Short answer
Lazard Inc (LAZ) filed its fiscal 2017 10-K annual report with the SEC on Feb 27, 2018. It reported revenue of $2.7B (+13.2% year over year) and net income of $254M.
- Top risk flagged: MiFID II: European Union and U.K. subsidiaries must directly fund broker research, affecting approximately $24 million in annual soft-dollar services
FY2017 key financial metrics · XBRL
- Revenue
- $2.7B
- +13.2% YoY
- Net income
- $254M
- −34.6% YoY
- Operating margin
- 30.6%
- +8.9 pp YoY
- EPS (diluted)
- $1.91
- −34.6% YoY
- ROE
- 21.1%
- −10.2 pp YoY
- Operating cash flow
- $1.0B
- +62.7% YoY
Source: XBRL data from the Lazard Inc (LAZ) FY2017 10-K on SEC EDGAR. USD.
Lazard Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Independent financial advisory and asset management firm, serving global clients through Financial Advisory and Asset Management segments
- Asset Management emphasized expanded products: long/short equity, quantitative equity, real assets, commodities and international value strategies
- Strategic positioning centered on senior-led independent advice, broader geographic reach and deeper cross-functional expertise
- AUM reached $249 billion, with 84% equities and 88% managed for institutional clients
- Global footprint expanded to 43 cities across 27 countries, with 2,843 employees at December 31, 2017
Management Discussion & Analysis
- Revenue $2.644B, up $311M or 13% YoY, driven by Asset Management fees up $197M and advisory fees up $87M
- Operating margin 31.2% vs 22.2%; earnings-from-operations margin 26.8% vs 25.0%
- Best segment Asset Management: revenue $1.256B, operating income $445M, margin 35.4% vs 26.8%
- Worst segment Financial Advisory: margin 17.6% vs 21.8%, despite revenue rising 7% to $1.388B
- Cash $1.484B; $307M share repurchases, $341M dividends, $27M investing outflows; risks include market volatility and cyclical M&A activity
Risk Factors
- MiFID II: European Union and U.K. subsidiaries must directly fund broker research, affecting approximately $24 million in annual soft-dollar services
- Brexit uncertainty: U.K. exit negotiations increased volatility in interest rates, currencies and equity markets across Lazard’s European operations
- Cyberattack exposure: compromised internal or third-party information systems could disrupt advisory and asset-management operations
- Passive-investing shift: actively managed strategies face demand and fee pressure from lower-cost passive products
- Debt burden: Lazard Group and subsidiaries had approximately $1.2 billion outstanding, including maturities in 2020, 2025 and 2027
Generated from the filing text; verify against the original. How to read a 10-K
Other Lazard Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.