10-Q 1 laz-10q_20180331.htm 10-Q laz-10q_20180331.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 March 31, 2018

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, 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. (Check one):

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If the Registrant is 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.  

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 April 20, 2018, there were 129,766,091 shares of the Registrant’s Class A common stock outstanding (including 10,308,410 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 March 31, 2018 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

MARCH 31, 2018 AND DECEMBER 31, 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

962,280

 

 

$

1,483,836

 

Deposits with banks and short-term investments

 

 

862,865

 

 

 

935,431

 

Cash deposited with clearing organizations and other segregated cash

 

 

38,643

 

 

 

35,539

 

Receivables (net of allowance for doubtful accounts of $38,557 and $23,746 at

   March 31, 2018 and December 31, 2017, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

543,758

 

 

 

487,800

 

Customers and other

 

 

130,928

 

 

 

83,816

 

 

 

 

674,686

 

 

 

571,616

 

Investments

 

 

354,952

 

 

 

427,186

 

Property (net of accumulated amortization and depreciation of $329,094 and $317,827

   at March 31, 2018 and December 31, 2017, respectively)

 

 

213,923

 

 

 

205,301

 

Goodwill and other intangible assets (net of accumulated amortization of $63,874 and

   $63,099 at March 31, 2018 and December 31, 2017, respectively)

 

 

388,328

 

 

 

391,364

 

Deferred tax assets

 

 

638,381

 

 

 

650,260

 

Other assets

 

 

351,037

 

 

 

228,144

 

Total Assets

 

$

4,485,095

 

 

$

4,928,677

 

 

See notes to condensed consolidated financial statements.

 

2


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2018 AND DECEMBER 31, 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

955,723

 

 

$

992,338

 

Accrued compensation and benefits

 

 

331,734

 

 

 

593,781

 

Senior debt

 

 

1,190,830

 

 

 

1,190,383

 

Tax receivable agreement obligation

 

 

277,215

 

 

 

310,275

 

Deferred tax liabilities

 

 

9,520

 

 

 

9,407

 

Other liabilities

 

 

663,892

 

 

 

573,588

 

Total Liabilities

 

 

3,428,914

 

 

 

3,669,772

 

Commitments and contingencies

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Series A - no shares issued and outstanding

 

 

-

 

 

 

-

 

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 March 31, 2018 and December 31, 2017,

   including shares held by subsidiaries as indicated below)

 

 

1,298

 

 

 

1,298

 

Additional paid-in-capital

 

 

619,430

 

 

 

788,140

 

Retained earnings

 

 

1,005,548

 

 

 

1,080,413

 

Accumulated other comprehensive loss, net of tax

 

 

(219,124

)

 

 

(232,518

)

 

 

 

1,407,152

 

 

 

1,637,333

 

Class A common stock held by subsidiaries, at cost (9,359,466 and 10,747,142

   shares at March 31, 2018 and December 31, 2017, respectively)

 

 

(410,591

)

 

 

(437,530

)

Total Lazard Ltd Stockholders’ Equity

 

 

996,561

 

 

 

1,199,803

 

Noncontrolling interests

 

 

59,620

 

 

 

59,102

 

Total Stockholders’ Equity

 

 

1,056,181

 

 

 

1,258,905

 

Total Liabilities and Stockholders’ Equity

 

$

4,485,095

 

 

$

4,928,677

 

 

 

See notes to condensed consolidated financial statements.

 

3


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2018 AND 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

REVENUE

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

408,726

 

 

$

334,916

 

Asset management fees

 

 

338,096

 

 

 

272,924

 

Interest income

 

 

2,710

 

 

 

1,654

 

Other

 

 

18,673

 

 

 

27,926

 

Total revenue

 

 

768,205

 

 

 

637,420

 

Interest expense

 

 

13,507

 

 

 

13,956

 

Net revenue

 

 

754,698

 

 

 

623,464

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

405,047

 

 

 

361,801

 

Occupancy and equipment

 

 

30,238

 

 

 

27,484

 

Marketing and business development

 

 

25,659

 

 

 

19,752

 

Technology and information services

 

 

33,252

 

 

 

24,024

 

Professional services

 

 

12,431

 

 

 

11,462

 

Fund administration and outsourced services

 

 

35,184

 

 

 

15,913

 

Amortization and other acquisition-related costs

 

 

866

 

 

 

3,574

 

Other

 

 

26,193

 

 

 

9,257

 

Total operating expenses

 

 

568,870

 

 

 

473,267

 

OPERATING INCOME

 

 

185,828

 

 

 

150,197

 

Provision for income taxes

 

 

24,167

 

 

 

39,767

 

NET INCOME

 

 

161,661

 

 

 

110,430

 

LESS - NET INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,969

 

 

 

2,877

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

159,692

 

 

$

107,553

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

119,930,106

 

 

 

122,815,163

 

Diluted

 

 

132,142,394

 

 

 

132,689,375

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

Basic

 

$

1.33

 

 

$

0.88

 

Diluted

 

$

1.21

 

 

$

0.81

 

DIVIDENDS DECLARED PER SHARE OF

     COMMON STOCK

 

$

1.71

 

 

$

1.58

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2018 AND 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

NET INCOME

 

$

161,661

 

 

$

110,430

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

17,346

 

 

 

16,932

 

Employee benefit plans:

 

 

 

 

 

 

 

 

Actuarial loss (net of tax benefit of $1,342 and $261

   for the three months ended March 31, 2018 and  2017,

   respectively)

 

 

(5,014

)

 

 

(495

)

Adjustment for items reclassified to earnings (net of

   tax expense of $216 and $276 for the three months

   ended March 31, 2018 and 2017, respectively)

 

 

1,062

 

 

 

1,086

 

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

 

13,394

 

 

 

17,523

 

COMPREHENSIVE INCOME

 

 

175,055

 

 

 

127,953

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,969

 

 

 

2,877

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

173,086

 

 

$

125,076

 

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2018 AND 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

161,661

 

 

$

110,430

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

8,234

 

 

 

7,662

 

Amortization of deferred expenses and share-based incentive compensation

 

 

100,892

 

 

 

92,766

 

Amortization and other acquisition-related costs

 

 

866

 

 

 

3,574

 

Deferred tax provision

 

 

6,398

 

 

 

17,520

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(95,308

)

 

 

115,043

 

Investments

 

 

74,124

 

 

 

66,979

 

Other assets

 

 

(137,635

)

 

 

(73,026

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accrued compensation and benefits and other liabilities

 

 

(157,941

)

 

 

(241,624

)

Net cash (used in) provided by operating activities

 

 

(38,709

)

 

 

99,324

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(16,158

)

 

 

(3,847

)

Disposals of property

 

 

1,231

 

 

 

135

 

Net cash used in investing activities

 

 

(14,927

)

 

 

(3,712

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Customer deposits

 

 

-

 

 

 

145,843

 

Payments for:

 

 

 

 

 

 

 

 

Capital lease obligations

 

 

(8

)

 

 

(396

)

Customer deposits

 

 

(100,341

)

 

 

-

 

Distributions to noncontrolling interests

 

 

(1,451

)

 

 

(1,001

)

Payments under tax receivable agreement

 

 

(31,845

)

 

 

(736

)

Purchase of Class A common stock

 

 

(145,949

)

 

 

(106,048

)

Class A common stock dividends

 

 

(202,384

)

 

 

(192,264

)

Settlement of vested share-based incentive compensation

 

 

(101,043

)

 

 

(61,478

)

Other financing activities

 

 

(3,767

)

 

 

(7,947

)

Net cash used in financing activities

 

 

(586,788

)

 

 

(224,027

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

49,406

 

 

 

18,570

 

NET DECREASE IN CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(591,018

)

 

 

(109,845

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—January 1

 

 

2,454,806

 

 

 

1,607,483

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31

 

$

1,863,788

 

 

$

1,497,638

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL

   CONDITION:

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

962,280

 

 

$

1,483,836

 

Deposits with banks and short-term investments

 

 

862,865

 

 

 

935,431

 

Cash deposited with clearing organizations and other segregated cash

 

 

38,643

 

 

 

35,539

 

TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

$

1,863,788

 

 

$

2,454,806

 

 

 

 

See notes to condensed consolidated financial statements.

 

6


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2017

 

 

129,766,091

 

 

$

1,298

 

 

$

688,231

 

 

$

1,134,186

 

 

$

(314,222

)

 

 

7,628,786

 

 

$

(273,506

)

 

$

1,235,987

 

 

$

57,826

 

 

$

1,293,813

 

Adjustment for the cumulative effect on prior

   years from the adoption of new accounting

   guidance related to share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,544

 

 

 

 

 

 

 

81,544

 

Balance, as adjusted - January 1, 2017

 

 

129,766,091

 

 

 

1,298

 

 

 

688,231

 

 

 

1,215,730

 

 

 

(314,222

)

 

 

7,628,786

 

 

 

(273,506

)

 

 

1,317,531

 

 

 

57,826

 

 

 

1,375,357

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107,553

 

 

 

2,877

 

 

 

110,430

 

Other comprehensive income - net

   of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,523

 

 

 

 

 

 

 

 

 

 

 

17,523

 

 

 

 

 

 

 

17,523

 

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

77,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,527

 

 

 

 

 

 

 

77,527

 

Dividend-equivalents

 

 

 

 

 

 

 

 

 

 

25,977

 

 

 

(29,031

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,054

)

 

 

 

 

 

 

(3,054

)

Class A common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(192,264

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(192,264

)

 

 

 

 

 

 

(192,264

)

Purchase of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,464,967

 

 

 

(106,048

)

 

 

(106,048

)

 

 

 

 

 

 

(106,048

)

Delivery of Class A common stock in

   connection with share-based incentive

   compensation and related tax expense

   of $4,287

 

 

 

 

 

 

 

 

 

 

(183,736

)

 

 

 

 

 

 

 

 

 

 

(3,214,282

)

 

 

117,971

 

 

 

(65,765

)

 

 

 

 

 

 

(65,765

)

Business acquisitions and related equity

   transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A common stock issuable

   (including related amortization)

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

 

74

 

Distributions to noncontrolling interests, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(1,001

)

 

 

(1,001

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

408

 

 

 

408

 

Balance - March 31, 2017

 

 

129,766,091

 

 

$

1,298

 

 

$

608,073

 

 

$

1,101,988

 

 

$

(296,699

)

 

 

6,879,471

 

 

$

(261,583

)

 

$

1,153,077

 

 

$

60,110

 

 

$

1,213,187

 

 

 

See notes to condensed consolidated financial statements.

 

7


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2018

 

 

129,766,091

 

 

$

1,298

 

 

$

788,140

 

 

$

1,080,413

 

 

$

(232,518

)

 

 

10,747,142

 

 

$

(437,530

)

 

$

1,199,803

 

 

$

59,102

 

 

$

1,258,905

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159,692

 

 

 

1,969

 

 

 

161,661

 

Other comprehensive income - net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,394

 

 

 

 

 

 

 

 

 

 

 

13,394

 

 

 

 

 

 

 

13,394

 

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

82,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82,820

 

 

 

 

 

 

 

82,820

 

Dividend-equivalents

 

 

 

 

 

 

 

 

 

 

28,406

 

 

 

(32,173

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,767

)

 

 

 

 

 

 

(3,767

)

Class A common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(202,384

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(202,384

)

 

 

 

 

 

 

(202,384

)

Purchase of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,662,286

 

 

 

(145,949

)

 

 

(145,949

)

 

 

 

 

 

 

(145,949

)

Delivery of Class A common stock in

   connection with share-based incentive

   compensation and related tax expense

   of $6,150

 

 

 

 

 

 

 

 

 

 

(280,020

)

 

 

 

 

 

 

 

 

 

 

(4,048,104

)

 

 

172,827

 

 

 

(107,193

)

 

 

 

 

 

 

(107,193

)

Business acquisitions and related equity

   transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery of Class A common stock

 

 

 

 

 

 

 

 

 

 

(61

)

 

 

 

 

 

 

 

 

 

 

(1,858

)

 

 

61

 

 

 

-