Short answer
Lazard Inc (LAZ) filed its fiscal 2015 10-K annual report with the SEC on Feb 25, 2016.
- Top risk flagged: Dodd-Frank Act implementation: evolving rules could restrict activities and reduce profitability
Lazard Inc FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: independent financial advisory and global asset management across 43 cities in 27 countries
- New 2015 initiative: Lazard Central and Eastern Europe, advising regional businesses, governments and international clients
- Strategic positioning: broader Financial Advisory platform through underwriting capabilities and cross-border geographic expansion
- Financial Advisory revenue $1.280B, up from $1.207B, representing 54% of consolidated revenue
- AUM $186B, with 24% in emerging-markets equity strategies and 47% in emerging-markets fixed income strategies
Management Discussion & Analysis
- Net revenue $2.354B, up $53M or 2% YoY, driven by advisory fees up $75M
- Financial Advisory best segment: revenue $1.280B, operating margin 21.4% vs 19.0%
- Asset Management weakest: revenue $1.111B, down $23M, operating margin 33.7% vs 34.0%
- Operating cash flow $887.3M, buybacks $173M, dividends $291M, investing cash outflow $26.0M
- 2016 risk: volatile markets, AUM fell 5% to $186B, with February 2016 AUM down to $177.4B
Risk Factors
- Dodd-Frank Act implementation: evolving rules could restrict activities and reduce profitability
- Foreign-currency exposure: 40% of revenue in other currencies and 72% of AUM exposed
- Third-party clearing and transaction providers: operational failure could disrupt Asset Management trading and settlement
- Passive-investing shift: demand and fees pressured for Lazard’s actively managed strategies
- Debt burden: approximately $1.0 billion outstanding, including $98 million maturing in 2017
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