Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 104

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 104
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 investment gains in the 2025 period as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, decreased $1 million, or 4%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, increased $5 million, or 17%, as compared to the 2024 period. 

Cash Flows

The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond 60 days, particularly those that involve bankruptcies with court-ordered holdbacks. Fees from our Private Capital Advisory activities are generally collected over a four-year period from billing and typically include an interest component. 

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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 Condensed Consolidated Financial Statements—Consolidated Statements of Cash Flows for further detail. 

Summary of Cash Flows:

Three Months EndedMarch 31,20252024($ in millions)Cash Provided By (Used In):Operating activities:Net income $62 $40 Adjustments to reconcile net income to net cash provided by operating activities (a)97 134 Other operating activities (b)(376)(264)Net cash used in operating activities(217)(90)Investing activities(23)(7)Financing activities (c)(191)99 Effect of exchange rate changes30 (22)Net Decrease in Cash and Cash Equivalents and Restricted Cash(401)(20)Cash and Cash Equivalents and Restricted Cash (d):Beginning of Period1,609 1,225 End of Period$1,208 $1,205 

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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 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