Short answer
Lazard Inc (LAZ) filed its fiscal 2016 10-K annual report with the SEC on Feb 24, 2017. It reported revenue of $2.4B and net income of $388M.
- Top risk flagged: MiFID II soft-dollar restrictions, approximately $23 million in 2016 research services subject to potential cost increases
FY2016 key financial metrics · XBRL
- Revenue
- $2.4B
- Net income
- $388M
- Operating margin
- 21.7%
- EPS (diluted)
- $2.92
- ROE
- 31.4%
- Operating cash flow
- $633M
Source: XBRL data from the Lazard Inc (LAZ) FY2016 10-K on SEC EDGAR. USD.
Lazard Inc FY2016 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 two segments, serving corporations, governments, institutions and private clients
- 2016 expansion: Canadian advisory acquisition and full integration of Latin American operations through MBA Lazard ownership
- Strategic positioning: Greater underwriting capabilities and broader geographic reach, alongside senior-led independent advice and cross-border expertise
- Financial Advisory revenue $1.301 billion, 56% of consolidated revenue, up from $1.280 billion and 54% in 2015
- Asset Management AUM $198 billion, with 82% equities and 88% managed for institutional clients
Management Discussion & Analysis
- Net revenue $2.333B, down $20M or 1% YoY, with Asset Management fees down $38M
- Operating margin 22.2% vs (1.0%), net income attributable to Lazard $388M vs $986M
- Best segment: Financial Advisory revenue $1.301B, operating margin 21.8% vs 21.4%
- Worst segment: Asset Management revenue $1.051B, operating margin 26.8% vs 33.7%
- Operating cash flow $601.3M, buybacks $300M, dividends $336M, capex not disclosed; volatility and lower M&A activity remained key risks
Risk Factors
- MiFID II soft-dollar restrictions, approximately $23 million in 2016 research services subject to potential cost increases
- Brexit uncertainty, significant U.K. and European Union presence exposed to regulatory changes and market volatility
- Third-party clearing and settlement failures, threatening Asset Management transaction execution and regulatory compliance
- Passive-investment growth, pressuring demand and fees for Lazard’s actively managed strategies
- Approximately $1.2 billion debt, including $500 million, $400 million and $300 million senior notes maturing in 2020, 2025 and 2027
Generated from the filing text; verify against the original. How to read a 10-K
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