Lazard (LAZ) Q3 FY2023 earnings: revenue $524 million, down 27.9% on the year

Lazard, Inc. (LAZ) reported revenue of $524 million for Q3 FY2023, the quarter ended 30 September 2023, down 27.9% on the same quarter a year earlier. Net income was $7 million, down 93.3% on the year, and diluted earnings per share $0.06. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$524 milliondown 27.9%

Net income$7 milliondown 93.3%

Diluted EPS$0.06

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	524	n/a	n/a	n/a
Operating income	-4.9	n/a	n/a	n/a
Operating margin	-0.9%	n/a	n/a
Interest expense	19.3	n/a	n/a	n/a
Income tax	-11.6	n/a	n/a	n/a
Net income	7.1	n/a	n/a	n/a
Net margin	1.4%	n/a	n/a
Diluted EPS	$0.06	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	33.5	n/a	n/a	n/a
Capital expenditure	7.5	n/a	n/a	n/a
Free cash flow	26.0	n/a	n/a	n/a
Free cash flow margin	5.0%	n/a	n/a
Cash from investing	-7.3	n/a	n/a	n/a
Cash from financing	-177	n/a	n/a	n/a
Depreciation and amortisation	10.5	n/a	n/a	n/a
Share-based compensation	58.4	n/a	n/a	n/a
Buybacks	3.0	n/a	n/a	n/a
Dividends paid	43.4	n/a	n/a	n/a
Dividend per share	$0.50	n/a	n/a	n/a
Diluted shares, weighted	94m	n/a	n/a	n/a
Shares outstanding at period end	113m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	361	n/a	n/a	n/a
Non-controlling interest	58.2	n/a	n/a	n/a
Redeemable equity	81.8	n/a	n/a	n/a
Debt	1,690	n/a	n/a	n/a
Other liabilities	2,105	n/a	n/a	n/a
Total liabilities and equity	4,296	n/a	n/a	n/a
Fixed assets	230	n/a	n/a	n/a
Goodwill	394	n/a	n/a	n/a
Cash and equivalents	653	n/a	n/a	n/a
Other assets	3,018	n/a	n/a	n/a
Total assets	4,296	n/a	n/a	n/a

Questions

What was Lazard's revenue in Q3 FY2023?

Lazard (LAZ) reported revenue of $524 million for Q3 FY2023, the quarter ended 30 September 2023, down 27.9% on the same quarter a year earlier.

How much did Lazard earn in Q3 FY2023?

Net income for Q3 FY2023 was $7 million, down 93.3% on the year, and diluted earnings per share $0.06.

When did Lazard report Q3 FY2023 results?

Lazard filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 27 October 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	524	806	765	685	785	817	648	796	748	907	757	808
Operating income	-4.9	71.9	54.6	63.6	161	107	54.6	93.1	94.9	85.0	89.6	37.6
Operating margin	-1%	9%	7%	9%	21%	13%	8%	12%	13%	9%	12%	5%
Interest expense	19.3	19.7	20.7	22.6	22.5	22.2	21.0	21.1	22.6	22.6	22.7	22.4
Net income	7.1	63.6	35.8	49.9	108	86.3	60.4	55.3	71.2	49.9	101	4.8
Net margin	1%	8%	5%	7%	14%	11%	9%	7%	10%	5%	13%	1%
Diluted EPS	$0.06	$0.65	$0.35	$0.49	$1.02	$0.80	$0.56	$0.52	$0.65	$0.45	$0.91	$0.03
Operating cash flow	33.5	342	-90.0	176	294	363	-218	49.7	287	400	-219	203
Capital expenditure	7.5	8.8	6.6	6.4	17.6	14.9	13.8	11.7	2.9	3.6	2.2	3.9
Free cash flow	26.0	333	-96.6	170	276	348	-231	38.0	285	396	-221	199
Buybacks	3.0	0.0	22.0	18.8	3.1	15.6	36.2	3.8	1.1	50.0	1.7	50.0
Dividends paid	43.4	43.7	43.7	45.0	45.1	45.2	45.0	47.1	47.2	47.4	47.0	49.3
Shares outstanding	113m	113m	113m	113m	113m	113m	113m	113m	113m	112m	112m	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0001628280-23-035416: the filing on EDGAR. All of Lazard, Inc.'s filings: EDGAR company page.

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