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Highlights
Net income, on a U.S. GAAP basis, which is before exchange of
exchangeable interests, was
A reconciliation of the U.S. GAAP results to the adjusted results is presented on page 11 of this release.
Operating Revenue and Operating Income
Operating revenue for the first quarter of 2011 was
The Company's quarterly revenue and profits can fluctuate materially
depending on the number, size and timing of completed transactions on
which it advised, as well as seasonality and other factors. Accordingly,
the revenue and profits in any particular quarter may not be indicative
of future results. As such,
Comments
"We have entered 2011 with momentum in our M&A, Strategic and Capital
Advisory business, which increased 14% in aggregate," said Kenneth M.
Jacobs, Chairman and Chief Executive Officer of
"We believe that there are substantial opportunities for growth in our
Financial Advisory and Asset Management businesses, despite the expected
decline in restructuring, as the need for independent strategic advice
and superior investment solutions increases," said Matthieu Bucaille,
Chief Financial Officer of
Core Operating Business Revenue
Core Operating Business
Lazard's core operating business includes its Financial Advisory and
Asset Management businesses. Core operating business revenue was
Financial Advisory
Financial Advisory operating revenue was
M&A and Strategic Advisory
M&A and Strategic Advisory operating revenue increased 11% to
Among the publicly announced M&A transactions completed during the first
quarter of 2011 on which
Among the ongoing, publicly announced M&A transactions on which
Strategic Advisory also includes our sovereign advisory work. Publicly
announced sovereign and government advisory assignments that occurred
during or since the 2011 first quarter include: advising the US Treasury
with respect to certain of its automotive investments, continuing to
advise the government of
Restructuring
Restructuring operating revenue decreased 65% to
The decrease in Restructuring operating revenue in the first quarter of 2011, compared to both the first quarter of 2010 and the fourth quarter of 2010, was due principally to a decline in completion fees related to the reduction in the number and value of corporate defaults since the peak in early 2009.
Restructuring assignments completed during the first quarter of 2011
include
Notable Chapter 11 bankruptcies, on which
Among other publicly announced restructuring and debt advisory
assignments on which
Asset Management
Asset Management operating revenue increased 22% to a first-quarter
record of
Assets Under Management at
Average Assets Under Management were
Management fees increased 28% to a record
Incentive fees were
Our Asset Management business provides investment management and advisory services to governments, institutions, financial intermediaries, private clients and investment vehicles around the world. Our goal in our Asset Management business is to produce superior risk-adjusted investment returns and provide investment solutions customized for our clients. Asset Management includes the management of equity and fixed income securities as well as alternative investments and private equity funds.
Operating Expenses
Compensation and Benefits
Compensation and benefits expense including related accruals for the
first quarter of 2011 was
The compensation ratio was 59.1% for the first quarter of 2011, compared to 60.3% for the corresponding period in 2010, on the same basis.
Our goal remains to grow annual compensation expense at a slower rate than revenues, and to achieve over the cycle compensation levels on average consistent with the targets established at the time we went public in 2005.
Non-Compensation
The ratio of non-compensation expense to operating revenue, excluding amortization of intangibles related to acquisitions for the first quarter of 2011 was 20.4% compared to 18.3% for the 2010 first quarter.
Non-compensation expense was
The increase in non-compensation expense was primarily due to increases
in expenses related to the growth of our Asset Management business
activity and Assets Under Management, and to an increase in
industry-wide fees assessed by the
The percentage of non-compensation expenses to operating revenue can
vary from quarter to quarter due to quarterly fluctuation in revenues,
among other things. Accordingly, the results in a particular quarter may
not be indicative of future results.
Provision for Income Taxes
The provision for income taxes, on a fully exchanged basis, was
Noncontrolling interests
Net income attributable to noncontrolling interests, on a fully
exchanged basis, amounted to
Liquidity, Capital Resources and Other Items
At
During the first quarter of 2011,
On
Non-GAAP Information
Additional financial, statistical and business-related information is included in a financial supplement. This earnings release, the financial supplement and selected transaction information will be available today on our website at www.lazard.com.
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continue", and the negative of these terms and other comparable terminology. These forward-looking statements are not historical facts but instead represent only our belief regarding future results, many of which, by their nature, are inherently uncertain and outside of our control. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also disclosed from time to time in our reports on Forms 10-Q and 8-K including the following:
a Refers to net income or loss attributable to
b Refers to first quarter 2010 pre-tax charges of
c Refers to the full conversion of all outstanding exchangeable interests held by the members of LAZ-MD holdings and is a non-GAAP measure.
LAZARD LTD | ||||||||||||
OPERATING REVENUE | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
($ in thousands) | ||||||||||||
Financial Advisory | ||||||||||||
M&A and Strategic Advisory | $ | 163,752 | $ | 147,557 | 11 | % | ||||||
Restructuring | 35,557 | 100,188 | (65 | %) | ||||||||
Capital Markets & Other Advisory | 29,549 | 21,331 | 39 | % | ||||||||
Total | 228,858 | 269,076 | (15 | %) | ||||||||
Asset Management | ||||||||||||
Management Fees | 206,768 | 161,796 | 28 | % | ||||||||
Incentive Fees | 5,146 | 13,787 | (63 | %) | ||||||||
Other Revenue | 12,098 | 8,147 | 48 | % | ||||||||
Total | 224,012 | 183,730 | 22 | % | ||||||||
Core Operating Business Revenue (a) | 452,870 | 452,806 | 0 | % | ||||||||
Corporate | 3,981 | 4,104 | (3 | %) | ||||||||
Operating Revenue (b) | 456,851 | 456,910 | (0 | %) | ||||||||
Revenue related to noncontrolling interests (c) | 3,426 | 4,339 | ||||||||||
Other Interest Expense | (22,254 | ) | (23,038 | ) | ||||||||
Net Revenue | $ | 438,023 | $ | 438,211 | (0 | %) |
(a) Core operating business revenue includes the results of Financial Advisory and Asset Management businesses and excludes the results of Corporate. |
(b) Operating revenue excludes interest expense relating to financing activities and revenue relating to noncontrolling interests, each of which are included in net revenue. |
(c) Represents the revenues related to noncontrolling interests other than LAZ-MD in which the company has no economic interest. |
LAZARD LTD | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
Ended March 31, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
($ in thousands, except per share data) | ||||||||||||
Total revenue (a) | $ | 457,915 | $ | 459,469 | (0 | %) | ||||||
LFB interest expense | (1,064 | ) | (2,559 | ) | ||||||||
Operating revenue | 456,851 | 456,910 | (0 | %) | ||||||||
Revenue related to noncontrolling interests | 3,426 | 4,339 | ||||||||||
Other interest expense | (22,254 | ) | (23,038 | ) | ||||||||
Net revenue | 438,023 | 438,211 | (0 | %) | ||||||||
Operating expenses: | ||||||||||||
Compensation and benefits | 269,999 | 300,377 | (10 | %) | ||||||||
Occupancy and equipment | 22,708 | 21,270 | ||||||||||
Marketing and business development | 18,111 | 15,603 | ||||||||||
Technology and information services | 19,567 | 17,652 | ||||||||||
Professional services | 9,841 | 8,171 | ||||||||||
Fund administration and outsourced services | 13,251 | 11,374 | ||||||||||
Amortization of intangible assets related to acquisitions | 1,474 | 1,770 | ||||||||||
Other | 9,626 | 9,367 | ||||||||||
Subtotal | 94,578 | 85,207 | 11 | % | ||||||||
Restructuring expense (b) | - | 87,108 | ||||||||||
Operating expenses | 364,577 | 472,692 | (23 | %) | ||||||||
Operating income (loss) | 73,446 | (34,481 | ) | NM | ||||||||
Provision for income taxes | 13,463 | 6,413 | NM | |||||||||
Net income (loss) | 59,983 | (40,894 | ) | NM | ||||||||
Net income (loss) attributable to LAZ-MD | 3,734 | (9,719 | ) | |||||||||
Net income attributable to other noncontrolling interests | 1,242 | 2,359 | ||||||||||
Net income (loss) attributable to Lazard Ltd | $ | 55,007 | ($33,534 | ) | NM | |||||||
Attributable to Lazard Ltd Common Stockholders: | ||||||||||||
Weighted average shares outstanding (c): | ||||||||||||
Basic | 115,334,754 | 89,736,137 | ||||||||||
Diluted | 138,590,593 | 89,736,137 | ||||||||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.48 | ($0.38 | ) | ||||||||
Diluted | $ | 0.43 | ($0.38 | ) | ||||||||
Supplemental Information Assuming Full Exchange of Exchangeable Interests and excluding Special Charges (d): | ||||||||||||
Compensation and benefits excluding special charges | $ | 269,999 | $ | 275,517 | (2 | %) | ||||||
Operating income excluding special charges | $ | 73,446 | $ | 77,487 | (5 | %) | ||||||
Net income attributable to Lazard Ltd assuming full exchange | ||||||||||||
of exchangeable interests and excluding special charges | $ | 58,539 | $ | 61,431 | (5 | %) | ||||||
Attributable to Lazard Ltd Common Stockholders: | ||||||||||||
Weighted average shares outstanding, assuming full | ||||||||||||
exchange of exchangeable interests and excluding | ||||||||||||
special charges (e): | ||||||||||||
Basic | 122,972,153 | 120,146,231 | 2 | % | ||||||||
Diluted | 138,590,593 | 136,518,694 | 2 | % | ||||||||
Net income per share - assuming full exchange | ||||||||||||
of exchangeable interests and excluding | ||||||||||||
special charges: | ||||||||||||
Basic | $ | 0.48 | $ | 0.51 | ||||||||
Diluted | $ | 0.43 | $ | 0.46 | ||||||||
Ratio of compensation to operating revenue (f) | 59.1 | % | 60.3 | % | ||||||||
Ratio of non-compensation to operating revenue (g) | 20.4 | % | 18.3 | % | ||||||||
See Notes to Unaudited Condensed Consolidated Statements of Operations | ||||||||||||
and Reconciliation of US GAAP Results to Full Exchange Excluding Special Charges |
LAZARD LTD | |||||||||
RECONCILIATION OF U.S. GAAP RESULTS TO FULL EXCHANGE EXCLUDING SPECIAL CHARGES (d) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
Ended March 31, | |||||||||
2011 | 2010 | ||||||||
($ in thousands, except per share data) | |||||||||
Compensation & Benefits | |||||||||
Compensation & benefits - U.S. GAAP Basis | $ | 269,999 | $ | 300,377 | |||||
Adjustments to exclude special charges (d): | |||||||||
Acceleration of restricted stock unit vesting related to retirement policy change | - | (24,860 | ) | ||||||
Compensation & benefits excluding special charges | $ | 269,999 | $ | 275,517 | |||||
Operating Income (Loss) | |||||||||
Operating income (loss) - U.S. GAAP Basis | $ | 73,446 | ($34,481 | ) | |||||
Adjustments to exclude special charges (d): | |||||||||
Acceleration of restricted stock unit vesting related to retirement policy change | - | 24,860 | |||||||
Restructuring expense | - | 87,108 | |||||||
Operating income excluding special charges | $ | 73,446 | $ | 77,487 | |||||
Net Income (Loss) attributable to Lazard Ltd | |||||||||
Net income (loss) attributable to Lazard Ltd - U.S. GAAP Basis | $ | 55,007 | ($33,534 | ) | |||||
Adjustments to exclude special charges (d): | |||||||||
Acceleration of restricted stock unit vesting related to retirement policy change | - | 24,860 | |||||||
Restructuring expense | - | 87,108 | |||||||
Tax benefits associated with special charges | - | (7,043 | ) | ||||||
Net loss attributable to LAZ-MD | - | (24,388 | ) | ||||||
Adjustment for full exchange of exchangeable interests (e): | |||||||||
Tax adjustment for full exchange | (202 | ) | (242 | ) | |||||
Amount attributable to LAZ-MD | 3,734 | 14,670 | |||||||
Net income attributable to Lazard Ltd assuming full exchange | |||||||||
of exchangeable interests and excluding special charges | $ | 58,539 | $ | 61,431 | |||||
Diluted net income (loss) per share (c): | |||||||||
U.S. GAAP Basis - Net income (loss) attributable to Lazard Ltd | $ | 0.43 | ($0.38 | ) | |||||
Net income assuming full exchange of exchangeable interests | |||||||||
and excluding special charges | $ | 0.43 | $ | 0.46 |
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, see item (d) in notes to unaudited condensed consolidated statements of operations and reconciliation of US GAAP results to full exchange excluding special charges. Lazard believes that results assuming full exchange of outstanding exchangeable interests and excluding special charges provides the most meaningful basis for comparison among present, historical and future periods. | |
See Notes to Unaudited Condensed Consolidated Statements of Operations | |
and Reconciliation of US GAAP Results to Full Exchange Excluding Special Charges |
LAZARD LTD |
Notes to Unaudited Condensed Consolidated Statements of Operations |
and Reconciliation of US GAAP Results to Full Exchange Excluding Special Charges |
(a) | Excludes revenue related to noncontrolling interests. | ||
(b) | Expenses related to severance, benefits and other charges in connection with the reduction and realignment of staff. | ||
(c) | See "Reconciliation of Shares Outstanding and Basic & Diluted Net Income Per Share". | ||
(d) | For the three month period ended March 31, 2010, special charges consist of (i) the expenses related to the reduction and realignment of staff noted in (b) above and (ii) a charge aggregating $24,860 recorded to compensation and benefits expense in connection with the accelerated vesting of restricted stock units related to the Company's change in retirement policy. | ||
(e) | Represents a reversal of noncontrolling interests related to LAZ-MD Holdings' ownership of Lazard Group common membership interests net of an adjustment for Lazard Ltd entity-level taxes to effect a full exchange of interests and excluding the items noted in (d) above (see "Reconciliation of US GAAP to Full Exchange Excluding Special Charges"). | ||
(f) | Excludes the charges noted in (d) above. | ||
(g) | Excludes the amortization of intangible assets related to acquisitions. | ||
NM | Not meaningful |
LAZARD LTD | |||||||||
UNAUDITED CONDENSED CONSOLIDATED | |||||||||
STATEMENT OF FINANCIAL CONDITION | |||||||||
($ in thousands) |
|||||||||
March 31, | December 31, | ||||||||
2011 | 2010 | ||||||||
ASSETS |
|||||||||
Cash and cash equivalents | $ | 1,015,934 | $ | 1,209,695 | |||||
Deposits with banks | 307,181 | 356,539 | |||||||
Cash deposited with clearing organizations and other segregated cash | 99,533 | 92,911 | |||||||
Receivables | 530,877 | 568,704 | |||||||
Investments | 407,147 | 417,410 | |||||||
Goodwill and other intangible assets | 362,837 | 361,439 | |||||||
Other assets | 435,851 | 415,834 | |||||||
Total Assets | $ | 3,159,360 | $ | 3,422,532 | |||||
LIABILITIES & STOCKHOLDERS' EQUITY |
|||||||||
Liabilities | |||||||||
Deposits and other customer payables | $ | 330,390 | $ | 361,553 | |||||
Accrued compensation and benefits | 134,836 | 498,880 | |||||||
Senior debt | 1,076,850 | 1,076,850 | |||||||
Other liabilities | 626,823 | 539,132 | |||||||
Subordinated debt | 150,000 | 150,000 | |||||||
Total liabilities | 2,318,899 | 2,626,415 | |||||||
Commitments and contingencies | |||||||||
Stockholders' equity | |||||||||
Preferred stock, par value $.01 per share: | |||||||||
Series A | - | - | |||||||
Series B | - | - | |||||||
Common stock, par value $.01 per share: | |||||||||
Class A | 1,197 | 1,197 | |||||||
Class B | - | - | |||||||
Additional paid-in capital | 612,101 | 758,841 | |||||||
Retained earnings | 204,666 | 166,468 | |||||||
Accumulated other comprehensive loss, net of tax | (26,567 | ) | (46,158 | ) | |||||
791,397 | 880,348 | ||||||||
Class A common stock held by a subsidiary, at cost | (97,671 | ) | (227,950 | ) | |||||
Total Lazard Ltd stockholders' equity | 693,726 | 652,398 | |||||||
Noncontrolling interests | 146,735 | 143,719 | |||||||
Total stockholders' equity | 840,461 | 796,117 | |||||||
Total liabilities and stockholders' equity | $ | 3,159,360 | $ | 3,422,532 |
LAZARD LTD | |||||||||||||||||||||||||||||||
SELECTED QUARTERLY OPERATING RESULTS ON A FULLY EXCHANGED BASIS, EXCLUDING SPECIAL CHARGES, WHERE APPLICABLE | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 (a) | 2009 (b) | 2009 | 2009 | 2009 (c) | |||||||||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||||||||||||||||
Financial Advisory | |||||||||||||||||||||||||||||||
M&A and Strategic Advisory | $ | 163,752 | $ | 259,986 | $ | 160,662 | $ | 145,854 | $ | 147,557 | $ | 170,206 | $ | 124,691 | $ | 134,855 | $ | 96,474 | |||||||||||||
Restructuring | 35,557 | 47,809 | 66,000 | 79,879 | 100,188 | 103,449 | 119,101 | 93,231 | 60,929 | ||||||||||||||||||||||
Capital Markets & Other Advisory | 29,549 | 43,616 | 27,750 | 19,918 | 21,331 | 39,943 | 16,390 | 25,005 | 6,094 | ||||||||||||||||||||||
Total | 228,858 | 351,411 | 254,412 | 245,651 | 269,076 | 313,598 | 260,182 | 253,091 | 163,497 | ||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||
Management Fees | 206,768 | 203,127 | 183,975 | 166,987 | 161,796 | 152,810 | 133,377 | 107,123 | 93,500 | ||||||||||||||||||||||
Incentive Fees | 5,146 | 44,407 | 15,469 | 12,635 | 13,787 | 40,988 | 15,202 | 13,170 | 5,435 | ||||||||||||||||||||||
Other Revenue | 12,098 | 8,203 | 8,523 | 7,597 | 8,147 | 10,324 | 8,769 | 11,273 | 4,000 | ||||||||||||||||||||||
Total | 224,012 | 255,737 | 207,967 | 187,219 | 183,730 | 204,122 | 157,348 | 131,566 | 102,935 | ||||||||||||||||||||||
Core operating business revenue (d) | 452,870 | 607,148 | 462,379 | 432,870 | 452,806 | 517,720 | 417,530 | 384,657 | 266,432 | ||||||||||||||||||||||
Corporate | 3,981 | 2,932 | 10,786 | 5,498 | 4,104 | (3,327 | ) | 13,953 | 14,190 | 6,473 | |||||||||||||||||||||
Operating revenue (e) | $ | 456,851 | $ | 610,080 | $ | 473,165 | $ | 438,368 | $ | 456,910 | $ | 514,393 | $ | 431,483 | $ | 398,847 | $ | 272,905 | |||||||||||||
Operating income (loss) (f) | $ | 73,446 | $ | 122,779 | $ | 79,467 | $ | 67,051 | $ | 77,487 | $ | (74,550 | ) | $ | 73,165 | $ | 56,946 | $ | (28,219 | ) | |||||||||||
Net income (loss) attributable to | |||||||||||||||||||||||||||||||
Lazard Ltd assuming full exchange | |||||||||||||||||||||||||||||||
of exchangeable interests | $ | 58,539 | $ | 104,451 | $ | 62,156 | $ | 53,036 | $ | 61,431 | $ | (54,870 | ) | $ | 52,487 | $ | 43,145 | $ | (29,691 | ) | |||||||||||
Net income (loss) attributable to | |||||||||||||||||||||||||||||||
Lazard Ltd per share assuming full | |||||||||||||||||||||||||||||||
exchange of exchangeable interests | |||||||||||||||||||||||||||||||
Basic | $ | 0.48 | $ | 0.85 | $ | 0.51 | $ | 0.43 | $ | 0.51 | ($0.46 | ) | $ | 0.46 | $ | 0.37 | ($0.26 | ) | |||||||||||||
Diluted | $ | 0.43 | $ | 0.76 | $ | 0.46 | $ | 0.39 | $ | 0.46 | ($0.46 | ) | $ | 0.41 | $ | 0.34 | ($0.26 | ) | |||||||||||||
Supplemental Information: | |||||||||||||||||||||||||||||||
Assets Under Management ($ millions) | $ | 160,451 | $ | 155,337 | $ | 143,573 | $ | 123,483 | $ | 134,972 | $ | 129,543 | $ | 120,185 | $ | 98,020 | $ | 81,084 |
(a) The three month period ended March 31, 2010 excludes a restructuring expense of $87,108 and expenses related to the accelerated vesting of restricted stock units in connection with the company's change in retirement policy of $24,860 and related tax effect. |
(b) The three month period ended December 31, 2009 excludes expenses related to the acceleration of unamortized restricted stock units previously granted to our former Chairman and Chief Executive Officer and the accelerated vesting of deferred cash awards previously granted of $86,514 and $60,512, respectively and related tax effect. |
(c) The three month period ended March 31, 2009 excludes a restructuring expense of $62,550 and related tax effect. |
(d) Core operating business revenue includes the results of Financial Advisory and Asset Management businesses and excludes the results of Corporate. |
(e) Operating revenue excludes interest expense relating to financing activities and revenue/(loss) related to the consolidation of noncontrolling interests, each of which are included in net revenue. |
(f) Operating income (loss) is after interest expense and before income taxes and noncontrolling interests. |
LAZARD LTD | |||||||||
RECONCILIATION OF SHARES OUTSTANDING AND BASIC & DILUTED NET INCOME (LOSS) PER SHARE | |||||||||
(unaudited) | |||||||||
BEFORE FULL EXCHANGE |
|||||||||
Three Months Ended March 31, | |||||||||
2011 | 2010 | ||||||||
($ in thousands, except per share data) | |||||||||
Net income (loss) attributable to Lazard Ltd | $ | 55,007 | ($33,534 | ) | |||||
Add - net income (loss) associated with Class A | |||||||||
common shares issuable on a non-contingent basis | 97 | (214 | ) | ||||||
Basic net income (loss) attributable to Lazard Ltd | 55,104 | (33,748 | ) | ||||||
Add - dilutive effect, as applicable, of (a): | |||||||||
Adjustments to income relating to interest expense | |||||||||
and changes in net income attributable to noncontrolling | |||||||||
interests resulting from assumed incremental Class A | |||||||||
common share issuances, net of tax | 4,424 | - | |||||||
Diluted net income (loss) attributable to Lazard Ltd | $ | 59,528 | ($33,748 | ) | |||||
Weighted average shares outstanding | 111,681,448 | 86,826,411 | |||||||
Add - adjustment for shares of Class A common | |||||||||
issuable on a non-contingent basis | 3,653,306 | 2,909,726 | |||||||
Basic weighted average shares outstanding | 115,334,754 | 89,736,137 | |||||||
Add - dilutive effect, as applicable, of: | |||||||||
Weighted average number of incremental Class A | |||||||||
common shares issuable from equity-based | |||||||||
compensation awards, convertible notes, convertible | |||||||||
preferred stock and exchangeable interests | 23,255,839 | - | |||||||
Diluted weighted average shares outstanding | 138,590,593 | 89,736,137 | |||||||
Basic net income (loss) per share attributable to Lazard Ltd | $ | 0.48 | ($0.38 | ) | |||||
Diluted net income (loss) per share attributable to Lazard Ltd | $ | 0.43 | ($0.38 | ) | |||||
ASSUMING FULL EXCHANGE OF EXCHANGEABLE INTERESTS |
|||||||||
& EXCLUDING SPECIAL CHARGES (b) |
|||||||||
Three Months Ended March 31, | |||||||||
2011 | 2010 | ||||||||
Net income attributable to Lazard Ltd | $ | 58,539 | $ | 61,431 | |||||
Add - dilutive effect of adjustments to income for: | |||||||||
Interest expense on convertible notes, net of tax | 989 | 998 | |||||||
Diluted net income attributable to Lazard Ltd | $ | 59,528 | $ | 62,429 | |||||
Weighted average shares outstanding | 111,681,448 | 86,826,411 | |||||||
Add - adjustment for shares of Class A common | |||||||||
issuable on a non-contingent basis | 3,653,306 | 2,909,726 | |||||||
Add - adjustment for shares of Class A common issuable | |||||||||
relating to exchangable interests | 7,637,399 | 30,410,094 | |||||||
Basic weighted average shares outstanding | 122,972,153 | 120,146,231 | |||||||
Add - dilutive effect, as applicable, of: | |||||||||
Weighted average number of incremental Class A | |||||||||
common shares issuable from equity-based | |||||||||
compensation awards, convertible notes and | |||||||||
convertible preferred stock | 15,618,440 | 16,372,463 | |||||||
Diluted weighted average shares outstanding | 138,590,593 | 136,518,694 | |||||||
Basic net income per share attributable to Lazard Ltd | $ | 0.48 | $ | 0.51 | |||||
Diluted net income per share attributable to Lazard Ltd | $ | 0.43 | $ | 0.46 |
(a) Incremental income included if related shares are dilutive. |
(b) For the three month period ended March 31, 2010, special charges consist of (i) expenses aggregating $87,108 related to the severance, benefits and other charges in connection with reduction and realignment of staff and (ii) a charge aggregating $24,860 recorded to compensation and benefits expense in connection with the accelerated vesting of restricted stock units related to the Company's change in retirement policy. |
LAZARD LTD | |||||||||||||||||||
ASSETS UNDER MANAGEMENT ("AUM") | |||||||||||||||||||
As of | Variance | ||||||||||||||||||
March 31, | December 31, | March 31, | 1Q 2011 vs. | ||||||||||||||||
2011 | 2010 | 2010 | Qtr to Qtr | 1Q 2010 | |||||||||||||||
($ in millions) | |||||||||||||||||||
Equities | $ | 135,749 | $ | 131,300 | $ | 112,635 | 3.4 | % | 20.5 | % | |||||||||
Fixed Income | 17,255 | 17,144 | 17,073 | 0.6 | % | 1.1 | % | ||||||||||||
Alternative Investments | 6,041 | 5,524 | 4,297 | 9.4 | % | 40.6 | % | ||||||||||||
Private Equity | 1,333 | 1,294 | 896 | 3.0 | % | 48.8 | % | ||||||||||||
Cash | 73 | 75 | 71 | (2.7 | %) | 2.8 | % | ||||||||||||
Total AUM | $ | 160,451 | $ | 155,337 | $ | 134,972 | 3.3 | % | 18.9 | % | |||||||||
Year Ended | |||||||||||||||||||
Three Months Ended March 31, | December 31, | ||||||||||||||||||
2011 | 2010 | 2010 |
|
||||||||||||||||
($ in millions) | |||||||||||||||||||
AUM - Beginning of Period | $ | 155,337 | $ | 129,543 | $ | 129,543 |
|
|
|||||||||||
Net Flows | 695 | 2,967 | 9,346 |
|
|||||||||||||||
Market and foreign exchange | |||||||||||||||||||
appreciation (depreciation) | 4,419 | 2,462 | 16,448 |
|
|||||||||||||||
AUM - End of Period | $ | 160,451 | $ | 134,972 | $ | 155,337 |
|
|
|||||||||||
Average AUM (a) | $ | 157,894 | $ | 132,256 | $ | 137,381 |
|
|
|||||||||||
% Change in average AUM | 19.4 | % |
(a) Average AUM is based on an average of quarterly ending balances for the respective periods. |
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