$LAZ
Lazard, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022017059 Filed on May 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $694.9M $660.1M
YoY Change 5.27% 18.27%
Cost Of Revenue $50.96M $49.10M
YoY Change 3.78% 5.59%
Gross Profit $665.2M $630.8M
YoY Change 5.45% 23.3%
Gross Profit Margin 95.73% 95.56%
Selling, General & Admin $496.2M $491.6M
YoY Change 0.93% 17.61%
% of Gross Profit 74.59% 77.93%
Research & Development $37.93M $33.67M
YoY Change 12.66%
% of Gross Profit 5.7% 5.34%
Depreciation & Amortization $10.27M $9.400M
YoY Change 9.29% 4.61%
% of Gross Profit 1.54% 1.49%
Operating Expenses $37.93M $33.67M
YoY Change 12.66% -92.13%
Operating Profit $159.7M $134.3M
YoY Change 18.94% 59.68%
Interest Expense $21.25M
YoY Change
% of Operating Profit 13.31%
Other Income/Expense, Net $9.283M
YoY Change
Pretax Income $159.7M $134.3M
YoY Change 18.93% 59.69%
Income Tax $38.75M $43.50M
% Of Pretax Income 24.26% 32.39%
Net Earnings $113.9M $87.30M
YoY Change 30.44% 36.36%
Net Earnings / Revenue 16.39% 13.23%
Basic Earnings Per Share $1.09 $0.80
Diluted Earnings Per Share $1.05 $0.75
COMMON SHARES
Basic Shares Outstanding 102.5M 107.3M
Diluted Shares Outstanding 108.2M 115.8M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.132B $2.604B
YoY Change 20.28% 35.93%
Cash & Equivalents $878.2M $974.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $659.8M $556.2M
Other Receivables $156.9M $183.4M
Total Short-Term Assets $3.949B $3.344B
YoY Change 18.1% 33.51%
LONG-TERM ASSETS
Property, Plant & Equipment $249.4M $250.5M
YoY Change -0.45% 13.72%
Goodwill $379.5M $381.8M
YoY Change -0.6% 7.32%
Intangibles
YoY Change
Long-Term Investments $16.17M $782.4M
YoY Change -97.93% 54.69%
Other Assets $429.2M $506.8M
YoY Change -15.31% -11.01%
Total Long-Term Assets $2.900B $2.866B
YoY Change 1.18% 10.62%
TOTAL ASSETS
Total Short-Term Assets $3.949B $3.344B
Total Long-Term Assets $2.900B $2.866B
Total Assets $6.848B $6.210B
YoY Change 10.29% 21.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.749B $1.240B
YoY Change 41.07% 8.27%
Accrued Expenses $1.038B $1.068B
YoY Change -2.78% 10.92%
Deferred Revenue
YoY Change
Short-Term Debt $5.726M $3.200M
YoY Change 78.94% -73.55%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.793B $2.311B
YoY Change 20.86% 9.01%
LONG-TERM LIABILITIES
Long-Term Debt $2.261B $2.258B
YoY Change 0.11% 34.41%
Other Long-Term Liabilities $809.2M $771.4M
YoY Change 4.9% 5.04%
Total Long-Term Liabilities $3.070B $3.030B
YoY Change 1.33% 25.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.793B $2.311B
Total Long-Term Liabilities $3.070B $3.030B
Total Liabilities $5.999B $5.445B
YoY Change 10.17% 18.14%
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 $849.8M $765.0M
YoY Change
Total Liabilities & Shareholders Equity $6.848B $6.210B
YoY Change 10.29% 21.87%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $113.9M $87.30M
YoY Change 30.44% 36.36%
Depreciation, Depletion And Amortization $10.27M $9.400M
YoY Change 9.29% 4.61%
Cash From Operating Activities -$213.5M -$123.3M
YoY Change 73.18% -20.95%
INVESTING ACTIVITIES
Capital Expenditures $13.51M -$7.500M
YoY Change -280.13% -162.44%
Acquisitions
YoY Change
Other Investing Activities $2.000K $600.0K
YoY Change -99.67% 500.0%
Cash From Investing Activities -$13.51M -$6.900M
YoY Change 95.77% -42.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $175.8M $122.7M
YoY Change 43.33% 28.8%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.24M 244.5M
YoY Change -107.87% -178.83%
NET CHANGE
Cash From Operating Activities -213.5M -123.3M
Cash From Investing Activities -13.51M -6.900M
Cash From Financing Activities -19.24M 244.5M
Net Change In Cash -298.1M 35.10M
YoY Change -949.2% -106.5%
FREE CASH FLOW
Cash From Operating Activities -$213.5M -$123.3M
Capital Expenditures $13.51M -$7.500M
Free Cash Flow -$227.0M -$115.8M
YoY Change 96.06% -31.07%

Facts In Submission

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CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2021Q4 us-gaap Derivative Asset Notional Amount
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2022Q1 us-gaap Goodwill
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CY2021Q1 us-gaap Goodwill
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Deferred Finance Costs Net
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CY2022Q1 us-gaap Long Term Debt
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Deferred Finance Costs Net
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CY2021Q4 us-gaap Long Term Debt
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CY2021Q1 us-gaap Stock Repurchased During Period Shares
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 laz Compensation Expense Related To Change In Fair Value Of Underlying Investments
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CY2022Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q1 laz Weighted Average Number Of Shares Outstanding Basic Before Adjustments
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CY2021Q1 laz Weighted Average Number Of Shares Outstanding Basic Before Adjustments
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CY2022Q1 laz Weighted Average Number Of Basic Shares Outstanding Adjustment
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CY2021Q1 laz Weighted Average Number Of Basic Shares Outstanding Adjustment
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1.05
CY2021Q1 us-gaap Earnings Per Share Diluted
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0.75
CY2022Q1 us-gaap Revenues Net Of Interest Expense
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694892000
CY2021Q1 us-gaap Revenues Net Of Interest Expense
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CY2022Q1 us-gaap Costs And Expenses
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535164000
CY2021Q1 us-gaap Costs And Expenses
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525817000
CY2022Q1 us-gaap Operating Income Loss
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159728000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
134290000
CY2022Q1 us-gaap Assets
Assets
6848346000
CY2021Q4 us-gaap Assets
Assets
7147181000

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