|
38,436
|
|
|
29,482
|
|
||
Purchases
|
(22,347
|
)
|
|
(52,851
|
)
|
||
Purchase of Certificates of Deposit
|
(63,417
|
)
|
|
—
|
|
||
Cash Paid for Acquisitions and Deconsolidation of Cash, net of Cash Acquired
|
—
|
|
|
(2,877
|
)
|
||
(Increase) Decrease in Restricted Cash
|
—
|
|
|
(5,385
|
)
|
||
Purchase of Furniture, Equipment and Leasehold Improvements
|
(25,142
|
)
|
|
(8,511
|
)
|
||
Net Cash Provided by (Used in) Investing Activities
|
(72,187
|
)
|
|
(41,564
|
)
|
||
Cash Flows From Financing Activities
|
|
|
|
||||
Issuance of Noncontrolling Interests
|
110
|
|
|
885
|
|
||
Distributions to Noncontrolling Interests
|
(26,315
|
)
|
|
(25,519
|
)
|
||
Cash Paid for Deferred and Contingent Consideration
|
—
|
|
|
(5,050
|
)
|
||
Short-Term Borrowing
|
30,000
|
|
|
50,000
|
|
||
Repayment of Short-Term Borrowing
|
(30,000
|
)
|
|
(50,000
|
)
|
||
Repayment of Subordinated Borrowings
|
(9,751
|
)
|
|
(6,000
|
)
|
||
Payment of Notes Payable - Mizuho
|
—
|
|
|
(120,000
|
)
|
||
Issuance of Notes Payable
|
—
|
|
|
170,000
|
|
||
Debt Issuance Costs
|
—
|
|
|
(2,084
|
)
|
||
Purchase of Treasury Stock and Noncontrolling Interests
|
(301,001
|
)
|
|
(168,260
|
)
|
||
Dividends - Class A Stockholders
|
(40,723
|
)
|
|
(37,693
|
)
|
||
Net Cash Provided by (Used in) Financing Activities
|
(377,680
|
)
|
|
(193,721
|
)
|
||
Effect of Exchange Rate Changes on Cash
|
5,541
|
|
|
(17,851
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(118,669
|
)
|
|
(2,735
|
)
|
||
Cash and Cash Equivalents-Beginning of Period
|
558,524
|
|
|
448,764
|
|
||
Cash and Cash Equivalents-End of Period
|
$
|
439,855
|
|
|
$
|
446,029
|
|
SUPPLEMENTAL CASH FLOW DISCLOSURE
|
|
|
|
||||
Payments for Interest
|
$
|
16,745
|
|
|
$
|
11,553
|
|
Payments for Income Taxes
|
$
|
88,865
|
|
|
$
|
75,213
|
|
Accrued Dividends
|
$
|
7,054
|
|
|
$
|
5,781
|
|
Settlement of Contingent Consideration
|
$
|
10,780
|
|
|
$
|
—
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||||||||||
Securities Investments
|
$
|
7,098
|
|
|
$
|
6
|
|
|
$
|
4,069
|
|
|
$
|
3,035
|
|
|
$
|
6,470
|
|
|
$
|
—
|
|
|
$
|
3,945
|
|
|
$
|
2,525
|
|
Debt Securities Carried by EGL
|
22,806
|
|
|
87
|
|
|
1
|
|
|
22,892
|
|
|
38,392
|
|
|
77
|
|
|
15
|
|
|
38,454
|
|
||||||||
Investment Funds
|
22,307
|
|
|
4,167
|
|
|
66
|
|
|
26,408
|
|
|
23,665
|
|
|
1,854
|
|
|
11
|
|
|
25,508
|
|
||||||||
Total
|
$
|
52,211
|
|
|
$
|
4,260
|
|
|
$
|
4,136
|
|
|
$
|
52,335
|
|
|
$
|
68,527
|
|
|
$
|
1,931
|
|
|
$
|
3,971
|
|
|
$
|
66,487
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||
Due within one year
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
1,609
|
|
|
1,613
|
|
|
1,748
|
|
|
1,728
|
|
||||
Total
|
$
|
1,710
|
|
|
$
|
1,714
|
|
|
$
|
1,748
|
|
|
$
|
1,728
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Asset
(Liability)
Balance
|
|
Market Value of
Collateral Received
or (Pledged)
|
|
Asset
(Liability)
Balance
|
|
Market Value of
Collateral Received
or (Pledged)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
$
|
22,632
|
|
|
|
|
$
|
18,535
|
|
|
|
||||
Securities Purchased Under Agreements to Resell
|
11,268
|
|
|
$
|
11,264
|
|
|
12,585
|
|
|
$
|
12,601
|
|
||
Total Assets
|
$
|
33,900
|
|
|
|
|
$
|
31,120
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Securities Sold Under Agreements to Repurchase
|
$
|
(33,912
|
)
|
|
$
|
(33,917
|
)
|
|
$
|
(31,150
|
)
|
|
$
|
(31,155
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
ECP II
|
$
|
838
|
|
|
$
|
933
|
|
Discovery Fund
|
—
|
|
|
7,463
|
|
||
Glisco II
|
7,854
|
|
|
6,897
|
|
||
Glisco III
|
671
|
|
|
529
|
|
||
Trilantic IV
|
293
|
|
|
211
|
|
||
Trilantic V
|
6,120
|
|
|
5,709
|
|
||
Total Private Equity Funds
|
$
|
15,776
|
|
|
$
|
21,742
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
G5 | Evercore
|
$
|
12,238
|
|
|
$
|
26,016
|
|
ABS
|
37,501
|
|
|
38,982
|
|
||
Atalanta Sosnoff
|
14,368
|
|
|
14,719
|
|
||
Luminis
|
5,611
|
|
|
—
|
|
||
Total
|
$
|
69,718
|
|
|
$
|
79,717
|
|
|
September 30, 2017
|
||||||||||||||
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)
|
$
|
—
|
|
|
$
|
44,736
|
|
|
$
|
—
|
|
|
$
|
44,736
|
|
Securities Investments (1)
|
4,414
|
|
|
1,714
|
|
|
—
|
|
|
6,128
|
|
||||
Investment Funds
|
26,408
|
|
|
—
|
|
|
—
|
|
|
26,408
|
|
||||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
22,632
|
|
|
—
|
|
|
—
|
|
|
22,632
|
|
||||
Total Assets Measured At Fair Value
|
$
|
53,454
|
|
|
$
|
46,450
|
|
|
$
|
—
|
|
|
$
|
99,904
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)
|
$
|
—
|
|
|
$
|
44,630
|
|
|
$
|
—
|
|
|
$
|
44,630
|
|
Securities Investments (1)
|
3,794
|
|
|
1,728
|
|
|
—
|
|
|
5,522
|
|
||||
Investment Funds
|
25,508
|
|
|
—
|
|
|
—
|
|
|
25,508
|
|
||||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
18,535
|
|
|
—
|
|
|
—
|
|
|
18,535
|
|
||||
Total Assets Measured At Fair Value
|
$
|
47,837
|
|
|
$
|
46,358
|
|
|
$
|
—
|
|
|
$
|
94,195
|
|
(1)
|
Includes
$24,937
and
$9,173
of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the
Unaudited Condensed Consolidated Statements of Financial Condition
as of
September 30, 2017
and
December 31, 2016
, respectively.
|
|
|
|
September 30, 2017
|
||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
Amount
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
$
|
414,918
|
|
|
$
|
414,918
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
414,918
|
|
Certificates of Deposit
|
63,417
|
|
|
—
|
|
|
63,417
|
|
|
—
|
|
|
63,417
|
|
|||||
Securities Purchased Under Agreements to Resell
|
11,268
|
|
|
—
|
|
|
11,268
|
|
|
—
|
|
|
11,268
|
|
|||||
Accounts Receivable
|
206,885
|
|
|
—
|
|
|
206,885
|
|
|
—
|
|
|
206,885
|
|
|||||
Receivable from Employees and Related Parties
|
16,934
|
|
|
—
|
|
|
16,934
|
|
|
—
|
|
|
16,934
|
|
|||||
Assets Segregated for Bank Regulatory Requirements
|
10,200
|
|
|
10,200
|
|
|
—
|
|
|
—
|
|
|
10,200
|
|
|||||
Closely-held Equity Security
|
1,079
|
|
|
—
|
|
|
—
|
|
|
1,079
|
|
|
1,079
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts Payable and Accrued Expenses
|
$
|
33,001
|
|
|
$
|
—
|
|
|
$
|
33,001
|
|
|
$
|
—
|
|
|
$
|
33,001
|
|
Securities Sold Under Agreements to Repurchase
|
33,912
|
|
|
—
|
|
|
33,912
|
|
|
—
|
|
|
33,912
|
|
|||||
Payable to Employees and Related Parties
|
27,832
|
|
|
—
|
|
|
27,832
|
|
|
—
|
|
|
27,832
|
|
|||||
Notes Payable
|
168,282
|
|
|
—
|
|
|
170,284
|
|
|
—
|
|
|
170,284
|
|
|||||
Subordinated Borrowings
|
6,799
|
|
|
—
|
|
|
6,968
|
|
|
—
|
|
|
6,968
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
December 31, 2016
|
||||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||||||
|
Amount
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
$
|
549,351
|
|
|
$
|
549,351
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
549,351
|
|
Securities Purchased Under Agreements to Resell
|
12,585
|
|
|
—
|
|
|
12,585
|
|
|
—
|
|
|
12,585
|
|
|||||
Accounts Receivable
|
230,522
|
|
|
—
|
|
|
230,522
|
|
|
—
|
|
|
230,522
|
|
|||||
Receivable from Employees and Related Parties
|
15,034
|
|
|
—
|
|
|
15,034
|
|
|
—
|
|
|
15,034
|
|
|||||
Assets Segregated for Bank Regulatory Requirements
|
10,200
|
|
|
10,200
|
|
|
—
|
|
|
—
|
|
|
10,200
|
|
|||||
Closely-held Equity Security
|
1,079
|
|
|
—
|
|
|
—
|
|
|
1,079
|
|
|
1,079
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts Payable and Accrued Expenses
|
$
|
30,723
|
|
|
$
|
—
|
|
|
$
|
30,723
|
|
|
$
|
—
|
|
|
$
|
30,723
|
|
Securities Sold Under Agreements to Repurchase
|
31,150
|
|
|
—
|
|
|
31,150
|
|
|
—
|
|
|
31,150
|
|
|||||
Payable to Employees and Related Parties
|
27,366
|
|
|
—
|
|
|
27,366
|
|
|
—
|
|
|
27,366
|
|
|||||
Notes Payable
|
168,097
|
|
|
—
|
|
|
170,251
|
|
|
—
|
|
|
170,251
|
|
|||||
Subordinated Borrowings
|
16,550
|
|
|
—
|
|
|
16,803
|
|
|
—
|
|
|
16,803
|
|
|
|
|
|
|
|
Carrying Value (a)
|
|||||||
Note
|
|
Maturity Date
|
|
Effective Annual Interest Rate
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||
Evercore Inc. 4.88% Series A Senior Notes
|
|
3/30/2021
|
|
5.16
|
%
|
|
$
|
37,662
|
|
|
$
|
37,597
|
|
Evercore Inc. 5.23% Series B Senior Notes
|
|
3/30/2023
|
|
5.44
|
%
|
|
66,330
|
|
|
66,254
|
|
||
Evercore Inc. 5.48% Series C Senior Notes
|
|
3/30/2026
|
|
5.64
|
%
|
|
47,480
|
|
|
47,445
|
|
||
Evercore Inc. 5.58% Series D Senior Notes
|
|
3/30/2028
|
|
5.72
|
%
|
|
16,810
|
|
|
16,801
|
|
||
Total
|
|
|
|
|
|
$
|
168,282
|
|
|
$
|
168,097
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||
Subsidiary:
|
|
|
|
||
Evercore LP
|
13
|
%
|
|
14
|
%
|
Evercore Wealth Management L.L.C. ("EWM")
|
38
|
%
|
|
38
|
%
|
Private Capital Advisory L.P. ("PCA")
|
26
|
%
|
|
39
|
%
|
|
For the Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
256,033
|
|
|
$
|
202,664
|
|
|
|
|
|
||||
Comprehensive income (loss):
|
|
|
|
||||
Net Income Attributable to Noncontrolling Interest
|
35,740
|
|
|
24,454
|
|
||
Other comprehensive income (loss)
|
1,264
|
|
|
(2,697
|
)
|
||
Total comprehensive income
|
37,004
|
|
|
21,757
|
|
||
|
|
|
|
||||
Evercore LP Units Purchased or Converted into Class A Shares
|
(29,393
|
)
|
|
(9,164
|
)
|
||
|
|
|
|
||||
Amortization and Vesting of LP Units/Interests
|
7,294
|
|
|
66,357
|
|
||
|
|
|
|
||||
Other Items:
|
|
|
|
||||
Distributions to Noncontrolling Interests
|
(26,315
|
)
|
|
(25,519
|
)
|
||
Issuance of Noncontrolling Interest
|
8,279
|
|
|
885
|
|
||
Purchase of Noncontrolling Interest
|
(261
|
)
|
|
(5,225
|
)
|
||
Deconsolidation of GCP III
|
—
|
|
|
(5,808
|
)
|
||
Other, net
|
(221
|
)
|
|
(415
|
)
|
||
Total other items
|
(18,518
|
)
|
|
(36,082
|
)
|
||
|
|
|
|
||||
Ending balance
|
$
|
252,420
|
|
|
$
|
245,532
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Evercore Inc. common shareholders
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average Class A Shares outstanding, including vested restricted stock units ("RSUs")
|
39,045
|
|
|
38,912
|
|
|
39,873
|
|
|
39,259
|
|
||||
Basic net income per share attributable to Evercore Inc. common shareholders
|
$
|
1.18
|
|
|
$
|
0.89
|
|
|
$
|
3.63
|
|
|
$
|
1.63
|
|
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Evercore Inc. common shareholders
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
||||
Diluted net income attributable to Evercore Inc. common shareholders
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average Class A Shares outstanding, including vested RSUs
|
39,045
|
|
|
38,912
|
|
|
39,873
|
|
|
39,259
|
|
||||
Assumed exchange of LP Units for Class A Shares (a)(b)
|
1,420
|
|
|
—
|
|
|
473
|
|
|
—
|
|
||||
Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method
|
2,590
|
|
|
2,108
|
|
|
2,509
|
|
|
1,855
|
|
||||
Shares that are contingently issuable (c)
|
981
|
|
|
2,714
|
|
|
2,032
|
|
|
2,971
|
|
||||
Diluted weighted average Class A Shares outstanding
|
44,036
|
|
|
43,734
|
|
|
44,887
|
|
|
44,085
|
|
||||
Diluted net income per share attributable to Evercore Inc. common shareholders
|
$
|
1.04
|
|
|
$
|
0.79
|
|
|
$
|
3.23
|
|
|
$
|
1.45
|
|
(a)
|
The Company has outstanding Class J limited partnership units of Evercore LP ("Class J LP Units"), which convert into Class E limited partnership units of Evercore LP ("Class E LP Units") and ultimately become exchangeable into Class A Shares on a
one
-for-one basis. During
the three and nine months ended September 30, 2017
, the LP Units were dilutive and consequently the effect of their exchange into Class A Shares has been included in the calculation of diluted net income per share attributable to Evercore Inc. common shareholders under the if-converted method. In computing this adjustment, the Company assumes that all Class J LP Units are converted into Class A Shares.
|
(b)
|
The Company also has outstanding Class A and E LP Units in Evercore LP, which give the holders the right to receive Class A Shares upon exchange on a
one
-for-one basis. During
the three and nine months ended September 30, 2017
and
2016
, the 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
5,930
and
6,010
for the three and nine months ended September 30, 2017
, respectively, and
6,410
and
6,440
for the three and nine months ended September 30, 2016
, 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
$6,628
and
$20,746
for the three and nine months ended September 30, 2017
, respectively, and
$5,972
and
$11,235
for the three and nine months ended September 30, 2016
, respectively. In computing
|
(c)
|
During the three and nine months ended September 30, 2017 and
2016
, the Company had outstanding Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests") which were contingently exchangeable into Class E LP Units, and ultimately Class A Shares, as well as outstanding Class I-P units of Evercore LP ("Class I-P Units") which are contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. In July 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J LP Units. See Note 14 for a further discussion. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class G and H LP Interests and Class I-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 Interests/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
981
and
2,032
for the three and nine months ended September 30, 2017
, respectively, and
2,714
and
2,971
for the three and nine months ended September 30, 2016
, respectively.
|
•
|
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.
|
•
|
Amortization of LP Units/Interests and Certain Other Awards
- Includes amortization costs or the reversal of expenses associated with the vesting of Class E LP Units, Class G and H LP Interests, and Class J LP Units issued in conjunction with the acquisition of ISI and certain other related awards.
|
•
|
Special Charges
- Includes expenses in 2017 related to the impairment of goodwill in the Company's Institutional Asset Management reporting unit and the impairment of the Company's investment in G5 | Evercore.
|
•
|
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, as well as the reversal of a provision for certain settlements in 2016 which was previously established in the fourth quarter of 2015.
|
•
|
Fair Value of Contingent Consideration
- Includes expense associated with changes in the fair value of contingent consideration issued to the sellers of certain of the Company's acquisitions.
|
•
|
Intangible Asset and Other Amortization
- Includes amortization of intangible assets and other purchase accounting-related amortization associated with certain acquisitions.
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Investment Banking
|
|
|
|
|
|
|
|
||||||||
Net Revenues (1)
|
$
|
388,299
|
|
|
$
|
368,634
|
|
|
$
|
1,115,478
|
|
|
$
|
936,504
|
|
Operating Expenses
|
293,264
|
|
|
268,666
|
|
|
844,573
|
|
|
707,846
|
|
||||
Other Expenses (2)
|
11,748
|
|
|
17,422
|
|
|
26,663
|
|
|
75,854
|
|
||||
Operating Income
|
83,287
|
|
|
82,546
|
|
|
244,242
|
|
|
152,804
|
|
||||
Income (Loss) from Equity Method Investments
|
(75
|
)
|
|
(112
|
)
|
|
(111
|
)
|
|
(94
|
)
|
||||
Pre-Tax Income
|
$
|
83,212
|
|
|
$
|
82,434
|
|
|
$
|
244,131
|
|
|
$
|
152,710
|
|
Identifiable Segment Assets
|
$
|
1,239,812
|
|
|
$
|
1,114,565
|
|
|
$
|
1,239,812
|
|
|
$
|
1,114,565
|
|
Investment Management
|
|
|
|
|
|
|
|
||||||||
Net Revenues (1)
|
$
|
18,302
|
|
|
$
|
17,680
|
|
|
$
|
48,840
|
|
|
$
|
58,179
|
|
Operating Expenses
|
14,027
|
|
|
14,843
|
|
|
40,441
|
|
|
46,357
|
|
||||
Other Expenses (2)
|
492
|
|
|
298
|
|
|
7,976
|
|
|
811
|
|
||||
Operating Income
|
3,783
|
|
|
2,539
|
|
|
423
|
|
|
11,011
|
|
||||
Income from Equity Method Investments
|
1,902
|
|
|
1,290
|
|
|
5,618
|
|
|
4,223
|
|
||||
Pre-Tax Income
|
$
|
5,685
|
|
|
$
|
3,829
|
|
|
$
|
6,041
|
|
|
$
|
15,234
|
|
Identifiable Segment Assets
|
$
|
321,223
|
|
|
$
|
347,065
|
|
|
$
|
321,223
|
|
|
$
|
347,065
|
|
Total
|
|
|
|
|
|
|
|
||||||||
Net Revenues (1)
|
$
|
406,601
|
|
|
$
|
386,314
|
|
|
$
|
1,164,318
|
|
|
$
|
994,683
|
|
Operating Expenses
|
307,291
|
|
|
283,509
|
|
|
885,014
|
|
|
754,203
|
|
||||
Other Expenses (2)
|
12,240
|
|
|
17,720
|
|
|
34,639
|
|
|
76,665
|
|
||||
Operating Income
|
87,070
|
|
|
85,085
|
|
|
244,665
|
|
|
163,815
|
|
||||
Income from Equity Method Investments
|
1,827
|
|
|
1,178
|
|
|
5,507
|
|
|
4,129
|
|
||||
Pre-Tax Income
|
$
|
88,897
|
|
|
$
|
86,263
|
|
|
$
|
250,172
|
|
|
$
|
167,944
|
|
Identifiable Segment Assets
|
$
|
1,561,035
|
|
|
$
|
1,461,630
|
|
|
$
|
1,561,035
|
|
|
$
|
1,461,630
|
|
(1)
|
Net revenues include Other Revenue, net, allocated to the segments as follows:
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Investment Banking (A)
|
$
|
(535
|
)
|
|
$
|
200
|
|
|
$
|
(2,825
|
)
|
|
$
|
270
|
|
Investment Management (B)
|
66
|
|
|
522
|
|
|
376
|
|
|
337
|
|
||||
Total Other Revenue, net
|
$
|
(469
|
)
|
|
$
|
722
|
|
|
$
|
(2,449
|
)
|
|
$
|
607
|
|
(A)
|
Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of
$2,488
and
$7,494
for the three and nine months ended September 30, 2017
, respectively, and
$2,592
and
$6,946
for the three and nine months ended September 30, 2016
, respectively.
|
(B)
|
Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of
$670
for the nine months ended September 30, 2016.
|
(2)
|
Other Expenses are as follows:
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Investment Banking
|
|
|
|
|
|
|
|
||||||||
Amortization of LP Units / Interests and Certain Other Awards
|
$
|
9,249
|
|
|
$
|
13,859
|
|
|
$
|
4,980
|
|
|
$
|
66,356
|
|
Special Charges
|
—
|
|
|
—
|
|
|
14,400
|
|
|
—
|
|
||||
Acquisition and Transition Costs
|
107
|
|
|
41
|
|
|
107
|
|
|
(692
|
)
|
||||
Fair Value of Contingent Consideration
|
—
|
|
|
984
|
|
|
—
|
|
|
1,671
|
|
||||
Intangible Asset and Other Amortization
|
2,392
|
|
|
2,538
|
|
|
7,176
|
|
|
8,519
|
|
||||
Total Investment Banking
|
11,748
|
|
|
17,422
|
|
|
26,663
|
|
|
75,854
|
|
||||
Investment Management
|
|
|
|
|
|
|
|
||||||||
Special Charges
|
—
|
|
|
—
|
|
|
7,107
|
|
|
—
|
|
||||
Acquisition and Transition Costs
|
492
|
|
|
298
|
|
|
869
|
|
|
702
|
|
||||
Intangible Asset and Other Amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
109
|
|
||||
Total Investment Management
|
492
|
|
|
298
|
|
|
7,976
|
|
|
811
|
|
||||
Total Other Expenses
|
$
|
12,240
|
|
|
$
|
17,720
|
|
|
$
|
34,639
|
|
|
$
|
76,665
|
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Revenues: (1)
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
305,258
|
|
|
$
|
322,128
|
|
|
$
|
842,907
|
|
|
$
|
714,983
|
|
Europe and Other
|
94,705
|
|
|
54,690
|
|
|
314,205
|
|
|
247,371
|
|
||||
Latin America
|
7,107
|
|
|
8,774
|
|
|
9,655
|
|
|
31,722
|
|
||||
Total
|
$
|
407,070
|
|
|
$
|
385,592
|
|
|
$
|
1,166,767
|
|
|
$
|
994,076
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Total Assets:
|
|
|
|
||||
United States
|
$
|
1,280,698
|
|
|
$
|
1,376,101
|
|
Europe and Other
|
207,605
|
|
|
190,380
|
|
||
Latin America
|
72,732
|
|
|
95,865
|
|
||
Total
|
$
|
1,561,035
|
|
|
$
|
1,662,346
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Amortization of LP Units/Interests and Certain Other Awards
- Includes amortization costs or the reversal of expenses associated with the vesting of Class E LP Units, Class G and H LP Interests and Class J LP Units issued in conjunction with the acquisition of ISI and certain other related awards.
|
•
|
Special Charges
- Includes expenses in 2017 related to the impairment of goodwill in our Institutional Asset Management reporting unit and the impairment of our investment in G5 | Evercore.
|
•
|
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, as well as the reversal of a provision for certain settlements in 2016 which was previously established in the fourth quarter of 2015.
|
•
|
Fair Value of Contingent Consideration
- Includes expense associated with changes in the fair value of contingent consideration issued to the sellers of certain of our acquisitions.
|
•
|
Intangible Asset and Other Amortization
- Includes amortization of intangible assets and other purchase accounting-related amortization associated with certain acquisitions.
|
|
For the Three Months Ended September 30,
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||
|
(dollars in thousands, except per share data)
|
||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Banking Revenue
|
$
|
388,834
|
|
|
$
|
368,434
|
|
|
6
|
%
|
|
$
|
1,118,303
|
|
|
$
|
936,234
|
|
|
19
|
%
|
Investment Management Revenue
|
18,236
|
|
|
17,158
|
|
|
6
|
%
|
|
48,464
|
|
|
57,842
|
|
|
(16
|
%)
|
||||
Other Revenue, Including Interest
|
4,944
|
|
|
5,509
|
|
|
(10
|
%)
|
|
12,542
|
|
|
12,650
|
|
|
(1
|
%)
|
||||
Total Revenues
|
412,014
|
|
|
391,101
|
|
|
5
|
%
|
|
1,179,309
|
|
|
1,006,726
|
|
|
17
|
%
|
||||
Interest Expense
|
5,413
|
|
|
4,787
|
|
|
13
|
%
|
|
14,991
|
|
|
12,043
|
|
|
24
|
%
|
||||
Net Revenues
|
406,601
|
|
|
386,314
|
|
|
5
|
%
|
|
1,164,318
|
|
|
994,683
|
|
|
17
|
%
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Expenses
|
307,291
|
|
|
283,509
|
|
|
8
|
%
|
|
885,014
|
|
|
754,203
|
|
|
17
|
%
|
||||
Other Expenses
|
12,240
|
|
|
17,720
|
|
|
(31
|
%)
|
|
34,639
|
|
|
76,665
|
|
|
(55
|
%)
|
||||
Total Expenses
|
319,531
|
|
|
301,229
|
|
|
6
|
%
|
|
919,653
|
|
|
830,868
|
|
|
11
|
%
|
||||
Income Before Income from Equity Method Investments and Income Taxes
|
87,070
|
|
|
85,085
|
|
|
2
|
%
|
|
244,665
|
|
|
163,815
|
|
|
49
|
%
|
||||
Income from Equity Method Investments
|
1,827
|
|
|
1,178
|
|
|
55
|
%
|
|
5,507
|
|
|
4,129
|
|
|
33
|
%
|
||||
Income Before Income Taxes
|
88,897
|
|
|
86,263
|
|
|
3
|
%
|
|
250,172
|
|
|
167,944
|
|
|
49
|
%
|
||||
Provision for Income Taxes
|
28,815
|
|
|
38,980
|
|
|
(26
|
%)
|
|
69,566
|
|
|
79,390
|
|
|
(12
|
%)
|
||||
Net Income
|
60,082
|
|
|
47,283
|
|
|
27
|
%
|
|
180,606
|
|
|
88,554
|
|
|
104
|
%
|
||||
Net Income Attributable to Noncontrolling Interest
|
14,171
|
|
|
12,588
|
|
|
13
|
%
|
|
35,740
|
|
|
24,454
|
|
|
46
|
%
|
||||
Net Income Attributable to Evercore Inc.
|
$
|
45,911
|
|
|
$
|
34,695
|
|
|
32
|
%
|
|
$
|
144,866
|
|
|
$
|
64,100
|
|
|
126
|
%
|
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders
|
$
|
1.04
|
|
|
$
|
0.79
|
|
|
32
|
%
|
|
$
|
3.23
|
|
|
$
|
1.45
|
|
|
123
|
%
|
|
For the Three Months Ended September 30,
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Banking Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advisory Fees
|
$
|
332,753
|
|
|
$
|
306,993
|
|
|
8
|
%
|
|
$
|
939,841
|
|
|
$
|
743,853
|
|
|
26
|
%
|
Commissions and Related Fees
|
45,047
|
|
|
53,512
|
|
|
(16
|
%)
|
|
148,292
|
|
|
167,908
|
|
|
(12
|
%)
|
||||
Underwriting Fees
|
11,034
|
|
|
7,929
|
|
|
39
|
%
|
|
30,170
|
|
|
24,473
|
|
|
23
|
%
|
||||
Total Investment Banking Revenue (1)
|
388,834
|
|
|
368,434
|
|
|
6
|
%
|
|
1,118,303
|
|
|
936,234
|
|
|
19
|
%
|
||||
Other Revenue, net (2)
|
(535
|
)
|
|
200
|
|
|
NM
|
|
|
(2,825
|
)
|
|
270
|
|
|
NM
|
|
||||
Net Revenues
|
388,299
|
|
|
368,634
|
|
|
5
|
%
|
|
1,115,478
|
|
|
936,504
|
|
|
19
|
%
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Expenses
|
293,264
|
|
|
268,666
|
|
|
9
|
%
|
|
844,573
|
|
|
707,846
|
|
|
19
|
%
|
||||
Other Expenses
|
11,748
|
|
|
17,422
|
|
|
(33
|
%)
|
|
26,663
|
|
|
75,854
|
|
|
(65
|
%)
|
||||
Total Expenses
|
305,012
|
|
|
286,088
|
|
|
7
|
%
|
|
871,236
|
|
|
783,700
|
|
|
11
|
%
|
||||
Operating Income (3)
|
83,287
|
|
|
82,546
|
|
|
1
|
%
|
|
244,242
|
|
|
152,804
|
|
|
60
|
%
|
||||
Income (Loss) from Equity Method Investments (4)
|
(75
|
)
|
|
(112
|
)
|
|
33
|
%
|
|
(111
|
)
|
|
(94
|
)
|
|
(18
|
%)
|
||||
Pre-Tax Income
|
$
|
83,212
|
|
|
$
|
82,434
|
|
|
1
|
%
|
|
$
|
244,131
|
|
|
$
|
152,710
|
|
|
60
|
%
|
(1)
|
Includes client related expenses of $7.9 million and $16.8 million
for the three and nine months ended September 30, 2017
, respectively, and $5.9 million and $16.4 million
for the three and nine months ended September 30, 2016
, respectively.
|
(2)
|
Includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of
$2.5 million
and
$7.5 million
for the three and nine months ended September 30, 2017
, respectively, and $2.6 million and $6.9 million
for the three and nine months ended September 30, 2016
, respectively.
|
(3)
|
Includes Noncontrolling Interest of $1.9 million and $2.3 million
for the three and nine months ended September 30, 2017
, respectively, and $0.2 million and $0.6 million
for the three and nine months ended September 30, 2016
, respectively.
|
(4)
|
Equity in G5 | Evercore - Advisory and Luminis is classified as Income (Loss) from Equity Method Investments.
|
|
For the Three Months Ended September 30,
|
|
|
|
For the Nine Months Ended September 30,
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||
Industry Statistics ($ in billions) *
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Value of North American M&A Deals Announced
|
$
|
336
|
|
|
$
|
363
|
|
|
(7
|
%)
|
|
$
|
976
|
|
|
$
|
1,087
|
|
|
(10
|
%)
|
Value of North American M&A Deals Announced between $1 - 5 billion
|
$
|
115
|
|
|
$
|
134
|
|
|
(14
|
%)
|
|
$
|
372
|
|
|
$
|
361
|
|
|
3
|
%
|
Value of North American M&A Deals Completed
|
$
|
436
|
|
|
$
|
433
|
|
|
1
|
%
|
|
$
|
1,176
|
|
|
$
|
1,237
|
|
|
(5
|
%)
|
Value of Global M&A Deals Announced
|
$
|
832
|
|
|
$
|
800
|
|
|
4
|
%
|
|
$
|
2,408
|
|
|
$
|
2,352
|
|
|
2
|
%
|
Value of Global M&A Deals Announced between $1 - 5 billion
|
$
|
256
|
|
|
$
|
272
|
|
|
(6
|
%)
|
|
$
|
770
|
|
|
$
|
726
|
|
|
6
|
%
|
Value of Global M&A Deals Completed
|
$
|
742
|
|
|
$
|
820
|
|
|
(10
|
%)
|
|
$
|
2,222
|
|
|
$
|
2,418
|
|
|
(8
|
%)
|
Evercore Statistics **
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Number of Fees From Advisory Client Transactions
|
210
|
|
|
211
|
|
|
—
|
%
|
|
429
|
|
|
418
|
|
|
3
|
%
|
||||
Investment Banking Fees of at Least $1 million from Advisory Client Transactions
|
67
|
|
|
65
|
|
|
3
|
%
|
|
181
|
|
|
164
|
|
|
10
|
%
|
*
|
Source: Thomson Reuters October 5, 2017
|
**
|
Includes revenue generating clients only
|
|
For the Three Months Ended September 30,
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Advisory and Management Fees:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wealth Management
|
$
|
10,232
|
|
|
$
|
9,311
|
|
|
10
|
%
|
|
$
|
29,736
|
|
|
$
|
27,180
|
|
|
9
|
%
|
Institutional Asset Management
|
6,052
|
|
|
6,105
|
|
|
(1
|
%)
|
|
17,301
|
|
|
17,690
|
|
|
(2
|
%)
|
||||
Private Equity
|
—
|
|
|
760
|
|
|
NM
|
|
|
—
|
|
|
3,457
|
|
|
NM
|
|
||||
Total Investment Advisory and Management Fees
|
16,284
|
|
|
16,176
|
|
|
1
|
%
|
|
47,037
|
|
|
48,327
|
|
|
(3
|
%)
|
||||
Realized and Unrealized Gains (Losses):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Institutional Asset Management
|
744
|
|
|
811
|
|
|
(8
|
%)
|
|
2,412
|
|
|
3,213
|
|
|
(25
|
%)
|
||||
Private Equity
|
1,208
|
|
|
171
|
|
|
606
|
%
|
|
(985
|
)
|
|
6,302
|
|
|
NM
|
|
||||
Total Realized and Unrealized Gains
|
1,952
|
|
|
982
|
|
|
99
|
%
|
|
1,427
|
|
|
9,515
|
|
|
(85
|
%)
|
||||
Investment Management Revenue (1)
|
18,236
|
|
|
17,158
|
|
|
6
|
%
|
|
48,464
|
|
|
57,842
|
|
|
(16
|
%)
|
||||
Other Revenue, net (2)
|
66
|
|
|
522
|
|
|
(87
|
%)
|
|
376
|
|
|
337
|
|
|
12
|
%
|
||||
Net Investment Management Revenues
|
18,302
|
|
|
17,680
|
|
|
4
|
%
|
|
48,840
|
|
|
58,179
|
|
|
(16
|
%)
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Expenses
|
14,027
|
|
|
14,843
|
|
|
(5
|
%)
|
|
40,441
|
|
|
46,357
|
|
|
(13
|
%)
|
||||
Other Expenses
|
492
|
|
|
298
|
|
|
65
|
%
|
|
7,976
|
|
|
811
|
|
|
883
|
%
|
||||
Total Expenses
|
14,519
|
|
|
15,141
|
|
|
(4
|
%)
|
|
48,417
|
|
|
47,168
|
|
|
3
|
%
|
||||
Operating Income (3)
|
3,783
|
|
|
2,539
|
|
|
49
|
%
|
|
423
|
|
|
11,011
|
|
|
(96
|
%)
|
||||
Income from Equity Method Investments (4)
|
1,902
|
|
|
1,290
|
|
|
47
|
%
|
|
5,618
|
|
|
4,223
|
|
|
33
|
%
|
||||
Pre-Tax Income
|
$
|
5,685
|
|
|
$
|
3,829
|
|
|
48
|
%
|
|
$
|
6,041
|
|
|
$
|
15,234
|
|
|
(60
|
%)
|
(1)
|
Includes client related expenses of $0.2 million for
the three and nine months ended September 30, 2017
and $0.3 million and $0.7 million
for the three and nine months ended September 30, 2016
, respectively.
|
(2)
|
Includes interest expense on the Notes Payable and the line of credit of $0.7 million for the nine months ended September 30, 2016.
|
(3)
|
Includes Noncontrolling Interest of $0.9 million and $2.4 million for
the three and nine months ended September 30, 2017
, respectively, and $0.8 million and $2.1 million
for the three and nine months ended September 30, 2016
, respectively.
|
(4)
|
Equity in G5 | Evercore - Wealth Management, ABS and Atalanta Sosnoff is classified as Income from Equity Method Investments.
|
|
Wealth
Management
|
|
Institutional
Asset
Management
|
|
Total
|
||||||
|
(dollars in millions)
|
||||||||||
Balance at December 31, 2016
|
$
|
6,473
|
|
|
$
|
1,526
|
|
|
$
|
7,999
|
|
Inflows
|
736
|
|
|
1,396
|
|
|
2,132
|
|
|||
Outflows
|
(751
|
)
|
|
(1,118
|
)
|
|
(1,869
|
)
|
|||
Market Appreciation
|
496
|
|
|
203
|
|
|
699
|
|
|||
Balance at September 30, 2017
|
$
|
6,954
|
|
|
$
|
2,007
|
|
|
$
|
8,961
|
|
|
|
|
|
|
|
||||||
Unconsolidated Affiliates - Balance at September 30, 2017:
|
|
|
|
|
|
||||||
Atalanta Sosnoff
|
$
|
—
|
|
|
$
|
5,526
|
|
|
$
|
5,526
|
|
G5 | Evercore
|
$
|
2,050
|
|
|
$
|
—
|
|
|
$
|
2,050
|
|
ABS
|
$
|
—
|
|
|
$
|
5,110
|
|
|
$
|
5,110
|
|
|
Wealth Management
|
|
Institutional Asset Management
|
||
Equities
|
58
|
%
|
|
15
|
%
|
Fixed Income
|
30
|
%
|
|
85
|
%
|
Liquidity (1)
|
7
|
%
|
|
—
|
%
|
Alternatives
|
5
|
%
|
|
—
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
For the Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in thousands)
|
||||||
Cash Provided By (Used In)
|
|
|
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
180,606
|
|
|
$
|
88,554
|
|
Non-cash charges
|
205,854
|
|
|
203,985
|
|
||
Other operating activities
|
(60,803
|
)
|
|
(42,138
|
)
|
||
Operating activities
|
325,657
|
|
|
250,401
|
|
||
Investing activities
|
(72,187
|
)
|
|
(41,564
|
)
|
||
Financing activities
|
(377,680
|
)
|
|
(193,721
|
)
|
||
Effect of exchange rate changes
|
5,541
|
|
|
(17,851
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(118,669
|
)
|
|
(2,735
|
)
|
||
Cash and Cash Equivalents
|
|
|
|
||||
Beginning of Period
|
558,524
|
|
|
448,764
|
|
||
End of Period
|
$
|
439,855
|
|
|
$
|
446,029
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Amount
|
|
Market Value of Collateral Received or (Pledged)
|
|
Amount
|
|
Market Value of Collateral Received or (Pledged)
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Financial Instruments Owned and Pledged as Collateral at Fair Value
|
$
|
22,632
|
|
|
|
|
$
|
18,535
|
|
|
|
||||
Securities Purchased Under Agreements to Resell
|
11,268
|
|
|
$
|
11,264
|
|
|
12,585
|
|
|
$
|
12,601
|
|
||
Total Assets
|
33,900
|
|
|
|
|
31,120
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Securities Sold Under Agreements to Repurchase
|
(33,912
|
)
|
|
$
|
(33,917
|
)
|
|
(31,150
|
)
|
|
$
|
(31,155
|
)
|
||
Net Liabilities
|
$
|
(12
|
)
|
|
|
|
$
|
(30
|
)
|
|
|
||||
Risk Measures
|
|
|
|
|
|
|
|
||||||||
VaR
|
$
|
1
|
|
|
|
|
$
|
5
|
|
|
|
||||
Stress Test:
|
|
|
|
|
|
|
|
||||||||
Portfolio sensitivity to a 100 basis point increase in the interest rate
|
$
|
(1
|
)
|
|
|
|
$
|
(9
|
)
|
|
|
||||
Portfolio sensitivity to a 100 basis point decrease in the interest rate
|
$
|
1
|
|
|
|
|
$
|
9
|
|
|
|
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
|
2017
|
|
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)(3)
|
|
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
|
|
118,716
|
|
|
$
|
70.67
|
|
|
—
|
|
|
6,475,103
|
|
February 1 to February 28
|
|
958,748
|
|
|
78.91
|
|
|
—
|
|
|
6,475,103
|
|
|
March 1 to March 31
|
|
30,231
|
|
|
77.25
|
|
|
13,881
|
|
|
6,461,222
|
|
|
Total January 1 to March 31
|
|
1,107,695
|
|
|
$
|
77.99
|
|
|
13,881
|
|
|
6,461,222
|
|
|
|
|
|
|
|
|
|
|
|||||
April 1 to April 30
|
|
138,797
|
|
|
$
|
74.73
|
|
|
138,787
|
|
|
6,322,435
|
|
May 1 to May 31
|
|
1,618,725
|
|
|
73.47
|
|
|
1,616,932
|
|
|
4,705,503
|
|
|
June 1 to June 30
|
|
257,321
|
|
|
69.09
|
|
|
250,891
|
|
|
4,454,612
|
|
|
Total April 1 to June 30
|
|
2,014,843
|
|
|
$
|
72.99
|
|
|
2,006,610
|
|
|
4,454,612
|
|
|
|
|
|
|
|
|
|
|
|||||
July 1 to July 31
|
|
13,101
|
|
|
$
|
71.50
|
|
|
1,690
|
|
|
4,452,922
|
|
August 1 to August 31
|
|
639,932
|
|
|
76.87
|
|
|
624,412
|
|
|
3,828,510
|
|
|
September 1 to September 30
|
|
145,861
|
|
|
71.85
|
|
|
142,237
|
|
|
3,686,273
|
|
|
Total July 1 to September 30
|
|
798,894
|
|
|
$
|
75.87
|
|
|
768,339
|
|
|
3,686,273
|
|
|
|
|
|
|
|
|
|
|
|||||
Total January 1 to September 30
|
|
3,921,432
|
|
|
$
|
74.99
|
|
|
2,788,830
|
|
|
3,686,273
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes the repurchase of 1,093,814, 8,233 and 30,555 shares in treasury transactions arising from net settlement of equity awards to satisfy minimum tax obligations during the three months ended March 31, 2017, June 30, 2017 and September 30, 2017, respectively.
|
(2)
|
On April 25, 2016, our Board of Directors authorized the repurchase of additional Class A Shares and/or LP Units so that going forward Evercore will be able to repurchase an aggregate of 7.5 million Class A Shares and/or LP Units for up to $450.0 million. Further, on October 23, 2017, our Board of Directors authorized the repurchase of additional Class A Shares and/or LP Units so that going forward Evercore will be able to repurchase an aggregate of the lesser of $750.0 million worth of Class A Shares and/or LP Units and 8.5 million Class A Shares and/or LP Units. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise. The timing and the actual amount of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This program may be suspended or discontinued at any time and does not have a specified expiration date.
|
(3)
|
Includes the purchase of 30,363 and 1,690 LP Units from noncontrolling interest holders during the three months ended June 30, 2017 and September 30, 2017, respectively.
|
Item 6.
|
Exhibits and Financial Statement Schedules
|
|
|
|
Exhibit
Number |
|
Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
10.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following materials from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, are formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Consolidated Statements of Financial Condition as of September 30, 2017 and December 31, 2016, (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016, (iv) Condensed Consolidated Statements of Changes in Equity for the nine months ended September 30, 2017 and 2016, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016, and (vi) Notes to Condensed Consolidated Financial Statements (filed herewith)
|
|
Evercore Inc.
|
|
|
|
|
|
By:
|
/s/ R
ALPH
S
CHLOSSTEIN
|
|
Name:
|
Ralph Schlosstein
|
|
Title:
|
Chief Executive Officer and Director
|
|
|
|
|
By:
|
/
S
/ R
OBERT
B. W
ALSH
|
|
Name:
|
Robert B. Walsh
|
|
Title:
|
Chief Financial Officer
|
ARTICLE I
|
ARTICLE II
|
ARTICLE III
|
ARTICLE IV
|
ARTICLE V
|
ARTICLE VI
|
ARTICLE VII
|
ARTICLE VIII
|
ARTICLE IX
|
ARTICLE X
|
ARTICLE XI
|
* * *
|
EVERCORE INC.
|
||
|
||
|
||
By:
|
/s/ Adam B. Frankel
|
|
|
Name:
|
Adam B. Frankel
|
|
Title:
|
Corporate Secretary and General Counsel
|
|
/ s / RALPH SCHLOSSTEIN
|
|
Ralph Schlosstein
Chief Executive Officer and Director
|
|
/ s / ROBERT B. WALSH
|
|
Robert B. Walsh
Chief Financial Officer
(Principal Financial Officer)
|
|
/ s / RALPH SCHLOSSTEIN
|
|
Ralph Schlosstein
Chief Executive Officer and Director
|
*
|
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 / ROBERT B. WALSH
|
|
Robert B. Walsh
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.
|