LAZ FY 2015 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2015 Earnings

Reported February 25, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2015	Prior Q	FY 2014	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.4B	—	1.8%
Op. Income	-$17M	—	$519M	—	-103.2%
Gross Margin	45.0%	—	44.3%	—	0.7pp
Net Margin	41.1%	—	18.1%	—	23.0pp
EPS (Diluted)	$7.40	—	$3.20	—	131.3%
Free Cash Flow	$861M	—	$714M	—	20.6%

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$82M
General & Administrative	$221M
SG&A Expenses	$302M
Other Expenses	$794M
Operating Expenses	$1.1B
Cost & Expenses	$2.4B
OPERATING INCOME	-$17M
Interest Income	$5M
Interest Expense	$51M
Other Income/Expenses	$0
INCOME BEFORE TAX	-$17M
Income Tax Expense	-$1.0B
Net Income from Continuing Ops	$993M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$986M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$986M
D&A	$39M
EBIT	$35M
EBITDA	$73M
EPS	$8
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$986M
Depreciation & Amortization	$39M
Stock-Based Compensation	$320M
Deferred Income Tax	-$553M
Other Non-Cash Items	$42M
Change in Working Capital	$53M
OPERATING CASH FLOW	$887M
Capital Expenditure	-$27M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$677.0K
NET CASH FROM INVESTING	-$26M
Net Debt Issuance	-$115M
Common Stock Repurchased	-$173M
Common Dividends Paid	-$291M
Other Financing Activities	-$169M
NET CASH FROM FINANCING	-$747M
FREE CASH FLOW	$861M
Net Change in Cash	$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$390M
Net Receivables	$528M
Inventory	$0
Other Current Assets	$4M
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$207M
Goodwill	$321M
Intangible Assets	$6M
Long-Term Investments	$542M
Tax Assets	$1.1B
Other Non-Current Assets	$226M
TOTAL NON-CURRENT ASSETS	$2.4B
TOTAL ASSETS	$4.5B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$30M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$989M
Deferred Revenue NC	$507M
Deferred Tax Liabilities	$11M
Other Non-Current Liabilities	$772M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$3.1B
Common Stock	$1M
Additional Paid-In Capital	$600M
Retained Earnings	$1.1B
Treasury Stock	-$177M
Accum. Other Comp. Income	-$234M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$54M
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$4.5B
Total Debt	$998M
Net Debt	-$134M