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Evercore Inc. (EVR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Evercore Inc.

CIK: 1360901 Ticker: EVR
Exhibit 99.1

E V E R C O R E
EVERCORE REPORTS RECORD FULL YEAR 2018 RESULTS;
QUARTERLY DIVIDEND OF $0.50 PER SHARE
 
Fourth Quarter 2018 Results
 
2018 Full Year Results
 
U.S. GAAP
 
Adjusted(1)(2)
 
U.S. GAAP
 
Adjusted(1)(2)
 
 
vs.
Q4 2017
 
 
vs.
Q4 2017
 
 
vs.
2017
 
 
vs.
2017
Net Revenues ($ millions)
$
771.4

43%
 
$
776.2

63%
 
$
2,064.7

21%
 
$
2,083.2

26%
Operating Income ($ millions)
$
250.2

36%
 
$
263.6

96%
 
$
542.1

26%
 
$
591.0

39%
Net Income Attributable to Evercore Inc. ($ millions)
$
163.3

NM
 
$
194.2

149%
 
$
377.2

201%
 
$
454.0

64%
Diluted Earnings Per Share
$
3.67

NM
 
$
3.93

154%
 
$
8.33

198%
 
$
9.01

65%
Operating Margin
32.4
%
 (166) bps
 
34.0
%
581 bps
 
26.3
%
109 bps
 
28.4
%
258 bps
(1) The Adjusted presentation for current and prior periods was revised to eliminate the netting of client related expenses with their related revenue. The revised presentation reflects the expense and related revenue gross. See pages 9 and 19 for further discussion.

(2) Excluded from the Company’s Adjusted results for the three and twelve months ended December 31, 2017 is the impact of the enactment of the Tax Cuts and Jobs Act, that was signed into law on December 22, 2017, on deferred tax assets and our tax receivable agreement. See pages 3, 4, 7 and A-3 for further discussion.

 
 
 
Business and Financial
 Highlights

g
Record fourth quarter and full year 2018 Net Revenues, Net Income Attributable to Evercore Inc. and Earnings Per Share, on both a U.S. GAAP and an Adjusted basis

g
Advisory Revenues for 2018 exceeded $1.7 billion, increasing 32% versus the prior year, on both a U.S. GAAP and an Adjusted basis. Advisory Revenues of $696 million for the fourth quarter increased 81% versus the prior year, on both a U.S. GAAP and an Adjusted basis

g
U.S. GAAP Operating Margin was 26.3% for the twelve months ended December 31, 2018, compared to 25.2% for the twelve months ended December 31, 2017. Adjusted Operating Margin was 28.4% for the twelve months ended December 31, 2018, compared to 25.8% for the twelve months ended December 31, 2017

g
Effective tax rate reduced by 12 and 13 percentage points for 2018 on a U.S. GAAP and an Adjusted basis, respectively, and 12 and 13 percentage points in the fourth quarter on a U.S. GAAP and an Adjusted basis, respectively, due to the Tax Cuts and Jobs Act
 
 
 
 
 
 
Talent

g
Anthony Laubi joined the Advisory team in the fourth quarter as part of the Industrials Group in London, ending 2018 with the addition of eight Advisory Senior Managing Director external hires

g
Promoted seven Advisory Managing Directors to Senior Managing Director in 2019, strengthening our position in the Insurance, Technology and Energy sectors, and growing our Equities, Activist Defense and Private Capital Advisory capabilities


g
Zaheed Kajani joined the Advisory team in January as part of the Technology Advisory Practice in our Menlo Park office

g
John Startin joining the Advisory team in April to lead the Metals, Materials & Mining Group

g
In January, we enhanced our Evercore ISI leadership team with the addition of Marc Harris as Director of Research, and our research team with the addition of Ravi Mehrotra in Healthcare

 
 
 
 
 
 
Capital Return

g
Quarterly dividend of $0.50 per share

g
$376.4 million returned to shareholders during the year through dividends and share repurchases of 3.1 million shares/units at an average price of $93.24

 
 
 


The following information was filed by Evercore Inc. (EVR) on Wednesday, January 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Evercore Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Operations
- Commitments And Contingencies - Restricted Cash (Details)
Acquisition And Transition Costs And Special Charges
Acquisition And Transition Costs And Special Charges (Details)
Business Changes And Developments
Business Changes And Developments (Tables)
Business Changes And Developments - Additional Information (Details)
Business Changes And Developments - Annual Amortization Of Intangibles For Next Five Years (Details)
Business Changes And Developments - Goodwill Associated With Acquisitions (Details)
Business Changes And Developments - Intangible Assets Associated With Acquisitions (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Aggregate Minimum Future Payments Required On Operating Leases (Details)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Evercore Inc. (Parent Company Only) Financial Statements
Evercore Inc. (Parent Company Only) Financial Statements (Tables)
Evercore Inc. (Parent Company Only) Financial Statements - Additional Information (Details)
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements Of Cash Flows (Parent Company Only) (Details)
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements Of Financial Condition (Parent Company Only) - (Details)
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements Of Financial Condition (Parent Company Only) - Additional Information (Details)
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements Of Operations (Parent Company Only) (Details)
Evercore Inc. Stockholders' Equity
Evercore Inc. Stockholders' Equity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Carrying Amount And Estimated Fair Value Of Financial Instrument Assets And Liabilities Which Are Not Measured At Fair Value (Details)
Fair Value Measurements - Categorization Of Investments And Certain Other Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Financial Instruments Owned And Pledged As Collateral At Fair Value, Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase
Financial Instruments Owned And Pledged As Collateral At Fair Value, Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase (Tables)
Financial Instruments Owned And Pledged As Collateral At Fair Value, Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase - Additional Information (Details)
Financial Instruments Owned And Pledged As Collateral At Fair Value, Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase - Summary Of Assets, Liabilities And Collateral Received Or Pledged (Details)
Furniture, Equipment And Leasehold Improvements
Furniture, Equipment And Leasehold Improvements (Details)
Furniture, Equipment And Leasehold Improvements (Tables)
Furniture, Equipment And Leasehold Improvements - Components Of Furniture, Equipment And Leasehold Improvements (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Before Income Tax (Details)
Income Taxes - Components Of Provision For Income Taxes (Details)
Income Taxes - Details Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Reconciliation Between Statutory Income Tax Rate And Effective Tax Rate (Details)
Income Taxes Income Taxes - Additional Information (Details)
Investments
Investments (Tables)
Investments - Additional Information (Details)
Investments - Summary Of Investments In Private Equity Funds (Details)
Investments - Summary Of Other Equity Investments (Details)
Marketable Securities And Certificates Of Deposit
Marketable Securities And Certificates Of Deposit - Additional Information (Details)
Marketable Securities And Certificates Of Deposit - Amortized Cost And Estimated Fair Value Of Marketable Securities (Details)
Marketable Securities And Certificates Of Deposit - Scheduled Maturities Of Available-For-Sale Debt Securities (Details)
Marketable Securities And Certificates Of Deposit (Tables)
Net Income Per Share Attributable To Evercore Inc. Common Shareholders
Net Income Per Share Attributable To Evercore Inc. Common Shareholders (Tables)
Net Income Per Share Attributable To Evercore Inc. Common Shareholders - Additional Information (Details)
Net Income Per Share Attributable To Evercore Inc. Common Shareholders - Calculation (Details)
Noncontrolling Interest
Noncontrolling Interest (Tables)
Noncontrolling Interest - Additional Information (Details)
Noncontrolling Interest - Changes In Noncontrolling Interest (Details)
Noncontrolling Interest - Schedule Of Noncontrolling Interest (Details)
Notes Payable And Subordinated Borrowings
Notes Payable And Subordinated Borrowings (Tables)
Notes Payable And Subordinated Borrowings - Additional Information (Details)
Notes Payable And Subordinated Borrowings - Schedule Of Debt (Details)
Notes Payable And Subordinated Borrowings - Schedule Of Future Payments (Details)
Organization
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Regulatory Authorities
Regulatory Authorities (Details)
Related Parties
Related Parties (Tables)
Related Parties - Payable To Employees And Related Parties (Details)
Related Parties - Receivable From Employees And Related Parties (Details)
Related Parties Additional Information (Details)
Revenue
Revenue - Additional Information (Details)
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Disaggregation Of Revenue (Details)
Segment Operating Results
Segment Operating Results (Details)
Segment Operating Results (Tables)
Segment Operating Results - (Footnotes) (Details)
Segment Operating Results - Additional Information (Details)
Segment Operating Results - Assets By Geographic Area (Details)
Segment Operating Results - Revenues Derived From Clients By Geographical Areas (Details)
Share-Based And Other Deferred Compensation
Share-Based And Other Deferred Compensation (Details)
Share-Based And Other Deferred Compensation (Tables)
Share-Based And Other Deferred Compensation - Summary Of Activity Related To Share-Based Awards (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Supplemental Financial Information
Supplemental Financial Information (Details)
Supplemental Financial Information (Tables)
Ticker: EVR
CIK: 1360901
Form Type: 10-K Annual Report
Accession Number: 0001360901-19-000006
Submitted to the SEC: Fri Feb 22 2019 11:12:38 AM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Investment Advice

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