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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2022
Or
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______to______
Commission file number 001-33761
PZENA INVESTMENT MANAGEMENT, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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20-8999751 |
(State or Other Jurisdiction of |
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(I.R.S. Employer |
Incorporation or Organization) |
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Identification No.) |
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
Not Applicable
(Former Address of Principal Executive Offices) (Zip Code)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A common stock, par value $0.01 per share |
PZN |
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 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.
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Large accelerated filer |
☐ |
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Accelerated filer |
☒ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
☒ |
Emerging growth company |
☐ |
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If 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. Yes ☐ No ☐
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 August 3, 2022, there were 16,736,459 outstanding shares of the registrant’s Class A common stock, par value $0.01 per share.
As of August 3, 2022, there were 56,980,825 outstanding shares of the registrant’s Class B common stock, par value $0.000001 per share.
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
FORM 10-Q
TABLE OF CONTENTS
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Page |
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PART I — FINANCIAL INFORMATION |
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Item 1. |
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Financial Statements |
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Consolidated Statements of Financial Condition of Pzena Investment Management, Inc. as of June 30, 2022 (unaudited) and December 31, 2021 |
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2 |
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Consolidated Statements of Operations (unaudited) of Pzena Investment Management, Inc. for the Three and Six Months Ended June 30, 2022 and 2021 |
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3 |
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Consolidated Statements of Comprehensive Income (unaudited) of Pzena Investment Management, Inc. for the Three and Six Months Ended June 30, 2022 and 2021 |
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4 |
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Consolidated Statement of Changes in Equity (unaudited) of Pzena Investment Management, Inc. for the Three and Six Months Ended June 30, 2022 and 2021 |
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5 |
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Consolidated Statements of Cash Flows (unaudited) of Pzena Investment Management, Inc. for the Three and Six Months Ended June 30, 2022 and 2021 |
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7 |
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Notes to the Consolidated Financial Statements (unaudited) |
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8 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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29 |
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Item 4. |
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Controls and Procedures |
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45 |
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PART II — OTHER INFORMATION |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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46 |
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Item 6. |
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Exhibits |
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47 |
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SIGNATURES |
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48 |
i
Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements provide our current expectations, or forecasts, of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “ongoing,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on our views, plans, estimates, and expectations. Potentially inaccurate assumptions could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in Item 1A, “Risk Factors” in Part I of our Annual Report on Form 10-K for our fiscal year ended December 31, 2021. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly revise any forward-looking statements included in this Quarterly Report to reflect circumstances or events after the date of this Quarterly Report, or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we will file from time to time with the Securities and Exchange Commission ("SEC"), after the date of this Quarterly Report on Form 10-Q.
Forward-looking statements include, but are not limited to, statements about:
•our ability to respond to global economic, market, business and geopolitical conditions;
•our anticipated future results of operations and operating cash flows;
•our successful formulation and execution of business strategies and investment policies;
•our financing plans and the availability of short- or long-term borrowing, or equity financing;
•our competitive position and the effects of competition on our business;
•our ability to identify and capture potential growth opportunities available to us;
•the effective recruitment and retention of our executives and employees;
•our expected levels of compensation for our employees;
•expectations relating to dividend payments and our ability to make such payments;
•our potential operating performance, achievements, efficiency, and cost reduction efforts;
•changes in interest rates;
•our expectations with respect to the economy, capital markets, the market for asset management services, and other industry trends;
•the potential impact of disruptions as a result of natural disasters, pandemics, or other international health emergencies, as well as the conditions in the sectors in which we invest; and
•the impact of future legislation and regulation, and changes in existing legislation and regulation, on our business.
The reports that we file with the SEC, accessible on the SEC’s website at www.sec.gov, identify additional factors that can affect forward-looking statements.
i
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PZENA INVESTMENT MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share and per-share amounts)
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As of |
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June 30, 2022 |
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December 31, 2021 |
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(unaudited) |
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ASSETS |
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Cash and Cash Equivalents ($0 and $1,030)1 |
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$ |
49,412 |
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$ |
81,133 |
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Restricted Cash |
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2,215 |
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1,056 |
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Due from Broker |
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157 |
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55 |
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Advisory Fees Receivable |
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36,855 |
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41,127 |
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Investments ($1,156 and $27,483)1 |
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80,762 |
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95,506 |
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Receivable from Related Parties |
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5,203 |
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3,871 |
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Other Receivables ($0 and $40)1 |
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8,883 |
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265 |
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Prepaid Expenses and Other Assets |
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1,627 |
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1,700 |
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Right-of-use Assets |
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55,311 |
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10,014 |
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Deferred Tax Asset |
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21,969 |
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25,886 |
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Property and Equipment, Net of Accumulated Depreciation of $7,633 and $7,086, respectively |
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4,990 |
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3,687 |
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TOTAL ASSETS |
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$ |
267,384 |
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$ |
264,300 |
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LIABILITIES AND EQUITY |
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Liabilities: |
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Accounts Payable and Accrued Expenses ($0 and $62)1 |
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$ |
35,456 |
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$ |
44,167 |
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Due to Broker |
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51 |
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— |
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Securities Sold Short, at Fair Value |
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241 |
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237 |
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Liability to Selling and Converting Shareholders |
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24,679 |
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24,679 |
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Lease Liabilities |
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65,396 |
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10,323 |
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Deferred Compensation Liability |
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3,604 |
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6,840 |
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TOTAL LIABILITIES |
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129,427 |
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86,246 |
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Commitments and Contingencies (see Note 12) |
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Equity: |
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Preferred Stock (Par Value $0.01; 200,000,000 Shares Authorized; None Outstanding) |
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— |
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— |
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Class A Common Stock (Par Value $0.01; 750,000,000 Shares Authorized; 16,722,181 and 17,306,455 Shares Issued and Outstanding in 2022 and 2021, respectively) |
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167 |
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172 |
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Class B Common Stock (Par Value $0.000001; 750,000,000 Shares Authorized; 56,969,703 and 54,203,277 Shares Issued and Outstanding in 2022 and 2021, respectively) |
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— |
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— |
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Additional Paid-In Capital |
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3,388 |
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3,989 |
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Retained Earnings |
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34,040 |
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38,420 |
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Accumulated Other Comprehensive (Loss)/ Income |
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(188 |
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7 |
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Total Pzena Investment Management, Inc.'s Equity |
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37,407 |
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42,588 |
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Non-Controlling Interests |
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100,550 |
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135,466 |
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TOTAL EQUITY |
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137,957 |
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178,054 |
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TOTAL LIABILITIES AND EQUITY |
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$ |
267,384 |
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$ |
264,300 |
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1.Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2022 and December 31, 2021 attributable to Pzena U.S. Best Ideas (GP), LLC and Pzena Global Best Ideas (GP), LLC, which were variable interest entities as of June 30, 2022 and December 31, 2021. Asset and liability amounts in parentheses at June 30, 2022 are also attributable to Pzena 320 Fund (GP), LLC. Asset and liability amounts in parentheses at December 31, 2021 are also attributable to Pzena Global Focus Value Fund.
See accompanying notes to unaudited consolidated financial statements.
2
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per-share amounts)
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For the Three Months
Ended June 30, |
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For the Six Months
Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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REVENUE |
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$ |
48,697 |
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$ |
50,877 |
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$ |
101,457 |
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$ |
96,748 |
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EXPENSES |
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Compensation and Benefits Expense |
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18,426 |
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19,035 |
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39,612 |
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38,170 |
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General and Administrative Expense |
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5,718 |
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3,920 |
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10,663 |
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7,616 |
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Total Operating Expenses |
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24,144 |
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22,955 |
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50,275 |
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45,786 |
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Operating Income |
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24,553 |
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27,922 |
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51,182 |
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50,962 |
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OTHER INCOME/ (EXPENSE) |
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Interest Income |
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81 |
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45 |
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107 |
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100 |
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Dividend Income |
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675 |
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216 |
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1,111 |
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358 |
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Net Realized and Unrealized (Losses)/ Gains from Investments |
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(6,547 |
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899 |
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(6,729 |
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3,462 |
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Equity in (Losses)/ Earnings of Affiliates |
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(1,649 |
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470 |
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(1,712 |
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2,007 |
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Other (Expense)/ Income |
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(184 |
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100 |
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(323 |
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158 |
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Total Other (Expense)/ Income |
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(7,624 |
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1,730 |
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(7,546 |
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6,085 |
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Income Before Income Taxes |
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16,929 |
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29,652 |
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43,636 |
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57,047 |
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Income Tax Expense |
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2,490 |
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2,575 |
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10,715 |
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4,941 |
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Net Income |
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14,439 |
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27,077 |
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32,921 |
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52,106 |
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Less: Net Income Attributable to Non-Controlling Interests |
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11,916 |
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22,474 |
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27,583 |
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43,316 |
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Net Income Attributable to Pzena Investment Management, Inc. |
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$ |
2,523 |
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$ |
4,603 |
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$ |
5,338 |
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$ |
8,790 |
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Net Income for Basic Earnings per Share |
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$ |
2,523 |
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$ |
4,603 |
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$ |
5,338 |
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$ |
8,790 |
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Basic Earnings per Share |
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$ |
0.15 |
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$ |
0.27 |
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$ |
0.31 |
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$ |
0.51 |
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Basic Weighted Average Shares Outstanding1 |
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16,969,301 |
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17,255,593 |
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17,159,027 |
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17,248,045 |
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Net Income for Diluted Earnings per Share |
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$ |
12,755 |
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$ |
21,176 |
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$ |
26,245 |
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$ |
40,906 |
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Diluted Earnings per Share |
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$ |
0.15 |
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$ |
0.25 |
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$ |
0.31 |
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$ |
0.49 |
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Diluted Weighted Average Shares Outstanding1 |
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85,293,053 |
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84,336,569 |
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85,985,519 |
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83,932,385 |
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Cash Dividends per Share of Class A Common Stock |
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$ |
0.03 |
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$ |
0.03 |
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$ |
0.31 |
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$ |
0.28 |
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1.The Company issues restricted shares of Class A common stock and restricted Class B units that have non-forfeitable dividend rights. Under the "two-class method," these shares and units are considered participating securities and are required to be included in the computation of basic and diluted earnings per share.
See accompanying notes to unaudited consolidated financial statements.
3
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
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For the Three Months
Ended June 30, |
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For the Six Months
Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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NET INCOME |
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$ |
14,439 |
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$ |
27,077 |
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$ |
32,921 |
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$ |
52,106 |
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OTHER COMPREHENSIVE GAIN |
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Foreign Currency Translation Adjustment |
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(875 |
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(117 |
) |
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(1,009 |
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(129 |
) |
Total Other Comprehensive Loss |
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(875 |
) |
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(117 |
) |
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(1,009 |
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(129 |
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Comprehensive Income |
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13,564 |
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26,960 |
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31,912 |
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51,977 |
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Less: Comprehensive Income Attributable to Non-Controlling Interests |
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11,234 |
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22,370 |
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26,769 |
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43,205 |
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Total Comprehensive Income Attributable to Pzena Investment Management, Inc. |
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$ |
2,330 |
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$ |
4,590 |
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$ |
5,143 |
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$ |
8,772 |
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See accompanying notes to unaudited consolidated financial statements.
4
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands, except share and per-share amounts)
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Shares of
Class A
Common Stock |
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Shares of
Class B
Common Stock |
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Class A
Common Stock |
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Additional
Paid-In Capital |
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Accumulated
Other
Comprehensive
Loss |
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Retained
Earnings |
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Non-Controlling
Interests |
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Total Equity |
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Balance at December 31, 2021 |
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17,306,455 |
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55,203,277 |
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$ |
172 |
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$ |
3,989 |
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$ |
7 |
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$ |
38,420 |
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$ |
135,466 |
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$ |
178,054 |
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Amortization of Non-Cash Compensation |
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15,539 |
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|
310,369 |
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|
— |
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|
431 |
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|
— |
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— |
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1,648 |
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|
2,079 |
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Issuance of Shares under Equity Incentive Plan |
|
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— |
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1,084,675 |
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|
— |
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|
1,528 |
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|
|
— |
|
|
|
— |
|
|
|
5,259 |
|
|
|
6,787 |
|
Sale of Shares under Equity Incentive Plan |
|
|
18,057 |
|
|
|
138,238 |
|
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
— |
|
|
|
578 |
|
|
|
729 |
|
Directors' Share Grants |
|
|
29,713 |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
|
|
— |
|
|
|
— |
|
|
|
345 |
|
|
|
436 |
|
Net Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,815 |
|
|
|
15,667 |
|
|
|
18,482 |
|
Foreign Currency Translation Adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(132 |
) |
|
|
(134 |
) |
Repurchase and Retirement of Class A Common Stock |
|
|
(263,362 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(491 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,873 |
) |
|
|
(2,365 |
) |
Repurchase and Retirement of Class B Units |
|
|
— |
|
|
|
(9,819 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
|
|
(51 |
) |
|
|
(64 |
) |
Class A Cash Dividends Declared and Paid ($0.25 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,209 |
) |
|
|
— |
|
|
|
(9,209 |
) |
Tax Impact of Transactions with Non-Controlling Shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(829 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(829 |
) |
Effect of Deconsolidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,755 |
) |
|
|
(26,755 |
) |
Contributions from Non-Controlling Interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,838 |
|
|
|
11,838 |
|
Distributions to Non-Controlling Interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,005 |
) |
|
|
(47,005 |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
254 |
|
|
|
— |
|
|
|
— |
|
|
|
(254 |
) |
|
|
— |
|
Balance at March 31, 2022 |
|
|
17,106,402 |
|
|
|
56,726,740 |
|
|
$ |
171 |
|
|
$ |
5,111 |
|
|
$ |
5 |
|
|
$ |
32,026 |
|
|
$ |
94,731 |
|
|
$ |
132,044 |
|
Amortization of Non-Cash Compensation |
|
— |
|
|
— |
|
|
— |
|
|
|
423 |
|
|
— |
|
|
— |
|
|
|
1,657 |
|
|
|
2,080 |
|
Sale of Shares under Equity Incentive Plan |
|
|
9,483 |
|
|
|
242,963 |
|
|
— |
|
|
|
223 |
|
|
— |
|
|
— |
|
|
|
820 |
|
|
|
1,043 |
|
Directors' Share Grants |
|
|
1,253 |
|
|
— |
|
|
— |
|
|
|
27 |
|
|
— |
|
|
— |
|
|
|
105 |
|
|
|
132 |
|
Net Income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,523 |
|
|
|
11,916 |
|
|
|
14,439 |
|
Foreign Currency Translation Adjustments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(193 |
) |
|
— |
|
|
|
(682 |
) |
|
|
(875 |
) |
Repurchase and Retirement of Class A Common Stock |
|
|
(394,957 |
) |
|
— |
|
|
|
(4 |
) |
|
|
(562 |
) |
|
— |
|
|
— |
|
|
|
(2,195 |
) |
|
|
(2,761 |
) |
Class A Cash Dividends Declared and Paid ($0.03 per share) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(509 |
) |
|
— |
|
|
|
(509 |
) |
Tax Impact of Transactions with Non-Controlling Shareholders |
|
— |
|
|
— |
|
|
— |
|
|
|
(1,085 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
(1,085 |
) |
Effect of Deconsolidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,182 |
) |
|
|
(7,182 |
) |
Contributions from Non-Controlling Interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
12,592 |
|
|
|
12,592 |
|
Distributions to Non-Controlling Interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(11,961 |
) |
|
|
(11,961 |
) |
Other |
|
— |
|
|
— |
|
|
— |
|
|
|
(749 |
) |
|
— |
|
|
— |
|
|
|
749 |
|
|
|
— |
|
Balance at June 30, 2022 |
|
|
16,722,181 |
|
|
|
56,969,703 |
|
|
$ |
167 |
|
|
$ |
3,388 |
|
|
$ |
(188 |
) |
|
$ |
34,040 |
|
|
$ |
100,550 |
|
|
$ |
137,957 |
|
5
Table of Contents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of
Class A
Common Stock |
|
|
Shares of
Class B
Common Stock |
|
|
Class A
Common Stock |
|
|
Additional
Paid-In Capital |
|
|
Accumulated
Other
Comprehensive
Income |
|
|
Retained
Earnings |
|
|
Non-Controlling
Interests |
|
|
Total Equity |
|
Balance at December 31, 2020 |
|
|
17,328,899 |
|
|
|
54,313,620 |
|
|
$ |
173 |
|
|
$ |
5,190 |
|
|
$ |
132 |
|
|
$ |
25,611 |
|
|
$ |
77,849 |
|
|
$ |
108,955 |
|
Amortization of Non-Cash Compensation |
|
|