Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 125

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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, or 6%, 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. 

The Company makes cash payments for a significant portion of its 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:

Nine Months EndedSeptember 30,20252024($ in millions)Cash Provided By (Used In):Operating activities:Net income $197 $208 Adjustments to reconcile net income to net cash provided by operating activities (a)403 306 Other operating activities (b)(480)(134)Net cash provided by operating activities120 380 Investing activities(64)100 Financing activities (c)(329)(206)Effect of exchange rate changes87 15 Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash(186)289 Cash and Cash Equivalents and Restricted Cash (d):Beginning of Period1,609 1,225 End of Period$1,423 $1,514 ________________________________________

(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 an 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 2025 and 2024, the issuance of the 2035 Notes and 2031 Notes, respectively, and the redemption of the 2027 Notes and partial redemption of the 2025 Notes).

(d)Consists of cash and