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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, 2021

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 April 23, 2021, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 7,406,096 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, 2021 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

 

36

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

61

 

 

 

Item 4. Controls and Procedures

 

62

 

 

 

Part II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

63

 

 

 

Item 1A. Risk Factors

 

63

 

 

 

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

 

63

 

 

 

Item 3. Defaults Upon Senior Securities

 

64

 

 

 

Item 4. Mine Safety Disclosures

 

64

 

 

 

Item 5. Other Information

 

64

 

 

 

Item 6. Exhibits

 

65

 

 

 

Signatures

 

67

 

 

 

i


 

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of March 31, 2021 and December 31, 2020

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2021 and 2020

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2021 and 2020

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2021 and 2020

 

6

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month periods ended March 31, 2021 and 2020

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

1


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

974,696

 

 

$

1,389,876

 

Deposits with banks and short-term investments

 

 

1,014,145

 

 

 

1,134,463

 

Restricted cash

 

 

615,090

 

 

 

44,488

 

Receivables (net of allowance for doubtful accounts of $35,002 and $36,649

   at March 31, 2021 and December 31, 2020, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

556,239

 

 

 

621,880

 

Customers and other

 

 

183,376

 

 

 

121,261

 

 

 

 

739,615

 

 

 

743,141

 

Investments

 

 

782,351

 

 

 

658,532

 

Property (net of accumulated amortization and depreciation of $398,968 and $402,471

   at March 31, 2021 and December 31, 2020, respectively)

 

 

250,538

 

 

 

257,587

 

Operating lease right-of-use assets

 

 

492,089

 

 

 

513,923

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,198 and $70,155 at March 31, 2021 and December 31, 2020, respectively)

 

 

381,947

 

 

 

384,071

 

Deferred tax assets

 

 

506,836

 

 

 

538,448

 

Other assets

 

 

452,252

 

 

 

307,332

 

Total Assets

 

$

6,209,559

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

2


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,239,716

 

 

$

1,201,150

 

Accrued compensation and benefits

 

 

485,739

 

 

 

734,544

 

Operating lease liabilities

 

 

582,178

 

 

 

606,963

 

Tax receivable agreement obligation

 

 

211,236

 

 

 

221,451

 

Senior debt

 

 

1,683,362

 

 

 

1,682,741

 

Deferred tax liabilities

 

 

2,202

 

 

 

1,041

 

Other liabilities

 

 

563,427

 

 

 

524,538

 

Total Liabilities

 

 

4,767,860

 

 

 

4,972,428

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

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, 2021 and

   December 31, 2020, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

-

 

 

 

135,439

 

Retained earnings

 

 

1,278,907

 

 

 

1,295,386

 

Accumulated other comprehensive loss, net of tax

 

 

(255,711

)

 

 

(238,368

)

 

 

 

1,024,324

 

 

 

1,193,585

 

Class A common stock held by subsidiaries, at cost (6,675,269 and 7,728,387

   shares at March 31, 2021 and December 31, 2020, respectively)

 

 

(259,319

)

 

 

(281,813

)

Total Lazard Ltd Stockholders’ Equity

 

 

765,005

 

 

 

911,772

 

Noncontrolling interests

 

 

101,694

 

 

 

87,661

 

Total Stockholders’ Equity

 

 

866,699

 

 

 

999,433

 

Total Liabilities, Redeemable Noncontrolling Interests

   and Stockholders’ Equity

 

$

6,209,559

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

3


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

REVENUE

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

317,831

 

 

$

297,669

 

Asset management fees

 

 

326,950

 

 

 

269,218

 

Interest income

 

 

1,354

 

 

 

2,412

 

Other

 

 

33,769

 

 

 

(11,142

)

Total revenue

 

 

679,904

 

 

 

558,157

 

Interest expense

 

 

19,797

 

 

 

20,143

 

Net revenue

 

 

660,107

 

 

 

538,014

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

401,546

 

 

 

319,755

 

Occupancy and equipment

 

 

34,748

 

 

 

32,198

 

Marketing and business development

 

 

6,651

 

 

 

20,186

 

Technology and information services

 

 

33,670

 

 

 

31,358

 

Professional services

 

 

14,948

 

 

 

14,545

 

Fund administration and outsourced services

 

 

29,279

 

 

 

26,390

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

446

 

Other

 

 

4,960

 

 

 

9,039

 

Total operating expenses

 

 

525,817

 

 

 

453,917

 

OPERATING INCOME

 

 

134,290

 

 

 

84,097

 

Provision for income taxes

 

 

43,464

 

 

 

25,766

 

NET INCOME

 

 

90,826

 

 

 

58,331

 

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

3,526

 

 

 

(5,691

)

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

87,300

 

 

$

64,022

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

   COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

107,291,560

 

 

 

106,303,962

 

Diluted

 

 

115,822,294

 

 

 

114,120,179

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

Basic

 

$

0.80

 

 

$

0.59

 

Diluted

 

$

0.75

 

 

$

0.56

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

NET INCOME

 

$

90,826

 

 

$

58,331

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

(19,743

)

 

 

(50,746

)

Employee benefit plans:

 

 

 

 

 

 

 

 

Actuarial gain (net of tax expense

   of $762 and $1,826 for the three months ended

   March 31, 2021 and 2020, respectively)

 

 

1,065

 

 

 

9,088

 

Adjustment for items reclassified to earnings (net of

   tax expense of $381 and $338 for the three months

   ended March 31, 2021 and 2020, respectively)

 

 

1,336

 

 

 

1,895

 

OTHER COMPREHENSIVE LOSS, NET OF TAX

 

 

(17,342

)

 

 

(39,763

)

COMPREHENSIVE INCOME

 

 

73,484

 

 

 

18,568

 

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

3,527

 

 

 

(5,690

)

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

69,957

 

 

$

24,258

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

90,826

 

 

$

58,331

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

9,361

 

 

 

8,986

 

Noncash lease expense

 

 

17,210

 

 

 

15,489

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

100,271

 

 

 

101,097

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

446

 

Deferred tax provision

 

 

29,673

 

 

 

11,522

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(7,486

)

 

 

59,961

 

Investments

 

 

(202,534

)

 

 

23,325

 

Other assets

 

 

(16,134

)

 

 

(172,121

)

Accrued compensation and benefits and other liabilities

 

 

(144,542

)

 

 

(263,012

)

Net cash used in operating activities

 

 

(123,340

)

 

 

(155,976

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(7,498

)

 

 

(12,011

)

Disposals of property

 

 

628

 

 

 

69

 

Net cash used in investing activities

 

 

(6,870

)

 

 

(11,942

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

-

 

 

 

25

 

LGAC IPO

 

 

575,000

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Customer deposits

 

 

(58,739

)

 

 

(70,652

)

Distributions to noncontrolling interests

 

 

(1,020

)

 

 

(1,411

)

Payments under tax receivable agreement

 

 

(10,215

)

 

 

(25,557

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

(9,308

)

 

 

-

 

Purchase of Class A common stock

 

 

(122,652

)

 

 

(95,227

)

Class A common stock dividends

 

 

(49,441

)

 

 

(48,759

)

Settlement of share-based incentive compensation

 

 

(64,804

)

 

 

(66,728

)

Other financing activities

 

 

(14,302

)

 

 

(1,869

)

Net cash provided by (used in) financing activities

 

 

244,519

 

 

 

(310,178

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(79,205

)

 

 

(61,851

)

NET INCREASE (DECREASE) IN CASH AND

   CASH EQUIVALENTS AND RESTRICTED CASH

 

 

35,104

 

 

 

(539,947

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   January 1

 

 

2,568,827

 

 

 

2,455,559

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—

   March 31

 

$

2,603,931

 

 

$

1,915,612

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS

   AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED

   STATEMENTS OF FINANCIAL CONDITION:

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

974,696

 

 

$

1,389,876

 

Deposits with banks and short-term investments

 

 

1,014,145

 

 

 

1,134,463

 

Restricted cash

 

 

615,090

 

 

 

44,488

 

TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

$

2,603,931

 

 

$

2,568,827

 

 

See notes to condensed consolidated financial statements.

 

6


 

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2020

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2020

 

 

112,766,091

 

 

$

1,128

 

 

$

41,020

 

 

$

1,193,570

 

 

$

(293,648

)

 

 

8,513,493

 

 

$

(332,079

)

 

$

609,991

 

 

$

71,583

 

 

$

681,574

 

Adjustment for cumulative effect on

   prior years from the adoption of

   new accounting guidance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,575

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,575

)

 

 

 

 

 

 

(7,575

)

Balance, as adjusted January 1, 2020

 

 

112,766,091

 

 

 

1,128

 

 

 

41,020

 

 

 

1,185,995

 

 

 

(293,648

)

 

 

8,513,493

 

 

 

(332,079

)

 

 

602,416

 

 

 

71,583

 

 

 

673,999

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,022

 

 

 

(5,691

)

 

 

58,331

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,764

)

 

 

 

 

 

 

 

 

 

 

(39,764

)

 

 

1

 

 

 

(39,763

)

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

70,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,750

 

 

 

1,411

 

 

 

72,161

 

Dividend equivalents

 

 

 

 

 

 

 

 

 

 

6,717

 

 

 

(7,394

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(677

)

 

 

(1,186

)

 

 

(1,863

)

Class A common stock dividends

   ($0.47 per share)