$LAZ
Lazard, Inc.

2017 Q3 Form 10-Q Financial Statement

#000156459017014651 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $624.9M $717.2M $546.6M
YoY Change 2.62% 31.2% -11.92%
Cost Of Revenue $31.60M $31.10M $27.90M
YoY Change 7.85% 11.47% -3.79%
Gross Profit $606.5M $698.8M $518.8M
YoY Change 2.48% 34.7% -12.31%
Gross Profit Margin 97.06% 97.44% 94.91%
Selling, General & Admin $453.1M $512.7M $394.9M
YoY Change 4.71% 29.83% -71.41%
% of Gross Profit 74.71% 73.37% 76.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000M $8.900M $8.600M
YoY Change -9.09% 3.49% -13.13%
% of Gross Profit 1.32% 1.27% 1.66%
Operating Expenses $462.3M $526.3M $405.5M
YoY Change 4.4% 29.79% -70.89%
Operating Profit $144.2M $172.5M $113.2M
YoY Change -3.21% 52.34% -114.13%
Interest Expense $11.96M
YoY Change 4.04%
% of Operating Profit 10.56%
Other Income/Expense, Net $12.35M $10.33M
YoY Change 19.59% 3.92%
Pretax Income $144.2M $172.5M $113.2M
YoY Change -3.22% 52.39% -114.13%
Income Tax $32.70M $51.60M $31.87M
% Of Pretax Income 22.68% 29.91% 28.16%
Net Earnings $109.2M $120.4M $80.36M
YoY Change -2.96% 49.8% -78.52%
Net Earnings / Revenue 17.48% 16.78% 14.7%
Basic Earnings Per Share $0.90 $0.98 $0.64
Diluted Earnings Per Share $0.82 $0.91 $0.61
COMMON SHARES
Basic Shares Outstanding 129.8M 122.4M 125.5M
Diluted Shares Outstanding 132.1M 132.3M

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.942B $1.747B $1.347B
YoY Change 36.38% 29.64% 31.75%
Cash & Equivalents $1.942B $1.747B $646.5M
Short-Term Investments
Other Short-Term Assets $35.40M $34.50M $33.50M
YoY Change 0.57% 2.99% -0.59%
Inventory
Prepaid Expenses
Receivables $451.2M $527.5M $403.0M
Other Receivables $100.7M $127.2M $92.30M
Total Short-Term Assets $2.494B $2.401B $1.843B
YoY Change 27.13% 30.32% 20.9%
LONG-TERM ASSETS
Property, Plant & Equipment $200.8M $200.3M $201.9M
YoY Change -1.71% -0.81% -5.53%
Goodwill $385.5M $381.9M $322.9M
YoY Change 11.4% 18.26% -1.19%
Intangibles
YoY Change
Long-Term Investments $222.0K $222.0K $491.3M
YoY Change -99.95% -99.95% -11.92%
Other Assets $1.100B $1.114B $1.123B
YoY Change -0.64% -0.88% -10.51%
Total Long-Term Assets $2.343B $2.368B $2.373B
YoY Change 0.08% -0.19% -9.7%
TOTAL ASSETS
Total Short-Term Assets $2.494B $2.401B $1.843B
Total Long-Term Assets $2.343B $2.368B $2.373B
Total Assets $4.836B $4.770B $4.216B
YoY Change 12.41% 13.14% 1.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $702.0M $830.0M $721.2M
YoY Change 19.57% 15.09% 91.91%
Accrued Expenses $490.8M $378.3M $270.5M
YoY Change 30.71% 39.85% -30.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.193B $1.208B $991.7M
YoY Change 23.91% 21.84% 29.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.190B $1.190B $998.5M
YoY Change 19.17% 19.13% -0.98%
Other Long-Term Liabilities $1.081B $1.060B $1.011B
YoY Change 4.86% 4.87% -33.08%
Total Long-Term Liabilities $2.271B $2.250B $2.010B
YoY Change 11.9% 11.95% -20.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.193B $1.208B $991.7M
Total Long-Term Liabilities $2.271B $2.250B $2.010B
Total Liabilities $3.529B $3.467B $3.011B
YoY Change 15.34% 15.14% -8.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.166B $998.1M
YoY Change 16.82% 50.32%
Common Stock $674.5M $569.2M
YoY Change 18.52% 7.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.308B $1.243B $1.146B
YoY Change
Total Liabilities & Shareholders Equity $4.836B $4.770B $4.216B
YoY Change 12.41% 13.14% 1.53%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $109.2M $120.4M $80.36M
YoY Change -2.96% 49.8% -78.52%
Depreciation, Depletion And Amortization $8.000M $8.900M $8.600M
YoY Change -9.09% 3.49% -13.13%
Cash From Operating Activities $332.8M $273.3M $118.2M
YoY Change 18.52% 131.22% -32.96%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$5.600M -$5.600M
YoY Change -44.55% 0.0% -39.78%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K $100.0K
YoY Change -85.71% 0.0% -66.67%
Cash From Investing Activities -$6.000M -$5.500M -$5.600M
YoY Change -41.18% -1.79% -38.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -168.7M -91.30M -156.8M
YoY Change 173.42% -41.77% 80.65%
NET CHANGE
Cash From Operating Activities 332.8M 273.3M 118.2M
Cash From Investing Activities -6.000M -5.500M -5.600M
Cash From Financing Activities -168.7M -91.30M -156.8M
Net Change In Cash 158.1M 176.5M -44.20M
YoY Change -24.32% -499.32% -154.98%
FREE CASH FLOW
Cash From Operating Activities $332.8M $273.3M $118.2M
Capital Expenditures -$6.100M -$5.600M -$5.600M
Free Cash Flow $338.9M $278.9M $123.8M
YoY Change 16.14% 125.28% -33.3%

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CY2017Q2 laz Interest Bearing Financing Fee Receivables
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CY2017Q2 us-gaap Investments Fair Value Disclosure
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CY2017Q2 us-gaap Financial Instruments Sold Not Yet Purchased At Fair Value
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laz Fair Value Transfers Between Level One Level Two And Level Three Amount
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CY2017Q2 laz Fair Value Transfers Between Level One Level Two And Level Three Amount
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CY2017Q2 us-gaap Alternative Investments Fair Value Disclosure
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CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
155325000
laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
IssuanceOfRestrictedStockUnitsInConnectionWithDividendParticipationRights
739079
laz Issuance Of Restricted Stock Units In Connection With Dividend Participation Rights
IssuanceOfRestrictedStockUnitsInConnectionWithDividendParticipationRights
841433
laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
ChargeToRetainedEarningsPertainingToIssuanceOfRestrictedStockUnitsInConnectionWithParticipationRights
31335000
laz Charge To Retained Earnings Pertaining To Issuance Of Restricted Stock Units In Connection With Participation Rights
ChargeToRetainedEarningsPertainingToIssuanceOfRestrictedStockUnitsInConnectionWithParticipationRights
28364000
laz Prepaid Compensation Asset Forfeited
PrepaidCompensationAssetForfeited
585000
laz Prepaid Compensation Asset Amortization
PrepaidCompensationAssetAmortization
39503000
laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
PrepaidCompensationAssetForeignCurrencyTranslationAndOtherAdjustments
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CY2017Q2 laz Prepaid Compensation Asset
PrepaidCompensationAsset
88084000
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
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laz Derivative Liability Granted
DerivativeLiabilityGranted
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laz Derivative Liability Settled
DerivativeLiabilitySettled
95633000
laz Derivative Liability Forfeited
DerivativeLiabilityForfeited
933000
laz Derivative Liability Change In Fair Value
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13106000
laz Derivative Liability Adjustment To Forfeiture
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2138000
laz Derivative Liability Foreign Currency Translation And Other Adjustments
DerivativeLiabilityForeignCurrencyTranslationAndOtherAdjustments
1312000
CY2017Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
167958000
CY2015Q4 laz Prepaid Compensation Asset
PrepaidCompensationAsset
75703000
laz Prepaid Compensation Asset Granted
PrepaidCompensationAssetGranted
51871000
laz Prepaid Compensation Asset Forfeited
PrepaidCompensationAssetForfeited
704000
laz Prepaid Compensation Asset Amortization
PrepaidCompensationAssetAmortization
37890000
laz Prepaid Compensation Asset Foreign Currency Translation And Other Adjustments
PrepaidCompensationAssetForeignCurrencyTranslationAndOtherAdjustments
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CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability
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laz Derivative Liability Granted
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laz Derivative Liability Settled
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laz Derivative Liability Forfeited
DerivativeLiabilityForfeited
1228000
laz Derivative Liability Change In Fair Value
DerivativeLiabilityChangeInFairValue
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laz Derivative Liability Adjustment To Forfeiture
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3385000
laz Derivative Liability Foreign Currency Translation And Other Adjustments
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357000
CY2017Q2 laz Amortization Of Awarded Grants Net Of Forfeitures
AmortizationOfAwardedGrantsNetOfForfeitures
28310000
CY2016Q2 laz Amortization Of Awarded Grants Net Of Forfeitures
AmortizationOfAwardedGrantsNetOfForfeitures
19852000
laz Amortization Of Awarded Grants Net Of Forfeitures
AmortizationOfAwardedGrantsNetOfForfeitures
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laz Amortization Of Awarded Grants Net Of Forfeitures
AmortizationOfAwardedGrantsNetOfForfeitures
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CY2017Q2 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
CompensationExpenseRelatedToChangeInFairValueOfUnderlyingInvestments
5753000
CY2016Q2 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
CompensationExpenseRelatedToChangeInFairValueOfUnderlyingInvestments
312000
laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
CompensationExpenseRelatedToChangeInFairValueOfUnderlyingInvestments
13106000
laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
CompensationExpenseRelatedToChangeInFairValueOfUnderlyingInvestments
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CY2017Q2 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
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34063000
CY2016Q2 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
20164000
us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
54399000
us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
38549000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.299
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.281
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.281
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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120378000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
80357000
us-gaap Net Income Loss Available To Common Stockholders Basic
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227931000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
147180000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
120378000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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80357000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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227931000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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147180000
laz Weighted Average Number Of Shares Non Contingently Issuable Adjustment
WeightedAverageNumberOfSharesNonContingentlyIssuableAdjustment
72011
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9771466
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6879574
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9822840
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
122085842
CY2016Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125389937
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
122308531
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
125679184
CY2017Q2 laz Weighted Average Number Of Shares Non Contingently Issuable Adjustment
WeightedAverageNumberOfSharesNonContingentlyIssuableAdjustment
282308
CY2016Q2 laz Weighted Average Number Of Shares Non Contingently Issuable Adjustment
WeightedAverageNumberOfSharesNonContingentlyIssuableAdjustment
72011
laz Weighted Average Number Of Shares Non Contingently Issuable Adjustment
WeightedAverageNumberOfSharesNonContingentlyIssuableAdjustment
283125
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6865208

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