10-Q 1 laz-10q_20160930.htm 10-Q laz-10q_20160930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

001-32492

(Commission File Number)

 

LAZARD LTD

(Exact name of registrant as specified in its charter)

 

 

Bermuda

98-0437848

(State or Other Jurisdiction of Incorporation

(I.R.S. Employer Identification No.)

or Organization)

 

Clarendon House

2 Church Street

Hamilton HM11, Bermuda

(Address of principal executive offices)

Registrant’s telephone number: (441) 295-1422

 

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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

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 October 21, 2016, there were 129,766,091 shares of the Registrant’s Class A common stock outstanding (including 6,518,845 shares held by subsidiaries).

 

 

 

 

 


 

TABLE OF CONTENTS

When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Ltd, a company incorporated under the laws of Bermuda, and its subsidiaries, including Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard Ltd’s primary operating asset is its indirect ownership as of September 30, 2016 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group.

 

 

 

 

i


 

PART I. FINANCIAL INFORMATION

Item  1.

Financial Statements (Unaudited)

 

 

 

 

1


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2016 AND DECEMBER 31, 2015

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

853,887

 

 

$

1,132,083

 

Deposits with banks and short-term investments

 

 

534,865

 

 

 

389,861

 

Cash deposited with clearing organizations and other segregated cash

 

 

35,168

 

 

 

34,948

 

Receivables (net of allowance for doubtful accounts of $12,967 and $12,882 at

   September 30, 2016 and December 31, 2015, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

440,823

 

 

 

423,817

 

Customers and other

 

 

96,872

 

 

 

73,396

 

 

 

 

537,695

 

 

 

497,213

 

Investments

 

 

462,758

 

 

 

541,911

 

Property (net of accumulated amortization and depreciation of $289,417 and $265,506

   at September 30, 2016 and December 31, 2015, respectively)

 

 

204,300

 

 

 

207,165

 

Goodwill and other intangible assets (net of accumulated amortization of $59,370 and

   $57,561 at September 30, 2016 and December 31, 2015, respectively)

 

 

353,850

 

 

 

326,976

 

Deferred tax assets

 

 

1,107,046

 

 

 

1,130,595

 

Other assets

 

 

212,734

 

 

 

217,022

 

Total Assets

 

$

4,302,303

 

 

$

4,477,774

 

 

 

See notes to condensed consolidated financial statements.

 

2


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2016 AND DECEMBER 31, 2015

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

2016

 

 

December 31,

2015

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

587,059

 

 

$

506,665

 

Accrued compensation and benefits

 

 

375,512

 

 

 

570,409

 

Senior debt

 

 

990,488

 

 

 

989,358

 

Tax receivable agreement obligation

 

 

513,623

 

 

 

523,962

 

Deferred tax liabilities

 

 

9,377

 

 

 

11,104

 

Capital lease obligations

 

 

8,037

 

 

 

9,028

 

Other liabilities

 

 

517,065

 

 

 

499,942

 

Total Liabilities

 

 

3,001,161

 

 

 

3,110,468

 

Commitments and contingencies

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock, par value $.01 per share; 15,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A - 7,921 shares issued and outstanding at September 30, 2016 and

   December 31, 2015

 

 

-

 

 

 

-

 

Series B - no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock:

 

 

 

 

 

 

 

 

Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091

   shares issued at September 30, 2016 and December 31, 2015, including shares

   held by subsidiaries as indicated below)

 

 

1,298

 

 

 

1,298

 

Additional paid-in-capital

 

 

623,512

 

 

 

600,034

 

Retained earnings

 

 

1,058,189

 

 

 

1,123,728

 

Accumulated other comprehensive loss, net of tax

 

 

(236,088

)

 

 

(234,356

)

 

 

 

1,446,911

 

 

 

1,490,704

 

Class A common stock held by subsidiaries, at cost (5,778,090 and 4,253,381

   shares at September 30, 2016 and December 31, 2015, respectively)

 

 

(203,736

)

 

 

(177,249

)

Total Lazard Ltd Stockholders’ Equity

 

 

1,243,175

 

 

 

1,313,455

 

Noncontrolling interests

 

 

57,967

 

 

 

53,851

 

Total Stockholders’ Equity

 

 

1,301,142

 

 

 

1,367,306

 

Total Liabilities and Stockholders’ Equity

 

$

4,302,303

 

 

$

4,477,774

 

 

 

 

See notes to condensed consolidated financial statements.

 

3


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

343,154

 

 

$

330,408

 

 

$

894,906

 

 

$

946,057

 

Asset management fees

 

 

254,551

 

 

 

253,752

 

 

 

729,679

 

 

 

784,461

 

Interest income

 

 

1,128

 

 

 

1,102

 

 

 

3,668

 

 

 

3,393

 

Other

 

 

22,269

 

 

 

54

 

 

 

49,607

 

 

 

65,879

 

Total revenue

 

 

621,102

 

 

 

585,316

 

 

 

1,677,860

 

 

 

1,799,790

 

Interest expense

 

 

12,194

 

 

 

11,798

 

 

 

36,054

 

 

 

39,431

 

Net revenue

 

 

608,908

 

 

 

573,518

 

 

 

1,641,806

 

 

 

1,760,359

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

353,756

 

 

 

319,565

 

 

 

959,276

 

 

 

984,786

 

Occupancy and equipment

 

 

26,973

 

 

 

26,278

 

 

 

81,143

 

 

 

80,889

 

Marketing and business development

 

 

16,927

 

 

 

18,244

 

 

 

60,492

 

 

 

55,758

 

Technology and information services

 

 

24,179

 

 

 

22,923

 

 

 

71,406

 

 

 

68,850

 

Professional services

 

 

10,870

 

 

 

10,758

 

 

 

31,877

 

 

 

36,100

 

Fund administration and outsourced services

 

 

17,097

 

 

 

14,367

 

 

 

46,427

 

 

 

48,008

 

Amortization and other acquisition-related costs

 

 

863

 

 

 

511

 

 

 

1,837

 

 

 

3,401

 

Provision (benefit) pursuant to tax receivable agreement

 

 

-

 

 

 

(420,792

)

 

 

-

 

 

 

547,691

 

Other

 

 

9,251

 

 

 

10,920

 

 

 

28,743

 

 

 

90,845

 

Total operating expenses

 

 

459,916

 

 

 

2,774

 

 

 

1,281,201

 

 

 

1,916,328

 

OPERATING INCOME (LOSS)

 

 

148,992

 

 

 

570,744

 

 

 

360,605

 

 

 

(155,969

)

Provision (benefit) for income taxes

 

 

36,374

 

 

 

170,954

 

 

 

95,900

 

 

 

(993,560

)

NET INCOME

 

 

112,618

 

 

 

399,790

 

 

 

264,705

 

 

 

837,591

 

LESS - NET INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

82

 

 

 

1,269

 

 

 

4,989

 

 

 

9,004

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

112,536

 

 

$

398,521

 

 

$

259,716

 

 

$

828,587

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

124,408,884

 

 

 

125,925,006

 

 

 

125,303,758

 

 

 

125,264,447

 

Diluted

 

 

132,320,855

 

 

 

133,115,419

 

 

 

132,517,887

 

 

 

133,219,137

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.90

 

 

$

3.16

 

 

$

2.07

 

 

$

6.61

 

Diluted

 

$

0.85

 

 

$

2.99

 

 

$

1.96

 

 

$

6.22

 

DIVIDENDS DECLARED PER SHARE OF

     COMMON STOCK

 

$

0.38

 

 

$

0.35

 

 

$

2.31

 

 

$

2.00

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

NET INCOME

 

$

112,618

 

 

$

399,790

 

 

$

264,705

 

 

$

837,591

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments (including a tax benefit of

   $221 for the three months ended September 30, 2016, and

   $3,090 for the nine months ended September 30, 2016)

 

 

(159

)

 

 

(19,034

)

 

 

(4,524

)

 

 

(41,376

)

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) (net of tax expense (benefit) of $(17)

   and $253 for the three months ended September 30,

   2016 and 2015, respectively, and $(315) and $(7,753) for

   the nine months ended September 30, 2016 and 2015,

   respectively)

 

 

(33

)

 

 

477

 

 

 

(649

)

 

 

(14,140

)

Adjustment for items reclassified to earnings (net of tax

   expense of $375 and $368 for the three months ended

   September 30, 2016 and 2015, respectively, and $1,171

   and $1,469 for the nine months ended September 30,

   2016 and 2015, respectively)

 

 

1,134

 

 

 

1,381

 

 

 

3,441

 

 

 

3,757

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

942

 

 

 

(17,176

)

 

 

(1,732

)

 

 

(51,759

)

COMPREHENSIVE INCOME

 

 

113,560

 

 

 

382,614

 

 

 

262,973

 

 

 

785,832

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

82

 

 

 

1,269

 

 

 

4,989

 

 

 

9,004

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

113,478

 

 

$

381,345

 

 

$

257,984

 

 

$

776,828

 

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015

(UNAUDITED)

(dollars in thousands)

 

 

 

Nine Months Ended

September 30,

 

 

 

2016

 

 

2015

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

264,705

 

 

$

837,591

 

Adjustments to reconcile net income to net cash provided by (used in)

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

24,586

 

 

 

24,251

 

Amortization of deferred expenses and share-based incentive compensation

 

 

276,714

 

 

 

246,129

 

Amortization and other acquisition-related costs

 

 

1,837

 

 

 

3,401

 

Deferred tax provision (benefit)

 

 

49,184

 

 

 

(1,056,659

)

Provision pursuant to tax receivable agreement

 

 

-

 

 

 

547,691

 

Loss on extinguishment of debt

 

 

-

 

 

 

60,219

 

Gain on disposal of subsidiaries

 

 

-

 

 

 

(24,388

)

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Deposits with banks and short-term investments

 

 

(135,152

)

 

 

(84,386

)

Cash deposited with clearing organizations and other segregated cash

 

 

115

 

 

 

7,413

 

Receivables-net

 

 

(43,593

)

 

 

34,391

 

Investments

 

 

79,698

 

 

 

34,198

 

Other assets

 

 

(61,778

)

 

 

(105,902

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Deposits and other payables

 

 

70,165

 

 

 

105,215

 

Accrued compensation and benefits and other liabilities

 

 

(227,356

)

 

 

(109,770

)

Net cash provided by operating activities

 

 

299,125

 

 

 

519,394

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(22,070

)

 

 

(18,479

)

Disposals of property

 

 

866

 

 

 

471

 

Net cash used in investing activities

 

 

(21,204

)

 

 

(18,008

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

93

 

 

 

268

 

Issuance of senior debt, net of expenses

 

 

-

 

 

 

396,272

 

Excess tax benefits from share-based incentive compensation

 

 

2,343

 

 

 

9,516

 

Other financing activities

 

 

30,518

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Senior debt

 

 

-

 

 

 

(509,098

)

Capital lease obligations

 

 

(1,234

)

 

 

(1,435

)

Distributions to noncontrolling interests

 

 

(966

)

 

 

(15,367

)

Payments under tax receivable agreement

 

 

(10,086

)

 

 

(1,276

)

Partial extinguishment of tax receivable agreement obligation

 

 

-

 

 

 

(42,222

)

Purchase of Class A common stock

 

 

(228,865

)

 

 

(159,471

)

Class A common stock dividends

 

 

(289,326

)

 

 

(246,759

)

Settlement of vested share-based incentive compensation

 

 

(55,562

)

 

 

(105,007

)

Other financing activities

 

 

(3,080

)

 

 

(1,998

)

Net cash used in financing activities

 

 

(556,165

)

 

 

(676,577

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

 

48

 

 

 

(31,405

)

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

 

(278,196

)

 

 

(206,596

)

CASH AND CASH EQUIVALENTS—January 1

 

 

1,132,083

 

 

 

1,066,580

 

CASH AND CASH EQUIVALENTS—September 30

 

$

853,887

 

 

$

859,984

 

 

 

 

See notes to condensed consolidated financial statements.

 

6


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2015

(UNAUDITED)

(dollars in thousands)

 

 

 

Series A

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2015

 

 

7,921

 

 

$

-

 

 

 

129,766,091

 

 

$

1,298

 

 

$

702,800

 

 

$

464,655

 

 

$

(200,766

)

 

 

7,450,745

 

 

$

(261,243

)

 

$

706,744

 

 

$

63,313

 

 

$

770,057

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

828,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

828,587

 

 

 

9,004

 

 

 

837,591

 

Other comprehensive loss - net

   of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,759

)

 

 

 

 

 

 

 

 

 

 

(51,759

)

 

 

 

 

 

 

(51,759

)

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

174,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

174,823

 

 

 

 

 

 

 

174,823

 

Dividend-equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,340

 

 

 

(32,338

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,998

)

 

 

 

 

 

 

(1,998

)

Class A common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(246,759

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(246,759

)

 

 

 

 

 

 

(246,759

)

Purchase of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,141,526

 

 

 

(159,471

)

 

 

(159,471

)

 

 

 

 

 

 

(159,471

)

Delivery of Class A common stock in

   connection with share-based incentive

   compensation and related tax benefit

   of $9,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(337,101

)

 

 

 

 

 

 

 

 

 

 

(6,300,830

)

 

 

241,589

 

 

 

(95,512

)

 

 

 

 

 

 

(95,512

)

Business acquisitions and related equity

   transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,327

)

 

 

 

 

 

 

 

 

 

 

(27,316

)

 

 

1,327

 

 

 

-

 

 

 

 

 

 

 

-

 

Distributions to noncontrolling interests,

   net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(15,099

)

 

 

(15,099

)

Balance - September 30, 2015

 

 

7,921

 

 

$

-

 

 

 

129,766,091

 

 

$

1,298

 

 

$

569,535

 

 

$

1,014,145

 

 

$

(252,525

)

 

 

4,264,125

 

 

$

(177,798

)

 

$

1,154,655

 

 

$

57,218

 

 

$

1,211,873

 

 

 

See notes to condensed consolidated financial statements.

 

7


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016

(UNAUDITED)

(dollars in thousands)

 

 

 

Series A

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2016

 

 

7,921

 

 

$

-

 

 

 

129,766,091

 

 

$

1,298

 

 

$

600,034

 

 

$

1,123,728

 

 

$

(234,356

)

 

 

4,253,381

 

 

$

(177,249

)

 

$

1,313,455

 

 

$

53,851

 

 

$

1,367,306

 

Comprehensive income: