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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 September 30, 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
400909641_imageleggmasona08.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 November 4, 2019, there were 86,803,075 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 Information

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
 
 
September 30, 2019
 
March 31,
 2019
ASSETS
 
 
 
 
Current Assets
 
 
 
 
Cash and cash equivalents
 
$
580,874

 
$
921,071

Cash and cash equivalents of consolidated investment vehicles
 
5,274

 
4,219

Restricted cash
 
19,108

 
21,213

Receivables:
 


 
 
Investment advisory and related fees
 
455,237

 
425,470

Other
 
59,316

 
57,107

Investment securities
 
380,165

 
377,129

Investment securities of consolidated investment vehicles
 
162,357

 
129,627

Other
 
80,278

 
82,131

Other current assets of consolidated investment vehicles
 
1,070

 
1,889

Total Current Assets
 
1,743,679

 
2,019,856

Fixed assets, net
 
144,813

 
149,989

Intangible assets, net
 
3,371,440

 
3,386,759

Goodwill
 
1,877,609

 
1,883,554

Deferred income taxes
 
193,311

 
199,717

Right-of-use assets
 
308,625

 

Other
 
156,484

 
145,254

Other assets of consolidated investment vehicles
 
6,341

 
8,993

TOTAL ASSETS
 
$
7,802,302

 
$
7,794,122

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
LIABILITIES
 
 

 
 

Current Liabilities
 
 

 
 

Accrued compensation
 
$
436,798

 
$
571,301

Accounts payable and accrued expenses
 
145,861

 
182,921

Current portion of long-term debt
 

 
250,301

Lease liabilities
 
76,510

 

Other
 
110,236

 
99,479

Other current liabilities of consolidated investment vehicles
 
16,328

 
5,742

Total Current Liabilities
 
785,733

 
1,109,744

Deferred compensation
 
102,571

 
85,548

Lease liabilities
 
297,831

 

Deferred income taxes
 
152,385

 
123,420

Other (including unfunded pension benefit obligation of $28,240 and $33,335, respectively)
 
59,544

 
122,044

Long-term debt, net
 
1,972,092

 
1,971,451

TOTAL LIABILITIES
 
3,370,156

 
3,412,207

Commitments and Contingencies (Note 9)
 
 
 
 
REDEEMABLE NONCONTROLLING INTERESTS
 
683,021

 
692,376

STOCKHOLDERS' EQUITY
 
 

 
 
Common stock, par value $0.10 per share; authorized 500,000,000 shares; issued 86,783,989 and 85,556,562 shares for September 30, 2019 and March 31, 2019, respectively
 
8,678

 
8,556

Additional paid-in capital
 
2,103,791

 
2,039,671

Employee stock trust
 
(20,003
)
 
(21,416
)
Deferred compensation employee stock trust
 
20,003

 
21,416

Retained earnings
 
1,777,014

 
1,742,764

Accumulated other comprehensive loss, net
 
(170,161
)
 
(131,236
)
Total stockholders' equity attributable to Legg Mason, Inc.
 
3,719,322

 
3,659,755

Nonredeemable noncontrolling interest
 
29,803

 
29,784

TOTAL STOCKHOLDERS' EQUITY
 
3,749,125

 
3,689,539

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
7,802,302

 
$
7,794,122

See Notes to Consolidated Financial Statements

3

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
OPERATING REVENUES
 
 
 
 
 
 
 
 
Investment advisory fees:
 
 
 
 
 
 
 
 
Separate accounts
 
$
264,438

 
$
261,567

 
$
524,879

 
$
521,462

Funds
 
375,765

 
383,923

 
742,577

 
767,487

Performance fees
 
34,869

 
31,874

 
41,730

 
55,910

Distribution and service fees
 
67,064

 
79,074

 
137,001

 
158,264

Other
 
1,128

 
1,989

 
2,437

 
3,209

Total Operating Revenues
 
743,264

 
758,427

 
1,448,624


1,506,332

OPERATING EXPENSES
 


 


 
 
 
 
Compensation and benefits
 
377,727

 
364,885

 
757,555


726,453

Distribution and servicing
 
105,099

 
114,525

 
209,005

 
231,117

Communications and technology
 
53,953

 
57,489

 
109,227

 
114,229

Occupancy
 
26,809

 
27,352

 
52,433

 
52,256

Amortization of intangible assets
 
5,442

 
6,102

 
10,899

 
12,282

Contingent consideration fair value adjustments
 

 
145

 
(1,165
)
 
571

Other
 
49,257

 
52,201

 
101,758

 
108,020

Total Operating Expenses
 
618,287


622,699

 
1,239,712


1,244,928

OPERATING INCOME
 
124,977

 
135,728

 
208,912


261,404

NON-OPERATING INCOME (EXPENSE)
 
 
 


 
 
 
 
Interest income
 
2,652

 
2,420

 
6,657

 
4,866

Interest expense
 
(27,331
)
 
(29,860
)
 
(55,814
)
 
(59,777
)
Other income (expense), net
 
458

 
6,627

 
11,057

 
13,879

Non-operating income (expense) of consolidated investment vehicles, net
 
4,529

 
(3,998
)
 
14,090

 
(415
)
Total Non-Operating Income (Expense)
 
(19,692
)
 
(24,811
)
 
(24,010
)

(41,447
)
INCOME BEFORE INCOME TAX PROVISION
 
105,285

 
110,917

 
184,902


219,957

Income tax provision
 
28,754

 
29,844

 
46,802

 
60,519

NET INCOME
 
76,531

 
81,073

 
138,100

 
159,438

Less: Net income attributable to noncontrolling interests
 
9,448

 
8,270


25,667

 
20,545

NET INCOME ATTRIBUTABLE TO LEGG MASON, INC.
 
$
67,083

 
$
72,803

 
$
112,433


$
138,893

NET INCOME PER SHARE ATTRIBUTABLE TO LEGG MASON, INC. STOCKHOLDERS:
 
 
 
 
 
 
 
 
Basic
 
$
0.75

 
$
0.82

 
$
1.26

 
$
1.57

Diluted
 
0.74

 
0.82

 
1.25

 
1.57

See Notes to Consolidated Financial Statements

4

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
NET INCOME
 
$
76,531

 
$
81,073

 
$
138,100

 
$
159,438

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(30,208
)
 
(14,658
)
 
(40,172
)
 
(68,020
)
Changes in defined benefit pension plan
 
702

 
211

 
1,247

 
1,093

Total other comprehensive loss
 
(29,506
)

(14,447
)

(38,925
)

(66,927
)
COMPREHENSIVE INCOME
 
47,025


66,626


99,175

 
92,511

Less: Comprehensive income attributable to noncontrolling interests
 
9,448

 
9,742

 
26,504

 
24,627

COMPREHENSIVE INCOME ATTRIBUTABLE TO LEGG MASON, INC.
 
$
37,577


$
56,884

 
$
72,671


$
67,884

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 September 30,
 
Six Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO LEGG MASON, INC.
 
 
 
 
 
 
 
 
COMMON STOCK
 
 
 
 
 
 
 
 
Beginning balance
 
$
8,666

 
$
8,544

 
$
8,556

 
$
8,461

Stock options exercised
 
6

 
1

 
36

 
16

Deferred compensation employee stock trust
 
1

 

 
1

 

Stock-based compensation
 
8

 
5

 
126

 
112

Employee tax withholdings by settlement of net share transactions
 
(3
)
 

 
(41
)
 
(39
)
Ending balance
 
8,678

 
8,550

 
8,678

 
8,550

ADDITIONAL PAID-IN CAPITAL
 
 
 
 
 
 
 
 

Beginning balance
 
2,084,666

 
1,984,634

 
2,039,671

 
1,976,364

Stock options exercised
 
1,897

 
430

 
11,303

 
5,231

Deferred compensation employee stock trust
 
181

 
166

 
344

 
302

Stock-based compensation
 
18,614

 
16,114

 
40,507

 
34,815

Employee tax withholdings by settlement of net share transactions
 
(860
)
 
(54
)
 
(13,403
)
 
(15,422
)
Redeemable noncontrolling interest reclassification for affiliate noncontrolling interest
 
(707
)
 
12,251

 
25,369

 
12,251

Ending balance
 
2,103,791

 
2,013,541

 
2,103,791

 
2,013,541

EMPLOYEE STOCK TRUST
 
 
 
 
 
 
 
 

Beginning balance
 
(20,239
)
 
(21,952
)
 
(21,416
)
 
(21,996
)
Shares issued to plans
 
(182
)
 
(166
)
 
(345
)
 
(302
)
Distributions
 
418

 
1

 
1,758

 
181

Ending balance
 
(20,003
)
 
(22,117
)
 
(20,003
)
 
(22,117
)
DEFERRED COMPENSATION EMPLOYEE STOCK TRUST
 
 
 
 
 
 
 
 
Beginning balance
 
20,239

 
21,952

 
21,416

 
21,996

Shares issued to plans
 
182

 
166

 
345

 
302

Distributions
 
(418
)
 
(1
)
 
(1,758
)
 
(181
)
Ending balance
 
20,003

 
22,117

 
20,003

 
22,117

RETAINED EARNINGS
 
 
 
 
 
 
 
 
Beginning balance
 
1,748,106

 
1,941,988

 
1,742,764

 
1,894,762

Net income attributable to Legg Mason, Inc.
 
67,083

 
72,803

 
112,433

 
138,893

Dividends declared ($0.40, $0.34, $0.80, and $0.68 per share, respectively)
 
(36,162
)
 
(31,583
)
 
(73,789
)
 
(61,441
)
Reclassification to noncontrolling interest for net increase in estimated redemption value of affiliate management equity plan and affiliate noncontrolling interests
 
(2,013
)
 
(1,269
)
 
(4,394
)
 
(2,538
)
Adoption of revenue recognition guidance
 

 

 

 
12,263

Ending balance
 
1,777,014

 
1,981,939

 
1,777,014

 
1,981,939

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
 
 
 
 
 
 
 
 

Beginning balance
 
(140,655
)
 
(107,662
)
 
(131,236
)
 
(55,182
)
Foreign currency translation adjustment
 
(30,208
)
 
(14,658
)
 
(40,172
)
 
(68,020
)
Changes in defined benefit pension plan
 
702

 
211

 
1,247

 
1,093

Ending balance
 
(170,161
)
 
(122,109
)
 
(170,161
)
 
(122,109
)
TOTAL STOCKHOLDERS’ EQUITY ATTRIBUTABLE TO LEGG MASON, INC.
 
3,719,322

 
3,881,921

 
3,719,322


3,881,921

NONREDEEMABLE NONCONTROLLING INTEREST
 
 
 
 
 
 
 
 
Beginning balance
 
30,480

 
28,212

 
29,784

 
27,731

Net income attributable to noncontrolling interests
 
475

 
2,723

 
3,338

 
4,937

Distributions
 
(1,152
)
 
(2,861
)
 
(3,319
)
 
(4,594
)
Ending balance
 
29,803

 
28,074

 
29,803

 
28,074

TOTAL STOCKHOLDERS’ EQUITY
 
$
3,749,125

 
$
3,909,995

 
$
3,749,125

 
$
3,909,995

See Notes to Consolidated Financial Statements

6

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
 
Six Months Ended September 30,
 
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net Income
 
$
138,100

 
$
159,438

Adjustments to reconcile Net Income to net cash provided by operations:
 
 
 
 
Depreciation and amortization
 
32,745

 
36,143

Accretion and amortization of securities discounts and premiums, net
 
565

 
1,080

Stock-based compensation
 
42,523

 
35,225

Net unrealized (gains) losses on investments
 
(5,525
)
 
3,237

Net gains and earnings on investments
 
(9,077
)
 
(15,128
)
Net (gains) losses of consolidated investment vehicles
 
(14,090
)
 
415

Deferred income taxes
 
44,120

 
41,666

Contingent consideration fair value adjustments
 
(1,165
)
 
571

Other
 
449

 
217

Decrease (increase) in assets:
 
 
 
 
Investment advisory and related fees receivable
 
(30,580
)
 
24,621

Net purchases of trading and other investments
 
(6,843
)
 
(12,544
)
Other receivables
 
9,173

 
(15,697
)
Other assets
 
(9,449
)
 
(14,482
)
Assets of consolidated investment vehicles
 
(5,635
)
 
69,225

Increase (decrease) in liabilities:
 
 
 
 
Accrued compensation
 
(132,835
)
 
(64,931
)
Deferred compensation
 
17,023

 
8,831

Accounts payable and accrued expenses
 
(37,673
)
 
2,488

Other liabilities
 
(686
)
 
(73,876
)
Other liabilities of consolidated investment vehicles
 
10,586

 
899

CASH PROVIDED BY OPERATING ACTIVITIES
 
$
41,726

 
$
187,398


(Continued)

7

Table of Contents

LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in thousands)
(Unaudited)

 
 
Six Months Ended September 30,
 
 
2019
 
2018
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Business acquisition, net of cash acquired of $992
 
$
(10,247
)
 
$

Payments for fixed assets
 
(17,120
)
 
(29,831
)
Contingent payment from prior sale of business
 

 
923

Business investment
 
(9,245
)
 

Returns of capital and proceeds from sales and maturities of investments
 
2,917

 
7,671

CASH USED IN INVESTING ACTIVITIES
 
(33,695
)

(21,237
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Repayment of long-term debt