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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

001-32492

(Commission File Number)

 

LAZARD LTD

(Exact name of registrant as specified in its charter)

 

Bermuda

98-0437848

(State or Other Jurisdiction of Incorporation

(I.R.S. Employer Identification No.)

or Organization)

 

Clarendon House

2 Church Street

Hamilton HM11, Bermuda

(Address of principal executive offices)

Registrant’s telephone number: (441295-1422

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock

LAZ

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 22, 2021, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 9,892,150 shares held by subsidiaries).

 

 

 


 

 

TABLE OF CONTENTS

When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Ltd, a company incorporated under the laws of Bermuda, and its subsidiaries, including Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard Ltd’s primary operating asset is its indirect ownership as of September 30, 2021 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group. When we use the term “common stock”, we mean Class A common stock of Lazard Ltd, the only class of common stock of Lazard outstanding.

 

 

 

 

i


 

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month and nine month periods ended September 30, 2021 and 2020

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month and nine month periods ended September 30, 2021 and 2020

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2021 and 2020

 

6

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and nine month periods ended September 30, 2021 and 2020

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

11

 

 

 

1


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,184,772

 

 

$

1,389,876

 

Deposits with banks and short-term investments

 

 

1,360,957

 

 

 

1,134,463

 

Restricted cash

 

 

615,297

 

 

 

44,488

 

Receivables (net of allowance for doubtful accounts of $37,292 and $36,649

   at September 30, 2021 and December 31, 2020, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

547,087

 

 

 

621,880

 

Customers and other

 

 

153,049

 

 

 

121,261

 

 

 

 

700,136

 

 

 

743,141

 

Investments

 

 

914,975

 

 

 

658,532

 

Property (net of accumulated amortization and depreciation of $363,299 and $402,471

   at September 30, 2021 and December 31, 2020, respectively)

 

 

247,595

 

 

 

257,587

 

Operating lease right-of-use assets

 

 

468,524

 

 

 

513,923

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,200 and $70,155 at September 30, 2021 and December 31, 2020, respectively)

 

 

379,847

 

 

 

384,071

 

Deferred tax assets

 

 

480,533

 

 

 

538,448

 

Other assets

 

 

373,944

 

 

 

307,332

 

Total Assets

 

$

6,726,580

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

2


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,450,764

 

 

$

1,201,150

 

Accrued compensation and benefits

 

 

711,779

 

 

 

734,544

 

Operating lease liabilities

 

 

554,900

 

 

 

606,963

 

Tax receivable agreement obligation

 

 

211,236

 

 

 

221,451

 

Senior debt

 

 

1,684,606

 

 

 

1,682,741

 

Deferred tax liabilities

 

 

1,323

 

 

 

1,041

 

Other liabilities

 

 

559,258

 

 

 

524,538

 

Total Liabilities

 

 

5,173,866

 

 

 

4,972,428

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

575,000

 

 

 

-

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock, par value $.01 per share; 15,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A - no shares issued and outstanding

 

 

-

 

 

 

-

 

Series B - no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock:

 

 

 

 

 

 

 

 

Class A, par value $.01 per share (500,000,000 shares authorized;

   112,766,091 shares issued at September 30, 2021 and

   December 31, 2020, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

110,470

 

 

 

135,439

 

Retained earnings

 

 

1,402,191

 

 

 

1,295,386

 

Accumulated other comprehensive loss, net of tax

 

 

(246,534

)

 

 

(238,368

)

 

 

 

1,267,255

 

 

 

1,193,585

 

Class A common stock held by subsidiaries, at cost (9,438,417 and 7,728,387

   shares at September 30, 2021 and December 31, 2020, respectively)

 

 

(389,448

)

 

 

(281,813

)

Total Lazard Ltd Stockholders’ Equity

 

 

877,807

 

 

 

911,772

 

Noncontrolling interests

 

 

99,907

 

 

 

87,661

 

Total Stockholders’ Equity

 

 

977,714

 

 

 

999,433

 

Total Liabilities, Redeemable Noncontrolling Interests

  and Stockholders’ Equity

 

$

6,726,580

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

3


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

384,821

 

 

$

304,999

 

 

$

1,177,813

 

 

$

906,927

 

Asset management fees

 

 

323,747

 

 

 

265,562

 

 

 

997,162

 

 

 

780,071

 

Interest income

 

 

1,276

 

 

 

1,059

 

 

 

3,910

 

 

 

4,811

 

Other

 

 

27,963

 

 

 

26,402

 

 

 

82,090

 

 

 

56,634

 

Total revenue

 

 

737,807

 

 

 

598,022

 

 

 

2,260,975

 

 

 

1,748,443

 

Interest expense

 

 

20,378

 

 

 

20,344

 

 

 

60,302

 

 

 

60,459

 

Net revenue

 

 

717,429

 

 

 

577,678

 

 

 

2,200,673

 

 

 

1,687,984

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

419,627

 

 

 

354,625

 

 

 

1,336,091

 

 

 

1,025,948

 

Occupancy and equipment

 

 

31,015

 

 

 

31,318

 

 

 

95,638

 

 

 

94,090

 

Marketing and business development

 

 

9,922

 

 

 

7,562

 

 

 

25,905

 

 

 

34,265

 

Technology and information services

 

 

37,559

 

 

 

33,457

 

 

 

107,003

 

 

 

97,444

 

Professional services

 

 

16,698

 

 

 

14,701

 

 

 

51,642

 

 

 

45,974

 

Fund administration and outsourced services

 

 

34,137

 

 

 

26,196

 

 

 

94,718

 

 

 

76,639

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

458

 

 

 

45

 

 

 

1,359

 

Other

 

 

13,497

 

 

 

4,681

 

 

 

34,121

 

 

 

27,623

 

Total operating expenses

 

 

562,470

 

 

 

472,998

 

 

 

1,745,163

 

 

 

1,403,342

 

OPERATING INCOME

 

 

154,959

 

 

 

104,680

 

 

 

455,510

 

 

 

284,642

 

Provision for income taxes

 

 

39,446

 

 

 

28,165

 

 

 

124,255

 

 

 

76,720

 

NET INCOME

 

 

115,513

 

 

 

76,515

 

 

 

331,255

 

 

 

207,922

 

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

8,304

 

 

 

1,423

 

 

 

13,568

 

 

 

(4,650

)

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

107,209

 

 

$

75,092

 

 

$

317,687

 

 

$

212,572

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

105,415,743

 

 

 

107,168,615

 

 

 

106,484,652

 

 

 

106,711,547

 

Diluted

 

 

112,994,037

 

 

 

113,181,564

 

 

 

114,139,936

 

 

 

112,929,830

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.00

 

 

$

0.69

 

 

$

2.94

 

 

$

1.96

 

Diluted

 

$

0.94

 

 

$

0.66

 

 

$

2.78

 

 

$

1.88

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME

 

$

115,513

 

 

$

76,515

 

 

$

331,255

 

 

$

207,922

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments before reclassification

 

 

(25,861

)

 

 

34,326

 

 

 

(40,102

)

 

 

5,964

 

Adjustment for items reclassified to earnings

 

 

51

 

 

 

-

 

 

 

23,630

 

 

 

-

 

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) (net of tax (benefit) expense of $1,107

   and $(1,666) for the three months ended September 30, 2021

   and 2020, respectively, and $1,496 and $(9)

   for the nine months ended September 30, 2021 and 2020,

   respectively)

 

 

4,442

 

 

 

(6,534

)

 

 

4,030

 

 

 

3,045

 

Adjustment for items reclassified to earnings (net of

   tax expense of $422 and $412 for the three months

   ended September 30, 2021 and 2020, respectively,

   and $1,286 and $1,088 for the nine months ended

   September 30, 2021 and 2020, respectively)

 

 

1,481

 

 

 

1,345

 

 

 

4,275

 

 

 

4,855

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

(19,887

)

 

 

29,137

 

 

 

(8,167

)

 

 

13,864

 

COMPREHENSIVE INCOME

 

 

95,626

 

 

 

105,652

 

 

 

323,088

 

 

 

221,786

 

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

8,303

 

 

 

1,424

 

 

 

13,567

 

 

 

(4,649

)

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

87,323

 

 

$

104,228

 

 

$

309,521

 

 

$

226,435

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

331,255

 

 

$

207,922

 

Adjustments to reconcile net income to net cash provided by (used in)

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

28,315

 

 

 

25,716

 

Noncash lease expense

 

 

52,509

 

 

 

46,965

 

Currency translation adjustment reclassification

 

 

23,630

 

 

 

-

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

325,645

 

 

 

282,955

 

Amortization of intangible assets related to acquisitions

 

 

45

 

 

 

1,359

 

Deferred tax provision

 

 

53,766

 

 

 

30,680

 

(Increase) decrease in operating assets and increase (decrease) in

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

26,453

 

 

 

86,038

 

Investments

 

 

(360,959

)

 

 

(1,035

)

Other assets

 

 

(33,946

)

 

 

(160,066

)

Accrued compensation and benefits and other liabilities

 

 

(33,489

)

 

 

(265,128

)

Net cash provided by operating activities

 

 

413,224

 

 

 

255,406

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(25,290

)

 

 

(34,210

)

Disposals of property

 

 

699

 

 

 

151

 

Net cash used in investing activities

 

 

(24,591

)

 

 

(34,059

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

413

 

 

 

91

 

LGAC IPO

 

 

575,000

 

 

 

-

 

Customer deposits

 

 

295,837

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Customer deposits

 

 

-

 

 

 

(37,850

)

Distributions to noncontrolling interests

 

 

(7,731

)

 

 

(1,921

)

Payments under tax receivable agreement

 

 

(10,215

)

 

 

(25,454

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

(9,352

)

 

 

-

 

Purchase of Class A common stock

 

 

(286,193

)

 

 

(95,227

)

Class A common stock dividends

 

 

(147,593