LAZ FY 2020 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

FY 2020 Earnings

Reported February 26, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$2.6B	—	$2.7B	—	-0.4%
Op. Income	$502M	—	$393M	—	27.9%
Gross Margin	41.3%	—	41.0%	—	0.3pp
Net Margin	15.2%	—	10.8%	—	4.4pp
EPS (Diluted)	$3.54	—	$2.44	—	45.1%
Free Cash Flow	$512M	—	$635M	—	-19.5%

Revenue Flow

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.6B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$42M
General & Administrative	$297M
SG&A Expenses	$339M
Other Expenses	$249M
Operating Expenses	$588M
Cost & Expenses	$2.1B
OPERATING INCOME	$502M
Interest Income	$6M
Interest Expense	$81M
Other Income/Expenses	$0
INCOME BEFORE TAX	$502M
Income Tax Expense	$99M
Net Income from Continuing Ops	$403M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$402M
Net Income Deductions	-$6M
BOTTOM LINE NET INCOME	$401M
D&A	$37M
EBIT	$583M
EBITDA	$620M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.6B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$42M
General & Administrative	$297M
SG&A Expenses	$339M
Other Expenses	$249M
Operating Expenses	$588M
Cost & Expenses	$2.1B
OPERATING INCOME	$502M
Interest Income	$6M
Interest Expense	$81M
Other Income/Expenses	$0
INCOME BEFORE TAX	$502M
Income Tax Expense	$99M
Net Income from Continuing Ops	$403M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$402M
Net Income Deductions	-$6M
BOTTOM LINE NET INCOME	$401M
D&A	$37M
EBIT	$583M
EBITDA	$620M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$403M
Depreciation & Amortization	$37M
Stock-Based Compensation	$347M
Deferred Income Tax	$47M
Other Non-Cash Items	$64M
Change in Working Capital	-$322M
OPERATING CASH FLOW	$576M
Capital Expenditure	-$64M
Acquisitions (Net)	$1M
Purchases of Investments	-$2M
Sales/Maturities of Investments	$423.0K
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$63M
Net Debt Issuance	$0
Common Stock Repurchased	-$95M
Common Dividends Paid	-$197M
Other Financing Activities	-$256M
NET CASH FROM FINANCING	-$547M
FREE CASH FLOW	$512M
Net Change in Cash	$113M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$1.1B
Net Receivables	$792M
Inventory	-$184M
Other Current Assets	-$5M
TOTAL CURRENT ASSETS	$3.3B
PP&E (Net)	$514M
Goodwill	$384M
Intangible Assets	$210.0K
Long-Term Investments	$659M
Tax Assets	$538M
Other Non-Current Assets	$565M
TOTAL NON-CURRENT ASSETS	$2.7B
TOTAL ASSETS	$6.0B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$91M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1M
Other Non-Current Liabilities	$848M
TOTAL NON-CURRENT LIABILITIES	$3.1B
TOTAL LIABILITIES	$5.0B
Common Stock	$1M
Additional Paid-In Capital	$135M
Retained Earnings	$1.3B
Treasury Stock	-$282M
Accum. Other Comp. Income	-$238M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$912M
Minority Interest	$88M
TOTAL EQUITY	$999M
TOTAL LIABILITIES & EQUITY	$6.0B
Total Debt	$2.3B
Net Debt	$900M