Lazard Reports Fourth-quarter and Full-year 2024 Results
Lazard (NYSE: LAZ) reported strong financial results for Q4 and full-year 2024, with firm-wide adjusted net revenue increasing 18% in 2024. The company's Financial Advisory segment showed significant growth with adjusted net revenue up 28% to $1,731 million, while Asset Management revenue increased 3% to $1,100 million.
Q4 2024 highlights include net revenue of $817 million and adjusted net income of $85 million ($0.78 per share). Full-year 2024 results show net revenue of $3,052 million and adjusted net income of $244 million ($2.34 per share). Assets Under Management (AUM) stood at $226 billion as of December 31, 2024, down 8% from the previous year.
The company returned $303 million to shareholders in 2024 through dividends ($179 million), share repurchases ($60 million), and employee tax obligations ($64 million). Lazard declared a quarterly dividend of $0.50 per share, payable February 21, 2025.
Lazard (NYSE: LAZ) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con un aumento del 18% delle entrate nette rettificate per l'intera azienda nel 2024. Il segmento Consulenza Finanziaria ha mostrato una crescita significativa, con entrate nette rettificate cresciute del 28% a 1.731 milioni di dollari, mentre le entrate da Gestione degli Attivi sono aumentate del 3% a 1.100 milioni di dollari.
I punti salienti del quarto trimestre 2024 includono un'entrata netta di 817 milioni di dollari e un reddito netto rettificato di 85 milioni di dollari (0,78 dollari per azione). I risultati dell'intero anno 2024 mostrano un'entrata netta di 3.052 milioni di dollari e un reddito netto rettificato di 244 milioni di dollari (2,34 dollari per azione). Gli attivi sotto gestione (AUM) si attestavano a 226 miliardi di dollari al 31 dicembre 2024, in calo dell'8% rispetto all'anno precedente.
L'azienda ha restituito 303 milioni di dollari agli azionisti nel 2024 attraverso dividendi (179 milioni di dollari), riacquisti di azioni (60 milioni di dollari) e obbligazioni fiscali dei dipendenti (64 milioni di dollari). Lazard ha dichiarato un dividendo trimestrale di 0,50 dollari per azione, pagabile il 21 febbraio 2025.
Lazard (NYSE: LAZ) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un aumento del 18% en los ingresos netos ajustados en 2024. El segmento de Asesoría Financiera mostró un crecimiento significativo con un aumento del 28% en los ingresos netos ajustados, alcanzando los $1,731 millones, mientras que los ingresos de Gestión de Activos crecieron un 3% a $1,100 millones.
Los aspectos destacados del cuarto trimestre de 2024 incluyen ingresos netos de $817 millones y un ingreso neto ajustado de $85 millones ($0.78 por acción). Los resultados del año completo 2024 muestran ingresos netos de $3,052 millones y un ingreso neto ajustado de $244 millones ($2.34 por acción). Los Activos Bajo Gestión (AUM) se situaron en $226 mil millones a 31 de diciembre de 2024, con una disminución del 8% respecto al año anterior.
La compañía devolvió $303 millones a los accionistas en 2024 a través de dividendos ($179 millones), recompra de acciones ($60 millones) y obligaciones fiscales de empleados ($64 millones). Lazard declaró un dividendo trimestral de $0.50 por acción, pagadero el 21 de febrero de 2025.
라자르 (NYSE: LAZ)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했으며, 전체 조정 순수익이 2024년에 18% 증가했습니다. 회사의 재무 자문 부문은 조정된 순수익이 28% 증가하여 17억 3천 1백만 달러에 달하는 등 상당한 성장을 보였습니다. 반면 자산 관리 수익은 3% 증가하여 11억 달러에 달했습니다.
2024년 4분기 하이라이트에는 8억 1천 7백만 달러의 순수익과 8천 5백만 달러 ($0.78 주당)의 조정 순이익이 포함됩니다. 2024년 전체 연도 결과는 30억 5천 2백만 달러의 순수익과 2억 4천 4백만 달러 ($2.34 주당)의 조정 순이익을 보여줍니다. 2024년 12월 31일 기준 관리 자산(AUM)은 2천 2백 6십억 달러로, 전년 대비 8% 감소했습니다.
회사는 2024년에 배당금(1억 7천 9백만 달러), 자사주 매입(6천만 달러), 임직원 세금 의무(6천 4백만 달러)를 통해 주주에게 3억 3백만 달러를 반환했습니다. 라자르는 주당 0.50달러의 분기 배당금을 선언했으며, 지급일은 2025년 2월 21일입니다.
Lazard (NYSE: LAZ) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024, avec une augmentation de 18% des revenus nets ajustés au sein de l'entreprise en 2024. Le segment Conseil Financier a connu une croissance significative, avec des revenus nets ajustés en hausse de 28% à 1,731 milliard de dollars, tandis que les revenus de Gestion d'Actifs ont augmenté de 3% à 1,100 milliard de dollars.
Les faits saillants du quatrième trimestre 2024 incluent des revenus nets de 817 millions de dollars et un revenu net ajusté de 85 millions de dollars (0,78 dollar par action). Les résultats de l'année entière 2024 montrent des revenus nets de 3,052 milliards de dollars et un revenu net ajusté de 244 millions de dollars (2,34 dollars par action). Les Actifs Sous Gestion (AUM) s'élevaient à 226 milliards de dollars au 31 décembre 2024, en baisse de 8% par rapport à l'année précédente.
L'entreprise a restitué 303 millions de dollars aux actionnaires en 2024 à travers des dividendes (179 millions de dollars), des rachats d'actions (60 millions de dollars) et des obligations fiscales des employés (64 millions de dollars). Lazard a déclaré un dividende trimestriel de 0,50 dollar par action, payable le 21 février 2025.
Lazard (NYSE: LAZ) hat für das 4. Quartal und das gesamte Jahr 2024 starke finanzielle Ergebnisse gemeldet, mit einem Anstieg der konzernweit angepassten Nettoumsätze um 18% im Jahr 2024. Der Bereich Finanzberatung verzeichnete ein erhebliches Wachstum, mit einem Anstieg der angepassten Nettoumsätze um 28% auf 1.731 Millionen Dollar, während die Einnahmen aus Vermögensverwaltung um 3% auf 1.100 Millionen Dollar zunahmen.
Die Highlights des 4. Quartals 2024 umfassen Nettoumsätze von 817 Millionen Dollar und ein angepasstes Nettoeinkommen von 85 Millionen Dollar (0,78 Dollar pro Aktie). Die Ergebnisse für das gesamte Jahr 2024 zeigen Nettoumsätze von 3.052 Millionen Dollar und ein angepasstes Nettoeinkommen von 244 Millionen Dollar (2,34 Dollar pro Aktie). Die verwalteten Vermögenswerte (AUM) betrugen zum 31. Dezember 2024 226 Milliarden Dollar, was einem Rückgang von 8% im Vergleich zum Vorjahr entspricht.
Das Unternehmen gab 2024 insgesamt 303 Millionen Dollar an die Aktionäre zurück, darunter Dividenden (179 Millionen Dollar), Aktienrückkäufe (60 Millionen Dollar) und steuerliche Verpflichtungen für Mitarbeiter (64 Millionen Dollar). Lazard erklärte eine vierteljährliche Dividende von 0,50 Dollar pro Aktie, zahlbar am 21. Februar 2025.
- Financial Advisory revenue increased 28% year-over-year to $1,731 million
- Firm-wide adjusted net revenue grew 18% in 2024
- Asset Management revenue rose 3% to $1,100 million
- Q4 net income increased 36% year-over-year to $86 million
- Strong cash position with $1,308 million in cash and cash equivalents
- AUM declined 8% year-over-year to $226 billion
- Q4 2024 saw net outflows of $10.1 billion
- Adjusted compensation ratio remained high at 65.9% for 2024
Insights
Lazard's FY2024 results reveal a compelling growth story, with adjusted net revenue surging 18% to
Three key operational metrics deserve attention:
- The adjusted compensation ratio improved to
65.9% from69.8% , with management targeting60% by 2025 - a important step toward enhancing profitability margins - Non-compensation expenses remained well-controlled at
19.9% of revenue, within the target range of 16-20% - The firm's robust capital position with
$1.3 billion in cash provides significant strategic flexibility
The Asset Management segment faces headwinds with
Looking ahead, Lazard's strategic positioning appears strong, particularly as M&A activity shows signs of recovery. The firm's focus on operational efficiency, evidenced by improving compensation metrics and controlled expenses, should drive margin expansion in 2025 and beyond.
-
Firm-wide adjusted net revenue increased
18% in 2024 -
Financial Advisory adjusted net revenue increased
28% in 2024 -
Asset Management adjusted net revenue increased
3% in 2024
On a
“2024 demonstrated Lazard’s inflection towards growth, as business conditions improve and the momentum of our long-term strategy delivers strong results,” said Peter R. Orszag, CEO and Chairman. “In Financial Advisory, we captured market share while increasing revenue by 28 percent during the year. Our Asset Management revenue remained resilient, up 3 percent from the prior year, and we continue to make enhancements in the business. We anticipate an even more constructive environment for both of our businesses in 2025, as we remain focused on helping our clients successfully navigate complex business and investment decisions.”
(Selected results, $ in millions, |
Three Months Ended |
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Year Ended |
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except per share data and AUM) |
December 31, |
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December 31, |
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2024 |
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2023 |
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% ’24-’23 |
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2024 |
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2023 |
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% ’24-’23 |
Net Revenue |
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Financial Advisory |
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Asset Management |
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Net Income (Loss) |
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( |
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NM |
Per share, diluted |
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NM |
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Adjusted Financial Measures1 |
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Net Revenue |
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Financial Advisory |
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Asset Management |
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Net Income |
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NM |
Per share, diluted |
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NM |
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Assets Under Management (AUM) ($ in billions) |
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Ending AUM |
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( |
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Average AUM |
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–% |
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Note: Reconciliations of |
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NET REVENUE
Financial Advisory
For the fourth quarter of 2024, Financial Advisory reported net revenue and adjusted net revenue1 of
For the full year of 2024, Financial Advisory reported net revenue and adjusted net revenue1 of
Lazard is one of the world’s leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the fourth quarter of 2024, selected highlights include (clients are in italics): Constellation Energy’s
Lazard’s premier Restructuring and Liability Management practice, which provides broad coverage across debtor and creditor activities along with innovative solutions for clients, has been engaged in a number of complex assignments that include company roles involving Assured Guaranty, Consolis, Enviva, Grupo Casas Bahia, LivePerson, Petrofac and Zachry Group and creditor and/or related party roles involving Accuride, Franchise Group and SVB Financial Group.
Lazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Highlighted assignments include advising Ambienta’s
Lazard is a sought-after financial advisor for governments and public sector entities across developed and emerging markets worldwide, with assignments for the governments of
For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn.
Asset Management
For the fourth quarter of 2024, Asset Management net revenue and adjusted net revenue1 were
Management fees and other revenue, on an adjusted basis1, were
Incentive fees on an adjusted basis1 were
Average assets under management (AUM) was
For the full year of 2024, Asset Management net revenue and adjusted net revenue1 were
Management fees and other revenue, on an adjusted basis1, were
Incentive fees on an adjusted basis1 were
Average AUM for the full year of 2024 was
Corporate
For the full year of 2024, Corporate net revenue and adjusted net revenue1 were
OPERATING EXPENSES
Compensation and Benefits Expense
For the fourth quarter of 2024, compensation and benefits expense on a
For the full year of 2024, compensation and benefits expense on a
We focus on the adjusted compensation ratio to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. We aim to deliver an adjusted compensation ratio of
Non-Compensation Expenses
For the fourth quarter of 2024, non-compensation expenses on a
The adjusted non-compensation ratio4 was
For the full year of 2024, non-compensation expenses on a
The adjusted non-compensation ratio4 was
Our goal remains to deliver an adjusted non-compensation ratio between
TAXES
The provisions for income taxes on a
The provisions for income taxes on a
CAPITAL MANAGEMENT AND BALANCE SHEET
In the fourth quarter of 2024, Lazard returned
In 2024, Lazard returned
During 2024, we repurchased 1.4 million shares at an average price of
On January 29, 2025, Lazard declared a quarterly dividend of
Lazard’s financial position remains strong. As of December 31, 2024, our cash and cash equivalents were
ENDNOTES
Beginning in the first quarter of 2024, Lazard has updated the names of certain non-
1 |
A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
2 |
Such amount is calculated using a numerator of |
3 |
A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. |
4 |
A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. |
CONFERENCE CALL
Lazard will host a conference call at 8:00 a.m. ET on January 30, 2025, to discuss the company’s financial results for the fourth-quarter and full-year 2024. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing +1 800-445-7795 (toll-free,
A replay of the conference call will be available by 10:00 a.m. ET, January 30, 2025, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-677-7320 (toll-free,
ABOUT LAZARD
Founded in 1848, Lazard is one of the world’s preeminent financial advisory and asset management firms, with operations in
Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
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 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:
- Adverse general economic conditions or adverse conditions in 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;
- Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and
- Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items.
These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, 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.
Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.
LAZ-EPE
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
( |
||||||||||||||
|
Three Months Ended |
|
% Change From |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
September 30, |
|
December 31, |
|||||
($ in thousands, except per share data) |
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenue |
|
|
|
|
|
|
|
|
|
4 |
% |
|
2 |
% |
Interest expense |
(22,149 |
) |
|
(22,548 |
) |
|
(19,742 |
) |
|
|
|
|
||
Net revenue |
816,869 |
|
|
784,866 |
|
|
806,021 |
|
|
4 |
% |
|
1 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||||
Compensation and benefits |
534,423 |
|
|
465,405 |
|
|
559,207 |
|
|
15 |
% |
|
(4 |
%) |
|
|
|
|
|
|
|
|
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|||||
Occupancy and equipment |
33,798 |
|
|
34,249 |
|
|
33,436 |
|
|
|
|
|
||
Marketing and business development |
28,572 |
|
|
21,782 |
|
|
27,259 |
|
|
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||
Technology and information services |
47,573 |
|
|
44,628 |
|
|
47,363 |
|
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Professional services |
23,954 |
|
|
19,541 |
|
|
23,129 |
|
|
|
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|
||
Fund administration and outsourced services |
25,923 |
|
|
27,996 |
|
|
27,450 |
|
|
|
|
|
||
Other |
23,779 |
|
|
10,078 |
|
|
19,739 |
|
|
|
|
|
||
Non-compensation expenses |
183,599 |
|
|
158,274 |
|
|
178,376 |
|
|
16 |
% |
|
3 |
% |
Benefit pursuant to tax receivable agreement |
(8,237 |
) |
|
– |
|
|
(3,459 |
) |
|
|
|
|
||
Operating expenses |
709,785 |
|
|
623,679 |
|
|
734,124 |
|
|
14 |
% |
|
(3 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
107,084 |
|
|
161,187 |
|
|
71,897 |
|
|
(34 |
%) |
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Provision for income taxes |
28,788 |
|
|
45,052 |
|
|
403 |
|
|
(36 |
%) |
|
NM |
|
Net income |
78,296 |
|
|
116,135 |
|
|
71,494 |
|
|
(33 |
%) |
|
10 |
% |
Net income (loss) attributable to noncontrolling interests |
(8,014 |
) |
|
8,197 |
|
|
7,927 |
|
|
|
|
|
||
Net income attributable to Lazard, Inc. |
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|
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(20 |
%) |
|
36 |
% |
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Attributable to Lazard, Inc. Common Stockholders: |
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|||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|||||
Basic |
94,783,104 |
|
|
93,627,476 |
|
|
90,228,532 |
|
|
1 |
% |
|
5 |
% |
Diluted |
106,113,813 |
|
|
103,475,234 |
|
|
94,989,330 |
|
|
3 |
% |
|
12 |
% |
|
|
|
|
|
|
|
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|
|||||
Net income per share: |
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|
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|
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|
|||||
Basic |
|
|
|
|
|
|
|
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|
(21 |
%) |
|
29 |
% |
Diluted |
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|
|
|
|
|
|
|
|
(22 |
%) |
|
23 |
% |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
( |
||||||||
|
Year Ended |
|||||||
|
December 31, |
|
December 31, |
|
|
|||
($ in thousands, except per share data) |
2024 |
|
2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Total revenue |
|
|
|
|
|
|
21 |
% |
Interest expense |
(88,067 |
) |
|
(77,673 |
) |
|
|
|
Net revenue |
3,051,837 |
|
|
2,515,489 |
|
|
21 |
% |
Operating expenses: |
|
|
|
|
|
|||
Compensation and benefits |
2,003,212 |
|
|
1,946,010 |
|
|
3 |
% |
|
|
|
|
|
|
|||
Occupancy and equipment |
132,935 |
|
|
131,117 |
|
|
|
|
Marketing and business development |
99,446 |
|
|
99,357 |
|
|
|
|
Technology and information services |
183,524 |
|
|
189,670 |
|
|
|
|
Professional services |
87,109 |
|
|
89,308 |
|
|
|
|
Fund administration and outsourced services |
107,173 |
|
|
110,878 |
|
|
|
|
Other |
60,203 |
|
|
73,000 |
|
|
|
|
Non-compensation expenses |
670,390 |
|
|
693,330 |
|
|
(3 |
%) |
Benefit pursuant to tax receivable agreement |
(8,237 |
) |
|
(43,894 |
) |
|
|
|
Operating expenses |
2,665,365 |
|
|
2,595,446 |
|
|
3 |
% |
|
|
|
|
|
|
|||
Operating income (loss) |
386,472 |
|
|
(79,957 |
) |
|
NM |
|
|
|
|
|
|
|
|||
Provision (benefit) for income taxes |
99,764 |
|
|
(22,650 |
) |
|
NM |
|
Net income (loss) |
286,708 |
|
|
(57,307 |
) |
|
NM |
|
Net income attributable to noncontrolling interests |
6,796 |
|
|
18,172 |
|
|
|
|
Net income (loss) attributable to Lazard, Inc. |
|
|
|
( |
) |
|
NM |
|
|
|
|
|
|
|
|||
Attributable to Lazard, Inc. Common Stockholders: |
|
|
|
|
|
|||
Weighted average shares outstanding: |
|
|
|
|
|
|||
Basic |
93,139,352 |
|
|
88,993,985 |
|
|
5 |
% |
Diluted |
102,392,171 |
|
|
88,993,985 |
|
|
15 |
% |
|
|
|
|
|
|
|||
Net income (loss) per share: |
|
|
|
|
|
|||
Basic |
|
|
|
( |
) |
|
NM |
|
Diluted |
|
|
|
( |
) |
|
NM |
|
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
( |
|||||
|
As of |
||||
|
December 31, |
|
December 31, |
||
($ in thousands) |
2024 |
|
2023 |
||
|
|
|
|
||
ASSETS |
|||||
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
Deposits with banks and short-term investments |
268,684 |
|
|
219,576 |
|
Restricted cash |
32,466 |
|
|
34,091 |
|
Receivables |
753,623 |
|
|
762,319 |
|
Investments |
614,947 |
|
|
701,964 |
|
Property |
160,402 |
|
|
232,516 |
|
Operating lease right-of-use assets |
434,938 |
|
|
407,213 |
|
Goodwill and other intangible assets |
393,575 |
|
|
394,928 |
|
Deferred tax assets |
479,582 |
|
|
497,340 |
|
Other assets |
347,558 |
|
|
414,518 |
|
|
|
|
|
||
Total Assets |
|
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS’ EQUITY |
|||||
|
|
|
|
||
Liabilities |
|
|
|
||
|
|
|
|
||
Deposits and other customer payables |
|
|
|
|
|
Accrued compensation and benefits |
844,953 |
|
|
781,375 |
|
Operating lease liabilities |
505,483 |
|
|
485,191 |
|
Tax receivable agreement obligation |
75,899 |
|
|
115,087 |
|
Senior debt |
1,687,052 |
|
|
1,690,200 |
|
Other liabilities |
607,610 |
|
|
550,804 |
|
Total liabilities |
4,029,210 |
|
|
4,065,919 |
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
||
|
|
|
|
||
Redeemable noncontrolling interests |
79,629 |
|
|
87,675 |
|
|
|
|
|
||
Stockholders’ equity |
|
|
|
||
|
|
|
|
||
Preferred stock, par value |
– |
|
|
– |
|
Common stock, par value |
1,128 |
|
|
1,128 |
|
Additional paid-in capital |
327,810 |
|
|
247,204 |
|
Retained earnings |
1,472,113 |
|
|
1,402,636 |
|
Accumulated other comprehensive loss, net of tax |
(326,742 |
) |
|
(289,950 |
) |
Subtotal |
1,474,309 |
|
|
1,361,018 |
|
Common stock held by subsidiaries, at cost |
(838,069 |
) |
|
(937,259 |
) |
Total Lazard, Inc. stockholders’ equity |
636,240 |
|
|
423,759 |
|
Noncontrolling interests |
48,914 |
|
|
58,428 |
|
Total stockholders’ equity |
685,154 |
|
|
482,187 |
|
|
|
|
|
||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity |
|
|
|
|
|
Note: “Property” includes |
|||||
SELECTED SUMMARY FINANCIAL INFORMATION (a) (Adjusted Basis - Non-GAAP - unaudited) |
||||||||||||||
|
Three Months Ended |
|
% Change From |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
September 30, |
|
December 31, |
|||||
($ in thousands, except per share data) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net Revenue: |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Financial Advisory |
|
|
|
|
|
|
|
|
|
38 |
% |
|
6 |
% |
Asset Management |
287,211 |
|
|
271,510 |
|
|
273,694 |
|
|
6 |
% |
|
5 |
% |
Corporate |
17,550 |
|
|
5,597 |
|
|
9,898 |
|
|
NM |
|
|
77 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net revenue |
|
|
|
|
|
|
|
|
|
26 |
% |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Expenses: |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
|
25 |
% |
|
3 |
% |
Adjusted compensation ratio (b) |
65.6 |
% |
|
66.0 |
% |
|
67.8 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted non-compensation expenses |
|
|
|
|
|
|
|
|
|
11 |
% |
|
4 |
% |
Adjusted non-compensation ratio (c) |
19.0 |
% |
|
21.4 |
% |
|
19.5 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||||
Earnings: |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted operating income |
|
|
|
|
|
|
|
|
|
55 |
% |
|
30 |
% |
Adjusted operating margin (d) |
15.5 |
% |
|
12.6 |
% |
|
12.8 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income |
|
|
|
|
|
|
|
|
|
114 |
% |
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted diluted net income per share |
|
|
|
|
|
|
|
|
|
105 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted diluted weighted average shares (e) |
108,357,556 |
|
|
105,514,236 |
|
|
99,154,021 |
|
|
3 |
% |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted effective tax rate (f) |
18.1 |
% |
|
32.5 |
% |
|
16.0 |
% |
|
|
|
|
||
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 |
SELECTED SUMMARY FINANCIAL INFORMATION (a) (Adjusted Basis - Non-GAAP - unaudited) |
||||||||
|
Year Ended |
|||||||
|
December 31, |
|
December 31, |
|
|
|||
($ in thousands, except per share data) |
2024 |
|
2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Net Revenue: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Financial Advisory |
|
|
|
|
|
|
28 |
% |
Asset Management |
1,099,874 |
|
|
1,067,559 |
|
|
3 |
% |
Corporate |
58,631 |
|
|
15,225 |
|
|
NM |
|
|
|
|
|
|
|
|||
Adjusted net revenue |
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|||
Expenses: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
12 |
% |
Adjusted compensation ratio (b) |
65.9 |
% |
|
69.8 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted non-compensation expenses |
|
|
|
|
|
|
1 |
% |
Adjusted non-compensation ratio (c) |
19.9 |
% |
|
23.4 |
% |
|
|
|
|
|
|
|
|
|
|||
Earnings: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Adjusted operating income |
|
|
|
|
|
|
148 |
% |
Adjusted operating margin (d) |
14.2 |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted net income |
|
|
|
|
|
|
NM |
|
|
|
|
|
|
|
|||
Adjusted diluted net income per share |
|
|
|
|
|
|
NM |
|
|
|
|
|
|
|
|||
Adjusted diluted weighted average shares (e) |
104,398,248 |
|
|
97,450,393 |
|
|
7 |
% |
|
|
|
|
|
|
|||
Adjusted effective tax rate (f) |
24.4 |
% |
|
14.5 |
% |
|
|
|
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 |
COMPENSATION AND BENEFITS EXPENSE - ANALYSIS (Adjusted Basis - Non-GAAP - unaudited) |
||||||||||||||||
|
|
|
|
Year Ended |
||||||||||||
|
|
|
|
December 31, |
||||||||||||
($ in millions) |
2024 |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base salary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits and other |
345 |
|
291 |
|
293 |
|
287 |
|
228 |
|
258 |
|
264 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current cash incentive compensation (g) |
587 |
|
365 |
|
458 |
|
662 |
|
435 |
|
391 |
|
446 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash compensation, benefits and other |
1,479 |
|
1,213 |
|
1,286 |
|
1,436 |
|
1,118 |
|
1,096 |
|
1,141 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred incentive awards |
424 |
|
489 |
|
371 |
|
400 |
|
384 |
|
368 |
|
376 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted compensation ratio (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
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 |
ASSETS UNDER MANAGEMENT (unaudited) |
||||||||||||||
|
As of |
|
% Change From |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
September 30, |
|
December 31, |
|||||
($ in millions) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Equity: |
|
|
|
|
|
|
|
|
|
|||||
Emerging Markets |
|
|
|
|
|
|
|
|
|
(5.2 |
%) |
|
10.4 |
% |
Global |
49,058 |
|
|
50,441 |
|
|
53,528 |
|
|
(2.7 |
%) |
|
(8.4 |
%) |
Local |
49,750 |
|
|
54,380 |
|
|
52,208 |
|
|
(8.5 |
%) |
|
(4.7 |
%) |
Multi-Regional |
48,204 |
|
|
57,262 |
|
|
59,114 |
|
|
(15.8 |
%) |
|
(18.5 |
%) |
Total Equity |
174,938 |
|
|
191,532 |
|
|
190,138 |
|
|
(8.7 |
%) |
|
(8.0 |
%) |
Fixed Income: |
|
|
|
|
|
|
|
|
|
|||||
Emerging Markets |
6,919 |
|
|
8,372 |
|
|
9,525 |
|
|
(17.4 |
%) |
|
(27.4 |
%) |
Global |
11,138 |
|
|
12,474 |
|
|
10,762 |
|
|
(10.7 |
%) |
|
3.5 |
% |
Local |
5,617 |
|
|
5,931 |
|
|
6,080 |
|
|
(5.3 |
%) |
|
(7.6 |
%) |
Multi-Regional |
19,612 |
|
|
21,156 |
|
|
21,740 |
|
|
(7.3 |
%) |
|
(9.8 |
%) |
Total Fixed Income |
43,286 |
|
|
47,933 |
|
|
48,107 |
|
|
(9.7 |
%) |
|
(10.0 |
%) |
Alternative Investments |
2,917 |
|
|
3,011 |
|
|
3,330 |
|
|
(3.1 |
%) |
|
(12.4 |
%) |
Private Wealth Alternative Investments |
3,097 |
|
|
3,044 |
|
|
2,799 |
|
|
1.7 |
% |
|
10.6 |
% |
Private Equity |
1,514 |
|
|
1,514 |
|
|
1,623 |
|
|
– |
% |
|
(6.7 |
%) |
Cash Management |
569 |
|
|
623 |
|
|
654 |
|
|
(8.7 |
%) |
|
(13.0 |
%) |
Total AUM |
|
|
|
|
|
|
|
|
|
(8.6 |
%) |
|
(8.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
AUM - Beginning of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Flows |
(10,068 |
) |
|
(12,379 |
) |
|
(3,550 |
) |
|
(35,676 |
) |
|
(3,542 |
) |
Market and foreign exchange |
|
|
|
|
|
|
|
|
|
|||||
appreciation (depreciation) |
(11,268 |
) |
|
15,366 |
|
|
21,937 |
|
|
15,346 |
|
|
34,068 |
|
|
|
|
|
|
|
|
|
|
|
|||||
AUM - End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average AUM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
% Change in Average AUM |
|
|
(4.9 |
%) |
|
(0.1 |
%) |
|
|
|
4.2 |
% |
||
Note: Average AUM generally represents the average of the monthly ending AUM balances for the period. |
||||||||||||||
RECONCILIATION OF (unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
($ in thousands) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Revenue |
|||||||||||||||
Financial Advisory net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Reimbursable deal costs, provision for credit losses and other (h) |
(12,780 |
) |
|
(2,111 |
) |
|
(11,581 |
) |
|
(25,764 |
) |
|
(30,565 |
) |
|
Interest expense (i) |
1 |
|
|
1 |
|
|
29 |
|
|
43 |
|
|
219 |
|
|
(Gains) losses associated with cost-saving initiatives (j) |
– |
|
|
– |
|
|
(340 |
) |
|
587 |
|
|
1,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Financial Advisory net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Management net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Revenue related to noncontrolling interests and similar arrangements (k) |
(8,893 |
) |
|
(5,170 |
) |
|
(3,392 |
) |
|
(22,214 |
) |
|
(16,332 |
) |
|
Distribution fees and other (h) |
(16,038 |
) |
|
(17,199 |
) |
|
(17,201 |
) |
|
(64,901 |
) |
|
(67,616 |
) |
|
Interest expense (i) |
6 |
|
|
1 |
|
|
3 |
|
|
12 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Asset Management net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate net revenue - |
( |
) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
(Revenue) loss related to noncontrolling interests and similar arrangements (k) |
2,476 |
|
|
(5,943 |
) |
|
(6,843 |
) |
|
(7,339 |
) |
|
(13,858 |
) |
|
(Gains) losses related to Lazard Fund Interests (“LFI”) and other similar arrangements (l) |
8,728 |
|
|
(16,732 |
) |
|
(25,933 |
) |
|
(16,176 |
) |
|
(41,463 |
) |
|
Provision for credit losses (h) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(7,500 |
) |
|
Interest expense (i) |
22,064 |
|
|
22,472 |
|
|
19,624 |
|
|
87,740 |
|
|
77,227 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (j) |
– |
|
|
– |
|
|
571 |
|
|
– |
|
|
3,054 |
|
|
Gain on sale of property (m) |
– |
|
|
(114,271 |
) |
|
– |
|
|
(114,271 |
) |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Corporate net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Revenue related to noncontrolling interests and similar arrangements (k) |
(6,417 |
) |
|
(11,113 |
) |
|
(10,235 |
) |
|
(29,553 |
) |
|
(30,190 |
) |
|
(Gains) losses related to Lazard Fund Interests (“LFI”) and other similar arrangements (l) |
8,728 |
|
|
(16,732 |
) |
|
(25,933 |
) |
|
(16,176 |
) |
|
(41,463 |
) |
|
Distribution fees, reimbursable deal costs, provision for credit losses and other (h) |
(28,818 |
) |
|
(19,310 |
) |
|
(28,782 |
) |
|
(90,665 |
) |
|
(105,681 |
) |
|
Interest expense (i) |
22,071 |
|
|
22,474 |
|
|
19,656 |
|
|
87,795 |
|
|
77,457 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (j) |
– |
|
|
– |
|
|
231 |
|
|
587 |
|
|
4,878 |
|
|
Gain on sale of property (m) |
– |
|
|
(114,271 |
) |
|
– |
|
|
(114,271 |
) |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
($ in thousands, except per share data) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Compensation and Benefits Expense |
|||||||||||||||
Compensation and benefits expense - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Compensation and benefits expense related to noncontrolling interests and similar arrangements (k) |
(13,707 |
) |
|
(2,249 |
) |
|
(1,736 |
) |
|
(19,961 |
) |
|
(9,233 |
) |
|
(Charges) credits pertaining to LFI and other similar arrangements (n) |
8,728 |
|
|
(16,732 |
) |
|
(25,933 |
) |
|
(16,176 |
) |
|
(41,463 |
) |
|
Expenses associated with cost-saving initiatives |
– |
|
|
– |
|
|
(15,814 |
) |
|
(46,610 |
) |
|
(182,103 |
) |
|
Expenses associated with sale of property (o) |
3,119 |
|
|
(20,121 |
) |
|
– |
|
|
(17,002 |
) |
|
– |
|
|
Expenses associated with senior management transition (p) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(10,674 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-Compensation Expenses |
|||||||||||||||
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Non-compensation expenses related to noncontrolling interests and similar arrangements (k) |
(726 |
) |
|
(672 |
) |
|
(573 |
) |
|
(2,805 |
) |
|
(2,788 |
) |
|
Distribution fees, reimbursable deal costs, provision for credit losses and other (h) |
(28,818 |
) |
|
(19,310 |
) |
|
(28,782 |
) |
|
(90,665 |
) |
|
(105,681 |
) |
|
Amortization and other acquisition-related costs |
(53 |
) |
|
(53 |
) |
|
(95 |
) |
|
(242 |
) |
|
(334 |
) |
|
Expenses associated with cost-saving initiatives |
– |
|
|
– |
|
|
(807 |
) |
|
(1,532 |
) |
|
(13,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted non-compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Income (Loss) |
|||||||||||||||
Operating income (loss) - |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Operating income (loss) related to noncontrolling interests and similar arrangements (k) |
8,016 |
|
|
(8,192 |
) |
|
(7,926 |
) |
|
(6,787 |
) |
|
(18,169 |
) |
|
Interest expense (i) |
22,071 |
|
|
22,474 |
|
|
19,656 |
|
|
87,795 |
|
|
77,457 |
|
|
Amortization and other acquisition-related costs |
53 |
|
|
53 |
|
|
95 |
|
|
242 |
|
|
334 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (j) |
– |
|
|
– |
|
|
231 |
|
|
587 |
|
|
4,878 |
|
|
Expenses associated with cost-saving initiatives |
– |
|
|
– |
|
|
16,621 |
|
|
48,142 |
|
|
195,126 |
|
|
Gain on sale of property (m) |
– |
|
|
(114,271 |
) |
|
– |
|
|
(114,271 |
) |
|
– |
|
|
Expenses associated with sale of property (o) |
(3,119 |
) |
|
20,121 |
|
|
– |
|
|
17,002 |
|
|
– |
|
|
Expenses associated with senior management transition (p) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
10,674 |
|
|
Benefit pursuant to tax receivable agreement obligation (“TRA”) (q) |
(8,237 |
) |
|
– |
|
|
(3,459 |
) |
|
(8,237 |
) |
|
(43,894 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Provision (Benefit) for Income Taxes |
|||||||||||||||
Provision (benefit) for income taxes - |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
||||||
|
Tax effect of adjustments |
(9,975 |
) |
|
(25,915 |
) |
|
11,949 |
|
|
(20,972 |
) |
|
35,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Income (Loss) attributable to Lazard, Inc. |
|||||||||||||||
Net income (loss) attributable to Lazard, Inc. - |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (j) |
– |
|
|
– |
|
|
231 |
|
|
587 |
|
|
4,878 |
|
|
Expenses associated with cost-saving initiatives |
– |
|
|
– |
|
|
16,621 |
|
|
48,142 |
|
|
195,126 |
|
|
Gain on sale of property (m) |
– |
|
|
(114,271 |
) |
|
– |
|
|
(114,271 |
) |
|
– |
|
|
Expenses associated with sale of property (o) |
(3,119 |
) |
|
20,121 |
|
|
– |
|
|
17,002 |
|
|
– |
|
|
Expenses associated with senior management transition (p) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
10,674 |
|
|
Benefit pursuant to tax receivable agreement obligation (“TRA”) (q) |
(8,237 |
) |
|
– |
|
|
(3,459 |
) |
|
(8,237 |
) |
|
(43,894 |
) |
|
Noncontrolling interests effect of adjustments |
– |
|
|
3 |
|
|
– |
|
|
3 |
|
|
– |
|
|
Tax effect of adjustments |
9,975 |
|
|
25,915 |
|
|
(11,949 |
) |
|
20,972 |
|
|
(35,411 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Weighted Average Shares Outstanding |
|||||||||||||||
Diluted Weighted Average Shares Outstanding - |
106,113,813 |
|
|
103,475,234 |
|
|
94,989,330 |
|
|
102,392,171 |
|
|
88,993,985 |
|
|
Adjustment: participating securities including profits interest participation rights and other |
2,243,743 |
|
|
2,039,002 |
|
|
4,164,691 |
|
|
2,006,077 |
|
|
8,456,408 |
|
|
Adjusted Diluted Weighted Average Shares Outstanding (e) |
108,357,556 |
|
|
105,514,236 |
|
|
99,154,021 |
|
|
104,398,248 |
|
|
97,450,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Diluted net income (loss) effect of adjustments |
(0.02 |
) |
|
(0.64 |
) |
|
0.01 |
|
|
(0.34 |
) |
|
1.67 |
|
|
Adjusted Basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EXPENSES (unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
($ in thousands) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
|||||
Occupancy and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and business development |
28,572 |
|
|
21,782 |
|
|
27,259 |
|
|
99,446 |
|
|
99,357 |
|
Technology and information services |
47,573 |
|
|
44,628 |
|
|
47,363 |
|
|
183,524 |
|
|
189,670 |
|
Professional services |
23,954 |
|
|
19,541 |
|
|
23,129 |
|
|
87,109 |
|
|
89,308 |
|
Fund administration and outsourced services |
25,923 |
|
|
27,996 |
|
|
27,450 |
|
|
107,173 |
|
|
110,878 |
|
Other |
23,779 |
|
|
10,078 |
|
|
19,739 |
|
|
60,203 |
|
|
73,000 |
|
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-compensation expenses - Adjustments: |
|
|
|
|
|
|
|
|
|
|||||
Occupancy and equipment (h) |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
Marketing and business development (h) (k) |
(4,501 |
) |
|
(3,064 |
) |
|
(3,748 |
) |
|
(12,588 |
) |
|
(15,299 |
) |
Technology and information services (h) (k) |
(30 |
) |
|
(66 |
) |
|
(149 |
) |
|
(180 |
) |
|
(8,270 |
) |
Professional services (h) (k) |
(1,368 |
) |
|
(1,270 |
) |
|
(1,306 |
) |
|
(4,596 |
) |
|
(6,408 |
) |
Fund administration and outsourced services (h) (k) |
(14,942 |
) |
|
(16,660 |
) |
|
(16,546 |
) |
|
(62,226 |
) |
|
(65,239 |
) |
Other (h) (k) |
(8,662 |
) |
|
1,113 |
|
|
(8,311 |
) |
|
(13,805 |
) |
|
(24,712 |
) |
Subtotal non-compensation expenses adjustments |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted non-compensation expenses: |
|
|
|
|
|
|
|
|
|
|||||
Occupancy and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and business development |
24,071 |
|
|
18,718 |
|
|
23,511 |
|
|
86,858 |
|
|
84,058 |
|
Technology and information services |
47,543 |
|
|
44,562 |
|
|
47,214 |
|
|
183,344 |
|
|
181,400 |
|
Professional services |
22,586 |
|
|
18,271 |
|
|
21,823 |
|
|
82,513 |
|
|
82,900 |
|
Fund administration and outsourced services |
10,980 |
|
|
11,336 |
|
|
10,904 |
|
|
44,947 |
|
|
45,639 |
|
Other |
15,117 |
|
|
11,191 |
|
|
11,428 |
|
|
46,398 |
|
|
48,288 |
|
Adjusted non-compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
LAZARD, Inc.
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 Beginning in the first quarter of 2024, Lazard has updated the names of certain non-GAAP measures and metrics. The nomenclature change did not result in any change to the components of our non-GAAP measures and metrics compared to prior periods. |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
(b) |
A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. |
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(c) |
A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. |
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|
|
|
|
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(d) |
A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. |
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(e) |
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 may be excluded from the computation of outstanding stock equivalents for |
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(f) |
A non-GAAP measure which represents the adjusted provision for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. |
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|
|
Three Months Ended |
|
Year Ended |
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|
($ in thousands) |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Adjusted provision for income taxes |
|
|
|
|
|
|
|
|
|
|
Adjusted operating income less interest expense, amortization and other acquisition-related costs |
103,744 |
|
58,845 |
|
77,364 |
|
322,908 |
|
87,787 |
|
Adjusted effective tax rate |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
Current cash incentive compensation is composed of cash bonuses for a given year which are paid early in the following year, and for which no future service is required. |
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(h) |
Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal and other costs, for which an equal amount is excluded from both adjusted net revenue and adjusted non-compensation expenses, respectively, and excludes provision for credit losses, which represents fees and other receivables that are deemed uncollectible. |
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(i) |
Interest expense, excluding interest expense incurred by Lazard Frères Banque SA (“LFB”), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. |
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(j) |
Represents (gains) losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange. |
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(k) |
(Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. |
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(l) |
Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. |
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(m) |
Represents gain on the sale of an owned office building. |
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(n) |
Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. |
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(o) |
Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building. |
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(p) |
Represents expenses associated with senior management transition reflecting the departure of certain executive officers. |
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(q) |
Represents the effect of the periodic revaluation of the TRA liability. |
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NM |
Not meaningful |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250130953086/en/
Media:
Shannon
+1 212 632 6880
shannon.houston@lazard.com
Investor:
Alexandra Deignan
+1 212 632 6886
alexandra.deignan@lazard.com
Source: Lazard, Inc.
FAQ
What was Lazard's (LAZ) revenue growth in Financial Advisory for 2024?
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What was Lazard's (LAZ) Assets Under Management as of December 31, 2024?
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