LAZ FY 2013 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2013 Earnings

Reported February 27, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$2.1B	—	$2.0B	—	3.6%
Op. Income	$217M	—	$124M	—	75.0%
Gross Margin	37.9%	—	32.0%	—	5.9pp
Net Margin	7.8%	—	4.2%	—	3.5pp
EPS (Diluted)	$1.21	—	$0.65	—	86.2%
Free Cash Flow	$466M	—	$393M	—	18.6%

Revenue Flow

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$1.3B
GROSS PROFIT	$781M
R&D Expenses	$0
Selling & Marketing	$84M
General & Administrative	$225M
SG&A Expenses	$309M
Other Expenses	$256M
Operating Expenses	$565M
Cost & Expenses	$1.8B
OPERATING INCOME	$217M
Interest Income	$5M
Interest Expense	$79M
Other Income/Expenses	$0
INCOME BEFORE TAX	$217M
Income Tax Expense	$52M
Net Income from Continuing Ops	$165M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$160M
Net Income Deductions	-$1M
BOTTOM LINE NET INCOME	$161M
D&A	$45M
EBIT	$296M
EBITDA	$341M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$1.3B
GROSS PROFIT	$781M
R&D Expenses	$0
Selling & Marketing	$84M
General & Administrative	$225M
SG&A Expenses	$309M
Other Expenses	$256M
Operating Expenses	$565M
Cost & Expenses	$1.8B
OPERATING INCOME	$217M
Interest Income	$5M
Interest Expense	$79M
Other Income/Expenses	$0
INCOME BEFORE TAX	$217M
Income Tax Expense	$52M
Net Income from Continuing Ops	$165M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$160M
Net Income Deductions	-$1M
BOTTOM LINE NET INCOME	$161M
D&A	$45M
EBIT	$296M
EBITDA	$341M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$160M
Depreciation & Amortization	$45M
Stock-Based Compensation	$310M
Deferred Income Tax	$16M
Other Non-Cash Items	$54M
Change in Working Capital	-$59M
OPERATING CASH FLOW	$527M
Capital Expenditure	-$61M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$6M
NET CASH FROM INVESTING	-$55M
Net Debt Issuance	-$88M
Common Stock Repurchased	-$132M
Common Dividends Paid	-$122M
Other Financing Activities	-$145M
NET CASH FROM FINANCING	-$487M
FREE CASH FLOW	$466M
Net Change in Cash	-$9M

Balance Sheet

Item	Amount
Cash & Equivalents	$841M
Short-Term Investments	$245M
Net Receivables	$623M
Inventory	-$103M
Other Current Assets	-$7M
TOTAL CURRENT ASSETS	$1.7B
PP&E (Net)	$249M
Goodwill	$345M
Intangible Assets	$18M
Long-Term Investments	$478M
Tax Assets	-$249M
Other Non-Current Assets	$508M
TOTAL NON-CURRENT ASSETS	$1.4B
TOTAL ASSETS	$3.0B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$6M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$538M
Long-Term Debt	$1.0B
Deferred Revenue NC	$6M
Deferred Tax Liabilities	$248M
Other Non-Current Liabilities	$773M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$2.4B
Common Stock	$1M
Additional Paid-In Capital	$738M
Retained Earnings	$203M
Treasury Stock	-$249M
Accum. Other Comp. Income	-$133M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$560M
Minority Interest	$70M
TOTAL EQUITY	$630M
TOTAL LIABILITIES & EQUITY	$3.0B
Total Debt	$1.0B
Net Debt	$223M