LAZ FY 2017 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2017 Earnings

Reported February 26, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$2.7B	—	$2.4B	—	13.1%
Op. Income	$825M	—	$517M	—	59.5%
Gross Margin	43.8%	—	43.6%	—	0.1pp
Net Margin	9.4%	—	16.3%	—	-6.9pp
EPS (Diluted)	$1.91	—	$2.92	—	-34.6%
Free Cash Flow	$988M	—	$563M	—	75.6%

Revenue Flow

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$89M
General & Administrative	$244M
SG&A Expenses	$333M
Other Expenses	$19M
Operating Expenses	$352M
Cost & Expenses	$1.9B
OPERATING INCOME	$825M
Interest Income	$7M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$825M
Income Tax Expense	$566M
Net Income from Continuing Ops	$260M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$254M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$254M
D&A	$41M
EBIT	$879M
EBITDA	$920M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$89M
General & Administrative	$244M
SG&A Expenses	$333M
Other Expenses	$19M
Operating Expenses	$352M
Cost & Expenses	$1.9B
OPERATING INCOME	$825M
Interest Income	$7M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$825M
Income Tax Expense	$566M
Net Income from Continuing Ops	$260M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$254M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$254M
D&A	$41M
EBIT	$879M
EBITDA	$920M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$254M
Depreciation & Amortization	$41M
Stock-Based Compensation	$359M
Deferred Income Tax	$299M
Other Non-Cash Items	$6M
Change in Working Capital	$70M
OPERATING CASH FLOW	$1.0B
Capital Expenditure	-$28M
Acquisitions (Net)	$750.0K
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$27M
Net Debt Issuance	-$7M
Common Stock Repurchased	-$307M
Common Dividends Paid	-$341M
Other Financing Activities	-$85M
NET CASH FROM FINANCING	-$740M
FREE CASH FLOW	$988M
Net Change in Cash	$325M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.5B
Short-Term Investments	$935M
Net Receivables	$610M
Inventory	$0
Other Current Assets	-$556.0K
TOTAL CURRENT ASSETS	$3.2B
PP&E (Net)	$205M
Goodwill	$385M
Intangible Assets	$6M
Long-Term Investments	$427M
Tax Assets	$648M
Other Non-Current Assets	$228M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$4.9B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$45M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$1.2B
Deferred Revenue NC	$992M
Deferred Tax Liabilities	$9M
Other Non-Current Liabilities	$797M
TOTAL NON-CURRENT LIABILITIES	$2.0B
TOTAL LIABILITIES	$3.7B
Common Stock	$1M
Additional Paid-In Capital	$788M
Retained Earnings	$1.1B
Treasury Stock	-$438M
Accum. Other Comp. Income	-$233M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$59M
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$4.9B
Total Debt	$1.2B
Net Debt	-$293M