Lazard Ltd Reports Third-Quarter and Nine-Month 2022 Results
Lazard Ltd (NYSE: LAZ) reported record operating revenue of $724 million for Q3 2022, a 3% increase compared to Q3 2021. Adjusted net income was $106 million or $1.05 per diluted share. For the first nine months of 2022, net income, as adjusted, totaled $317 million, down 11% from the previous year. The company returned $812 million to shareholders, including repurchasing 17.2 million shares. Despite challenges in asset management, Lazard remains committed to delivering long-term value through diversified services and robust capital management.
- Record Q3 operating revenue of $724 million, up 3% YoY.
- Financial Advisory revenue rose 19% YoY to $454 million.
- Returned $812 million to shareholders YTD, including $612 million in share repurchases.
- Asset Management revenue decreased 15% YoY to $263 million.
- Average Assets Under Management (AUM) fell 24% YoY to $212 billion.
- Adjusted net income YTD down 11% compared to previous year.
Financial Advisory record operating revenue year to date, driven by strength in
Asset Management resilient performance amid challenging market and foreign exchange headwinds
Returned
For the first nine months of 2022, net income, as adjusted, was
“Our record third-quarter revenue reflects the strength of our diversified business model and our commitment to providing innovative client solutions during challenging market conditions,” said
($ in millions, except |
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Quarter Ended |
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per share data and AUM) |
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2022 |
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2021 |
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%'22-'21 |
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2022 |
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2021 |
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%'22-'21 |
Net Income |
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Per share, diluted |
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Adjusted2 |
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Per share, diluted |
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Operating Revenue1 |
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Total operating revenue |
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( |
Financial Advisory |
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Asset Management |
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AUM ($ in billions) |
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Period end |
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Average |
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Note: Endnotes are on page 7 of this release. A reconciliation of adjusted GAAP to
OPERATING REVENUE
Operating revenue1 was a third-quarter record
Financial Advisory
Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.
For the third quarter of 2022, Financial Advisory operating revenue was a third-quarter record
For the first nine months of 2022, Financial Advisory operating revenue was a record
During and since the third quarter of 2022, Lazard has been engaged in significant and complex M&A transactions and other strategic advisory assignments globally, including the following (clients are in italics): Intel’s joint
Lazard has one of the world’s preeminent restructuring practices. During and since the third quarter of 2022, we have been engaged in a broad range of visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: Bed Bath & Beyond;
Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.
For a list of publicly announced Financial Advisory transactions on which Lazard advised in the third quarter of 2022, or continued to advise or completed since
Asset Management
In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.
For the third quarter of 2022, Asset Management operating revenue was
For the third quarter of 2022, management fees and other revenue was
Average assets under management (AUM) for the third quarter of 2022 was
AUM as of
For the third quarter of 2022, incentive fees were
OPERATING EXPENSES
Compensation and Benefits
In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges), a non-GAAP measure. We believe annual awarded compensation reflects the actual annual compensation cost more accurately than the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.
For the third quarter of 2022, we accrued compensation and benefits expense at an adjusted compensation1 ratio of
For the first nine months of 2022, adjusted compensation and benefits expense was
We manage our compensation and benefits expense based on awarded compensation with a consistent deferral policy. We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.
Non-Compensation Expense
Adjusted non-compensation expense1 for the third quarter of 2022, was
Adjusted non-compensation expense for the first nine months of 2022 was
Our goal remains to maintain an adjusted non-compensation expense-to-operating revenue ratio over the cycle of
TAXES
The provision for taxes, on an adjusted basis1, was
CAPITAL MANAGEMENT AND BALANCE SHEET
Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.
In the third quarter of 2022, Lazard returned
In the first nine months of 2022, Lazard returned
During the first nine months of 2022, we repurchased a record 17.2 million shares, which included 6.7 million shares repurchased in the third quarter. As of
On
Lazard’s financial position remains strong. As of
***
CONFERENCE CALL
Lazard will host a conference call at
A replay of the conference call will be available by
ABOUT LAZARD
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 41 cities across 26 countries in North, Central and
***
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements, including with respect to the current COVID-19 pandemic, are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:
- A decline in general economic conditions or the global or regional financial markets;
- A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);
- Losses caused by financial or other problems experienced by third parties;
- Losses due to unidentified or unanticipated risks;
- A lack of liquidity, i.e., ready access to funds, for use in our businesses; and
- Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.
***
ENDNOTES
1 A non-
2 Third-quarter and first-nine-months 2022 adjusted results1 exclude pre-tax charges of
LAZ-EPE
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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Three Months Ended |
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% Change From |
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($ in thousands, except per share data) |
2022 |
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2022 |
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2021 |
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2022 |
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2021 |
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Total revenue |
$ |
746,431 |
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$ |
660,658 |
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$ |
737,807 |
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|
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Interest expense |
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(19,687 |
) |
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|
(21,112 |
) |
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(20,378 |
) |
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|
|
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Net revenue |
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726,744 |
|
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|
639,546 |
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|
717,429 |
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Operating expenses: |
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Compensation and benefits |
|
420,937 |
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363,830 |
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419,627 |
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Occupancy and equipment |
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30,696 |
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29,409 |
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31,015 |
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Marketing and business development |
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19,633 |
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22,673 |
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9,922 |
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Technology and information services |
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44,579 |
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42,067 |
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37,559 |
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Professional services |
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15,665 |
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16,549 |
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16,698 |
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Fund administration and outsourced services |
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27,110 |
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28,551 |
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34,137 |
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Amortization of intangible assets related to acquisitions |
|
15 |
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15 |
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15 |
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Other |
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9,967 |
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10,614 |
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13,497 |
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Subtotal |
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147,665 |
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149,878 |
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142,843 |
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( |
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Operating expenses |
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568,602 |
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513,708 |
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562,470 |
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Operating income |
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158,142 |
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125,838 |
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154,959 |
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Provision for income taxes |
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35,350 |
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34,187 |
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39,446 |
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( |
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Net income |
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122,792 |
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|
91,651 |
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|
115,513 |
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Net income (loss) attributable to noncontrolling interests |
|
16,995 |
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|
(3,829 |
) |
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|
8,304 |
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Net income attributable to |
$ |
105,797 |
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$ |
95,480 |
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$ |
107,209 |
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( |
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Attributable to Lazard Ltd Common Stockholders: |
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Weighted average shares outstanding: |
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Basic |
|
93,275,631 |
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98,660,173 |
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105,415,743 |
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( |
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( |
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Diluted |
|
98,865,156 |
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102,753,336 |
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|
112,994,037 |
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( |
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( |
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Net income per share: |
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Basic |
$ |
1.11 |
|
|
$ |
0.96 |
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|
$ |
1.00 |
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|
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Diluted |
$ |
1.06 |
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|
$ |
0.92 |
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|
$ |
0.94 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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( |
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Nine Months Ended |
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($ in thousands, except per share data) |
2022 |
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2021 |
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% Change |
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Total revenue |
$ |
2,123,233 |
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|
$ |
2,260,975 |
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|
( |
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Interest expense |
|
(62,051 |
) |
|
|
(60,302 |
) |
|
|
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Net revenue |
|
2,061,182 |
|
|
|
2,200,673 |
|
|
( |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
1,181,608 |
|
|
|
1,336,091 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy and equipment |
|
91,344 |
|
|
|
95,638 |
|
|
|
|
Marketing and business development |
|
56,429 |
|
|
|
25,905 |
|
|
|
|
Technology and information services |
|
124,577 |
|
|
|
107,003 |
|
|
|
|
Professional services |
|
48,243 |
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|
|
51,642 |
|
|
|
|
Fund administration and outsourced services |
|
85,364 |
|
|
|
94,718 |
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|
|
|
Amortization of intangible assets related to acquisitions |
|
45 |
|
|
|
45 |
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|
|
|
Other |
|
29,864 |
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|
|
34,121 |
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|
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Subtotal |
|
435,866 |
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|
|
409,072 |
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|
|
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Operating expenses |
|
1,617,474 |
|
|
|
1,745,163 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
443,708 |
|
|
|
455,510 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
108,290 |
|
|
|
124,255 |
|
|
( |
|
Net income |
|
335,418 |
|
|
|
331,255 |
|
|
|
|
Net income attributable to noncontrolling interests |
|
20,265 |
|
|
|
13,568 |
|
|
|
|
Net income attributable to |
$ |
315,153 |
|
|
$ |
317,687 |
|
|
( |
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|
|
|
|
|
|
|
|
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Attributable to Lazard Ltd Common Stockholders: |
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|
|
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|
|
|
|
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Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
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Basic |
|
98,161,027 |
|
|
|
106,484,652 |
|
|
( |
|
Diluted |
|
103,268,378 |
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|
|
114,139,936 |
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|
( |
|
|
|
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|
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|
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Net income per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.16 |
|
|
$ |
2.94 |
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|
|
|
Diluted |
$ |
3.03 |
|
|
$ |
2.78 |
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|
|
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UNAUDITED CONDENSED CONSOLIDATED |
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STATEMENT OF FINANCIAL CONDITION |
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( |
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($ in thousands) |
2022 |
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2021 |
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ASSETS |
|||||||
|
|
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|
|
|
|
Cash and cash equivalents |
$ |
1,000,102 |
|
|
$ |
1,465,022 |
|
Deposits with banks and short-term investments |
|
1,341,514 |
|
|
|
1,347,544 |
|
Restricted cash |
|
621,099 |
|
|
|
617,448 |
|
Receivables |
|
740,395 |
|
|
|
805,809 |
|
Investments |
|
638,960 |
|
|
|
1,007,339 |
|
Property |
|
218,551 |
|
|
|
250,005 |
|
|
|
375,889 |
|
|
|
379,571 |
|
Operating lease right-of-use assets |
|
420,013 |
|
|
|
466,054 |
|
Deferred tax assets |
|
390,543 |
|
|
|
435,308 |
|
Other assets |
|
460,859 |
|
|
|
373,081 |
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,207,925 |
|
|
$ |
7,147,181 |
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY |
|
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|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Deposits and other customer payables |
$ |
1,499,812 |
|
|
$ |
1,442,701 |
|
Accrued compensation and benefits |
|
531,496 |
|
|
|
972,303 |
|
Operating lease liabilities |
|
502,206 |
|
|
|
552,522 |
|
Tax receivable agreement obligation |
|
192,399 |
|
|
|
213,434 |
|
Senior debt |
|
1,687,092 |
|
|
|
1,685,227 |
|
Other liabilities |
|
539,101 |
|
|
|
628,030 |
|
Total liabilities |
|
4,952,106 |
|
|
|
5,494,217 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
578,495 |
|
|
|
575,000 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Preferred stock, par value |
|
- |
|
|
|
- |
|
Common stock, par value |
|
1,128 |
|
|
|
1,128 |
|
Additional paid-in capital |
|
126,746 |
|
|
|
144,729 |
|
Retained earnings |
|
1,682,398 |
|
|
|
1,560,636 |
|
Accumulated other comprehensive loss, net of tax |
|
(334,382 |
) |
|
|
(223,847 |
) |
Subtotal |
|
1,475,890 |
|
|
|
1,482,646 |
|
Class A common stock held by subsidiaries, at cost |
|
(915,254 |
) |
|
|
(507,426 |
) |
|
|
560,636 |
|
|
|
975,220 |
|
Noncontrolling interests |
|
116,688 |
|
|
|
102,744 |
|
Total stockholders' equity |
|
677,324 |
|
|
|
1,077,964 |
|
|
|
|
|
|
|
|
|
Total liabilities, redeemable noncontrolling interests and stockholders' equity |
$ |
6,207,925 |
|
|
$ |
7,147,181 |
|
|
||||||||||||||||
SELECTED SUMMARY FINANCIAL INFORMATION (a) |
||||||||||||||||
(Non-GAAP - unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
% Change From |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
($ in thousands, except per share data) |
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Advisory |
$ |
453,664 |
|
|
$ |
406,792 |
|
|
$ |
381,295 |
|
|
|
|
|
|
Asset Management |
|
262,559 |
|
|
|
265,707 |
|
|
|
310,566 |
|
|
( |
|
|
( |
Corporate |
|
7,328 |
|
|
|
3,412 |
|
|
|
9,783 |
|
|
NM |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue (b) |
$ |
723,551 |
|
|
$ |
675,911 |
|
|
$ |
701,644 |
|
|
|
|
|
|
|
||||||||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted compensation and benefits expense (c) |
$ |
434,131 |
|
|
$ |
395,407 |
|
|
$ |
417,479 |
|
|
|
|
|
|
Ratio of adjusted compensation to operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-compensation expense (d) |
$ |
128,263 |
|
|
$ |
130,941 |
|
|
$ |
116,734 |
|
|
( |
|
|
|
Ratio of non-compensation to operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
||||||||||||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations (e) |
$ |
161,157 |
|
|
$ |
149,563 |
|
|
$ |
167,431 |
|
|
|
|
|
( |
Operating margin (f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (g) |
$ |
106,472 |
|
|
$ |
96,108 |
|
|
$ |
111,398 |
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net income per share |
$ |
1.05 |
|
|
$ |
0.92 |
|
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares (h) |
|
101,603,367 |
|
|
|
104,767,897 |
|
|
|
113,781,092 |
|
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This presentation includes non- |
|
|||||||||
SELECTED SUMMARY FINANCIAL INFORMATION (a) |
|||||||||
(Non-GAAP - unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
||
($ in thousands, except per share data) |
2022 |
|
|
2021 |
|
|
% Change |
||
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Advisory |
$ |
1,248,586 |
|
|
$ |
1,169,670 |
|
|
|
Asset Management |
|
840,047 |
|
|
|
981,933 |
|
|
( |
Corporate |
|
9,464 |
|
|
|
19,349 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
Operating revenue (b) |
$ |
2,098,097 |
|
|
$ |
2,170,952 |
|
|
( |
|
|||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted compensation and benefits expense (c) |
$ |
1,238,240 |
|
|
$ |
1,291,717 |
|
|
( |
Ratio of adjusted compensation to operating revenue |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Non-compensation expense (d) |
$ |
376,330 |
|
|
$ |
338,044 |
|
|
|
Ratio of non-compensation to operating revenue |
|
|
|
|
|
|
|
||
|
|||||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations (e) |
$ |
483,527 |
|
|
$ |
541,191 |
|
|
( |
Operating margin (f) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Adjusted net income (g) |
$ |
317,272 |
|
|
$ |
358,417 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net income per share |
$ |
3.02 |
|
|
$ |
3.13 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares (h) |
|
105,183,136 |
|
|
|
114,565,986 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
Effective tax rate (i) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
|
|
||||||||||||||||||
ASSETS UNDER MANAGEMENT ("AUM") |
|
||||||||||||||||||
(unaudited) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
Variance |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
Qtr to Qtr |
|
|
YTD |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets |
$ |
20,378 |
|
|
$ |
22,656 |
|
|
$ |
31,227 |
|
|
( |
|
|
( |
|
||
Global |
|
43,754 |
|
|
|
48,742 |
|
|
|
59,516 |
|
|
( |
|
|
( |
|
||
Local |
|
43,589 |
|
|
|
46,617 |
|
|
|
56,310 |
|
|
( |
|
|
( |
|
||
Multi-Regional |
|
45,988 |
|
|
|
52,259 |
|
|
|
73,953 |
|
|
( |
|
|
( |
|
||
Total Equity |
|
153,709 |
|
|
|
170,274 |
|
|
|
221,006 |
|
|
( |
|
|
( |
|
||
Fixed Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets |
|
9,288 |
|
|
|
9,948 |
|
|
|
12,231 |
|
|
( |
|
|
( |
|
||
Global |
|
10,252 |
|
|
|
12,380 |
|
|
|
14,410 |
|
|
( |
|
|
( |
|
||
Local |
|
4,986 |
|
|
|
5,302 |
|
|
|
6,022 |
|
|
( |
|
|
( |
|
||
Multi-Regional |
|
13,786 |
|
|
|
12,299 |
|
|
|
13,623 |
|
|
|
|
|
|
|
||
Total Fixed Income |
|
38,312 |
|
|
|
39,929 |
|
|
|
46,286 |
|
|
( |
|
|
( |
|
||
Alternative Investments |
|
3,900 |
|
|
|
4,145 |
|
|
|
4,203 |
|
|
( |
|
|
( |
|
||
Private Equity |
|
1,042 |
|
|
|
1,268 |
|
|
|
1,290 |
|
|
( |
|
|
( |
|
||
Cash Management |
|
803 |
|
|
|
1,010 |
|
|
|
954 |
|
|
( |
|
|
( |
|
||
Total AUM |
$ |
197,766 |
|
|
$ |
216,626 |
|
|
$ |
273,739 |
|
|
( |
|
|
( |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Nine Months Ended |
|
||||||||||
|
2022 |
|
|
2021 |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM - Beginning of Period |
$ |
216,626 |
|
|
$ |
277,378 |
|
|
|
|
|
|
$ |
273,739 |
|
|
$ |
258,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Flows |
|
(2,006 |
) |
|
|
(2,331 |
) |
|
|
|
|
|
|
(13,180 |
) |
|
|
(4,838 |
) |
Market and foreign exchange appreciation (depreciation) |
|
(16,854 |
) |
|
|
(2,475 |
) |
|
|
|
|
|
|
(62,793 |
) |
|
|
18,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM - End of Period |
$ |
197,766 |
|
|
$ |
272,572 |
|
|
|
|
|
|
$ |
197,766 |
|
|
$ |
272,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM |
$ |
212,259 |
|
|
$ |
277,941 |
|
|
|
|
|
|
$ |
232,839 |
|
|
$ |
271,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in average AUM |
( |
|
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Average AUM generally represents the average of the monthly ending AUM balances for the period. |
|
|
||||||||||||||||||
RECONCILIATION OF |
|
||||||||||||||||||
(unaudited) |
|
||||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
($ in thousands, except per share data) |
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
|
||||||||||||||||||
Net revenue - |
$ |
726,744 |
|
|
$ |
639,546 |
|
|
$ |
717,429 |
|
|
$ |
2,061,182 |
|
|
$ |
2,200,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue related to noncontrolling interests (j) |
|
(20,847 |
) |
|
|
(660 |
) |
|
|
(11,994 |
) |
|
|
(32,302 |
) |
|
|
(24,109 |
) |
(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements |
|
16,180 |
|
|
|
35,098 |
|
|
|
1,368 |
|
|
|
65,601 |
|
|
|
(22,610 |
) |
Distribution fees, reimbursable deal costs, bad debt expense and other (k) |
|
(17,588 |
) |
|
|
(17,083 |
) |
|
|
(23,876 |
) |
|
|
(53,493 |
) |
|
|
(62,211 |
) |
Losses associated with restructuring and closing of certain offices (l) |
|
- |
|
|
|
- |
|
|
|
51 |
|
|
|
- |
|
|
|
23,630 |
|
Interest expense |
|
19,062 |
|
|
|
19,010 |
|
|
|
18,666 |
|
|
|
57,109 |
|
|
|
55,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue, as adjusted (b) |
$ |
723,551 |
|
|
$ |
675,911 |
|
|
$ |
701,644 |
|
|
$ |
2,098,097 |
|
|
$ |
2,170,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits Expense |
|
||||||||||||||||||
Compensation and benefits expense - |
$ |
420,937 |
|
|
$ |
363,830 |
|
|
$ |
419,627 |
|
|
$ |
1,181,608 |
|
|
$ |
1,336,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Charges) credits pertaining to LFI and other similar arrangements |
|
16,180 |
|
|
|
35,098 |
|
|
|
1,368 |
|
|
|
65,601 |
|
|
|
(22,610 |
) |
Expenses associated with restructuring and closing of certain offices (m) |
|
- |
|
|
|
- |
|
|
|
(1,012 |
) |
|
|
- |
|
|
|
(14,922 |
) |
Compensation related to noncontrolling interests (j) |
|
(2,986 |
) |
|
|
(3,521 |
) |
|
|
(2,504 |
) |
|
|
(8,969 |
) |
|
|
(6,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits expense, as adjusted (c) |
$ |
434,131 |
|
|
$ |
395,407 |
|
|
$ |
417,479 |
|
|
$ |
1,238,240 |
|
|
$ |
1,291,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Compensation Expense |
|
||||||||||||||||||
Non-compensation expense - Subtotal - |
$ |
147,665 |
|
|
$ |
149,878 |
|
|
$ |
142,843 |
|
|
$ |
435,866 |
|
|
$ |
409,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses related to office space reorganization (n) |
|
(933 |
) |
|
|
(871 |
) |
|
|
(991 |
) |
|
|
(2,928 |
) |
|
|
(3,644 |
) |
Distribution fees, reimbursable deal costs, bad debt expense and other (k) |
|
(17,588 |
) |
|
|
(17,083 |
) |
|
|
(23,876 |
) |
|
|
(53,493 |
) |
|
|
(62,211 |
) |
Amortization of intangible assets related to acquisitions |
|
(15 |
) |
|
|
(15 |
) |
|
|
(15 |
) |
|
|
(45 |
) |
|
|
(45 |
) |
Expenses associated with restructuring and closing of certain offices (m) |
|
- |
|
|
|
- |
|
|
|
(39 |
) |
|
|
- |
|
|
|
(1,424 |
) |
Non-compensation expense related to noncontrolling interests (j) |
|
(866 |
) |
|
|
(968 |
) |
|
|
(1,188 |
) |
|
|
(3,070 |
) |
|
|
(3,704 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-compensation expense, as adjusted (d) |
$ |
128,263 |
|
|
$ |
130,941 |
|
|
$ |
116,734 |
|
|
$ |
376,330 |
|
|
$ |
338,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax Income and Earnings From Operations |
|
||||||||||||||||||
Operating Income - |
$ |
158,142 |
|
|
$ |
125,838 |
|
|
$ |
154,959 |
|
|
$ |
443,708 |
|
|
$ |
455,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses associated with restructuring and closing of certain offices (l) |
|
- |
|
|
|
- |
|
|
|
51 |
|
|
|
- |
|
|
|
23,630 |
|
Expenses related to office space reorganization (n) |
|
933 |
|
|
|
871 |
|
|
|
991 |
|
|
|
2,928 |
|
|
|
3,644 |
|
Expenses associated with restructuring and closing of certain offices (m) |
|
- |
|
|
|
- |
|
|
|
1,051 |
|
|
|
- |
|
|
|
16,346 |
|
Net (income) loss related to noncontrolling interests (j) |
|
(16,995 |
) |
|
|
3,829 |
|
|
|
(8,304 |
) |
|
|
(20,265 |
) |
|
|
(13,568 |
) |
Pre-tax income, as adjusted |
|
142,080 |
|
|
|
130,538 |
|
|
|
148,748 |
|
|
|
426,371 |
|
|
|
485,562 |
|
Interest expense |
|
19,062 |
|
|
|
19,010 |
|
|
|
18,666 |
|
|
|
57,109 |
|
|
|
55,579 |
|
Amortization of intangible assets related to acquisitions and other |
|
15 |
|
|
|
15 |
|
|
|
17 |
|
|
|
47 |
|
|
|
50 |
|
Earnings from operations, as adjusted (e) |
$ |
161,157 |
|
|
$ |
149,563 |
|
|
$ |
167,431 |
|
|
$ |
483,527 |
|
|
$ |
541,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to |
|
||||||||||||||||||
Net income attributable to |
$ |
105,797 |
|
|
$ |
95,480 |
|
|
$ |
107,209 |
|
|
$ |
315,153 |
|
|
$ |
317,687 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses associated with restructuring and closing of certain offices (l) |
|
- |
|
|
|
- |
|
|
|
51 |
|
|
|
- |
|
|
|
23,630 |
|
Expenses related to office space reorganization (n) |
|
933 |
|
|
|
871 |
|
|
|
991 |
|
|
|
2,928 |
|
|
|
3,644 |
|
Expenses associated with restructuring and closing of certain offices (m) |
|
- |
|
|
|
- |
|
|
|
1,051 |
|
|
|
- |
|
|
|
16,346 |
|
Tax expense (benefit) allocated to adjustments |
|
(258 |
) |
|
|
(243 |
) |
|
|
2,096 |
|
|
|
(809 |
) |
|
|
(2,890 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as adjusted (g) |
$ |
106,472 |
|
|
$ |
96,108 |
|
|
$ |
111,398 |
|
|
$ |
317,272 |
|
|
$ |
358,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Shares Outstanding |
|
||||||||||||||||||
Diluted Weighted Average Shares Outstanding - |
|
98,865,156 |
|
|
|
102,753,336 |
|
|
|
112,994,037 |
|
|
|
103,268,378 |
|
|
|
114,139,936 |
|
Adjustment: participating securities including profits interest participation rights |
|
2,738,211 |
|
|
|
2,014,561 |
|
|
|
787,055 |
|
|
|
1,914,758 |
|
|
|
426,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Shares Outstanding, as adjusted (h) |
|
101,603,367 |
|
|
|
104,767,897 |
|
|
|
113,781,092 |
|
|
|
105,183,136 |
|
|
|
114,565,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.06 |
|
|
$ |
0.92 |
|
|
$ |
0.94 |
|
|
$ |
3.03 |
|
|
$ |
2.78 |
|
Non-GAAP Basis, as adjusted |
$ |
1.05 |
|
|
$ |
0.92 |
|
|
$ |
0.98 |
|
|
$ |
3.02 |
|
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
|
||||||||||||||||||
|
|
||||||||||||||||||
See Notes to Financial Schedules |
|
|
|
||||||||||||||||||
RECONCILIATION OF NON-COMPENSATION |
|
||||||||||||||||||
(unaudited) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
($ in thousands) |
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Non-compensation expense - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy and equipment |
$ |
30,696 |
|
|
$ |
29,409 |
|
|
$ |
31,015 |
|
|
$ |
91,344 |
|
|
$ |
95,638 |
|
Marketing and business development |
|
19,633 |
|
|
|
22,673 |
|
|
|
9,922 |
|
|
|
56,429 |
|
|
|
25,905 |
|
Technology and information services |
|
44,579 |
|
|
|
42,067 |
|
|
|
37,559 |
|
|
|
124,577 |
|
|
|
107,003 |
|
Professional services |
|
15,665 |
|
|
|
16,549 |
|
|
|
16,698 |
|
|
|
48,243 |
|
|
|
51,642 |
|
Fund administration and outsourced services |
|
27,110 |
|
|
|
28,551 |
|
|
|
34,137 |
|
|
|
85,364 |
|
|
|
94,718 |
|
Amortization of intangible assets related to acquisitions |
|
15 |
|
|
|
15 |
|
|
|
15 |
|
|
|
45 |
|
|
|
45 |
|
Other |
|
9,967 |
|
|
|
10,614 |
|
|
|
13,497 |
|
|
|
29,864 |
|
|
|
34,121 |
|
Non-compensation expense - Subtotal - |
$ |
147,665 |
|
|
$ |
149,878 |
|
|
$ |
142,843 |
|
|
$ |
435,866 |
|
|
$ |
409,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-compensation expense - Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy and equipment (j) (m) (n) |
$ |
(944 |
) |
|
$ |
(932 |
) |
|
$ |
(1,106 |
) |
|
$ |
(3,059 |
) |
|
$ |
(4,503 |
) |
Marketing and business development (j) (k) (m) |
|
(2,516 |
) |
|
|
(2,043 |
) |
|
|
(1,261 |
) |
|
|
(5,784 |
) |
|
|
(2,713 |
) |
Technology and information services (j) (k) (m) |
|
(23 |
) |
|
|
(61 |
) |
|
|
(72 |
) |
|
|
(114 |
) |
|
|
(174 |
) |
Professional services (j) (k) (m) (n) |
|
(510 |
) |
|
|
(403 |
) |
|
|
(1,143 |
) |
|
|
(1,651 |
) |
|
|
(4,658 |
) |
Fund administration and outsourced services (j) (k) |
|
(14,362 |
) |
|
|
(15,680 |
) |
|
|
(19,669 |
) |
|
|
(46,554 |
) |
|
|
(51,765 |
) |
Amortization of intangible assets related to acquisitions |
|
(15 |
) |
|
|
(15 |
) |
|
|
(15 |
) |
|
|
(45 |
) |
|
|
(45 |
) |
Other (j) (k) (m) (n) |
|
(1,032 |
) |
|
|
197 |
|
|
|
(2,843 |
) |
|
|
(2,329 |
) |
|
|
(7,170 |
) |
Subtotal Non-compensation adjustments |
$ |
(19,402 |
) |
|
$ |
(18,937 |
) |
|
$ |
(26,109 |
) |
|
$ |
(59,536 |
) |
|
$ |
(71,028 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-compensation expense, as adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy and equipment |
$ |
29,752 |
|
|
$ |
28,477 |
|
|
$ |
29,909 |
|
|
$ |
88,285 |
|
|
$ |
91,135 |
|
Marketing and business development |
|
17,117 |
|
|
|
20,630 |
|
|
|
8,661 |
|
|
|
50,645 |
|
|
|
23,192 |
|
Technology and information services |
|
44,556 |
|
|
|
42,006 |
|
|
|
37,487 |
|
|
|
124,463 |
|
|
|
106,829 |
|
Professional services |
|
15,155 |
|
|
|
16,146 |
|
|
|
15,555 |
|
|
|
46,592 |
|
|
|
46,984 |
|
Fund administration and outsourced services |
|
12,748 |
|
|
|
12,871 |
|
|
|
14,468 |
|
|
|
38,810 |
|
|
|
42,953 |
|
Amortization of intangible assets related to acquisitions |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other |
|
8,935 |
|
|
|
10,811 |
|
|
|
10,654 |
|
|
|
27,535 |
|
|
|
26,951 |
|
Non-compensation expense, as adjusted (d) |
$ |
128,263 |
|
|
$ |
130,941 |
|
|
$ |
116,734 |
|
|
$ |
376,330 |
|
|
$ |
338,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
|
||||||||||||||||||
|
|
||||||||||||||||||
See Notes to Financial Schedules |
|
|
||||||
|
|
|
|
|
|
|
Notes to Financial Schedules |
||||||
|
|
|
|
|
|
|
(a) |
Selected Summary Financial Information are non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with |
|||||
|
|
|
|
|
|
|
(b) |
A non-GAAP measure which excludes (i) revenue related to noncontrolling interests (see (j) below), (ii) (gains) losses related to the changes in the fair value of investments held in connection with Lazard Fund Interests and other similar deferred compensation arrangements for which a corresponding equal amount is excluded from compensation & benefits expense, (iii) revenue related to distribution fees, reimbursable deal costs in accordance with the revenue recognition guidance, bad debt expense, and other (see (k) below), (iv) for the three and nine month periods ended |
|||||
|
|
|
|
|
|
|
(c) |
A non-GAAP measure which excludes (i) (charges) credits related to the changes in the fair value of the compensation liability recorded in connection with Lazard Fund Interests and other similar deferred compensation arrangements, (ii) for the three and nine month periods ended |
|||||
|
|
|
|
|
|
|
(d) |
A non-GAAP measure which excludes (i) expenses related to office space reorganization (see (n) below), (ii) expenses related to distribution fees, reimbursable deal costs in accordance with the revenue recognition guidance, bad debt expense, and other (see (k) below), (iii) amortization of intangible assets related to acquisitions, (iv) for the three and nine month periods ended |
|||||
|
|
|
|
|
|
|
(e) |
A non-GAAP measure which excludes (i) for the three and nine month periods ended |
|||||
|
|
|
|
|
|
|
(f) |
Represents earnings from operations as a percentage of operating revenue, and is a non-GAAP measure. |
|||||
|
|
|
|
|
|
|
(g) |
A non-GAAP measure which excludes (i) for the three and nine month periods ended |
|||||
|
|
|
|
|
|
|
(h) |
A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights and other participating securities may be excluded from the computation of outstanding stock equivalents for |
|||||
|
|
|
|
|
|
|
(i) |
Effective tax rate is a non-GAAP measure based upon the |
|||||
|
|
|
|
|
|
|
(j) |
Noncontrolling interests include revenue and expenses principally related to Edgewater, ESC Funds and a |
|||||
|
|
|
|
|
|
|
(k) |
Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non-GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees that are deemed uncollectible. |
|||||
|
|
|
|
|
|
|
(l) |
Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices. |
|||||
|
|
|
|
|
|
|
(m) |
Expenses associated with restructuring and closing of certain offices. |
|||||
|
|
|
|
|
|
|
(n) |
Represents building depreciation and other costs related to office space reorganization. |
|||||
|
|
|
|
|
|
|
NM |
Not meaningful |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005336/en/
Media Contact:
+1 212 632 1428
judi.mackey@lazard.com
Investor Contact:
+1 212 632 6886
alexandra.deignan@lazard.com
Source:
FAQ
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