How do you interpret investment banking — adjustmentsto tax receivable agreements?

An increase represents a higher expected future liability, while a decrease indicates a reduction in the projected payout obligation.

How does investment banking — adjustmentsto tax receivable agreements compare across companies?

Common among firms that went public via structures involving tax-sharing agreements; peers often report these as non-operating adjustments.

Evercore EVR Investment Banking — Adjustmentsto Tax Receivable Agreements

Discontinued — last reported Q4 '17

Similar metrics at other companies

TWTax receivable agreement liability adjustment

$9.79M+13.8%

TWTax receivable agreement liability adjustment

$9.79M+13.8%

BROSRemeasurement gain on TRAs

-$4.77M—

TWTax Receivable Agreement – Interest

$15.17M-10.5%

TWTax receivable agreement liability

$335.8M-9.2%

FITBTaxable Receivable Agreement Payment

$0-100%

Other financials

Income statement

See full

Revenue$1.4B+100%

Net income$301.2M+106%

EPS (diluted)$7.20+107%

Balance sheet

See full

Cash & equivalents$996.1M+77.0%

Total debt$1.1B+29.6%

Total equity$1.8B+18.3%

Total assets$4.3B+31.9%

Cash flow

See full

Operating cash flow-$225.9M+58.9%

CapEx$3.1M-84.2%

Free cash flow-$229.0M+59.8%

Valuation

See full

Market cap$14.38B+51.3%

Enterprise value$14.48B+47.3%

P/E19.3×-2.4×

P/S3.2×+0.1×

Profitability

See full

Net margin16.4%+2.2pp

FCF margin33.4%+11.8pp

Returns & leverage

See full

Return on equity45.4%+15.7pp

Debt / equity0.6×+0.1×

Current ratio2.8×-0.5×

Where this comes from

Reported directly by Evercore in its filing.

Tagged under the XBRL concept evr:AdjustmentstoTaxReceivableAgreements.

The official record: Evercore’s 10-K, filed February 25, 2020, on SEC EDGAR. View the filing →

Questions, answered.

What does investment banking — adjustmentsto tax receivable agreements mean?: Adjustments to the estimated financial obligations owed to former shareholders based on realized tax savings.
How do you interpret investment banking — adjustmentsto tax receivable agreements?: An increase represents a higher expected future liability, while a decrease indicates a reduction in the projected payout obligation.
How does investment banking — adjustmentsto tax receivable agreements compare across companies?: Common among firms that went public via structures involving tax-sharing agreements; peers often report these as non-operating adjustments.