2013 Q4 Form 10-K Financial Statement

#000119312514073418 Filed on February 27, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q1 2013
Revenue $612.7M $422.1M $2.065B
YoY Change 5.47% -16.67% 3.55%
Cost Of Revenue $34.70M $33.60M $138.7M
YoY Change 7.43% -0.88% 4.29%
Gross Profit $596.7M $388.4M $1.926B
YoY Change 8.77% -17.82% 3.49%
Gross Profit Margin 97.39% 92.03% 93.29%
Selling, General & Admin $453.6M $356.8M $1.619B
YoY Change -16.16% -15.57% -4.25%
% of Gross Profit 76.02% 91.86% 84.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.60M $8.059M $34.75M
YoY Change 56.6% 15.54% 12.62%
% of Gross Profit 2.78% 2.07% 1.8%
Operating Expenses $523.6M $366.9M $1.709B
YoY Change -5.45% -15.6% -1.61%
Operating Profit $73.15M $21.60M $216.8M
YoY Change -1507.62% -42.9% 75.01%
Interest Expense $20.16M $79.38M
YoY Change -1.31% -2.68%
% of Operating Profit 93.32% 36.61%
Other Income/Expense, Net $9.136M $80.26M
YoY Change -17.52% 110.66%
Pretax Income $73.20M $21.60M $216.8M
YoY Change -1507.69% -42.86% 74.98%
Income Tax $20.40M $3.948M $51.69M
% Of Pretax Income 27.87% 18.28% 23.84%
Net Earnings $53.22M $15.36M $160.2M
YoY Change -1091.93% -39.89% 90.03%
Net Earnings / Revenue 8.69% 3.64% 7.76%
Basic Earnings Per Share $0.44 $0.13 $1.33
Diluted Earnings Per Share $0.40 $0.12 $1.21
COMMON SHARES
Basic Shares Outstanding 117.7M shares 120.9M shares
Diluted Shares Outstanding 132.8M shares 133.7M shares

Balance Sheet

Concept 2013 Q4 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.148B $900.7M $1.148B
YoY Change -4.93% -17.96% -4.93%
Cash & Equivalents $841.5M $586.1M $1.148B
Short-Term Investments
Other Short-Term Assets $46.12M $60.50M $94.00M
YoY Change 1.88% -18.79% 16.34%
Inventory
Prepaid Expenses
Receivables $452.5M $368.7M $452.5M
Other Receivables $60.20M $91.20M $60.20M
Total Short-Term Assets $1.722B $1.361B $1.755B
YoY Change 2.11% -16.04% -0.66%
LONG-TERM ASSETS
Property, Plant & Equipment $248.8M $239.6M $248.8M
YoY Change 10.56% 26.03% 10.58%
Goodwill $345.5M $365.6M
YoY Change -5.18% 1.39%
Intangibles
YoY Change
Long-Term Investments $9.488M $7.012M $478.1M
YoY Change 35.31% -98.15% 15.29%
Other Assets $9.200M $9.200M
YoY Change 87.76%
Total Long-Term Assets $1.290B $1.368B $1.256B
YoY Change -0.87% 6.22% 2.93%
TOTAL ASSETS
Total Short-Term Assets $1.722B $1.361B $1.755B
Total Long-Term Assets $1.290B $1.368B $1.256B
Total Assets $3.011B $2.728B $3.011B
YoY Change 0.81% -6.18% 0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $275.4M $246.8M $275.4M
YoY Change 2.08% -10.16% 2.08%
Accrued Expenses $659.7M $274.0M $659.7M
YoY Change 41.08% 30.23% 7.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $4.000M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $940.1M $526.1M $944.1M
YoY Change 26.87% 6.05% 6.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.064B $1.093B $1.064B
YoY Change -2.79% -0.32% -2.79%
Other Long-Term Liabilities $256.8M $531.8M $252.8M
YoY Change -48.61% 17.03% 9.63%
Total Long-Term Liabilities $1.321B $1.625B $1.317B
YoY Change -17.15% 4.76% -0.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $940.1M $526.1M $944.1M
Total Long-Term Liabilities $1.321B $1.625B $1.317B
Total Liabilities $2.381B $2.151B $2.451B
YoY Change 1.96% -0.86% 1.39%
SHAREHOLDERS EQUITY
Retained Earnings $203.2M $197.3M
YoY Change 11.27%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $560.2M $496.6M $560.2M
YoY Change
Total Liabilities & Shareholders Equity $3.011B $2.728B $3.011B
YoY Change 0.81% -6.18% 0.81%

Cashflow Statement

Concept 2013 Q4 2013 Q1 2013
OPERATING ACTIVITIES
Net Income $53.22M $15.36M $160.2M
YoY Change -1091.93% -39.89% 90.03%
Depreciation, Depletion And Amortization $16.60M $8.059M $34.75M
YoY Change 56.6% 15.54% 12.62%
Cash From Operating Activities $358.8M -$73.09M $526.7M
YoY Change 48.2% -11.1% 9.29%
INVESTING ACTIVITIES
Capital Expenditures -$6.700M $29.20M $60.96M
YoY Change -61.93% 8.75% -31.73%
Acquisitions
YoY Change
Other Investing Activities $600.0K $2.600M $6.400M
YoY Change -72.73% 62.5% 45.45%
Cash From Investing Activities -$6.100M -$26.57M -$54.55M
YoY Change -60.13% 5.26% -35.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.17M $132.5M
YoY Change -57.23% -62.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -213.2M -148.5M -487.1M
YoY Change -1.2% 7.12% -13.52%
NET CHANGE
Cash From Operating Activities 358.8M -73.09M 526.7M
Cash From Investing Activities -6.100M -26.57M -54.55M
Cash From Financing Activities -213.2M -148.5M -487.1M
Net Change In Cash 139.5M -248.2M -14.93M
YoY Change 1168.18% 0.85% -91.02%
FREE CASH FLOW
Cash From Operating Activities $358.8M -$73.09M $526.7M
Capital Expenditures -$6.700M $29.20M $60.96M
Free Cash Flow $365.5M -$102.3M $465.7M
YoY Change 40.74% -6.21% 18.63%

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CY2013 dei Trading Symbol
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LAZ
CY2013 dei Entity Registrant Name
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LAZARD LTD
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Organization</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as &#x201C;Lazard Ltd&#x201D;, &#x201C;Lazard&#x201D;, &#x201C;we&#x201D; or the &#x201C;Company&#x201D;), including Lazard Ltd&#x2019;s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as &#x201C;Lazard Group&#x201D;), is one of the world&#x2019;s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. 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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 and noncontrolling interests as of December 31, 2013 and 2012 in the Company&#x2019;s consolidated financial statements:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <!-- Begin Table Head --> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net Income&#xA0;(Loss)<br /> Attributable&#xA0;to&#xA0;Noncontrolling<br /> Interests</b></font><br /> <font style="FONT-FAMILY: Times New Roman" size="1"><b>Year Ended December 31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-LEFT: 1em; 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OperatingIncomeLoss
46726000
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2466000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.25
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2013Q2 us-gaap Profit Loss
ProfitLoss
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CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
31353000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
568000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
449467000
CY2013Q2 laz Net Revenue
NetRevenue
490405000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
33301000
CY2012Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
372000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
382080000
CY2012Q3 laz Net Revenue
NetRevenue
428806000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.25
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q3 us-gaap Profit Loss
ProfitLoss
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CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
60282000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
399236000
CY2013Q3 laz Net Revenue
NetRevenue
480354000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2012Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2012Q4 us-gaap Profit Loss
ProfitLoss
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CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-5197000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1259000
CY2012Q4 us-gaap Costs And Expenses
CostsAndExpenses
565890000
CY2012Q4 laz Net Revenue
NetRevenue
560693000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2013Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2013Q4 us-gaap Profit Loss
ProfitLoss
52796000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
73154000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
53217000
CY2013Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-421000
CY2013Q4 us-gaap Costs And Expenses
CostsAndExpenses
539536000
CY2013Q4 laz Net Revenue
NetRevenue
612690000

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