$LAZ
Lazard, Inc.

2023 Q2 Form 10-Q Financial Statement

#000156459023006915 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $662.3M $561.9M $694.9M
YoY Change 0.25% -19.14% 5.27%
Cost Of Revenue $48.17M $46.05M $50.96M
YoY Change -3.0% -9.62% 3.78%
Gross Profit $614.1M $515.9M $665.2M
YoY Change 0.52% -22.45% 5.45%
Gross Profit Margin 92.73% 91.8% 95.73%
Selling, General & Admin $569.8M $532.4M $496.2M
YoY Change 20.07% 7.31% 0.93%
% of Gross Profit 92.78% 103.21% 74.59%
Research & Development $51.37M $44.04M $37.93M
YoY Change 22.11% 16.11% 12.66%
% of Gross Profit 8.36% 8.54% 5.7%
Depreciation & Amortization $10.61M $11.14M $10.27M
YoY Change -1.77% 8.48% 9.29%
% of Gross Profit 1.73% 2.16% 1.54%
Operating Expenses $587.5M $44.04M $37.93M
YoY Change 1296.66% 16.11% 12.66%
Operating Profit $26.62M -$36.92M $159.7M
YoY Change -78.85% -123.12% 18.94%
Interest Expense -$80.00K $19.48M $21.25M
YoY Change -100.38% -8.36%
% of Operating Profit -0.3% 13.31%
Other Income/Expense, Net $17.74M $20.30M $9.283M
YoY Change 67.13% 118.71%
Pretax Income -$110.1M -$36.92M $159.7M
YoY Change -187.47% -123.12% 18.93%
Income Tax $10.30M -$21.73M $38.75M
% Of Pretax Income 24.26%
Net Earnings -$124.8M -$22.17M $113.9M
YoY Change -230.68% -119.47% 30.44%
Net Earnings / Revenue -18.84% -3.95% 16.39%
Basic Earnings Per Share -$1.41 -$0.27 $1.09
Diluted Earnings Per Share -$1.41 -$0.27 $1.05
COMMON SHARES
Basic Shares Outstanding 112.8M 112.8M 102.5M
Diluted Shares Outstanding 88.73M shares 87.59M 108.2M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.145B $1.119B $3.132B
YoY Change -64.52% -64.27% 20.28%
Cash & Equivalents $1.145B $596.6M $878.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $528.1M $698.1M $659.8M
Other Receivables $146.5M $0.00 $156.9M
Total Short-Term Assets $1.819B $1.817B $3.949B
YoY Change -54.12% -53.98% 18.1%
LONG-TERM ASSETS
Property, Plant & Equipment $663.1M $245.7M $249.4M
YoY Change 186.45% -1.49% -0.45%
Goodwill $394.6M $394.2M $379.5M
YoY Change 4.43% 3.88% -0.6%
Intangibles
YoY Change
Long-Term Investments $690.2M $741.9M $16.17M
YoY Change 4236.78% 4488.78% -97.93%
Other Assets $559.4M $404.6M $429.2M
YoY Change 37.05% -5.73% -15.31%
Total Long-Term Assets $2.784B $2.750B $2.900B
YoY Change 1.36% -5.16% 1.18%
TOTAL ASSETS
Total Short-Term Assets $1.819B $1.817B $3.949B
Total Long-Term Assets $2.784B $2.750B $2.900B
Total Assets $4.603B $4.568B $6.848B
YoY Change -31.42% -33.3% 10.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.749B
YoY Change 41.07%
Accrued Expenses $1.109B $952.7M $1.038B
YoY Change 9.3% -8.24% -2.78%
Deferred Revenue
YoY Change
Short-Term Debt $589.4M $697.1M $5.726M
YoY Change 11811.64% 12074.08% 78.94%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.698B $1.650B $2.793B
YoY Change -40.44% -40.93% 20.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.773B $1.778B $2.261B
YoY Change -21.64% -21.37% 0.11%
Other Long-Term Liabilities $709.7M $631.6M $809.2M
YoY Change -6.35% -21.95% 4.9%
Total Long-Term Liabilities $2.482B $2.409B $3.070B
YoY Change -17.81% -21.52% 1.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.698B $1.650B $2.793B
Total Long-Term Liabilities $2.482B $2.409B $3.070B
Total Liabilities $4.243B $3.970B $5.999B
YoY Change -20.08% -33.82% 10.17%
SHAREHOLDERS EQUITY
Retained Earnings $1.431B $1.605B
YoY Change -12.1%
Common Stock $168.8M $95.44M
YoY Change 131.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $360.0M $451.4M $849.8M
YoY Change
Total Liabilities & Shareholders Equity $4.603B $4.568B $6.848B
YoY Change -31.42% -33.3% 10.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$124.8M -$22.17M $113.9M
YoY Change -230.68% -119.47% 30.44%
Depreciation, Depletion And Amortization $10.61M $11.14M $10.27M
YoY Change -1.77% 8.48% 9.29%
Cash From Operating Activities $201.0M -$411.4M -$213.5M
YoY Change -32.69% 92.67% 73.18%
INVESTING ACTIVITIES
Capital Expenditures $7.378M $4.612M $13.51M
YoY Change -219.25% -65.86% -280.13%
Acquisitions $10.52M
YoY Change
Other Investing Activities $98.00K -$10.51M $2.000K
YoY Change -53.55% -525800.0% -99.67%
Cash From Investing Activities -$7.280M -$15.13M -$13.51M
YoY Change 21.82% 11.98% 95.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $175.8M
YoY Change 43.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -171.8M -1.072B -19.24M
YoY Change 300.11% 5473.01% -107.87%
NET CHANGE
Cash From Operating Activities 201.0M -411.4M -213.5M
Cash From Investing Activities -7.280M -15.13M -13.51M
Cash From Financing Activities -171.8M -1.072B -19.24M
Net Change In Cash 21.94M -1.483B -298.1M
YoY Change -91.21% 397.56% -949.2%
FREE CASH FLOW
Cash From Operating Activities $201.0M -$411.4M -$213.5M
Capital Expenditures $7.378M $4.612M $13.51M
Free Cash Flow $193.6M -$416.0M -$227.0M
YoY Change -36.48% 83.24% 96.06%

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CY2023Q1 laz Disclosure Of Purpose Proceeds Costs And Dissolution Of Special Purpose Acquisition Company
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<p style="margin-top:18pt;margin-bottom:0pt;margin-left:1.7%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Lazard Growth Acquisition Corp. I </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:3.8%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a dormant special purpose acquisition company, that was incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).  LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of LGAC. LGAC is considered to be a VIE. The Company holds a controlling financial interest in LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The proceeds from the LGAC IPO of $575,000 were held in a trust account<span style="color:#000000;">, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the trust account to the LGAC shareholders in connection with the redemption of LGAC’s Class A ordinary shares, subject to certain conditions. </span>The cash held in the trust account was recorded in “restricted cash” on the condensed consolidated statements of financial condition as of December 31, 2022.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees (included in “other liabilities” on the condensed consolidated statements of financial condition as of December 31, 2022) and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">“Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s condensed consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by credits or charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO (the “LGAC Warrants”) meet the definition of a liability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815 and were classified as derivative liabilities which were remeasured at fair value at each balance sheet date until exercised, with changes in fair value reported to earnings. See Note 6.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a Business Combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $585,891 of the cash held in the trust account to the LGAC shareholders. The Company recognized $17,929 of losses on the liquidation of LGAC in “revenue-other” on the condensed consolidated statement of operations for the three month period ended March 31, 2023. In addition, the $20,125 of non-cash deferred underwriting fees noted above was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital. There were no redemption rights or liquidating distributions with respect to the LGAC warrants. </p>
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