Evercore Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Evercore Inc. has filed its 2023 10-K, detailing financial performance across its advisory and investment management segments.</b>

AI Summary

Evercore Inc. (EVR) filed a Annual Report (10-K) with the SEC on February 22, 2024. Evercore Inc. reported its 2023 fiscal year results on February 22, 2024. The company's primary business segments include Investment Banking and Equities, and Investment Management. Revenue from Advisory Fees in Investment Banking and Equities was reported for fiscal years 2021, 2022, and 2023. Revenue from Underwriting Fees in Investment Banking and Equities was reported for fiscal years 2021, 2022, and 2023. Revenue from Commissions and Related Revenue in Investment Banking and Equities was reported for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Evercore Inc., this filing contains several important signals. This filing provides a comprehensive overview of Evercore's financial health and operational performance for the fiscal year ending December 31, 2023, crucial for investors assessing the company's stability and growth prospects. The detailed segment reporting allows stakeholders to understand revenue drivers within Investment Banking and Equities, and Investment Management, aiding in strategic investment decisions.

Risk Assessment

Risk Level: — Evercore Inc. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not inherently indicate significant new risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Evercore's performance and outlook.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report.)
• 2024-02-22 — Filing Date (Date the 10-K was filed.)

Key Players & Entities

• Evercore Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Conformed period of report.
• 2024-02-22 (date) — Filed as of date.
• New York (location) — Business and mail address city.

FAQ

Industry Context

Evercore Inc. operates in the financial services sector, primarily focusing on investment banking and investment management.

Regulatory Implications

As a publicly traded company, Evercore Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue trends for Advisory Fees, Underwriting Fees, and Commissions within the Investment Banking and Equities segment.
2. Examine the performance of the Investment Management segment, specifically Asset Management revenue.
3. Review the company's balance sheet and cash flow statements for the fiscal year 2023.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: 10-K Filing Date — Date Evercore Inc. submitted its annual report.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing an update on the company's financial position and performance compared to previous periods.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share EVR New York Stock Exchange
• $123.59 — New York Stock Exchange on such date of $123.59 per share and on the par value of the r
• $2.28 b — nt Banking & Equities segment generated $2.28 billion, or 97% of our revenues, excludin
• $2.72 b — evenues, excluding Other Revenue, net, ($2.72 billion, or 98%, in 2022 and $3.21 billio
• $3.21 b — et, ($2.72 billion, or 98%, in 2022 and $3.21 billion, or 98%, in 2021) and earned 666
• $67.0 m — Management segment generated revenue of $67.0 million, or 3% of our revenues, excluding
• $64.5 m — revenues, excluding Other Revenue, net ($64.5 million, or 2%, in 2022 and $65.8 million
• $65.8 m — net ($64.5 million, or 2%, in 2022 and $65.8 million, or 2%, in 2021). Evercore Wealt
• $12.3 billion — goals. As of December 31, 2023, EWM had $12.3 billion of assets under management ("AUM"). In

Filing Documents

• evr-20231231.htm (10-K) — 2841KB
• evr12312023ex1045.htm (EX-10.45) — 13KB
• evr12312023ex211.htm (EX-21.1) — 15KB
• evr12312023ex231.htm (EX-23.1) — 3KB
• evr12312023ex311.htm (EX-31.1) — 7KB
• evr12312023ex312.htm (EX-31.2) — 7KB
• evr12312023ex321.htm (EX-32.1) — 5KB
• evr12312023ex322.htm (EX-32.2) — 5KB
• evr12312023ex971.htm (EX-97.1) — 28KB
• 0001360901-24-000007.txt (&nbsp;) — 15152KB
• evr-20231231.xsd (EX-101.SCH) — 117KB
• evr-20231231_cal.xml (EX-101.CAL) — 127KB
• evr-20231231_def.xml (EX-101.DEF) — 649KB
• evr-20231231_lab.xml (EX-101.LAB) — 1145KB
• evr-20231231_pre.xml (EX-101.PRE) — 878KB
• evr-20231231_htm.xml (XML) — 2376KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplemental Data

Item 8. Financial Statements and Supplemental Data 54

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108

Controls and Procedures

Item 9A. Controls and Procedures 108

Other Information

Item 9B. Other Information 111

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 112

Executive Compensation

Item 11. Executive Compensation 112

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 112

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 112 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 113

Form 10-K Summary

Item 16. Form 10-K Summary 118 Table of Contents PART I Available Information Our website address is www.evercore.com. We make available, free of charge, on the Investor Relations section of our website (http://investors.evercore.com) our Annual Report on Form 10-K (this "Form 10-K"), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed or furnished with the Securities and Exchange Commission (the "SEC") pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We also make available through our website other materials, such as our Code of Business Conduct and Ethics and our Sustainability Report, as well as other reports filed with or furnished to the SEC under the Exchange Act, including our Proxy Statements and reports filed by officers and directors under Section 16(a) of the Exchange Act. From time to time, we may use our website as a channel of distribution of material company information. Financial and other material information regarding the Company is routinely posted on and accessible at http://investors.evercore.com. In addition, you may automatically receive email alerts and other information about us by enrolling your email by visiting the "Overview" section at http://investors.evercore.com. We do not intend for information contained in our website to be part of this Form 10-K. The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. In this report, references to "Evercore," the "Company," "we," "us" and "our" refer to Evercore Inc., a Delaware corporation, and its consolidated subsidiaries. Unless the context otherwise requires, references to (1) "Evercore Inc." refer solely to Evercore Inc. and not to any of its consolidated subsidiaries and (

Forward-Looking Statements

Forward-Looking Statements This report contains, or incorporates by reference, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act, which reflect our current views with respect to, among other things, our operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this report are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. All statements other than statements of historical fact are forward-looking statements and, based on various underlying assumptions and expectations, are subject to known and unknown risks, uncertainties and assumptions and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. We believe these factors include, but are not limited to, those described under "Risk Factors" in this report. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included or incorporated by reference in this report. In addition, new risks and uncertainties emerge from time to time, and it is not possi

Business

Item 1. Business Overview Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition ("M&A") transactions on which we have advised in the last five years (1) . When we use the term "independent investment banking advisory firm," we mean an investment banking firm that directly, or through its affiliates, does not engage in commercial banking or significant proprietary trading activities. We were founded on the belief that there is an opportunity within the investment banking industry for a firm free of the potential conflicts of interest created within large, multi-product, capital intensive financial institutions. We believe that maintaining standards of excellence and integrity in our core businesses demands a spirit of cooperation and hands-on participation more commonly found in smaller organizations. Since our inception, we have set out to build—in the employees we choose and in the projects we undertake—an organization dedicated to the highest caliber of professionalism and integrity. We operate globally through our two business segments: (i) Investment Banking & Equities and (ii) Investment Management. Investment Banking & Equities Our Investment Banking & Equities segment includes our investment banking business and our equities business. In 2023, our Investment Banking & Equities segment generated $2.28 billion, or 97% of our revenues, excluding Other Revenue, net, ($2.72 billion, or 98%, in 2022 and $3.21 billion, or 98%, in 2021) and earned 666 fees from clients for advisory and underwriting transactions. As we begin the year in 2024, our Investment Banking & Equities segment has 136 (2) Advisory Senior Managing Directors and 38 Equities Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and a broad geographic reach. Investment Banking Our investment banking business provides strategic advisory, liability mana

View Full Filing

View this 10-K filing on SEC EDGAR