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Lazard Ltd Reports Second-Quarter And First-Half 2012 Results

Stocks in this article: LAZ

ENDNOTES

1 A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is the most meaningful and useful way to compare our operating results across periods. These results exclude the charge of $25 million in the first quarter of 2012, related to staff reductions.

2 We have paid $45 million to our shareholders for dividends declared in January and April 2012; have repurchased year to date, as of July 26, 2012, 6.3 million shares of our Class A common stock for $168 million, at an average price of $26.58 per share; and have satisfied employee tax obligations of $30 million in cash in lieu of share issuance upon vesting of equity grants.

***

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 decline in general economic conditions or the global financial markets;
  • losses caused by financial or other problems experienced by third parties;
  • losses due to unidentified or unanticipated risks;
  • a lack of liquidity, i.e., ready access to funds, for use in our businesses; and
  • competitive pressure on our businesses and our ability to retain our employees.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of our estimated targets, future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Forward-looking statements include, but are not limited to, statements about any of the following:

  • our financial targets, including operating margin, awarded compensation ratio and non-compensation expense ratio,
  • our ability to deploy surplus cash through dividends, share repurchases and debt repurchases,
  • our ability to offset stockholder dilution through share repurchases,
  • our possible assumed or future results of operations and operating cash flows,
  • our strategies and investment policies,
  • our financing plans and the availability of short-term borrowing,
  • our competitive position,
  • future acquisitions, including the consideration to be paid and the timing of consummation,
  • potential growth opportunities available to our businesses,
  • recruitment and retention of our Managing Directors and employees,
  • potential levels of compensation expense,
  • our potential operating performance, achievements, productivity improvements, efficiency and cost reduction efforts,
  • likelihood of success and impact of litigation,
  • expected tax rates,
  • changes in interest and tax rates,
  • expectations with respect to the economy, securities markets, the market for mergers, acquisitions and strategic advisory and restructuring activity, the market for asset management activity and other macroeconomic and industry trends,
  • effects of competition on our business, and
  • impact of future legislation and regulation on our business.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various hedge funds and mutual funds and other investment products managed by Lazard Asset Management LLC and its subsidiaries. Monthly updates of these funds will be posted to the Lazard Asset Management website ( www.lazardnet.com ) on the third business day following the end of each month. Investors can link to Lazard and its operating company websites through www.lazard.com .

LAZ-G

LAZARD LTD

SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited)
 
  Three Months Ended   % Change From
($ in thousands, except per share data) June 30, 2012   March 31, 2012   June 30, 2011 March 31, 2012   June 30, 2011
 
Revenues:
 
Financial Advisory
M&A and strategic advisory $195,383 $192,611 $170,568 1% 15%
Capital markets & other advisory 17,174 14,370 30,298 20% (43%)
Strategic advisory 212,557 206,981 200,866 3% 6%
Restructuring 30,067 70,215 48,333 (57%) (38%)
Total 242,624 277,196 249,199 (12%) (3%)
 
Asset Management
Management fees 195,223 199,860 221,217 (2%) (12%)
Incentive fees 3,704 2,596 6,331 43% (41%)
Other revenue 7,622 7,636 10,115 - (25%)
Total 206,549 210,092 237,663 (2%) (13%)
 
Corporate 6,036 11,461 4,911 (47%) 23%
 
Operating revenue (b) $455,209 $498,749 $491,773 (9%) (7%)
                     
Expenses:
 
Compensation and benefits expense (c) $285,238 $312,716 $285,645 (9%) -
Ratio of compensation to operating revenue 62.7% 62.7% 58.1%
 
Non-compensation expense (d) $105,767 $105,235 $99,580 1% 6%
Ratio of non-compensation to operating revenue 23.2% 21.1% 20.2%
                     
Earnings:
 
Earnings from operations (e) $64,204 $80,798 $106,548 (21%) (40%)
Operating margin (f) 14.1% 16.2% 21.7%
 
Net income (g) $33,084 $44,812 $65,779 (26%) (50%)
 
Diluted net income per share $0.25 $0.33 $0.48 (24%) (48%)
 
Diluted weighted average shares 134,636,935 136,594,178 139,347,933 (1%) (3%)
 
Effective tax rate (h) 22.9% 25.7% 21.4%
 
This presentation includes non-U.S. GAAP ("non-GAAP") measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.
 
 
LAZARD LTD
SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited)
 
      Six Months Ended June 30,
   
($ in thousands, except per share data) 2012 2011 % Change
 
Revenues:
 
Financial Advisory
M&A and strategic advisory $387,994 $334,320 16%
Capital markets & other advisory 31,544 59,847 (47%)
Strategic advisory 419,538 394,167 6%
Restructuring 100,282 83,890 20%
Total 519,820 478,057 9%
 
Asset Management
Management fees 395,083 427,985 (8%)
Incentive fees 6,300 11,477 (45%)
Other revenue 15,258 22,213 (31%)
Total 416,641 461,675 (10%)
 
Corporate 17,497 8,892 97%
 
Operating revenue (b) $953,958 $948,624 1%
 
Expenses:
 
Compensation and benefits expense (c) $597,954 $554,566 8%
Ratio of compensation to operating revenue 62.7% 58.5%
 
Non-compensation expense (d) $211,002 $192,350 10%
Ratio of non-compensation to operating revenue 22.1% 20.3%
 
Earnings:
 
Earnings from operations (e) $145,002 $201,708 (28%)
Operating margin (f) 15.2% 21.3%
 
Net income (g) $77,896 $124,318 (37%)
 
Diluted net income per share $0.57 $0.91 (37%)
 
Diluted weighted average shares 135,615,557 138,969,263 (2%)
 
Effective tax rate (h) 24.5% 20.2%
 
This presentation includes non-U.S. GAAP ("non-GAAP") measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.
 
LAZARD LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (U.S. GAAP)
         
Three Months Ended % Change From

($ in thousands, except per share data)

June 30, 2012 March 31, 2012 June 30, 2011 March 31, 2012 June 30, 2011
 
Total revenue $457,231 $506,461 $500,605 (10%) (9%)
Interest expense (20,321) (20,422) (23,313)
Net revenue 436,910 486,039 477,292 (10%) (8%)
Operating expenses:
Compensation and benefits 283,392 338,317 286,480 (16%) (1%)
 
Occupancy and equipment 28,347 26,282 22,977
Marketing and business development 22,322 28,267 20,879
Technology and information services 21,275 20,393 20,582
Professional services 13,274 9,311 13,120
Fund administration and outsourced services 12,670 13,451 13,507
Amortization of intangible assets related to acquisitions 2,560 1,118 1,706
Other 8,537 11,077 8,839
Subtotal 108,985 109,899 101,610 (1%) 7%
Operating expenses 392,377 448,216 388,090 (12%) 1%
 
Operating income 44,533 37,823 89,202 18% (50%)
 
Provision for income taxes 10,371 8,767 17,636 18% (41%)
Net income 34,162 29,056 71,566 18% (52%)
Net income attributable to noncontrolling interests 3,341 3,504 9,562
Net income attributable to Lazard Ltd $30,821 $25,552 $62,004 21% (50%)
 
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic 118,235,320 119,229,541 119,107,386 (1%) (1%)
Diluted 134,636,935 136,594,178 139,347,933 (1%) (3%)
 
Net income per share:
Basic $0.26 $0.21 $0.52 24% (50%)
Diluted $0.24 $0.20 $0.48 20% (50%)
 
LAZARD LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (U.S. GAAP)
     
Six Months Ended
($ in thousands, except per share data) June 30, 2012 June 30, 2011 % Change
 
Total revenue $963,692 $961,946 -
Interest expense (40,743) (46,631)
Net revenue 922,949 915,315 1%
Operating expenses:
Compensation and benefits 621,709 556,479 12%
 
Occupancy and equipment 54,629 45,685
Marketing and business development 50,589 38,990
Technology and information services 41,668 40,149
Professional services 22,585 22,961
Fund administration and outsourced services 26,121 26,758
Amortization of intangible assets related to acquisitions 3,678 3,180
Other 19,614 18,465
Subtotal 218,884 196,188 12%
Operating expenses 840,593 752,667 12%
 
Operating income 82,356 162,648 (49%)
 
Provision for income taxes 19,138 31,099 (38%)
Net income 63,218 131,549 (52%)
Net income attributable to noncontrolling interests 6,845 14,538
Net income attributable to Lazard Ltd $56,373 $117,011 (52%)
 
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic 118,732,431 117,221,070 1%
Diluted 135,615,557 138,969,263 (2%)
 
Net income per share:
Basic $0.47 $1.00 (53%)
Diluted $0.44 $0.91 (52%)
 
LAZARD LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (U.S. GAAP)
     
($ in thousands) June 30,2012 December 31,2011
 

ASSETS

 
Cash and cash equivalents $751,238 $1,003,791
Deposits with banks 324,355 286,037
Cash deposited with clearing organizations and other segregated cash 78,774 75,506
Receivables 483,480 504,455
Investments 439,683 378,521
Goodwill and other intangible assets 394,168 393,099
Other assets 506,156 440,527
 
Total Assets $2,977,854 $3,081,936

 

LIABILITIES & STOCKHOLDERS' EQUITY

 
Liabilities
Deposits and other customer payables $338,514 $288,427
Accrued compensation and benefits 251,120 383,513
Senior debt 1,076,850 1,076,850
Other liabilities 484,962 466,290
Total liabilities 2,151,446 2,215,080
 
Commitments and contingencies
 
Stockholders' equity
Preferred stock, par value $.01 per share - -
Common stock, par value $.01 per share 1,232 1,230
Additional paid-in capital 700,064 659,013
Retained earnings 264,682 258,646
Accumulated other comprehensive loss, net of tax (94,171) (88,364)
871,807 830,525
Class A common stock held by subsidiaries, at cost (167,382) (104,382)
Total Lazard Ltd stockholders' equity 704,425 726,143
Noncontrolling interests 121,983 140,713
Total stockholders' equity 826,408 866,856
 
Total liabilities and stockholders' equity $2,977,854 $3,081,936
LAZARD LTD
ASSETS UNDER MANAGEMENT ("AUM")
(unaudited)
         
As of Variance
June 30, 2012 March 31, 2012 December 31, 2011 Qtr to Qtr YTD
 
Equities $122,159 $130,653 $116,362 (6.5%) 5.0%
Fixed Income 19,936 19,249 17,750 3.6% 12.3%
Alternative Investments 4,774 5,296 5,349 (9.9%) (10.7%)
Private Equity 1,441 1,424 1,486 1.2% (3.0%)
Cash 129 86 92 50.0% 40.2%
Total AUM $148,439 $156,708 $141,039 (5.3%) 5.2%
 
 
 
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
($ in millions) ($ in millions)
AUM - Beginning of Period $156,708 $160,451 $141,039 $155,337
 
Net Flows 1,137 (327) 975 368
Market and foreign exchange
appreciation (depreciation) (9,406) 1,473 6,425 5,892
 
AUM - End of Period $148,439 $161,597 $148,439 $161,597
 
Average AUM $150,994 $161,024 $149,203 $159,129
 
% Change in average AUM (6.2%) (6.2%)
 
 
Note: Average AUM is generally based on an average of quarterly ending balances for the respective periods.
 
LAZARD LTD
RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL INFORMATION (a) (unaudited)
 
  Three Months Ended   Six Months Ended
June 30, 2012   March 31, 2012   June 30, 2011 June 30, 2012   June 30, 2011
 
Operating Revenue
Net revenue - U.S. GAAP Basis $436,910 $486,039 $477,292 $922,949 $915,315
 
Adjustments:
Revenue related to noncontrolling interests (i) (4,509) (4,439) (7,862) (8,948) (11,288)
Loss (gain) related to Lazard Fund Interests ("LFI") and other similar arrangements 2,856 (2,767) - 89 -
Interest expense 19,952 19,916 22,343 39,868 44,597
 
Operating revenue, as adjusted $455,209 $498,749 $491,773 $953,958 $948,624
 
Compensation & Benefits Expense
Compensation & benefits expense - U.S. GAAP Basis $283,392 $338,317 $286,480 $621,709 $556,479
 
Adjustments:
Charges pertaining to staff reductions - (21,754) - (21,754) -
Credits (charges) pertaining to LFI and other similar arrangements compensation liability 2,856 (2,767) - 89 -
Compensation related to noncontrolling interests (i) (1,010) (1,080) (835) (2,090) (1,913)
 
Compensation & benefits expense, as adjusted $285,238 $312,716 $285,645 $597,954 $554,566
 
Non-Compensation Expense
Non-compensation expense - Subtotal - U.S. GAAP Basis $108,985 $109,899 $101,610 $218,884 $196,188
 
Adjustments:
Charges pertaining to staff reductions - (2,905) - (2,905) -
Amortization of intangible assets related to acquisitions (2,560) (1,118) (1,706) (3,678) (3,180)
Non-compensation expense related to noncontrolling interests (i) (658) (641) (324) (1,299) (658)
 
Non-compensation expense, as adjusted $105,767 $105,235 $99,580 $211,002 $192,350
 
Earnings From Operations
Operating Income - U.S. GAAP Basis $44,533 $37,823 $89,202 $82,356 $162,648
 
Other adjustments:
Revenue related to noncontrolling interests (i) (4,509) (4,439) (7,862) (8,948) (11,288)
Interest expense 19,952 19,916 22,343 39,868 44,597
Charges pertaining to staff reductions - 24,659 - 24,659 -
Expenses related to noncontrolling interests (i) 1,668 1,721 1,159 3,389 2,571
Amortization of intangible assets related to acquisitions 2,560 1,118 1,706 3,678 3,180
 
Earnings from operations, as adjusted $64,204 $80,798 $106,548 $145,002 $201,708
 
Net Income attributable to Lazard Ltd
Net income attributable to Lazard Ltd - U.S. GAAP Basis $30,821 $25,552 $62,004 $56,373 $117,011
Adjustments:
Charges pertaining to staff reductions - 24,659 - 24,659 -
Tax (benefits) allocated to adjustments 543 (6,249) - (5,706) -
Amount attributable to LAZ-MD Holdings (15) (1,045) - (1,060) -
 
Adjustment for full exchange of exchangeable interests (j):
Tax adjustment for full exchange 27 (475) (237) (448) (439)
Amount attributable to LAZ-MD Holdings 1,708 2,370 4,012 4,078 7,746
 
Net income, as adjusted $33,084 $44,812 $65,779 $77,896 $124,318
 
Diluted net income per share:
U.S. GAAP Basis $0.24 $0.20 $0.48 $0.44 $0.91
Non-GAAP Basis, as adjusted $0.25 $0.33 $0.48 $0.57 $0.91
 
This presentation includes non-U.S. GAAP ("non-GAAP") measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.
 
 
LAZARD LTD
 
Notes to Financial Schedules
 
(a) Selected Summary Financial Information are non-U.S. GAAP ("non-GAAP") measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(b) Excludes (i) gains/losses related to the changes in the fair value of investments held in connection with Lazard Fund Interests and other similar deferred compensation arrangements for which a corresponding equal amount is excluded from compensation & benefits expense, (ii) revenues related to non-controlling interests (see (i) below), and (iii) interest expense primarily related to corporate financing activities, and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(c) Excludes (i) charges/credits related to the changes in the fair value of the compensation liability recorded in connection with Lazard Fund Interests and other similar deferred compensation arrangements, (ii) compensation and benefits related to noncontrolling interests (see (i) below), and (iii) for the three and six month periods ended March 31, 2012 and June 30, 2012, charges pertaining to staff reductions (see (g) below) and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(d) Excludes (i) amortization of intangible assets related to acquisitions, (ii) expenses related to noncontrolling interests (see (i) below), and (iii) for the three and six month periods ended March 31, 2012 and June 30, 2012, charges pertaining to staff reductions (see (g) below) and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(e) Excludes (i) amortization of intangible assets related to acquisitions, (ii) interest expense primarily related to corporate financing activities, (iii) revenues and expenses related to noncontrolling interests (see (i) below), and (iv) for the three and six month periods ended March 31, 2012 and June 30, 2012, charges pertaining to staff reductions (see (g) below), and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(f) Represents earnings from operations as a percentage of operating revenue, and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(g) Adjusted to reflect the full conversion of outstanding exchangeable interests held by members of LAZ-MD Holdings and for the three and six month periods of 2012, excludes certain charges pertaining to staff reductions including severance, benefit payments and acceleration of unrecognized amortization of deferred incentive compensation previously granted to individuals terminated, net of applicable tax benefits. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(h) Effective tax rate is computed based on a quotient, the numerator of which is the provision for income taxes of $9,801, $15,491 and $17,873 for the three month periods ended June 30, 2012, March 31, 2012 and June 20, 2011, respectively, and $25,292 and $31,538 for the six month periods ended June 30, 2012 and 2011, respectively, and the denominator of which is pre-tax income of $44,533, $62,482 and $89,202 for the three month periods ended June 30, 2012, March 31, 2012 and June 30, 2011, respectively, $107,015 and $162,648 for the six month periods ended June 30, 2012 and 2011, respectively, exclusive of net income attributable to noncontrolling interests of $1,647, $2,179 and $5,550 for the three month periods ended June 30, 2012, March 31, 2012 and June 30, 2011, respectively, and $3,826 and $6,792 for the six month periods ended June 30, 2012 and 2011, respectively.
 
(i) Noncontrolling interests include revenue and expenses principally related to Edgewater, and is a non-GAAP measure. (See Reconciliation of U.S. GAAP to Selected Summary Financial Information)
 
(j) Represents a reversal of noncontrolling interests related to LAZ-MD Holdings’ ownership of Lazard Group common membership interests and an adjustment for Lazard Ltd entity-level taxes to affect a full exchange of interests and excluding the 2012 charges pertaining to staff reductions noted in (g) above.
 
NM Not meaningful




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