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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, 2020

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 23, 2020, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 7,734,128 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, 2020 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.

 

 

 

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

 

42

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

70

 

 

 

Item 4. Controls and Procedures

 

70

 

 

 

Part II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

71

 

 

 

Item 1A. Risk Factors

 

71

 

 

 

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

 

72

 

 

 

Item 3. Defaults Upon Senior Securities

 

73

 

 

 

Item 4. Mine Safety Disclosures

 

73

 

 

 

Item 5. Other Information

 

73

 

 

 

Item 6. Exhibits

 

74

 

 

 

Signatures

 

77

 

 

 

i


 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2020 and December 31, 2019

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month and nine month periods ended September 30, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month and nine month periods ended September 30, 2020 and 2019

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2020 and 2019

 

6

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three month and nine month periods ended September 30, 2020 and 2019

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

11

 

 

 

1


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2020 AND DECEMBER 31, 2019

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,109,745

 

 

$

1,231,593

 

Deposits with banks and short-term investments

 

 

1,193,717

 

 

 

1,180,686

 

Cash deposited with clearing organizations and other segregated cash

 

 

41,260

 

 

 

43,280

 

Receivables (net of allowance for doubtful accounts of $38,250 and $27,130

   at September 30, 2020 and December 31, 2019, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

468,352

 

 

 

537,442

 

Customers and other

 

 

106,746

 

 

 

125,696

 

 

 

 

575,098

 

 

 

663,138

 

Investments

 

 

535,245

 

 

 

531,995

 

Property (net of accumulated amortization and depreciation of $398,336 and $367,545

   at September 30, 2020 and December 31, 2019, respectively)

 

 

233,481

 

 

 

219,842

 

Operating lease right-of-use assets

 

 

517,583

 

 

 

551,504

 

Goodwill and other intangible assets (net of accumulated amortization

   of $69,590 and $68,305 at September 30, 2020 and December 31, 2019, respectively)

 

 

373,841

 

 

 

373,594

 

Deferred tax assets

 

 

557,120

 

 

 

586,750

 

Other assets

 

 

329,907

 

 

 

257,199

 

Total Assets

 

$

5,466,997

 

 

$

5,639,581

 

 

See notes to condensed consolidated financial statements.

 

2


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2020 AND DECEMBER 31, 2019

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,244,562

 

 

$

1,246,200

 

Accrued compensation and benefits

 

 

451,180

 

 

 

602,777

 

Operating lease liabilities

 

 

609,850

 

 

 

644,345

 

Tax receivable agreement obligation

 

 

221,890

 

 

 

247,344

 

Senior debt

 

 

1,681,487

 

 

 

1,679,562

 

Deferred tax liabilities

 

 

2,582

 

 

 

3,511

 

Other liabilities

 

 

476,748

 

 

 

534,268

 

Total Liabilities

 

 

4,688,299

 

 

 

4,958,007

 

Commitments and contingencies

 

 

 

 

 

 

 

 

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, 2020 and

   December 31, 2019, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

95,143

 

 

 

41,020

 

Retained earnings

 

 

1,160,310

 

 

 

1,193,570

 

Accumulated other comprehensive loss, net of tax

 

 

(279,785

)

 

 

(293,648

)

 

 

 

976,796

 

 

 

942,070

 

Class A common stock held by subsidiaries, at cost (7,760,197 and 8,513,493

   shares at September 30, 2020 and December 31, 2019, respectively)

 

 

(282,983

)

 

 

(332,079

)

Total Lazard Ltd Stockholders’ Equity

 

 

693,813

 

 

 

609,991

 

Noncontrolling interests

 

 

84,885

 

 

 

71,583

 

Total Stockholders’ Equity

 

 

778,698

 

 

 

681,574

 

Total Liabilities and Stockholders’ Equity

 

$

5,466,997

 

 

$

5,639,581

 

 

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, 2020 AND 2019

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

304,999

 

 

$

305,303

 

 

$

906,927

 

 

$

970,081

 

Asset management fees

 

 

265,562

 

 

 

287,140

 

 

 

780,071

 

 

 

876,159

 

Interest income

 

 

1,059

 

 

 

3,962

 

 

 

4,811

 

 

 

11,775

 

Other

 

 

26,402

 

 

 

14,668

 

 

 

56,634

 

 

 

65,537

 

Total revenue

 

 

598,022

 

 

 

611,073

 

 

 

1,748,443

 

 

 

1,923,552

 

Interest expense

 

 

20,344

 

 

 

20,005

 

 

 

60,459

 

 

 

58,120

 

Net revenue

 

 

577,678

 

 

 

591,068

 

 

 

1,687,984

 

 

 

1,865,432

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

354,625

 

 

 

391,363

 

 

 

1,025,948

 

 

 

1,136,087

 

Occupancy and equipment

 

 

31,318

 

 

 

29,856

 

 

 

94,090

 

 

 

89,104

 

Marketing and business development

 

 

7,562

 

 

 

27,318

 

 

 

34,265

 

 

 

84,086

 

Technology and information services

 

 

33,457

 

 

 

34,076

 

 

 

97,444

 

 

 

104,956

 

Professional services

 

 

14,701

 

 

 

15,105

 

 

 

45,974

 

 

 

48,466

 

Fund administration and outsourced services

 

 

26,196

 

 

 

28,425

 

 

 

76,639

 

 

 

85,848

 

Amortization and other acquisition-related costs

 

 

458

 

 

 

1,022

 

 

 

1,359

 

 

 

9,534

 

Other

 

 

4,681

 

 

 

11,530

 

 

 

27,623

 

 

 

33,630

 

Total operating expenses

 

 

472,998

 

 

 

538,695

 

 

 

1,403,342

 

 

 

1,591,711

 

OPERATING INCOME

 

 

104,680

 

 

 

52,373

 

 

 

284,642

 

 

 

273,721

 

Provision for income taxes

 

 

28,165

 

 

 

4,177

 

 

 

76,720

 

 

 

55,536

 

NET INCOME

 

 

76,515

 

 

 

48,196

 

 

 

207,922

 

 

 

218,185

 

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,423

 

 

 

1,492

 

 

 

(4,650

)

 

 

8,662

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

75,092

 

 

$

46,704

 

 

$

212,572

 

 

$

209,523

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,168,615

 

 

 

109,285,727

 

 

 

106,711,547

 

 

 

111,070,395

 

Diluted

 

 

113,181,564

 

 

 

113,881,690

 

 

 

112,929,830

 

 

 

116,959,041

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.69

 

 

$

0.42

 

 

$

1.96

 

 

$

1.87

 

Diluted

 

$

0.66

 

 

$

0.40

 

 

$

1.88

 

 

$

1.77

 

 

 

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, 2020 AND 2019

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

NET INCOME

 

$

76,515

 

 

$

48,196

 

 

$

207,922

 

 

$

218,185

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

34,326

 

 

 

(26,760

)

 

 

5,964

 

 

 

(30,033

)

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit) (net of tax (benefit) expense of $(22)

   for the three months ended September 30, 2020

   and $16 for the nine months ended September 30, 2020)

 

 

(110

)

 

 

-

 

 

 

74

 

 

 

-

 

Actuarial gain (loss) (net of tax (benefit) expense of $(1,644)

   and $(1,607) for the three months ended September 30, 2020

   and 2019, respectively, and $(25) and $1,113

   for the nine months ended September 30, 2020 and 2019,

   respectively)

 

 

(6,424

)

 

 

9,050

 

 

 

2,971

 

 

 

11,911

 

Adjustment for items reclassified to earnings (net of

   tax expense of $412 and $172 for the three months

   ended September 30, 2020 and 2019, respectively,

   and $1,088 and $524 for the nine months ended

   September 30, 2020 and 2019, respectively)

 

 

1,345

 

 

 

1,074

 

 

 

4,855

 

 

 

3,319

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

29,137

 

 

 

(16,636

)

 

 

13,864

 

 

 

(14,803

)

COMPREHENSIVE INCOME

 

 

105,652

 

 

 

31,560

 

 

 

221,786

 

 

 

203,382

 

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,424

 

 

 

1,493

 

 

 

(4,649

)

 

 

8,662

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

104,228

 

 

$

30,067

 

 

$

226,435

 

 

$

194,720

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2020 AND 2019

(UNAUDITED)

(dollars in thousands)

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

207,922

 

 

$

218,185

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

25,716

 

 

 

24,857

 

Noncash lease expense

 

 

46,965

 

 

 

40,268

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

282,955

 

 

 

317,111

 

Amortization and other acquisition-related costs

 

 

1,359

 

 

 

9,534

 

Deferred tax provision (benefit)

 

 

30,680

 

 

 

(6,413

)

Loss on extinguishment of debt

 

 

-

 

 

 

6,505

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

86,038

 

 

 

6,866

 

Investments

 

 

(1,035

)

 

 

43,559

 

Other assets

 

 

(160,066

)

 

 

(128,562

)

Accrued compensation and benefits and other liabilities

 

 

(265,128

)

 

 

(213,501

)

Net cash provided by operating activities

 

 

255,406

 

 

 

318,409

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(34,210

)

 

 

(40,669

)

Disposals of property

 

 

151

 

 

 

98

 

Net cash used in investing activities

 

 

(34,059

)

 

 

(40,571

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Issuance of senior debt, net of expenses

 

 

-

 

 

 

492,032

 

Customer deposits

 

 

-

 

 

 

345,394

 

Contributions from noncontrolling interests

 

 

91

 

 

 

1,193

 

Payments for:

 

 

 

 

 

 

 

 

Senior debt

 

 

-

 

 

 

(255,746

)

Customer deposits

 

 

(37,850

)

 

 

-

 

Distributions to noncontrolling interests

 

 

(1,921

)

 

 

(8,913

)

Payments under tax receivable agreement

 

 

(25,454

)

 

 

(23,687

)

Purchase of Class A common stock

 

 

(95,227

)

 

 

(430,281

)

Class A common stock dividends

 

 

(147,233

)

 

 

(205,559

)

Settlement of share-based incentive compensation

 

 

(71,508

)

 

 

(96,956

)

Other financing activities

 

 

(5,316

)

 

 

(6,144

)

Net cash used in financing activities

 

 

(384,418

)

 

 

(188,667

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

52,234

 

 

 

(92,487

)

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(110,837

)

 

 

(3,316

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   January 1

 

 

2,455,559

 

 

 

2,291,885

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   September 30

 

$

2,344,722

 

 

$

2,288,569