$LAZ
Lazard, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016026505 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $691.6M $608.9M $593.2M
YoY Change 16.57% 4.03% -6.42%
Cost Of Revenue $31.20M $29.30M $25.10M
YoY Change 24.3% 11.83% -22.53%
Gross Profit $674.6M $591.8M $579.9M
YoY Change 16.33% 5.83% -6.01%
Gross Profit Margin 97.55% 97.19% 97.75%
Selling, General & Admin $471.8M $432.7M $429.8M
YoY Change 9.77% -1981.3% 5.52%
% of Gross Profit 69.94% 73.12% 74.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.10M $8.800M $10.90M
YoY Change 286.24% -1.12% 25.29%
% of Gross Profit 6.24% 1.49% 1.88%
Operating Expenses $517.7M $442.8M $440.5M
YoY Change 17.53% -3917.24% 5.56%
Operating Profit $156.9M $149.0M $139.3M
YoY Change 12.56% -73.9% -30.18%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $9.251M
YoY Change -15.28%
Pretax Income $156.9M $149.0M $139.3M
YoY Change 12.63% -73.89% -30.21%
Income Tax $27.90M $36.37M -$16.00M
% Of Pretax Income 17.78% 24.41% -11.49%
Net Earnings $128.0M $112.5M $157.8M
YoY Change -18.89% -71.76% -8.47%
Net Earnings / Revenue 18.51% 18.48% 26.6%
Basic Earnings Per Share $1.04 $0.90 $1.26
Diluted Earnings Per Share $0.96 $0.85 $1.18
COMMON SHARES
Basic Shares Outstanding 129.8M 124.4M
Diluted Shares Outstanding 132.3M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.608B $1.424B $1.557B
YoY Change 3.25% 21.56% 18.16%
Cash & Equivalents $1.159B $1.424B $1.132B
Short-Term Investments
Other Short-Term Assets $29.00M $35.20M $34.90M
YoY Change -16.91% 0.86% -66.44%
Inventory
Prepaid Expenses
Receivables $564.3M $440.8M $423.8M
Other Receivables $74.00M $96.90M $73.40M
Total Short-Term Assets $2.246B $1.962B $2.054B
YoY Change 9.33% 17.19% 3.78%
LONG-TERM ASSETS
Property, Plant & Equipment $209.0M $204.3M $207.2M
YoY Change 0.9% -2.63% -6.92%
Goodwill $373.1M $346.0M $320.8M
YoY Change 16.32% 9.17% -4.37%
Intangibles
YoY Change
Long-Term Investments $222.0K $462.8M $541.9M
YoY Change -99.96% -19.54% 6868.88%
Other Assets $1.076B $1.107B $1.131B
YoY Change -4.85% -0.55% 1607.85%
Total Long-Term Assets $2.311B $2.341B $2.424B
YoY Change -4.66% -5.4% 80.05%
TOTAL ASSETS
Total Short-Term Assets $2.246B $1.962B $2.054B
Total Long-Term Assets $2.311B $2.341B $2.424B
Total Assets $4.557B $4.302B $4.478B
YoY Change 1.76% 3.72% 34.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $472.3M $587.1M $506.7M
YoY Change -6.79% 46.85% 60.04%
Accrued Expenses $541.6M $375.5M $570.4M
YoY Change -5.05% -17.65% -22.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.014B $962.6M $1.077B
YoY Change -5.87% 12.48% 1.15%
LONG-TERM LIABILITIES
Long-Term Debt $1.196B $998.5M $998.4M
YoY Change 19.77% -0.94% -5.85%
Other Long-Term Liabilities $1.044B $1.031B $1.024B
YoY Change 1.95% -3.88% 235.05%
Total Long-Term Liabilities $2.240B $2.029B $2.022B
YoY Change 10.75% -2.46% 48.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.014B $962.6M $1.077B
Total Long-Term Liabilities $2.240B $2.029B $2.022B
Total Liabilities $3.263B $3.059B $3.110B
YoY Change 4.89% 4.19% 21.4%
SHAREHOLDERS EQUITY
Retained Earnings $1.134B $1.124B
YoY Change 0.93% 141.84%
Common Stock $689.5M $600.0M
YoY Change 14.91% -14.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.236B $1.243B $1.313B
YoY Change
Total Liabilities & Shareholders Equity $4.557B $4.302B $4.478B
YoY Change 1.76% 3.72% 34.38%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $128.0M $112.5M $157.8M
YoY Change -18.89% -71.76% -8.47%
Depreciation, Depletion And Amortization $42.10M $8.800M $10.90M
YoY Change 286.24% -1.12% 25.29%
Cash From Operating Activities $333.5M $280.8M $367.9M
YoY Change -9.35% -8.86% 14.75%
INVESTING ACTIVITIES
Capital Expenditures -$16.60M -$11.00M -$8.100M
YoY Change 104.94% 115.69% 1.25%
Acquisitions
YoY Change
Other Investing Activities $200.0K $700.0K $200.0K
YoY Change 0.0% 250.0% -81.82%
Cash From Investing Activities -$16.50M -$10.20M -$8.000M
YoY Change 106.25% 108.16% 14.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 76.40M -61.70M -70.20M
YoY Change -208.83% -54.57% 78.63%
NET CHANGE
Cash From Operating Activities 333.5M 280.8M 367.9M
Cash From Investing Activities -16.50M -10.20M -8.000M
Cash From Financing Activities 76.40M -61.70M -70.20M
Net Change In Cash 393.4M 208.9M 289.7M
YoY Change 35.8% 24.79% 5.61%
FREE CASH FLOW
Cash From Operating Activities $333.5M $280.8M $367.9M
Capital Expenditures -$16.60M -$11.00M -$8.100M
Free Cash Flow $350.1M $291.8M $376.0M
YoY Change -6.89% -6.83% 14.42%

Facts In Submission

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us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
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laz Increase Decrease In Deposits With Banks And Short Term Investments
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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299125000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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519394000
us-gaap Payments To Acquire Property Plant And Equipment
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22070000
us-gaap Payments To Acquire Property Plant And Equipment
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18479000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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866000
us-gaap Proceeds From Minority Shareholders
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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9516000
laz Proceeds From Other Financing Activities
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us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Long Term Capital Lease Obligations
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1234000
us-gaap Repayments Of Long Term Capital Lease Obligations
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1435000
us-gaap Payments To Minority Shareholders
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laz Payments For Tax Receivable Agreement Obligation
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laz Payments For Tax Receivable Agreement Obligation
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1276000
laz Partial Extinguishment Of Tax Receivable Agreement Obligation
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42222000
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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laz Settlement Of Share Based Incentive Compensation
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laz Settlement Of Share Based Incentive Compensation
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laz Payments For Other Financing Activities
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laz Payments For Other Financing Activities
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Stock Repurchased During Period Value
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CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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laz Stock Issued During Period Value Share Based Compensation And Related Tax Benefit Expense
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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laz Tax Expense Benefit From Stock Issued In Connection With Sharebased Incentive Compensation
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laz Tax Expense Benefit From Stock Issued In Connection With Sharebased Incentive Compensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Dividends Sharebased Compensation Stock
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laz Stock Issued During Period Value Share Based Compensation And Related Tax Benefit Expense
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us-gaap Stock Issued During Period Value Acquisitions
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laz Stock Issued Issuable During Period Value Business Acquisitions Mergers And Amortization
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Adjustments To Additional Paid In Capital Other
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laz Tax Expense Benefit On Stock Issued During Period Acquisitions
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laz Governing Operating Agreement Date
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CY2016Q3 us-gaap Assets Fair Value Disclosure
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CY2016Q3 us-gaap Business Combination Contingent Consideration Liability
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CY2016Q3 us-gaap Derivative Liabilities
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CY2016Q3 us-gaap Liabilities Fair Value Disclosure
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CY2015Q4 us-gaap Liabilities Fair Value Disclosure
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CY2016Q3 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Acquisitions And Transfers
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CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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CY2016Q3 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
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CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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CY2016Q3 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Foreign Currency Translation Adjustments
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0
laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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0
laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Foreign Currency Translation Adjustments
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0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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635000
CY2015Q3 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Acquisitions And Transfers
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesAcquisitionsAndTransfers
2291000
CY2015Q3 laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignCurrencyTranslationAdjustments
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CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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26467000
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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391000
laz Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Currency Translation Adjustments
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CY2016Q3 us-gaap Alternative Investments Fair Value Disclosure
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CY2016Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
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9183000
CY2015Q4 us-gaap Alternative Investments Fair Value Disclosure
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122732000
CY2015Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
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10242000
CY2016Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2015Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2016Q3 us-gaap Property Plant And Equipment Gross
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CY2015Q4 us-gaap Property Plant And Equipment Gross
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CY2015Q4 us-gaap Goodwill
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7806000
CY2015Q4 us-gaap Other Intangible Assets Net
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6215000
CY2014Q4 us-gaap Goodwill
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335402000
us-gaap Goodwill Purchase Accounting Adjustments
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20377000
us-gaap Goodwill Foreign Currency Translation Gain Loss
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4906000
us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2015Q3 us-gaap Goodwill
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67176000
CY2015Q4 us-gaap Other Finite Lived Intangible Assets Gross
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63776000
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4482000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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2346000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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850000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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53000
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
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7806000
laz Percentage Of Intangible Asset Amortization Attributable To Noncontrolling Interests
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CY2016Q3 us-gaap Debt Instrument Carrying Amount
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CY2016Q3 us-gaap Deferred Finance Costs Net
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7862000
CY2015Q4 us-gaap Debt Instrument Carrying Amount
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998350000
CY2015Q4 us-gaap Deferred Finance Costs Net
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CY2016Q3 us-gaap Guarantee Obligations Maximum Exposure
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3809000
CY2016Q3 laz Guarantor Obligations Collateral Held
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3723000
laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
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969054
us-gaap Stock Repurchased During Period Shares
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3141526
us-gaap Stock Repurchased During Period Shares
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CY2015Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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213144000
us-gaap Allocated Share Based Compensation Expense
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laz Average Price Per Common Share
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laz Average Price Per Common Share
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CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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us-gaap Stock Repurchase Program Expiration Date
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us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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0
CY2015 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2015Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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1749000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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4612000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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CY2016Q3 us-gaap Allocated Share Based Compensation Expense
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laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
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laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
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32849000
laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
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laz Prepaid Compensation Asset Settled
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laz Prepaid Compensation Asset Forfeited
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laz Prepaid Compensation Asset Amortization
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56784000
laz Prepaid Compensation Asset Change In Fair Value
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0
laz Prepaid Compensation Asset Adjustment To Forfeiture
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laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
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CY2016Q3 laz Prepaid Compensation Asset
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CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability
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193574000
laz Derivative Liability Granted
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laz Derivative Liability Settled
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laz Derivative Liability Forfeited
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3435000
laz Derivative Liability Amortizations
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laz Derivative Liability Change In Fair Value
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laz Derivative Liability Adjustment To Forfeiture
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3551000
laz Derivative Liability Foreign Currency Translation And Other Adjustments
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CY2016Q3 us-gaap Derivative Fair Value Of Derivative Liability
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laz Prepaid Compensation Asset Granted
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laz Prepaid Compensation Asset Settled
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laz Prepaid Compensation Asset Forfeited
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laz Prepaid Compensation Asset Amortization
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laz Prepaid Compensation Asset Change In Fair Value
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laz Prepaid Compensation Asset Adjustment To Forfeiture
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laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
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CY2015Q3 laz Prepaid Compensation Asset
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laz Derivative Liability Granted
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laz Derivative Liability Settled
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laz Derivative Liability Forfeited
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laz Derivative Liability Amortizations
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laz Derivative Liability Change In Fair Value
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laz Derivative Liability Foreign Currency Translation And Other Adjustments
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CY2015Q3 us-gaap Derivative Fair Value Of Derivative Liability
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CY2016Q3 laz Amortization Of Awarded Grants Net Of Forfeitures
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18116000
CY2015Q3 laz Amortization Of Awarded Grants Net Of Forfeitures
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21168000
laz Amortization Of Awarded Grants Net Of Forfeitures
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58867000
laz Amortization Of Awarded Grants Net Of Forfeitures
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66092000
CY2016Q3 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
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CY2015Q3 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
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laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
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laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
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us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
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CY2015Q2 laz Recorded Tax Benefit Due To Release Of Valuation Allowance
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CY2015 laz Recorded Tax Benefit Due To Release Of Valuation Allowance
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CY2015Q2 laz Deferred Tax Benefit Related To Tax Receivable Agreement
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CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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398521000
us-gaap Net Income Loss Available To Common Stockholders Basic
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259716000
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CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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112536000
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398521000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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259716000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
828587000
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
124296449
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125852995
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125218272
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125192436
CY2016Q3 laz Weighted Average Number Of Shares Non Contingently Issuable
WeightedAverageNumberOfSharesNonContingentlyIssuable
112435
CY2015Q3 laz Weighted Average Number Of Shares Non Contingently Issuable
WeightedAverageNumberOfSharesNonContingentlyIssuable
72011
laz Weighted Average Number Of Shares Non Contingently Issuable
WeightedAverageNumberOfSharesNonContingentlyIssuable
85486
laz Weighted Average Number Of Shares Non Contingently Issuable
WeightedAverageNumberOfSharesNonContingentlyIssuable
72011
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7911971
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7190413
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7214129
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7954690
laz Tax Receivable Agreement Expiration Terms
TaxReceivableAgreementExpirationTerms
The term of the Amended and Restated Tax Receivable Agreement will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired.
laz Provision Benefit Pursuant To Tax Receivable Agreement
ProvisionBenefitPursuantToTaxReceivableAgreement
961948000
CY2015Q3 laz Percentage Of Beneficial Interest Acquired During Period
PercentageOfBeneficialInterestAcquiredDuringPeriod
0.47
CY2015Q3 laz Payments To Cancel Beneficial Interests And Extinguishment Of Payment Obligations Under Amended And Restated Tax Receivable Agreement
PaymentsToCancelBeneficialInterestsAndExtinguishmentOfPaymentObligationsUnderAmendedAndRestatedTaxReceivableAgreement
42222000

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