$LAZ
Lazard, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021053194 Filed on November 01, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $737.8M $598.0M
YoY Change 23.38% -2.14%
Cost Of Revenue $54.52M $46.50M
YoY Change 17.24% -3.93%
Gross Profit $683.3M $551.5M
YoY Change 23.9% -1.97%
Gross Profit Margin 92.61% 92.22%
Selling, General & Admin $514.8M $441.7M
YoY Change 16.55% -11.25%
% of Gross Profit 75.34% 80.09%
Research & Development $37.56M
YoY Change
% of Gross Profit 5.5%
Depreciation & Amortization $9.392M $8.900M
YoY Change 5.53% 2.3%
% of Gross Profit 1.37% 1.61%
Operating Expenses $528.3M $446.8M
YoY Change 18.25% -12.46%
Operating Profit $155.0M $104.7M
YoY Change 48.0% 99.91%
Interest Expense $20.38M
YoY Change
% of Operating Profit 13.15%
Other Income/Expense, Net $13.50M
YoY Change
Pretax Income $155.0M $104.7M
YoY Change 48.0% 99.81%
Income Tax $39.45M $28.20M
% Of Pretax Income 25.46% 26.93%
Net Earnings $115.5M $76.52M
YoY Change 50.97% 63.83%
Net Earnings / Revenue 15.66% 12.8%
Basic Earnings Per Share $1.00
Diluted Earnings Per Share $948.8K $663.4K
COMMON SHARES
Basic Shares Outstanding 105.4M
Diluted Shares Outstanding 113.0M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.161B $2.345B
YoY Change 34.82% 2.45%
Cash & Equivalents $3.161B $2.345B
Short-Term Investments
Other Short-Term Assets $41.30M
YoY Change 2.48%
Inventory
Prepaid Expenses
Receivables $547.1M $468.4M
Other Receivables $153.0M $106.7M
Total Short-Term Assets $3.861B $2.920B
YoY Change 32.24% -1.25%
LONG-TERM ASSETS
Property, Plant & Equipment $247.6M $751.1M
YoY Change -67.04% 246.18%
Goodwill $379.7M $373.2M
YoY Change 1.74% 1.72%
Intangibles
YoY Change
Long-Term Investments $915.0M $535.2M
YoY Change 70.96% -0.11%
Other Assets $480.5M $557.1M
YoY Change -13.74% -7.34%
Total Long-Term Assets $2.865B $2.547B
YoY Change 12.49% -1.85%
TOTAL ASSETS
Total Short-Term Assets $3.861B $2.920B
Total Long-Term Assets $2.865B $2.547B
Total Assets $6.727B $5.467B
YoY Change 23.04% -1.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.451B $1.245B
YoY Change 16.56% -11.47%
Accrued Expenses $1.267B $1.061B
YoY Change 19.39% -0.98%
Deferred Revenue
YoY Change
Short-Term Debt $4.588M $1.000M
YoY Change 358.8% -37.5%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.722B $2.307B
YoY Change 18.01% -6.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.260B $1.682B
YoY Change 34.38% 0.15%
Other Long-Term Liabilities $765.9M $697.6M
YoY Change 9.79% -1.18%
Total Long-Term Liabilities $3.026B $2.379B
YoY Change 27.17% -0.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.722B $2.307B
Total Long-Term Liabilities $3.026B $2.379B
Total Liabilities $5.849B $4.773B
YoY Change 22.53% -1.9%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $877.8M $693.8M
YoY Change
Total Liabilities & Shareholders Equity $6.727B $5.467B
YoY Change 23.04% -1.53%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $115.5M $76.52M
YoY Change 50.97% 63.83%
Depreciation, Depletion And Amortization $9.392M $8.900M
YoY Change 5.53% 2.3%
Cash From Operating Activities $398.1M $255.7M
YoY Change 55.71% 8.44%
INVESTING ACTIVITIES
Capital Expenditures -$7.920M -$9.300M
YoY Change -14.84% -58.85%
Acquisitions
YoY Change
Other Investing Activities $97.00K $100.0K
YoY Change -3.0%
Cash From Investing Activities -$7.823M -$9.300M
YoY Change -15.88% -58.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.5M -70.40M
YoY Change -271.1% -30.57%
NET CHANGE
Cash From Operating Activities 398.1M 255.7M
Cash From Investing Activities -7.823M -9.300M
Cash From Financing Activities 120.5M -70.40M
Net Change In Cash 510.8M 176.0M
YoY Change 190.22% 57.42%
FREE CASH FLOW
Cash From Operating Activities $398.1M $255.7M
Capital Expenditures -$7.920M -$9.300M
Free Cash Flow $406.1M $265.0M
YoY Change 53.23% 2.55%

Facts In Submission

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us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
110749000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76720000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Net Income Loss
NetIncomeLoss
212572000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
3867000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
208705000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
-3386000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
212091000
laz Weighted Average Number Of Shares Outstanding Basic Before Adjustments
WeightedAverageNumberOfSharesOutstandingBasicBeforeAdjustments
104728241
laz Weighted Average Number Of Basic Shares Outstanding Adjustment
WeightedAverageNumberOfBasicSharesOutstandingAdjustment
1983306
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106711547
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.96
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6218283
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112929830
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.88
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
1687984000
us-gaap Costs And Expenses
CostsAndExpenses
1403342000
us-gaap Operating Income Loss
OperatingIncomeLoss
284642000
CY2020Q4 us-gaap Assets
Assets
5971861000

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