32 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Investment Banking Advisory Fee Revenue - Success Fees - Refer to Notes 2 and 4 to the consolidated financial statements
+Added: Investment Banking & Equities Advisory Fee Revenue - Success Fees - Refer to Notes 2 and 4 to the consolidated financial statements.
Critical Audit Matter Description
−Removed: The Company recognizes investment banking advisory fee revenue that includes success fees for investment banking advisory services as performance obligations are satisfied and these advisory services are provided to the Company’s clients.
−Removed: However, the recognition of success fees, which are included in investment banking advisory fee revenue, is generally constrained until it
−Removed: is probable that a significant reversal of the applicable revenue will not occur in a future period.
+Added: The Company recognizes advisory fee revenue that includes success fees for advisory services as performance obligations are satisfied as these advisory services are provided to the Company’s clients.
+Added: However, the recognition of success fees, which are included in investment banking & equities advisory fee revenue, is generally constrained until it is probable that a significant
+Added: reversal of the applicable revenue will not occur in a future period.
In certain instances, success fees may meet the criteria for recognition during a given reporting period although the transaction closed subsequent to the reporting period end.
−Removed: The Company applies careful analysis and judgment to the remaining factors necessary for completion of a transaction, including factors outside of the Company’s control, to determine whether it is probable a significant reversal of the success fee revenue will not occur.
+Added: The Company applies judgment to the remaining factors necessary for completion of a transaction, including factors outside of the Company’s control, to determine whether it is probable a significant reversal of the success fee revenue will not occur.
A transaction can fail to be completed for many reasons, which are outside of the Company’s control, including but not limited to, failure of parties to agree upon final terms with the counterparty, securing necessary board or shareholder approvals, securing necessary financing, achieving necessary regulatory approvals, or due to adverse market conditions.
1 unchanged sentence
How the Critical Audit Matter Was Addressed in the Audit
−Removed: Our audit procedures related to the timing of recording success fee revenue for investment banking advisory services at year end included the following, among others:
−Removed: • We tested the effectiveness of controls over recognizing success fees for investment banking advisory services, including those over the timing of revenue recognition.
+Added: Our audit procedures related to the timing of recording success fee revenue for investment banking & equities advisory services at year end included the following, among others:
+Added: • We tested the effectiveness of controls over recognizing success fees for advisory services, including those over the timing of revenue recognition.
• We selected a sample of contracts with clients for which revenue was recognized prior to December 31, 2024 as well as the period subsequent to year end and performed the following:
– Evaluated whether the Company appropriately identified performance obligations and recognized revenue in the correct period by obtaining and evaluating evidence, including, but not limited to, inquiry with management, transaction close documents, press releases, confirmations, court approvals, executed agreements and communications, regarding the extent of uncertainty associated with variable consideration.
−Removed: – Evaluated the accuracy of management’s calculation of investment banking advisory fee revenue by recalculating the revenue amounts and comparing our expectation to management’s calculation.
+Added: – Evaluated the accuracy of management’s calculation of advisory fee revenue by recalculating the revenue amounts and comparing our expectation to management’s calculation.
– Evaluated whether it was probable that a significant reversal of the applicable revenue would not occur.
30 unchanged sentences
Taxes Payable 4,781 5,424
+Added: Current Portion of Notes Payable 37,951 —
Other Current Liabilities 30,205 33,389
43 unchanged sentences
Special Charges, Including Business Realignment Costs 7,305 2,921 3,126
−Removed: Acquisition and Transition Costs — — 7
Other Operating Expenses 46,060 41,135 27,753
49 unchanged sentences
Net Income — — — — 255,479 — — 29,744 285,223
−Removed: Other Comprehensive Income (Loss) — — — ( 15,856 ) — — — ( 1,612 ) ( 17,468 )
+Added: Other Comprehensive Income — — — 1,404 — — — 112 1,516
Treasury Stock Purchases — — — — — ( 3,001,283 ) ( 387,286 ) — ( 387,286 )
5 unchanged sentences
Net Income — — — — 378,279 — — 39,458 417,737
−Removed: Other Comprehensive Income — — — 1,404 — — — 112 1,516
+Added: Other Comprehensive Income (Loss) — — — ( 9,519 ) — — — ( 826 ) ( 10,345 )
Treasury Stock Purchases — — — — — ( 2,311,176 ) ( 448,221 ) — ( 448,221 )
14 unchanged sentences
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration ( 33,682 ) ( 34,671 ) 16,458
−Removed: Equity Method Investments, Including Gain on Sale ( 192 ) 3,038 1,105
+Added: Equity Method Investments, Including (Gains) Losses on Sales and Redemptions 7,385 ( 192 ) 3,038
Equity-Based and Other Deferred Compensation 569,734 515,381 467,339
−Removed: Release of Cumulative Foreign Exchange Losses — — 1,250
Noncash Lease Expense 41,792 42,153 41,534
16 unchanged sentences
Investments Purchased ( 22 ) ( 37 ) ( 80 )
−Removed: Proceeds from Redemption and Sale of Investments — 18,300 20,967
+Added: Proceeds from Sale of Investments 18,113 — 18,300
Distributions of Private Equity Investments — 105 238
24 unchanged sentences
Accrued Dividends $ 16,159 $ 17,054 $ 15,236
−Removed: Amounts Due for Purchase of Noncontrolling Interest $ — $ — $ 48,297
+Added: Redemption of Luminis Interest $ 7,305 $ — $ —
Settlement of Sale of Trilantic VI $ — $ — $ 9,188
Settlement of Contingent Consideration $ — $ — $ 1,083
−Removed: Receipt of Equity Securities in Settlement of Accounts Receivable $ — $ — $ 1,955
See Notes to Consolidated Financial Statements.
10 unchanged sentences
The Investment Banking & Equities segment also includes the equities business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors.
+Added: Interests in Seneca Advisors LTDA ("Seneca Evercore") and Luminis Partners ("Luminis", through September 2024), which are accounted for under the equity method of accounting, are also reflected in the Investment Banking & Equities segment.
The Investment Management segment includes the wealth management business through which the Company provides investment advisory, wealth management and fiduciary services for high-net-worth individuals and associated entities, and the private equity business, which holds interests in private equity funds which are not managed by the Company.
+Added: The Investment Management segment also includes interests in Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff") and ABS Investment Management Holdings LP and ABS Investment Management GP LLC (collectively, "ABS", through July 2024), which are accounted for under the equity method of accounting.
Note 2 – Significant Accounting Policies
15 unchanged sentences
("Evercore Canada") and Evercore Asia Limited ("Evercore Hong Kong") are also VIEs, and the Company is the primary beneficiary of these VIEs.
−Removed: Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong (as of September 30, 2023 for Evercore Hong Kong), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities.
+Added: Specifically for Evercore ISI U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong, the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities.
The Company has the majority economic interest in Evercore U.K.
and has decision making authority that significantly affects the economic performance of this entity.
−Removed: The Company included in its Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong assets of $ 466,588 and liabilities of $ 224,263 at December 31, 2023 and Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing and Evercore Canada assets of $ 584,192 and liabilities of $ 247,884 at December 31, 2022.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: included in its Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan, Evercore Beijing, Evercore Canada and Evercore Hong Kong assets of $ 581,814 and liabilities of $ 246,321 at December 31, 2024 and assets of $ 466,588 and liabilities of $ 224,263 at December 31, 2023.
All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation.
4 unchanged sentences
At December 31, 2013, all Class A LP Units were fully vested.
−Removed: Class E LP Units – As a result of the acquisition of the operating businesses of International Strategy & Investment ("ISI") in 2014, the Company has Class E limited partnership units of Evercore LP ("Class E LP Units") outstanding, which are exchangeable on a one -for-one basis for Class A Shares.
+Added: Class E LP Units – In conjunction with the acquisition of the operating businesses of International Strategy & Investment ("ISI") in 2014, the Company issued Class E limited partnership units of Evercore LP ("Class E LP Units"), which are exchangeable on a one -for-one basis for Class A Shares.
At December 31, 2020, all Class E LP Units were fully vested.
−Removed: Class I LP Units – In 2016, in conjunction with the appointment of the Chief Executive Officer (then Executive Chairman) , the Company issued unvested Class I-P Units of Evercore LP ("Class I-P Units").
+Added: Class I LP Units – In conjunction with the appointment of the Chief Executive Officer (then Executive Chairman) , the Company issued unvested Class I-P Units of Evercore LP ("Class I-P Units").
The Class I-P Units were contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), which are exchangeable on a one -for-one basis for Class A Shares.
−Removed: In March 2022, the Class I-P Units converted into Class I LP Units.
−Removed: Class K LP Units – The Company periodically grants unvested Class K-P Units of Evercore LP ("Class K-P Units").
−Removed: The Class K-P Units are contingently exchangeable into Class K limited partnership units of Evercore LP ("Class K LP Units"), which are ultimately exchangeable on a one -for-one basis for Class A Shares.
−Removed: In December 2021, the Class K-P Units that were issued in 2017 converted into Class K LP Units upon the achievement of certain defined benchmark results and continued service requirements and in February 2023, the first tranche of the Class K-P Units that were issued in 2019 converted into Class K LP Units upon the achievement of certain performance and service conditions.
+Added: At December 31, 2022, all Class I LP Units were fully vested.
+Added: Class K LP Units – The Company periodically awards unvested Class K-P Units of Evercore LP ("Class K-P Units").
+Added: The Class K-P Units convert into Class K limited partnership units of Evercore LP ("Class K LP Units"), contingent and based upon the achievement of certain market, performance and continued service conditions.
+Added: The Class K LP Units are ultimately exchangeable on a one -for-one basis for Class A Shares.
See Note 18 for further information on Evercore LP partnership units ("LP Units") where exchangeability is subject to performance and/or market conditions.
−Removed: The Company accounts for exchanges of LP Units for Class A Shares based on the carrying amounts of the Members' LP Units immediately before the exchange.
+Added: The Company accounts for exchanges of LP Units for Class A Shares based on the carrying amounts of the LP Units immediately before the exchange.
The Company's interest in Evercore LP is within the scope of Accounting Standards Codification ("ASC") 810-20, " Control of Partnerships and Similar Entities." The Company consolidates Evercore LP and records noncontrolling interest for the economic interest in Evercore LP held directly by others, which includes the Members.
8 unchanged sentences
The Company's Investment Banking & Equities segment also includes services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research.
−Removed: Revenue is recognized as the Company satisfies performance obligations, upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for these services.
−Removed: The Company’s contracts with customers may include promises to transfer multiple services to a
+Added: Revenue is recognized as the Company satisfies performance obligations, upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: exchange for these services.
+Added: The Company’s contracts with customers may include promises to transfer multiple services to a customer.
Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.
25 unchanged sentences
Underwriting Fees – Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group, or in the case of certain ongoing issuances when the sale of the securities has settled.
−Removed: When the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable management fee, selling concession, sales agent commission or placement agent fee.
−Removed: Offering expenses are presented gross
+Added: When the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: in the Consolidated Statements of Operations.
+Added: management fee, selling concession, sales agent commission or placement agent fee.
+Added: Offering expenses are presented gross in the Consolidated Statements of Operations.
The Company also manages assignments involving the exchange of an issuer's securities where fees are recognized when earned.
2 unchanged sentences
Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis or, in the case of payments under commission sharing arrangements, when earned.
−Removed: The Company also earns subscription fees for the sales of research, as well as revenues from trades primarily executed on a riskless principal basis.
+Added: The Company also earns subscription fees for the sale of research, as well as revenues from trades primarily executed on a riskless principal basis.
The delivery of research under subscription arrangements represents a distinct performance obligation that is satisfied over time.
15 unchanged sentences
Other Revenue, Including Interest and Investments, and Interest Expense – Other Revenue, Including Interest and Investments, includes the following:
−Removed: • Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents, long-term accounts receivable and on the Company's debt security investment in G5 Holdings S.A.
−Removed: ("G5") (through June 25, 2021, the date G5 repaid its outstanding debentures in full.
+Added: • Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable
+Added: • Gains on the sale of the Company's interests in ABS in 2024 and 2022.
See Note 10 for further information
−Removed: • A gain on the sale of a portion of the Company's interests in ABS in 2022.
+Added: • A loss related to the release of cumulative foreign exchange losses resulting from the redemption of the Company's interest in Luminis in 2024.
See Note 10 for further information
−Removed: • Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge
−Removed: • Realized and unrealized gains and losses on interests in private equity funds which the Company does not manage
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: • Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments
+Added: • Realized and unrealized gains and losses on interests in private equity funds which the Company does not manage
• Adjustments to amounts due pursuant to the Company's tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
10 unchanged sentences
Fair Value of Financial Instruments – The majority of the Company's assets and liabilities are recorded at fair value or at amounts that approximate fair value.
−Removed: Such assets and liabilities include cash and cash equivalents, investments, investment securities, receivables and payables and accruals.
+Added: Such assets and liabilities include cash and cash equivalents, investment securities, investments, receivables and payables and accruals.
See Note 11 for further information.
13 unchanged sentences
See Note 8 for further information.
−Removed: Accounts Receivable and Contract Assets – Accounts Receivable consists primarily of investment banking fees and expense reimbursements charged to the Company's clients.
−Removed: The Company records accounts receivable, net of any allowance for credit losses, when relevant revenue recognition criteria has been achieved and payment is conditioned on the passage of time.
−Removed: The Company maintains an allowance for credit losses to provide coverage for estimated losses from its client receivables.
−Removed: In accordance with ASC 326, "Financial Instruments - Credit Losses" , the Company determines the adequacy of the allowance by
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: estimating the probability of loss based on the Company's analysis of historical credit loss experience of its client receivables, and taking into consideration current market conditions and reasonable and supportable forecasts that affect the collectability of the reported amount.
+Added: Accounts Receivable and Contract Assets – Accounts Receivable consists primarily of investment banking fees and expense reimbursements charged to the Company's clients.
+Added: The Company records accounts receivable, net of any allowance for credit losses, when relevant revenue recognition criteria has been achieved and payment is conditioned on the passage of time.
+Added: The Company maintains an allowance for credit losses to provide coverage for estimated losses from its client receivables.
+Added: In accordance with ASC 326, "Financial Instruments - Credit Losses" , the Company determines the adequacy of the allowance by estimating the probability of loss based on the Company's analysis of historical credit loss experience of its client receivables, and taking into consideration current market conditions and reasonable and supportable forecasts that affect the collectability of the reported amount.
The Company has determined that long-term forecasted information is not relevant to its fee receivables, which are primarily short-term.
1 unchanged sentence
In addition, the Company periodically performs a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss rates.
−Removed: Expected credit losses for newly recognized financial assets and changes to expected credit losses during the period are recognized in earnings.
−Removed: The Company's receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and certain fees related to private funds capital raising and the private capital businesses, a portion of which may be collected in a period exceeding one year .
−Removed: The collection period for restructuring transaction receivables may exceed 90 days.
+Added: Expected credit losses for financial assets and changes to expected credit losses during the period are recognized in earnings.
+Added: The Company's receivables collection periods are generally within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and certain fees primarily related to private funds capital raising and the private capital businesses, a portion of which may be collected in a period exceeding one year .
+Added: The collection period for liability management and restructuring transaction receivables may exceed 90 days.
Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition.
4 unchanged sentences
Investments – The Company's investments include investments in unconsolidated affiliated companies and other investments in private equity partnerships:
−Removed: Affiliates – The Company has equity interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") and includes its share of the income (losses) within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Consolidated Statements of Operations.
+Added: Affiliates – The Company has equity interests in Atalanta Sosnoff, Seneca Evercore, ABS (through July 2024) and Luminis (through September 2024) and includes its share of the income (losses) from these entities within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Consolidated Statements of Operations.
The Company assesses each of its equity method investments annually for impairment, or more frequently if circumstances indicate impairment may have occurred.
6 unchanged sentences
Other Investments – The Company also maintains investments in Glisco Manager Holdings LP and equity securities in private companies, which are accounted for as equity securities without readily determinable fair values in accordance with ASC 321-10.
−Removed: The Company also previously held an investment in Trilantic Capital Partners ("Trilantic"), which the Company decided to wind-down in 2021 consistent with the Company's investment strategy, and an investment in a debt security that was accounted for as a held-to-maturity security, through June 25, 2021.
The Company assesses these investments quarterly for impairment, or more frequently if circumstances indicate impairment may have occurred.
See Note 10 for further information.
−Removed: Leases – Pursuant to ASC 842, "Leases" ("ASC 842"), the Company includes the impact of all leases, including short-term leases, on its Consolidated Statements of Financial Condition.
−Removed: The Company does not separate lease and non-lease components of contracts for leases for the use of office space and equipment.
−Removed: Operating leases for office space generally
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: contain payments for real estate taxes, common area maintenance and other operating expenses in addition to rent payments that are not fixed;
+Added: Leases – Pursuant to ASC 842, "Leases" ("ASC 842"), the Company includes the impact of all leases, including short-term leases, on its Consolidated Statements of Financial Condition.
+Added: The Company does not separate lease and non-lease components of contracts for leases for the use of office space and equipment.
+Added: Operating leases for office space generally contain payments for real estate taxes, common area maintenance and other operating expenses in addition to rent payments that are not fixed;
the Company accounts for these costs as variable payments and does not include these as part of the lease component.
25 unchanged sentences
Intangible assets with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, in accordance with ASC 360, " Property, Plant, and Equipment".
−Removed: See Note 5 for further information.
−Removed: Compensation and Benefits – Compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), severance, deferred cash and share-based compensation, and other benefits.
−Removed: Cash bonuses are accrued over the respective
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: service periods to which they relate and deferred cash and share-based grants are expensed prospectively over their requisite service period, subject to acceleration in certain cases.
+Added: See Note 5 for further information.
+Added: Compensation and Benefits – Compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), severance, deferred cash and share-based compensation, and other benefits.
+Added: Cash bonuses are accrued over the respective service periods to which they relate and deferred cash and share-based grants are expensed prospectively over their requisite service period, subject to acceleration in certain cases.
Effective January 1, 2023, the Company changed its medical insurance plan in the U.S.
5 unchanged sentences
See Note 14 for further information.
−Removed: Share-Based Payments and Other Deferred Compensation – The Company accounts for share-based payments in accordance with ASC 718, " Compensation – Stock Compensation" ("ASC 718").
−Removed: Compensation expense recognized pursuant to share-based compensation awards is based on the grant date fair value of the award.
−Removed: The grant date fair value is amortized over the vesting periods or requisite service periods ("Service-based Awards").
−Removed: However, the vesting of some Service-based Awards will accelerate upon the occurrence of certain events.
−Removed: The Company amortizes the grant-date fair value of share-based compensation awards made to employees, who are or will become retirement eligible prior to the stated vesting date, over the expected substantive service period.
−Removed: For the purposes of calculating diluted net income per share attributable to Evercore Inc.
−Removed: common shareholders, unvested Service-based Awards are included in the diluted weighted average Class A Shares outstanding using the treasury stock method.
−Removed: Once vested, restricted stock units ("RSUs"), and restricted stock are included in the basic and diluted weighted average Class A Shares outstanding.
−Removed: Expense relating to RSUs, restricted stock and LP Units is reflected in Employee Compensation and Benefits on the Consolidated Statements of Operations.
−Removed: Compensation expense is recognized pursuant to performance-based awards if, and to the extent, it is probable that the performance condition will be achieved.
−Removed: The effect of a market condition is reflected in the grant date fair value of an award and compensation cost is recognized provided the service condition is satisfied and to the extent any performance condition is achieved.
−Removed: See Note 18 for a discussion of the Company's Long-term Incentive Plan and other performance-based awards.
+Added: Share-Based Payments and Other Deferred Compensation – The Company issues share-based and deferred cash compensation awards as part of its annual bonus awards, in conjunction with new hire arrangements or for the purpose of incentive or retention.
+Added: Periodically, incentive awards granted include both performance and service-based vesting requirements and, in certain awards, market-based requirements.
+Added: The Company accounts for share-based payments in accordance with ASC 718, "Compensation – Stock Compensation" ("ASC 718").
+Added: As such, the grant date fair value of share-based compensation awards that require future service is amortized over the applicable requisite service period of the award.
+Added: Expense related to share-based and deferred cash compensation awards to employees is included within Employee Compensation and Benefits on the Consolidated Statements of Operations.
+Added: Expense is recognized for awards with performance conditions if, and to the extent, it is probable that the performance condition will be achieved.
+Added: The effect of a market condition is reflected in the grant date fair value of an award and expense is recognized provided that the service condition is satisfied and to the extent that any performance condition is achieved.
+Added: Awards made to employees who are, or will become, retirement eligible prior to the stated vesting date are amortized over the expected substantive service period of the award.
Awards classified as liabilities as required under ASC 718, such as cash settled share-based awards, are re-measured at fair value at each reporting period.
20 unchanged sentences
2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07").
−Removed: ASU 2023-07 provides amendments to ASC 280, "Segment Reporting," which require disclosure of incremental segment information on an annual and interim basis, and require that all annual disclosures currently required by ASC 280 about a reportable segment's profit or loss and assets are also provided in interim periods.
+Added: ASU 2023-07 provides amendments to ASC 280, "Segment Reporting" ("ASC 280"), which require disclosure of incremental segment information on an annual and interim basis, and require that all annual disclosures currently required by ASC 280 about a reportable segment's profit or loss and assets are also provided in interim periods.
The amendments in this update are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
The amendments should be applied on a retrospective basis.
−Removed: The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
+Added: The Company adopted ASU 2023-07 on January 1, 2024.
+Added: The adoption of ASU 2023-07 resulted in the Company providing disclosure of incremental segment information, including significant segment expenses that are regularly provided to the Company's Chief Operating Decision Maker ("CODM").
+Added: See Note 23 for further information.
ASU 2023-09 – In December 2023, the FASB issued ASU No.
4 unchanged sentences
The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
+Added: ASU 2024-01 – In March 2024, the FASB issued ASU No.
+Added: 2024-01, "Compensation – Stock Compensation (Topic 718):
+Added: Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01").
+Added: ASU 2024-01 provides amendments to ASC 718, which provide guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718.
+Added: The amendments in this update are effective for annual periods beginning after December 15, 2024.
+Added: The amendments should be applied on a prospective or retrospective basis.
+Added: The Company adopted ASU 2024-01 on January 1, 2025 on a prospective basis.
+Added: The adoption of ASU 2024-01 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
+Added: ASU 2024-03 – In November 2024, the FASB issued ASU No.
+Added: 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses" ("ASU 2024-03").
+Added: ASU 2024-03 provides amendments to ASC 220, "Income Statement – Reporting Comprehensive Income" ("ASC 220"), which require disaggregated disclosure of certain income statement expense captions into specified categories within the notes to the financial statements.
+Added: The amendments in this update are effective for annual periods beginning after December 15, 2026, with early adoption permitted.
+Added: The amendments should be applied on a prospective or retrospective basis.
+Added: The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.
Note 4 – Revenue and Accounts Receivable
The following table presents revenue recognized by the Company for the years ended December 31, 2024, 2023 and 2022:
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
For the Years Ended December 31,
13 unchanged sentences
The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2024 and 2023 are as follows:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
For the Year Ended December 31, 2024
5 unchanged sentences
(Current Contract Liabilities) (4)
−Removed: Deferred Revenue
−Removed: (Long-term Contract Liabilities) (5)
Balance at January 1, 2024 $ 371,606 $ 93,689 $ 85,401 $ 5,845 $ 3,524
8 unchanged sentences
(Current Contract Liabilities) (4)
−Removed: Deferred Revenue
−Removed: (Long-term Contract Liabilities) (5)
Balance at January 1, 2023 $ 385,131 $ 64,139 $ 110,468 $ 8,028 $ 5,071
5 unchanged sentences
(4) Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.
−Removed: (5) Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date.
3 unchanged sentences
therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
The allowance for credit losses for the years ended December 31, 2024 and 2023 is as follows:
4 unchanged sentences
Ending Balance $ 2,253 $ 5,603
−Removed: The increase in the balance during the year ended December 31, 2023 is primarily related to an increase in the Company's reserve for credit losses, partially offset by the write-off of aged receivables.
+Added: The change in the balance during the year ended December 31, 2024 is primarily related to the write-off of aged receivables.
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics.
−Removed: The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of December 31, 2023, by year of origination:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of December 31, 2024, by year of origination:
Amortized Carrying Value by Origination Year
15 unchanged sentences
(1) The amount of the Company's goodwill before accumulated impairment losses of $ 38,528 was $ 162,980 , $ 164,021 and $ 161,813 at December 31, 2024, 2023 and 2022, respectively.
−Removed: Expen se associated with the amortization of intangible assets was $ 336 and $ 362 for the years ended December 31, 2022 and 2021, respectively.
+Added: Expen se associated with the amortization of intangible assets was $ 336 for the year ended December 31, 2022.
The Company's intangible assets were fully amortized as of December 31, 2022.
2 unchanged sentences
Note 6 – Special Charges, Including Business Realignment Costs
+Added: The Company recognized $ 7,305 for the year ended December 31, 2024, as Special Charges, Including Business Realignment Costs, related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.
+Added: See Note 10 for further information.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
The Company recognized $ 2,921 for the year ended December 31, 2023 , as Special Charges, Including Business Realignment Costs, related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico.
1 unchanged sentence
See Note 13 for further information.
−Removed: The Company recognized $ 8,554 for the year ended December 31, 2021, as Special Charges, Including Business Realignment Costs, related to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company's investment strategy, the Company decided to wind-down during 2021.
−Removed: See Note 10 for further information.
Note 7 – Related Parties
3 unchanged sentences
Receivable from Employees and Related Parties on the Consolidated Statements of Financial Condition consisted of the following at December 31, 2024 and 2023:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
Advances to Employees $ 33,378 $ 25,364
13 unchanged sentences
(2) Reflects the current portion of contingent cash consideration due to employees of the Real Estate Capital Advisory ("RECA") business for the sale of Class R Interests of Private Capital Advisory L.P.
−Removed: The long-term portion of contingent cash consideration due to employees of $ 5,036 is included within Other Long-term Liabilities on the Consolidated Statement of Financial Condition at December 31, 2022.
See Note 16 for further information.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Note 8 – Investment Securities and Certificates of Deposit
9 unchanged sentences
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Consolidated Statements of Financial Condition.
−Removed: These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, on a specific identification basis.
−Removed: Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 419 , $ 6,760 and $ 29 for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Gross unrealized losses included in Accumulated Other
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: Comprehensive Income (Loss) were ($ 280 ), ($ 2,301 ) and ($ 36 ) for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: These securities, which are primarily comprised of U.S.
+Added: Treasury securities, are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, on a specific identification basis.
+Added: Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $ 297 and $ 141 as of December 31, 2024 and 2023, respectively.
+Added: Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($ 4 ) as of December 31, 2023.
+Added: Net unrealized gains included in Other Comprehensive Income were $ 162 , $ 139 and $ 4,459 for the years ended December 31, 2024, 2023 and 2022, respectively.
Gross realized losses included within Other Revenue, Including Interest and Investments, were ($ 49 ), ($ 261 ) and ($ 34 ) for the years ended December 31, 2024, 2023 and 2022, respectively.
9 unchanged sentences
Further, the securities are all U.S.
−Removed: Treasuries and the Company has not incurred credit losses on its securities.
+Added: Treasury securities and the Company has not incurred credit losses on its securities.
As such, the Company does not consider these securities to be impaired at December 31, 2024 and has not recorded a credit allowance on these securities.
1 unchanged sentence
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations.
−Removed: The Company had net realized and unrealized gains (losses) of $ 41 , ($ 525 ) and $ 1,156 for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: The Company had net realized and unrealized gains (losses) of
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: ($ 78 ), $ 41 and ($ 525 ) for the years ended December 31, 2024, 2023 and 2022, respectively (of which ($ 78 ), $ 41 and ($ 496 ), respectively, were net unrealized gains (losses)).
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S.
−Removed: Treasury bills.
+Added: Treasury securities.
These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities.
9 unchanged sentences
Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035.
−Removed: The Company reflects lease expense over the lease terms on a straight-line basis.
−Removed: The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option.
+Added: The Company reflects lease expense over the lease terms on a straight-line basis, which include options to extend the lease when it is reasonably certain that the Company will exercise that option.
Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord.
The Company does not have any leases with variable lease payments.
−Removed: Occupancy and Equipment Rental on the Consolidated Statements of Operations includes operating lease cost for office space of $ 56,202 , $ 51,913 and $ 49,580 for the years ended December 31, 2023, 2022 and 2021, respectively, and variable lease cost, which principally include costs for real
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: estate taxes, common area maintenance and other operating expenses of $ 5,548 , $ 6,563 and $ 6,062 for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: Occupancy and Equipment Rental on the Consolidated Statements of Operations includes operating lease cost for office space of $ 60,159 , $ 56,202 and $ 51,913 for the years ended December 31, 2024, 2023 and 2022, respectively, and variable lease cost, which principally include costs for real estate taxes, common area maintenance and other operating expenses of $ 5,815 , $ 5,548 and $ 6,563 for the years ended December 31, 2024, 2023 and 2022, respectively.
In conjunction with the lease of office space, the Company has entered into letters of credit in the amount of $ 5,886 and $ 5,757 as of December 31, 2024 and 2023, respectively, which are secured by cash that is included in Other Assets on the Consolidated Statements of Financial Condition.
7 unchanged sentences
Other information as it relates to the Company's operating leases is as follows:
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
For the Years Ended December 31,
2 unchanged sentences
Weighted-average discount rate - operating leases 4.77 % 4.56 %
−Removed: In 2023, the Company's lease for certain floors at 55 East 52nd St., New York, New York commenced.
+Added: In conjunction with its lease agreements at 55 East 52nd St., New York, New York, the Company had an option to take on an additional three floors, which it exercised during 2023.
+Added: The Company entered into a lease agreement for this space in January 2024 and the lease commenced in November 2024.
The lease term will end on December 31, 2035.
−Removed: In December 2022, the Company entered into a lease agreement to take on 38 rentable square feet in New York, New York.
−Removed: The Company's lease of this space commenced in January 2023 and the lease term will end on December 31, 2035.
−Removed: New Right-of-Use Assets obtained in exchange for new operating lease liabilities above for the year ended December 31, 2023 includes $ 174,415 related to these spaces.
+Added: New Right-of-Use Assets obtained in exchange for new operating lease liabilities for the year ended December 31, 2024 includes $ 81,617 related to this space.
As of December 31, 2024, the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
2025 $ 80,610
6 unchanged sentences
Long-term lease liabilities $ 494,169
−Removed: The Company has entered into certain lease agreements which have not yet commenced and thus are not yet included on the Company's Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities.
−Removed: The Company anticipates that these leases will commence in 2024 and will have lease terms of 7 years once they have commenced.
+Added: The Company has entered into certain lease agreements, primarily for office space, which have not yet commenced and thus are not yet included on the Company's Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities.
+Added: The Company anticipates that these leases will commence in 2025 and will have lease terms of 3 to 10 years once they have commenced.
The additional future payments under these arrangements are $ 23,555 as of December 31, 2024.
−Removed: Further, in conjunction with its lease agreements at 55 East 52nd St., New York, New York, the Company had an option to take on an additional three floors, which it exercised during 2023.
−Removed: The Company entered into a lease agreement for this space in January 2024 and anticipates that it will take possession of this space by the end of 2024.
−Removed: The lease term will end on December 31, 2035.
−Removed: The expected additional annual expense under this lease agreement, net of certain lease incentives, is $ 9,862 and the expected additional future payments are $ 110,124 .
+Added: In September 2024, the Company entered into a binding agreement affirming its intent to lease office space in London, United Kingdom.
+Added: The Company anticipates signing the lease in 2026, following construction of the building, and anticipates that it will take possession of this space by the end of 2026.
+Added: The lease term will end in 2041.
+Added: The expected approximate additional annual expense under this lease agreement, net of certain lease incentives, is £ 12,000 , and the aggregate expected additional future payments under this arrangement are £ 175,000 .
Note 10 – Investments
1 unchanged sentence
The Company's investments are relatively high-risk and illiquid assets.
−Removed: The Company's investments in ABS, Atalanta Sosnoff, Luminis and Seneca Evercore are in voting interest entities.
+Added: The Company's investments in Atalanta Sosnoff, Seneca Evercore, ABS (through July 2024) and Luminis (through September 2024) are in voting interest entities.
The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Consolidated Statements of Operations.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities.
2 unchanged sentences
A summary of the Company's investments accounted for under the equity method of accounting as of December 31, 2024 and 2023 was as follows:
−Removed: ABS $ 18,770 $ 19,387
Atalanta Sosnoff $ 11,155 $ 10,906
−Removed: Luminis 6,296 6,092
Seneca Evercore 1,462 904
+Added: Luminis — 6,296
Total $ 12,617 $ 36,876
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: The Company has an investment accounted for under the equity method of accounting in ABS.
−Removed: At December 31, 2023, the Company's ownership interest in ABS was 26 %.
−Removed: This investment resulted in earnings of $ 4,132 , $ 4,463 and $ 10,524 for the years ended December 31, 2023, 2022 and 2021, respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations.
−Removed: In January 2022, the Company entered into an agreement to sell a portion of its interest in ABS.
−Removed: This transaction closed on March 28, 2022 and resulted in the reduction of the Company's ownership interest from 46 % to 26 %.
−Removed: The Company received cash of $ 18,300 as consideration for its interests sold and recorded a gain of $ 1,294 for the year ended December 31, 2022, included within Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations.
Atalanta Sosnoff
2 unchanged sentences
This investment resulted in earnings of $ 3,127 , $ 1,903 and $ 2,319 for the years ended December 31, 2024, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations.
−Removed: The Company has an investment accounted for under the equity method of accounting in Luminis.
−Removed: At December 31, 2023, the Company's ownership interest in Luminis was 20 %.
−Removed: This investment resulted in earnings of $ 390 , $ 813 and $ 1,334 for the years ended December 31, 2023, 2022 and 2021, respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations.
−Removed: This investment is subject to currency translation from the Australian dollar to the U.S.
−Removed: dollar, included in Accumulated Other Comprehensive Income (Loss), on the Consolidated Statements of Financial Condition .
Seneca Evercore
4 unchanged sentences
dollar, included in Accumulated Other Comprehensive Income (Loss), on the Consolidated Statements of Financial Condition .
+Added: In January 2022, the Company entered into an agreement to sell a portion of its interest in ABS.
+Added: This transaction closed on March 28, 2022 and resulted in the reduction of the Company's ownership interest from 46 % to 26 %.
+Added: The Company received cash of $ 18,300 as consideration for its interests sold and recorded a gain of $ 1,294 for the year ended December 31, 2022, included within Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations.
+Added: In July 2024, the Company sold its remaining 26 % ownership interest in ABS for cash of $ 18,113 .
+Added: This transaction resulted in a gain of $ 615 for the year ended December 31, 2024, included within Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations.
+Added: This investment resulted in earnings of $ 2,031 , $ 4,132 and $ 4,463 for the years ended December 31, 2024, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations.
+Added: In September 2024, the Company agreed to the redemption of its interest in Luminis, such that it no longer has an equity interest in Luminis following the redemption.
+Added: The Company received no consideration in respect of the redemption.
+Added: As a result, the Company incurred a loss associated with the write-off of the remaining carrying value of its investment of $ 7,305 for the year ended December 31, 2024, included within Special Charges, Including Business Realignment Costs, on the Consolidated Statement of Operations.
+Added: This investment was subject to currency translation from the Australian dollar to the U.S.
+Added: dollar, included in Accumulated Other Comprehensive Income (Loss), on the Consolidated Statements of Financial Condition.
+Added: Accordingly, the redemption resulted in the reclassification of $ 581 and $ 77 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest, respectively, on the Consolidated
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2024.
+Added: This investment resulted in earnings of $ 783 , $ 390 and $ 813 for the years ended December 31, 2024, 2023 and 2022, respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations.
The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees.
1 unchanged sentence
The Company assesses each of its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred.
−Removed: Debt Security Investment
−Removed: On December 31, 2017, the Company exchanged all of its outstanding equity interests in G5 for debentures of G5.
−Removed: The Company recorded this investment as a held-to-maturity debt security within Investments on the Consolidated Statement of Financial Condition.
−Removed: On June 25, 2021, G5 repaid its outstanding debentures with the Company in full, resulting in a gain of $ 4,374 , included in Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2021.
Investments in Private Equity
3 unchanged sentences
("Glisco III"), Glisco Capital Partners IV ("Glisco IV"), Trilantic Capital Partners Associates IV, L.P.
−Removed: ("Trilantic IV"), Trilantic Capital Partners V, L.P.
−Removed: ("Trilantic V") and Trilantic Capital Partners VI
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: (North America), L.P.
−Removed: ("Trilantic VI") (through January 1, 2022).
+Added: ("Trilantic IV") and Trilantic Capital Partners V, L.P.
+Added: ("Trilantic V").
Portfolio holdings of the private equity funds are carried at fair value.
−Removed: Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value.
−Removed: Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations.
+Added: Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value, as well as its pro rata share of realized gains, losses and carried interest associated with any investment realizations.
A summary of the Company's investments in the private equity funds as of December 31, 2024 and 2023 was as follows:
4 unchanged sentences
In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed.
−Removed: As of December 31, 2023, $ 147 of previously distributed carried interest received from the funds was subject to repayment.
−Removed: On December 14, 2021, the Company entered into an agreement to sell its interests in Trilantic VI for $ 9,188 (see "Investment in Trilantic Capital Partners" below).
−Removed: Consideration for this transaction was received in December 2021.
−Removed: This transaction closed on January 1, 2022 and as of that date, the Company has no further commitments to invest in Trilantic VI.
+Added: As of December 31, 2024, there was no previously distributed carried interest received from the funds subject to repayment.
General Partners of Private Equity Funds which are VIEs
6 unchanged sentences
The Company's maximum exposure to loss as of December 31, 2024 and 2023 was $ 5,138 and $ 5,762 , respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds.
−Removed: Investment in Trilantic Capital Partners
−Removed: During 2021, consistent with the Company's investment strategy, the Company decided to wind-down its investment relationship with Trilantic.
−Removed: Accordingly, the Company wrote-off the remaining carrying value of its investment in Trilantic and related assets.
−Removed: As a result, the Company recorded an aggregate charge of $ 8,554 within Special Charges, Including Business Realignment Costs, on the Consolidated Statement of Operations for the year ended December 31, 2021.
−Removed: See above in "Investments in Private Equity" for further information.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Other Investments
4 unchanged sentences
Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.
−Removed: Investments with readily-available active quoted prices, or for which fair value can be measured from actively
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
+Added: Investments with readily-available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified and disclosed in one of the following categories:
Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date.
−Removed: The type of investments included in Level 1 include listed equities, listed derivatives and treasury bills and notes.
+Added: The type of investments included in Level 1 include listed equities, listed derivatives and U.S.
+Added: Treasury securities.
As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
11 unchanged sentences
Investment Funds 178,703 — — 178,703
−Removed: Other — 1,585 — 1,585
Total Assets Measured At Fair Value $ 1,462,688 $ — $ — $ 1,462,688
5 unchanged sentences
Investment Funds 160,559 — — 160,559
+Added: Other — 1,585 — 1,585
Total Assets Measured At Fair Value $ 1,390,584 $ 1,585 $ — $ 1,392,169
−Removed: (1) Includes $ 8,557 and $ 7,939 of treasury bills classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2023 and 2022, respectively.
+Added: (1) Includes $ 9,967 and $ 8,557 of U.S.
+Added: Treasury securities classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2024 and 2023, respectively.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
−Removed: In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
−Removed: The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
−Removed: The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Consolidated Statements of Financial Condition, are listed in the tables below.
+Added: In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: value measurement.
+Added: The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
+Added: The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Consolidated Statements of Financial Condition, are listed in the tables below.
December 31, 2024
13 unchanged sentences
Notes Payable (3)
+Added: 373,895 — 356,531 — 356,531
December 31, 2023
15 unchanged sentences
(2) Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition.
+Added: (3) Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Consolidated Statements of Financial Condition.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Note 12 – Furniture, Equipment and Leasehold Improvements
8 unchanged sentences
Other Assets on the Consolidated Statements of Financial Condition includes capitalized costs associated with cloud computing arrangements of $ 18,087 and $ 17,044 as of December 31, 2024 and 2023, respectively.
−Removed: Amortization expense for capitalized costs associated with cloud computing arrangements was $ 2,631 , $ 1,670 and $ 1,245 for the years ended December
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: 31, 2023, 2022 and 2021, respectively, included within Communications and Information Services on the Consolidated Statements of Operations.
+Added: Amortization expense for capitalized costs associated with cloud computing arrangements was $ 3,169 , $ 2,631 and $ 1,670 for the years ended December 31, 2024, 2023 and 2022, respectively, included within Communications and Information Services on the Consolidated Statements of Operations.
Note 13 – Notes Payable
−Removed: 2016 Private Placement Notes
On March 30, 2016, the Company issued an aggregate of $ 170,000 of senior 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 Series B Notes which were originally due March 30, 2023, $ 48,000 aggregate principal amount of its 5.48 % Series C senior notes due March 30, 2026 (the "Series C Notes") and $ 17,000 aggregate principal amount of its 5.58 % Series D senior notes due March 30, 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 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.
−Removed: Interest on the 2016 Private Placement Notes is payable semi-annually and the 2016 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries.
−Removed: The Company may, at its option, prepay all, or from time to time any part of, the 2016 Private Placement Notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of the 2016 Private Placement Notes then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2016 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2016 Private Placement Notes plus accrued and unpaid interest to the prepayment date.
−Removed: The 2016 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio, and customary events of default.
−Removed: As of December 31, 2023, the Company was in compliance with all of these covenants.
In March 2021, the Company repaid the $ 38,000 aggregate principal amount of its Series A Notes.
1 unchanged sentence
In conjunction with the June 2022 prepayment and the acceleration of the remaining debt issuance costs, the Company recorded a loss of $ 456 for the year ended December 31, 2022, included within Special Charges, Including Business Realignment Costs, on the Consolidated Statement of Operations.
−Removed: 2019 Private Placement Notes
On August 1, 2019, the Company issued $ 175,000 and £ 25,000 of senior unsecured notes through private placement.
2 unchanged sentences
$ 75,000 aggregate principal amount of its 4.34 % Series E senior notes due August 1, 2029 (the "Series E Notes"), $ 60,000 aggregate principal amount of its 4.44 % Series F senior notes due August 1, 2031 (the "Series F Notes"), $ 40,000 aggregate principal amount of its 4.54 % Series G senior notes due August 1, 2033 (the "Series G Notes") and £ 25,000 aggregate principal amount of its 3.33 % Series H senior notes due August 1, 2033 (the "Series H Notes" and together with the Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
−Removed: Interest on the 2019 Private Placement Notes is payable semi-annually and the 2019 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries.
−Removed: The Company may, at its option, prepay all, or from time to time any part of, the 2019 Private Placement Notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of the 2019 Private Placement Notes then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2019 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2019 Private Placement Notes plus accrued and unpaid interest to the prepayment date.
−Removed: The 2019 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default.
−Removed: As of December 31, 2023, the Company was in compliance with all of these covenants.
+Added: On March 29, 2021, the Company issued $ 38,000 aggregate principal amount of its 1.97 % Series I senior notes due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement (the "2021 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.
+Added: On June 28, 2022, the Company issued $ 67,000 aggregate principal amount of its 4.61 % Series J senior notes due November 15, 2028 (the "Series J Notes" or the "2022 Private Placement Notes"), pursuant to a note purchase agreement (the "2022 Note Purchase Agreement") dated as of June 28, 2022, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: 2021 Private Placement Notes
−Removed: On March 29, 2021, the Company issued $ 38,000 aggregate principal amount of its 1.97 % Series I senior notes due August 1, 2025 (the "Series I Notes" or the "2021 Private Placement Notes"), pursuant to a note purchase agreement (the "2021 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.
−Removed: Interest on the 2021 Private Placement Notes is payable semi-annually and the 2021 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries.
−Removed: The Company may, at its option, prepay all, or from time to time any part of, the 2021 Private Placement Notes, in an amount not less than 5 % of the aggregate principal amount of the 2021 Private Placement Notes then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2021 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2021 Private Placement Notes plus accrued and unpaid interest to the prepayment date.
−Removed: The 2021 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default.
−Removed: As of December 31, 2023, the Company was in compliance with all of these covenants.
−Removed: 2022 Private Placement Notes
−Removed: On June 28, 2022, the Company issued $ 67,000 aggregate principal amount of its 4.61 % Series J senior notes due November 15, 2028 (the "Series J Notes" or the "2022 Private Placement Notes"), pursuant to a note purchase agreement (the "2022 Note Purchase Agreement") dated as of June 28, 2022, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
−Removed: Interest on the 2022 Private Placement Notes is payable semi-annually and the 2022 Private Placement Notes are guaranteed by certain of the Company's domestic subsidiaries.
−Removed: The Company may, at its option, prepay all, or from time to time any part of, the 2022 Private Placement Notes, in an amount not less than 5 % of the aggregate principal amount of the 2022 Private Placement Notes then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2022 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2022 Private Placement Notes plus accrued and unpaid interest to the prepayment date.
−Removed: The 2022 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default.
+Added: Interest on the above issuances is payable semi-annually and the notes are guaranteed by certain of the Company's domestic subsidiaries.
+Added: The Company may, at its option, prepay all, or from time to time any part of, the notes (without regard to Series), in an amount not less than 5 % of the aggregate principal amount of each of the individual issuances then outstanding at 100 % of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the notes plus accrued and unpaid interest to the prepayment date.
+Added: The respective Note Purchase Agreements contain customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio (for the 2016 Private Placement Notes only), and customary events of default.
As of December 31, 2024, the Company was in compliance with all of these covenants.
27 unchanged sentences
Total $ 373,895 $ 373,885
+Added: Current Portion of Notes Payable ( 37,951 ) —
+Added: Notes Payable $ 335,944 $ 373,885
(1) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability.
As of December 31, 2024, the future payments required on the Notes Payable, including principal and interest, were as follows:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
2025 $ 54,006
10 unchanged sentences
The Evercore Plan provides for a discretionary matching contribution from the Company to be made for eligible participants, as defined by the Evercore Plan.
−Removed: The matching contribution from the Company is made annually pursuant to a discretionary formula.
+Added: The matching contribution from the Company is made annually pursuant to a
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: discretionary formula.
The matching contribution is determined as 100 % of up to 3 % of eligible compensation, defined as salary plus cash bonus compensation, to a maximum of $ 3 per employee.
6 unchanged sentences
The Evercore Europe Plan was established in November 2006 and subsequently amended.
−Removed: The Evercore Europe Plan, for employees starting between November 2006 and July 2011, has a salary deferral feature as permitted under existing tax guidelines for HM Customs and Revenue, the Inland Revenue Service in the United Kingdom.
+Added: The Evercore Europe Plan, for employees starting between November 2006 and July 2011, has a salary deferral feature as permitted under existing tax guidelines from the HM Revenue & Customs, the Inland Revenue Service in the United Kingdom.
Evercore U.K.
3 unchanged sentences
must make a matching contribution of 5 % to 10 % of the employee's salary depending on the employee's level within the Company.
−Removed: The Evercore Europe Plan, for employees starting after July 2011, has a salary deferral feature as permitted under existing tax guidelines for HM Customs and Revenue.
+Added: The Evercore Europe Plan, for employees starting after July 2011, has a salary deferral feature as permitted under existing tax guidelines from the HM Revenue & Customs.
Evercore U.K.
10 unchanged sentences
See Note 18 for further information.
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
Self-Funded Medical Insurance Program – Effective January 1, 2023, the Company changed its medical insurance plan in the U.S.
2 unchanged sentences
The Company also maintains stop-loss insurance for its medical plan to provide coverage for claims over a defined financial threshold.
−Removed: The estimated present value of incurred but not reported claims is $ 3,165 as of December 31, 2023, which is included within Accrued Compensation and Benefits on the Consolidated Statement of Financial Condition.
+Added: The estimated present value of incurred but not reported claims is $ 3,268 and $ 3,165 as of December 31, 2024 and 2023, respectively, which is included within Accrued Compensation and Benefits on the Consolidated Statements of Financial Condition.
Note 15 – Evercore Inc.
Stockholders' Equity
−Removed: Dividends – On January 30, 2024, the Company's Board of Directors declared a quarterly cash dividend of $ 0.76 per share to the holders of record of Class A Shares as of February 23, 2024, which will be paid on March 8, 2024.
−Removed: During the year ended December 31, 2023, the Company declared and paid dividends of $ 3.00 per share, totaling $ 113,867 , and accrued deferred cash dividends on unvested RSUs totaling $ 17,054 .
+Added: Dividends – On February 4, 2025, the Company's Board of Directors declared a quarterly cash dividend of $ 0.80 per share to the holders of record of Class A Shares as of February 28, 2025, which will be paid on March 14, 2025.
+Added: During the year ended December 31, 2024, the Company declared and paid dividends of $ 3.16 per share, totaling $ 120,857 , and accrued deferred cash dividends on unvested and vested RSUs totaling $ 16,159 .
During the year ended December 31, 2024, the Company also paid deferred cash dividends of $ 14,975 .
−Removed: During the year ended December 31, 2022, the Company declared and paid dividends of $ 2.84 per share, totaling $ 111,568 , and accrued deferred cash dividends on unvested RSUs totaling $ 15,236 .
+Added: During the year ended December 31, 2023, the Company declared and paid dividends of $ 3.00 per share, totaling $ 113,867 , and accrued deferred cash dividends on unvested and vested RSUs totaling $ 17,054 .
During the year ended December 31, 2023, the Company also paid deferred cash dividends of $ 13,997 .
Treasury Stock – During the year ended December 31, 2024, the Company purchased 998 Class A Shares from employees at an average cost per share of $ 179.67 , primarily for the net settlement of stock-based compensation awards, and 1,313 Class A Shares at an average cost per share of $ 203.84 pursuant to the Company's share repurchase program.
−Removed: The aggregate 3,001 Class A Shares were purchased at an average cost per share of $ 129.04 and the result of these purchases was an increase in Treasury Stock of $ 387,286 on the Company's Consolidated Statement of Financial Condition as of December 31, 2023.
+Added: The aggregate 2,311 Class A Shares were purchased at an average cost per share of $ 193.40 and the result of these purchases was an
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: increase in Treasury Stock of $ 446,985 (excluding $ 1,236 of excise tax levied on share repurchases, net of issuances) on the Company's Consolidated Statement of Financial Condition as of December 31, 2024.
During the year ended December 31, 2023, the Company purchased 968 Class A Shares from employees at an average cost per share of $ 131.53 , primarily for the net settlement of stock-based compensation awards, and 2,033 Class A Shares at an average cost per share of $ 127.85 pursuant to the Company's share repurchase program.
4 unchanged sentences
Accumulated Other Comprehensive Income (Loss) – As of December 31, 2024, Accumulated Other Comprehensive Income (Loss) on the Company's Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of $ 164 and ($ 36,221 ), respectively.
+Added: The redemption of the Company's interest in Luminis in 2024 resulted in the reclassification of $ 581 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) on the Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2024.
+Added: See Note 10 for further information.
Note 16 – Noncontrolling Interest
2 unchanged sentences
Noncontrolling ownership interests for the Company's subsidiaries were as follows:
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
As of December 31,
5 unchanged sentences
For further information see " LP Units Exchanged" below.
−Removed: (2) Noncontrolling Interests as of December 31, 2022 and 2021 represent a blended rate for multiple classes of interests in EWM.
+Added: (2) Noncontrolling Interests as of December 31, 2022 represent a blended rate for multiple classes of interests in EWM.
The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares.
−Removed: The Company has outstanding Class A, E, I and K LP Units in Evercore LP which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis.
+Added: The Company has outstanding Class A, E, I and K LP Units of Evercore LP which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis.
See Note 2 for further information.
Changes in Noncontrolling Interest for the years ended December 31, 2024, 2023 and 2022 were as follows:
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
For the Years Ended December 31,
6 unchanged sentences
Evercore LP Units Exchanged for Class A Shares ( 26,766 ) ( 11,490 ) ( 159,412 )
−Removed: Amortization and Vesting of LP Units 24,301 23,425 13,189
+Added: Amortization and Vesting of LP Units and EWM Class A Units (see Note 18) 47,141 24,301 23,425
Distributions to Noncontrolling Interests ( 30,848 ) ( 27,293 ) ( 42,704 )
4 unchanged sentences
Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of ($ 6 ), ($ 268 ) and $ 313 for the years ended December 31, 2024, 2023 and 2022, respectively, and foreign currency translation adjustment gains (losses), net, of ($ 897 ), $ 380 and ($ 1,925 ) for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: LP Units Exchanged – On February 24, 2022, the Company entered into an agreement (the "Exchange Agreement") with ISI Holding, Inc.
+Added: The redemption of the Company's interest in Luminis in 2024 resulted in the reclassification of $ 77 of cumulative foreign currency translation losses from Noncontrolling Interest on the Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2024.
+Added: See Note 10 for further information.
+Added: LP Units Exchanged – During the year ended December 31, 2024, 352 LP Units were exchanged for Class A Shares.
+Added: This resulted in a decrease to Noncontrolling Interest of $ 26,766 and increases to Class A Common Stock and Additional Paid-In Capital of $ 4 and $ 26,762 , respectively, on the Company's Consolidated Statement of Financial Condition as of December 31, 2024.
+Added: In addition, 178 and 2,574 LP Units (inclusive of the Class E LP Unit exchange described below) were exchanged for Class A Shares during the years ended December 31, 2023 and 2022, respectively.
+Added: On February 24, 2022, the Company entered into an agreement (the "Exchange Agreement") with ISI Holding, Inc.
("ISI Holding"), the principal stockholder of which is Ed Hyman, an executive officer of the Company.
2 unchanged sentences
The parties have relied on the exemption from the registration requirements of the Securities Act of 1933 under Section 4(a)(2) thereof for the Exchange.
+Added: See Note 15 for further information.
+Added: EWM Class A Units – During 2024, the Company granted 297 EWM Class A Units, which generally vest ratably over three years .
+Added: Compensation expense related to these EWM Class A Units was $ 1,012 for the year ended December 31, 2024.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: During the year ended December 31, 2023, 178 LP Units were exchanged for Class A Shares.
−Removed: This resulted in a decrease to Noncontrolling Interest of $ 11,490 and increases to Class A Common Stock and Additional Paid-In Capital of $ 2 and $ 11,488 , respectively, on the Company's Consolidated Statement of Financial Condition as of December 31, 2023.
−Removed: In addition, 2,574 and 242 LP Units were exchanged for Class A Shares during the years ended December 31, 2022 and 2021, respectively.
−Removed: See Note 15 for further information.
−Removed: Interests Issued – During 2021, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $ 1,175 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021.
−Removed: During 2021, certain employees of RECA purchased Class R Interests of Private Capital Advisory L.P., at fair value, resulting in an increase to Noncontrolling Interest of $ 872 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021.
Interests Purchased – During 2024, the Company purchased, at fair value, an additional 0.3 % of the EWM Class A Units for $ 1,036 .
6 unchanged sentences
from employees of the RECA business for $ 54,297 .
−Removed: Consideration for this transaction included the payment of $ 6,000 of cash in 2021, $ 27,710 of cash in 2022, and contingent cash consideration which is due to be settled in early 2024.
−Removed: The Company paid $ 1,365 of this contingent cash consideration in 2023.
−Removed: The fair value of the remaining contingent consideration is $ 2,023 as of December 31, 2023, which is included within Payable to Employees and Related Parties on the Company's Consolidated Statements of Financial Condition, and $ 6,119 as of December 31, 2022, $ 1,083 of which was included within Other Current Liabilities and the remainder of which was included within Other Long-term Liabilities on the Company's Consolidated Statements of Financial Condition.
−Removed: The amount of contingent consideration to be paid is dependent on the RECA business achieving certain revenue performance targets.
+Added: Consideration for this transaction included the payment of $ 6,000 of cash in 2021, $ 27,710 of cash in 2022, and contingent cash consideration which was settled during 2023 and 2024.
+Added: The Company paid contingent cash consideration of $ 1,365 in 2023 and $ 2,023 in 2024, representing the final payment under this arrangement.
+Added: The fair value of the remaining contingent consideration was $ 2,023 as of December 31, 2023, which is included within Payable to Employees and Related Parties on the Company's Consolidated Statement of Financial Condition.
+Added: The amount of contingent consideration to be paid was dependent on the RECA business achieving certain revenue performance targets.
The decline in the fair value of contingent consideration reduced Other Operating Expenses by $ 2,366 and $ 14,468 for the years ended December 31, 2023 and 2022, respectively, on the Consolidated Statements of Operations.
−Removed: The fair value of the contingent consideration reflects the present value of the expected payment due based on the current expectation for the business meeting the revenue performance targets.
−Removed: This purchase resulted in a decrease to Noncontrolling Interest of $ 7,137 and a decrease to Additional Paid-In Capital of $ 47,160 on the Company's Consolidated Statement of Financial Condition on December 31, 2021.
−Removed: In conjunction with this transaction, the Company also issued a payment in early 2023 and will issue another payment in early 2024, contingent on continued employment with the Company.
+Added: The fair value of the contingent consideration reflected the present value of the expected payment due based on the expectation for the business meeting the revenue performance targets.
+Added: In conjunction with this transaction, the Company also issued payments in early 2023 and 2024, contingent on continued employment with the Company.
Accordingly, these payments are treated as compensation expense for accounting purposes in the periods earned.
−Removed: These payments are also dependent on the RECA business achieving certain revenue performance targets.
+Added: These payments were also dependent on the RECA business achieving certain revenue performance targets.
Note 17 – Net Income Per Share Attributable to Evercore Inc.
50 unchanged sentences
On March 1, 2022, all of the Class I-P Units converted to Class I LP Units.
+Added: The Company also has certain outstanding RSUs which vest contingent upon certain performance thresholds being achieved.
See Note 18 for further information.
For the purposes of calculating diluted net income per share attributable to Evercore Inc.
−Removed: common shareholders, the Company's Class I-P Units and Class K-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.
+Added: common shareholders, the Company's Class I-P Units, K-P Units and these certain outstanding RSUs are included in diluted weighted average Class A Shares outstanding, as calculated using the Treasury Stock Method, 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.
5 unchanged sentences
These Class I-P Units converted into 400 Class I LP Units (which are exchangeable on a one -for-one basis to Class A Shares) upon the achievement of certain market and service conditions on March 1, 2022.
−Removed: Compensation expense related to this award was $ 753 and $ 4,625 for the years ended December 31, 2022 and 2021, respectively .
−Removed: Class K-P Units – The Company has awarded the following Class K-P Units:
−Removed: • In November 2017, the Company awarded 64 Class K-P Units to an employee of the Company.
−Removed: These Class K-P Units converted into 80 Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) upon the achievement of certain defined benchmark results relating to the employee's business and continued service through December 31, 2021.
−Removed: • In June 2019, the Company awarded 220 Class K-P Units to an employee of the Company.
−Removed: These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain defined benchmark results relating to the employee's business and continued service through February 4, 2023 for the first tranche, which consists of 120 Class K-P Units, and February 4, 2028 for the second tranche, which consists of 100 Class K-P Units.
+Added: Compensation expense related to this award was $ 753 for the year ended December 31, 2022 .
+Added: Class K-P Units – The Company has awarded the following Class K-P Units to certain employees:
+Added: • In June 2019, the Company awarded 220 Class K-P Units.
+Added: These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain defined benchmark results and continued service through February 4, 2023 for the first tranche, which consisted of 120 Class K-P Units, and February 4, 2028 for the second tranche, which consists of 100 Class K-P Units.
In February 2023, the first tranche of 120 Class K-P Units converted into 193 Class K LP Units upon the achievement of certain performance and service conditions.
The second tranche of these Class K-P Units may convert into a maximum of 173 Class K LP Units, contingent upon the achievement of defined benchmark results and continued service as described above.
−Removed: • In December 2021, the Company awarded 400 Class K-P Units to certain employees of the Company.
+Added: • In December 2021, the Company awarded 400 Class K-P Units.
These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through December 31, 2025.
1 unchanged sentence
These Class K-P Units may convert into a maximum of 800 Class K LP Units, contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.
−Removed: • In December 2022, the Company awarded 200 Class K-P Units to an employee of the Company.
+Added: • In December 2022, the Company awarded 200 Class K-P Units.
These Class K-P Units are segregated into four tranches of 50 Class K-P Units each.
−Removed: The first three tranches convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions and continued service through February 28, 2025, 2026 and 2027, respectively, while the final tranche converts into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results relating to the employee's business and continued service through February 28, 2028.
−Removed: As this award contains market, performance and service conditions, the expense for this award will be
+Added: The first three tranches each convert into 50 Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions and continued service through February 28, 2025, 2026 and 2027, respectively, while the final tranche converts into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through February 28, 2028.
+Added: As this award contains market, performance and service conditions, the expense for this award will be recognized over the service period of the award and will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition.
+Added: These Class K-P Units may convert into a maximum of 320 Class K LP Units, contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: recognized over the service period of the award and will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition.
−Removed: These Class K-P Units may convert into a maximum of 320 Class K LP Units, contingent upon the achievement of certain market conditions, defined benchmark results and continued service as described above.
−Removed: • In June 2023, the Company awarded 60 Class K-P Units to an employee of the Company.
+Added: • In June 2023, the Company awarded 60 Class K-P Units.
These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through June 30, 2027.
As this award contains market, performance and service conditions, the expense for this award will be recognized over the service period of the award and will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition.
−Removed: These Class K-P Units may convert into 60 Class K LP Units contingent upon the achievement of certain market conditions and continued service, while additional units may be received in conversion based on a multiple of certain revenues earned.
+Added: These Class K-P Units may convert into 60 Class K LP Units contingent upon the achievement of certain market conditions and continued service, while additional units may be received upon conversion based on the level of defined benchmark results achieved.
+Added: • In June 2024, the Company awarded 328 Class K-P Units.
+Added: These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through April 1, 2029.
+Added: As this award contains market, performance and service conditions, the expense for this award will be recognized over the service period of the award and will reflect the fair value of the underlying units as determined at the award's grant date, taking into account the probable outcome of the market condition being achieved, as well as the probable outcome of the performance condition.
+Added: These Class K-P Units may convert into 328 Class K LP Units contingent upon the achievement of certain market conditions and continued service, while additional units may be received upon conversion based on the level of defined benchmark results achieved.
+Added: As of December 31, 2024, 1,088 unvested Class K-P Units were outstanding.
The Company determined the grant date fair value of these awards probable to vest as of December 31, 2024 to be $ 260,271 , related to 1,869 Class K LP Units which were probable of achievement, and recognizes expense for these units over the respective service periods.
2 unchanged sentences
The weighted-average period over which this compensation cost is expected to be recognized is 45 months.
−Removed: Class L Interests – In April 2021, January 2022 and January 2023, the Company's Board of Directors approved the issuance of Class L Interests in Evercore LP ("Class L Interests") to certain of the named executive officers of the Company, pursuant to which the named executive officers received a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2022, 2023 and 2024, respectively.
+Added: In February 2025, the Company awarded 35 Class K-P Units.
+Added: These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through April 1, 2029 for the first tranche, which consists of 17.5 Class K-P Units, and April 1, 2030 for the second tranche, which consists of 17.5 Class K-P Units.
+Added: In February 2025, the Company awarded 20 Class K-P Units.
+Added: These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares) contingent and based upon the achievement of certain market conditions, defined benchmark results and continued service through March 1, 2030 for the first tranche, which consists of 10 Class K-P Units, and March 1, 2031 for the second tranche, which consists of 10 Class K-P Units.
+Added: Class L Interests
+Added: In January 2022, 2023 and 2024, the Company's Board of Directors approved the issuance of Class L Interests of Evercore LP ("Class L Interests") to certain of the named executive officers of the Company, pursuant to which the named executive officers received a discretionary distribution of profits from Evercore LP, paid in the first quarters of 2023, 2024 and 2025, respectively.
Distributions pursuant to these interests are made in lieu of any cash incentive compensation payments which may otherwise have been made to the named executive officers of the Company in respect of their service for 2022, 2023 and 2024, respectively.
Following the distributions, the Class L Interests are cancelled pursuant to their terms.
−Removed: The Company records expense related to these interests as part of its accrual for incentive compensation within Employee Compensation and Benefits on the Consolidated Statements of Operations.
+Added: The Company records expense related to these Class L Interests as part of its accrual for incentive compensation within Employee Compensation and Benefits on the Consolidated Statements of Operations.
In January 2025, the Company's Board of Directors approved the issuance of Class L Interests to certain of the named executive officers of the Company, pursuant to which the named executive officers may receive a discretionary distribution of profits from Evercore LP, to be paid in the first quarter of 2026.
Distributions pursuant to these interests are anticipated to be made in lieu of any cash incentive compensation payments which may otherwise have been made to the named executive officers of the Company in respect of their service for 2025.
−Removed: Stock Incentive Plan
−Removed: During 2022, the Company's stockholders approved the Second Amended and Restated 2016 Evercore Inc.
−Removed: Stock Incentive Plan (the "Second Amended 2016 Plan"), which amended the Amended and Restated 2016 Evercore Inc.
−Removed: Stock Incentive Plan (the "Amended 2016 Plan").
−Removed: The Second Amended 2016 Plan, among other things, authorizes the grant of an additional 6,500 of the Company's Class A Shares.
−Removed: The Second Amended 2016 Plan permits the Company to grant to certain employees, directors and consultants incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards based on the Company's Class A Shares.
−Removed: The Company intends to use newly-issued Class A Shares to satisfy any awards under the Second Amended 2016 Plan and its predecessor plan.
−Removed: Class A Shares underlying any award granted under the Second Amended 2016 Plan that expire, terminate or are canceled or satisfied for any reason without being settled in stock again become available for awards under the plan.
−Removed: The total shares available to be granted in the future under the Second Amended 2016 Plan was 5,184 as of December 31, 2023, approximately 1,550 of which were used for RSUs granted in the first quarter of 2024, as described below.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: The Company also grants, at its discretion, dividend equivalents, in the form of unvested RSU awards, or deferred cash dividends, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested RSU grants.
+Added: Stock Incentive Plan
+Added: During 2024, the Company's stockholders approved the Third Amended and Restated 2016 Evercore Inc.
+Added: Stock Incentive Plan (the "Third Amended 2016 Plan"), which amended the Second Amended and Restated 2016 Evercore Inc.
+Added: Stock Incentive Plan.
+Added: The Third Amended 2016 Plan, among other things, authorizes the grant of an additional 6,000 of the Company's Class A Shares and permits the Company to grant to certain employees, directors and consultants incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards based on the Company's Class A Shares.
+Added: The Company intends to use newly-issued Class A Shares to satisfy any awards under the Third Amended 2016 Plan and its predecessor plan.
+Added: Class A Shares underlying any award granted under the Third Amended 2016 Plan that expire, terminate or are canceled or satisfied for any reason without being settled in stock again become available for awards under the plan.
+Added: The total shares available to be granted in the future under the Third Amended 2016 Plan was 8,654 as of December 31, 2024, approximately 1,575 of which were used for RSUs granted in the first quarter of 2025, as described below.
+Added: The Company also grants, at its discretion, dividend equivalents, in the form of deferred cash dividends or unvested RSU awards, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested and vested RSU grants.
The dividend equivalents have the same vesting and delivery terms as the underlying RSU award.
5 unchanged sentences
2024 Equity Grants.
−Removed: During 2023, pursuant to the Second Amended 2016 Plan, the Company granted employees 2,492 RSUs that are Service-based Awards.
+Added: During 2024, pursuant to the above Stock Incentive Plans, the Company granted employees 1,762 RSUs that are subject to service-based vesting requirements ("Service-based Awards").
Service-based Awards granted during 2024 had grant date fair values of $ 148.49 to $ 307.72 per share, with an average value of $ 186.80 per share and generally vest ratably over four years .
10 unchanged sentences
Compensation expense related to Service-based Awards was $ 303,213 for the year ended December 31, 2024.
−Removed: As of December 31, 2023, the total compensation cost related to unvested Service-based Awards not yet recognized was $ 364,250 .
−Removed: The ultimate amount of such expense is dependent upon the actual number of Service-based Awards that vest.
+Added: In addition, in June 2024, the Company granted 30 RSUs which may convert into a maximum of 80 RSUs contingent and based upon the achievement of certain defined benchmark results and continued service through April 1, 2031.
+Added: The grant date fair value of these awards probable to vest as of December 31, 2024 was $ 6,971 , related to 36 RSUs which were probable of achievement, and compensation expense related to these units was $ 781 for the year ended December 31, 2024.
+Added: As of December 31, 2024, the total compensation cost related to the above unvested RSUs not yet recognized was $ 381,533 .
+Added: The ultimate amount of such expense is dependent upon the actual number of RSUs that vest.
The Company periodically assesses the forfeiture rates used for such estimates.
2 unchanged sentences
During 2023 , the Company granted employees 2,492 RSUs that are Service-based Awards.
−Removed: Service-based Awards granted during 2022 had grant date fair values of $ 83.34 to $ 137.59 per share, with an average value of $ 123.74 per share, for an aggregate fair value of $ 368,561 .
−Removed: During 2022, 2,316 Service-based Awards vested and 184 Service-based Awards were forfeited.
+Added: Service-based Awards granted during 2023 had grant date fair values of $ 107.89 to $ 148.49 per share, with an average value of $ 135.79
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: per share, for an aggregate fair value of $ 338,363 .
+Added: During 2023 , 2,325 Service-based Awards vested, 190 Service-based Awards were forfeited and 1 Service-based awards were modified.
Compensation expense related to Service-based Awards was $ 280,094 for the year ended December 31, 2023.
8 unchanged sentences
Compensation expense related to the Company's deferred cash compensation program was $ 166,288 , $ 151,141 and $ 119,737 for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: As of December 31, 2023, the Company
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: expects to pay an aggregate of $ 366,918 related to the Company's deferred cash compensation program at various dates through 2027 and total compensation expense not yet recognized related to these awards was $ 180,002 .
+Added: As of December 31, 2024, the Company expects to pay an aggregate of $ 394,942 related to the Company's deferred cash compensation program at various dates through 2028 and total compensation expense not yet recognized related to these awards was $ 193,222 .
The weighted-average period over which this compensation cost is expected to be recognized is 29 months.
−Removed: Amounts due pursuant to this program are expensed over the service period of the award and are reflected in Accrued Compensation and Benefits on the Consolidated Statement of Financial Condition.
+Added: Amounts due pursuant to this program are expensed over the requisite service period of the award and are reflected in Accrued Compensation and Benefits on the Consolidated Statement of Financial Condition.
Other Deferred Cash Awards – In November 2016, the Company granted a restricted cash award in conjunction with the appointment of the Chief Executive Officer (then Executive Chairman) with a payment amount of $ 35,000 , of which $ 11,000 vested on March 1, 2019 and $ 6,000 vested on each of March 1, 2020, 2021, 2022 and 2023, upon the achievement of service conditions.
2 unchanged sentences
The Company recognized expense for these awards ratably over the vesting period.
−Removed: During 2022, the Company granted $ 19,861 of deferred cash awards to certain employees.
+Added: During 2024 and 2022, the Company granted $ 6,662 and $ 19,861 , respectively, of deferred cash awards to certain employees.
These awards vest ratably over one to two years .
5 unchanged sentences
2025 Equity and Deferred Cash Grants
−Removed: During the first quarter of 2024, primarily as part of the 2023 annual awards, the Company granted to certain employees approximately 1,550 unvested RSUs pursuant to the Second Amended 2016 Plan, with a grant date fair value of approximately $ 283,000 .
+Added: During the first quarter of 2025, primarily as part of the 2024 annual awards, the Company granted to certain employees approximately 1,575 unvested RSUs pursuant to the Third Amended 2016 Plan, with a grant date fair value of approximately $ 409,000 .
These awards will generally vest over four years .
2 unchanged sentences
Long-term Incentive Plan
−Removed: The Company's Long-term Incentive Plans provide for incentive compensation awards to Advisory Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over four-year performance periods beginning January 1, 2017 (the "2017 Long-term Incentive Plan", which ended on December 31, 2020) and January 1, 2021 (the "2021 Long-term Incentive Plan", which was approved by the Company's Board of Directors in April 2021 and modified in July 2021).
+Added: The Company's Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over four-year performance periods beginning January 1, 2017 (the "2017 Long-term Incentive Plan", which ended on December 31, 2020)
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: and January 1, 2021 (the "2021 Long-term Incentive Plan", which ended on December 31, 2024).
The vesting period for the 2017 Long-term Incentive Plan ended on March 15, 2023 and in conjunction with this plan, the Company distributed cash payments of $ 48,331 in the year ended December 31, 2023, $ 3,940 in the year ended December 31, 2022 and $ 92,938 in the year ended December 31, 2021 (including the first cash distribution made in March 2021 of $ 48,461 , and an additional cash distribution made in December 2021 of $ 44,477 , related to the acceleration of certain amounts due in the first quarter of 2022).
−Removed: Amounts accrued pursuant to the 2021 Long-term Incentive Plan of $ 128,730 are included within Other Long-term Liabilities on the Company's Consolidated Statement of Financial Condition as of December 31, 2023 and may be paid in cash or Class A Shares, at the Company's discretion, in the first quarter of 2025, 2026 and 2027, subject to employment at the time of payment.
+Added: As of December 31, 2024, the Company has accrued $ 164,893 pursuant to the 2021 Long-term Incentive Plan, including $ 71,086 within Accrued Compensation and Benefits and $ 93,807 within Other Long-term Liabilities, on the Consolidated Statement of Financial Condition.
+Added: Amounts due are to be paid in cash or Class A Shares, at the Company's discretion, in the first quarter of 2025, 2026 and 2027, subject to employment at the time of payment.
The Company periodically assesses the probability of the benchmarks being achieved and expenses the probable payout over the requisite service period of the award.
−Removed: The Company recorded compensation expense related to the 2017 Long-term Incentive Plan and 2021 Long-term Incentive Plan of $ 40,028 , $ 60,138 and $ 54,066 for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: The Company recorded compensation expense related to these plans of $ 36,541 , $ 40,028 and $ 60,138 for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, the total remaining expense to be recognized for the 2021 Long-term Incentive Plan over the future vesting period ending March 15, 2027, based on the current anticipated probable payout for the plan, is $ 47,919 .
Employee Loans Receivable
−Removed: Periodically, the Company provides new and existing employees with cash payments in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements ranging from one to five years and in certain
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: circumstances, subject to the achievement of performance requirements.
+Added: Periodically, the Company provides new and existing employees with cash payments in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements ranging from one to five years , and in certain circumstances are also subject to the achievement of performance requirements.
Generally, these awards, based on the terms, include a requirement of either full or partial repayment by the employee if the service or other requirements of the agreements with the Company are not achieved.
4 unchanged sentences
Separation and Transition Benefits
−Removed: The following table presents the change in the Company's liability related to separation benefits, stay arrangements and accelerated deferred cash compensation (together, the "Termination Costs") for the years ended December 31, 2023 and 2022:
+Added: The following table presents the change in the Company's liability related to separation benefits, stay arrangements and accelerated deferred cash compensation (together, "Termination Costs") for the years ended December 31, 2024 and 2023:
For the Years Ended December 31,
4 unchanged sentences
Ending Balance $ 1,181 $ 2,824
−Removed: In conjunction with the wind-down of the Company's operations in Mexico, for the year ended December 31, 2022, the Company incurred expenses related to separation benefits of $ 2,123 , which are recorded within Special Charges, Including Business Realignment Costs, on the Company's Consolidated Statement of Operations and are included within the above Termination Costs.
−Removed: See Note 6 for further information.
In addition to the above Termination Costs incurred, for the years ended December 31, 2024 and 2023, the Company also incurred expenses related to the acceleration of the amortization of share-based payments previously granted to affected employees of $ 5,950 and $ 7,895 , respectively (related to 51 and 76 RSUs, respectively).
1 unchanged sentence
These expenses are recorded in Employee Compensation and Benefits, within the Investment Banking & Equities segment, on the Company's Consolidated Statements of Operations.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: In conjunction with the wind-down of the Company's operations in Mexico, for the year ended December 31, 2022 , the Company incurred expenses related to separation benefits of $ 2,123 , which are recorded within Special Charges, Including Business Realignment Costs, on the Company's Consolidated Statement of Operations and are included within the above Termination Costs.
+Added: See Note 6 for further information .
Note 19 – Commitments and Contingencies
3 unchanged sentences
Lines of Credit – Evercore Partners Services East L.L.C.
−Removed: ("East") entered into a loan agreement with PNC Bank, National Association ("PNC") for a revolving credit facility, as amended on June 29, 2023, in an aggregate principal amount of up to $ 30,000 (the "Existing PNC Facility") to be used for working capital and other corporate activities.
−Removed: This facility is secured by East's accounts receivable and the proceeds therefrom, as well as certain assets of EGL, including certain of EGL's accounts receivable.
+Added: ("East") previously held $ 30,000 secured and $ 55,000 unsecured revolving credit facilities with PNC Bank, National Association ("PNC"), which matured on October 27, 2024.
+Added: On October 28, 2024, upon maturity of its $ 30,000 secured and $ 55,000 unsecured credit facilities with PNC, the Company established a new revolving credit facility with PNC in an aggregate principal amount of up to $ 85,000 (the "PNC Facility") to be used for working capital and other corporate activities.
+Added: The facility is unsecured.
In addition, the agreement contains certain reporting covenants, as well as certain debt covenants, that prohibit East and the Company from incurring other indebtedness, subject to specified exceptions.
The Company and its consolidated subsidiaries were in compliance with these covenants as of December 31, 2024.
−Removed: The interest rate provisions are Daily SOFR plus 161 basis points and the maturity date is October 27, 2024.
−Removed: There were no drawings under this facility at December 31, 2023.
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: East entered into an additional loan agreement with PNC for a revolving credit facility, as amended on June 29, 2023, in an aggregate principal amount of up to $ 55,000 to be used for working capital and other corporate activities.
−Removed: This facility is unsecured.
−Removed: In addition, the agreement contains certain reporting requirements and debt covenants consistent with the Existing PNC Facility.
−Removed: The Company and its consolidated subsidiaries were in compliance with these covenants as of December 31, 2023.
−Removed: The interest rate provisions are Daily SOFR plus 191 basis points and the maturity date is October 27, 2024.
−Removed: East is only permitted to borrow under this facility if there is no undrawn availability under the Existing PNC Facility and must repay indebtedness under this facility prior to repaying indebtedness under the Existing PNC Facility.
+Added: Drawings under this facility bear interest at Daily SOFR plus 145 basis points and the maturity date is October 27, 2025.
There were no drawings under this facility at December 31, 2024.
−Removed: EGL entered into a subordinated revolving credit facility with PNC, as amended on November 6, 2023, in an aggregate principal amount of up to $ 75,000 , to be used as needed in support of capital requirements from time to time of EGL.
−Removed: This facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the Existing PNC Facility.
+Added: EGL maintains a subordinated revolving credit facility with PNC, as amended on October 25, 2024, in an aggregate principal amount of up to $ 75,000 , to be used as needed in support of capital requirements from time to time of EGL.
+Added: This facility is unsecured and is guaranteed by Evercore LP and other affiliates, pursuant to a guaranty agreement, which provides for certain reporting requirements and debt covenants consistent with the PNC Facility.
The interest rate provisions are Daily SOFR plus 145 basis points and the maturity date is October 28, 2026.
3 unchanged sentences
The Company expects to pay to the counterparties to the Tax Receivable Agreement $ 10,423 within one year or less, $ 18,209 in one to three years, $ 12,705 in three to five years and $ 22,054 after five years.
−Removed: Other Commitments – The Company has a commitment for contingent consideration related to the purchase of the outstanding Class R Interests of Private Capital Advisory L.P.
−Removed: from employees of the RECA business in 2021.
−Removed: Consideration for this transaction includes contingent cash consideration which is due to be settled in early 2024.
−Removed: The Company paid $ 1,365 of this contingent cash consideration in 2023.
−Removed: The fair value of the remaining contingent consideration is $ 2,023 as of December 31, 2023, which is included within Payable to Employees and Related Parties on the Company's Consolidated Statements of Financial Condition, and $ 6,119 as of December 31, 2022, $ 1,083 of which was included within Other Current Liabilities and the remainder of which was included within Other Long-term Liabilities on the Company's Consolidated Statements of Financial Condition.
−Removed: The amount of contingent consideration to be paid is dependent on the RECA business achieving certain revenue performance targets.
+Added: Other Commitments – The Company had a commitment for contingent consideration related to the purchase of the outstanding Class R Interests of Private Capital Advisory L.P.
+Added: from employees of the RECA business in 2021, which was fully paid as of December 31, 2024.
See Note 16 for further information.
7 unchanged sentences
Foreign Exchange – Periodically, the Company enters into foreign currency exchange forward contracts as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments.
−Removed: The Company entered into a foreign currency exchange forward contract during the first quarter of 2023 to buy 30,000 British Pounds sterling for $ 36,903 , which settled during the third quarter of 2023, and resulted in a loss of $ 303 .
−Removed: Upon settlement, the Company entered into a new foreign currency exchange forward contract to buy 30,000 British Pounds sterling for $ 36,675 , which will settle in the first quarter of 2024.
−Removed: The contract is recorded at its fair value of $ 1,585 as of December 31, 2023, and is included within Other Current Assets on the Consolidated Statement of Financial Condition.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: entered into a foreign currency exchange forward contract during the first quarter of 2023 to buy 30,000 British Pounds sterling for $ 36,903 , which settled during the third quarter of 2023, and resulted in a loss of $ 303 .
+Added: Upon settlement, the Company entered into a new foreign currency exchange forward contract to buy 30,000 British Pounds sterling for $ 36,675 , which settled during 2024, and resulted in a loss of $ 347 for the year ended December 31, 2024.
+Added: The contract was recorded at its fair value of $ 1,585 as of December 31, 2023, and is included within Other Current Assets on the Consolidated Statement of Financial Condition.
Contingencies
5 unchanged sentences
Once established, such provisions are adjusted when there is more information available or when an event occurs requiring a change.
+Added: The Company and its subsidiaries are subject to employment and tax laws, regulations and treaties in various U.S.
+Added: jurisdictions.
+Added: These laws, regulations and treaties are complex, and the manner in which they apply to the Company’s facts and circumstances is open to evolving interpretation.
+Added: Although management believes it has applied these laws, regulations and treaties in a compliant manner, a recent interpretation reached by a judicial authority has challenged the employment tax treatment of members of a partnership which is not affiliated with the Company.
+Added: While that challenge remains subject to a judicial review process, and the Company and its subsidiaries are not a party to the proceedings, the ultimate outcome may adversely impact the Company’s tax position.
Note 20 – Regulatory Authorities
3 unchanged sentences
EGL's regulatory net capital as of December 31, 2024 and 2023 was $ 475,936 and $ 405,318 , respectively, which exceeded the minimum net capital requirement by $ 475,686 and $ 405,068 , respectively.
−Removed: Certain other non-U.S.
−Removed: subsidiaries are subject to various securities and banking regulations and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate.
−Removed: These subsidiaries are in excess of their local capital adequacy requirements at December 31, 2023.
Evercore Trust Company, N.A.
2 unchanged sentences
The Company was in compliance with the aforementioned agreements as of December 31, 2024.
+Added: Evercore U.K., our U.K.
+Added: Advisory affiliate, and Evercore ISI U.K., our U.K.
+Added: Equities affiliate, are regulated by the Financial Conduct Authority.
+Added: The aggregate regulatory net capital of these affiliates as of December 31, 2024 and 2023 was $ 232,039 and $ 184,981 , respectively, which exceeded the minimum requirement by $ 139,208 and $ 98,805 , respectively.
+Added: Certain other non-U.S.
+Added: subsidiaries are subject to various securities and banking regulations and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate.
+Added: These subsidiaries are in excess of their local capital adequacy requirements at December 31, 2024.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Note 21 – Income Taxes
7 unchanged sentences
For the years ended December 31, 2024, 2023 and 2022, no additional income tax expense associated with the GILTI provisions has been recognized.
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
The following table presents the U.S.
19 unchanged sentences
Total $ 115,408 $ 80,567 $ 172,626
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:
15 unchanged sentences
The Company's Provision for Income Taxes reflects an additional tax benefit of $ 35,086 , $ 13,699 and $ 19,633 for the years ended December 31, 2024, 2023 and 2022, respectively, related to the application of ASU 2016-09, and resulted in a reduction in the effective tax rate of 6.6 , 3.7 and 2.8 percentage points for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: The effective tax rate for 2023, 2022 and 2021 also
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: reflects the effect of certain nondeductible expenses, including expenses related to Class I-P and K-P Units, as well as the noncontrolling interest associated with LP Units and other adjustments.
+Added: The effective tax rate for 2024, 2023 and 2022 also reflects the effect of certain nondeductible expenses, including expenses related to Class I-P and K-P Units, as well as the noncontrolling interest associated with LP Units and other adjustments.
Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Statements of Financial Condition.
20 unchanged sentences
(2) Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement.
−Removed: The $ 8,648 increase in net deferred tax assets from December 31, 2022 to December 31, 2023 was primarily related to additions to deferred compensation expense exceeding the grant date value of prior awards which vested during the period, included in Compensation and Benefits, partially offset by the impact of excess amortization over the current year step-up in the basis of the tangible and intangible assets of Evercore LP, as discussed below.
−Removed: In addition, as of December 31, 2023, management weighted both the positive and negative evidence and concluded that it was appropriate to increase the valuation allowance by $ 1,134 , which is primarily attributable to the wind-down of the Company's operations in Mexico.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: The $ 18,694 increase in net deferred tax assets from December 31, 2023 to December 31, 2024 was primarily related to additions to deferred compensation expense exceeding the grant date value of prior awards which vested during the period, included in Compensation and Benefits, including the impact of the excess current year step-ups in the basis of the tangible and intangible assets of Evercore LP over amortization, as discussed below, and the wind-down of the operations in Mexico for tax purposes.
+Added: In addition, as of December 31, 2024, management weighted both the positive and negative evidence and concluded that it was appropriate to decrease the valuation allowance by $ 12,144 , attributable to the wind-down of the Company's operations in Mexico.
During 2024, the LP holders exchanged 141 Class A and Class E LP Units for Class A Shares, which resulted in an increase in the tax basis of the tangible and intangible assets of Evercore LP.
4 unchanged sentences
See Note 15 for further discussion.
+Added: The Company recorded an increase in deferred tax assets of $ 20 associated with changes in Unrealized Gain (Loss) on Securities and Investments and an increase of $ 3,772 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2024.
The Company recorded an increase in deferred tax assets of $ 973 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $ 1,585 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2023.
−Removed: The Company recorded a decrease in deferred tax assets of $ 1,120 associated with changes in Unrealized Gain (Loss) on Securities and Investments and
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
−Removed: an increase of $ 6,900 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2022.
A reconciliation of the changes in tax positions for the years ended December 31, 2024, 2023 and 2022 is as follows:
9 unchanged sentences
Related to the unrecognized tax benefits, the Company accrued interest and penalties of $ 73 and $ 4 , respectively, during the year ended December 31, 2024.
+Added: In addition, during the year ended December 31, 2024, the Company reached an audit settlement with the Tax Authorities and $ 58 of unrecognized tax benefits were recognized by the Company, of which $ 47 affected the effective tax rate.
+Added: The Company also recognized a tax benefit for the accrued interest and penalties of $ 24 and $ 9 , respectively, during the year ended December 31, 2024, associated with the audit settlement.
As of December 31, 2023, there were $ 359 of unrecognized tax benefits that, if recognized, $ 292 would affect the effective tax rate.
3 unchanged sentences
and various state, local and foreign jurisdictions.
−Removed: The Company and its affiliates are currently under examination by Illinois for tax years 2018 through 2019, New York City for tax years 2014 through 2017 and Pennsylvania for tax years 2020 through 2021.
+Added: The Company and its affiliates are currently under examination by Illinois for tax years 2020 through 2021, New York City for tax years 2014 through 2017 and 2019 through 2021, and New York State for tax years 2019 through 2021.
With a few exceptions, the Company is no longer subject to U.S.
federal, state, local or foreign examinations by taxing authorities for years before 2019.
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Note 22 – Concentrations of Credit Risk
2 unchanged sentences
commercial banks and U.S.
−Removed: investment banks that meet certain rating and capital requirements, as well as treasury bills.
+Added: investment banks that meet certain rating and capital requirements, as well as U.S.
+Added: Treasury securities.
The Company's foreign subsidiaries maintain substantially all of their Cash and Cash Equivalents in interest bearing accounts at large commercial banking institutions domiciled in their respective countries of operation.
4 unchanged sentences
Accounts Receivable consists primarily of advisory fees and expense reimbursements billed to clients.
−Removed: Other Assets includes long-term receivables from fees related to private funds capital raising and certain fees related to the private capital businesses.
+Added: Other Assets includes long-term receivables primarily from fees related to private funds capital raising and certain fees related to the private capital businesses.
Receivables are reported net of any allowance for credit losses.
The Company maintains an allowance for credit losses to provide coverage for probable losses from customer receivables and determines the adequacy of the allowance by estimating the probability of loss based on the Company's analysis of historical credit loss experience of the Company's client receivables, and taking into consideration current market conditions and reasonable and supportable forecasts that affect the collectability of the reported amount.
−Removed: The Company's receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and certain fees related to private funds capital raising and the private capital businesses, a portion of which may be collected in a period exceeding one year (see Note 4 for further information).
−Removed: The collection period for restructuring transaction receivables may exceed 90 days.
+Added: The Company's receivables collection periods are generally within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and certain fees primarily related to private funds capital raising and the private capital businesses, a portion of which may be collected in a period exceeding one year (see Note 4 for further information).
+Added: The collection period for liability management and restructuring transaction receivables may exceed 90 days.
Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition.
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
At December 31, 2024 and 2023, total receivables recorded in Accounts Receivable amounted to $ 421,502 and $ 371,606 , respectively, net of an allowance, and total receivables recorded in Other Assets amounted to $ 101,314 and $ 93,689 , respectively.
−Removed: The Company recorded bad debt expense of $ 5,559 and $ 5,513 for the years ended December 31, 2023 and 2022, respectively, and reversed bad debt expense of $ 60 for the year ended December 31, 2021.
+Added: The Company recorded bad debt expense of $ 2,334 , $ 5,559 and $ 5,513 for the years ended December 31, 2024, 2023 and 2022, respectively.
Other Current Assets and Other Assets include arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date (contract assets).
1 unchanged sentence
As of December 31, 2023, total contract assets recorded in Other Current Assets and Other Assets amounted to $ 85,401 and $ 5,845 , respectively.
−Removed: With respect to the Company's Investment Securities portfolio, which is comprised of treasury bills and notes, exchange-traded funds and securities investments, the Company manages its credit risk exposure by limiting concentration risk and maintaining investment grade credit quality.
+Added: With respect to the Company's Investment Securities portfolio, which is comprised of U.S.
+Added: Treasury securities, exchange-traded funds and securities investments, the Company manages its credit risk exposure by limiting concentration risk and maintaining investment grade credit quality.
As of December 31, 2024, the Company had Investment Securities of $ 1,452,721 , of which 88 % were U.S.
−Removed: treasury bills and notes and 12 % were equity securities and exchange-traded funds, and Certificates of Deposit of $ 54,856 with financial institutions with high credit ratings.
+Added: Treasury securities and 12 % were equity securities and exchange-traded funds, and Certificates of Deposit of $ 66,660 with financial institutions with high credit ratings.
Periodically, the Company provides compensation to new and existing employees in the form of loans and/or other cash awards, which include a requirement of either full or partial repayment of these awards based on the terms of their employment agreements with the Company.
3 unchanged sentences
Investment Banking & Equities and Investment Management.
−Removed: The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research.
−Removed: The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company.
−Removed: The Company's segment information for the years ended December 31, 2023, 2022 and 2021 is prepared using the following methodology:
+Added: The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
+Added: The Investment Banking & Equities segment also includes interests in Seneca Evercore and Luminis (through September 2024), which are accounted for under the equity method of accounting.
+Added: The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as interests in Atalanta Sosnoff and ABS (through July 2024), which are accounted for under the equity method of accounting.
+Added: The Company's segment information is prepared using the following methodology:
• Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income.
3 unchanged sentences
Other Revenue, net, included in each segment's Net Revenues includes the following:
−Removed: • Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents, long-term accounts receivable and on the Company’s debt security investment in G5 (through June 25, 2021, the date G5 repaid its outstanding debentures with the Company in full.
+Added: • Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable
+Added: • Gains on the sale of the Company's interests in ABS in 2024 and 2022.
See Note 10 for further information
−Removed: • A gain on the sale of a portion of the Company's interests in ABS in 2022.
+Added: • A loss related to the release of cumulative foreign exchange losses resulting from the redemption of the Company's interest in Luminis in 2024.
See Note 10 for further information
−Removed: • Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge
+Added: • Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments
• Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company
−Removed: EVERCORE INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (amounts in thousands, except per share amounts, unless otherwise noted)
• Interest expense associated with the Company’s Notes Payable and lines of credit
• Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
−Removed: Each segment's Operating Expenses include:
−Removed: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services.
−Removed: Such administrative services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
−Removed: Other Expenses include the following:
−Removed: • Special Charges, Including Business Realignment Costs – Includes the following:
+Added: Each segment's expenses include:
+Added: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for corporate services.
+Added: Such corporate services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
+Added: Additionally, the Company's segment expenses also include Special Charges, Including Business Realignment Costs, which reflect the following:
+Added: • 2024 – Expenses related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest
• 2023 – Expenses related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico
• 2022 – Expenses related to charges associated with the prepayment of the Company's Series B Notes, as well as certain professional fees, separation benefits and other charges related to the wind-down of the Company's operations in Mexico
−Removed: ◦ 2021 – Expenses related to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company's investment strategy, the Company decided to wind-down during 2021
−Removed: • 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
−Removed: The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses.
−Removed: No client accounted for more than 10% of the Company's Consolidated Net Revenues for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: The following information presents each segment's contribution.
EVERCORE INC.
1 unchanged sentence
(amounts in thousands, except per share amounts, unless otherwise noted)
+Added: The Company evaluates segment results based on net revenues and pre-tax income.
+Added: The Company's resources are allocated and performance is assessed by the Company's CEO and Chairman, whom the Company has determined to be the CODM.
+Added: For both segments, the CODM reviews net revenues and pre-tax income against current and past performance on a quarterly basis when making decisions about allocating resources to the segments, inclusive of decisions regarding new hires, expansion into new geographical locations and entering into material contracts, including lease agreements and significant investments in technology.
+Added: The CODM also uses these measures in determining appropriate levels of employee compensation.
+Added: No client accounted for more than 10% of the Company's Consolidated Net Revenues for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: The following information presents each segment's contribution.
For the Years Ended December 31,
3 unchanged sentences
$ 2,898,489 $ 2,355,943 $ 2,696,125
−Removed: Operating Expenses 2,010,757 2,009,913 2,125,871
−Removed: Other Expenses (2)
+Added: Employee Compensation and Benefits 1,927,928 1,617,449 1,658,076
+Added: Non-Compensation (2)
456,257 393,308 351,837
+Added: Special Charges, Including Business Realignment Costs 7,305 2,921 3,126
Operating Income 506,999 342,265 683,086
5 unchanged sentences
$ 81,104 $ 70,006 $ 65,923
−Removed: Operating Expenses 53,136 52,967 52,629
−Removed: Other Expenses (2)
+Added: Employee Compensation and Benefits 46,108 39,426 39,443
+Added: Non-Compensation (2)
+Added: 15,081 13,710 13,524
Operating Income 19,915 16,870 12,956
4 unchanged sentences
$ 2,979,593 $ 2,425,949 $ 2,762,048
−Removed: Operating Expenses 2,063,893 2,062,880 2,178,500
−Removed: Other Expenses (2)
+Added: Employee Compensation and Benefits 1,974,036 1,656,875 1,697,519
+Added: Non-Compensation (2)
471,338 407,018 365,361
+Added: Special Charges, Including Business Realignment Costs 7,305 2,921 3,126
Operating Income 526,914 359,135 696,042
13 unchanged sentences
(A) Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $ 16,768 , $ 16,717 and $ 16,850 for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: (2) Other Expenses are as follows:
+Added: (2) Non-Compensation expenses are as follows:
For the Years Ended December 31,
1 unchanged sentence
Investment Banking & Equities
−Removed: Special Charges, Including Business Realignment Costs $ 2,921 $ 3,126 $ —
−Removed: Acquisition and Transition Costs — — 7
−Removed: Total Investment Banking & Equities 2,921 3,126 7
+Added: Occupancy and Equipment Rental $ 88,604 $ 82,180 $ 76,317
+Added: Professional Fees 130,397 104,099 103,378
+Added: Travel and Related Expenses 78,519 63,798 49,588
+Added: Communications and Information Services 78,555 68,937 60,181
+Added: Depreciation and Amortization 24,141 23,943 26,976
+Added: Execution, Clearing and Custody Fees 11,487 10,724 8,813
+Added: Other Operating Expenses 44,554 39,627 26,584
+Added: Total Non-Compensation $ 456,257 $ 393,308 $ 351,837
Investment Management
−Removed: Special Charges, Including Business Realignment Costs — — 8,554
−Removed: Total Investment Management — — 8,554
−Removed: Total Other Expenses $ 2,921 $ 3,126 $ 8,561
+Added: Occupancy and Equipment Rental $ 2,349 $ 2,149 $ 2,120
+Added: Professional Fees 5,329 4,702 4,910
+Added: Travel and Related Expenses 927 729 595
+Added: Communications and Information Services 2,919 2,666 2,461
+Added: Depreciation and Amortization 327 405 737
+Added: Execution, Clearing and Custody Fees 1,724 1,551 1,532
+Added: Other Operating Expenses 1,506 1,508 1,169
+Added: Total Non-Compensation $ 15,081 $ 13,710 $ 13,524
+Added: Occupancy and Equipment Rental $ 90,953 $ 84,329 $ 78,437
+Added: Professional Fees 135,726 108,801 108,288
+Added: Travel and Related Expenses 79,446 64,527 50,183
+Added: Communications and Information Services 81,474 71,603 62,642
+Added: Depreciation and Amortization 24,468 24,348 27,713
+Added: Execution, Clearing and Custody Fees 13,211 12,275 10,345
+Added: Other Operating Expenses 46,060 41,135 27,753
+Added: Total Non-Compensation $ 471,338 $ 407,018 $ 365,361
+Added: EVERCORE INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (amounts in thousands, except per share amounts, unless otherwise noted)
Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole.
3 unchanged sentences
Net Revenues:
−Removed: United States $ 1,719,337 $ 1,989,387 $ 2,553,806
−Removed: Europe and Other 609,723 787,658 710,660
−Removed: Latin America 15,643 9,231 5,837
+Added: $ 2,331,369 $ 1,826,861 $ 2,185,165
+Added: Europe, Middle East and Africa ("EMEA") 503,496 469,694 534,784
+Added: Asia-Pacific 56,402 48,148 66,327
Total $ 2,891,267 $ 2,344,703 $ 2,786,276
(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
+Added: (2) Primarily includes revenue attributable to the United States of $ 2,187,916 , $ 1,719,337 and $ 1,989,387 for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company's total assets are located in the following geographical areas:
Total Assets:
−Removed: United States $ 3,146,756 $ 2,902,153
−Removed: Europe and Other 556,542 718,770
+Added: $ 3,496,519 $ 3,167,244
+Added: 614,494 481,558
+Added: Asia-Pacific 62,958 54,496
Total $ 4,173,971 $ 3,703,298
+Added: (1) Primarily includes assets located in the United States.
+Added: (2) Primarily includes assets located in the United Kingdom.
EVERCORE INC.
16 unchanged sentences
Other Current Liabilities 3,659 3,304
+Added: Current Portion of Notes Payable 37,951 —
Total Current Liabilities 52,033 13,826
54 unchanged sentences
CASH FLOWS FROM FINANCING ACTIVITIES
+Added: Payments to Related Party ( 11,427 ) — —
Payment of Notes Payable — — ( 67,000 )
6 unchanged sentences
SUPPLEMENTAL CASH FLOW DISCLOSURE
+Added: Payments for Income Taxes $ 64,121 $ 48,850 $ 170,844
Accrued Dividends $ 16,159 $ 17,054 $ 15,236
22 unchanged sentences
At December 31, 2024, the Company has issued 84,768 Class A Shares.
−Removed: The Company canceled one share of Class B common stock, which was held by a limited partner of Evercore LP, and granted one share of Class B common stock during 2023.
+Added: The Company canceled two shares of Class B common stock, which were held by limited partners of Evercore LP, and granted one share of Class B common stock during 2024.
During 2024, the Company purchased 998 Class A Shares from employees at an average cost per share of $ 179.67 , primarily for the net settlement of stock-based compensation awards, and 1,313 Class A Shares at an average cost per share of $ 203.84 pursuant to the Company's share repurchase program.
−Removed: The result of these purchases was an increase in Treasury Stock of $ 387,286 on the Company's Statement of Financial Condition as of December 31, 2023.
−Removed: During the year ended December 31, 2023, the Company declared and paid dividends of $ 3.00 per share, totaling $ 113,867 , which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested RSUs, totaling $ 17,054 .
+Added: The result of these purchases was an increase in Treasury Stock of $ 446,985 (excluding $ 1,236 of excise tax levied on share repurchases, net of issuances) on the Company's Statement of Financial Condition as of December 31, 2024.
+Added: Treasury shares are repurchased by a subsidiary of Evercore Inc.
+Added: During the year ended December 31, 2024, the Company declared and paid dividends of $ 3.16 per share, totaling $ 120,857 , which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested and vested RSUs, totaling $ 16,159 .
During the year ended December 31, 2024, the Company also paid deferred cash dividends of $ 14,975 , which were wholly funded by the Company's sole subsidiary, Evercore LP.
−Removed: 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.
23 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.