LAZ Q4 2016 Earnings Report — Lazard Ltd Revenue & Financial Results | Market Cap Arena

Q4 2016 Earnings

Reported February 24, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2016	Q3 2016	Q4 2015	QoQ Change	YoY Change
Revenue	$704M	$620M	—	13.6%	—
Op. Income	$157M	$149M	—	5.3%	—
Gross Margin	45.9%	42.9%	—	2.9pp	—
Net Margin	18.2%	18.2%	—	0.0pp	—
EPS (Diluted)	$0.96	$0.85	—	12.9%	—
Free Cash Flow	$285M	$270M	—	5.8%	—

Revenue Flow

Item	Amount
REVENUE	$704M
Cost of Revenue	$381M
GROSS PROFIT	$323M
R&D Expenses	$0
Selling & Marketing	$23M
General & Administrative	$59M
SG&A Expenses	$82M
Other Expenses	$85M
Operating Expenses	$166M
Cost & Expenses	$547M
OPERATING INCOME	$157M
Interest Income	$2M
Interest Expense	$14M
Other Income/Expenses	$0
INCOME BEFORE TAX	$157M
Income Tax Expense	$28M
Net Income from Continuing Ops	$129M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$42M
EBIT	$171M
EBITDA	$213M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$704M
Cost of Revenue	$381M
GROSS PROFIT	$323M
R&D Expenses	$0
Selling & Marketing	$23M
General & Administrative	$59M
SG&A Expenses	$82M
Other Expenses	$85M
Operating Expenses	$166M
Cost & Expenses	$547M
OPERATING INCOME	$157M
Interest Income	$2M
Interest Expense	$14M
Other Income/Expenses	$0
INCOME BEFORE TAX	$157M
Income Tax Expense	$28M
Net Income from Continuing Ops	$129M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$42M
EBIT	$171M
EBITDA	$213M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$128M
Depreciation & Amortization	$42M
Stock-Based Compensation	$48M
Deferred Income Tax	$14M
Other Non-Cash Items	$8M
Change in Working Capital	$61M
OPERATING CASH FLOW	$302M
Capital Expenditure	-$17M
Acquisitions (Net)	-$13M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$13M
NET CASH FROM INVESTING	-$16M
Net Debt Issuance	$195M
Common Stock Repurchased	-$71M
Common Dividends Paid	-$47M
Other Financing Activities	-$8M
NET CASH FROM FINANCING	$69M
FREE CASH FLOW	$285M
Net Change in Cash	$305M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$420M
Net Receivables	$670M
Inventory	$0
Other Current Assets	-$118M
TOTAL CURRENT ASSETS	$2.2B
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