NEW YORK--(BUSINESS WIRE)--Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced its fourth quarter 2011 financial results and declared a quarterly dividend.
Results
For the quarter ended December 31, 2011, revenues excluding reimbursable expenses increased $15.8 million or 15.3% to $119.0 million, compared to $103.2 million for the corresponding prior year quarter. Adjusted EBITDA(1) for the quarter was $24.2 million, representing 20.3% of revenues excluding reimbursable expenses, compared to $18.7 million for the corresponding prior year quarter, representing 18.1% of revenues excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $7.0 million, or $0.23 per share of Class A common stock on a fully diluted basis, compared to $5.9 million, or $0.20 per share for the corresponding prior year quarter. Adjusted Pro Forma Net Income(1) was $12.4 million, or $0.32 per share on a fully exchanged, fully diluted basis, compared to $9.6 million, or $0.25 per share, for the corresponding prior year quarter.
For the year ended December 31, 2011, revenues excluding reimbursable expenses increased $18.4 million or 5.0% to $383.9 million, compared to $365.5 million for the prior year. Adjusted EBITDA(1) for the year was $64.7 million, representing 16.9% of revenues excluding reimbursable expenses, compared to $61.0 million for the prior year, representing 16.7% of revenues excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $18.6 million, or $0.63 per share of Class A common stock on a fully diluted basis, compared to $16.8 million, or $0.60 per share for the prior year. Adjusted Pro Forma Net Income(1) was $31.7 million, or $0.82 per share on a fully exchanged, fully diluted basis, compared to $29.7 million, or $0.77 per share, for the prior year.
"Duff & Phelps' fourth quarter performance demonstrated momentum in many facets of our business,” said Noah Gottdiener, chief executive officer. “This resulted in a 15% increase in overall revenues with double digit growth in our Dispute, Alternative Asset Advisory and M&A businesses as compared to the corresponding prior year quarter. Going forward, we are confident that investments in M&A industry expertise, expanded restructuring offerings and premier market positioning within our valuation- oriented services position us well for 2012 and beyond.”
"Our financial strength enabled us to execute quickly on strategic acquisitions and investments that drive growth,” said Patrick Puzzuoli, chief financial officer. "Furthermore, our balance sheet and cost discipline provide a level of financial flexibility to continue to grow the business while enabling a 12.5% increase in our quarterly dividend from $0.08 to $0.09 per share."
(1) Adjusted EBITDA, Adjusted Pro Forma Net Income and Adjusted Pro Forma Net Income per share are non-GAAP financial measures. See definitions and disclosures herein.
Declaration of Quarterly Dividend
The Company also announced today that its board of directors has declared a quarterly dividend of $0.09 per share on its outstanding Class A common stock. The dividend is payable on March 16, 2012 to shareholders of record on March 6, 2012. Concurrent with the payment of the dividend, the Company will also be distributing $0.09 per unit to holders of New Class A Units.
Earnings Call Webcast
As previously announced, Duff & Phelps will host a conference call today, February 15, 2012, at 5:00 p.m. EST to discuss the Company's financial results. Interested parties can access the webcast for this call through http://ir.duffandphelps.com/.
About Duff & Phelps
As a leading global financial advisory and investment banking firm, Duff & Phelps balances analytical skills, deep market insight and independence to help clients make sound decisions. The firm provides expertise in the areas of valuation, transactions, financial restructuring, alternative assets, disputes and taxation, with more than 1,000 employees serving clients from offices in North America, Europe and Asia. Investment banking services in the United States are provided by Duff & Phelps Securities, LLC and Pagemill Partners, LLC. Member FINRA/SIPC. M&A advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. Investment banking services in France are provided by Duff & Phelps SAS. For more information, visit www.duffandphelps.com. (NYSE: DUF)
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted Pro Forma Net Income, and Adjusted Pro Forma Net Income per share are non-GAAP financial measures. We believe these measures provide a relevant and useful alternative measure of our ongoing profitability and performance. We believe the Adjusted EBITDA, Adjusted Pro Forma Net Income, and Adjusted Pro Forma Net Income per share, in addition to GAAP financial measures, provide a relevant and useful benchmark for investors, in order to assess our financial performance, ongoing operating results and comparability to other companies in our industry. These measures are utilized by our senior management to evaluate our overall performance.
We define Adjusted EBITDA as operating income before depreciation and amortization, equity-based compensation originating prior to our IPO and associated with grants of ownership units of D&P Acquisitions and stock options granted in conjunction with our IPO and other items which are generally non-recurring in nature, including but not limited to restructuring charges and acquisition related expenses. We define Adjusted Pro Forma Net Income as net income before equity compensation associated with grants of ownership units of D&P Acquisitions and stock options granted in conjunction with our IPO, and certain items generally nonrecurring in nature, including but not limited to restructuring charges and acquisition related expenses, less pro forma corporate income tax applied at an assumed effective corporate tax rate. Adjusted Pro Forma Net Income per share consists of Adjusted Pro Forma Net Income divided by the fully dilutive weighted average number of the Company's Class A and Class B shares for the applicable period. These measures are reconciled in the tables below.
Adjusted EBITDA, Adjusted Pro Forma Net Income and Adjusted Pro Forma Net Income per share are non-GAAP financial measures which are not prepared in accordance with, and should not be considered a substitute for or superior to measurements required by GAAP. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies.
| Reconciliation of Adjusted EBITDA | ||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
|
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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| Net income attributable to Duff & Phelps Corporation | $ | 7,045 | $ | 5,876 | $ | 18,614 | $ | 16,765 | ||||||||
| Net income attributable to noncontrolling interest | 4,110 | 4,087 | 11,115 | 12,581 | ||||||||||||
| Provision for income taxes | 5,566 | 5,337 | 13,841 | 13,503 | ||||||||||||
| Other expense/(income), net | 1,591 | 56 | 1,703 | 373 | ||||||||||||
| Operating income | 18,312 | 15,356 | 45,273 | 43,222 | ||||||||||||
| Depreciation and amortization | 3,230 | 2,506 | 11,164 | 9,916 | ||||||||||||
| Equity-based compensation associated with Legacy Units and IPO Options(1) | (34 | ) | 431 | 207 | 3,399 | |||||||||||
| Acquisition retention expenses | 1,024 | 11 | 1,624 | 11 | ||||||||||||
| Restructuring charges | 95 |
-- |
4,090 |
-- |
||||||||||||
| Transaction and integration costs | 1,571 | 307 | 2,372 | 704 | ||||||||||||
| Charge from realignment of senior management(2) |
-- |
60 |
-- |
3,100 | ||||||||||||
| Charge from impairment of certain intangible assets |
-- |
-- |
-- |
674 | ||||||||||||
| Adjusted EBITDA | $ | 24,198 | $ | 18,671 | $ | 64,730 | $ | 61,026 | ||||||||
| Reconciliation of Adjusted Pro Forma Net Income | ||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
|
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
|||||||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 7,045 | $ | 5,876 | $ | 18,614 | $ | 16,765 | ||||||||
| Net income attributable to noncontrolling interest | 4,110 | 4,087 | 11,115 | 12,581 | ||||||||||||
| Equity-based compensation associated with Legacy Units and IPO Options(1) | (34 | ) | 431 | 207 | 3,399 | |||||||||||
| Acquisition retention expenses | 1,024 | 11 | 1,624 | 11 | ||||||||||||
| Restructuring charges | 95 |
-- |
4,090 |
-- |
||||||||||||
| Transaction and integration costs | 1,571 | 307 | 2,372 | 704 | ||||||||||||
| Loss from the write off of an investment(3) | 1,500 |
-- |
1,500 |
-- |
||||||||||||
| Charge from realignment of senior management(2) |
-- |
60 |
-- |
3,100 | ||||||||||||
| Adjustment to provision for income taxes(4) | (2,910 | ) | (1,217 | ) | (7,824 | ) | (6,823 | ) | ||||||||
| Adjusted Pro Forma Net Income, as defined | $ | 12,401 | $ | 9,555 | $ | 31,698 | $ | 29,737 | ||||||||
| Fully diluted weighted average shares of Class A common stock | 27,674 | 26,807 | 27,832 | 26,089 | ||||||||||||
| Weighted average New Class A Units outstanding | 10,650 | 12,023 | 10,883 | 12,703 | ||||||||||||
| Pro forma fully exchanged, fully diluted | 38,324 | 38,830 | 38,715 | 38,792 | ||||||||||||
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted share outstanding | $ | 0.32 | $ | 0.25 | $ | 0.82 | $ | 0.77 | ||||||||
|
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(1) Represents elimination of equity-compensation expense from Legacy Units associated with grants of ownership units of D&P Acquisitions and IPO Options granted in conjunction with our IPO. See further detail in the notes to the consolidated financial statements. |
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(2) On April 22, 2010, the Company announced certain management changes related to the departure of our former president and one of our segment leaders. The $3,100 primarily resulted from cash severance and a charge from the accelerated vesting of restricted stock awards. |
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(3) Reflects a one-time charge from the write off of a minority investment in WR Managed Accounts, LLC. The charge is reflected in "Other expense" on the Company's Consolidated Statement of Operations. |
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(4) Represents an adjustment to reflect an assumed effective corporate tax rate of approximately 40.6% for the years ended December 31, 2011 and 2010, respectively, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and/or foreign jurisdiction. For the quarter ended December 31, 2010, the pro forma tax rates of 40.7% reflects a true-up adjustment relating to the nine months ended September 30, 2010. Assumes (i) full exchange of existing unitholders' partnership units and Class B common stock of the Company into Class A common stock of the Company, (ii) the Company has adopted a conventional corporate tax structure and is taxed as a C Corporation in the U.S. at prevailing corporate rates and (iii) all deferred tax assets related to foreign operations are fully realizable. |
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Disclosure Regarding Forward-Looking Statements
Statements in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this discussion are based upon our historical performance and on our current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us, or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and the risk factors section that are included in our Annual Report on Form 10-K for the year ended December 31, 2011 and any subsequent filings of our Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release are made only as of the date this press release was issued. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except per share amounts) |
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(Unaudited) |
||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| December 31, 2011 | December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
|||||||||||||
| Revenues | $ | 118,980 | $ | 103,213 | $ | 383,940 | $ | 365,546 | ||||||||
| Reimbursable expenses | 5,573 | 2,322 | 12,934 | 9,485 | ||||||||||||
| Total revenues | 124,553 | 105,535 | 396,874 | 375,031 | ||||||||||||
| Direct client service costs | ||||||||||||||||
| Compensation and benefits (includes $3,705 and $3,529 of equity-based compensation for the quarters ended December 31, 2011 and 2010, respectively, and $17,086 and $14,891 of equity-based compensation for the years ended December 31, 2011 and 2010, respectively) | 62,934 | 58,576 | 209,606 | 205,958 | ||||||||||||
| Other direct client service costs | 4,089 | 2,337 | 9,048 | 7,548 | ||||||||||||
| Acquisition retention expenses (includes $454 and $11 of equity-based compensation for the quarters ended December 31, 2011 and 2010, respectively, and $1,054 and $11 of equity-based compensation for the years ended December 31, 2011 and 2010, respectively) | 1,024 | 11 | 1,624 | 11 | ||||||||||||
| Reimbursable expenses | 5,589 | 2,324 | 13,073 | 9,547 | ||||||||||||
| 73,636 | 63,248 | 233,351 | 223,064 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general and administrative (includes $633 and $1,080 of equity-based compensation for the quarters ended December 31, 2011 and 2010, respectively, and $3,744 and $5,542 of equity-based compensation for the years ended December 31, 2011 and 2010, respectively) | 27,709 | 24,118 | 100,624 | 97,451 | ||||||||||||
| Depreciation and amortization | 3,230 | 2,506 | 11,164 | 9,916 | ||||||||||||
| Restructuring charges | 95 |
-- |
4,090 |
-- |
||||||||||||
| Transaction and integration costs | 1,571 | 307 | 2,372 | 704 | ||||||||||||
| Charge from impairment of certain intangible assets |
-- |
-- |
-- |
674 | ||||||||||||
| 32,605 | 26,931 | 118,250 | 108,745 | |||||||||||||
| Operating income | 18,312 | 15,356 | 45,273 | 43,222 | ||||||||||||
| Other expense/(income), net | ||||||||||||||||
| Interest income | (8 | ) | (6 | ) | (77 | ) | (112 | ) | ||||||||
| Interest expense | 97 | 78 | 275 | 312 | ||||||||||||
| Other expense | 1,502 | (16 | ) | 1,505 | 173 | |||||||||||
| 1,591 | 56 | 1,703 | 373 | |||||||||||||
| Income before income taxes | 16,721 | 15,300 | 43,570 | 42,849 | ||||||||||||
| Provision for income taxes | 5,566 | 5,337 | 13,841 | 13,503 | ||||||||||||
| Net income | 11,155 | 9,963 | 29,729 | 29,346 | ||||||||||||
| Less: Net income attributable to noncontrolling interest | 4,110 | 4,087 | 11,115 | 12,581 | ||||||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 7,045 | $ | 5,876 | $ | 18,614 | $ | 16,765 | ||||||||
| Weighted average shares of Class A common stock outstanding | ||||||||||||||||
| Basic | 26,685 | 25,758 | 26,958 | 25,170 | ||||||||||||
| Diluted | 27,674 | 26,807 | 27,832 | 26,089 | ||||||||||||
| Net income per share attributable to stockholders of Class A common stock of Duff & Phelps Corporation | ||||||||||||||||
| Basic | $ | 0.24 | $ | 0.21 | $ | 0.65 | $ | 0.62 | ||||||||
| Diluted | $ | 0.23 | $ | 0.20 | $ | 0.63 | $ | 0.60 | ||||||||
| Cash dividends declared per common share | $ | 0.08 | $ | 0.06 | $ | 0.32 | $ | 0.23 | ||||||||
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DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
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QUARTERLY REVENUES BY SEGMENT |
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(In thousands) |
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(Unaudited) |
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2010 |
2011 |
Variance
Q4 2011 vs Q4 2010 |
Variance
2011 vs 2010 |
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| Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | Total | Dollar | Percent | Dollar | Percent | |||||||||||||||||||||||||||||||||||||||||
| Financial Advisory | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation Advisory | $ | 38,178 | $ | 35,712 | $ | 34,013 | $ | 38,992 | $ | 146,895 | $ | 37,614 | $ | 32,604 | $ | 33,887 | $ | 39,046 | $ | 143,151 | $ | 54 | 0.1 | % | $ | (3,744 | ) | (2.5 | )% | |||||||||||||||||||||||||
| Tax Services | 9,447 | 12,089 | 11,157 | 10,631 | 43,324 | 7,547 | 15,128 | 9,572 | 8,698 | 40,945 | (1,933 | ) | (18.2 | )% | (2,379 | ) | (5.5 | )% | ||||||||||||||||||||||||||||||||||||
| Dispute & Legal Management Consulting | 9,415 | 9,316 | 10,571 | 11,760 | 41,062 | 13,436 | 13,005 | 18,319 | 22,032 | 66,792 | 10,272 | 87.3 | % | 25,730 | 62.7 | % | ||||||||||||||||||||||||||||||||||||||
| 57,040 | 57,117 | 55,741 | 61,383 | 231,281 | 58,597 | 60,737 | 61,778 | 69,776 | 250,888 | 8,393 | 13.7 | % | 19,607 | 8.5 | % | |||||||||||||||||||||||||||||||||||||||
| Alternative Asset Advisory | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Valuation | 5,482 | 4,642 | 4,455 | 5,216 | 19,795 | 6,519 | 6,220 | 6,730 | 6,272 | 25,741 | 1,056 | 20.2 | % | 5,946 | 30.0 | % | ||||||||||||||||||||||||||||||||||||||
| Complex Asset Solutions | 4,126 | 3,355 | 2,481 | 3,512 | 13,474 | 5,321 | 4,125 | 3,998 | 4,631 | 18,075 | 1,119 | 31.9 | % | 4,601 | 34.1 | % | ||||||||||||||||||||||||||||||||||||||
| Due Diligence | 2,170 | 2,439 | 3,072 | 3,085 | 10,766 | 1,645 | 4,070 | 2,643 | 3,492 | 11,850 | 407 | 13.2 | % | 1,084 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||
| 11,778 | 10,436 | 10,008 | 11,813 | 44,035 | 13,485 | 14,415 | 13,371 | 14,395 | 55,666 | 2,582 | 21.9 | % | 11,631 | 26.4 | % | |||||||||||||||||||||||||||||||||||||||
| Investment Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| M&A Advisory | 3,682 | 3,144 | 4,604 | 11,289 | 22,719 | 1,450 | 1,853 | 5,741 | 16,568 | 25,612 | 5,279 | 46.8 | % | 2,893 | 12.7 | % | ||||||||||||||||||||||||||||||||||||||
| Transaction Opinions | 6,823 | 6,041 | 6,711 | 9,328 | 28,903 | 8,231 | 7,266 | 7,466 | 5,811 | 28,774 | (3,517 | ) | (37.7 | )% | (129 | ) | (0.4 | )% | ||||||||||||||||||||||||||||||||||||
| Global Restructuring Advisory | 9,841 | 12,004 | 7,363 | 9,400 | 38,608 | 3,283 | 3,615 | 3,672 | 12,430 | 23,000 | 3,030 | 32.2 | % | (15,608 | ) | (40.4 | )% | |||||||||||||||||||||||||||||||||||||
| 20,346 | 21,189 | 18,678 | 30,017 | 90,230 | 12,964 | 12,734 | 16,879 | 34,809 | 77,386 | 4,792 | 16.0 | % | (12,844 | ) | (14.2 | )% | ||||||||||||||||||||||||||||||||||||||
| Total Revenues (excluding reimbursables) | $ | 89,164 | $ | 88,742 | $ | 84,427 | $ | 103,213 | $ | 365,546 | $ | 85,046 | $ | 87,886 | $ | 92,028 | $ | 118,980 | $ | 383,940 | $ | 15,767 | 15.3 | % | $ | 18,394 | 5.0 | % | ||||||||||||||||||||||||||
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DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
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RESULTS OF OPERATIONS BY SEGMENT |
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(In thousands, except headcount data) |
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(Unaudited) |
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| Quarter Ended | Year Ended | |||||||||||||||
|
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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| Financial Advisory | ||||||||||||||||
| Revenues (excluding reimbursables) | $ | 69,776 | $ | 61,383 | $ | 250,888 | $ | 231,281 | ||||||||
| Segment operating income | $ | 14,848 | $ | 7,614 | $ | 45,212 | $ | 29,819 | ||||||||
| Segment operating income margin | 21.3 | % | 12.4 | % | 18.0 | % | 12.9 | % | ||||||||
| Alternative Asset Advisory | ||||||||||||||||
| Revenues (excluding reimbursables) | $ | 14,395 | $ | 11,813 | $ | 55,666 | $ | 44,035 | ||||||||
| Segment operating income | $ | 3,545 | $ | 2,770 | $ | 12,890 | $ | 9,208 | ||||||||
| Segment operating income margin | 24.6 | % | 23.4 | % | 23.2 | % | 20.9 | % | ||||||||
| Investment Banking | ||||||||||||||||
| Revenues (excluding reimbursables) | $ | 34,809 | $ | 30,017 | $ | 77,386 | $ | 90,230 | ||||||||
| Segment operating income | $ | 5,821 | $ | 8,289 | $ | 6,767 | $ | 22,061 | ||||||||
| Segment operating income margin | 16.7 | % | 27.6 | % | 8.7 | % | 24.4 | % | ||||||||
| Total | ||||||||||||||||
| Revenues (excluding reimbursables) | $ | 118,980 | $ | 103,213 | $ | 383,940 | $ | 365,546 | ||||||||
| Segment operating income | $ | 24,214 | $ | 18,673 | $ | 64,869 | $ | 61,088 | ||||||||
| Net client reimbursable expenses | (16 | ) | (2 | ) | (139 | ) | (62 | ) | ||||||||
| Equity-based compensation from Legacy Units and IPO Options | 34 | (431 | ) | (207 | ) | (3,399 | ) | |||||||||
| Depreciation and amortization | (3,230 | ) | (2,506 | ) | (11,164 | ) | (9,916 | ) | ||||||||
| Acquisition retention expenses | (1,024 | ) | (11 | ) | (1,624 | ) | (11 | ) | ||||||||
| Restructuring charges | (95 | ) |
-- |
(4,090 | ) |
-- |
||||||||||
| Transaction and integration costs | (1,571 | ) | (307 | ) | (2,372 | ) | (704 | ) | ||||||||
| Charge from realignment of senior management |
-- |
(60 | ) |
-- |
(3,100 | ) | ||||||||||
| Charge from impairment of certain intangible assets |
-- |
-- |
-- |
(674 | ) | |||||||||||
| Operating income | $ | 18,312 | $ | 15,356 | $ | 45,273 | $ | 43,222 | ||||||||
| Average Client Service Professionals | ||||||||||||||||
| Financial Advisory | 584 | 572 | 575 | 596 | ||||||||||||
| Alternative Asset Advisory | 99 | 78 | 94 | 83 | ||||||||||||
| Investment Banking | 213 | 129 | 158 | 128 | ||||||||||||
| Total | 896 | 779 | 827 | 807 | ||||||||||||
| End of Period Client Service Professionals | ||||||||||||||||
| Financial Advisory | 590 | 572 | 590 | 572 | ||||||||||||
| Alternative Asset Advisory | 100 | 85 | 100 | 85 | ||||||||||||
| Investment Banking | 303 | 128 | 303 | 128 | ||||||||||||
| Total | 993 | 785 | 993 | 785 | ||||||||||||
| Revenue per Client Service Professional | ||||||||||||||||
| Financial Advisory | $ | 119 | $ | 107 | $ | 436 | $ | 388 | ||||||||
| Alternative Asset Advisory | $ | 145 | $ | 151 | $ | 592 | $ | 531 | ||||||||
| Investment Banking | $ | 163 | $ | 233 | $ | 490 | $ | 705 | ||||||||
| Total | $ | 133 | $ | 132 | $ | 464 | $ | 453 | ||||||||
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DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
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RESULTS OF OPERATIONS BY SEGMENT—CONTINUED |
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(In thousands, except utilization, rate-per-hour and headcount data) |
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(Unaudited) |
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| Quarter Ended | Year Ended | |||||||||||||||
|
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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| Utilization(1) | ||||||||||||||||
| Financial Advisory | 81.7 | % | 76.0 | % | 73.8 | % | 67.3 | % | ||||||||
| Alternative Asset Advisory | 63.0 | % | 68.4 | % | 61.2 | % | 62 | % | ||||||||
| Rate-Per-Hour(2) | ||||||||||||||||
| Financial Advisory | $ | 356 | $ | 346 | $ | 343 | $ | 344 | ||||||||
| Alternative Asset Advisory | $ | 516 | $ | 468 | $ | 515 | $ | 481 | ||||||||
| Revenues (excluding reimbursables) | ||||||||||||||||
| Financial Advisory | $ | 69,776 | $ | 61,383 | $ | 250,888 | $ | 231,281 | ||||||||
| Alternative Asset Advisory | 14,395 | 11,813 | 55,666 | 44,035 | ||||||||||||
| Investment Banking | 34,809 | 30,017 | 77,386 | 90,230 | ||||||||||||
| Total | $ | 118,980 | $ | 103,213 | $ | 383,940 | $ | 365,546 | ||||||||
| Average Managing Directors | ||||||||||||||||
| Financial Advisory | 90 | 94 | 92 | 96 | ||||||||||||
| Alternative Asset Advisory | 24 | 24 | 25 | 24 | ||||||||||||
| Investment Banking | 58 | 39 | 47 | 40 | ||||||||||||
| Total | 172 | 157 | 164 | 160 | ||||||||||||
| End of Period Managing Directors | ||||||||||||||||
| Financial Advisory | 92 | 93 | 92 | 93 | ||||||||||||
| Alternative Asset Advisory | 24 | 26 | 24 | 26 | ||||||||||||
| Investment Banking | 76 | 38 | 76 | 38 | ||||||||||||
| Total | 192 | 157 | 192 | 157 | ||||||||||||
| Revenue per Managing Director | ||||||||||||||||
| Financial Advisory | $ | 775 | $ | 653 | $ | 2,727 | $ | 2,409 | ||||||||
| Alternative Asset Advisory | $ | 600 | $ | 492 | $ | 2,227 | $ | 1,835 | ||||||||
| Investment Banking | $ | 600 | $ | 770 | $ | 1,647 | $ | 2,256 | ||||||||
| Total | $ | 692 | $ | 657 | $ | 2,341 | $ | 2,285 | ||||||||
|
(1) The utilization rate for any given period is calculated by dividing the number of hours incurred by client service professionals who worked on client assignments (including internal projects for the Company) during the period by the total available working hours for all of such client service professionals during the same period, assuming a 40 hour work week, less paid holidays and vacation days. Utilization excludes client service professionals associated with certain property tax services due to the nature of the work performed and client service professionals from certain acquisitions prior to their transition to the Company's financial system. |
||||||||||||||||
|
(2) Average billing rate-per-hour is calculated by dividing revenues for the period by the number of hours worked on client assignments (including internal projects for the Company) during the same period. Financial Advisory revenues used to calculate rate-per-hour exclude revenues associated with certain property tax engagements. The average billing rate excludes certain hours from our acquisitions prior to their transition to the Company's financial system. |
||||||||||||||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
|
SUMMARY OF CLIENT SERVICE PROFESSIONALS |
|||||||||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||
| 2010 | 2011 | ||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||
| Average Client Service Professionals | |||||||||||||||||||||||||||||
| Financial Advisory | 640 | 594 | 574 | 572 | 596 | 574 | 562 | 576 | 584 | 575 | |||||||||||||||||||
| Alternative Asset Advisory | 92 | 85 | 79 | 78 | 83 | 87 | 94 | 98 | 99 | 94 | |||||||||||||||||||
| Investment Banking | 131 | 127 | 124 | 129 | 128 | 129 | 128 | 147 | 213 | 158 | |||||||||||||||||||
| 863 | 806 | 777 | 779 | 807 | 790 | 784 | 821 | 896 | 827 | ||||||||||||||||||||
| End of Period Client Service Professionals | |||||||||||||||||||||||||||||
| Financial Advisory | 614 | 576 | 583 | 572 | 571 | 552 | 580 | 590 | |||||||||||||||||||||
| Alternative Asset Advisory | 88 | 81 | 78 | 85 | 90 | 97 | 100 | 100 | |||||||||||||||||||||
| Investment Banking | 128 | 125 | 128 | 128 | 127 | 131 | 149 | 303 | |||||||||||||||||||||
| 830 | 782 | 789 | 785 | 788 | 780 | 829 | 993 | ||||||||||||||||||||||
| 2010 | 2011 | ||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||
| Average Managing Directors | |||||||||||||||||||||||||||||
| Financial Advisory | 98 | 97 | 97 | 94 | 96 | 94 | 93 | 91 | 90 | 92 | |||||||||||||||||||
| Alternative Asset Advisory | 25 | 25 | 24 | 24 | 24 | 26 | 25 | 25 | 24 | 25 | |||||||||||||||||||
| Investment Banking | 40 | 41 | 40 | 39 | 40 | 39 | 41 | 48 | 58 | 47 | |||||||||||||||||||
| 163 | 163 | 161 | 157 | 160 | 159 | 159 | 164 | 172 | 164 | ||||||||||||||||||||
| End of Period Managing Directors | |||||||||||||||||||||||||||||
| Financial Advisory | 94 | 99 | 95 | 93 | 94 | 91 | 90 | 92 | |||||||||||||||||||||
| Alternative Asset Advisory | 25 | 24 | 23 | 26 | 26 | 25 | 25 | 24 | |||||||||||||||||||||
| Investment Banking | 39 | 40 | 40 | 38 | 39 | 43 | 50 | 76 | |||||||||||||||||||||
| 158 | 163 | 158 | 157 | 159 | 159 | 165 | 192 | ||||||||||||||||||||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||
|
CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In thousands, except per share amounts) |
|||||||
|
(Unaudited) |
|||||||
|
December 31, 2011 |
December 31, 2010 |
||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 38,986 | $ | 113,328 | |||
| Accounts receivable (net of allowance for doubtful accounts of $1,753 and $1,347 at December 31, 2011 and 2010, respectively) | 77,795 | 60,358 | |||||
| Unbilled services | 51,427 | 23,101 | |||||
| Prepaid expenses and other current assets | 8,257 | 7,479 | |||||
| Net deferred income taxes, current | 2,545 | 2,555 | |||||
| Total current assets | 179,010 | 206,821 | |||||
| Property and equipment (net of accumulated depreciation of $32,516 and $26,375 at December 31, 2011 and 2010, respectively) | 33,632 | 29,250 | |||||
| Goodwill | 192,970 | 139,170 | |||||
| Intangible assets (net of accumulated amortization of $25,626 and $20,656 at December 31, 2011 and 2010, respectively) | 40,977 | 30,407 | |||||
| Other assets | 13,942 | 2,638 | |||||
| Investments related to deferred compensation plan | 23,542 | 23,151 | |||||
| Net deferred income taxes, less current portion | 115,826 | 116,789 | |||||
| Total non-current assets | 420,889 | 341,405 | |||||
| Total assets | $ | 599,899 | $ | 548,226 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 4,148 | $ | 2,397 | |||
| Accrued expenses | 22,612 | 11,254 | |||||
| Accrued compensation and benefits | 41,518 | 39,875 | |||||
| Liability related to deferred compensation plan, current portion | 646 | 1,314 | |||||
| Deferred revenues | 4,185 | 2,427 | |||||
| Other current liabilities |
-- |
430 | |||||
| Due to noncontrolling unitholders, current portion | 6,209 | 5,640 | |||||
| Total current liabilities | 79,318 | 63,337 | |||||
| Liability related to deferred compensation plan, less current portion | 23,083 | 21,764 | |||||
| Other long-term liabilities | 32,248 | 16,676 | |||||
| Due to noncontrolling unitholders, less current portion | 101,557 | 103,885 | |||||
| Total non-current liabilities | 156,888 | 142,325 | |||||
| Total liabilities | 236,206 | 205,662 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Preferred stock (50,000 shares authorized; zero issued and outstanding) |
-- |
-- |
|||||
| Class A common stock, par value $0.01 per share (100,000 shares authorized; 31,646 and 30,166 shares issued and outstanding at December 31, 2011 and 2010, respectively) | 316 | 302 | |||||
| Class B common stock, par value $0.0001 per share (50,000 shares authorized; 10,488 and 11,151 shares issued and outstanding at December 31, 2011 and 2010, respectively) | 1 | 1 | |||||
| Additional paid-in capital | 252,572 | 232,644 | |||||
| Accumulated other comprehensive income | 287 | 1,400 | |||||
| Retained earnings | 25,631 | 16,923 | |||||
| Total stockholders' equity of Duff & Phelps Corporation | 278,807 | 251,270 | |||||
| Noncontrolling interest | 84,886 | 91,294 | |||||
| Total stockholders' equity | 363,693 | 342,564 | |||||
| Total liabilities and stockholders' equity | $ | 599,899 | $ | 548,226 | |||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(In thousands) |
||||||||
|
(Unaudited) |
||||||||
| Year Ended | ||||||||
|
December 31, 2011 |
December 31, 2010 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 29,729 | $ | 29,346 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 11,164 | 9,916 | ||||||
| Equity-based compensation | 21,884 | 20,444 | ||||||
| Bad debt expense | 3,363 | 2,074 | ||||||
| Net deferred income taxes | 4,811 | 3,050 | ||||||
| Other | 3,295 | 1,606 | ||||||
| Changes in assets and liabilities providing/(using) cash, net of acquired balances: | ||||||||
| Accounts receivable | (19,821 | ) | (3,231 | ) | ||||
| Unbilled services | (14,471 | ) | (12 | ) | ||||
| Prepaid expenses and other current assets | 1,399 | (930 | ) | |||||
| Other assets |
(146 |
) | (1,802 | ) | ||||
| Accounts payable and accrued expenses | 6,490 | (1,933 | ) | |||||
| Accrued compensation and benefits | 4,379 | 6,157 | ||||||
| Deferred revenues | 1,756 | (1,378 | ) | |||||
| Other liabilities | (869 | ) | 734 | |||||
| Due to noncontrolling unitholders from payments pursuant to the Tax Receivable Agreement | (5,536 | ) | (4,267 | ) | ||||
| Net cash provided by operating activities |
47,427 |
59,774 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (8,057 | ) | (7,080 | ) | ||||
| Business acquisitions, net of cash acquired | (53,464 | ) | (18,217 | ) | ||||
| Purchases of investments | (6,200 | ) | (3,175 | ) | ||||
| Increase in restricted cash | (6,400 | ) |
-- |
|||||
| Net cash used in investing activities | (74,121 | ) | (28,472 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repurchases of Class A common stock | (28,891 | ) | (8,897 | ) | ||||
| Dividends | (9,989 | ) | (6,618 | ) | ||||
| Distributions and other payments to noncontrolling unitholders | (8,447 | ) | (9,833 | ) | ||||
| Payment of costs for debt issuance and extinguishment |
(302 |
) |
-- |
|||||
| Net proceeds from sale of Class A common stock |
-- |
(3 | ) | |||||
| Proceeds from exercises of IPO Options | 267 | 144 | ||||||
| Net cash used in financing activities |
(47,362 |
) | (25,207 | ) | ||||
| Effect of exchange rate on cash and cash equivalents | (286 | ) | (78 | ) | ||||
| Net increase/(decrease) in cash and cash equivalents | (74,342 | ) | 6,017 | |||||
| Cash and cash equivalents at beginning of year | 113,328 | 107,311 | ||||||
| Cash and cash equivalents at end of year | $ | 38,986 | $ | 113,328 | ||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||||||||
|
ADJUSTED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS |
|||||||||||||
|
(In thousands, except per share amounts) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
| Quarter Ended December 31, 2011 | |||||||||||||
| As Reported | Adjustments | Adjusted Pro Forma | |||||||||||
| Revenues | $ | 118,980 | $ |
-- |
$ | 118,980 | |||||||
| Reimbursable expenses | 5,573 |
-- |
5,573 | ||||||||||
| Total revenues | 124,553 |
-- |
124,553 | ||||||||||
| Direct client service costs | |||||||||||||
| Compensation and benefits | 62,934 | 32 |
(1) |
|
62,966 | ||||||||
| Other direct client service costs | 4,089 |
-- |
4,089 | ||||||||||
| Acquisition retention expenses | 1,024 | (1,024 | ) |
-- |
|||||||||
| Reimbursable expenses | 5,589 |
-- |
5,589 | ||||||||||
| 73,636 | (992 | ) | 72,644 | ||||||||||
| Operating expenses | |||||||||||||
| Selling, general and administrative | 27,709 | 2 |
(1) |
|
27,711 | ||||||||
| Depreciation and amortization | 3,230 |
-- |
3,230 | ||||||||||
| Restructuring charges | 95 | (95 | ) |
-- |
|||||||||
| Transaction and integration costs | 1,571 | (1,571 | ) |
-- |
|||||||||
| 32,605 | (1,664 | ) | 30,941 | ||||||||||
| Operating income | 18,312 | 2,656 | 20,968 | ||||||||||
| Other expense/(income), net | |||||||||||||
| Interest income | (8 | ) |
-- |
(8 | ) | ||||||||
| Interest expense | 97 |
-- |
97 | ||||||||||
| Other expense | 1,502 | (1,500 | ) |
(3) |
|
2 | |||||||
| 1,591 | (1,500 | ) | 91 | ||||||||||
| Income before income taxes | 16,721 | 4,156 | 20,877 | ||||||||||
| Provision for income taxes | 5,566 | 2,910 |
(4) |
|
8,476 | ||||||||
| Net income | 11,155 | 1,246 | 12,401 | ||||||||||
| Less: Net income attributable to noncontrolling interest | 4,110 | (4,110 | ) |
-- |
|||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 7,045 | $ | 5,356 | $ | 12,401 | |||||||
| Pro forma fully exchanged, fully diluted shares outstanding | 38,324 | ||||||||||||
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted shares outstanding | $ | 0.32 | |||||||||||
|
See definition of Adjusted Pro Forma Net Income and accompanying footnotes in the preceding section of this press release. |
|||||||||||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||||||||
|
ADJUSTED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS |
|||||||||||||
|
(In thousands, except per share amounts) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
| Quarter Ended December 31, 2010 | |||||||||||||
| As Reported | Adjustments | Adjusted Pro Forma | |||||||||||
| Revenues | $ | 103,213 | $ |
-- |
$ | 103,213 | |||||||
| Reimbursable expenses | 2,322 |
-- |
2,322 | ||||||||||
| Total revenues | 105,535 |
-- |
105,535 | ||||||||||
| Direct client service costs | |||||||||||||
| Compensation and benefits | 58,576 | (158 | ) | (1)(2) | 58,418 | ||||||||
| Other direct client service costs | 2,337 |
-- |
2,337 | ||||||||||
| Acquisition retention expenses | 11 | (11 | ) |
-- |
|||||||||
| Reimbursable expenses | 2,324 |
-- |
2,324 | ||||||||||
| 63,248 | (169 | ) | 63,079 | ||||||||||
| Operating expenses | |||||||||||||
| Selling, general and administrative | 24,118 | (333 | ) | (1)(2) | 23,785 | ||||||||
| Depreciation and amortization | 2,506 |
-- |
2,506 | ||||||||||
| Transaction and integration costs | 307 | (307 | ) |
-- |
|||||||||
| 26,931 | (640 | ) | 26,291 | ||||||||||
| Operating income | 15,356 | 809 | 16,165 | ||||||||||
| Other expense/(income), net | |||||||||||||
| Interest income | (6 | ) |
-- |
(6 | ) | ||||||||
| Interest expense | 78 |
-- |
78 | ||||||||||
| Other income | (16 | ) |
-- |
(16 | ) | ||||||||
| 56 |
-- |
56 | |||||||||||
| Income before income taxes | 15,300 | 809 | 16,109 | ||||||||||
| Provision for income taxes | 5,337 | 1,217 | (4) | 6,554 | |||||||||
| Net income | 9,963 | (408 | ) | 9,555 | |||||||||
| Less: Net income attributable to noncontrolling interest | 4,087 | (4,087 | ) |
-- |
|||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 5,876 | $ | 3,679 | $ | 9,555 | |||||||
| Pro forma fully exchanged, fully diluted shares outstanding | 38,830 | ||||||||||||
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted shares outstanding | $ | 0.25 | |||||||||||
|
See definition of Adjusted Pro Forma Net Income and accompanying footnotes in the preceding section of this press release. |
|||||||||||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||||||||
|
ADJUSTED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS |
|||||||||||||
|
(In thousands, except per share amounts) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
| Year Ended December 31, 2011 | |||||||||||||
| As Reported | Adjustments | Adjusted Pro Forma | |||||||||||
| Revenues | $ | 383,940 | $ |
-- |
$ | 383,940 | |||||||
| Reimbursable expenses | 12,934 |
-- |
12,934 | ||||||||||
| Total revenues | 396,874 |
-- |
396,874 | ||||||||||
|
-- |
|||||||||||||
| Direct client service costs |
-- |
||||||||||||
| Compensation and benefits | 209,606 | 273 | (1) | 209,879 | |||||||||
| Other direct client service costs | 9,048 |
-- |
9,048 | ||||||||||
| Acquisition retention expenses | 1,624 | (1,624 | ) |
-- |
|||||||||
| Reimbursable expenses | 13,073 |
-- |
13,073 | ||||||||||
| 233,351 | (1,351 | ) | 232,000 | ||||||||||
| Operating expenses |
-- |
||||||||||||
| Selling, general and administrative | 100,624 | (480 | ) | (1) | 100,144 | ||||||||
| Depreciation and amortization | 11,164 |
-- |
11,164 | ||||||||||
| Restructuring charges | 4,090 | (4,090 | ) |
-- |
|||||||||
| Transaction and integration costs | 2,372 | (2,372 | ) |
-- |
|||||||||
| 118,250 | (6,942 | ) | 111,308 | ||||||||||
|
-- |
|||||||||||||
| Operating income | 45,273 | 8,293 | 53,566 | ||||||||||
|
-- |
|||||||||||||
| Other expense/(income), net |
-- |
||||||||||||
| Interest income | (77 | ) |
-- |
(77 | ) | ||||||||
| Interest expense | 275 |
-- |
275 | ||||||||||
| Other expense | 1,505 | (1,500 | ) | (3) | 5 | ||||||||
| 1,703 | (1,500 | ) | 203 | ||||||||||
|
-- |
|||||||||||||
| Income before income taxes | 43,570 | 9,793 | 53,363 | ||||||||||
| Provision for income taxes | 13,841 | 7,824 | (4) | 21,665 | |||||||||
| Net income | 29,729 | 1,969 | 31,698 | ||||||||||
| Less: Net income attributable to noncontrolling interest | 11,115 | (11,115 | ) |
-- |
|||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 18,614 | $ | 13,084 | $ | 31,698 | |||||||
| Pro forma fully exchanged, fully diluted shares outstanding | 38,715 | ||||||||||||
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted shares outstanding | $ | 0.82 | |||||||||||
|
See definition of Adjusted Pro Forma Net Income and accompanying footnotes in the preceding section of this press release. |
|||||||||||||
|
DUFF & PHELPS CORPORATION AND SUBSIDIARIES |
|||||||||||||
|
ADJUSTED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS |
|||||||||||||
|
(In thousands, except per share amounts) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
| Year Ended December 31, 2010 | |||||||||||||
| As Reported | Adjustments | Adjusted Pro Forma | |||||||||||
| Revenues | $ | 365,546 | $ |
-- |
$ | 365,546 | |||||||
| Reimbursable expenses | 9,485 |
-- |
9,485 | ||||||||||
| Total revenues | 375,031 |
-- |
375,031 | ||||||||||
| Direct client service costs | |||||||||||||
| Compensation and benefits | 205,958 | (1,848 | ) | (1)(2) | 204,110 | ||||||||
| Other direct client service costs | 7,548 |
-- |
7,548 | ||||||||||
| Acquisition retention expenses | 11 | (11 | ) |
-- |
|||||||||
| Reimbursable expenses | 9,547 |
-- |
9,547 | ||||||||||
| 223,064 | (1,859 | ) | 221,205 | ||||||||||
| Operating expenses | |||||||||||||
| Selling, general and administrative | 97,451 | (4,651 | ) | (1)(2) | 92,800 | ||||||||
| Depreciation and amortization | 9,916 |
-- |
9,916 | ||||||||||
| Transaction and integration costs | 704 | (704 | ) |
-- |
|||||||||
| Charge from impairment of certain intangible assets | 674 |
-- |
674 | ||||||||||
| 108,745 | (5,355 | ) | 103,390 | ||||||||||
| Operating income | 43,222 | 7,214 | 50,436 | ||||||||||
| Other expense/(income), net | |||||||||||||
| Interest income | (112 | ) |
-- |
(112 | ) | ||||||||
| Interest expense | 312 |
-- |
312 | ||||||||||
| Other expense | 173 |
-- |
173 | ||||||||||
| 373 |
-- |
373 | |||||||||||
| Income before income taxes | 42,849 | 7,214 | 50,063 | ||||||||||
| Provision for income taxes | 13,503 | 6,823 | (4) | 20,326 | |||||||||
| Net income | 29,346 | 391 | 29,737 | ||||||||||
| Less: Net income attributable to noncontrolling interest | 12,581 | (12,581 | ) |
-- |
|||||||||
| Net income attributable to Duff & Phelps Corporation | $ | 16,765 | $ | 12,972 | $ | 29,737 | |||||||
| Pro forma fully exchanged, fully diluted shares outstanding | 38,792 | ||||||||||||
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted shares outstanding | $ | 0.77 | |||||||||||
|
See definition of Adjusted Pro Forma Net Income and accompanying footnotes in the preceding section of this press release. |
|||||||||||||