Pzena Investment Management, Inc (NYSE:PZN) Q3 2019 Earnings Conference Call - Final Transcript
Oct 18, 2019 • 10:00 am ET
Jessica R. Doran
primarily reflect a benefit recognized in the third quarter of 2018 associated with a one-time adjustment to the deferred tax asset. We expect this rate to be between 23% and 25% on an ongoing basis.
The allocation to the non-public members of our operating company was approximately 74.5% of the operating company's net income for the third quarter of 2019, flat from 74.5% last quarter and 75% for the third quarter of last year. The variance in these percentages is the result of changes in our ownership interest in the operating company.
At quarter-end, our financial position remains strong with $35.7 million in cash and cash equivalents as well as $29 million in short-term investments. We declared a $0.03 per share quarterly dividend last night.
Thank you for joining us. We'd now be happy to take any questions.