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): July 21, 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) |
320 Park Avenue, New York, New York | 10022 |
(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 July 21, 2015, of Pzena Investment Management, Inc. |
PZENA INVESTMENT MANAGEMENT, INC. | ||
Dated: July 21, 2015 | By: | /s/ Gary J. Bachman |
Name: Gary J. Bachman | ||
Title: Chief Financial Officer | ||
Exhibit No. | Document |
99.1 | Press release, dated July 21, 2015, of Pzena Investment Management, Inc. |
• | 2015 revenue was $29.5 million for the second quarter. |
• | 2015 GAAP operating income was $13.2 million for the second quarter. For the same period, non-GAAP operating income was $14.7 million. |
• | 2015 GAAP diluted earnings per share was $0.13 for the second quarter. For the same period, non-GAAP diluted earnings per share was $0.14. |
• | Declared a quarterly dividend of $0.03 per share. |
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 1,922 | $ | 2,124 | $ | 1,951 | $ | 1,767 | |||||||
Basic Earnings Per Share | $ | 0.15 | $ | 0.17 | $ | 0.15 | $ | 0.15 | |||||||
Diluted Net Income | $ | 8,531 | $ | 9,096 | $ | 9,312 | $ | 8,739 | |||||||
Diluted Earnings Per Share | $ | 0.13 | $ | 0.13 | $ | 0.14 | $ | 0.13 | |||||||
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 3,544 | $ | 3,572 | $ | 3,557 | $ | 3,153 | |||||||
Basic Earnings Per Share | $ | 0.27 | $ | 0.29 | $ | 0.27 | $ | 0.26 | |||||||
Diluted Net Income | $ | 16,458 | $ | 16,692 | $ | 17,397 | $ | 16,273 | |||||||
Diluted Earnings Per Share | $ | 0.24 | $ | 0.25 | $ | 0.26 | $ | 0.24 | |||||||
Assets Under Management (unaudited) | ||||||||||||||||||||
($ billions) | ||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Institutional Accounts | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period | $ | 15.9 | $ | 15.6 | $ | 15.2 | $ | 15.1 | $ | 12.5 | ||||||||||
Inflows | 0.3 | 1.1 | 0.4 | 3.3 | 2.5 | |||||||||||||||
Outflows | (0.6 | ) | (0.9 | ) | (0.9 | ) | (2.6 | ) | (3.1 | ) | ||||||||||
Net Flows | (0.3 | ) | 0.2 | (0.5 | ) | 0.7 | (0.6 | ) | ||||||||||||
Market Appreciation/(Depreciation) | 0.3 | 0.1 | 0.4 | 0.1 | 3.2 | |||||||||||||||
End of Period | $ | 15.9 | $ | 15.9 | $ | 15.1 | $ | 15.9 | $ | 15.1 | ||||||||||
Retail Accounts | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period Assets | $ | 12.0 | $ | 12.1 | $ | 10.2 | $ | 11.9 | $ | 7.8 | ||||||||||
Inflows | 0.3 | 0.4 | 1.4 | 1.8 | 3.3 | |||||||||||||||
Outflows | (0.6 | ) | (0.4 | ) | (0.2 | ) | (2.1 | ) | (1.1 | ) | ||||||||||
Net Flows | (0.3 | ) | — | 1.2 | (0.3 | ) | 2.2 | |||||||||||||
Market Appreciation/(Depreciation) | 0.4 | (0.1 | ) | 0.5 | 0.5 | 1.9 | ||||||||||||||
End of Period | $ | 12.1 | $ | 12.0 | $ | 11.9 | $ | 12.1 | $ | 11.9 | ||||||||||
Total | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Beginning of Period | $ | 27.9 | $ | 27.7 | $ | 25.4 | $ | 27.0 | $ | 20.3 | ||||||||||
Inflows | 0.6 | 1.5 | 1.8 | 5.1 | 5.8 | |||||||||||||||
Outflows | (1.2 | ) | (1.3 | ) | (1.1 | ) | (4.7 | ) | (4.2 | ) | ||||||||||
Net Flows | (0.6 | ) | 0.2 | 0.7 | 0.4 | 1.6 | ||||||||||||||
Market Appreciation/(Depreciation) | 0.7 | — | 0.9 | 0.6 | 5.1 | |||||||||||||||
End of Period | $ | 28.0 | $ | 27.9 | $ | 27.0 | $ | 28.0 | $ | 27.0 |
Revenue (unaudited) | |||||||||||
($ thousands) | |||||||||||
For the Three Months Ended | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2015 | 2015 | 2014 | |||||||||
Institutional Accounts | $ | 21,492 | $ | 20,969 | $ | 20,506 | |||||
Retail Accounts | 8,018 | 7,684 | 7,439 | ||||||||
Total | $ | 29,510 | $ | 28,653 | $ | 27,945 | |||||
For the Six Months Ended | |||||||||||
June 30, | June 30, | ||||||||||
2015 | 2014 | ||||||||||
Institutional Accounts | $ | 42,461 | $ | 40,802 | |||||||
Retail Accounts | 15,702 | 13,544 | |||||||||
Total | $ | 58,163 | $ | 54,346 |
Operating Expenses (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
For the Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Compensation and Benefits Expense | $ | 11,800 | $ | 12,070 | $ | 9,899 | ||||||
General and Administrative Expense | 4,490 | 3,603 | 2,505 | |||||||||
GAAP Operating Expenses | 16,290 | 15,673 | 12,404 | |||||||||
One-Time Adjustments | (1,488 | ) | (346 | ) | — | |||||||
Non-GAAP Operating Expenses | $ | 14,802 | $ | 15,327 | $ | 12,404 | ||||||
For the Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||
2015 | 2014 | |||||||||||
Compensation and Benefits Expense | $ | 23,870 | $ | 19,949 | ||||||||
General and Administrative Expense | 8,093 | 4,825 | ||||||||||
GAAP Operating Expenses | 31,963 | 24,774 | ||||||||||
One-Time Adjustments | (1,834 | ) | — | |||||||||
Non-GAAP Operating Expenses | $ | 30,129 | $ | 24,774 |
Other Income/ (Expense) (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Net Interest and Dividend Income | $ | 308 | $ | 120 | $ | 115 | ||||||
Gains and Other Investment Income | 460 | 15 | 410 | |||||||||
Change in Liability to Selling and Converting Shareholders¹ | (672 | ) | (245 | ) | (1,996 | ) | ||||||
Other Income/ (Expense) | 65 | (179 | ) | 63 | ||||||||
GAAP Other Income/ (Expense) | 161 | (289 | ) | (1,408 | ) | |||||||
Change in Liability to Selling and Converting Shareholders¹ | 672 | 245 | 1,996 | |||||||||
Outside Interests of Investment Partnerships² | (370 | ) | 60 | (57 | ) | |||||||
Non-GAAP Other Income, Net of Outside Interests | $ | 463 | $ | 16 | $ | 531 | ||||||
For the Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||
2015 | 2014 | |||||||||||
Net Interest and Dividend Income | $ | 428 | $ | 180 | ||||||||
Gains and Other Investment Income | 475 | 514 | ||||||||||
Change in Liability to Selling and Converting Shareholders¹ | (917 | ) | (2,123 | ) | ||||||||
Other Expense | (114 | ) | (26 | ) | ||||||||
GAAP Other Expense | (128 | ) | (1,455 | ) | ||||||||
Change in Liability to Selling and Converting Shareholders¹ | 917 | 2,123 | ||||||||||
Outside Interests of Investment Partnerships² | (310 | ) | (130 | ) | ||||||||
Non-GAAP Other Income, Net of Outside Interests | $ | 479 | $ | 538 | ||||||||
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 (income)/ loss of the Company's consolidated | ||||||||||||
investment partnerships to its external investors. |
Income Tax Expense/ (Benefit) (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
For the Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Non-GAAP Corporate Income Tax Expense | $ | 925 | $ | 886 | $ | 1,244 | ||||||
Non-GAAP Unincorporated Business Tax Expense | 575 | 531 | 835 | |||||||||
Non-GAAP Income Tax Expense | 1,500 | 1,417 | 2,079 | |||||||||
Change in Valuation Allowance1 | (790 | ) | (297 | ) | (2,353 | ) | ||||||
Less: Effects of One-Time Adjustments2 | (144 | ) | (32 | ) | — | |||||||
GAAP Income Tax Expense/ (Benefit) | $ | 566 | $ | 1,088 | $ | (274 | ) | |||||
For the Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||
2015 | 2014 | |||||||||||
Non-GAAP Corporate Income Tax Expense | $ | 1,811 | $ | 2,334 | ||||||||
Non-GAAP Unincorporated Business Tax Expense | 1,106 | 1,617 | ||||||||||
Non-GAAP Income Tax Expense | 2,917 | 3,951 | ||||||||||
Change in Valuation Allowance1 | (1,087 | ) | (3,144 | ) | ||||||||
Less: Effects of One-Time Adjustments2 | (176 | ) | — | |||||||||
Net Adjustment to Deferred Tax Asset3 | — | 602 | ||||||||||
GAAP Income Tax Expense | $ | 1,654 | $ | 1,409 | ||||||||
1 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. | ||||||||||||
2 Reflects the tax effect of non-recurring lease expenses on Corporate Income Tax Expense and Unincorporated | ||||||||||||
Business Tax Expense for the second quarter of 2015 of $108 thousand and $36 thousand, respectively, and $25 thousand | ||||||||||||
and $7 thousand for the first quarter of 2015, respectively, which are excluded from Non-GAAP results. | ||||||||||||
3 Reflects the net impact of the changes in the Company's deferred tax asset and valuation allowance | ||||||||||||
assessed against the deferred tax asset associated with the changes in expected future tax benefits. | ||||||||||||
Non-Controlling Interests (unaudited) | ||||||||||||
($ thousands) | ||||||||||||
For the Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Operating Company Allocation | $ | 10,523 | $ | 10,041 | $ | 12,226 | ||||||
Add Back: Effects of One-Time Adjustments1 | 1,197 | 278 | — | |||||||||
Non-GAAP Operating Company Allocation | 11,720 | 10,319 | 12,226 | |||||||||
Outside Interests of Investment Partnerships2 | 370 | (60 | ) | 57 | ||||||||
Less: Effects of One-Time Adjustments1 | (1,197 | ) | (278 | ) | — | |||||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 10,893 | $ | 9,981 | $ | 12,283 | ||||||
For the Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||
2015 | 2014 | |||||||||||
Operating Company Allocation | $ | 20,564 | $ | 23,006 | ||||||||
Add Back: Effects of One-Time Adjustments1 | 1,475 | — | ||||||||||
Non-GAAP Operating Company Allocation | 22,039 | 23,006 | ||||||||||
Outside Interests of Investment Partnerships2 | 310 | 130 | ||||||||||
Less: Effects of One-Time Adjustments1 | (1,475 | ) | — | |||||||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 20,874 | $ | 23,136 | ||||||||
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 | |||||||||
June 30, | December 31, | ||||||||
2015 | 2014 | ||||||||
(unaudited) | |||||||||
ASSETS | |||||||||
Cash and Cash Equivalents | $ | 24,441 | $ | 39,109 | |||||
Restricted Cash | 3,769 | 2,810 | |||||||
Due from Broker | 529 | 94 | |||||||
Advisory Fees Receivable | 23,790 | 22,939 | |||||||
Investments | 33,143 | 27,945 | |||||||
Prepaid Expenses and Other Assets | 1,717 | 1,599 | |||||||
Deferred Tax Asset, Net of Valuation Allowance | |||||||||
of $42,900 and $44,239, respectively | 13,967 | 14,618 | |||||||
Property and Equipment, Net of Accumulated | |||||||||
Depreciation of $664 and $3,072, respectively | 7,639 | 2,772 | |||||||
TOTAL ASSETS | $ | 108,995 | $ | 111,886 | |||||
LIABILITIES AND EQUITY | |||||||||
Liabilities: | |||||||||
Accounts Payable and Accrued Expenses | $ | 14,061 | $ | 5,974 | |||||
Due to Broker | 1,248 | 698 | |||||||
Securities Sold Short, at Fair Value | 2,406 | 1,572 | |||||||
Liability to Selling and Converting Shareholders | 16,275 | 15,358 | |||||||
Deferred Compensation Liability | 1,550 | 2,211 | |||||||
Lease Liability | 743 | 354 | |||||||
Other Liabilities | 819 | 686 | |||||||
TOTAL LIABILITIES | 37,102 | 26,853 | |||||||
Equity: | |||||||||
Total Pzena Investment Management, Inc.'s Equity | 15,119 | 18,401 | |||||||
Non-Controlling Interests | 56,774 | 66,632 | |||||||
TOTAL EQUITY | 71,893 | 85,033 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 108,995 | $ | 111,886 |
PZENA INVESTMENT MANAGEMENT, INC. | ||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(in thousands, except share and per-share amounts) | ||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
REVENUE | $ | 29,510 | $ | 27,945 | $ | 58,163 | $ | 54,346 | ||||||||||
EXPENSES | ||||||||||||||||||
Compensation and Benefits Expense | 11,800 | 9,899 | 23,870 | 19,949 | ||||||||||||||
General and Administrative Expense | 4,490 | 2,505 | 8,093 | 4,825 | ||||||||||||||
TOTAL OPERATING EXPENSES | 16,290 | 12,404 | 31,963 | 24,774 | ||||||||||||||
Operating Income | 13,220 | 15,541 | 26,200 | 29,572 | ||||||||||||||
Other Income/ (Expense) | 161 | (1,408 | ) | (128 | ) | (1,455 | ) | |||||||||||
Income Before Taxes | 13,381 | 14,133 | 26,072 | 28,117 | ||||||||||||||
Income Tax Expense/ (Benefit) | 566 | (274 | ) | 1,654 | 1,409 | |||||||||||||
Consolidated Net Income | 12,815 | 14,407 | 24,418 | 26,708 | ||||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 10,893 | 12,283 | 20,874 | 23,136 | ||||||||||||||
Net Income Attributable to Pzena Investment Management, Inc. | $ | 1,922 | $ | 2,124 | $ | 3,544 | $ | 3,572 | ||||||||||
Earnings per Share - Basic and Diluted Attributable to | ||||||||||||||||||
Pzena Investment Management, Inc. Common Stockholders: | ||||||||||||||||||
Net Income for Basic Earnings per Share | $ | 1,922 | $ | 2,124 | $ | 3,544 | $ | 3,572 | ||||||||||
Basic Earnings per Share | $ | 0.15 | $ | 0.17 | $ | 0.27 | $ | 0.29 | ||||||||||
Basic Weighted Average Shares Outstanding | 12,946,168 | 12,180,192 | 13,001,633 | 12,178,402 | ||||||||||||||
Net Income for Diluted Earnings per Share | $ | 8,531 | $ | 9,096 | $ | 16,458 | $ | 16,692 | ||||||||||
Diluted Earnings per Share | $ | 0.13 | $ | 0.13 | $ | 0.24 | $ | 0.25 | ||||||||||
Diluted Weighted Average Shares Outstanding | 68,223,560 | 67,998,237 | 68,109,058 | 68,021,135 |
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 | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
REVENUE | $ | 29,510 | $ | 27,945 | 58,163 | $ | 54,346 | |||||||||||
EXPENSES | ||||||||||||||||||
Compensation and Benefits Expense | 11,800 | 9,899 | 23,870 | 19,949 | ||||||||||||||
General and Administrative Expense | 3,002 | 2,505 | 6,259 | 4,825 | ||||||||||||||
TOTAL OPERATING EXPENSES | 14,802 | 12,404 | 30,129 | 24,774 | ||||||||||||||
Operating Income | 14,708 | 15,541 | 28,034 | 29,572 | ||||||||||||||
Other Income, Net of Outside Interests | 463 | 531 | 479 | 538 | ||||||||||||||
Income Before Taxes and Operating Company Allocation | 15,171 | 16,072 | 28,513 | 30,110 | ||||||||||||||
Unincorporated Business Tax Expense | 575 | 835 | 1,106 | 1,617 | ||||||||||||||
Allocable Income | 14,596 | 15,237 | 27,407 | 28,493 | ||||||||||||||
Operating Company Allocation | 11,720 | 12,226 | 22,039 | 23,006 | ||||||||||||||
Income Before Corporate Income Taxes | 2,876 | 3,011 | 5,368 | 5,487 | ||||||||||||||
Corporate Income Tax Expense | 925 | 1,244 | 1,811 | 2,334 | ||||||||||||||
Non-GAAP Net Income | $ | 1,951 | $ | 1,767 | $ | 3,557 | $ | 3,153 | ||||||||||
Effect of One-Time Adjustments | (147 | ) | — | (183 | ) | — | ||||||||||||
Tax Receivable Agreement Income, Net of Taxes | 118 | 357 | 170 | 419 | ||||||||||||||
GAAP Net Income | $ | 1,922 | $ | 2,124 | $ | 3,544 | $ | 3,572 | ||||||||||
Earnings Per Share - Basic and Diluted Attributable to | ||||||||||||||||||
Pzena Investment Management, Inc. Common Stockholders: | ||||||||||||||||||
Net Income for Basic Earnings per Share | $ | 1,951 | $ | 1,767 | $ | 3,557 | $ | 3,153 | ||||||||||
Basic Earnings per Share | $ | 0.15 | $ | 0.15 | $ | 0.27 | $ | 0.26 | ||||||||||
Basic Weighted Average Shares Outstanding | 12,946,168 | 12,180,192 | 13,001,633 | 12,178,402 | ||||||||||||||
Net Income for Diluted Earnings per Share | $ | 9,312 | $ | 8,739 | $ | 17,397 | $ | 16,273 | ||||||||||
Diluted Earnings per Share | $ | 0.14 | $ | 0.13 | $ | 0.26 | $ | 0.24 | ||||||||||
Diluted Weighted Average Shares Outstanding | 68,223,560 | 67,998,237 | 68,109,058 | 68,021,135 |
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