LAZ FY 2014 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2014 Earnings

Reported February 26, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.1B	—	14.4%
Op. Income	$519M	—	$217M	—	139.6%
Gross Margin	44.3%	—	37.9%	—	6.3pp
Net Margin	18.1%	—	7.8%	—	10.3pp
EPS (Diluted)	$3.20	—	$1.21	—	164.5%
Free Cash Flow	$714M	—	$466M	—	53.3%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$88M
General & Administrative	$224M
SG&A Expenses	$312M
Other Expenses	$213M
Operating Expenses	$525M
Cost & Expenses	$1.8B
OPERATING INCOME	$519M
Interest Income	$5M
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$519M
Income Tax Expense	$85M
Net Income from Continuing Ops	$434M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$427M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$427M
D&A	$41M
EBIT	$582M
EBITDA	$623M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$88M
General & Administrative	$224M
SG&A Expenses	$312M
Other Expenses	$213M
Operating Expenses	$525M
Cost & Expenses	$1.8B
OPERATING INCOME	$519M
Interest Income	$5M
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$519M
Income Tax Expense	$85M
Net Income from Continuing Ops	$434M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$427M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$427M
D&A	$41M
EBIT	$582M
EBITDA	$623M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$427M
Depreciation & Amortization	$41M
Stock-Based Compensation	$296M
Deferred Income Tax	$16M
Other Non-Cash Items	$25M
Change in Working Capital	-$69M
OPERATING CASH FLOW	$736M
Capital Expenditure	-$22M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$20M
Net Debt Issuance	-$2M
Common Stock Repurchased	-$193M
Common Dividends Paid	-$146M
Other Financing Activities	-$94M
NET CASH FROM FINANCING	-$435M
FREE CASH FLOW	$714M
Net Change in Cash	$225M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$208M
Net Receivables	$724M
Inventory	$0
Other Current Assets	$1.1B
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$223M
Goodwill	$335M
Intangible Assets	$12M
Long-Term Investments	$620M
Tax Assets	-$223M
Other Non-Current Assets	$507M
TOTAL NON-CURRENT ASSETS	$1.5B
TOTAL ASSETS	$3.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$26M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$596M
Long-Term Debt	$1.0B
Deferred Revenue NC	$314M
Deferred Tax Liabilities	$292M
Other Non-Current Liabilities	$850M
TOTAL NON-CURRENT LIABILITIES	$2.0B
TOTAL LIABILITIES	$2.6B
Common Stock	$1M
Additional Paid-In Capital	$703M
Retained Earnings	$465M
Treasury Stock	-$261M
Accum. Other Comp. Income	-$201M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$706M
Minority Interest	$63M
TOTAL EQUITY	$769M
TOTAL LIABILITIES & EQUITY	$3.3B
Total Debt	$1.0B
Net Debt	-$6M