$LAZ
Lazard, Inc.

2015 Q1 Form 10-Q Financial Statement

#000119312515149998 Filed on April 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $593.9M $549.4M
YoY Change 8.11% 30.16%
Cost Of Revenue $32.30M $31.40M
YoY Change 2.87% -6.55%
Gross Profit $561.6M $517.9M
YoY Change 8.44% 33.34%
Gross Profit Margin 94.56% 94.27%
Selling, General & Admin $415.9M $400.2M
YoY Change 3.92% 12.16%
% of Gross Profit 74.06% 77.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.876M $8.859M
YoY Change -11.1% 9.93%
% of Gross Profit 1.4% 1.71%
Operating Expenses $486.9M $410.8M
YoY Change 18.52% 11.97%
Operating Profit $74.66M $107.2M
YoY Change -30.34% 396.27%
Interest Expense $16.14M $15.95M
YoY Change 1.15% -20.85%
% of Operating Profit 21.61% 14.88%
Other Income/Expense, Net $69.99M $9.358M
YoY Change 647.88% 2.43%
Pretax Income $74.70M $107.2M
YoY Change -30.32% 396.3%
Income Tax $12.02M $21.75M
% Of Pretax Income 16.09% 20.29%
Net Earnings $55.95M $80.84M
YoY Change -30.79% 426.32%
Net Earnings / Revenue 9.42% 14.72%
Basic Earnings Per Share $0.45 $0.66
Diluted Earnings Per Share $0.42 $0.61
COMMON SHARES
Basic Shares Outstanding 123.7M shares 121.8M shares
Diluted Shares Outstanding 133.7M shares 134.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $870.7M $1.005B
YoY Change -13.4% 11.62%
Cash & Equivalents $606.3M $666.6M
Short-Term Investments
Other Short-Term Assets $46.70M $64.50M
YoY Change -27.6% 6.61%
Inventory
Prepaid Expenses
Receivables $457.3M $401.0M
Other Receivables $136.5M $122.1M
Total Short-Term Assets $1.465B $1.529B
YoY Change -4.19% 12.34%
LONG-TERM ASSETS
Property, Plant & Equipment $209.2M $243.0M
YoY Change -13.9% 1.42%
Goodwill $325.0M $349.7M
YoY Change -7.08% -4.36%
Intangibles
YoY Change
Long-Term Investments $486.7M $8.552M
YoY Change 5591.07% 21.96%
Other Assets
YoY Change
Total Long-Term Assets $1.363B $1.370B
YoY Change -0.47% 0.16%
TOTAL ASSETS
Total Short-Term Assets $1.465B $1.529B
Total Long-Term Assets $1.363B $1.370B
Total Assets $2.828B $2.898B
YoY Change -2.43% 6.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $377.5M $350.1M
YoY Change 7.83% 41.86%
Accrued Expenses $316.6M $339.2M
YoY Change -6.66% 23.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $722.6M $691.9M
YoY Change 4.44% 31.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.009B $1.064B
YoY Change -5.18% -2.71%
Other Long-Term Liabilities $559.3M $587.1M
YoY Change -4.74% 10.4%
Total Long-Term Liabilities $1.568B $1.651B
YoY Change -5.02% 1.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $722.6M $691.9M
Total Long-Term Liabilities $1.568B $1.651B
Total Liabilities $2.290B $2.343B
YoY Change -2.23% 8.9%
SHAREHOLDERS EQUITY
Retained Earnings $338.2M $242.8M
YoY Change 39.27% 23.07%
Common Stock $509.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $473.1M $485.8M
YoY Change
Total Liabilities & Shareholders Equity $2.828B $2.898B
YoY Change -2.43% 6.23%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $55.95M $80.84M
YoY Change -30.79% 426.32%
Depreciation, Depletion And Amortization $7.876M $8.859M
YoY Change -11.1% 9.93%
Cash From Operating Activities $35.00M $53.80M
YoY Change -34.94% -173.61%
INVESTING ACTIVITIES
Capital Expenditures $4.055M $3.153M
YoY Change 28.61% -89.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 $300.0K
YoY Change -100.0% -88.46%
Cash From Investing Activities -$4.000M -$2.900M
YoY Change 37.93% -89.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $82.96M $106.9M
YoY Change -22.42% 254.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -454.0M -227.8M
YoY Change 99.3% 53.37%
NET CHANGE
Cash From Operating Activities 35.00M 53.80M
Cash From Investing Activities -4.000M -2.900M
Cash From Financing Activities -454.0M -227.8M
Net Change In Cash -423.0M -176.9M
YoY Change 139.12% -28.72%
FREE CASH FLOW
Cash From Operating Activities $35.00M $53.80M
Capital Expenditures $4.055M $3.153M
Free Cash Flow $30.95M $50.65M
YoY Change -38.9% -149.52%

Facts In Submission

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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 March 31, 2015 and December 31, 2014. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (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 1, 2014. As of January 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">Our sole operating asset is our indirect ownership of the common membership interests of Lazard Group and our managing member interest of 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 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 and outstanding indebtedness, as well as certain commercial banking activities of 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 is a registered bank regulated by the Autorit&#xE9; de Contr&#xF4;le Prudentiel et de R&#xE9;solution (&#x201C;ACPR&#x201D;). It 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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5784000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6693000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
6693000
CY2015Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
30800000
CY2015Q1 us-gaap Dividends Common Stock
DividendsCommonStock
158390000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
709000
CY2015Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
396272000
CY2015Q1 laz Derivative Liability Adjustment To Forfeiture
DerivativeLiabilityAdjustmentToForfeiture
-2565000
CY2015Q1 laz Fund Administration And Outsourced Services
FundAdministrationAndOutsourcedServices
16148000
CY2015Q1 laz Increase Decrease In Deposits And Other Customer Payables
IncreaseDecreaseInDepositsAndOtherCustomerPayables
106835000
CY2015Q1 laz Derivative Liability Foreign Currency Translation And Other Adjustments
DerivativeLiabilityForeignCurrencyTranslationAndOtherAdjustments
2244000
CY2015Q1 laz Intangible Asset Amortization Attributable To Noncontrolling Interest Percentage
IntangibleAssetAmortizationAttributableToNoncontrollingInterestPercentage
0.46 pure
CY2015Q1 laz Derivative Liability Settled
DerivativeLiabilitySettled
75002000
CY2015Q1 laz Stock Issued During Period Value Share Based Compensation And Related Tax Benefit Expense
StockIssuedDuringPeriodValueShareBasedCompensationAndRelatedTaxBenefitExpense
92390000
CY2015Q1 laz Weighted Average Number Of Shares Outstanding Before Adjustments For Basic And Diluted Shares
WeightedAverageNumberOfSharesOutstandingBeforeAdjustmentsForBasicAndDilutedShares
123583678 shares
CY2015Q1 laz Provision Benefit Pursuant To Tax Receivable Agreement
ProvisionBenefitPursuantToTaxReceivableAgreement
6535000
CY2015Q1 laz Prepaid Compensation Asset Forfeited
PrepaidCompensationAssetForfeited
104000
CY2015Q1 laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
ChargeToRetainedEarningsPertainingToIssuanceOfRestrictedStockUnitsInConnectionWithParticipationRights
22898000
CY2015Q1 laz Number Of Shares Common Membership Interests Purchased
NumberOfSharesCommonMembershipInterestsPurchased
1677464 shares
CY2015Q1 laz Derivative Liability Granted
DerivativeLiabilityGranted
89965000
CY2015Q1 laz Allowance For Doubtful Accounts Receivable Charge Offs Foreign Currency Translation And Other Adjustments
AllowanceForDoubtfulAccountsReceivableChargeOffsForeignCurrencyTranslationAndOtherAdjustments
-6313000
CY2015Q1 laz Prepaid Compensation Asset Granted
PrepaidCompensationAssetGranted
89965000
CY2015Q1 laz Derivative Liability Change In Fair Value
DerivativeLiabilityChangeInFairValue
4136000
CY2015Q1 laz Amortization Grants Of Awards
AmortizationGrantsOfAwards
26664000
CY2015Q1 laz Increase Decrease In Cash And Securities Segregated Under Federal And Other Regulations1
IncreaseDecreaseInCashAndSecuritiesSegregatedUnderFederalAndOtherRegulations1
-5544000
CY2015Q1 laz Stock Issued Issuable During Period Value Business Acquisitions Mergers And Amortization
StockIssuedIssuableDuringPeriodValueBusinessAcquisitionsMergersAndAmortization
89000
CY2015Q1 laz Adjustment Associated With Class Common Stock Issuable On Non Contingent Basis
AdjustmentAssociatedWithClassCommonStockIssuableOnNonContingentBasis
0
CY2015Q1 laz Investment Banking And Other Advisory Fees
InvestmentBankingAndOtherAdvisoryFees
301372000
CY2015Q1 laz Prepaid Compensation Asset Adjustment To Forfeiture
PrepaidCompensationAssetAdjustmentToForfeiture
0
CY2015Q1 laz Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2015Q1 laz Derivative Liability Amortizations
DerivativeLiabilityAmortizations
0
CY2015Q1 laz Weighted Average Number Of Shares Non Contingently Issuable
WeightedAverageNumberOfSharesNonContingentlyIssuable
72011 shares
CY2015Q1 laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
IssuanceOfRestrictedStockUnitsInConnectionWithDividendParticipationRights
453751 shares
CY2015Q1 laz Derivative Liability Forfeited
DerivativeLiabilityForfeited
619000
CY2015Q1 laz Average Price Per Share Common Membership Interest
AveragePricePerShareCommonMembershipInterest
49.46
CY2015Q1 laz Increase Decrease In Accrued Compensation And Benefits And Other Liabilities
IncreaseDecreaseInAccruedCompensationAndBenefitsAndOtherLiabilities
-221990000
CY2015Q1 laz Prepaid Compensation Asset Settled
PrepaidCompensationAssetSettled
0
CY2015Q1 laz Payments For Other Financing Activities
PaymentsForOtherFinancingActivities
1155000
CY2015Q1 laz Prepaid Compensation Asset Change In Fair Value
PrepaidCompensationAssetChangeInFairValue
0
CY2015Q1 laz Governing Operating Agreement Date
GoverningOperatingAgreementDate
2005-05-10
CY2015Q1 laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
PrepaidCompensationAssetForeignCurrencyTranslationAndOtherAdjustments
-844000
CY2015Q1 laz Amortization Of Deferred Expenses Stock Units And Interest Rate Hedge
AmortizationOfDeferredExpensesStockUnitsAndInterestRateHedge
106379000
CY2015Q1 laz Increase Decrease In Deposits With Banks And Short Term Investments
IncreaseDecreaseInDepositsWithBanksAndShortTermInvestments
-35081000
CY2015Q1 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
CompensationExpenseRelatedToChangeInFairValueOfUnderlyingInvestments
4136000

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