$LAZ
Lazard Inc

2014 Q4 Form 10-K Financial Statement

#000119312516478536 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $633.9M $581.7M $582.6M
YoY Change 3.47% 16.22% 14.08%
Cost Of Revenue $32.40M $32.50M $31.70M
YoY Change -6.63% -6.07% -11.2%
Gross Profit $617.0M $549.2M $550.9M
YoY Change 3.4% 17.88% 15.98%
Gross Profit Margin 97.33% 94.41% 94.56%
Selling, General & Admin $407.3M $421.2M $440.5M
YoY Change -10.21% 10.44% 3.14%
% of Gross Profit 66.01% 76.69% 79.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.700M $12.60M $9.500M
YoY Change -47.59% 28.57% 0.0%
% of Gross Profit 1.41% 2.29% 1.72%
Operating Expenses $417.3M $435.5M $451.9M
YoY Change -20.3% 13.18% 4.1%
Operating Profit $199.6M $113.7M $98.98M
YoY Change 172.84% 40.18% 141.78%
Interest Expense $15.51M $15.71M
YoY Change -23.09% -22.66%
% of Operating Profit 13.64% 15.87%
Other Income/Expense, Net $10.27M $10.71M
YoY Change 313.57% 78.81%
Pretax Income $199.6M $113.7M $99.00M
YoY Change 172.68% 40.2% 142.05%
Income Tax $26.80M $23.79M $13.07M
% Of Pretax Income 13.43% 20.93% 13.2%
Net Earnings $172.4M $88.86M $85.19M
YoY Change 223.93% 47.41% 171.72%
Net Earnings / Revenue 27.19% 15.28% 14.62%
Basic Earnings Per Share $1.41 $0.73 $0.69
Diluted Earnings Per Share $1.29 $0.67 $0.64
COMMON SHARES
Basic Shares Outstanding 122.2M shares 123.1M shares
Diluted Shares Outstanding 133.6M shares 133.6M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.318B $1.106B $1.074B
YoY Change 14.73% 8.31% 6.68%
Cash & Equivalents $1.067B $820.6M $684.5M
Short-Term Investments
Other Short-Term Assets $104.0M $44.70M $67.70M
YoY Change 125.52% -24.87% 11.35%
Inventory
Prepaid Expenses
Receivables $483.7M $429.5M $440.0M
Other Receivables $73.90M $78.40M $104.3M
Total Short-Term Assets $1.979B $1.614B $1.619B
YoY Change 14.97% 3.63% 5.66%
LONG-TERM ASSETS
Property, Plant & Equipment $222.6M $227.4M $236.3M
YoY Change -10.54% -8.98% -2.34%
Goodwill $335.4M $343.8M $352.0M
YoY Change -2.91% -1.95% 1.0%
Intangibles
YoY Change
Long-Term Investments $7.776M $8.518M $7.994M
YoY Change -18.04% -4.73% 12.58%
Other Assets $66.20M
YoY Change 619.57%
Total Long-Term Assets $1.346B $1.429B $1.461B
YoY Change 4.38% 2.13% 5.15%
TOTAL ASSETS
Total Short-Term Assets $1.979B $1.614B $1.619B
Total Long-Term Assets $1.346B $1.429B $1.461B
Total Assets $3.325B $3.043B $3.079B
YoY Change 10.43% 2.92% 5.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $316.6M $278.3M $401.0M
YoY Change 14.96% -4.0% 3.89%
Accrued Expenses $739.0M $517.6M $420.9M
YoY Change 12.02% 35.46% 25.19%
Deferred Revenue
YoY Change
Short-Term Debt $9.300M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.065B $807.9M $884.7M
YoY Change 13.28% 19.39% 21.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.060B $1.061B $1.063B
YoY Change -0.36% -2.9% -2.75%
Other Long-Term Liabilities $305.6M $536.1M $565.3M
YoY Change 19.0% 1.19% 11.04%
Total Long-Term Liabilities $1.366B $1.597B $1.628B
YoY Change 3.41% -1.57% 1.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.065B $807.9M $884.7M
Total Long-Term Liabilities $1.366B $1.597B $1.628B
Total Liabilities $2.562B $2.405B $2.513B
YoY Change 7.6% 4.6% 7.89%
SHAREHOLDERS EQUITY
Retained Earnings $464.7M $333.3M $285.5M
YoY Change 128.63% 51.97% 47.18%
Common Stock $702.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $706.7M $572.6M $500.1M
YoY Change
Total Liabilities & Shareholders Equity $3.332B $3.043B $3.079B
YoY Change 10.66% 2.92% 5.42%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $172.4M $88.86M $85.19M
YoY Change 223.93% 47.41% 171.72%
Depreciation, Depletion And Amortization $8.700M $12.60M $9.500M
YoY Change -47.59% 28.57% 0.0%
Cash From Operating Activities $320.6M $285.8M $75.80M
YoY Change -10.65% 85.22% -12.57%
INVESTING ACTIVITIES
Capital Expenditures -$8.000M -$8.400M -$2.600M
YoY Change 19.4% -35.38% -78.51%
Acquisitions
YoY Change
Other Investing Activities $1.100M $600.0K $100.0K
YoY Change 83.33% 500.0% -96.77%
Cash From Investing Activities -$7.000M -$7.600M -$2.600M
YoY Change 14.75% -41.09% -71.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.30M -112.1M -56.20M
YoY Change -81.57% 68.32% -4.42%
NET CHANGE
Cash From Operating Activities 320.6M 285.8M 75.80M
Cash From Investing Activities -7.000M -7.600M -2.600M
Cash From Financing Activities -39.30M -112.1M -56.20M
Net Change In Cash 274.3M 166.1M 17.00M
YoY Change 96.63% 122.06% -10.05%
FREE CASH FLOW
Cash From Operating Activities $320.6M $285.8M $75.80M
Capital Expenditures -$8.000M -$8.400M -$2.600M
Free Cash Flow $328.6M $294.2M $78.40M
YoY Change -10.1% 75.85% -20.65%

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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. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of December 31, 2015 and 2014. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement dated as of October&#xA0;26, 2015 (the &#x201C;Operating Agreement&#x201D;). LAZ-MD Holdings LLC (&#x201C;LAZ-MD Holdings&#x201D;), an entity formerly owned by Lazard Group&#x2019;s current and former managing directors, held approximately 0.5% of the outstanding Lazard Group common membership interests as of January&#xA0;1, 2014. As of January&#xA0;1, 2014, LAZ-MD Holdings was also the sole owner of the one issued and outstanding share of Lazard Ltd&#x2019;s Class B common stock (the &#x201C;Class B common stock&#x201D;). In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company&#x2019;s Class A common stock, par value $0.01 per share (&#x201C;Class A common stock&#x201D;), and the sole issued and outstanding share of the Company&#x2019;s Class B common stock was automatically converted into one share of the Company&#x2019;s Class A common stock pursuant to the provisions of the Company&#x2019;s bye-laws, resulting in only one outstanding class of common stock (the &#x201C;Final Exchange of <font style="WHITE-SPACE: nowrap">LAZ-MD</font> Interests&#x201D;). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Lazard Ltd&#x2019;s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (&#x201C;M&amp;A&#x201D;) and other strategic matters, restructurings, capital structure, capital raising, corporate preparedness and various other financial matters, and</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness and assets and liabilities associated with Lazard Group&#x2019;s Paris-based subsidiary Lazard Fr&#xE8;res Banque SA (&#x201C;LFB&#x201D;).</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Fr&#xE8;res Gestion SAS (&#x201C;LFG&#x201D;) and other clients, investment banking activities, including participation in underwritten offerings of securities in France, and asset-liability management.</font></p> </div>
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CY2015 us-gaap Income Tax Examination Description
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With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2011. While we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate.
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CY2015 dei Entity Filer Category
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CY2015 us-gaap Common Stock Conversion Basis
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In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock,and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.
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2016-12-31
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7878274 shares
CY2015 us-gaap Common Stock Dividends Per Share Declared
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2.35
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
54.770 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
5.222 pure
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
LAZARD LTD
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133244546 shares
CY2015 us-gaap Short Term Debt Description
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Original maturities of 90 days or less
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125366272 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates&#x2014;</i></b>The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management&#x2019;s estimates. 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FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions;</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">the measurement of our tax receivable agreement obligation;</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; 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FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">the amortization period of intangible assets;</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 6px; MARGIN-TOP: 0px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2022;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">the valuation of shares issued or issuable that contain transfer restrictions;</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; 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13783000
CY2015 dei Trading Symbol
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LAZ
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7.87
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1826000
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26629000
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
14000
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986373000
CY2015 us-gaap Revenues
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226723000
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60716000
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99142000
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CY2015 laz Tax Receivable Agreement Expiration Terms
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CY2015 laz Partial Extinguishment Of Tax Receivable Agreement Obligation
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CY2015 laz Number Of Common Shares Purchased
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3438789 shares
CY2015 laz Deferred Tax Benefit Related To Tax Receivable Agreement
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CY2015 laz Deferred Tax Assets Valuation Allowance Credited To Provision Benefit For Income Taxes
DeferredTaxAssetsValuationAllowanceCreditedToProvisionBenefitForIncomeTaxes
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CY2015 laz Deferred Tax Assets Valuation Allowance Charged Credited To Other Comprehensive Income
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CY2015 laz Offset To Deferred Tax Assets For Unrecognized Tax Benefits That If Recognized Would Not Affect Effective Tax Rate
OffsetToDeferredTaxAssetsForUnrecognizedTaxBenefitsThatIfRecognizedWouldNotAffectEffectiveTaxRate
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CY2015 laz Tax Benefits On Amounts Recognized On Aoci Relating To Defined Benefit Plan
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CY2014Q1 us-gaap Revenues Net Of Interest Expense
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ProfitLoss
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CY2014Q1 us-gaap Operating Income Loss
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CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Costs And Expenses
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CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q2 us-gaap Earnings Per Share Diluted
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CY2015Q2 us-gaap Earnings Per Share Basic
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CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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