Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 283

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 283
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 collected over a four-year period from billing and typically include an interest component.

The Company makes cash payments for a significant portion of its incentive compensation with respect to the prior year’s results during the first three months of each calendar year. See the Consolidated Financial Statements—Consolidated Statements of Cash Flows for further detail.

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Summary of Cash Flows:

Year Ended December 31,202420232022($ in millions)Cash Provided By (Used In):Operating activities:Net income (loss)$287 $(57)$392 Adjustments to reconcile net income to net cash provided by operating activities (a)440 463 551 Other operating activities (b)16 (241)(110)Net cash provided by operating activities743 165 833 Investing activities134 (38)(56)Financing activities (c)(440)(1,571)(1,382)Effect of exchange rate changes(53)30 (186)Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash384 (1,414)(791)Cash and Cash Equivalents and Restricted Cash (d):Beginning of Period1,225 2,639 3,430 End of Period$1,609 $1,225 $2,639 

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(a)Consists primarily of amortization of deferred expenses and share-based incentive compensation, noncash lease expenses, depreciation and amortization of property, gain on sale of owned office building and deferred tax provision (benefit). 

(b)Includes net changes in operating assets and liabilities.

(c)Consists primarily of purchases of shares of common stock, tax withholdings related to the settlement of vested RSUs and vested PRSUs, common stock dividends, changes in customer deposits, distributions to noncontrolling interest holders, activity related to borrowings (including in 2024, the issuance of the 2031 Notes and redemption of the 2025 Notes), distributions to redeemable noncontrolling interests associated with LGAC’s redemption of all its outstanding Class A ordinary shares in 2023.

(d)Consists of cash and cash equivalents, deposits with banks and short-term investments and restricted cash.

Liquidity and Capital Resources

Sources and Uses of Liquidity 

Net revenue, operating income and cash receipts fluctuate significantly between periods and could be affected by various risks and uncertainties. While cash flow from Asset Management activities is relatively stable, in the case of Financial Advisory, fee receipts are generally dependent upon the successful