$LAZ
Lazard, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515264166 Filed on July 27, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $620.6M $582.6M
YoY Change 6.52% 14.08%
Cost Of Revenue $29.00M $31.70M
YoY Change -8.52% -11.2%
Gross Profit $591.6M $550.9M
YoY Change 7.39% 15.98%
Gross Profit Margin 95.33% 94.56%
Selling, General & Admin $1.381B $440.5M
YoY Change 213.55% 3.14%
% of Gross Profit 233.47% 79.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.900M $9.500M
YoY Change 4.21% 0.0%
% of Gross Profit 1.67% 1.72%
Operating Expenses $1.393B $451.9M
YoY Change 208.25% 4.1%
Operating Profit -$801.4M $98.98M
YoY Change -909.63% 141.78%
Interest Expense $11.50M $15.71M
YoY Change -26.81% -22.66%
% of Operating Profit 15.87%
Other Income/Expense, Net $9.938M $10.71M
YoY Change -7.2% 78.81%
Pretax Income -$801.4M $99.00M
YoY Change -909.49% 142.05%
Income Tax -$1.177B $13.07M
% Of Pretax Income 13.2%
Net Earnings $374.1M $85.19M
YoY Change 339.14% 171.72%
Net Earnings / Revenue 60.28% 14.62%
Basic Earnings Per Share $2.96 $0.69
Diluted Earnings Per Share $2.82 $0.64
COMMON SHARES
Basic Shares Outstanding 126.2M shares 123.1M shares
Diluted Shares Outstanding 132.8M shares 133.6M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.023B $1.074B
YoY Change -4.82% 6.68%
Cash & Equivalents $701.2M $684.5M
Short-Term Investments
Other Short-Term Assets $33.70M $67.70M
YoY Change -50.22% 11.35%
Inventory
Prepaid Expenses
Receivables $443.7M $440.0M
Other Receivables $57.80M $104.3M
Total Short-Term Assets $1.524B $1.619B
YoY Change -5.84% 5.66%
LONG-TERM ASSETS
Property, Plant & Equipment $213.7M $236.3M
YoY Change -9.54% -2.34%
Goodwill $326.8M $352.0M
YoY Change -7.16% 1.0%
Intangibles
YoY Change
Long-Term Investments $557.8M $7.994M
YoY Change 6877.73% 12.58%
Other Assets $1.255B
YoY Change
Total Long-Term Assets $2.628B $1.461B
YoY Change 79.89% 5.15%
TOTAL ASSETS
Total Short-Term Assets $1.524B $1.619B
Total Long-Term Assets $2.628B $1.461B
Total Assets $4.152B $3.079B
YoY Change 34.83% 5.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.8M $401.0M
YoY Change -6.28% 3.89%
Accrued Expenses $387.5M $420.9M
YoY Change -7.94% 25.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $763.3M $884.7M
YoY Change -13.72% 21.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.008B $1.063B
YoY Change -5.13% -2.75%
Other Long-Term Liabilities $1.511B $565.3M
YoY Change 167.26% 11.04%
Total Long-Term Liabilities $2.519B $1.628B
YoY Change 54.72% 1.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $763.3M $884.7M
Total Long-Term Liabilities $2.519B $1.628B
Total Liabilities $3.283B $2.513B
YoY Change 30.64% 7.89%
SHAREHOLDERS EQUITY
Retained Earnings $664.0M $285.5M
YoY Change 132.59% 47.18%
Common Stock $527.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $810.2M $500.1M
YoY Change
Total Liabilities & Shareholders Equity $4.152B $3.079B
YoY Change 34.83% 5.42%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $374.1M $85.19M
YoY Change 339.14% 171.72%
Depreciation, Depletion And Amortization $9.900M $9.500M
YoY Change 4.21% 0.0%
Cash From Operating Activities $176.3M $75.80M
YoY Change 132.59% -12.57%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M -$2.600M
YoY Change 257.69% -78.51%
Acquisitions
YoY Change
Other Investing Activities $300.0K $100.0K
YoY Change 200.0% -96.77%
Cash From Investing Activities -$9.100M -$2.600M
YoY Change 250.0% -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 -86.80M -56.20M
YoY Change 54.45% -4.42%
NET CHANGE
Cash From Operating Activities 176.3M 75.80M
Cash From Investing Activities -9.100M -2.600M
Cash From Financing Activities -86.80M -56.20M
Net Change In Cash 80.40M 17.00M
YoY Change 372.94% -10.05%
FREE CASH FLOW
Cash From Operating Activities $176.3M $75.80M
Capital Expenditures -$9.300M -$2.600M
Free Cash Flow $185.6M $78.40M
YoY Change 136.73% -20.65%

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. 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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 interest 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 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 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 is a registered bank regulated by the Autorit&#xE9; de Contr&#xF4;le Prudentiel et de R&#xE9;solution (&#x201C;ACPR&#x201D;). 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