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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, 2022

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 21, 2022, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 26,850,692 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, 2022 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, 2022 and December 31, 2021

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month and nine month periods ended September 30, 2022 and 2021

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month and nine month periods ended September 30, 2022 and 2021

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2022 and 2021

 

6

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and nine month periods ended September 30, 2022 and 2021

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

11

 

 

 

1


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,000,102

 

 

$

1,465,022

 

Deposits with banks and short-term investments

 

 

1,341,514

 

 

 

1,347,544

 

Restricted cash

 

 

621,099

 

 

 

617,448

 

Receivables (net of allowance for doubtful accounts of $15,320 and $33,957

   at September 30, 2022 and December 31, 2021, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

571,127

 

 

 

669,464

 

Customers and other

 

 

169,268

 

 

 

136,345

 

 

 

 

740,395

 

 

 

805,809

 

Investments

 

 

638,960

 

 

 

1,007,339

 

Property (net of accumulated amortization and depreciation of $370,453 and $367,507

   at September 30, 2022 and December 31, 2021, respectively)

 

 

218,551

 

 

 

250,005

 

Operating lease right-of-use assets

 

 

420,013

 

 

 

466,054

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,065 and $70,221 at September 30, 2022 and December 31, 2021, respectively)

 

 

375,889

 

 

 

379,571

 

Deferred tax assets

 

 

390,543

 

 

 

435,308

 

Other assets

 

 

460,859

 

 

 

373,081

 

Total Assets

 

$

6,207,925

 

 

$

7,147,181

 

 

See notes to condensed consolidated financial statements.

 

2


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,499,812

 

 

$

1,442,701

 

Accrued compensation and benefits

 

 

531,496

 

 

 

972,303

 

Operating lease liabilities

 

 

502,206

 

 

 

552,522

 

Tax receivable agreement obligation

 

 

192,399

 

 

 

213,434

 

Senior debt

 

 

1,687,092

 

 

 

1,685,227

 

Deferred tax liabilities

 

 

8,964

 

 

 

1,827

 

Other liabilities

 

 

530,137

 

 

 

626,203

 

Total Liabilities

 

 

4,952,106

 

 

 

5,494,217

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

578,495

 

 

 

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, 2022 and

   December 31, 2021, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

126,746

 

 

 

144,729

 

Retained earnings

 

 

1,682,398

 

 

 

1,560,636

 

Accumulated other comprehensive loss, net of tax

 

 

(334,382

)

 

 

(223,847

)

 

 

 

1,475,890

 

 

 

1,482,646

 

Class A common stock held by subsidiaries, at cost (24,434,236 and 12,046,140

   shares at September 30, 2022 and December 31, 2021, respectively)

 

 

(915,254

)

 

 

(507,426

)

Total Lazard Ltd Stockholders’ Equity

 

 

560,636

 

 

 

975,220

 

Noncontrolling interests

 

 

116,688

 

 

 

102,744

 

Total Stockholders’ Equity

 

 

677,324

 

 

 

1,077,964

 

Total Liabilities, Redeemable Noncontrolling Interests

  and Stockholders’ Equity

 

$

6,207,925

 

 

$

7,147,181

 

 

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, 2022 AND 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

454,255

 

 

$

384,821

 

 

$

1,249,085

 

 

$

1,177,813

 

Asset management fees

 

 

279,040

 

 

 

323,747

 

 

 

863,103

 

 

 

997,162

 

Interest income

 

 

8,148

 

 

 

1,276

 

 

 

13,971

 

 

 

3,910

 

Other

 

 

4,988

 

 

 

27,963

 

 

 

(2,926

)

 

 

82,090

 

Total revenue

 

 

746,431

 

 

 

737,807

 

 

 

2,123,233

 

 

 

2,260,975

 

Interest expense

 

 

19,687

 

 

 

20,378

 

 

 

62,051

 

 

 

60,302

 

Net revenue

 

 

726,744

 

 

 

717,429

 

 

 

2,061,182

 

 

 

2,200,673

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

420,937

 

 

 

419,627

 

 

 

1,181,608

 

 

 

1,336,091

 

Occupancy and equipment

 

 

30,696

 

 

 

31,015

 

 

 

91,344

 

 

 

95,638

 

Marketing and business development

 

 

19,633

 

 

 

9,922

 

 

 

56,429

 

 

 

25,905

 

Technology and information services

 

 

44,579

 

 

 

37,559

 

 

 

124,577

 

 

 

107,003

 

Professional services

 

 

15,665

 

 

 

16,698

 

 

 

48,243

 

 

 

51,642

 

Fund administration and outsourced services

 

 

27,110

 

 

 

34,137

 

 

 

85,364

 

 

 

94,718

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

15

 

 

 

45

 

 

 

45

 

Other

 

 

9,967

 

 

 

13,497

 

 

 

29,864

 

 

 

34,121

 

Total operating expenses

 

 

568,602

 

 

 

562,470

 

 

 

1,617,474

 

 

 

1,745,163

 

OPERATING INCOME

 

 

158,142

 

 

 

154,959

 

 

 

443,708

 

 

 

455,510

 

Provision for income taxes

 

 

35,350

 

 

 

39,446

 

 

 

108,290

 

 

 

124,255

 

NET INCOME

 

 

122,792

 

 

 

115,513

 

 

 

335,418

 

 

 

331,255

 

LESS - NET INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

16,995

 

 

 

8,304

 

 

 

20,265

 

 

 

13,568

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

105,797

 

 

$

107,209

 

 

$

315,153

 

 

$

317,687

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

93,275,631

 

 

 

105,415,743

 

 

 

98,161,027

 

 

 

106,484,652

 

Diluted

 

 

98,865,156

 

 

 

112,994,037

 

 

 

103,268,378

 

 

 

114,139,936

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.11

 

 

$

1.00

 

 

$

3.16

 

 

$

2.94

 

Diluted

 

$

1.06

 

 

$

0.94

 

 

$

3.03

 

 

$

2.78

 

 

 

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, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NET INCOME

 

$

122,792

 

 

$

115,513

 

 

$

335,418

 

 

$

331,255

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments before reclassification

 

 

(54,439

)

 

 

(25,861

)

 

 

(134,129

)

 

 

(40,102

)

Adjustment for items reclassified to earnings

 

 

138

 

 

 

51

 

 

 

265

 

 

 

23,630

 

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (net of tax expense of

   $1,832 and $1,107 for the three months ended

   September 30, 2022 and 2021, respectively,

   and $4,436 and $1,496 for the nine months ended

   September 30, 2022 and 2021, respectively)

 

 

8,786

 

 

 

4,442

 

 

 

20,512

 

 

 

4,030

 

Adjustment for items reclassified to earnings (net of

   tax expense of $233 and $422 for the three months

   ended September 30, 2022 and 2021, respectively, and

   $748 and $1,286 for the nine months ended

   September 30, 2022 and 2021, respectively)

 

 

1,162

 

 

 

1,481

 

 

 

2,816

 

 

 

4,275

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(44,353

)

 

 

(19,887

)

 

 

(110,536

)

 

 

(8,167

)

COMPREHENSIVE INCOME

 

 

78,439

 

 

 

95,626

 

 

 

224,882

 

 

 

323,088

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

16,995

 

 

 

8,303

 

 

 

20,264

 

 

 

13,567

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

61,444

 

 

$

87,323

 

 

$

204,618

 

 

$

309,521

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

335,418

 

 

$

331,255

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

31,895

 

 

 

28,315

 

Noncash lease expense

 

 

46,046

 

 

 

52,509

 

Currency translation adjustment reclassification

 

 

265

 

 

 

23,630

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

333,100

 

 

 

325,645

 

Amortization of intangible assets related to acquisitions

 

 

45

 

 

 

45

 

Deferred tax provision

 

 

55,725

 

 

 

53,766

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

43,233

 

 

 

26,453

 

Investments

 

 

236,275

 

 

 

(360,959

)

Other assets

 

 

(72,312

)

 

 

(33,946

)

Accrued compensation and benefits and other liabilities

 

 

(490,029

)

 

 

(33,489

)

Net cash provided by operating activities

 

 

519,661

 

 

 

413,224

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(24,986

)

 

 

(25,290

)

Disposals of property

 

 

272

 

 

 

699

 

Other investing activities

 

 

(7,500

)

 

 

-

 

Net cash used in investing activities

 

 

(32,214

)

 

 

(24,591

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

388

 

 

 

413

 

LGAC IPO

 

 

-

 

 

 

575,000

 

Customer deposits, net

 

 

281,360

 

 

 

295,837

 

Payments for:

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

(27,062

)

 

 

(7,731

)

Payments under tax receivable agreement

 

 

(21,035

)

 

 

(10,215

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

-

 

 

 

(9,352

)

Purchase of Class A common stock

 

 

(612,175

)

 

 

(286,193

)

Class A common stock dividends

 

 

(138,914

)

 

 

(147,593

)

Settlement of share-based incentive compensation in

   satisfaction of tax withholding requirements

 

 

(61,257