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Section 1: 10-Q (10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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 001-33761

PZENA INVESTMENT MANAGEMENT, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

20-8999751

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

320 Park Avenue

New York, New York 10022

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 355-1600

Not Applicable

(Former Address of Principal Executive Offices) (Zip Code)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

PZN

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 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. Yes No

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 8, 2019, there were 17,758,470 outstanding shares of the registrant’s Class A common stock, par value $0.01 per share.

As of November 8, 2019, there were 52,220,229 outstanding shares of the registrant’s Class B common stock, par value $0.000001 per share.

 

 


Table of Contents

 

PZENA INVESTMENT MANAGEMENT, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

PART I — FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition of Pzena Investment Management, Inc.as of September 30, 2019 (unaudited) and December 31, 2018

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) of Pzena Investment Management, Inc. for the Three and Nine Months Ended September 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) of Pzena Investment Management, Inc. for the Three and Nine Months Ended September 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity (unaudited) of Pzena Investment Management, Inc. for the Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) of Pzena Investment Management, Inc. for the Three and Nine Months Ended September 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Notes to the Consolidated Financial Statements (unaudited)

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

 

 

 

 

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

 

Item 6.

 

Exhibits

 

43

 

 

 

 

 

SIGNATURES

 

44

 

 

i


Table of Contents

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements.  Forward-looking statements provide our current expectations, or forecasts, of future events.  Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts.  Words or phrases such as “anticipate,” “believe,” “continue,” “ongoing,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on our views, plans, estimates, and expectations.  Potentially inaccurate assumptions could cause actual results to differ materially from those expected or implied by the forward-looking statements.  Our actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in Item 1A, “Risk Factors” in Part I of our Annual Report on Form 10-K for our fiscal year ended December 31, 2018.  Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date they are made.  We undertake no obligation to publicly revise any forward-looking statements included in this Quarterly Report to reflect circumstances or events after the date of this Quarterly Report, or to reflect the occurrence of unanticipated events.  You should, however, review the factors and risks we describe in the reports we will file from time to time with the Securities and Exchange Commission ("SEC"), after the date of this Quarterly Report on Form 10-Q.

Forward-looking statements include, but are not limited to, statements about:

 

our ability to respond to global economic, market, business and geopolitical conditions;

 

our anticipated future results of operations and operating cash flows;

 

our successful formulation and execution of business strategies and investment policies;

 

our financing plans and the availability of short- or long-term borrowing, or equity financing;

 

our competitive position and the effects of competition on our business;

 

our ability to identify and capture potential growth opportunities available to us;

 

the effective recruitment and retention of our key executives and employees;

 

our expected levels of compensation for our employees;

 

expectations relating to dividend payments and our ability to make such payments;

 

our potential operating performance, achievements, efficiency, and cost reduction efforts;

 

our expected tax rate;

 

changes in interest rates;

 

our expectations with respect to the economy, capital markets, the market for asset management services, and other industry trends; and

 

the impact of future legislation and regulation, and changes in existing legislation and regulation, on our business.

The reports that we file with the SEC, accessible on the SEC’s website at www.sec.gov, identify additional factors that can affect forward-looking statements.

 

 

 

ii


Table of Contents

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

 

PZENA INVESTMENT MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(in thousands, except share and per-share amounts)

 

 

 

As of

 

 

 

September 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and Cash Equivalents ($3,983 and $3,733)1

 

$

35,685

 

 

$

38,099

 

Restricted Cash

 

 

1,033

 

 

 

1,028

 

Due from Broker ($0 and $16)1

 

 

 

 

 

64

 

Advisory Fees Receivable

 

 

30,392

 

 

 

32,590

 

Investments ($4,021 and $3,295)1

 

 

53,274

 

 

 

50,470

 

Receivable from Related Parties

 

 

1,829

 

 

 

4,239

 

Other Receivables ($11 and $13)1

 

 

508

 

 

 

474

 

Prepaid Expenses and Other Assets

 

 

1,839

 

 

 

1,386

 

Right-of-use Assets

 

 

13,748

 

 

 

 

Deferred Tax Asset

 

 

33,695

 

 

 

37,232

 

Property and Equipment, Net of Accumulated Depreciation of $4,495 and $3,724, respectively

 

 

5,696

 

 

 

5,394

 

TOTAL ASSETS

 

$

177,699

 

 

$

170,976

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts Payable and Accrued Expenses ($16 and $15)1

 

$

31,935

 

 

$

37,266

 

Due to Broker ($0 and $4)1

 

 

 

 

 

360

 

Liability to Selling and Converting Shareholders

 

 

32,389

 

 

 

32,389

 

Lease Liabilities

 

 

14,135

 

 

 

 

Deferred Compensation Liability

 

 

3,590

 

 

 

1,845

 

Other Liabilities

 

 

 

 

 

108

 

TOTAL LIABILITIES

 

 

82,049

 

 

 

71,968

 

Commitments and Contingencies (see Note 12)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred Stock (Par Value $0.01; 200,000,000 Shares Authorized; None Outstanding)

 

 

 

 

 

 

Class A Common Stock (Par Value $0.01; 750,000,000 Shares Authorized; 17,758,620 and 18,398,211 Shares Issued and Outstanding in 2019 and 2018, respectively)

 

 

176

 

 

 

183

 

Class B Common Stock (Par Value $0.000001; 750,000,000 Shares Authorized; 52,146,946 and 51,253,526 Shares Issued and Outstanding in 2019 and 2018, respectively)

 

 

 

 

 

 

Additional Paid-In Capital

 

 

59

 

 

 

3,913

 

Retained Earnings

 

 

28,454

 

 

 

28,871

 

Accumulated Other Comprehensive Income

 

 

63

 

 

 

35

 

Total Pzena Investment Management, Inc.'s Equity

 

 

28,752

 

 

 

33,002

 

Non-Controlling Interests

 

 

66,898

 

 

 

66,006

 

TOTAL EQUITY

 

 

95,650

 

 

 

99,008

 

TOTAL LIABILITIES AND EQUITY

 

$

177,699

 

 

$

170,976

 

 

1

Asset and liability amounts in parentheses represent the aggregated balances at September 30, 2019 and December 31, 2018 attributable to Pzena International Value Service (a series of Pzena Investment Management, LLC), Pzena Investment Management Special Situations, LLC, Pzena U.S. Best Ideas (GP), LLC, and Pzena Global Best Ideas (GP), LLC which were variable interest entities as of September 30, 2019 and December 31, 2018, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1


Table of Contents

See accompanying notes to unaudited consolidated financial statements.

 

PZENA INVESTMENT MANAGEMENT, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per-share amounts)

 

 

 

For the Three Months

Ended September 30,

 

 

For the Nine Months

Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUE

 

$

37,065

 

 

$

39,580

 

 

$

112,318

 

 

$

117,180

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits Expense

 

 

16,012

 

 

 

16,122

 

 

 

49,220

 

 

 

47,520

 

General and Administrative Expense

 

 

3,905

 

 

 

3,322

 

 

 

12,186

 

 

 

9,856

 

Total Operating Expenses

 

 

19,917

 

 

 

19,444

 

 

 

61,406

 

 

 

57,376

 

Operating Income

 

 

17,148

 

 

 

20,136

 

 

 

50,912

 

 

 

59,804

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

 

292

 

 

 

234

 

 

 

701

 

 

 

382

 

Dividend Income

 

 

139

 

 

 

52

 

 

 

369

 

 

 

127

 

Net Realized and Unrealized (Losses)/ Gains from Investments

 

 

(338

)

 

 

142

 

 

 

481

 

 

 

(71

)

Equity in (Losses)/ Earnings of Affiliates

 

 

(4

)

 

 

204

 

 

 

1,017

 

 

 

(73

)

Other (Expense)/ Income

 

 

(75

)

 

 

(27

)

 

 

(174

)

 

 

(22

)

Total Other Income/ (Expense)

 

 

14

 

 

 

605

 

 

 

2,394

 

 

 

343

 

Income Before Income Taxes

 

 

17,162

 

 

 

20,741

 

 

 

53,306

 

 

 

60,147

 

Income Tax Expense

 

 

246

 

 

 

1,294

 

 

 

4,153

 

 

 

5,677

 

Net Income

 

 

16,916

 

 

 

19,447

 

 

 

49,153

 

 

 

54,470

 

Less: Net Income Attributable to Non-Controlling Interests

 

 

13,438

 

 

 

15,185

 

 

 

39,209

 

 

 

43,213

 

Net Income Attributable to Pzena Investment Management, Inc.

 

$

3,478

 

 

$

4,262

 

 

$

9,944

 

 

$

11,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for Basic Earnings per Share

 

$

3,478

 

 

$

4,262

 

 

$

9,944

 

 

$

11,257

 

Basic Earnings per Share

 

$

0.19

 

 

$

0.24

 

 

$

0.55

 

 

$

0.63

 

Basic Weighted Average Shares Outstanding1

 

 

17,851,780

 

 

 

17,489,380

 

 

 

18,000,234

 

 

 

17,752,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income for Diluted Earnings per Share

 

$

13,768

 

 

$

15,786

 

 

$

39,793

 

 

$

44,033

 

Diluted Earnings per Share

 

$

0.19

 

 

$

0.22

 

 

$

0.54

 

 

$

0.61

 

Diluted Weighted Average Shares Outstanding1

 

 

73,649,468

 

 

 

71,677,806

 

 

 

74,022,533

 

 

 

71,934,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends per Share of Class A Common Stock

 

$

0.03

 

 

$

0.03

 

 

$

0.55

 

 

$

0.48

 

 

1

The Company issues restricted shares of Class A common stock and restricted Class B units that have non-forfeitable dividend rights.  Under the "two-class method," these shares and units are considered participating securities and are required to be included in the computation of basic and diluted earnings per share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

2


Table of Contents

PZENA INVESTMENT MANAGEMENT, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

 

 

 

For the Three Months

Ended September 30,

 

 

For the Nine Months

Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

NET INCOME

 

$

16,916

 

 

$

19,447

 

 

$

49,153

 

 

$

54,470

 

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation Adjustment

 

 

(104

)

 

 

(27

)

 

 

(114

)

 

 

(90

)

Total Other Comprehensive Loss

 

 

(104

)

 

 

(27

)

 

 

(114

)

 

 

(90

)

Comprehensive Income

 

 

16,812

 

 

 

19,420

 

 

 

49,039

 

 

 

54,380

 

Less: Comprehensive Income Attributable to Non-Controlling Interests

 

 

13,308

 

 

 

15,151

 

 

 

39,067

 

 

 

43,100

 

Total Comprehensive Income Attributable to Pzena Investment Management, Inc.

 

$

3,504

 

 

$

4,269

 

 

$

9,972

 

 

$

11,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

3


Table of Contents

PZENA INVESTMENT MANAGEMENT, INC.

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in thousands, except share and per-share amounts)

 

Shares of

Class A

Common Stock

 

 

Shares of

Class B

Common Stock

 

 

Class A

Common Stock

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive

Income

 

 

Retained

Earnings

 

 

Non-Controlling

Interests

 

 

Total Equity

 

Balance at December 31, 2018

 

 

18,398,211

 

 

 

51,253,526

 

 

$

183

 

 

$

3,913

 

 

$

35

 

 

$

28,871

 

 

$

66,006

 

 

$

99,008

 

Amortization of Non-Cash Compensation

 

 

10,000

 

 

 

241,996

 

 

 

 

 

 

414

 

 

 

 

 

 

 

 

 

1,140

 

 

 

1,554

 

Issuance of Shares under Equity Incentive Plan

 

 

 

 

 

715,874

 

 

 

 

 

 

1,065

 

 

 

 

 

 

 

 

 

3,022

 

 

 

4,087

 

Sale of Shares under Equity Incentive Plan

 

 

 

 

 

10,399

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

48

 

 

 

65

 

Directors' Share Grants

 

 

 

 

 

 

 

 

 

 

 

78

 

 

 

 

 

 

 

 

 

223

 

 

 

301

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,102

 

 

 

12,840

 

 

 

15,942

 

Foreign Currency Translation Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

80

 

 

 

63

 

Repurchase and Retirement of Class A Common Stock

 

 

(533,369

)

 

 

 

 

 

(5

)

 

 

(4,369

)

 

 

 

 

 

(338

)

 

 

 

 

 

(4,712

)

Repurchase and Retirement of Class B Units

 

 

 

 

 

(95,739

)

 

 

 

 

 

(176

)

 

 

 

 

 

 

 

 

(499

)

 

 

(675

)

Class A Cash Dividends Declared and Paid ($0.49 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,951

)

 

 

 

 

 

(8,951

)

Tax Impact of Transactions with Non-Controlling Shareholders

 

 

 

 

 

 

 

 

 

 

 

(207

)

 

 

 

 

 

 

 

 

 

 

 

(207

)

Contributions from Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

23

 

Distributions to Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,665

)

 

 

(25,665

)

Other

 

 

 

 

 

 

 

 

 

 

 

(735

)

 

 

 

 

 

 

 

 

735

 

 

 

 

Balance at March 31, 2019

 

 

17,874,842

 

 

 

52,126,056

 

 

$

178

 

 

$

 

 

$

18

 

 

$

22,684

 

 

$

57,953

 

 

$

80,833

 

Amortization of Non-Cash Compensation

 

 

 

 

 

 

 

 

 

 

 

425

 

 

 

 

 

 

 

 

 

1,241

 

 

 

1,666

 

Sale of Shares under Equity Incentive Plan

 

 

 

 

 

237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Directors' Share Grants

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

 

77

 

 

 

103

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,364

 

 

 

12,931

 

 

 

16,295

 

Foreign Currency Translation Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

(92

)

 

 

(73

)

Class A Cash Dividends Declared and Paid ($0.03 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(536

)

 

 

 

 

 

(536

)

Tax Impact of Transactions with Non-Controlling Shareholders

 

 

 

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

 

 

 

 

 

 

(110

)

Contributions from Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

5

 

Distributions to Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,972

)

 

 

(6,972

)

Other

 

 

 

 

 

 

 

 

 

 

 

(52

)

 

 

 

 

 

 

 

 

52

 

 

 

 

Balance at June 30, 2019

 

 

17,874,842

 

 

 

52,126,293

 

 

$

178

 

 

$

289

 

 

$

37

 

 

$

25,512

 

 

$

65,196

 

 

$

91,212

 

Amortization of Non-Cash Compensation

 

 

 

 

 

 

 

 

 

 

 

425

 

 

 

 

 

 

 

 

 

1,241

 

 

 

1,666

 

Sale of Shares under Equity Incentive Plan

 

 

 

 

 

5,501

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

23

 

 

 

31

 

Directors' Share Grants

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

77

 

 

 

104

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,478

 

 

 

13,438

 

 

 

16,916

 

Foreign Currency Translation Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

(130

)

 

 

(104

)

Options Exercised

 

 

59,875

 

 

 

28,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase and Retirement of Class A Common Stock

 

 

(176,097

)

 

 

 

 

 

(2

)

 

 

(377

)

 

 

 

 

 

 

 

 

(1,107

)

 

 

(1,486

)

Repurchase and Retirement of Class B Units

 

 

 

 

 

(13,618

)

 

 

 

 

 

(35)

 

 

 

 

 

 

 

 

 

(99)

 

 

 

(134)

 

Class A Cash Dividends Declared and Paid ($0.03 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(536

)

 

 

 

 

 

(536

)

Tax Impact of Transactions with Non-Controlling Shareholders

 

 

 

 

 

 

 

 

 

 

 

(120

)

 

 

 

 

 

 

 

 

 

 

 

(120

)

Contributions from Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

56

 

Distributions to Non-Controlling Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,955

)

 

 

(11,955

)

Other

 

 

 

 

 

 

 

 

 

 

 

(158

)

 

 

 

 

 

 

 

 

158

 

 

 

 

Balance at September 30, 2019

 

 

17,758,620

 

 

 

52,146,946

 

 

$

176

 

 

$

59

 

 

$

63

 

 

$

28,454

 

 

$

66,898

 

 

$

95,650

 

4


Table of Contents

PZENA INVESTMENT MANAGEMENT, INC.

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

(in thousands, except share and per-share amounts)

 

 

Shares of

Class A

Common Stock

 

 

Shares of

Class B

Common Stock

 

 

Class A

Common Stock

 

 

Additional

Paid-In Capital

 

 

Accumulated

Other

Comprehensive

(Loss)/ Income

 

 

Retained

Earnings

 

 

Non-Controlling

Interests

 

 

Total Equity

 

Balance at December 31, 2017

 

 

18,096,554

 

 

 

50,709,673

 

 

$

180

 

 

$

7,915

 

 

$

(5

)

 

$

24,214

 

 

$

66,985