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Evercore Inc. (Parent Company Only) Financial Statements | 12 Months Ended
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Dec. 31, 2018
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
| December 31,
| 2018 |  | 2017
ASSETS |  |  |
Equity Investment in Subsidiary | $ | 824,239 |  |  | $ | 612,453 |
Deferred Tax Assets | 223,936 |  |  | 180,487 |
Goodwill | 15,236 |  |  | 15,236 |
Other Assets | — |  |  | 9,689 |
TOTAL ASSETS | $ | 1,063,411 |  |  | $ | 817,865 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
Liabilities |  |  |
Current Liabilities |  |  |
Payable to Related Party | $ | 9,161 |  |  | $ | 12,821 |
Taxes Payable | 30,749 |  |  | — |
Other Current Liabilities | 2,358 |  |  | 2,358 |
Total Current Liabilities | 42,268 |  |  | 15,179 |
Amounts Due Pursuant to Tax Receivable Agreements | 94,411 |  |  | 90,375 |
Long-term Debt - Notes Payable | 168,612 |  |  | 168,347 |
TOTAL LIABILITIES | 305,291 |  |  | 273,901 |
Stockholders' Equity |  |  |
Common Stock |  |  |
Class A, par value $0.01 per share (1,000,000,000 shares authorized, 65,872,014 and 62,119,904 issued at December 31, 2018 and 2017, respectively, and 39,748,576 and 39,102,154 outstanding at December 31, 2018 and 2017, respectively) | 659 |  |  | 621 |
Class B, par value $0.01 per share (1,000,000 shares authorized, 86 and 82 issued and outstanding at December 31, 2018 and 2017, respectively) | — |  |  | — |
Additional Paid-In-Capital | 1,818,100 |  |  | 1,600,699 |
Accumulated Other Comprehensive Income (Loss) | (30,434 | ) |  | (31,411 | )
Retained Earnings | 364,882 |  |  | 79,461 |
Treasury Stock at Cost (26,123,438 and 23,017,750 shares at December 31, 2018 and 2017, respectively) | (1,395,087 | ) |  | (1,105,406 | )
TOTAL STOCKHOLDERS' EQUITY | 758,120 |  |  | 543,964 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,063,411 |  |  | $ | 817,865 |
See notes to parent company only financial statements. EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF OPERATIONS
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
REVENUES |  |  |  |  |
Other Revenue, Including Interest and Investments | $ | 9,202 |  |  | $ | 86,784 |  |  | $ | 8,385 |
TOTAL REVENUES | 9,202 |  |  | 86,784 |  |  | 8,385 |
Interest Expense | 9,202 |  |  | 9,249 |  |  | 8,385 |
NET REVENUES | — |  |  | 77,535 |  |  | — |
EXPENSES |  |  |  |  |
TOTAL EXPENSES | — |  |  | — |  |  | — |
OPERATING INCOME | — |  |  | 77,535 |  |  | — |
Equity in Income of Subsidiary | 473,978 |  |  | 287,440 |  |  | 209,841 |
Provision for Income Taxes | 96,738 |  |  | 239,521 |  |  | 102,313 |
NET INCOME | $ | 377,240 |  |  | $ | 125,454 |  |  | $ | 107,528 |
See notes to parent company only financial statements. EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net Income | $ | 377,240 |  |  | $ | 125,454 |  |  | $ | 107,528 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: |  |  |  |  |
Undistributed Income of Subsidiary | (473,978 | ) |  | (209,905 | ) |  | (209,841 | )
Adjustment to Tax Receivable Agreement | — |  |  | (77,535 | ) |  | — |
Deferred Taxes | (5,311 | ) |  | 153,344 |  |  | 12,453 |
Accretion on Long-term Debt | 265 |  |  | 250 |  |  | 180 |
(Increase) Decrease in Operating Assets: |  |  |  |  |
Other Assets | 9,689 |  |  | (9,689 | ) |  | — |
Increase (Decrease) in Operating Liabilities: |  |  |  |  |
Taxes Payable | 30,749 |  |  | (21,341 | ) |  | 6,580 |
Net Cash Provided by (Used in) Operating Activities | (61,346 | ) |  | (39,422 | ) |  | (83,100 | )
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Investment in Subsidiary | 138,648 |  |  | 95,943 |  |  | 84,658 |
Net Cash Provided by Investing Activities | 138,648 |  |  | 95,943 |  |  | 84,658 |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Payment of Notes Payable - Mizuho | — |  |  | — |  |  | (120,000 | )
Issuance of Notes Payable | — |  |  | — |  |  | 170,000 |
Dividends | (77,302 | ) |  | (56,521 | ) |  | (51,558 | )
Net Cash Provided by (Used in) Financing Activities | (77,302 | ) |  | (56,521 | ) |  | (1,558 | )
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 | $ | 12,288 |  |  | $ | 9,815 |  |  | $ | 7,836 |
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, 2018, the Company has issued 65,872 Class A Shares. The Company canceled one share of Class B common stock, which was held by a limited partner of Evercore LP during the twelve months ended December 31, 2018. During 2018, the Company purchased 1,085 Class A Shares primarily from employees at values ranging from $79.47 to $115.30 per share primarily for the net settlement of stock-based compensation awards and 2,021 Class A Shares at market values ranging from $80.05 to $112.30 per share pursuant to the Company's share repurchase program. The result of these purchases was an increase in Treasury Stock of $289,681 on the Company's Statement of Financial Condition as of December 31, 2018. During the year ended December 31, 2018, the Company declared and paid dividends of $1.90 per share, totaling $77,302, which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested RSUs, totaling $12,288. 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 "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. The Company used $120,000 of the net proceeds from the Private Placement Notes to repay outstanding borrowings under the senior credit facility with Mizuho Bank, Ltd. on March 30, 2016 and used the remaining net proceeds for general corporate purposes. Note E – Commitments and Contingencies As of December 31, 2018, as discussed in Note 13 to the consolidated financial statements, the Company estimates the contractual obligations related to the Private Placement Notes to be $219,142. Pursuant to the Private Placement Notes, we expect to make payments to the notes' holders of $8,937 within one year or less, $54,947 in one to three years, $79,414 in three to five years and $75,844 after five years. As of December 31, 2018, as discussed in Note 19 to the consolidated financial statements, the Company estimates the contractual obligations related to the Tax Receivable Agreement to be $103,572. The company expects to pay to the counterparties to the Tax Receivable Agreement $9,161 within one year or less, $19,304 in one to three years, $20,002 in three to five years and $55,105 after five years.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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