Company Quick10K Filing
Quick10K
Lazard Group
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-03-29 Officers, Exhibits
8-K 2019-03-12 Other Events, Exhibits
8-K 2019-03-05 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-03-05 Other Events, Exhibits
8-K 2019-02-04 Enter Agreement, Exhibits
8-K 2018-09-26 Other Events, Exhibits
8-K 2018-09-19 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-12 Enter Agreement, Exhibits
8-K 2018-09-12 Other Events, Exhibits
SEGN Success Entertainment Group 375
USL United States 12 Month Oil Fund 54
MFON Mobivity Holdings 46
SUWN Sunwin Stevia 16
LGTG Lightning Gaming 0
WLUC Zhong Ya 0
NWP Northwest Pipeline 0
ANDO Ando Holdings 0
TXHD Textmunication Holdings 0
HAWK Blackhawk Network 0
LZD 2019-06-30
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Part IV
Item 6. Exhibits
EX-31.1 lzd-ex311_6.htm
EX-31.2 lzd-ex312_7.htm
EX-32.1 lzd-ex321_9.htm
EX-32.2 lzd-ex322_8.htm

Lazard Group Earnings 2019-06-30

LZD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

lzd-10q_20190630.htm
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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 June 30, 2019

OR

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

For the transition period from              to             

333-126751

(Commission File Number)

 

LAZARD GROUP LLC

(Exact name of registrant as specified in its charter)

 

 

Delaware

51-0278097

(State or Other Jurisdiction of Incorporation

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

or Organization)

 

30 Rockefeller Plaza

New York, NY 10112

(Address of principal executive offices)

Registrant’s telephone number: (212) 632-6000

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

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 July 19, 2019, in addition to profit participation interests, there were two managing member interests outstanding.

 

 

 

 

 

 


 

TABLE OF CONTENTS

When we use the terms “Lazard Group”, “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Group LLC, a Delaware limited liability company, that is the current holding company for the subsidiaries that conduct our businesses. Lazard Ltd is a Bermuda exempt company whose shares of Class A common stock (the “Class A common stock”) are publicly traded on the New York Stock Exchange under the symbol “LAZ”. Lazard Ltd’s subsidiaries include Lazard Group and their respective subsidiaries. Lazard Ltd’s primary operating asset is its indirect ownership as of June 30, 2019 of all of the common membership interests in Lazard Group. Lazard Ltd controls Lazard Group through two of its indirect wholly-owned subsidiaries that are co-managing members of Lazard Group.

Lazard Group has granted profit participation interests in Lazard Group to certain of its managing directors. The profit participation interests are discretionary profits interests that are intended to enable Lazard Group to compensate its managing directors in a manner consistent with historical practices.  Lazard Group has also granted profits interest participation rights to certain of its managing directors. See Note 14 of Notes to Condensed Consolidated Financial Statements.

 

 

 

Page

Part I. Financial Information

 

 

 

 

 

Item 1. Financial Statements (Unaudited)

 

1

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

40

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

67

 

 

 

Item 4. Controls and Procedures

 

67

 

 

 

Part II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

68

 

 

 

Item 1A. Risk Factors

 

68

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

 

Item 3. Defaults Upon Senior Securities

 

68

 

 

 

Item 4. Mine Safety Disclosures

 

68

 

 

 

Item 5. Other Information

 

68

 

 

 

Item 6. Exhibits

 

69

 

 

 

Signatures

 

71

 

 

 

i


 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of June 30, 2019 and December 31, 2018

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month and six month periods ended June 30, 2019 and 2018

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 2019 and 2018

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2019 and 2018

 

6

 

 

 

Condensed Consolidated Statements of Changes in Members’ Equity for the three month and six month periods ended June 30, 2019 and 2018

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

11

 

 

 

1


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2019 AND DECEMBER 31, 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

835,416

 

 

$

1,185,040

 

Deposits with banks and short-term investments

 

 

1,301,520

 

 

 

1,006,969

 

Cash deposited with clearing organizations and other segregated cash

 

 

39,761

 

 

 

38,379

 

Receivables (net of allowance for doubtful accounts of $33,484 and $40,115 at

   June 30, 2019 and December 31, 2018, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

501,790

 

 

 

499,068

 

Customers and other

 

 

202,268

 

 

 

184,137

 

Lazard Ltd subsidiaries

 

 

35,779

 

 

 

21,103

 

 

 

 

739,837

 

 

 

704,308

 

Investments

 

 

575,424

 

 

 

575,148

 

Property (net of accumulated amortization and depreciation of $350,622 and $339,448

    at June 30, 2019 and December 31, 2018, respectively)

 

 

205,329

 

 

 

211,713

 

Operating lease right-of-use assets

 

 

476,907

 

 

 

-

 

Goodwill and other intangible assets (net of accumulated amortization of $64,416 and

   $63,591 at June 30, 2019 and December 31, 2018, respectively)

 

 

352,755

 

 

 

354,463

 

Deferred tax assets

 

 

58,046

 

 

 

55,042

 

Other assets

 

 

318,527

 

 

 

258,413

 

Total Assets

 

$

4,903,522

 

 

$

4,389,475

 

 

See notes to condensed consolidated financial statements.

 

2


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2019 AND DECEMBER 31, 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

LIABILITIES AND MEMBERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,480,684

 

 

$

1,154,208

 

Accrued compensation and benefits

 

 

330,558

 

 

 

583,730

 

Operating lease liabilities

 

 

554,707

 

 

 

-

 

Senior debt

 

 

1,678,131

 

 

 

1,434,260

 

Payable to Lazard Ltd subsidiaries

 

 

64,743

 

 

 

63,185

 

Deferred tax liabilities

 

 

2,693

 

 

 

5,539

 

Other liabilities

 

 

490,341

 

 

 

565,801

 

Total Liabilities

 

 

4,601,857

 

 

 

3,806,723

 

Commitments and contingencies

 

 

 

 

 

 

 

 

MEMBERS’ EQUITY

 

 

 

 

 

 

 

 

Members' equity (net of 20,923,448 and 16,737,000 shares of Lazard Ltd Class A

   common stock, at a cost of $845,421 and $729,910 at June 30, 2019 and

   December 31, 2018, respectively)

 

 

465,436

 

 

 

758,705

 

Accumulated other comprehensive loss, net of tax

 

 

(227,594

)

 

 

(228,660

)

Total Lazard Group LLC Members' Equity

 

 

237,842

 

 

 

530,045

 

Noncontrolling interests

 

 

63,823

 

 

 

52,707

 

Total Members’ Equity

 

 

301,665

 

 

 

582,752

 

Total Liabilities and Members’ Equity

 

$

4,903,522

 

 

$

4,389,475

 

 

See notes to condensed consolidated financial statements.

 

3


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

327,127

 

 

$

418,823

 

 

$

646,482

 

 

$

826,895

 

Asset management fees

 

 

296,581

 

 

 

335,891

 

 

 

589,019

 

 

 

673,987

 

Interest income

 

 

4,009

 

 

 

2,255

 

 

 

7,573

 

 

 

4,943

 

Other

 

 

21,473

 

 

 

12,188

 

 

 

51,007

 

 

 

31,065

 

Total revenue

 

 

649,190

 

 

 

769,157

 

 

 

1,294,081

 

 

 

1,536,890

 

Interest expense

 

 

21,040

 

 

 

14,518

 

 

 

39,929

 

 

 

28,990

 

Net revenue

 

 

628,150

 

 

 

754,639

 

 

 

1,254,152

 

 

 

1,507,900

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

370,452

 

 

 

414,615

 

 

 

740,700

 

 

 

817,922

 

Occupancy and equipment

 

 

30,784

 

 

 

29,041

 

 

 

58,902

 

 

 

59,113

 

Marketing and business development

 

 

28,719

 

 

 

28,164

 

 

 

56,644

 

 

 

53,772

 

Technology and information services

 

 

38,788

 

 

 

32,501

 

 

 

70,813

 

 

 

65,730

 

Professional services

 

 

17,714

 

 

 

15,525

 

 

 

31,515

 

 

 

27,678

 

Fund administration and outsourced services

 

 

28,493

 

 

 

33,227

 

 

 

57,423

 

 

 

68,411

 

Amortization and other acquisition-related (benefits) costs

 

 

402

 

 

 

(538

)

 

 

(282

)

 

 

84

 

Other

 

 

5,185

 

 

 

10,290

 

 

 

21,961

 

 

 

36,424

 

Total operating expenses

 

 

520,537

 

 

 

562,825

 

 

 

1,037,676

 

 

 

1,129,134

 

OPERATING INCOME

 

 

107,613

 

 

 

191,814

 

 

 

216,476

 

 

 

378,766

 

Provision for income taxes

 

 

17,276

 

 

 

31,445

 

 

 

33,264

 

 

 

50,060

 

NET INCOME

 

 

90,337

 

 

 

160,369

 

 

 

183,212

 

 

 

328,706

 

LESS - NET INCOME ATTRIBUTABLE

   TO NONCONTROLLING INTERESTS

 

 

7,736

 

 

 

1,416

 

 

 

7,170

 

 

 

3,385

 

NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC

 

$

82,601

 

 

$

158,953

 

 

$

176,042

 

 

$

325,321

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

NET INCOME

 

$

90,337

 

 

$

160,369

 

 

$

183,212

 

 

$

328,706

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

(6,969

)

 

 

(40,576

)

 

 

(4,040

)

 

 

(21,627

)

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (net of tax expense of $2,420

   and $1,746 for the three months ended June 30, 2019

   and 2018, respectively, and $2,720 and $404

   for the six months ended June 30, 2019 and 2018,

   respectively)

 

 

2,812

 

 

 

8,300

 

 

 

2,861

 

 

 

3,286

 

Adjustment for items reclassified to earnings (net of

   tax expense of $174 and $468 for the three

   months ended June 30, 2019 and 2018, respectively,

   and $352 and $684 for the six months ended

   June 30, 2019 and 2018, respectively)

 

 

1,113

 

 

 

777

 

 

 

2,245

 

 

 

1,839

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

(3,044

)

 

 

(31,499

)

 

 

1,066

 

 

 

(16,502

)

COMPREHENSIVE INCOME

 

 

87,293

 

 

 

128,870

 

 

 

184,278

 

 

 

312,204

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

7,735

 

 

 

1,415

 

 

 

7,170

 

 

 

3,384

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD GROUP LLC

 

$

79,558

 

 

$

127,455

 

 

$

177,108

 

 

$

308,820

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018

(UNAUDITED)

(dollars in thousands)

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

183,212

 

 

$

328,706

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

16,091

 

 

 

16,536

 

Noncash lease expense

 

 

26,672

 

 

 

-

 

Amortization of deferred expenses and share-based incentive compensation

 

 

225,441

 

 

 

224,485

 

Amortization and other acquisition-related (benefits) costs

 

 

(282

)

 

 

84

 

Deferred tax benefit

 

 

(8,548

)

 

 

(3,725

)

Loss on extinguishment of debt

 

 

6,505

 

 

 

-

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(35,519

)

 

 

(243,419

)

Investments

 

 

7,228

 

 

 

(79,998

)

Other assets

 

 

(107,587

)

 

 

(131,417

)

Accrued compensation and benefits and other liabilities

 

 

(252,760

)

 

 

(120,330

)

Net cash provided by (used in) operating activities

 

 

60,453

 

 

 

(9,078

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(18,060

)

 

 

(31,846

)

Disposals of property

 

 

85

 

 

 

1,328

 

Net cash used in investing activities

 

 

(17,975

)

 

 

(30,518

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Issuance of senior debt, net of expenses

 

 

491,875

 

 

 

-

 

Customer deposits, net

 

 

314,730

 

 

 

70,194

 

Contributions from noncontrolling interests

 

 

268

 

 

 

491

 

Other financing activities

 

 

925

 

 

 

25

 

Payments for:

 

 

 

 

 

 

 

 

Senior debt

 

 

(255,746

)

 

 

-

 

Distributions to noncontrolling interests

 

 

(7,786

)

 

 

(5,060

)

Purchase of Class A common stock

 

 

(351,712

)

 

 

(223,795

)

Distributions to members

 

 

(178,935

)

 

 

(265,592

)

Settlement of share-based incentive compensation

 

 

(96,089

)

 

 

(109,218

)

Other financing activities

 

 

(4,723

)

 

 

(4,698

)

Net cash used in financing activities

 

 

(87,193

)

 

 

(537,653

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(8,976

)

 

 

(46,727

)

NET DECREASE IN CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(53,691

)

 

 

(623,976

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—January 1

 

 

2,230,388

 

 

 

2,441,266

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—June 30

 

$

2,176,697

 

 

$

1,817,290

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL

   CONDITION:

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Cash and cash equivalents

 

$

835,416

 

 

$

1,185,040

 

Deposits with banks and short-term investments

 

 

1,301,520

 

 

 

1,006,969

 

Cash deposited with clearing organizations and other segregated cash

 

 

39,761

 

 

 

38,379

 

TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

$

2,176,697

 

 

$

2,230,388

 

 

 

See notes to condensed consolidated financial statements.

 

6


 

LAZARD GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Total

Lazard Group

 

 

 

 

 

 

Total

 

 

 

 

Members'

 

 

Income (Loss),

 

 

Members'

 

 

Noncontrolling

 

 

Members'

 

 

 

 

Equity

 

 

Net of Tax

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - April 1, 2018 (*)

 

 

$

838,340

 

 

$

(180,259

)

 

$

658,081

 

 

$

59,075

 

 

$

717,156

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

158,953