2018 Annual Report
2018 A nnual R eport A premier global independent investment banking advisory firm dedicated to helping our multinational corporate, financial sponsors, institutional investors, and wealthy individual clients achieve superior results through trusted independent and innovative advice
Client Focus Invest in long-term relationships with our clients through independent, trusted, and innovative advice to help them achieve superior results Integrity Strictly adhere to the principle of doing the right thing at all times and in all circumstances Excellence Relentlessly strive to achieve the highest standards of quality Respect Create an inclusive environment where we value diversity and treat all people with the utmost dignity and respect Investment in People Attract the most talented people and inspire them to reach their highest potential through a deep commitment to career development Partnership Promote a culture which encourages honest debate, yet demands collaboration and uncompromising teamwork FINANCIAL HIGHLIGHTS
In 2018, Evercore delivered its tenth consecutive year of significant growth in revenues and earnings, and returned $376 million to shareholders through dividends and share repurchases.
Financial Results For the 12 months ended December 31 Adjusted (Presented on a gross basis) ($ in thousands) 2016 2017 2018
Revenues Investment Banking Advisory Fees $1,098,199 $1,324,689 $1,743,991 Underwriting Fees 36,264 45,827 71,691 Commissions and Related Fees 230,913 205,630 200,015 Asset Management and Administration Fees 68,675 68,209 57,022 Other—Net 22,484 9,715 10,481
Net Revenues $1,456,535 $1,654,070 $2,083,200
Operating Income $ 378,829 $ 426,497 $ 590,959
Net Income Attributable to Evercore Inc. $ 223,018 $ 276,371 $ 453,957
iluted iluted Earnings Earnings er er hare hare apital apital eturned eturned to to hareholders hareholders iluted iluted Earnings d usted Earnings d usted er er hare hare apital apital eturned eturned $ $in inmillions millions to to hareholders hareholders d usted d usted $ $in inmillions millions 10 10 400400 10 10 400400 $376$376 360360 $9.01$9.01 $376$376 360360 8 8 $9.01$9.01 $337$337 320320 8 8 $337$337 320320 280280 280280 6 6 240240 6 6 $226$226 240240 $5.45$5.45 $210$210 200200 $226$226 $5.45$5.45 $185$185 200200 4 4 $4.32$4.32 $210$210 160160 $185$185 4 4 $4.32$4.32 160160 $3.23$3.23 120120 120120 2 2 $2.59$2.59$3.23$3.23 80 80 2 2 $2.59$2.59 80 80 40 40 40 40 0 0 0 0 0 0 1 1 1 1 16 16 1 1 1 1 1 1 1 1 16 16 1 1 1 1 0 0 1 1 1 1 16 16 1 1 1 1 1 1 1 1 16 16 1 1 1 1 The Financial Statement information in the shareholder letter and tables is presented on an Adjusted basis, which is an unaudited non-GAAP form of presentation. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. 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. Please see page 61 of the financial statements from our accompanying Form 10-K for the year ended December 31, 2018 for the comparable U.S. GAAP amounts, as well as pages A-1 through A-5 for a reconciliation of these amounts to their comparable U.S. GAAP amounts and for further information on the revised Adjusted presentation. This shareholder letter accompanies our Form 10-K and this shareholder letter and our Form 10-K should be considered together in presenting the Adjusted amounts and the comparable U.S. GAAP amounts. Capital returned to shareholders in 2017 includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units, and excludes consideration received, net of tax, from the sale of the ETC Institutional Trust and Independent Fiduciary business in FY 2017. Capital returned to shareholders in 2015 excludes $123.7 million associated with the repurchase of shares from Mizuho.
Page 1 Dear Fellow Shareholders:
“THIS PAST YEAR WAS THE MOST IMPORTANT AND SUCCESSFUL SINCE EVERCORE’S FOUNDING IN 1995.” —Evercore 2006 Annual Report We introduced our 2006 shareholder letter, our first as a public company, with this statement and it can be said again with conviction of this past year. We finished 2018 as the largest independent investment banking advisory firm globally based on Advisory revenues and market share; we served more Advisory clients than in any previous year; and our equity research team again earned dis- tinction as the top independent firm in the United States. Across our businesses, we broadened our global reach, open- ing new offices and expanding established ones; and we finished the year with operations in 30 cities around the globe. Today our team rivals the biggest firms in the businesses in which we compete in terms of quality, depth and experience. Demand for our independent and unconflicted advice and analysis is expanding, and our brand—which has never been stronger—continues to attract new clients and talented professionals. Our results reflect our business model which requires that we always place clients’ interests first and that we constantly recruit and foster A+ talent with diverse experiences and capabilities, instill in each of them a commitment to live by our Core Values: Client Focus, Integrity, Excellence, Respect, Investment in People and Partnership, and empower them to work collaboratively for the benefit of our clients and ultimately our shareholders. Since our inception, we have relied on our culture to attract talent, seeking experienced professionals committed to plac- ing the clients’ interests first and delivering service with Excellence and Integrity. Our IPO provided the financial capacity to execute our strategy more quickly, over time extending our reach to more sectors globally and allowing us to broaden our capabilities. As we have grown in scale, we have worked hard to recruit, train, mentor and promote home-grown lead- ers capable of servicing clients at the same level as those who have joined with experience from other firms. 2018 was a year in which these home-grown leaders contributed at levels on par with our veterans—and we have a rich pipeline of professionals preparing to be the future leaders of our business. Our talent enables sustained growth at a high level, positioning us to meet the growing demand for high quality, unconflicted advice. In this letter, we highlight how our team delivered value for our clients and shareholders in 2018, and we look ahead to 2019 and beyond as we pursue our aspiration to be the most respected independent investment banking advisory firm globally.
DELIVERING FOR OUR SHAREHOLDERS We are pleased to report that in 2018, we had our tenth consecutive year of growth in Adjusted Net Revenues, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share. Adjusted Net Revenues grew 26% to $2.1 billion, surpassing $2 billion for the first time; Adjusted Operating Income increased 39% to $591 million; Adjusted Net Income increased 64% to $454 million, aided by the reduction in the corporate tax rate in the U.S.; and Adjusted Earnings Per Share grew 65% to $9.01. These results helped earn us a place on Fortune’s list of 100 Fastest Growing Companies.
Advisory Market Share 8.2% 6.8% 6.0% 4.6% 4.7% 4.8% 4.0% 2.9% 2.3%
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18
Page 2
EWM Assets Under Management Advisory Senior Managing Directors (Since establishment, in billions) 107 98 87 33 79 81 26 $7.6 $7.3 66 68 21 $6.5 59 17 17 $5.7 $6.2 59 9 11 $4.5 $4.9 46 66 3 74 $3.2 64 66 72 $2.5 53 53 57 57 62 $1.5 43 $0.1
’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 YTD Internally Promoted SMD Advisory Market Share 8.2% 6.8% 6.0% 4.6% 4.7% 4.8% 4.0% 2.9% 2.3%
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 We increased the Firm’s quarterly dividend by 25% to $0.50 per share, marking the 11th sequential year of growth. The dividend has grown 300% over the past 10 years. We returned more than $376 million of capital to our shareholders and, over the past five years, we have returned more than $1.3 billion of capital to shareholders, in each case through increased dividends and share repurchases. We remain committed to our long-term capital return strategy and our strong performance allows us to maintain a steady return of capital to our shareholders while concurrently investing in our growth and building for the future.
DELIVERING FOR OUR CLIENTS
ADVISORY Our Advisory business reported exceptional financial results in 2018. Through a combination of team growth, the high quality of work delivered by our professionals and a favorable M&A environment, we earned record adjusted Advisory revenues of $1.74 billion, up 32% from 2017. Among investment banks that disclose their advisory revenues, we have the fourth highest advisory revenues and our market share among such firms grew to 8.2% from 6.8% in 2017. Underwriting revenue exceeded $70 million for the year, up 56%—and once again, a record for us. We finished 2018 in first place in the M&A league tables among independent firms, both in the U.S. and globally. We earned a record 663 fees from Advisory client transactions, a 16% increase over the prior year; we also had 345 fees greater than $1 million, our highest ever number. We expanded our coverage of key industry sectors and our ability to deliver a broad range of advisory capabilities to our clients. Notably, we established a substantial presence in the Consumer/Retail industries and enhanced our business in the Industrial sector. We also strengthened our business in Financial Services, Technology, Energy, and Healthcare; and we added scale in Transportation and Infrastructure. We solidified our ECM capabilities in the Health Care, Real Estate and Transportation verticals and built the foundation for future growth in Technology, Energy, Consumer and Industrials for this strategically important capability. At the end of 2018, including promotes, 20% of our Advisory Senior Managing Directors were focused on specialized advisory capabilities. These capabilities allow us to advise on Activism, Equity and Debt Capital Markets, Restructuring, Capital Raising, Tax Matters and more, expanding advisory opportunities and our ability to serve clients more fully. Our distinguished service to clients in 2018 was recognized by the markets broadly, including: Global Markets M&A Atlas Awards for multiple categories—Best Global M&A Investment Bank in the Independent Advisory category, Cross Border M&A Deal (Large-Mega) for our work in the Comcast/Sky deal, and Global Media & Entertainment (Large) for our work in Discovery’s acquisition of Scripps Networks; The Banker’s “Deal of the Year” award in the Europe M&A category for our work in the Comcast/Sky deal; Private Equity International’s “Placement Agent of the Year in North America” award to our Private Funds Group and “2018 Secondaries Advisor of the Year for the Americas” to our Private Capital Advisory group; Infrastructure Investor’s “Global Placement Agent of the Year 2018” award to our Private Funds Group; and The Deal’s “Middle Market Industrials Deal of the Year” for our work advising American Roads/Syncora Guarantee.
EWM Assets Under Management Advisory Senior Managing Directors (Since establishment, in billions) 107 98 87 33 79 81 26 $7.6 $7.3 66 68 21 $6.5 59 17 17 $5.7 $6.2 59 9 11 $4.5 $4.9 46 66 3 74 $3.2 64 66 72 $2.5 53 53 57 57 62 $1.5 43 $0.1
’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 YTD Internally Promoted SMD
Page 3 Advisory Market Share 8.2% 6.8% 6.0% 4.6% 4.7% 4.8% 4.0% 2.9% 2.3%
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 EQUITIES For the fifth consecutive year, our Equities business was named the top ranked independent firm inInstitutional Investor’s All-America Equity Research Survey, and Ed Hyman, Founder and Chairman of Evercore ISI, was ranked #1 in Economics for the 38th time. Our research is highly regarded by our investor and corporate clients for its quality and unbiased independent perspec- tive. We are well positioned as institutional investors continue to pay for the highest quality research, and our strong reputation for excellence attracts leading research analysts to our platform. During 2018, we invested in expanding coverage in the Healthcare sector while sustaining our strong performance in Energy, Financials, Consumer, Industrials and Technology, Media, and Telecommunications. Our research business and our connectivity with institutional investors differentiates us from our independent peers and will be a continued focus of investment in the future.
INVESTMENT MANAGEMENT In Investment Management, we have maintained steady, profitable growth. Assets under management for the Firm were $9.1 billion at the end of the year. At Evercore Wealth Management, our U.S. wealth manager, assets under management increased to $7.6 billion. We continue to invest at a measured pace, opening our sixth office, located in West Palm Beach, Florida. We are pleased that Barron’s named Evercore Wealth Management a top 25 independent registered investment advisor in the United States for the second year in a row. Our Wealth Management business is complementary to our Investment Banking business; it contributes meaningfully to the intellectual capital of our Firm and it broadens our network of client relationships.
OUR TEAM Meeting the needs of clients in today’s rapidly changing, and often disruptive, business environment requires profession- als with deep expertise across industry sectors and advisory capabilities, ranging from M&A Advisory and Restructuring to Activist Defense, Capital Markets Advisory and more. As we write this letter, we have surpassed the milestone of 100 Advisory Senior Managing Directors. The substantial majority are focused on advising clients in the significant industry sectors we cover, working collaboratively and delivering specialized expertise and capabilities. We are proud to say that we have 33 internally promoted Advisory Senior Managing Directors which is an 11-fold increase since 2010 when we had just three. We once again had exceptionally low turnover. In 2018, we hired nearly 300 professionals at the entry level of analysts and associates, representing the best colleges, universities and business schools globally. In 2018, we had record high intern classes both at the analyst and associate level, and an exceptionally strong acceptance rate to come back as full-time employees in 2019. Our analyst and associate classes are collegial, team-oriented and enthusiastic in helping us continue to grow our Firm. Notably, our 2018 incoming class was 35% female—the largest percentage we’ve had to date. And since the start of 2018, we have promoted five women to Senior Managing Director. Achieving gender balance and a more diverse workforce is a priority for us, and we will maintain our commitment to this goal in the coming years.
EWM Assets Under Management Advisory Senior Managing Directors (Since establishment, in billions) 107 98 87 33 79 81 26 $7.6 $7.3 66 68 21 $6.5 59 17 17 $5.7 $6.2 59 9 11 $4.5 $4.9 46 66 3 74 $3.2 64 66 72 $2.5 53 53 57 57 62 $1.5 43 $0.1
’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 YTD Internally Promoted SMD
Page 4 We encourage our people to uphold our Core Values in all of their interactions with their clients and colleagues, and more broadly, in all of their activities outside of the Firm. They care deeply about our communities and work hard to give back and contribute to them. Evercore Volunteers, our program to help our teams engage with our communities, focuses on a wide range of issues which are important to our people. We have also developed targeted outreach programs, providing minorities and underprivileged high school students the opportunity to learn workplace skills and gain support as they pursue higher education.
LOOKING AHEAD In 1995, we set off on our path to be a firm which unconditionally puts our clients’ interests first and is the most respected global independent investment banking advisory firm. We have begun each year since then with a commitment to serve our clients with both Excellence and Integrity, and to build for the future by recruiting exceptional talent at all levels and to develop and retain this talent. We have made continual progress toward becoming a truly self-sustaining firm, grow- ing increasingly by hiring, training, developing, mentoring and promoting our talent. We are grateful that for the last two years roughly 50% of our new SMDs have been promoted internally, and we expect this trend to continue. As we look at 2019 and beyond, we will stay the course, continuing to focus on our clients and our people. While our scale and capabilities are certainly greater today than they were in 1995, our path to future growth remains unchanged, as we address the many opportunities to gain further market share in verticals we cover and to expand the services that we pro- vide to our clients. Our commitment to our clients and our Core Values will remain unwavering. We believe if we continue to attract and retain outstanding professionals and execute our business with Excellence and Integrity we will continue to grow in the most attractive advisory segments of investment banking. Our success is and has always been driven by the excellence and loyalty of our people; 2018 certainly was no exception. We thank our employees for their ongoing dedication to our clients, their collaboration with each other and for embod- ying our Core Values each and every day. We thank our Board of Directors for their leadership and support, and we particularly thank our new board members: Ellen V. Futter, Sarah K. Williamson and Kendrick R. Wilson III. Each of our new directors has brought fresh perspectives to our Board that balance the experience and institutional knowledge of our longer tenured directors. We thank our clients for their confidence in our services—and we thank you, our fellow shareholders, for placing your ongoing trust in us. We look forward to updating you on our progress during the year ahead as we continue to build for the future.
Roger C. Altman Ralph Schlosstein John Weinberg Senior Chairman President and Executive Chairman Chief Executive Officer
Client Focus • Integrity • Excellence • Respect • Investment in People • Partnership
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Total Return to Shareholders (Includes reinvestment of dividends)
$250
225
200
175
150
125
100
75
50
25
0
_
Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, March 31, Company / Index 2013 2014 2015 2016 2017 2018 2019 Evercore Inc. $100 $89 $94 $123 $164 $133 $170 S&P 500 Index $100 $114 $115 $129 $157 $150 $171 S&P 500 Financial Index $100 $115 $113 $139 $170 $148 $161
The Stock Performance graph and related table compares the performance of an investment in our Class A common stock from December 31, 2013 through March 31, 2019, with the S&P 500 Index and the S&P Financial Index. The graph assumes $100 was invested at the opening of business on December 31, 2013 in each of our Class A common stock, the S&P 500 Index and the S&P Financial Index. It also assumes that dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
New York Stock Exchange Required Disclosures On July 5, 2018, Evercore's Chief Executive Officer certified that he was not aware of any violation by the Company of the New York Stock Exchange's Corporate Governance listing standards, other than has been notified to the Exchange pursuant to Section 303A.12 (b), of which there was none.
We have filed with the Securities and Exchange Commission, as exhibits to our Annual Report on Form 10-K for the year ended December 31, 2018, our Chief Executive Officer's and Chief Financial Officer's certifications required by Section 302 of the Sarbanes-Oxley Act of 2002. 6833/(0(17$/,1)250$7,21 Adjusted Results (Unaudited)
Information in the following financial reconciliations presents the historical results of the Company and is presented on an Adjusted basis (formerly called “Adjusted Pro Forma”), which is a non-generally accepted accounting principles (“non-GAAP”) measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), adjusted to exclude certain items and reflect the conversion of vested and certain unvested Evercore LP Units and Interests, other IPO related restricted stock unit awards, as well as Acquisition Related Share Issuances and Unvested Restricted Stock Units granted to ISI employees, into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore’s results across several periods and facilitate an understanding of Evercore’s operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company’s two business segments: Investment Banking and Investment Management. The differences between the Adjusted and U.S. GAAP results are as follows: Assumed Vesting of Evercore LP Units and Exchange into Class A Shares. The Company incurred expenses, primarily in Employee Compensation and Benefits, resulting from the vesting of Class E LP Units issued in conjunction with the acquisition of ISI, as well as Class G and H LP Interests and Class J LP Units. The amount of expense or the reversal of expense for the Class G and H LP Interests was based on the determination if it was probable that Evercore ISI would achieve certain earnings and margin targets in future periods. The Adjusted results assume these LP Units and certain Class G and H LP Interests have vested and have been exchanged for Class A shares. Accordingly, any expense or reversal of expense associated with these units and interests, and related awards, is excluded from the Adjusted results, and the noncontrolling interest related to these units is converted to a controlling interest. The Company’s Management believes that it is useful to provide the per-share effect associated with the assumed conversion of these previously granted equity interests, and thus the Adjusted results reflect the exchange of certain vested and unvested Evercore LP partnership units and interests and IPO related restricted stock unit awards into Class A shares. Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results because the Company’s Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges: Amortization of Intangible Assets and Other Purchase Accounting-related Amortization. Amortization of intangible assets and other purchase accounting-related amortization from the acquisitions of ISI, SFS and certain other acquisitions. Acquisition and Transition Costs. Primarily professional fees incurred, as well as the reversal of a provision for certain settlements in 2016 and costs related to transitioning acquisitions or divestitures. Fair Value of Contingent Consideration. The expense, or reversal of expense, associated with changes in the fair value of contingent consideration issued to the sellers of certain of the Company’s acquisitions. Gain on Transfer of Ownership of Mexican Private Equity Business. The gain resulting from the transfer of ownership of the Mexican Private Equity business in the third quarter of 2016. Gain on Sale of Institutional Trust and Independent Fiduciary business of ETC. The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017. Foreign Exchange Gains / (Losses). Release of cumulative foreign exchange losses resulting from the restructuring of our equity method investment in G5 in the fourth quarter of 2017.
A - 1 Adjusted Results (Unaudited)
Special Charges. Expenses during 2018 that are excluded from the Adjusted presentation relate to separation benefits and costs of terminating certain contracts associated with closing the agency trading platform in the U.K. and separation benefits and related charges associated with the Company’s businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York. Expenses during 2017 related to a charge for the impairment of goodwill in the Institutional Asset Management reporting unit and a charge for the impairment of our investment in G5 in the second quarter and the sale of the Institutional Trust and Independent Fiduciary business of ETC during the fourth quarter. Expenses during 2016 related to a charge for the impairment of our investment in Atalanta Sosnoff during the fourth quarter. Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation and therefore, not all of the Company’s income is subject to corporate level taxes. As a result, adjustments have been made to the Adjusted earnings to assume that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at the prevailing corporate rates and that all deferred tax assets relating to foreign operations are fully realizable within the structure on a consolidated basis. This assumption is consistent with the assumption that certain Evercore LP Units and Interests are vested and exchanged into Class A shares, as the assumed exchange would change the tax structure of the Company. Excluded from the Company’s 2017 Adjusted results are adjustments related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue for the fourth quarter of 2017 of $77.5 million related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and future years. Presentation of Interest Expense. The Adjusted results present interest expense on short-term repurchase agreements in Other Revenues, net, as the Company’s Management believes it is more meaningful to present the spread on net interest resulting from the matched financial assets and liabilities. In addition, Adjusted Operating Income is presented before interest expense on debt, which is included in interest expense on a U.S. GAAP basis. Presentation of Income from Equity Method Investments. The Adjusted results present Income from Equity Method Investments within Revenue as the Company’s Management believes it is a more meaningful presentation.
During 2018, the Company’s Adjusted presentation for current and prior periods was revised to eliminate the netting of client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected receivables with their related revenue. The revised presentation reflects the expense and related revenue gross. The Company revised its presentation for these expenses in order to align with the treatment under U.S. GAAP. There was no impact on Adjusted Operating Income, Net Income or Earnings Per Share.
A - 2 U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS (UNAUDITED) (dollars in thousands) Twelve Months Ended December 31, 2018 2017 2016 Investment Banking Advisory Fees - U.S. GAAP $ 1,743,473 $ 1,324,412 $ 1,096,829 Income from Equity Method Investments (1) 518 277 1,370 Advisory Fees - Adjusted $ 1,743,991 $ 1,324,689 $ 1,098,199
Investment Management Asset Management and Administration Fees - U.S. GAAP $ 48,246 $ 59,648 $ 63,404 Income from Equity Method Investments (1) 8,776 8,561 5,271 Asset Management and Administration Fees - Adjusted $ 57,022 $ 68,209 $ 68,675
Consolidated Other-Net - U.S. GAAP $ 1,280 $ 68,832 $ 12,642 Interest Expense on Debt (2) 9,201 9,960 10,248 Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (3) - (7,808) - Foreign Exchange Losses from G5 Transaction (4) - 16,266 - Adjustment to Tax Receivable Agreement Liability (5) - (77,535) - Gain on Transfer of Ownership of Mexican Private Equity Business (6) - - (406) Other-Net - Adjusted $ 10,481 $ 9,715 $ 22,484
Net Revenues - U.S. GAAP $ 2,064,705 $ 1,704,349 $ 1,440,052 Income from Equity Method Investments (1) 9,294 8,838 6,641 Interest Expense on Debt (2) 9,201 9,960 10,248 Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (3) - (7,808) - Foreign Exchange Losses from G5 Transaction (4) - 16,266 - Adjustment to Tax Receivable Agreement Liability (5) - (77,535) - Gain on Transfer of Ownership of Mexican Private Equity Business (6) - - (406) Net Revenues - Adjusted $ 2,083,200 $ 1,654,070 $ 1,456,535
Operating Income - U.S. GAAP $ 542,077 $ 428,811 $ 261,174 Income from Equity Method Investments (1) 9,294 8,838 6,641 Interest Expense on Debt (2) 9,201 9,960 10,248 Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (3) - (7,808) - Foreign Exchange Losses from G5 Transaction (4) - 16,266 - Adjustment to Tax Receivable Agreement Liability (5) - (77,535) - Gain on Transfer of Ownership of Mexican Private Equity Business (6) - - (406) Intangible Asset Amortization / Other Purchase Accounting-related Amortization (7) 8,628 9,411 11,020 Amortization of LP Units / Interests and Certain Other Awards (8) 15,241 11,444 80,846 Special Charges (9) 5,012 25,437 8,100 Acquisition and Transition Costs (10) 21 1,673 99 Fair Value of Contingent Consideration (11) 1,485 - 1,107 Operating Income - Adjusted $ 590,959 $ 426,497 $ 378,829
Net Income Attributable to Evercore Inc. - U.S. GAAP $ 377,240 $ 125,454 $ 107,528 Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (3) - (7,808) - Foreign Exchange Losses from G5 Transaction (4) - 16,266 - Adjustment to Tax Receivable Agreement Liability and Income Taxes, Net (5) (12,368) 50,529 (20,837) Gain on Transfer of Ownership of Mexican Private Equity Business (6) - - (406) Intangible Asset Amortization / Other Purchase Accounting-related Amortization (7) 8,628 9,411 11,020 Amortization of LP Units / Interests and Certain Other Awards (8) 15,241 11,444 80,846 Special Charges (9) 5,012 25,437 8,100 Acquisition and Transition Costs (10) 21 1,673 99 Fair Value of Contingent Consideration (11) 1,485 - 1,107 Noncontrolling Interest (12) 58,698 43,965 35,561 Net Income Attributable to Evercore Inc. - Adjusted $ 453,957 $ 276,371 $ 223,018
Diluted Shares Outstanding - U.S. GAAP 45,279 44,826 44,193 LP Units (13) 5,075 5,885 7,479 Unvested Restricted Stock Units - Event Based (13) 12 12 12 Diluted Shares Outstanding - Adjusted 50,366 50,723 51,684
Key Metrics: (a) Diluted Earnings Per Share - U.S. GAAP$ 8.33 $ 2.80 $ 2.43 Diluted Earnings Per Share - Adjusted$ 9.01 $ 5.45 $ 4.32
Operating Margin - Consolidated - U.S. GAAP 26.3% 25.2% 18.1% Operating Margin - Consolidated - Adjusted 28.4% 25.8% 26.0%
(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. A - 3 Footnotes
(1) Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. (2) Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP basis. (3) The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017 is excluded from the Adjusted presentation. (4) Release of cumulative foreign exchange losses resulting from the restructuring of our former equity method investment in G5 in the fourth quarter of 2017 are excluded from the Adjusted presentation. (5) Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation and therefore, not all of the Company’s income is subject to corporate-level taxes. As a result, adjustments have been made to the Adjusted earnings to assume that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at the prevailing corporate rates and that all deferred tax assets relating to foreign operations are fully realizable within the structure on a consolidated basis. This assumption is consistent with the assumption that certain Evercore LP Units and Interests are vested and exchanged into Class A shares, as the assumed exchange would change the tax structure of the Company. Excluded from the Company’s 2017 Adjusted results are adjustments related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue of $77.5 million in the fourth quarter of 2017 related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and future years. (6) The gain resulting from the transfer of ownership of the Mexican Private Equity business in the third quarter of 2016 is excluded from the Adjusted presentation. (7) The exclusion from the Adjusted presentation of expenses associated with amortization of intangible assets and other purchase accounting-related amortization from the acquisitions of ISI, SFS and certain other acquisitions. (8) Expenses or reversal of expenses incurred from the assumed vesting of Class E LP Units, Class G and H LP Interests and Class J LP Units issued in conjunction with the acquisition of ISI are excluded from the Adjusted presentation. (9) Expenses during 2018 that are excluded from the Adjusted presentation relate to separation benefits and costs of terminating certain contracts associated with closing the agency trading platform in the U.K. and separation benefits and related charges associated with the Company’s businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the previously announced expansion of our headquarters in New York. Expenses during 2017 related to a charge for the impairment of goodwill in the Institutional Asset Management reporting unit and a charge for the impairment of our investment in G5 in the second quarter and the sale of the Institutional Trust and Independent Fiduciary business of ETC during the fourth quarter. Expenses during 2016 related to a charge for the impairment of our investment in Atalanta Sosnoff during the fourth quarter. (10) Primarily professional fees incurred, as well as the reversal of a provision for certain settlements in 2016 and costs related to transitioning acquisitions or divestitures. (11) The expense, or reversal of expense, associated with changes in the fair value of contingent consideration issued to the sellers of certain of the Company’s acquisitions is excluded from the Adjusted results. (12) Reflects an adjustment to eliminate noncontrolling interest related to all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation.
A - 4 (13) Assumes the vesting, and exchange into Class A shares, of certain Evercore LP partnership units and interests and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP partnership units are anti-dilutive.
A - 5 [THIS PAGE INTENTIONALLY LEFT BLANK] [THIS PAGE INTENTIONALLY LEFT BLANK] PRINCIPAL OFFICES
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