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  "presentationDate": "2012-06-18 00:00:00",
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      "text": "Operating margins of at least 25% by 2014 (versus 16% in 2011)",
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      "text": "Source: SEC filings, Lazard Shareholder Letter, Q&A Exhibit and related materials dated April 27, 2012. (1) On June 13, 2012, Lazard announced that it had elected Richard Parsons to the Board of Directors.",
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      "text": "All free cash flow from operations expected to go towards dividends, share repurchases, debt pay down, and modest seed investments. Deploy $200mm of excess cash by 2013.",
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      "text": "Current management performance (2010-2011): Operating margins increased to 18% (vs 12% 2006-2009); capital returned to shareholders doubled to $325mm per annum (vs $156mm 2006-2009).",
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