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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, 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 July 23, 2021, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 9,301,031 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 June 30, 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

 

38

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

65

 

 

 

Item 4. Controls and Procedures

 

65

 

 

 

Part II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

66

 

 

 

Item 1A. Risk Factors

 

66

 

 

 

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

 

66

 

 

 

Item 3. Defaults Upon Senior Securities

 

67

 

 

 

Item 4. Mine Safety Disclosures

 

67

 

 

 

Item 5. Other Information

 

67

 

 

 

Item 6. Exhibits

 

68

 

 

 

Signatures

 

71

 

 

 

i


 

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of June 30, 2021 and December 31, 2020

 

2

 

 

 

Condensed Consolidated Statements of Operations for the three month and six month periods ended June 30, 2021 and 2020

 

4

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 2021 and 2020

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2021 and 2020

 

6

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and six month periods ended June 30, 2021 and 2020

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

11

 

 

 

1


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

979,899

 

 

$

1,389,876

 

Deposits with banks and short-term investments

 

 

1,111,347

 

 

 

1,134,463

 

Restricted cash

 

 

614,291

 

 

 

44,488

 

Receivables (net of allowance for doubtful accounts of $36,244 and $36,649

   at June 30, 2021 and December 31, 2020, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

649,222

 

 

 

621,880

 

Customers and other

 

 

169,578

 

 

 

121,261

 

 

 

 

818,800

 

 

 

743,141

 

Investments

 

 

867,707

 

 

 

658,532

 

Property (net of accumulated amortization and depreciation of $408,935 and $402,471

   at June 30, 2021 and December 31, 2020, respectively)

 

 

252,002

 

 

 

257,587

 

Operating lease right-of-use assets

 

 

479,238

 

 

 

513,923

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,260 and $70,155 at June 30, 2021 and December 31, 2020, respectively)

 

 

380,867

 

 

 

384,071

 

Deferred tax assets

 

 

492,364

 

 

 

538,448

 

Other assets

 

 

410,285

 

 

 

307,332

 

Total Assets

 

$

6,406,800

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

2


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2021 AND DECEMBER 31, 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,228,248

 

 

$

1,201,150

 

Accrued compensation and benefits

 

 

644,777

 

 

 

734,544

 

Operating lease liabilities

 

 

567,726

 

 

 

606,963

 

Tax receivable agreement obligation

 

 

211,236

 

 

 

221,451

 

Senior debt

 

 

1,683,984

 

 

 

1,682,741

 

Deferred tax liabilities

 

 

1,335

 

 

 

1,041

 

Other liabilities

 

 

562,639

 

 

 

524,538

 

Total Liabilities

 

 

4,899,945

 

 

 

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 June 30, 2021 and

   December 31, 2020, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

58,000

 

 

 

135,439

 

Retained earnings

 

 

1,348,121

 

 

 

1,295,386

 

Accumulated other comprehensive loss, net of tax

 

 

(226,648

)

 

 

(238,368

)

 

 

 

1,180,601

 

 

 

1,193,585

 

Class A common stock held by subsidiaries, at cost (8,705,297 and 7,728,387

   shares at June 30, 2021 and December 31, 2020, respectively)

 

 

(353,718

)

 

 

(281,813

)

Total Lazard Ltd Stockholders’ Equity

 

 

826,883

 

 

 

911,772

 

Noncontrolling interests

 

 

104,972

 

 

 

87,661

 

Total Stockholders’ Equity

 

 

931,855

 

 

 

999,433

 

Total Liabilities, Redeemable Noncontrolling Interests

  and Stockholders’ Equity

 

$

6,406,800

 

 

$

5,971,861

 

 

See notes to condensed consolidated financial statements.

 

3


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

475,161

 

 

$

304,259

 

 

$

792,992

 

 

$

601,928

 

Asset management fees

 

 

346,465

 

 

 

245,291

 

 

 

673,415

 

 

 

514,509

 

Interest income

 

 

1,280

 

 

 

1,340

 

 

 

2,634

 

 

 

3,752

 

Other

 

 

20,358

 

 

 

41,374

 

 

 

54,127

 

 

 

30,232

 

Total revenue

 

 

843,264

 

 

 

592,264

 

 

 

1,523,168

 

 

 

1,150,421

 

Interest expense

 

 

20,127

 

 

 

19,972

 

 

 

39,924

 

 

 

40,115

 

Net revenue

 

 

823,137

 

 

 

572,292

 

 

 

1,483,244

 

 

 

1,110,306

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

514,918

 

 

 

351,568

 

 

 

916,464

 

 

 

671,323

 

Occupancy and equipment

 

 

29,875

 

 

 

30,574

 

 

 

64,623

 

 

 

62,772

 

Marketing and business development

 

 

9,332

 

 

 

6,517

 

 

 

15,983

 

 

 

26,703

 

Technology and information services

 

 

35,774

 

 

 

32,629

 

 

 

69,444

 

 

 

63,987

 

Professional services

 

 

19,996

 

 

 

16,728

 

 

 

34,944

 

 

 

31,273

 

Fund administration and outsourced services

 

 

31,302

 

 

 

24,053

 

 

 

60,581

 

 

 

50,443

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

455

 

 

 

30

 

 

 

901

 

Other

 

 

15,664

 

 

 

13,903

 

 

 

20,624

 

 

 

22,942

 

Total operating expenses

 

 

656,876

 

 

 

476,427

 

 

 

1,182,693

 

 

 

930,344

 

OPERATING INCOME

 

 

166,261

 

 

 

95,865

 

 

 

300,551

 

 

 

179,962

 

Provision for income taxes

 

 

41,345

 

 

 

22,789

 

 

 

84,809

 

 

 

48,555

 

NET INCOME

 

 

124,916

 

 

 

73,076

 

 

 

215,742

 

 

 

131,407

 

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,738

 

 

 

(382

)

 

 

5,264

 

 

 

(6,073

)

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

123,178

 

 

$

73,458

 

 

$

210,478

 

 

$

137,480

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

106,746,654

 

 

 

106,662,064

 

 

 

107,019,107

 

 

 

106,483,013

 

Diluted

 

 

113,603,478

 

 

 

111,487,749

 

 

 

114,712,885

 

 

 

112,803,964

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.14

 

 

$

0.68

 

 

$

1.94

 

 

$

1.27

 

Diluted

 

$

1.08

 

 

$

0.66

 

 

$

1.83

 

 

$

1.22

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME

 

$

124,916

 

 

$

73,076

 

 

$

215,742

 

 

$

131,407

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments before reclassification

 

 

5,502

 

 

 

22,384

 

 

 

(14,241

)

 

 

(28,362

)

Adjustment for items reclassified to earnings

 

 

23,579

 

 

 

-

 

 

 

23,579

 

 

 

-

 

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) (net of tax (benefit) expense of $(373)

   and $(169) for the three months ended June 30, 2021

   and 2020, respectively, and $389 and $1,657

   for the six months ended June 30, 2021 and 2020,

   respectively)

 

 

(1,477

)

 

 

491

 

 

 

(412

)

 

 

9,579

 

Adjustment for items reclassified to earnings (net of

   tax expense of $483 and $338 for the three months

   ended June 30, 2021 and 2020, respectively,

   and $864 and $676 for the six months ended

   June 30, 2021 and 2020, respectively)

 

 

1,458

 

 

 

1,615

 

 

 

2,794

 

 

 

3,510

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

29,062

 

 

 

24,490

 

 

 

11,720

 

 

 

(15,273

)

COMPREHENSIVE INCOME

 

 

153,978

 

 

 

97,566

 

 

 

227,462

 

 

 

116,134

 

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,737

 

 

 

(383

)

 

 

5,264

 

 

 

(6,073

)

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

152,241

 

 

$

97,949

 

 

$

222,198

 

 

$

122,207

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2021 AND 2020

(UNAUDITED)

(dollars in thousands)

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

215,742

 

 

$

131,407

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

18,938

 

 

 

17,314

 

Noncash lease expense

 

 

36,242

 

 

 

32,443

 

Currency translation adjustment reclassification

 

 

23,579

 

 

 

-

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

229,919

 

 

 

215,204

 

Amortization of intangible assets related to acquisitions

 

 

30

 

 

 

901

 

Deferred tax provision

 

 

43,641

 

 

 

23,410

 

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

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(83,982

)

 

 

1,891

 

Investments

 

 

(290,595

)

 

 

6,547

 

Other assets

 

 

(22,527

)

 

 

(167,985

)

Accrued compensation and benefits and other liabilities

 

 

(155,910

)

 

 

(261,436

)

Net cash provided by (used in) operating activities

 

 

15,077

 

 

 

(304

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(17,370

)

 

 

(24,897

)

Disposals of property

 

 

602

 

 

 

135

 

Net cash used in investing activities

 

 

(16,768

)

 

 

(24,762

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

316

 

 

 

25

 

LGAC IPO

 

 

575,000

 

 

 

-

 

Customer deposits

 

 

63,539

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Customer deposits

 

 

-

 

 

 

(18,958

)

Distributions to noncontrolling interests

 

 

(2,737

)

 

 

(1,819

)

Payments under tax receivable agreement

 

 

(10,215

)

 

 

(25,454

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

(9,352

)

 

 

-

 

Purchase of Class A common stock

 

 

(233,745

)

 

 

(95,227

)

Class A common stock dividends

 

 

(98,964

)

 

 

(97,892

)

Settlement of share-based incentive compensation

 

 

(65,592

)

 

 

(71,052

)

Other financing activities

 

 

(17,435

)

 

 

(3,580