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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
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|
☐ |
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:
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|
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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) |
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 |
|