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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
September 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
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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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
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A common stock, par value $0.01 per share
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PZN
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New York Stock Exchange
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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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☐
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Accelerated filer
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☒
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Non-accelerated filer
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☐
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Smaller reporting company
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☒
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Emerging growth company
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☐
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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 November 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 November 3, 2022, there were
56,984,996
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 September 30, 2022 (unaudited) and December
31, 2021
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3
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Consolidated Statements of Operations (unaudited) of Pzena
Investment Management, Inc. for the Three and Nine Months Ended
September 30, 2022 and 2021
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4
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Consolidated Statements of Comprehensive Income (unaudited) of
Pzena Investment Management, Inc. for the Three and Nine Months
Ended September 30, 2022 and 2021
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5
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Consolidated Statement of Changes in Equity (unaudited) of Pzena
Investment Management, Inc. for the Three and Nine Months Ended
September 30, 2022 and 2021
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6
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Consolidated Statements of Cash Flows (unaudited) of Pzena
Investment Management, Inc. for the Three and Nine Months Ended
September 30, 2022 and 2021
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8
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Notes to the Consolidated Financial Statements
(unaudited)
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9
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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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30
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Item 4.
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Controls and Procedures
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46
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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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47
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Item 6.
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Exhibits
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48
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SIGNATURES
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49
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i
Table of Contents
EXPLANATORY NOTE
On October 31, 2022, the separate legal existence of Pzena
Investment Management, Inc. (the “Company”) was terminated upon its
merger with and into Panda Merger Sub, LLC ("Merger Sub") and is no
longer a public company. Merger Sub is going through the
deregistration process on behalf of the Company and is filing this
final 10-Q to meet the Company’s obligations under the Securities
Exchange Act of 1934 (the “Act”). Merger Sub intends to file a Form
15 to deregister the Company’s common stock and terminate its
reporting obligations under the Act.
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.
ii
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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September 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 ($8,043 and
$1,030)1
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$
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74,951
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$
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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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3
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55
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Advisory Fees Receivable
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34,450
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41,127
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Investments ($25,268 and
$27,483)1
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|
|
70,991
|
|
|
|
95,506
|
|
|
Receivable from Related Parties
|
|
|
5,033
|
|
|
|
3,871
|
|
|
Other Receivables ($295 and
$40)1
|
|
|
5,458
|
|
|
|
265
|
|
|
Prepaid Expenses and Other Assets
|
|
|
1,533
|
|
|
|
1,700
|
|
|
Right-of-use Assets
|
|
|
54,339
|
|
|
|
10,014
|
|
|
Deferred Tax Asset
|
|
|
22,190
|
|
|
|
25,886
|
|
|
Property and Equipment, Net of Accumulated Depreciation of
$7,887 and
$7,086,
respectively
|
|
|
7,871
|
|
|
|
3,687
|
|
|
TOTAL ASSETS
|
|
$
|
279,034
|
|
|
$
|
264,300
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Accounts Payable and Accrued Expenses ($0 and
$62)1
|
|
$
|
42,209
|
|
|
$
|
44,167
|
|
|
Due to Broker ($7,675 and
$0)1
|
|
|
7,601
|
|
|
|
—
|
|
|
Securities Sold Short, at Fair Value
|
|
|
231
|
|
|
|
237
|
|
|
Liability to Selling and Converting Shareholders
|
|
|
24,679
|
|
|
|
24,679
|
|
|
Lease Liabilities
|
|
|
65,224
|
|
|
|
10,323
|
|
|
Deferred Compensation Liability
|
|
|
4,894
|
|
|
|
6,840
|
|
|
TOTAL LIABILITIES
|
|
|
144,838
|
|
|
|
86,246
|
|
|
Commitments and Contingencies
(see Note 12)
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Preferred Stock (Par Value $0.01;
200,000,000 Shares
Authorized;
None Outstanding)
|
|
|
—
|
|
|
|
—
|
|
|
Class A Common Stock (Par Value $0.01;
750,000,000 Shares
Authorized;
16,695,440 and
17,306,455 Shares
Issued and Outstanding in 2022 and 2021, respectively)
|
|
|
166
|
|
|
|
172
|
|
|
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)
|
|
|
—
|
|
|
|
—
|
|
|
Additional Paid-In Capital
|
|
|
3,914
|
|
|
|
3,989
|
|
|
Retained Earnings
|
|
|
36,235
|
|
|
|
38,420
|
|
|
Accumulated Other Comprehensive (Loss)/ Income
|
|
|
(271
|
)
|
|
|
7
|
|
|
Total Pzena Investment Management, Inc.'s Equity
|
|
|
40,044
|
|
|
|
42,588
|
|
|
Non-Controlling Interests
|
|
|
94,152
|
|
|
|
135,466
|
|
|
TOTAL EQUITY
|
|
|
134,196
|
|
|
|
178,054
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
279,034
|
|
|
$
|
264,300
|
|
1.
Asset and liability amounts in parentheses represent the aggregated
balances at
September 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 September 30, 2022 and
December 31, 2021. Asset and liability amounts in parentheses at
September 30, 2022 are also attributable to Pzena 320 Fund (GP),
LLC and Pzena 320 Fund, LP. 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.
3
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENTS
OF OPERATIONS
(in thousands, except share and per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30,
|
|
|
For the Nine Months
Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
REVENUE
|
|
$
|
45,244
|
|
|
$
|
51,622
|
|
|
$
|
146,701
|
|
|
$
|
148,370
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits Expense
|
|
|
18,630
|
|
|
|
18,921
|
|
|
|
58,242
|
|
|
|
57,091
|
|
|
General and Administrative Expense
|
|
|
8,962
|
|
|
|
4,304
|
|
|
|
19,625
|
|
|
|
11,920
|
|
|
Total Operating Expenses
|
|
|
27,592
|
|
|
|
23,225
|
|
|
|
77,867
|
|
|
|
69,011
|
|
|
Operating Income
|
|
|
17,652
|
|
|
|
28,397
|
|
|
|
68,834
|
|
|
|
79,359
|
|
|
OTHER INCOME/ (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
680
|
|
|
|
53
|
|
|
|
787
|
|
|
|
153
|
|
|
Dividend Income
|
|
|
310
|
|
|
|
333
|
|
|
|
1,421
|
|
|
|
691
|
|
|
Net Realized and Unrealized (Losses)/ Gains from
Investments
|
|
|
(3,288
|
)
|
|
|
86
|
|
|
|
(10,017
|
)
|
|
|
3,548
|
|
|
Equity in (Losses)/ Earnings of Affiliates
|
|
|
(2,153
|
)
|
|
|
(16
|
)
|
|
|
(3,865
|
)
|
|
|
1,991
|
|
|
Other (Expense)/ Income
|
|
|
(63
|
)
|
|
|
(82
|
)
|
|
|
(386
|
)
|
|
|
76
|
|
|
Total Other (Expense)/ Income
|
|
|
(4,514
|
)
|
|
|
374
|
|
|
|
(12,060
|
)
|
|
|
6,459
|
|
|
Income Before Income Taxes
|
|
|
13,138
|
|
|
|
28,771
|
|
|
|
56,774
|
|
|
|
85,818
|
|
|
Income Tax (Benefit)/ Expense
|
|
|
(2,650
|
)
|
|
|
68
|
|
|
|
8,065
|
|
|
|
5,009
|
|
|
Net Income
|
|
|
15,788
|
|
|
|
28,703
|
|
|
|
48,709
|
|
|
|
80,809
|
|
|
Less: Net Income Attributable to Non-Controlling
Interests
|
|
|
13,091
|
|
|
|
23,635
|
|
|
|
40,674
|
|
|
|
66,951
|
|
|
Net Income Attributable to Pzena Investment Management,
Inc.
|
|
$
|
2,697
|
|
|
$
|
5,068
|
|
|
$
|
8,035
|
|
|
$
|
13,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for Basic Earnings per Share
|
|
$
|
2,697
|
|
|
$
|
5,068
|
|
|
$
|
8,035
|
|
|
$
|
13,858
|
|
|
Basic Earnings per Share
|
|
$
|
0.16
|
|
|
$
|
0.29
|
|
|
$
|
0.47
|
|
|
$
|
0.80
|
|
|
Basic Weighted Average Shares Outstanding1
|
|
|
16,744,993
|
|
|
|
17,694,559
|
|
|
|
17,019,499
|
|
|
|
17,398,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for Diluted Earnings per Share
|
|
$
|
12,782
|
|
|
$
|
22,663
|
|
|
$
|
39,026
|
|
|
$
|
63,571
|
|
|
Diluted Earnings per Share
|
|
$
|
0.15
|
|
|
$
|
0.27
|
|
|
$
|
0.45
|
|
|
$
|
0.76
|
|
|
Diluted Weighted Average Shares Outstanding1
|
|
|
86,544,580
|
|
|
|
84,197,618
|
|
|
|
86,189,118
|
|
|
|
84,020,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Dividends per Share of Class A Common Stock
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.59
|
|
|
$
|
0.31
|
|
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.
4
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30,
|
|
|
For the Nine Months
Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
NET INCOME
|
|
$
|
15,788
|
|
|
$
|
28,703
|
|
|
$
|
48,709
|
|
|
$
|
80,809
|
|
|
OTHER COMPREHENSIVE GAIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustment
|
|
|
(394
|
)
|
|
|
(659
|
)
|
|
|
(1,403
|
)
|
|
|
(788
|
)
|
|
Total Other Comprehensive Loss
|
|
|
(394
|
)
|
|
|
(659
|
)
|
|
|
(1,403
|
)
|
|
|
(788
|
)
|
|
Comprehensive Income
|
|
|
15,394
|
|
|
|
28,044
|
|
|
|
47,306
|
|
|
|
80,021
|
|
|
Less: Comprehensive Income Attributable to Non-Controlling
Interests
|
|
|
12,780
|
|
|
|
23,043
|
|
|
|
39,549
|
|
|
|
66,248
|
|
|
Total Comprehensive Income Attributable to Pzena Investment
Management, Inc.
|
|
$
|
2,614
|
|
|
$
|
5,001
|
|
|
$
|
7,757
|
|
|
$
|
13,773
|
|
See accompanying notes to unaudited consolidated financial
statements.
5
Table of Contents
PZENA INVESTMENT MANAGEMENT, INC.
UNAUDITED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
(in thousands, except share and per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of
Class A
Common Stock
|
|
|
Shares of
Class B
Common Stock
|
|
|
Class A
Common Stock
|
|
|
Additional
Paid-In Capital
|
|
|
Accumulated
Other
Comprehensive
Loss
|
|
|
Retained
Earnings
|
|
|
Non-Controlling
Interests
|
|
|
Total Equity
|
|
|
Balance at December 31, 2021
|
|
|
17,306,455
|
|
|
|
55,203,277
|
|
|
$
|
172
|
|
|
$
|
3,989
|
|
|
$
|
7
|
|
|
$
|
38,420
|
|
|
$
|
135,466
|
|
|
$
|
178,054
|
|
|
Amortization of Non-Cash Compensation
|
|
|
15,539
|
|
|
|
310,369
|
|
|
|
—
|
|
|
|
431
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,648
|
|
|
|
2,079
|
|
|
Issuance of Shares under Equity Incentive Plan
|
|
|
—
|
|
|
|
1,084,675
|
|
|
|
—
|
|
|
|
1,528
|
|
|
|
—
|
|
|
|
—
|
|
|
|
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
|
|
|
Amortization of Non-Cash Compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
418
|
|
|
—
|
|
|
—
|
|
|
|
1,662
|
|
|
|
2,080
|
|
|
Directors' Share Grants
|
|
|
1,253
|
|
|
—
|
|
|
—
|
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
|
105
|
|
|
|
131
|
|
|
Net Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
2,697
|
|
|
|
13,091
|
|
|
|
15,788
|
|
|
Foreign Currency Translation Adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(83
|
)
|
|
—
|
|
|
|
(311
|
)
|
|
|
(394
|
)
|
|
Repurchase and Retirement of Class A Common Stock
|
|
|
(27,994
|
)
|
|
—
|
|
|
|
(1
|
)
|
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|
|
(150
|
)
|
|
|
(189
|
)
|
|
Class A Cash Dividends Declared and Paid ($0.03 per
share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(502
|
)
|
|
—
|
|
|
|
(502
|
)
|
|
Tax Impact of Transactions with Non-Controlling
Shareholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
697
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
697
|
|
|
Effect of Deconsolidation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,659
|
)
|
|
|
(11,659
|
)
|
|
Contributions from Non-Controlling Interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
3,261
|
|
|
|
3,261
|
|
|
Distributions to Non-Controlling Interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(12,974
|
)
|
|
|
(12,974
|
)
|
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(577
|
)
|
|
—
|
|
|
—
|
|
|
|
577
|
|
|
|
—
|
|
|
Balance at September 30, 2022
|
|
|
16,695,440
|
|
|
|
56,969,703
|
|
|
$
|
166
|
|
|
$
|
3,914
|
|
|
$
|
(271
|
)
|
|
$
|
36,235
|
|
|
$
|
94,152
|
|
|
$
|
134,196
|
|
6
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
|
|
|
$
|
|