LAZ FY 2016 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2016 Earnings

Reported February 24, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2016	Prior Q	FY 2015	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.4B	—	-0.9%
Op. Income	$517M	—	-$17M	—	3213.5%
Gross Margin	43.6%	—	45.0%	—	-1.4pp
Net Margin	16.3%	—	41.1%	—	-24.8pp
EPS (Diluted)	$2.92	—	$7.40	—	-60.5%
Free Cash Flow	$563M	—	$861M	—	-34.6%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$83M
General & Administrative	$218M
SG&A Expenses	$301M
Other Expenses	$219M
Operating Expenses	$520M
Cost & Expenses	$1.9B
OPERATING INCOME	$517M
Interest Income	$5M
Interest Expense	$50M
Other Income/Expenses	$0
INCOME BEFORE TAX	$517M
Income Tax Expense	$124M
Net Income from Continuing Ops	$394M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$388M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$388M
D&A	$69M
EBIT	$568M
EBITDA	$636M
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	$83M
General & Administrative	$218M
SG&A Expenses	$301M
Other Expenses	$219M
Operating Expenses	$520M
Cost & Expenses	$1.9B
OPERATING INCOME	$517M
Interest Income	$5M
Interest Expense	$50M
Other Income/Expenses	$0
INCOME BEFORE TAX	$517M
Income Tax Expense	$124M
Net Income from Continuing Ops	$394M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$388M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$388M
D&A	$69M
EBIT	$568M
EBITDA	$636M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$388M
Depreciation & Amortization	$69M
Stock-Based Compensation	$342M
Deferred Income Tax	$64M
Other Non-Cash Items	-$11M
Change in Working Capital	-$218M
OPERATING CASH FLOW	$601M
Capital Expenditure	-$39M
Acquisitions (Net)	-$13M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$14M
NET CASH FROM INVESTING	-$38M
Net Debt Issuance	$194M
Common Stock Repurchased	-$300M
Common Dividends Paid	-$336M
Other Financing Activities	-$44M
NET CASH FROM FINANCING	-$487M
FREE CASH FLOW	$563M
Net Change in Cash	$27M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$420M
Net Receivables	$670M
Inventory	$0
Other Current Assets	-$456.0K
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$209M
Goodwill	$373M
Intangible Assets	$9M
Long-Term Investments	$459M
Tax Assets	$1.1B
Other Non-Current Assets	$184M
TOTAL NON-CURRENT ASSETS	$2.3B
TOTAL ASSETS	$4.6B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$36M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$1.2B
Deferred Revenue NC	$36M
Deferred Tax Liabilities	$9M
Other Non-Current Liabilities	$776M
TOTAL NON-CURRENT LIABILITIES	$2.0B
TOTAL LIABILITIES	$3.3B
Common Stock	$1M
Additional Paid-In Capital	$688M
Retained Earnings	$1.1B
Treasury Stock	-$274M
Accum. Other Comp. Income	-$314M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$58M
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$4.6B
Total Debt	$1.2B
Net Debt	$37M