2013 Q2 Form 10-Q Financial Statement

#000119312513310259 Filed on July 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $510.7M $457.2M
YoY Change 11.7% -8.66%
Cost Of Revenue $35.70M $33.00M
YoY Change 8.18% -10.33%
Gross Profit $475.0M $424.2M
YoY Change 11.98% -8.54%
Gross Profit Margin 93.01% 92.78%
Selling, General & Admin $427.1M $368.6M
YoY Change 15.87% 1.26%
% of Gross Profit 89.92% 86.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.500M $10.40M
YoY Change -8.65% 36.84%
% of Gross Profit 2.0% 2.45%
Operating Expenses $434.1M $379.7M
YoY Change 14.33% 1.36%
Operating Profit $40.94M $44.53M
YoY Change -8.07% -50.08%
Interest Expense $20.31M $20.32M
YoY Change -0.05%
% of Operating Profit 49.61% 45.63%
Other Income/Expense, Net $5.989M $8.537M
YoY Change -29.85%
Pretax Income $40.90M $44.50M
YoY Change -8.09% -50.11%
Income Tax $9.017M $10.37M
% Of Pretax Income 22.05% 23.31%
Net Earnings $31.35M $30.82M
YoY Change 1.73% -50.29%
Net Earnings / Revenue 6.14% 6.74%
Basic Earnings Per Share $0.26 $0.26
Diluted Earnings Per Share $0.24 $0.24
COMMON SHARES
Basic Shares Outstanding 121.8M shares 118.2M shares
Diluted Shares Outstanding 132.5M shares 134.6M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.007B $1.154B
YoY Change -12.76% -13.4%
Cash & Equivalents $601.5M $751.2M
Short-Term Investments
Other Short-Term Assets $60.80M $78.80M
YoY Change -22.84% -21.36%
Inventory
Prepaid Expenses
Receivables $391.8M $388.6M
Other Receivables $133.1M $94.90M
Total Short-Term Assets $1.532B $1.638B
YoY Change -6.47% -12.19%
LONG-TERM ASSETS
Property, Plant & Equipment $241.9M $198.3M
YoY Change 22.01% 29.61%
Goodwill $348.5M $361.0M
YoY Change -3.45%
Intangibles
YoY Change
Long-Term Investments $7.101M $439.7M
YoY Change -98.39% 1.06%
Other Assets
YoY Change
Total Long-Term Assets $1.389B $1.340B
YoY Change 3.67% 10.22%
TOTAL ASSETS
Total Short-Term Assets $1.532B $1.638B
Total Long-Term Assets $1.389B $1.340B
Total Assets $2.921B $2.978B
YoY Change -1.9% -3.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $386.0M $338.5M
YoY Change 14.03% 23.77%
Accrued Expenses $336.2M $251.1M
YoY Change 33.89% 36.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $727.0M $596.7M
YoY Change 21.84% 29.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.093B $1.095B
YoY Change -0.19% -12.39%
Other Long-Term Liabilities $509.1M $459.6M
YoY Change 10.77% -10.36%
Total Long-Term Liabilities $1.602B $1.555B
YoY Change 3.05% -11.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $727.0M $596.7M
Total Long-Term Liabilities $1.602B $1.555B
Total Liabilities $2.329B $2.273B
YoY Change 2.45% -4.1%
SHAREHOLDERS EQUITY
Retained Earnings $194.0M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $518.1M $704.4M
YoY Change
Total Liabilities & Shareholders Equity $2.921B $2.978B
YoY Change -1.9% -3.35%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $31.35M $30.82M
YoY Change 1.73% -50.29%
Depreciation, Depletion And Amortization $9.500M $10.40M
YoY Change -8.65% 36.84%
Cash From Operating Activities $86.70M $116.7M
YoY Change -25.71% 37.94%
INVESTING ACTIVITIES
Capital Expenditures -$12.10M -$22.10M
YoY Change -45.25% 497.3%
Acquisitions
YoY Change
Other Investing Activities $3.100M $500.0K
YoY Change 520.0% 150.0%
Cash From Investing Activities -$9.000M -$21.70M
YoY Change -58.53% 502.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -58.80M -100.2M
YoY Change -41.32% -18.27%
NET CHANGE
Cash From Operating Activities 86.70M 116.7M
Cash From Investing Activities -9.000M -21.70M
Cash From Financing Activities -58.80M -100.2M
Net Change In Cash 18.90M -5.200M
YoY Change -463.46% -87.5%
FREE CASH FLOW
Cash From Operating Activities $86.70M $116.7M
Capital Expenditures -$12.10M -$22.10M
Free Cash Flow $98.80M $138.8M
YoY Change -28.82% 57.19%

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dei Trading Symbol
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10-Q
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NatureOfOperations
<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Organization</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as &#x201C;Lazard Ltd&#x201D;, &#x201C;Lazard&#x201D;, &#x201C;we&#x201D; or the &#x201C;Company&#x201D;), including Lazard Ltd&#x2019;s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as &#x201C;Lazard Group&#x201D;), is one of the world&#x2019;s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Lazard Ltd indirectly held approximately 99.5% and 98.8% of all outstanding Lazard Group common membership interests as of June 30, 2013 and December 31, 2012, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (the &#x201C;Operating Agreement&#x201D;). LAZ-MD Holdings LLC (&#x201C;LAZ-MD Holdings&#x201D;), an entity owned by Lazard Group&#x2019;s current and former managing directors, held approximately 0.5% and 1.2% of the outstanding Lazard Group common membership interests as of June 30,&#xA0;2013 and December 31, 2012, respectively. Additionally, LAZ-MD Holdings was the sole owner of the one issued and outstanding share of Lazard Ltd&#x2019;s Class B common stock (the &#x201C;Class B common stock&#x201D;) which provided LAZ-MD Holdings with approximately 0.5% and 1.2% of the voting power but no economic rights in the Company as of June 30, 2013 and December 31, 2012, respectively. Subject to certain limitations, LAZ-MD Holdings&#x2019; interests in Lazard Group are exchangeable for Lazard Ltd Class A common stock, par value $0.01 per share (&#x201C;Class A common stock&#x201D;).</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Our sole operating asset is our indirect ownership of common membership interests of Lazard Group and our managing member interest of Lazard Group, whose principal operating activities are included in two business segments:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (&#x201C;M&amp;A&#x201D;) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters, and</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, we record selected other activities in our Corporate segment, including management of cash, investments and outstanding indebtedness, as well as certain commercial banking activities of Lazard Group&#x2019;s Paris-based subsidiary, Lazard Fr&#xE8;res Banque SA (&#x201C;LFB&#x201D;).</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">LFB is a registered bank regulated by the Autorit&#xE9; de Contr&#xF4;le Prudentiel. It is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Fr&#xE8;res Gestion SAS (&#x201C;LFG&#x201D;) and other clients, investment banking activities, including participation in underwritten offerings of securities in France, and asset-liability management.</font></p> </div>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13558000
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
-64703000
us-gaap Revenues
Revenues
932774000
us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
3748000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-30529000
us-gaap Interest Income Operating
InterestIncomeOperating
2476000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
19041000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
9452000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
30338000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
802000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
46713000
us-gaap Asset Management Fees1
AssetManagementFees1
466058000
us-gaap Profit Loss
ProfitLoss
49570000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
91386000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
3005000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-3872000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
16363000
us-gaap Operating Income Loss
OperatingIncomeLoss
62535000
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-2719000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
7605000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-30767000
us-gaap Other Income
OtherIncome
35895000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
54872000
us-gaap Net Income Loss
NetIncomeLoss
46713000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1542000
us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Unrealized Gains Losses Included In Earnings Net
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnobservableInputUnrealizedGainsLossesIncludedInEarningsNet
3327000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-30948000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
128081000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-33889000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50447000
us-gaap Payments For Restructuring
PaymentsForRestructuring
41193000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
41347000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
527000
us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
15029000
us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities
37502000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2857000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1440000
us-gaap Costs And Expenses
CostsAndExpenses
829773000
us-gaap Other Expenses
OtherExpenses
15125000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2678000
us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
43114000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-207282000
us-gaap Dividends Common Stock
DividendsCommonStock
30338000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-30226000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
7281000
us-gaap Share Based Compensation
ShareBasedCompensation
128081000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1842000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
50447000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-248705000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
32349000
us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-17219000
us-gaap Interest Expense
InterestExpense
40466000
us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
6536000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5739000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
324000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35608000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
3704000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16593000
us-gaap Restructuring And Related Cost Cost Incurred To Date
RestructuringAndRelatedCostCostIncurredToDate
64703000
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
-55064000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2211000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1881000
us-gaap Occupancy Net
OccupancyNet
69042000
us-gaap Professional Fees
ProfessionalFees
19319000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
608870000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12965000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-19373000
laz Marketing And Business Development Expense
MarketingAndBusinessDevelopmentExpense
43569000
laz Derivative Liability Granted
DerivativeLiabilityGranted
72217000
laz Prepaid Compensation Asset Settled
PrepaidCompensationAssetSettled
laz Payments For Other Financing Activities
PaymentsForOtherFinancingActivities
-103000
laz Charge Offs Foreign Currency Translation And Other Adjustments
ChargeOffsForeignCurrencyTranslationAndOtherAdjustments
-266000
laz Derivative Liability Amortization
DerivativeLiabilityAmortization
laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignCurrencyTranslationAdjustments
744000
laz Provision For Income Taxes
ProvisionForIncomeTaxes
12965000
laz Net Revenue
NetRevenue
892308000
laz Investment Banking And Other Advisory Fees
InvestmentBankingAndOtherAdvisoryFees
428345000
laz Percentage Of Target Number Of Shares Subject To Each Prsu No Longer Subject To Forfeiture Due To Threshold Level Of Performance Being Achieved
PercentageOfTargetNumberOfSharesSubjectToEachPrsuNoLongerSubjectToForfeitureDueToThresholdLevelOfPerformanceBeingAchieved
0.25 pure
laz Schedule Of Noncontrolling Interests During And As Of End Of Reporting Periods
ScheduleOfNoncontrollingInterestsDuringAndAsOfEndOfReportingPeriods
<div> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12px; TEXT-INDENT: 4%; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The tables below summarize net income attributable to noncontrolling interests for the three month and six&#xA0;month periods ended June 30, 2013 and 2012 and noncontrolling interests as of June 30, 2013 and December&#xA0;31, 2012 in the Company&#x2019;s condensed consolidated financial statements:</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: normal; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="62%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Net&#xA0;Income&#xA0;(Loss)&#xA0;Attributable&#xA0;To</b></font><br /> <font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Noncontrolling Interests</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Three Months Ended</b></font><br /> <font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>June 30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Six Months Ended</b></font><br /> <font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>June 30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Edgewater</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">287</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1,698</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">2,653</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">3,872</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">LAZ-MD Holdings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">305</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1,694</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">497</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">3,019</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(24</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(51</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(293</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">(46</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">)&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-TOP: 0px; TEXT-INDENT: 0px; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; LETTER-SPACING: normal; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Noncontrolling&#xA0;Interests As Of</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>June&#xA0;30,</b></font><br /> <font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>2013</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>December&#xA0;31,</b></font> <p style="MARGIN-TOP: 0px; 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MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">LAZ-MD Holdings</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">2,248</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">5,405</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font><br /></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">859</font><br /></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font><br /></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1,217</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; 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120637000
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57378000
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