Lazard Reports Second-Quarter and First-Half 2024 Results
Lazard (NYSE: LAZ) reported second-quarter and first-half 2024 results, with net revenue of $685 million for Q2 and $1,450 million for H1. Financial Advisory achieved record first-half adjusted net revenue of $855 million, up 38% year-over-year. Asset Management reported quarter-end AUM of $245 billion. Q2 adjusted net income was $53 million or $0.52 per share, while H1 adjusted net income reached $119 million or $1.17 per share. The company is investing in talent to support long-term growth. Lazard returned $192 million to shareholders in H1 2024 through dividends and share repurchases. The Board authorized an additional $200 million share repurchase program.
Lazard (NYSE: LAZ) ha riportato i risultati del secondo trimestre e del primo semestre del 2024, con ricavi netti di 685 milioni di dollari per il Q2 e 1.450 milioni di dollari per il H1. Il settore Financial Advisory ha raggiunto un record di ricavi netti regolati di 855 milioni di dollari nel primo semestre, in aumento del 38% rispetto all'anno precedente. Asset Management ha riportato un AUM alla fine del trimestre di 245 miliardi di dollari. L'utile netto regolato per il Q2 è stato di 53 milioni di dollari, pari a 0,52 dollari per azione, mentre l'utile netto regolato per il H1 ha raggiunto 119 milioni di dollari, ovvero 1,17 dollari per azione. L'azienda sta investendo nei talenti per sostenere la crescita a lungo termine. Lazard ha restituito 192 milioni di dollari agli azionisti nel H1 2024 attraverso dividendi e riacquisti di azioni. Il Consiglio ha autorizzato un ulteriore programma di riacquisto di azioni da 200 milioni di dollari.
Lazard (NYSE: LAZ) reportó los resultados del segundo trimestre y del primer semestre de 2024, con ingresos netos de 685 millones de dólares para el Q2 y 1.450 millones de dólares para el H1. La división de Asesoría Financiera logró un récord de ingresos netos ajustados de 855 millones de dólares en el primer semestre, un aumento del 38% en comparación con el año anterior. La Gestión de Activos reportó un valor de activos bajo gestión al final del trimestre de 245 mil millones de dólares. El ingreso neto ajustado para el Q2 fue de 53 millones de dólares, o 0,52 dólares por acción, mientras que el ingreso neto ajustado para el H1 alcanzó los 119 millones de dólares, o 1,17 dólares por acción. La empresa está invirtiendo en talento para apoyar el crecimiento a largo plazo. Lazard devolvió 192 millones de dólares a los accionistas en el H1 2024 a través de dividendos y recompras de acciones. La Junta autorizó un programa adicional de recompra de acciones de 200 millones de dólares.
라자르(Lazard) (NYSE: LAZ)는 2024년 2분기 및 상반기 결과를 발표했습니다. 2분기 순수익은 6억 8500만 달러, 상반기는 14억 5000만 달러입니다. 금융 자문 부문은 상반기 조정 순수익 8억 5500만 달러로 역대 최대치를 기록했으며, 이는 전년 대비 38% 증가한 수치입니다. 자산 관리 부문은 분기 말 자산 관리 총액(AUM) 2,450억 달러를 보고했습니다. 2분기 조정 순이익은 5천300만 달러, 주당 0.52달러였으며, 상반기 조정 순이익은 1억 1천900만 달러, 주당 1.17달러에 달했습니다. 회사는 장기 성장을 지원하기 위해 인재에 투자하고 있습니다. 라자르는 2024년 상반기 동안 배당금과 자사주 매입을 통해 주주에게 1억 9천200만 달러를 반환했습니다. 이사회는 추가로 2억 달러 규모의 자사주 매입 프로그램을 승인했습니다.
Lazard (NYSE: LAZ) a rapporté les résultats du deuxième trimestre et du premier semestre 2024, avec des revenus nets de 685 millions de dollars pour le Q2 et de 1,450 millions de dollars pour le H1. Le secteur du Conseil Financier a atteint un chiffre d'affaires net ajusté record de 855 millions de dollars pour le premier semestre, en hausse de 38 % par rapport à l'année précédente. La Gestion d'Actifs a déclaré un montant total d'actifs sous gestion (AUM) de 245 milliards de dollars à la fin du trimestre. Le bénéfice net ajusté pour le Q2 était de 53 millions de dollars, soit 0,52 dollar par action, tandis que le bénéfice net ajusté pour le H1 a atteint 119 millions de dollars, soit 1,17 dollar par action. L'entreprise investit dans les talents pour soutenir la croissance à long terme. Lazard a restitué 192 millions de dollars aux actionnaires au H1 2024 sous forme de dividendes et de rachats d'actions. Le Conseil a autorisé un programme de rachat d'actions supplémentaire de 200 millions de dollars.
Lazard (NYSE: LAZ) hat die Ergebnisse für das zweite Quartal und das erste Halbjahr 2024 bekannt gegeben, mit einem Nettoumsatz von 685 Millionen US-Dollar für Q2 und 1,450 Millionen US-Dollar für H1. Der Bereich Finanzberatung erzielte einen Rekord bei den angepassten Nettoumsätzen von 855 Millionen US-Dollar im ersten Halbjahr, was einem Anstieg von 38 % im Vergleich zum Vorjahr entspricht. Das Asset Management berichtete von Vermögen unter Verwaltung (AUM) in Höhe von 245 Milliarden US-Dollar zum Quartalsende. Der angepasste Nettogewinn für Q2 betrug 53 Millionen US-Dollar bzw. 0,52 US-Dollar pro Aktie, während der angepasste Nettogewinn für H1 119 Millionen US-Dollar oder 1,17 US-Dollar pro Aktie erreichte. Das Unternehmen investiert in Talente, um das langfristige Wachstum zu unterstützen. Lazard gab im H1 2024 192 Millionen US-Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurück. Der Vorstand genehmigte ein zusätzliches Aktienrückkaufprogramm über 200 Millionen US-Dollar.
- Record first-half adjusted net revenue of $855 million in Financial Advisory, up 38% year-over-year
- Q2 net revenue increased 7% year-over-year to $685 million
- H1 net revenue grew 22% year-over-year to $1,450 million
- Q2 adjusted net income rose 133% year-over-year to $53 million
- Asset Management AUM increased 2% year-over-year to $245 billion
- Board authorized additional $200 million share repurchase program
- Asset Management net revenue decreased 1% year-over-year in Q2
- Net outflows of $6.6 billion in Asset Management for Q2
- Adjusted compensation ratio increased to 66.0% in Q2 2024 from 68.4% in Q2 2023
Lazard's Q2 and H1 2024 results showcase a robust performance, particularly in its Financial Advisory segment. The firm reported
The Asset Management segment, while slightly down
Notably, Lazard's adjusted net income for Q2 2024 more than doubled to
The firm's adjusted compensation ratio of
Lazard's strong capital position, with
Lazard's impressive performance, particularly in Financial Advisory, reflects a robust M&A market despite broader economic uncertainties. The record H1 revenue in this segment suggests a strong deal pipeline and Lazard's ability to capitalize on complex, high-value transactions across various sectors and geographies.
The slight decline in Asset Management revenue, despite higher AUM, indicates potential fee pressure or shifts in asset mix. However, the
Lazard's involvement in significant deals like WestRock's
The increase in non-compensation expenses, primarily due to higher professional services and technology spending, suggests ongoing investments in capabilities and infrastructure. This could position Lazard favorably for future growth and competitiveness in an increasingly tech-driven financial services landscape.
The additional
-
Financial Advisory reports record first-half adjusted net revenue of
$855 million -
Asset Management reports quarter-end AUM of
$245 billion - Investing in talent firm-wide to support long-term growth strategy
On a
"Lazard’s record revenue in Financial Advisory for the first-half of 2024 demonstrates the ongoing, successful execution of our long-term growth strategy,” said Peter R. Orszag, Chief Executive Officer, Lazard. “Our Asset Management business continues to produce solid results as we effectively serve clients while evolving to meet their investment priorities. Overall, our performance reflects an unwavering focus on delivering excellence in advisory and investment solutions for our clients, our renewed ambition for growth, and our increasingly commercial and collegial culture.”
(Selected results, $ in millions, |
Three Months Ended |
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Six Months Ended |
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except per share data and AUM) |
June 30, |
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June 30, |
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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 |
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Net Revenue |
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Financial Advisory |
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Asset Management |
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(1)% |
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Net Income (Loss) |
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( |
) |
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NM |
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( |
) |
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NM |
Per share, diluted |
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( |
) |
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NM |
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( |
) |
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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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(1)% |
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Net Income |
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$– |
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NM |
Per share, diluted |
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$– |
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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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Average AUM |
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Note: Endnotes are on page 5 of this release. Reconciliations of |
NET REVENUE
Financial Advisory
Financial Advisory net revenue and adjusted net revenue1 were
Financial Advisory net revenue and adjusted net revenue1 were
During and since the second quarter of 2024, Lazard has been engaged in significant and complex M&A transactions globally, including the following (clients are in italics): WestRock's
Lazard's preeminent restructuring and liability management practice has been engaged in a broad range of complex restructuring and debt advisory assignments, including company roles involving Belk, Enviva and LivePerson and creditor and/or related party roles involving Endo Pharmaceuticals, Hilding Anders, JOANN, KLDiscovery, Rite Aid and SVB Financial Group.
Our capital advisory and solutions practices remain active and engaged in assignments, including Ceva Sante Animale’s
For a list of publicly announced transactions please visit our website.
Asset Management
For the second 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) were
For the first half 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 first half of 2024 was
OPERATING EXPENSES
Compensation and Benefits Expense
For the second quarter of 2024, compensation and benefits expense on a
For the first half 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. Our goal remains to deliver an adjusted compensation ratio over the cycle in the mid- to high-50s percentage range, while targeting a consistent deferral policy.
Non-Compensation Expenses
For the second quarter of 2024, non-compensation expenses on a
The adjusted non-compensation ratio3 was
For the first half of 2024, non-compensation expenses on a
The adjusted non-compensation ratio3 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 second quarter of 2024, Lazard returned
In the first half of 2024, Lazard returned
During the first half of 2024, we repurchased 1.1 million shares at an average price of
On July 24, 2024, Lazard declared a quarterly dividend of
Lazard’s financial position remains strong. As of June 30, 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 |
A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. |
|
3 |
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 July 25, 2024, to discuss the company’s financial results for the second quarter and first-half of 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 1 800-343-4136 (toll-free,
A replay of the conference call will be available by 10:00 a.m. ET, July 25, 2024, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-839-5637 (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. 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 strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements 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:
- 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; and
- Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels
- In the event of a change or adverse interpretation of relevant income tax law, regulation or treaty, or a failure to qualify for treaty benefits, or in the event tax authorities challenge our tax computations or classifications.
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. 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 |
||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
March 31, |
|
June 30, |
||||
($ in thousands, except per share data) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Total revenue |
|
|
|
|
|
|
|
|
|
( |
|
|
|
Interest expense |
(22,642 |
) |
|
(20,728 |
) |
|
(19,204 |
) |
|
|
|
|
|
Net revenue |
685,349 |
|
|
764,753 |
|
|
643,114 |
|
|
( |
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
Compensation and benefits |
452,560 |
|
|
550,824 |
|
|
572,231 |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
||||
Occupancy and equipment |
32,031 |
|
|
32,857 |
|
|
32,800 |
|
|
|
|
|
|
Marketing and business development |
25,493 |
|
|
23,599 |
|
|
28,582 |
|
|
|
|
|
|
Technology and information services |
46,406 |
|
|
44,917 |
|
|
51,370 |
|
|
|
|
|
|
Professional services |
23,734 |
|
|
19,880 |
|
|
21,402 |
|
|
|
|
|
|
Fund administration and outsourced services |
27,114 |
|
|
26,140 |
|
|
28,968 |
|
|
|
|
|
|
Amortization and other acquisition-related costs |
68 |
|
|
68 |
|
|
95 |
|
|
|
|
|
|
Other |
14,303 |
|
|
11,907 |
|
|
17,739 |
|
|
|
|
|
|
Non-compensation expenses |
169,149 |
|
|
159,368 |
|
|
180,956 |
|
|
|
|
( |
|
Operating expenses |
621,709 |
|
|
710,192 |
|
|
753,187 |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
63,640 |
|
|
54,561 |
|
|
(110,073 |
) |
|
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes |
11,587 |
|
|
14,337 |
|
|
10,303 |
|
|
( |
|
|
|
Net income (loss) |
52,053 |
|
|
40,224 |
|
|
(120,376 |
) |
|
|
|
NM |
|
Net income attributable to noncontrolling interests |
2,144 |
|
|
4,469 |
|
|
3,637 |
|
|
|
|
|
|
Net income (loss) attributable to Lazard, Inc. |
|
|
|
|
|
|
( |
) |
|
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
||||
Attributable to Lazard, Inc. Common Stockholders: |
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|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||
Basic |
92,886,364 |
|
|
91,260,465 |
|
|
88,729,654 |
|
|
|
|
|
|
Diluted |
100,627,867 |
|
|
99,351,769 |
|
|
88,729,654 |
|
|
|
|
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||||
Net income (loss) per share: |
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|
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|
||||
Basic |
|
|
|
|
|
|
( |
) |
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NM |
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Diluted |
|
|
|
|
|
|
( |
) |
|
|
|
NM |
|
Note: For the three month periods ended June 30, 2024, March 31, 2024 and June 30, 2023, Financial Advisory net revenue was |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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( |
||||||||
|
Six Months Ended |
|||||||
|
June 30, |
|
June 30, |
|
|
|||
($ in thousands, except per share data) |
2024 |
|
2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Total revenue |
|
|
|
|
|
|
|
|
Interest expense |
(43,370 |
) |
|
(38,679 |
) |
|
|
|
Net revenue |
1,450,102 |
|
|
1,185,550 |
|
|
|
|
Operating expenses: |
|
|
|
|
|
|||
Compensation and benefits |
1,003,384 |
|
|
1,022,198 |
|
|
( |
|
|
|
|
|
|
|
|||
Occupancy and equipment |
64,888 |
|
|
64,573 |
|
|
|
|
Marketing and business development |
49,092 |
|
|
51,344 |
|
|
|
|
Technology and information services |
91,323 |
|
|
95,410 |
|
|
|
|
Professional services |
43,614 |
|
|
45,728 |
|
|
|
|
Fund administration and outsourced services |
53,254 |
|
|
55,544 |
|
|
|
|
Amortization and other acquisition-related costs |
136 |
|
|
143 |
|
|
|
|
Other |
26,210 |
|
|
38,042 |
|
|
|
|
Non-compensation expenses |
328,517 |
|
|
350,784 |
|
|
( |
|
Benefit pursuant to tax receivable agreement |
– |
|
|
(40,435 |
) |
|
|
|
Operating expenses |
1,331,901 |
|
|
1,332,547 |
|
|
–% |
|
|
|
|
|
|
|
|||
Operating income (loss) |
118,201 |
|
|
(146,997 |
) |
|
NM |
|
|
|
|
|
|
|
|||
Provision (benefit) for income taxes |
25,924 |
|
|
(11,422 |
) |
|
NM |
|
Net income (loss) |
92,277 |
|
|
(135,575 |
) |
|
NM |
|
Net income attributable to noncontrolling interests |
6,613 |
|
|
10,610 |
|
|
|
|
Net income (loss) attributable to Lazard, Inc. |
|
|
|
( |
) |
|
NM |
|
|
|
|
|
|
|
|||
Attributable to Lazard, Inc. Common Stockholders: |
|
|
|
|
|
|||
Weighted average shares outstanding: |
|
|
|
|
|
|||
Basic |
92,073,414 |
|
|
88,160,753 |
|
|
|
|
Diluted |
99,989,817 |
|
|
88,160,753 |
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) per share: |
|
|
|
|
|
|||
Basic |
|
|
|
( |
) |
|
NM |
|
Diluted |
|
|
|
( |
) |
|
NM |
|
Note: For the six month periods ended June 30, 2024 and June 30, 2023, Financial Advisory net revenue was |
CONDENSED CONSOLIDATED |
||||||
STATEMENT OF FINANCIAL CONDITION |
||||||
( |
||||||
|
As of |
|||||
|
June 30, |
|
December 31, |
|||
($ in thousands) |
2024 |
|
2023 |
|||
|
|
|
|
|||
ASSETS |
||||||
|
|
|
|
|||
Cash and cash equivalents |
|
|
|
|
|
|
Deposits with banks and short-term investments |
203,809 |
|
|
219,576 |
|
|
Restricted cash |
33,089 |
|
|
34,091 |
|
|
Receivables |
725,488 |
|
|
762,319 |
|
|
Investments |
687,507 |
|
|
701,964 |
|
|
Property |
220,663 |
|
|
232,516 |
|
|
Operating lease right-of-use assets |
451,707 |
|
|
407,213 |
|
|
Goodwill and other intangible assets |
393,967 |
|
|
394,928 |
|
|
Deferred tax assets |
507,572 |
|
|
497,340 |
|
|
Other assets |
455,837 |
|
|
414,518 |
|
|
|
|
|
|
|||
Total Assets |
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY |
||||||
|
|
|
|
|||
Liabilities |
|
|
|
|||
|
|
|
|
|||
Deposits and other customer payables |
|
|
|
|
|
|
Accrued compensation and benefits |
550,189 |
|
|
781,375 |
|
|
Operating lease liabilities |
522,864 |
|
|
485,191 |
|
|
Tax receivable agreement obligation |
84,137 |
|
|
115,087 |
|
|
Senior debt |
1,852,149 |
|
|
1,690,200 |
|
|
Other liabilities |
540,619 |
|
|
550,804 |
|
|
Total liabilities |
3,932,073 |
|
|
4,065,919 |
|
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|||
|
|
|
|
|||
Redeemable noncontrolling interests |
80,931 |
|
|
87,675 |
|
|
|
|
|
|
|||
Stockholders' equity |
|
|
|
|||
|
|
|
|
|||
Preferred stock, par value |
– |
|
|
– |
|
|
Common stock, par value |
1,128 |
|
|
1,128 |
|
|
Additional paid-in capital |
218,455 |
|
|
247,204 |
|
|
Retained earnings |
1,382,703 |
|
|
1,402,636 |
|
|
Accumulated other comprehensive loss, net of tax |
(306,293 |
) |
|
(289,950 |
) |
|
Subtotal |
1,295,993 |
|
|
1,361,018 |
|
|
Class A common stock held by subsidiaries, at cost |
(837,338 |
) |
|
(937,259 |
) |
|
Total Lazard, Inc. stockholders' equity |
458,655 |
|
|
423,759 |
|
|
Noncontrolling interests |
55,535 |
|
|
58,428 |
|
|
Total stockholders' equity |
514,190 |
|
|
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 |
||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
March 31, |
|
June 30, |
||||
($ in thousands, except per share data) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Net Revenue: |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Financial Advisory |
|
|
|
|
|
|
|
|
|
( |
|
|
|
Asset Management |
265,219 |
|
|
275,934 |
|
|
267,058 |
|
|
( |
|
( |
|
Corporate |
11,487 |
|
|
23,997 |
|
|
8,801 |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net revenue |
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
|
( |
|
|
|
Adjusted compensation ratio (b) |
66.0 |
% |
|
66.0 |
% |
|
68.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted non-compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-compensation ratio (c) |
21.7 |
% |
|
18.0 |
% |
|
23.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings: |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Adjusted operating income |
|
|
|
|
|
|
|
|
|
( |
|
|
|
Adjusted operating margin (d) |
12.3 |
% |
|
16.0 |
% |
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net income |
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted diluted net income per share |
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted diluted weighted average shares (e) |
102,188,981 |
|
|
101,532,219 |
|
|
95,620,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted effective tax rate (f) |
14.0 |
% |
|
32.6 |
% |
|
31.2 |
% |
|
|
|
|
|
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) |
||||||||
|
Six Months Ended |
|||||||
|
June 30, |
|
June 30, |
|
|
|||
($ in thousands, except per share data) |
2024 |
|
2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Net Revenue: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Financial Advisory |
|
|
|
|
|
|
|
|
Asset Management |
541,153 |
|
|
531,703 |
|
|
|
|
Corporate |
35,484 |
|
|
(2,687 |
) |
|
NM |
|
|
|
|
|
|
|
|||
Adjusted net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Expenses: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
Adjusted compensation ratio (b) |
66.0 |
% |
|
71.8 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted non-compensation expenses |
|
|
|
|
|
|
( |
|
Adjusted non-compensation ratio (c) |
19.8 |
% |
|
24.9 |
% |
|
|
|
|
|
|
|
|
|
|||
Earnings: |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Adjusted operating income |
|
|
|
|
|
|
NM |
|
Adjusted operating margin (d) |
14.2 |
% |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|||
Adjusted net income (loss) |
|
|
|
( |
) |
|
NM |
|
|
|
|
|
|
|
|||
Adjusted diluted net income per share |
|
|
|
$– |
|
|
NM |
|
|
|
|
|
|
|
|||
Adjusted diluted weighted average shares (e) |
101,860,599 |
|
|
88,160,753 |
|
|
NM |
|
|
|
|
|
|
|
|||
Adjusted effective tax rate (f) |
25.5 |
% |
|
67.8 |
% |
|
|
|
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
See Notes to Financial Schedules |
ASSETS UNDER MANAGEMENT |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
As of |
|
% Change From |
||||||||||||
|
June 30, |
|
March 31, |
|
December 31, |
|
March 31, |
|
December 31, |
||||||
($ in millions) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Equity: |
|
|
|
|
|
|
|
|
|
||||||
Emerging Markets |
|
|
|
|
|
|
|
|
|
9.1 |
% |
|
6.9 |
% |
|
Global |
54,026 |
|
|
55,544 |
|
|
53,528 |
|
|
(2.7 |
%) |
|
0.9 |
% |
|
Local |
52,738 |
|
|
54,841 |
|
|
52,208 |
|
|
(3.8 |
%) |
|
1.0 |
% |
|
Multi-Regional |
56,618 |
|
|
60,089 |
|
|
59,114 |
|
|
(5.8 |
%) |
|
(4.2 |
%) |
|
Total Equity |
190,426 |
|
|
195,253 |
|
|
190,138 |
|
|
(2.5 |
%) |
|
0.2 |
% |
|
Fixed Income: |
|
|
|
|
|
|
|
|
|
||||||
Emerging Markets |
9,250 |
|
|
9,080 |
|
|
9,525 |
|
|
1.9 |
% |
|
(2.9 |
%) |
|
Global |
11,167 |
|
|
10,664 |
|
|
10,762 |
|
|
4.7 |
% |
|
3.8 |
% |
|
Local |
5,729 |
|
|
6,378 |
|
|
6,080 |
|
|
(10.2 |
%) |
|
(5.8 |
%) |
|
Multi-Regional |
19,965 |
|
|
21,098 |
|
|
21,740 |
|
|
(5.4 |
%) |
|
(8.2 |
%) |
|
Total Fixed Income |
46,111 |
|
|
47,220 |
|
|
48,107 |
|
|
(2.3 |
%) |
|
(4.1 |
%) |
|
Alternative Investments |
2,897 |
|
|
3,201 |
|
|
3,330 |
|
|
(9.5 |
%) |
|
(13.0 |
%) |
|
Private Wealth Alternative Investments |
3,033 |
|
|
2,643 |
|
|
2,799 |
|
|
14.8 |
% |
|
8.4 |
% |
|
Private Equity |
1,501 |
|
|
1,486 |
|
|
1,623 |
|
|
1.0 |
% |
|
(7.5 |
%) |
|
Cash Management |
702 |
|
|
629 |
|
|
654 |
|
|
11.6 |
% |
|
7.3 |
% |
|
Total AUM |
|
|
|
|
|
|
|
|
|
(2.3 |
%) |
|
(0.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
AUM - Beginning of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Flows |
(6,599 |
) |
|
(6,630 |
) |
|
(997 |
) |
|
(13,229 |
) |
|
2,002 |
|
|
Market and foreign exchange appreciation |
837 |
|
|
10,411 |
|
|
8,197 |
|
|
11,248 |
|
|
21,213 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AUM - End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average AUM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% Change in Average AUM |
|
|
(0.7 |
%) |
|
4.2 |
% |
|
|
|
6.5 |
% |
|||
Note: Average AUM generally represents the average of the monthly ending AUM balances for the period. |
RECONCILIATION OF |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
($ in thousands) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net Revenue |
|||||||||||||||
Financial Advisory net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Reimbursable deal costs, provision for credit losses and other (g) |
(3,372 |
) |
|
(7,501 |
) |
|
(8,310 |
) |
|
(10,873 |
) |
|
(12,091 |
) |
|
Interest expense (h) |
– |
|
|
41 |
|
|
– |
|
|
41 |
|
|
68 |
|
|
Losses associated with cost-saving initiatives (i) |
– |
|
|
587 |
|
|
– |
|
|
587 |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Financial Advisory net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Management net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Revenue related to noncontrolling interests (j) |
(4,054 |
) |
|
(4,097 |
) |
|
(3,227 |
) |
|
(8,151 |
) |
|
(7,229 |
) |
|
Distribution fees and other (g) |
(16,216 |
) |
|
(15,448 |
) |
|
(18,028 |
) |
|
(31,664 |
) |
|
(33,428 |
) |
|
Interest expense (h) |
2 |
|
|
3 |
|
|
– |
|
|
5 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Asset Management net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate net revenue (loss) - |
( |
) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Revenue related to noncontrolling interests (j) |
(866 |
) |
|
(3,006 |
) |
|
(3,010 |
) |
|
(3,872 |
) |
|
(9,831 |
) |
|
(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (k) |
1,201 |
|
|
(9,373 |
) |
|
(9,675 |
) |
|
(8,172 |
) |
|
(26,128 |
) |
|
Provision for credit losses (g) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(7,500 |
) |
|
Interest expense (h) |
22,598 |
|
|
20,606 |
|
|
19,162 |
|
|
43,204 |
|
|
38,501 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Corporate net revenue (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Net revenue - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Revenue related to noncontrolling interests (j) |
(4,920 |
) |
|
(7,103 |
) |
|
(6,237 |
) |
|
(12,023 |
) |
|
(17,060 |
) |
|
(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (k) |
1,201 |
|
|
(9,373 |
) |
|
(9,675 |
) |
|
(8,172 |
) |
|
(26,128 |
) |
|
Distribution fees, reimbursable deal costs, provision for credit losses and other (g) |
(19,588 |
) |
|
(22,949 |
) |
|
(26,338 |
) |
|
(42,537 |
) |
|
(53,019 |
) |
|
Interest expense (h) |
22,600 |
|
|
20,650 |
|
|
19,162 |
|
|
43,250 |
|
|
38,572 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (i) |
– |
|
|
587 |
|
|
– |
|
|
587 |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
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 |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
($ 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 (j) |
(1,897 |
) |
|
(2,108 |
) |
|
(1,851 |
) |
|
(4,005 |
) |
|
(4,861 |
) |
|
(Charges) credits pertaining to LFI and other similar arrangements (l) |
1,201 |
|
|
(9,373 |
) |
|
(9,675 |
) |
|
(8,172 |
) |
|
(26,128 |
) |
|
Expenses associated with cost-saving initiatives |
– |
|
|
(46,610 |
) |
|
(136,608 |
) |
|
(46,610 |
) |
|
(157,348 |
) |
|
Expenses associated with senior management transition (m) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(10,674 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted compensation and benefits expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-Compensation Expenses |
|||||||||||||||
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Non-compensation expenses related to noncontrolling interests (j) |
(881 |
) |
|
(526 |
) |
|
(749 |
) |
|
(1,407 |
) |
|
(1,590 |
) |
|
Distribution fees, reimbursable deal costs, provision for credit losses and other (g) |
(19,588 |
) |
|
(22,949 |
) |
|
(26,338 |
) |
|
(42,537 |
) |
|
(53,019 |
) |
|
Amortization and other acquisition-related costs |
(68 |
) |
|
(68 |
) |
|
(95 |
) |
|
(136 |
) |
|
(143 |
) |
|
Expenses associated with cost-saving initiatives |
– |
|
|
(1,532 |
) |
|
(10,097 |
) |
|
(1,532 |
) |
|
(10,097 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted non-compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Income (Loss) |
|||||||||||||||
Operating income (loss) - |
|
|
|
|
|
|
( |
) |
|
|
|
|
( |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Operating income related to noncontrolling interests (j) |
(2,142 |
) |
|
(4,469 |
) |
|
(3,637 |
) |
|
(6,611 |
) |
|
(10,610 |
) |
|
Interest expense (h) |
22,600 |
|
|
20,650 |
|
|
19,162 |
|
|
43,250 |
|
|
38,572 |
|
|
Amortization and other acquisition-related costs |
68 |
|
|
68 |
|
|
95 |
|
|
136 |
|
|
144 |
|
|
Asset impairment charges |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
19,129 |
|
|
Losses associated with cost-saving initiatives (i) |
– |
|
|
587 |
|
|
– |
|
|
587 |
|
|
– |
|
|
Expenses associated with cost-saving initiatives |
– |
|
|
48,142 |
|
|
146,705 |
|
|
48,142 |
|
|
167,445 |
|
|
Expenses associated with senior management transition (m) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
10,674 |
|
|
Benefit pursuant to tax receivable agreement obligation ("TRA") (n) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(40,435 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Provision (Benefit) for Income Taxes |
|||||||||||||||
Provision (benefit) for income taxes - |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
||||||
Tax effect of adjustments |
(2,960 |
) |
|
17,878 |
|
|
– |
|
|
14,918 |
|
|
10,884 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted provision (benefit) 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 (i) |
– |
|
|
587 |
|
|
– |
|
|
587 |
|
|
– |
|
|
Expenses associated with cost-saving initiatives |
– |
|
|
48,142 |
|
|
146,705 |
|
|
48,142 |
|
|
167,445 |
|
|
Expenses associated with senior management transition (m) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
10,674 |
|
|
Benefit pursuant to tax receivable agreement obligation ("TRA") (n) |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
(40,435 |
) |
|
Tax effect of adjustments |
2,960 |
|
|
(17,878 |
) |
|
– |
|
|
(14,918 |
) |
|
(10,884 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted Weighted Average Shares Outstanding |
|||||||||||||||
Diluted Weighted Average Shares Outstanding - |
100,627,867 |
|
|
99,351,769 |
|
|
88,729,654 |
|
|
99,989,817 |
|
|
88,160,753 |
|
|
Adjustment: participating securities including profits interest participation rights and other |
1,561,114 |
|
|
2,180,450 |
|
|
6,891,248 |
|
|
1,870,782 |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Diluted Weighted Average Shares Outstanding (e) |
102,188,981 |
|
|
101,532,219 |
|
|
95,620,902 |
|
|
101,860,599 |
|
|
88,160,753 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
( |
) |
|
|
|
|
( |
) |
|
Diluted net income (loss) effect of adjustments |
0.03 |
|
|
0.31 |
|
|
1.65 |
|
|
0.33 |
|
|
1.68 |
|
|
Adjusted Basis |
|
|
|
|
|
|
|
|
|
|
|
|
$– |
|
|
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding |
See Notes to Financial Schedules |
RECONCILIATION OF NON-COMPENSATION EXPENSES |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
($ in thousands) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
||||||
Occupancy and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and business development |
25,493 |
|
|
23,599 |
|
|
28,582 |
|
|
49,092 |
|
|
51,344 |
|
|
Technology and information services |
46,406 |
|
|
44,917 |
|
|
51,370 |
|
|
91,323 |
|
|
95,410 |
|
|
Professional services |
23,734 |
|
|
19,880 |
|
|
21,402 |
|
|
43,614 |
|
|
45,728 |
|
|
Fund administration and outsourced services |
27,114 |
|
|
26,140 |
|
|
28,968 |
|
|
53,254 |
|
|
55,544 |
|
|
Amortization and other acquisition-related costs |
68 |
|
|
68 |
|
|
95 |
|
|
136 |
|
|
143 |
|
|
Other |
14,303 |
|
|
11,907 |
|
|
17,739 |
|
|
26,210 |
|
|
38,042 |
|
|
Non-compensation expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-compensation expenses - Adjustments: |
|
|
|
|
|
|
|
|
|
||||||
Occupancy and equipment (j) |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
Marketing and business development (g) (j) |
(2,944 |
) |
|
(2,079 |
) |
|
(5,164 |
) |
|
(5,023 |
) |
|
(7,892 |
) |
|
Technology and information services (g) (j) |
(49 |
) |
|
(35 |
) |
|
(7,436 |
) |
|
(84 |
) |
|
(7,509 |
) |
|
Professional services (g) (j) |
(1,085 |
) |
|
(873 |
) |
|
(1,989 |
) |
|
(1,958 |
) |
|
(3,391 |
) |
|
Fund administration and outsourced services (g) (j) |
(15,588 |
) |
|
(15,035 |
) |
|
(17,282 |
) |
|
(30,623 |
) |
|
(32,261 |
) |
|
Amortization and other acquisition-related costs |
(68 |
) |
|
(68 |
) |
|
(95 |
) |
|
(136 |
) |
|
(143 |
) |
|
Other (g) (j) |
(708 |
) |
|
(5,412 |
) |
|
(4,435 |
) |
|
(6,120 |
) |
|
(12,714 |
) |
|
Subtotal non-compensation expenses adjustments |
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted non-compensation expenses: |
|
|
|
|
|
|
|
|
|
||||||
Occupancy and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and business development |
22,549 |
|
|
21,520 |
|
|
23,418 |
|
|
44,069 |
|
|
43,452 |
|
|
Technology and information services |
46,357 |
|
|
44,882 |
|
|
43,934 |
|
|
91,239 |
|
|
87,901 |
|
|
Professional services |
22,649 |
|
|
19,007 |
|
|
19,413 |
|
|
41,656 |
|
|
42,337 |
|
|
Fund administration and outsourced services |
11,526 |
|
|
11,105 |
|
|
11,686 |
|
|
22,631 |
|
|
23,283 |
|
|
Amortization and other acquisition-related costs |
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
Other |
13,595 |
|
|
6,495 |
|
|
13,304 |
|
|
20,090 |
|
|
25,328 |
|
|
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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(f) |
A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income (loss) less interest expense and amortization and other acquisition-related costs. |
||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Adjusted provision (benefit) for income taxes |
|
|
|
|
|
|
|
|
( |
|
|
Adjusted operating income (loss) less interest expense and amortization and other acquisition-related costs |
61,496 |
|
98,821 |
|
32,995 |
|
160,317 |
|
(794) |
|
|
Adjusted effective tax rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal 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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(i) |
Represents 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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Noncontrolling interests include revenue and expenses principally related to Edgewater, ESC Funds and a Special Purpose Acquisition Company. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(k) |
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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(l) |
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. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(m) |
Represents expenses associated with senior management transition reflecting the departure of certain executive officers. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(n) |
Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect of reducing the estimated liability under the TRA. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
NM |
Not meaningful |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725645603/en/
Media Contact:
Shannon
+1 212 632 6880
shannon.houston@lazard.com
Investor Contact:
Alexandra Deignan
+1 212 632 6886
alexandra.deignan@lazard.com
Source: Lazard, Inc.
FAQ
What was Lazard's net revenue for Q2 2024?
How much was Lazard's Financial Advisory revenue for the first half of 2024?
What was Lazard's (LAZ) Assets Under Management (AUM) at the end of Q2 2024?
How much did Lazard (LAZ) return to shareholders in the first half of 2024?