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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 March 31, 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: (441) 295-1422

 

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 April 22, 2022, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 14,871,148 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 March 31, 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)

 

 

 

 

1

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

878,167

 

 

$

1,465,022

 

Deposits with banks and short-term investments

 

 

1,638,519

 

 

 

1,347,544

 

Restricted cash

 

 

615,225

 

 

 

617,448

 

Receivables (net of allowance for doubtful accounts of $33,813 and $33,957

   at March 31, 2022 and December 31, 2021, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

659,768

 

 

 

669,464

 

Customers and other

 

 

156,872

 

 

 

136,345

 

 

 

 

816,640

 

 

 

805,809

 

Investments

 

 

869,844

 

 

 

1,007,339

 

Property (net of accumulated amortization and depreciation of $373,366 and $367,507

   at March 31, 2022 and December 31, 2021, respectively)

 

 

249,406

 

 

 

250,005

 

Operating lease right-of-use assets

 

 

452,192

 

 

 

466,054

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,277 and $70,221 at March 31, 2022 and December 31, 2021, respectively)

 

 

379,615

 

 

 

379,571

 

Deferred tax assets

 

 

429,227

 

 

 

435,308

 

Other assets

 

 

519,511

 

 

 

373,081

 

Total Assets

 

$

6,848,346

 

 

$

7,147,181

 

 

See notes to condensed consolidated financial statements.

 

2

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,748,858

 

 

$

1,442,701

 

Accrued compensation and benefits

 

 

501,325

 

 

 

972,303

 

Operating lease liabilities

 

 

536,910

 

 

 

552,522

 

Tax receivable agreement obligation

 

 

192,489

 

 

 

213,434

 

Senior debt

 

 

1,685,849

 

 

 

1,685,227

 

Deferred tax liabilities

 

 

15,884

 

 

 

1,827

 

Other liabilities

 

 

622,403

 

 

 

626,203

 

Total Liabilities

 

 

5,303,718

 

 

 

5,494,217

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

575,000

 

 

 

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 March 31, 2022 and

   December 31, 2021, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

-

 

 

 

144,729

 

Retained earnings

 

 

1,583,005

 

 

 

1,560,636

 

Accumulated other comprehensive loss, net of tax

 

 

(237,626

)

 

 

(223,847

)

 

 

 

1,346,507

 

 

 

1,482,646

 

Class A common stock held by subsidiaries, at cost (12,371,148 and 12,046,140

   shares at March 31, 2022 and December 31, 2021, respectively)

 

 

(496,681

)

 

 

(507,426

)

Total Lazard Ltd Stockholders’ Equity

 

 

849,826

 

 

 

975,220

 

Noncontrolling interests

 

 

119,802

 

 

 

102,744

 

Total Stockholders’ Equity

 

 

969,628

 

 

 

1,077,964

 

Total Liabilities, Redeemable Noncontrolling Interests

  and Stockholders’ Equity

 

$

6,848,346

 

 

$

7,147,181

 

 

See notes to condensed consolidated financial statements.

 

3

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

REVENUE

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

389,739

 

 

$

317,831

 

Asset management fees

 

 

315,052

 

 

 

326,950

 

Interest income

 

 

1,761

 

 

 

1,354

 

Other

 

 

9,592

 

 

 

33,769

 

Total revenue

 

 

716,144

 

 

 

679,904

 

Interest expense

 

 

21,252

 

 

 

19,797

 

Net revenue

 

 

694,892

 

 

 

660,107

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

396,841

 

 

 

401,546

 

Occupancy and equipment

 

 

31,239

 

 

 

34,748

 

Marketing and business development

 

 

14,123

 

 

 

6,651

 

Technology and information services

 

 

37,931

 

 

 

33,670

 

Professional services

 

 

16,029

 

 

 

14,948

 

Fund administration and outsourced services

 

 

29,703

 

 

 

29,279

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

15

 

Other

 

 

9,283

 

 

 

4,960

 

Total operating expenses

 

 

535,164

 

 

 

525,817

 

OPERATING INCOME

 

 

159,728

 

 

 

134,290

 

Provision for income taxes

 

 

38,753

 

 

 

43,464

 

NET INCOME

 

 

120,975

 

 

 

90,826

 

LESS - NET INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

7,099

 

 

 

3,526

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

113,876

 

 

$

87,300

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

102,547,277

 

 

 

107,291,560

 

Diluted

 

 

108,186,642

 

 

 

115,822,294

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

Basic

 

$

1.09

 

 

$

0.80

 

Diluted

 

$

1.05

 

 

$

0.75

 

 

 

See notes to condensed consolidated financial statements.

 

4

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

NET INCOME

 

$

120,975

 

 

$

90,826

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

(18,068

)

 

 

(19,743

)

Employee benefit plans:

 

 

 

 

 

 

 

 

Actuarial gain (net of tax expense of

   $788 and $762 for the three months ended

   March 31, 2022 and 2021, respectively

 

 

3,439

 

 

 

1,065

 

Adjustment for items reclassified to earnings (net of

   tax expense of $267 and $381 for the three months

   ended March 31, 2022 and 2021, respectively)

 

 

849

 

 

 

1,336

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(13,780

)

 

 

(17,342

)

COMPREHENSIVE INCOME

 

 

107,195

 

 

 

73,484

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

7,098

 

 

 

3,527

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

100,097

 

 

$

69,957

 

 

 

See notes to condensed consolidated financial statements.

 

5

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

120,975

 

 

$

90,826

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

10,258

 

 

 

9,361

 

Noncash lease expense

 

 

17,089

 

 

 

17,210

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

90,633

 

 

 

100,271

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

15

 

Deferred tax provision

 

 

26,261

 

 

 

29,673

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(15,160

)

 

 

(7,486

)

Investments

 

 

44,236

 

 

 

(202,534

)

Other assets

 

 

(26,435

)

 

 

(16,134

)

Accrued compensation and benefits and other liabilities

 

 

(481,402

)

 

 

(144,542

)

Net cash used in operating activities

 

 

(213,530

)

 

 

(123,340

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(13,510

)

 

 

(7,498

)

Disposals of property

 

 

2

 

 

 

628

 

Net cash used in investing activities

 

 

(13,508

)

 

 

(6,870

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

191

 

 

 

-

 

LGAC IPO

 

 

-

 

 

 

575,000

 

Customer deposits, net

 

 

302,342

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Customer deposits, net

 

 

-

 

 

 

(58,739

)

Distributions to noncontrolling interests

 

 

(4,474

)

 

 

(1,020

)

Payments under tax receivable agreement

 

 

(20,945

)

 

 

(10,215

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

-

 

 

 

(9,308

)

Purchase of Class A common stock

 

 

(175,797

)

 

 

(122,652

)

Class A common stock dividends

 

 

(46,664

)

 

 

(49,441

)

Settlement of share-based incentive compensation in

   satisfaction of tax withholding requirements

 

 

(58,005

)

 

 

(64,804

)

LFI Consolidated Funds redemptions

 

 

(10,976

)

 

 

-

 

Other financing activities

 

 

(4,915

)

 

 

(14,302

)

Net cash provided by (used in) financing activities

 

 

(19,243

)

 

 

244,519

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND

   CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(51,822

)

 

 

(79,205

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

   AND RESTRICTED CASH

 

 

(298,103

)

 

 

35,104

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   January 1

 

 

3,430,014

 

 

 

2,568,827

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   March 31

 

$

3,131,911

 

 

$

2,603,931

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED

   STATEMENTS OF FINANCIAL CONDITION:

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

878,167

 

 

$

1,465,022

 

Deposits with banks and short-term investments

 

 

1,638,519

 

 

 

1,347,544

 

Restricted cash

 

 

615,225

 

 

 

617,448

 

TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

$

3,131,911

 

 

$

3,430,014

 

 

See notes to condensed consolidated financial statements.

 

6

 

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2021

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

Redeemable

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

Noncontrolling

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

 

Interests

 

Balance - January 1, 2021

 

 

112,766,091

 

 

$

1,128

 

 

$

135,439

 

 

$

1,295,386

 

 

$

(238,368

)

 

 

7,728,387

 

 

$

(281,813

)

 

$

911,772

 

 

$

87,661

 

 

$

999,433

 

 

$

-

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,300

 

 

 

3,526

 

 

 

90,826

 

 

 

 

 

Other comprehensive income (loss) -

   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,343

)

 

 

 

 

 

 

 

 

 

 

(17,343

)

 

 

1

 

 

 

(17,342

)

 

 

 

 

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

65,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,906

 

 

 

2,285

 

 

 

68,191

 

 

 

 

 

Dividend equivalents

 

 

 

 

 

 

 

 

 

 

5,859

 

 

 

(6,381

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(522

)

 

 

(1,731

)

 

 

(2,253

)

 

 

 

 

Class A common stock dividends

   ($0.47 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,441

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,441

)

 

 

 

 

 

 

(49,441

)

 

 

 

 

Purchase of Class A common stock