XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Evercore Partners Inc. (Parent Company Only) Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Evercore Partners Inc. (Parent Company Only) Financial Statements | Evercore Partners Inc. (Parent Company Only) Financial Statements EVERCORE PARTNERS INC. (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION
| December 31,
| 2015 |  | 2014
ASSETS |  |  |
Equity Investment in Subsidiary | $ | 534,258 |  |  | $ | 571,649 |
Deferred Tax Asset | 287,281 |  |  | 270,373 |
Goodwill | 15,236 |  |  | 15,236 |
Other Assets | — |  |  | 3,402 |
TOTAL ASSETS | $ | 836,775 |  |  | $ | 860,660 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
Liabilities |  |  |
Current Liabilities |  |  |
Payable to Related Party | $ | 11,638 |  |  | $ | 10,833 |
Taxes Payable | 14,761 |  |  | — |
Other Current Liabilities | 538 |  |  | 2,067 |
Total Current Liabilities | 26,937 |  |  | 12,900 |
Amounts Due Pursuant to Tax Receivable Agreement | 186,036 |  |  | 191,253 |
Long-term Debt - Notes Payable | 119,250 |  |  | 105,226 |
TOTAL LIABILITIES | 332,223 |  |  | 309,379 |
Stockholders' Equity |  |  |
Common Stock |  |  |
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 55,249,559 and 46,414,240 issued at December 31, 2015 and 2014, respectively, and 39,623,271 and 36,255,124 outstanding at December 31, 2015 and 2014, respectively) | 552 |  |  | 464 |
Class B, par value $0.01 per share (1,000,000 shares authorized, 25 and 27 issued and outstanding at December 31, 2015 and 2014, respectively) | — |  |  | — |
Additional Paid-In-Capital | 1,210,742 |  |  | 950,147 |
Accumulated Other Comprehensive Income (Loss) | (34,539 | ) |  | (20,387 | )
Retained Earnings (Deficit) | (27,791 | ) |  | (17,814 | )
Treasury Stock at Cost (15,626,288 and 10,159,116 shares at December 31, 2015 and 2014, respectively) | (644,412 | ) |  | (361,129 | )
TOTAL STOCKHOLDERS' EQUITY | 504,552 |  |  | 551,281 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 836,775 |  |  | $ | 860,660 |
See notes to parent company only financial statements. EVERCORE PARTNERS INC. (parent company only) CONDENSED STATEMENTS OF OPERATIONS
| For the Years Ended December 31,
| 2015 |  | 2014 |  | 2013
REVENUES |  |  |  |  |
Interest Income | $ | 7,818 |  |  | $ | 8,341 |  |  | $ | 14,993 |
TOTAL REVENUES | 7,818 |  |  | 8,341 |  |  | 14,993 |
Interest Expense | 7,818 |  |  | 8,341 |  |  | 8,088 |
NET REVENUES | — |  |  | — |  |  | 6,905 |
EXPENSES |  |  |  |  |
TOTAL EXPENSES | — |  |  | — |  |  | — |
OPERATING INCOME | — |  |  | — |  |  | 6,905 |
Equity in Income of Subsidiary | 103,931 |  |  | 141,612 |  |  | 87,317 |
Provision for Income Taxes | 61,068 |  |  | 54,738 |  |  | 40,960 |
NET INCOME | $ | 42,863 |  |  | $ | 86,874 |  |  | $ | 53,262 |
See notes to parent company only financial statements. EVERCORE PARTNERS INC. (parent company only) CONDENSED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31,
| 2015 |  | 2014 |  | 2013
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net Income | $ | 42,863 |  |  | $ | 86,874 |  |  | $ | 53,262 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |  |  |  |  |
Undistributed Income of Subsidiary | (103,931 | ) |  | (141,612 | ) |  | (87,317 | )
Deferred Taxes | (1,685 | ) |  | (15,887 | ) |  | (28,745 | )
Accretion on Long-term Debt | 1,603 |  |  | 2,000 |  |  | 1,851 |
(Increase) Decrease in Operating Assets: |  |  |  |  |
Other Assets | 3,402 |  |  | 3,255 |  |  | (6,656 | )
Increase (Decrease) in Operating Liabilities: |  |  |  |  |
Taxes Payable | 14,761 |  |  | — |  |  | 11,872 |
Other Liabilities | — |  |  | — |  |  | 1,706 |
Net Cash Provided by (Used in) Operating Activities | (42,987 | ) |  | (65,370 | ) |  | (54,027 | )
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Investment in Subsidiary | 82,703 |  |  | 105,600 |  |  | 90,949 |
Net Cash Provided by Investing Activities | 82,703 |  |  | 105,600 |  |  | 90,949 |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Purchase of Evercore LP Units | — |  |  | (1,476 | ) |  | (6,832 | )
Exercise of Warrants, Net | 6,416 |  |  | — |  |  | — |
Dividends | (46,132 | ) |  | (38,754 | ) |  | (30,090 | )
Net Cash Provided by (Used in) Financing Activities | (39,716 | ) |  | (40,230 | ) |  | (36,922 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — |  |  | — |  |  | — |
CASH AND CASH EQUIVALENTS—Beginning of Year | — |  |  | — |  |  | — |
CASH AND CASH EQUIVALENTS—End of Year | $ | — |  |  | $ | — |  |  | $ | — |
SUPPLEMENTAL CASH FLOW DISCLOSURE |  |  |  |  |
Dividend Equivalents Issued | $ | 6,514 |  |  | $ | 6,038 |  |  | $ | 5,989 |
Exchange of Notes Payable as Consideration for Exercise of Warrants | $ | 118,347 |  |  | $ | — |  |  | $ | — |
See notes to parent company only financial statements. EVERCORE PARTNERS INC. (parent company only) NOTES TO CONDENSED FINANCIAL STATEMENTS Note A – Organization Evercore Partners 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 U.S. GAAP. Equity in Income of Subsidiary. 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 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, 2015, the Company has issued 55,250 Class A Shares. The Company canceled four shares of Class B common stock, which were held by certain limited partners of Evercore LP during the twelve months ended December 31, 2015. During 2015, the Company purchased 996 Class A Shares primarily from employees at values ranging from $47.56 to $59.02 per share primarily for the net settlement of stock-based compensation awards and 4,471 Class A Shares at market values ranging from $47.10 to $57.03 per share pursuant to the Company’s share repurchase program. The result of these purchases was an increase in Treasury Stock of $283,283 on the Company’s Statement of Financial Condition as of December 31, 2015. During the year ended December 31, 2015, the Company declared and paid dividends of $1.15 per share, totaling $46,326 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 Partners Inc. As discussed in Note 17 to the consolidated financial statements, both the LP Units and RSUs are exchangeable into Class A Shares on a one-for-one basis once vested. Note D – Issuance of Notes Payable and Warrants On August 21, 2008, the Company entered into the Purchase Agreement with Mizuho pursuant to which Mizuho purchased from the Company Senior Notes and Warrants expiring 2020. Mizuho exercised in full the outstanding Warrants in November 2015 and paid the exercise price by surrender of the entire issue of the Senior Notes and payment of $11,020 in cash. On November 2, 2015 the Company entered into a senior credit facility with the New York branch of Mizuho pursuant to which it borrowed, concurrently with the closing of the offering, $120,000 in a new term loan. See Note 12 to the consolidated financial statements. Note E – Commitments and Contingencies As of December 31, 2015, as discussed in Note 12 to the consolidated financial statements, the Company estimates the contractual obligations related to the New Loan to be $133,514. Pursuant to the New Loan, we expect to make payments to the notes’ holder of $3,101 within one year or less, $42,162 in one to three years and $88,251 in three to five years. As of December 31, 2015, as discussed in Note 18 to the consolidated financial statements, the Company estimates the contractual obligations related to the Tax Receivable Agreements to be $197,674. The company expects to pay to the counterparties to the Tax Receivable Agreement $11,638 within one year or less, $23,713 in one to three years, $25,590 in three to five years and $136,733 after five years.

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration