LAZ FY 2018 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2018 Earnings

Reported February 25, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$2.9B	—	$2.7B	—	6.7%
Op. Income	$681M	—	$825M	—	-17.5%
Gross Margin	47.3%	—	43.8%	—	3.5pp
Net Margin	18.4%	—	9.4%	—	8.9pp
EPS (Diluted)	$4.06	—	$1.91	—	112.6%
Free Cash Flow	$649M	—	$988M	—	-34.3%

Revenue Flow

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$109M
General & Administrative	$315M
SG&A Expenses	$424M
Other Expenses	$252M
Operating Expenses	$676M
Cost & Expenses	$2.2B
OPERATING INCOME	$681M
Interest Income	$13M
Interest Expense	$58M
Other Income/Expenses	$0
INCOME BEFORE TAX	$681M
Income Tax Expense	$148M
Net Income from Continuing Ops	$532M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$527M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$527M
D&A	$37M
EBIT	$720M
EBITDA	$757M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$2.9B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$109M
General & Administrative	$315M
SG&A Expenses	$424M
Other Expenses	$252M
Operating Expenses	$676M
Cost & Expenses	$2.2B
OPERATING INCOME	$681M
Interest Income	$13M
Interest Expense	$58M
Other Income/Expenses	$0
INCOME BEFORE TAX	$681M
Income Tax Expense	$148M
Net Income from Continuing Ops	$532M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$527M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$527M
D&A	$37M
EBIT	$720M
EBITDA	$757M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$527M
Depreciation & Amortization	$34M
Stock-Based Compensation	$371M
Deferred Income Tax	$39M
Other Non-Cash Items	-$4M
Change in Working Capital	-$268M
OPERATING CASH FLOW	$699M
Capital Expenditure	-$50M
Acquisitions (Net)	$3M
Purchases of Investments	$0
Sales/Maturities of Investments	$2M
Other Investing Activities	-$2M
NET CASH FROM INVESTING	-$46M
Net Debt Issuance	$235M
Common Stock Repurchased	-$553M
Common Dividends Paid	-$360M
Other Financing Activities	-$49M
NET CASH FROM FINANCING	-$726M
FREE CASH FLOW	$649M
Net Change in Cash	-$163M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$1.0B
Net Receivables	$721M
Inventory	-$143M
Other Current Assets	$3M
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$213M
Goodwill	$372M
Intangible Assets	$4M
Long-Term Investments	$575M
Tax Assets	$598M
Other Non-Current Assets	$259M
TOTAL NON-CURRENT ASSETS	$2.0B
TOTAL ASSETS	$5.0B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$81M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$1.4B
Deferred Revenue NC	$81M
Deferred Tax Liabilities	$6M
Other Non-Current Liabilities	$704M
TOTAL NON-CURRENT LIABILITIES	$2.2B
TOTAL LIABILITIES	$4.0B
Common Stock	$1M
Additional Paid-In Capital	$751M
Retained Earnings	$1.2B
Treasury Stock	-$757M
Accum. Other Comp. Income	-$274M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$917M
Minority Interest	$53M
TOTAL EQUITY	$970M
TOTAL LIABILITIES & EQUITY	$5.0B
Total Debt	$1.4B
Net Debt	$188M