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Section 1: 10-Q (10-Q)

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Table of Contents

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 December 31, 2019
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:
001-08529
402660860_imageleggmasona13.jpg
LEGG MASON, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
MD
 
52-1200960
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
100 International Drive
Baltimore
,
MD
21202
(Address of principal executive offices)
Zip Code
 
 
(
410
)
539-0000
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, $0.10 par value
 
LM
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) 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.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
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.
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 February 3, 2020, there were 86,892,028 shares of the registrant's common stock outstanding.


Table of Contents

TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I.     FINANCIAL INFORMATION

Item 1.        Financial Statements

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
 
 
December 31, 2019
 
March 31,
 2019
ASSETS
 
 
 
 
Current Assets
 
 
 
 
Cash and cash equivalents
 
$
823,665

 
$
921,071

Cash and cash equivalents of consolidated investment vehicles
 
7,320

 
4,219

Restricted cash
 
17,666

 
21,213

Receivables:
 
 
 
 
Investment advisory and related fees
 
461,790

 
425,470

Other
 
64,920

 
57,107

Investment securities
 
408,945

 
377,129

Investment securities of consolidated investment vehicles
 
105,810

 
129,627

Other
 
85,410

 
82,131

Other current assets of consolidated investment vehicles
 
406

 
1,889

Total Current Assets
 
1,975,932

 
2,019,856

Fixed assets, net
 
138,835

 
149,989

Intangible assets, net
 
3,377,517

 
3,386,759

Goodwill
 
1,896,097

 
1,883,554

Deferred income taxes
 
193,792

 
199,717

Right-of-use assets
 
295,665

 

Other
 
157,938

 
145,254

Other assets of consolidated investment vehicles
 
3,942

 
8,993

TOTAL ASSETS
 
$
8,039,718

 
$
7,794,122

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
LIABILITIES
 
 

 
 

Current Liabilities
 
 

 
 

Accrued compensation
 
$
591,554

 
$
571,301

Accounts payable and accrued expenses
 
159,415

 
182,921

Current portion of long-term debt
 

 
250,301

Lease liabilities
 
77,377

 

Other
 
101,150

 
99,479

Other current liabilities of consolidated investment vehicles
 
1,363

 
5,742

Total Current Liabilities
 
930,859

 
1,109,744

Deferred compensation
 
104,819

 
85,548

Lease liabilities
 
285,911

 

Deferred income taxes
 
181,115

 
123,420

Other (including unfunded pension benefit obligation of $30,266 and $33,335, respectively)
 
60,971

 
122,044

Long-term debt, net
 
1,972,413

 
1,971,451

TOTAL LIABILITIES
 
3,536,088

 
3,412,207

Commitments and Contingencies (Note 9)
 
 
 
 
REDEEMABLE NONCONTROLLING INTERESTS
 
668,353

 
692,376

STOCKHOLDERS' EQUITY
 
 

 
 
Common stock, par value $0.10 per share; authorized 500,000,000 shares; issued 86,821,437 and 85,556,562 shares for December 31, 2019 and March 31, 2019, respectively
 
8,682

 
8,556

Additional paid-in capital
 
2,119,181

 
2,039,671

Employee stock trust
 
(20,108
)
 
(21,416
)
Deferred compensation employee stock trust
 
20,108

 
21,416

Retained earnings
 
1,804,251

 
1,742,764

Accumulated other comprehensive loss, net
 
(127,402
)
 
(131,236
)
Total stockholders' equity attributable to Legg Mason, Inc.
 
3,804,712

 
3,659,755

Nonredeemable noncontrolling interest
 
30,565

 
29,784

TOTAL STOCKHOLDERS' EQUITY
 
3,835,277

 
3,689,539

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
8,039,718

 
$
7,794,122

See Notes to Consolidated Financial Statements

3

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Dollars in thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
OPERATING REVENUES
 
 
 
 
 
 
 
 
Investment advisory fees:
 
 
 
 
 
 
 
 
Separate accounts
 
$
266,609

 
$
256,657

 
$
791,488

 
$
778,119

Funds
 
378,995

 
361,173

 
1,121,572

 
1,128,660

Performance fees
 
39,407

 
12,619

 
81,137

 
68,529

Distribution and service fees
 
67,634

 
72,185

 
204,635

 
230,449

Other
 
1,269

 
1,688

 
3,706

 
4,897

Total Operating Revenues
 
753,914

 
704,322

 
2,202,538


2,210,654

OPERATING EXPENSES
 


 


 
 
 
 
Compensation and benefits
 
375,033

 
316,876

 
1,132,588


1,043,329

Distribution and servicing
 
104,363

 
108,842

 
313,368

 
339,959

Communications and technology
 
57,101

 
56,664

 
166,328

 
170,893

Occupancy
 
32,490

 
24,077

 
84,923

 
76,333

Amortization of intangible assets
 
6,004

 
6,089

 
16,903

 
18,371

Impairment of intangible assets
 

 
365,200

 

 
365,200

Contingent consideration fair value adjustments
 

 

 
(1,165
)
 
571

Other
 
48,929

 
63,001

 
150,687

 
171,021

Total Operating Expenses
 
623,920


940,749

 
1,863,632


2,185,677

OPERATING INCOME (LOSS)
 
129,994

 
(236,427
)
 
338,906


24,977

NON-OPERATING INCOME (EXPENSE)
 
 
 


 
 
 
 
Interest income
 
2,882

 
3,126

 
9,539

 
7,992

Interest expense
 
(27,032
)
 
(28,770
)
 
(82,846
)
 
(88,547
)
Other income (expense), net
 
18,009

 
(7,042
)
 
29,066

 
6,837

Non-operating income (expense) of consolidated investment vehicles, net
 
814

 
2,369

 
14,904

 
1,954

Total Non-Operating Income (Expense)
 
(5,327
)
 
(30,317
)
 
(29,337
)

(71,764
)
INCOME (LOSS) BEFORE INCOME TAX PROVISION
 
124,667

 
(266,744
)
 
309,569


(46,787
)
Income tax provision (benefit)
 
33,664

 
(60,354
)
 
80,466

 
165

NET INCOME (LOSS)
 
91,003

 
(206,390
)
 
229,103

 
(46,952
)
Less: Net income attributable to noncontrolling interests
 
16,228

 
10,498


41,895

 
31,043

NET INCOME (LOSS) ATTRIBUTABLE TO LEGG MASON, INC.
 
$
74,775

 
$
(216,888
)
 
$
187,208


$
(77,995
)
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. STOCKHOLDERS:
 
 
 
 
 
 
 
 
Basic
 
$
0.83

 
$
(2.55
)
 
$
2.09

 
$
(0.95
)
Diluted
 
0.83

 
(2.55
)
 
2.08

 
(0.95
)
See Notes to Consolidated Financial Statements

4

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
NET INCOME (LOSS)
 
$
91,003

 
$
(206,390
)
 
$
229,103

 
$
(46,952
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
43,933

 
(14,012
)
 
3,761

 
(82,032
)
Changes in defined benefit pension plan
 
(1,174
)
 
354

 
73

 
1,447

Total other comprehensive income (loss)
 
42,759


(13,658
)

3,834


(80,585
)
COMPREHENSIVE INCOME (LOSS)
 
133,762


(220,048
)

232,937

 
(127,537
)
Less: Comprehensive income attributable to noncontrolling interests
 
(16,224
)
 
11,425

 
(42,728
)
 
36,052

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LEGG MASON, INC.
 
$
149,986


$
(231,473
)
 
$
275,665


$
(163,589
)
See Notes to Consolidated Financial Statements

5

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO LEGG MASON, INC.
 
 
 
 
 
 
 
 
COMMON STOCK
 
 
 
 
 
 
 
 
Beginning balance
 
$
8,678

 
$
8,550

 
$
8,556

 
$
8,461

Stock options exercised
 
1

 
3

 
37

 
19

Deferred compensation employee stock trust
 

 
1

 
1

 
1

Stock-based compensation
 
3

 

 
129

 
112

Employee tax withholdings by settlement of net share transactions
 

 
(1
)
 
(41
)
 
(40
)
Ending balance
 
8,682

 
8,553

 
8,682

 
8,553

ADDITIONAL PAID-IN CAPITAL
 
 
 
 
 
 
 
 

Beginning balance
 
2,103,791

 
2,013,541

 
2,039,671

 
1,976,364

Stock options exercised
 
309

 
583

 
11,612

 
5,814

Deferred compensation employee stock trust
 
181

 
166

 
525

 
468

Stock-based compensation
 
15,359

 
14,380

 
55,866

 
49,195

Employee tax withholdings by settlement of net share transactions
 
(459
)
 
(84
)
 
(13,862
)
 
(15,506
)
Redeemable noncontrolling interest reclassification for affiliate management equity plans and affiliate noncontrolling interest
 

 

 
25,369

 
12,251

Ending balance
 
2,119,181

 
2,028,586

 
2,119,181

 
2,028,586

EMPLOYEE STOCK TRUST
 
 
 
 
 
 
 
 

Beginning balance
 
(20,003
)
 
(22,117
)
 
(21,416
)
 
(21,996
)
Shares issued to plans
 
(181
)
 
(167
)
 
(526
)
 
(469
)
Distributions
 
76

 
901

 
1,834

 
1,082

Ending balance
 
(20,108
)
 
(21,383
)
 
(20,108
)
 
(21,383
)
DEFERRED COMPENSATION EMPLOYEE STOCK TRUST
 
 
 
 
 
 
 
 
Beginning balance
 
20,003

 
22,117

 
21,416

 
21,996

Shares issued to plans
 
181

 
167

 
526

 
469

Distributions
 
(76
)
 
(901
)
 
(1,834
)
 
(1,082
)
Ending balance
 
20,108

 
21,383

 
20,108

 
21,383

RETAINED EARNINGS
 
 
 
 
 
 
 
 
Beginning balance
 
1,777,014

 
1,981,939

 
1,742,764

 
1,894,762

Net income (loss) attributable to Legg Mason, Inc.
 
74,775

 
(216,888
)
 
187,208

 
(77,995
)
Dividends declared ($0.40, $0.34, $1.20, and $1.02 per share, respectively)
 
(36,179
)
 
(28,904
)
 
(109,968
)
 
(90,345
)
Reclassification to noncontrolling interest for net increase in estimated redemption value of affiliate management equity plan and affiliate noncontrolling interests
 
(11,359
)
 
(12,330
)
 
(15,753
)
 
(14,868
)
Adoption of revenue recognition guidance
 

 

 

 
12,263

Ending balance
 
1,804,251

 
1,723,817

 
1,804,251

 
1,723,817

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
 
 
 
 
 
 
 
 

Beginning balance
 
(170,161
)
 
(122,109
)
 
(131,236
)
 
(55,182
)
Foreign currency translation adjustment
 
43,933

 
(14,012
)
 
3,761

 
(82,032
)
Changes in defined benefit pension plan
 
(1,174
)
 
354

 
73

 
1,447

Ending balance
 
(127,402
)
 
(135,767
)
 
(127,402
)
 
(135,767
)
TOTAL STOCKHOLDERS’ EQUITY ATTRIBUTABLE TO LEGG MASON, INC.
 
3,804,712

 
3,625,189

 
3,804,712


3,625,189

NONREDEEMABLE NONCONTROLLING INTEREST
 
 
 
 
 
 
 
 
Beginning balance
 
29,803

 
28,074

 
29,784

 
27,731

Net income attributable to noncontrolling interests
 
1,962

 
1,646

 
5,300

 
6,583

Distributions
 
(1,200
)
 
(2,226
)
 
(4,519
)
 
(6,820
)
Ending balance
 
30,565

 
27,494

 
30,565

 
27,494

TOTAL STOCKHOLDERS’ EQUITY
 
$
3,835,277

 
$
3,652,683

 
$
3,835,277

 
$
3,652,683

See Notes to Consolidated Financial Statements

6

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
 
Nine Months Ended December 31,
 
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net Income (Loss)
 
$
229,103

 
$
(46,952
)
Adjustments to reconcile Net Income (Loss) to net cash provided by operations:
 
 
 
 
Depreciation and amortization
 
51,000

 
54,031

Accretion and amortization of securities discounts and premiums, net
 
921

 
1,591

Stock-based compensation
 
57,949

 
49,975

Net unrealized (gains) losses on investments
 
(20,816
)
 
40,446

Net gains and earnings on investments
 
(9,739
)
 
(36,495
)
Net (gains) losses of consolidated investment vehicles
 
(14,904
)
 
(1,954
)
Deferred income taxes
 
71,648

 
(19,634
)
Impairment of intangible assets
 

 
365,200

Tax expense for new Tax Law
 

 
2,164

Contingent consideration fair value adjustments
 
(1,165
)
 
571

Other
 
629

 
286

Decrease (increase) in assets:
 
 
 
 
Investment advisory and related fees receivable
 
(35,807
)
 
38,170

Net (purchases) sales of trading and other investments
 
(12,316
)
 
20,375

Other receivables
 
(13,744
)
 
(16,555
)
Other assets
 
229

 
(6,282
)
Assets of consolidated investment vehicles
 
54,869

 
(751