Lazard ltd (LAZ)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME

58,331

79,531

48,196

73,513

96,476

113,684

108,725

148,379

161,661

-82,954

111,470

120,901

110,430

128,987

112,618

81,364

70,723

155,341

399,790

375,155

62,646

172,805

89,920

85,909

85,429

52,796

62,748

31,921

17,649

-4,106

33,673

34,162

29,056

-8,123

67,133

71,566

59,983

111,435

70,354

53,528

-40,894

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property

8,986

10,715

8,610

8,061

8,186

8,800

8,627

8,442

8,234

8,289

7,838

7,709

7,662

8,678

7,956

8,241

8,389

8,534

8,351

8,024

7,876

8,132

8,676

8,797

8,859

9,285

8,872

8,534

8,059

8,383

7,672

7,825

6,975

6,404

6,356

5,904

5,916

6,581

6,009

4,901

5,221

Noncash lease expense

15,489

19,785

13,548

15,339

11,381

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred expenses and share-based incentive compensation

101,097

48,710

90,482

121,676

104,953

77,054

68,733

124,755

100,892

74,219

76,035

116,361

92,766

65,111

77,497

82,077

117,140

74,343

74,732

65,018

106,379

67,934

69,856

75,017

83,023

70,679

72,452

78,831

88,074

107,939

79,729

79,146

93,937

72,073

63,500

64,600

100,113

58,392

50,054

53,921

153,865

Amortization and other acquisition-related costs

446

9,876

1,022

5,042

3,470

-2,429

-5,851

-8,483

866

4,511

172

1,257

3,574

33,410

863

330

644

2,420

511

1,857

1,033

441

4,020

706

1,220

7,356

877

1,004

877

2,187

2,494

2,560

1,118

7,019

1,716

1,706

1,474

2,609

1,719

1,769

1,770

Deferred tax provision

11,522

31,285

-13,836

2,961

4,462

18,099

6,488

14,401

6,398

450,464

10,763

22,416

17,520

14,476

24,025

13,573

11,586

-44,126

138,660

-1,186,207

-9,112

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Benefit pursuant to tax receivable agreement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-420,792

961,948

6,535

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

0

0

-2,262

-4,243

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-60,219

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposits with banks and short-term investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-135,858

290,508

-19,498

122,987

180,263

-60,796

-35,081

10,082

61,421

-50,677

-29,370

33,012

80,622

-85,699

30,635

-19,271

65,856

-84,257

36,866

-32,554

-36,479

63,473

69,199

-179,817

2,924

-8,901

-35,278

Cash deposited with clearing organizations and other segregated cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,582

-223

-1,474

504

-15,851

13,982

-5,544

-31,286

20,961

-3,047

-2,284

-1,480

3,049

430

2,812

25,227

-18,197

7,707

-3,124

44,982

-29,419

-673

1,518

68,181

2,634

2,299

-109

Receivables-net

-59,961

-28,826

-26,386

5,531

13,989

49,476

-72,269

59,122

95,308

16,523

-110,272

112,816

-115,043

112,536

43,713

-11,877

11,757

1,246

4,632

-103,344

64,321

63,218

-16,501

20,334

9,149

-25,390

644

66,205

-11,333

-8,042

-5,698

-28,871

11,454

-89,834

81,158

-5,352

-47,125

-35,419

133,941

-88,682

42,850

Investments

-23,325

-11,269

-36,331

-47,388

40,160

-33,703

104,544

154,122

-74,124

-995

2,527

36,525

-66,979

8,146

-28,356

34,827

-86,169

-29,961

18,476

66,003

-118,677

80,287

18,421

121,489

-61,090

6,982

17,018

42,456

-4,954

-25,039

-3,182

61,004

-2,687

39,584

-84,291

26,527

-13,363

11,907

21,590

12,715

4,597

Other assets

172,121

3,138

20,822

23,515

84,225

-5,750

13,278

-6,321

137,635

9,497

-17,125

15,152

73,026

-6,167

9,192

5,994

46,592

-15,764

8,281

5,708

91,913

-2,424

19,522

-8,028

102,518

-21,167

-9,488

13,826

77,560

8,234

-5,207

7,133

52,523

-2,619

76,504

-23,959

11,722

-23,640

31,585

4,245

-656

Accrued compensation and benefits and other liabilities

-263,012

123,188

45,927

-3,380

-256,048

208,888

78,992

22,914

-157,941

96,729

1,710

169,095

-241,624

141,977

85,506

41,574

-354,436

130,609

104,122

8,834

-222,726

121,005

145,218

27,183

-114,174

101,333

40,342

39,680

-146,126

126,776

72,081

-302,242

174,391

64,400

135,881

-64,694

-302,122

164,010

109,576

1,552

-302,608

Deposits and other payables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-137,338

210,232

-2,729

119,793

23,641

-18,726

100,300

49,135

-100,243

54,229

71,680

-20,186

-106,479

134,429

-13,792

1,785

-88,452

42,489

17,602

-40,954

90,769

-61,459

-51,497

-36,991

87,162

-37,180

33,759

Net cash used in operating activities

-155,976

359,544

235,844

243,816

-161,251

407,578

226,684

103,485

-38,709

323,687

332,858

273,246

99,324

333,476

280,854

118,162

-99,891

367,902

308,092

176,334

34,968

320,595

285,780

75,836

53,806

358,830

154,309

86,643

-73,085

242,082

205,337

116,696

-82,207

116,182

266,753

84,553

-69,686

122,160

138,048

139,437

-230,847

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property

12,011

2,088

22,605

12,193

5,871

10,250

7,300

15,885

16,158

12,207

6,055

5,561

3,847

16,679

10,952

5,664

5,454

8,150

5,041

9,383

4,055

8,023

8,331

2,677

3,153

6,620

12,997

12,149

29,198

17,579

22,781

22,093

26,848

29,161

11,601

3,722

1,954

3,309

4,608

3,021

2,444

Disposals of property

69

411

13

15

70

2,019

38

96

1,231

467

90

58

135

230

707

55

104

206

135

292

44

1,062

673

100

250

568

104

3,108

2,631

2,210

105

444

1,609

808

154

155

44

131

47

115

139

Distributions relating to equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,118

50,319

Proceeds from sales and maturities of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

169,450

18,793

23,765

29,021

Net cash used in investing activities

-11,942

-1,677

-22,592

-12,178

-5,801

-8,231

-7,262

-15,789

-14,927

-11,740

-5,965

-5,503

-3,712

-16,449

-10,245

-5,609

-5,350

-7,944

-4,906

-9,091

-4,011

-6,961

-7,658

-2,577

-2,903

-6,052

-12,893

-9,041

-26,567

-15,369

-22,676

-21,649

-25,239

-28,353

-11,447

-3,567

-1,910

298,481

14,232

21,977

77,035

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Issuance of senior debt, net of expenses

-

0

157

0

491,875

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

396,272

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Customer deposits

70,652

-133,397

30,664

128,859

185,871

32,101

9,766

-30,147

100,341

272,379

-47,441

51,104

145,843

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests

25

572

0

197

996

-

-

-

-

-

-

-

-

0

0

0

93

7

211

0

57

430

665

53

384

-

-

-

-

197

760

80

704

13,684

2,841

96

884

1,619

1,005

0

2,000

Excess tax benefits from share-based incentive compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

1,728

3

-380

2,720

3,784

0

0

9,516

3,641

-417

0

1,925

-1,103

0

0

2,211

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

314

1,374

-

-

-

-

Payments for:
Senior debt

-

0

0

84,078

171,668

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

509,098

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital lease obligations

-

-

-

-

-

-

-

-

-

-

9

6,924

396

385

399

418

417

391

416

480

539

433

570

585

583

567

550

538

1,004

641

542

596

740

722

203

722

675

774

530

521

575

Distributions to noncontrolling interests

1,411

4,347

1,102

7,196

615

2,657

5,172

3,609

1,451

2,134

1,316

742

1,001

1,145

258

284

424

929

3,427

6,099

5,841

4,276

3,275

1,595

4,312

4,139

2,623

4,988

2,617

10,368

3,937

-10,499

23,961

12,303

13,397

5,148

2,886

17,272

10,824

4,417

5,074

Payments under tax receivable agreement

25,557

14

0

13

23,674

1,243

0

52

31,845

0

13

40

736

0

0

0

10,086

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common membership interests from members of LAZ-MD Holdings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

794

-

-

-

-

Purchase of Class A common stock

95,227

64,406

78,569

159,615

192,097

246,281

82,796

77,846

145,949

54,203

67,646

78,844

106,048

71,352

34,136

111,589

83,140

13,301

41,738

34,770

82,963

0

50,340

35,382

106,935

54,543

27,487

20,279

30,168

131,785

70,266

81,873

70,540

46,218

32,380

93,548

32,689

43,665

83,583

21,753

980

Class A common stock dividends

48,759

49,365

50,235

51,922

103,402

51,789

52,622

52,844

202,384

49,157

49,866

50,163

192,264

46,812

47,241

47,703

194,382

43,925

44,124

44,245

158,390

36,649

36,611

37,064

35,917

-

-

-

-

68,889

23,208

23,847

19,164

19,163

18,554

18,740

14,115

13,867

13,692

12,231

10,791

Settlement of share-based incentive compensation

66,728

3,003

867

5,432

90,657

876

267

8,175

101,043

515

1,299

4,607

61,478

516

1,398

3,709

50,455

15,109

2,373

749

101,885

1,659

1,257

505

82,021

-

-

2,828

116,954

4,197

11,265

4,496

24,925

1,413

1,702

7,619

83,016

2,629

10,411

12,273

32,263

Other financing activities

1,869

1,423

1,447

1,640

3,057

831

868

923

3,775

8,248

1,103

1,023

7,947

1,587

753

713

1,614

363

374

469

1,155

327

328

1,094

332

-

-

-

-

319

-40

-31

-28

28

33,340

27

19

21

19

17

17

Net cash provided by (used in) financing activities

-310,178

-255,383

-101,399

-180,840

93,572

-270,423

103,505

27,602

-586,788

165,451

-168,693

-91,239

-224,027

76,410

-61,668

-156,792

-337,705

-70,227

-135,739

-86,812

-454,026

-39,273

-112,133

-56,172

-227,791

-213,192

-66,598

-58,750

-148,532

-215,804

-108,508

-100,254

-138,654

-67,625

-230,252

-122,546

-131,936

-52,111

-122,042

-56,033

-47,700

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

-61,851

64,506

-83,786

21,039

-29,740

-23,291

-19,593

-96,168

49,406

35,545

37,037

72,484

18,570

-64,650

-1,508

-10,631

12,187

-17,632

-8,635

14,405

-37,175

-28,365

-29,896

815

1,995

13,529

12,064

-3,478

-15,895

6,341

7,549

-9,241

7,995

-6,307

-19,172

9,638

9,771

-6,266

19,761

-12,056

-11,710

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

-539,947

166,990

28,067

71,837

-103,220

105,633

303,334

19,130

-591,018

512,943

195,237

248,988

-109,845

328,787

207,433

-54,870

-430,759

272,099

158,812

94,836

-460,244

245,996

136,093

17,902

-174,893

153,115

86,882

15,374

-264,079

17,250

81,702

-14,448

-238,105

13,897

5,882

-31,922

-193,761

362,264

49,999

93,325

-213,222