| Schedule of Quarterly Financial Information |
The following represents the Company’s unaudited quarterly results for the years ended December 31, 2016 and 2015. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.
|
|
|
2016 Fiscal Quarter |
|
|
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
|
Year |
|
|
|
|
(dollars in thousands, except per share data) |
|
|
Net revenue |
|
$ |
498,218 |
|
|
$ |
534,680 |
|
|
$ |
608,908 |
|
|
$ |
691,565 |
|
|
$ |
2,333,371 |
|
|
Operating expenses |
|
|
399,841 |
|
|
|
421,444 |
|
|
|
459,916 |
|
|
|
534,709 |
|
|
|
1,815,910 |
|
|
Operating income |
|
$ |
98,377 |
|
|
$ |
113,236 |
|
|
$ |
148,992 |
|
|
$ |
156,856 |
|
|
$ |
517,461 |
|
|
Net income |
|
$ |
70,723 |
|
|
$ |
81,364 |
|
|
$ |
112,618 |
|
|
$ |
128,987 |
|
|
$ |
393,692 |
|
|
Less - net income attributable to
noncontrolling interests |
|
|
3,900 |
|
|
|
1,007 |
|
|
|
82 |
|
|
|
1,005 |
|
|
|
5,994 |
|
|
Net income attributable to Lazard Ltd |
|
$ |
66,823 |
|
|
$ |
80,357 |
|
|
$ |
112,536 |
|
|
$ |
127,982 |
|
|
$ |
387,698 |
|
|
Attributable to Lazard Ltd Class A common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.53 |
|
|
$ |
0.64 |
|
|
$ |
0.90 |
|
|
$ |
1.04 |
|
|
$ |
3.11 |
|
|
Diluted |
|
$ |
0.50 |
|
|
$ |
0.61 |
|
|
$ |
0.85 |
|
|
$ |
0.96 |
|
|
$ |
2.92 |
|
|
Dividends declared per share of common stock |
|
$ |
1.55 |
|
|
$ |
0.38 |
|
|
$ |
0.38 |
|
|
$ |
0.38 |
|
|
$ |
2.69 |
|
|
|
|
2015 Fiscal Quarter |
|
|
|
|
First (a) |
|
|
Second (b) |
|
|
Third (b) |
|
|
Fourth (b) |
|
|
Year |
|
|
|
|
(dollars in thousands, except per share data) |
|
|
Net revenue |
|
$ |
577,749 |
|
|
$ |
609,092 |
|
|
$ |
573,518 |
|
|
$ |
593,249 |
|
|
$ |
2,353,608 |
|
|
Operating expenses |
|
|
503,086 |
|
|
|
1,410,468 |
|
|
|
2,774 |
|
|
|
453,900 |
|
|
|
2,370,228 |
|
|
Operating income (loss) |
|
$ |
74,663 |
|
|
$ |
(801,376 |
) |
|
$ |
570,744 |
|
|
$ |
139,349 |
|
|
$ |
(16,620 |
) |
|
Net income |
|
$ |
62,646 |
|
|
$ |
375,155 |
|
|
$ |
399,790 |
|
|
$ |
15now getting5,341 |
|
|
$ |
992,932 |
|
|
Less - net income (loss) attributable to
noncontrolling interests |
|
|
6,693 |
|
|
|
1,042 |
|
|
|
1,269 |
|
|
|
(2,445 |
) |
|
|
6,559 |
|
|
Net income attributable to Lazard Ltd |
|
$ |
55,953 |
|
|
$ |
374,113 |
|
|
$ |
398,521 |
|
|
$ |
157,786 |
|
|
$ |
986,373 |
|
|
Attributable to Lazard Ltd Class A common
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.45 |
|
|
$ |
2.96 |
|
|
$ |
3.16 |
|
|
$ |
1.26 |
|
|
$ |
7.87 |
|
|
Diluted |
|
$ |
0.42 |
|
|
$ |
2.82 |
|
|
$ |
2.99 |
|
|
$ |
1.18 |
|
|
$ |
7.40 |
|
|
Dividends declared per share of common stock |
|
$ |
1.30 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
2.35 |
|
|
(a) |
See Note 11 for information regarding the debt refinancing. |
|
(b) |
See Note 18 for information regarding the provision pursuant to the tax receivable agreement. |
|