UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |||||||||
FORM 8-K | |||||||||
CURRENT REPORT | |||||||||
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||
Date of Report (Date of Earliest Event Reported): February 10, 2015 |
PZENA INVESTMENT MANAGEMENT, INC. | ||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 001-33761 | 20-8999751 | ||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
120 West 45th Street, New York, New York | 10036 |
(Address of Principal Executive Offices) | Zip Code |
Registrant’s Telephone Number, Including Area Code: (212) 355-1600 |
(Former Name or Former Address, If Changed Since Last Report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act. o Soliciting material pursuant to Rule 14a-12 under the Exchange Act. o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. |
ITEM 2.02 | RESULTS OF OPERATION AND FINANCIAL CONDITION. |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits | |
99.1 Press release, dated February 10, 2015, of Pzena Investment Management, Inc. |
PZENA INVESTMENT MANAGEMENT, INC. | ||
Dated: February 10, 2015 | By: | /s/ Gary J. Bachman |
Name: Gary J. Bachman | ||
Title: Chief Financial Officer | ||
Exhibit No. | Document |
99.1 | Press release, dated February 10, 2015, of Pzena Investment Management, Inc. |
• | 2014 revenue was $28.6 million for the fourth quarter and $112.5 million for the full year. |
• | 2014 GAAP operating income was $14.7 million for the fourth quarter and $61.0 million for the full year. For the same periods, non-GAAP operating income was $15.1 million and $61.3 million, respectively. |
• | 2014 GAAP diluted earnings per share was $0.14 for the fourth quarter and $0.53 for the full year. For the same periods, non-GAAP diluted earnings per share was $0.13 and $0.51, respectively. |
• | Declared a year-end dividend of $0.32 per share - in line with the targeted cash dividend ratio of 70% to 80% of non-GAAP diluted net income. |
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 2,469 | $ | 2,279 | $ | 1,853 | $ | 2,092 | |||||||
Basic Earnings Per Share | $ | 0.19 | $ | 0.19 | $ | 0.14 | $ | 0.17 | |||||||
Diluted Net Income | $ | 9,487 | $ | 10,204 | $ | 9,063 | $ | 10,017 | |||||||
Diluted Earnings Per Share | $ | 0.14 | $ | 0.15 | $ | 0.13 | $ | 0.15 | |||||||
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Twelve Months Ended | For the Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 8,100 | $ | 6,670 | $ | 6,743 | $ | 5,681 | |||||||
Basic Earnings Per Share | $ | 0.64 | $ | 0.56 | $ | 0.53 | $ | 0.47 | |||||||
Diluted Net Income | $ | 35,685 | $ | 30,317 | $ | 34,512 | $ | 29,328 | |||||||
Diluted Earnings Per Share | $ | 0.53 | $ | 0.45 | $ | 0.51 | $ | 0.44 | |||||||
Assets Under Management (unaudited) | ||||||||||||||||||||
($ billions) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Institutional Accounts | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period | $ | 14.3 | $ | 15.1 | $ | 13.8 | $ | 15.4 | $ | 11.2 | ||||||||||
Inflows | 1.5 | 0.4 | 0.7 | 2.8 | 1.9 | |||||||||||||||
Outflows | (0.3 | ) | (0.8 | ) | (0.6 | ) | (3.0 | ) | (2.0 | ) | ||||||||||
Net Flows | 1.2 | (0.4 | ) | 0.1 | (0.2 | ) | (0.1 | ) | ||||||||||||
Market Appreciation/(Depreciation) | 0.1 | (0.4 | ) | 1.5 | 0.4 | 4.3 | ||||||||||||||
End of Period | $ | 15.6 | $ | 14.3 | $ | 15.4 | $ | 15.6 | $ | 15.4 | ||||||||||
Retail Accounts | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period Assets | $ | 12.1 | $ | 11.9 | $ | 8.5 | $ | 9.6 | $ | 5.9 | ||||||||||
Inflows | 0.3 | 0.8 | 0.4 | 3.3 | 2.3 | |||||||||||||||
Outflows | (0.7 | ) | (0.5 | ) | (0.3 | ) | (1.7 | ) | (1.2 | ) | ||||||||||
Net Flows | (0.4 | ) | 0.3 | 0.1 | 1.6 | 1.1 | ||||||||||||||
Market Appreciation/(Depreciation) | 0.4 | (0.1 | ) | 1.0 | 0.9 | 2.6 | ||||||||||||||
End of Period | $ | 12.1 | $ | 12.1 | $ | 9.6 | $ | 12.1 | $ | 9.6 | ||||||||||
Total | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period | $ | 26.4 | $ | 27.0 | $ | 22.3 | $ | 25.0 | $ | 17.1 | ||||||||||
Inflows | 1.8 | 1.2 | 1.1 | 6.1 | 4.2 | |||||||||||||||
Outflows | (1.0 | ) | (1.3 | ) | (0.9 | ) | (4.7 | ) | (3.2 | ) | ||||||||||
Net Flows | 0.8 | (0.1 | ) | 0.2 | 1.4 | 1.0 | ||||||||||||||
Market Appreciation/(Depreciation) | 0.5 | (0.5 | ) | 2.5 | 1.3 | 6.9 | ||||||||||||||
End of Period | $ | 27.7 | $ | 26.4 | $ | 25.0 | $ | 27.7 | $ | 25.0 |
Revenue (unaudited) | |||||||||||
($ thousands) | |||||||||||
Three Months Ended | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2014 | 2014 | 2013 | |||||||||
Institutional Accounts | $ | 20,572 | $ | 21,431 | $ | 22,952 | |||||
Retail Accounts | 7,988 | 8,174 | 5,797 | ||||||||
Total | $ | 28,560 | $ | 29,605 | $ | 28,749 | |||||
Twelve Months Ended | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Institutional Accounts | $ | 82,805 | $ | 75,783 | |||||||
Retail Accounts | 29,706 | 19,986 | |||||||||
Total | $ | 112,511 | $ | 95,769 |
Operating Expenses (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Compensation and Benefits Expense | $ | 10,702 | $ | 10,622 | $ | 9,200 | ||||||
General and Administrative Expense | 3,109 | 2,351 | 2,352 | |||||||||
GAAP Operating Expenses | 13,811 | 12,973 | 11,552 | |||||||||
Non-Recurring Lease Expenses | (392 | ) | — | — | ||||||||
Non-GAAP Operating Expenses | $ | 13,419 | $ | 12,973 | $ | 11,552 | ||||||
Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Compensation and Benefits Expense | $ | 41,273 | $ | 36,822 | ||||||||
General and Administrative Expense | 10,285 | 8,099 | ||||||||||
GAAP Operating Expenses | 51,558 | 44,921 | ||||||||||
Non-Recurring Lease Expenses | (392 | ) | — | |||||||||
Non-GAAP Operating Expenses | $ | 51,166 | $ | 44,921 |
Other (Expense)/ Income (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Net Interest and Dividend Income | $ | 119 | $ | 88 | $ | 71 | ||||||
(Losses)/ Gains and Other Investment Income | (129 | ) | (434 | ) | 686 | |||||||
Change in Liability to Selling and Converting Shareholders¹ | (221 | ) | (1,824 | ) | 57 | |||||||
Other (Expense)/ Income | (1 | ) | (179 | ) | 34 | |||||||
GAAP Other (Expense)/ Income | (232 | ) | (2,349 | ) | 848 | |||||||
Change in Liability to Selling and Converting Shareholders¹ | 221 | 1,824 | (57 | ) | ||||||||
Outside Interests of Investment Partnerships² | 73 | 149 | (305 | ) | ||||||||
Non-GAAP Other Income/ (Expense), Net of Outside Interests | $ | 62 | $ | (376 | ) | $ | 486 | |||||
Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Net Interest and Dividend Income | $ | 387 | $ | 323 | ||||||||
(Losses)/ Gains and Other Investment Income | (49 | ) | 2,449 | |||||||||
Change in Liability to Selling and Converting Shareholders¹ | (4,168 | ) | (4,468 | ) | ||||||||
Other Expense | (206 | ) | (125 | ) | ||||||||
GAAP Other Expense | (4,036 | ) | (1,821 | ) | ||||||||
Change in Liability to Selling and Converting Shareholders¹ | 4,168 | 4,468 | ||||||||||
Outside Interests of Investment Partnerships² | 92 | (1,235 | ) | |||||||||
Non-GAAP Other Income, Net of Outside Interests | $ | 224 | $ | 1,412 | ||||||||
1 Reflects the change in the liability to the Company’s selling and converting shareholders associated with | ||||||||||||
the deferred tax asset generated by the Company’s initial public offering and subsequent unit conversions. | ||||||||||||
2 Represents the non-controlling interest allocation of the loss/(income) of the Company's consolidated | ||||||||||||
investment partnerships to its external investors. |
Income Tax Expense/ Benefit (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Non-GAAP Corporate Income Tax Expense | $ | 962 | $ | 1,225 | $ | 1,060 | ||||||
Non-GAAP Unincorporated Business Tax Expense | 648 | 701 | 947 | |||||||||
Non-GAAP Income Tax Expense | 1,610 | 1,926 | 2,007 | |||||||||
Change in Valuation Allowance2 | (422 | ) | (2,439 | ) | (97 | ) | ||||||
Less: Effects of Non-Recurring Lease Expenses3 | (44 | ) | — | — | ||||||||
Net Adjustment to Deferred Tax Asset4 | (450 | ) | 293 | (33 | ) | |||||||
GAAP Income Tax Expense/ (Benefit) | $ | 694 | $ | (220 | ) | $ | 1,877 | |||||
Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Non-GAAP Corporate Income Tax Expense | $ | 4,521 | $ | 3,612 | ||||||||
Non-GAAP Unincorporated Business Tax Expense1 | 2,966 | 2,434 | ||||||||||
Non-GAAP Income Tax Expense | 7,487 | 6,046 | ||||||||||
Change in Valuation Allowance2 | (6,005 | ) | (5,710 | ) | ||||||||
Less: Effects of Non-Recurring Lease Expenses3 | (44 | ) | — | |||||||||
Net Adjustment to Deferred Tax Asset4 | 445 | 253 | ||||||||||
GAAP Income Tax Expense | $ | 1,883 | $ | 589 | ||||||||
1 Includes a $0.6 million tax benefit recognized in the first quarter of 2013 associated with the | ||||||||||||
amendment of prior year tax returns to change the methodology for state and local receipts. | ||||||||||||
2 Reflects the change in the valuation allowance assessed against the deferred tax asset established | ||||||||||||
as part of the Company's initial public offering and subsequent unit conversions. | ||||||||||||
3 Reflects the tax effect of non-recurring lease expenses on Corporate Income Tax Expense and Unincorporated | ||||||||||||
Business Tax Expense of $31 thousand and $13 thousand, respectively, which are excluded from Non-GAAP results. | ||||||||||||
4 Reflects the net impact of the changes in the Company's deferred tax asset and valuation allowance | ||||||||||||
assessed against the deferred tax asset associated with the changes in expected future tax benefits | ||||||||||||
and the prior year's final tax return. |
Non-Controlling Interests (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Operating Company Allocation | $ | 11,427 | $ | 12,593 | $ | 13,584 | ||||||
Add Back: Effects of Non-Recurring Lease Expenses1 | 313 | — | — | |||||||||
Non-GAAP Operating Company Allocation | 11,740 | 12,593 | 13,584 | |||||||||
Outside Interests of Investment Partnerships2 | (73 | ) | (149 | ) | 305 | |||||||
Less: Effects of Non-Recurring Lease Expenses1 | (313 | ) | — | — | ||||||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 11,354 | $ | 12,444 | $ | 13,889 | ||||||
Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Operating Company Allocation | $ | 47,026 | $ | 40,533 | ||||||||
Add Back: Effects of Non-Recurring Lease Expenses1 | 313 | — | ||||||||||
Non-GAAP Operating Company Allocation | 47,339 | 40,533 | ||||||||||
Outside Interests of Investment Partnerships2 | (92 | ) | 1,235 | |||||||||
Less: Effects of Non-Recurring Lease Expenses1 | (313 | ) | — | |||||||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 46,934 | $ | 41,768 | ||||||||
1 Reflects the effects of non-recurring lease expenses on non-controlling interests. | ||||||||||||
2 Represents the non-controlling interest allocation of the (loss)/ income of the Company's consolidated | ||||||||||||
investment partnerships to its external investors. |
PZENA INVESTMENT MANAGEMENT, INC. | |||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||
(in thousands) | |||||||||
As of | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
ASSETS | |||||||||
Cash and Cash Equivalents | $ | 39,109 | $ | 33,878 | |||||
Restricted Cash | 2,810 | 316 | |||||||
Due from Broker | 94 | 58 | |||||||
Advisory Fees Receivable | 22,939 | 23,947 | |||||||
Investments | 27,945 | 7,621 | |||||||
Prepaid Expenses and Other Assets | 1,599 | 1,246 | |||||||
Deferred Tax Asset, Net of Valuation Allowance | |||||||||
of $44,239 and $53,973, respectively | 14,618 | 12,312 | |||||||
Property and Equipment, Net of Accumulated | |||||||||
Depreciation of $3,072 and $2,850, respectively | 2,772 | 835 | |||||||
TOTAL ASSETS | $ | 111,886 | $ | 80,213 | |||||
LIABILITIES AND EQUITY | |||||||||
Liabilities: | |||||||||
Accounts Payable and Accrued Expenses | $ | 5,974 | $ | 5,570 | |||||
Due to Broker | 698 | 5 | |||||||
Securities Sold Short, at Fair Value | 1,572 | — | |||||||
Liability to Selling and Converting Shareholders | 15,358 | 12,777 | |||||||
Lease Liability | 354 | 778 | |||||||
Deferred Compensation Liability | 2,211 | 2,339 | |||||||
Other Liabilities | 686 | 195 | |||||||
TOTAL LIABILITIES | 26,853 | 21,664 | |||||||
Equity: | |||||||||
Total Pzena Investment Management, Inc.'s Equity | 18,401 | 16,362 | |||||||
Non-Controlling Interests | 66,632 | 42,187 | |||||||
TOTAL EQUITY | 85,033 | 58,549 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 111,886 | $ | 80,213 |
PZENA INVESTMENT MANAGEMENT, INC. | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except share and per-share amounts) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
REVENUE | $ | 28,560 | $ | 28,749 | $ | 112,511 | $ | 95,769 | |||||||||
EXPENSES | |||||||||||||||||
Compensation and Benefits Expense | 10,702 | 9,200 | 41,273 | 36,822 | |||||||||||||
General and Administrative Expense | 3,109 | 2,352 | 10,285 | 8,099 | |||||||||||||
TOTAL OPERATING EXPENSES | 13,811 | 11,552 | 51,558 | 44,921 | |||||||||||||
Operating Income | 14,749 | 17,197 | 60,953 | 50,848 | |||||||||||||
Other (Expense)/ Income | (232 | ) | 848 | (4,036 | ) | (1,821 | ) | ||||||||||
Income Before Taxes | 14,517 | 18,045 | 56,917 | 49,027 | |||||||||||||
Income Tax Expense | 694 | 1,877 | 1,883 | 589 | |||||||||||||
Consolidated Net Income | 13,823 | 16,168 | 55,034 | 48,438 | |||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 11,354 | 13,889 | 46,934 | 41,768 | |||||||||||||
Net Income Attributable to Pzena Investment Management, Inc. | $ | 2,469 | $ | 2,279 | $ | 8,100 | $ | 6,670 | |||||||||
Earnings per Share - Basic and Diluted Attributable to | |||||||||||||||||
Pzena Investment Management, Inc. Common Stockholders: | |||||||||||||||||
Net Income for Basic Earnings per Share | $ | 2,469 | $ | 2,279 | $ | 8,100 | $ | 6,670 | |||||||||
Basic Earnings per Share | $ | 0.19 | $ | 0.19 | $ | 0.64 | $ | 0.56 | |||||||||
Basic Weighted Average Shares Outstanding | 13,177,612 | 12,158,756 | 12,628,676 | 11,990,757 | |||||||||||||
Net Income for Diluted Earnings per Share | $ | 9,487 | $ | 10,204 | $ | 35,685 | $ | 30,317 | |||||||||
Diluted Earnings per Share | $ | 0.14 | $ | 0.15 | $ | 0.53 | $ | 0.45 | |||||||||
Diluted Weighted Average Shares Outstanding | 67,484,615 | 67,352,833 | 67,797,524 | 66,759,840 |
PZENA INVESTMENT MANAGEMENT, INC. | |||||||||||||||||
UNAUDITED NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except share and per-share amounts) | |||||||||||||||||
Non-GAAP Basis | Non-GAAP Basis | ||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
REVENUE | $ | 28,560 | $ | 28,749 | $ | 112,511 | $ | 95,769 | |||||||||
EXPENSES | |||||||||||||||||
Compensation and Benefits Expense | 10,702 | 9,200 | 41,273 | 36,822 | |||||||||||||
General and Administrative Expense | 2,717 | 2,352 | 9,893 | 8,099 | |||||||||||||
TOTAL OPERATING EXPENSES | 13,419 | 11,552 | 51,166 | 44,921 | |||||||||||||
Operating Income | 15,141 | 17,197 | 61,345 | 50,848 | |||||||||||||
Other Income, Net of Outside Interests | 62 | 486 | 224 | 1,412 | |||||||||||||
Income Before Taxes and Operating Company Allocation | 15,203 | 17,683 | 61,569 | 52,260 | |||||||||||||
Unincorporated Business Tax Expense | 648 | 947 | 2,966 | 2,434 | |||||||||||||
Allocable Income | 14,555 | 16,736 | 58,603 | 49,826 | |||||||||||||
Operating Company Allocation | 11,740 | 13,584 | 47,339 | 40,533 | |||||||||||||
Income Before Corporate Income Taxes | 2,815 | 3,152 | 11,264 | 9,293 | |||||||||||||
Corporate Income Tax Expense | 962 | 1,060 | 4,521 | 3,612 | |||||||||||||
Non-GAAP Net Income | $ | 1,853 | $ | 2,092 | $ | 6,743 | $ | 5,681 | |||||||||
Effect of Non-Recurring Lease Expenses | (35 | ) | — | (35 | ) | — | |||||||||||
Tax Receivable Agreement Income, Net of Taxes | 651 | 187 | 1,392 | 989 | |||||||||||||
GAAP Net Income | $ | 2,469 | $ | 2,279 | $ | 8,100 | $ | 6,670 | |||||||||
Earnings Per Share - Basic and Diluted Attributable to | |||||||||||||||||
Pzena Investment Management, Inc. Common Stockholders: | |||||||||||||||||
Net Income for Basic Earnings per Share | $ | 1,853 | $ | 2,092 | $ | 6,743 | $ | 5,681 | |||||||||
Basic Earnings per Share | $ | 0.14 | $ | 0.17 | $ | 0.53 | $ | 0.47 | |||||||||
Basic Weighted Average Shares Outstanding | 13,177,612 | 12,158,756 | 12,628,676 | 11,990,757 | |||||||||||||
Net Income for Diluted Earnings per Share | $ | 9,063 | $ | 10,017 | $ | 34,512 | $ | 29,328 | |||||||||
Diluted Earnings per Share | $ | 0.13 | $ | 0.15 | $ | 0.51 | $ | 0.44 | |||||||||
Diluted Weighted Average Shares Outstanding | 67,484,615 | 67,352,833 | 67,797,524 | 66,759,840 |
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