Operating revenue up 15% with strong
momentum across our businesses
Record quarter-end assets under
management of $265 billion
Returned $237 million of capital to
shareholders in first quarter
Lazard Ltd (NYSE: LAZ) today reported operating revenue1 of $648
million for the quarter ended March 31, 2021. Net income, as
adjusted2, was $101 million, or $0.87 per share (diluted) for the
quarter.
First-quarter 2021 net income on a U.S. GAAP basis was $87
million, or $0.75 per share (diluted).
“We are well positioned for the year ahead with record assets
under management and high levels of activity across Financial
Advisory in a strengthening macroeconomic environment,” said
Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard.
“As the rollout of COVID-19 vaccines expands, and fiscal and
monetary stimulus take effect, confidence is growing among business
leaders and investors globally.”
($ in millions, except per share data and
AUM)
Quarter Ended March
31,
2021
2020
%’21-’20
Net
Income
U.S. GAAP
$87
$64
36%
Per share, diluted
$0.75
$0.56
34%
Adjusted2
$101
$67
52%
Per share, diluted
$0.87
$0.58
50%
Operating
Revenue1
Total operating revenue
$648
$563
15%
Financial Advisory
$317
$295
8%
Asset Management
$328
$269
22%
AUM ($ in
billions)
Period End
$265
$193
37%
Average
$261
$222
18%
Note: Endnotes are on page 6 of this release. A reconciliation
of adjusted GAAP to U.S. GAAP is on pages 11-12.
OPERATING REVENUE
Operating revenue was $648 million for the quarter ended March
31, 2021, 15% higher than the first quarter of 2020.
Financial Advisory
Our Financial Advisory results include M&A Advisory, Capital
Advisory, Capital Raising, Restructuring, Shareholder Advisory,
Sovereign Advisory, and other strategic advisory work for
clients.
Financial Advisory operating revenue was $317 million for the
first quarter of 2021, 8% higher than the first quarter of
2020.
During and since the first quarter of 2021, Lazard has been
engaged in significant and complex M&A transactions and other
advisory assignments globally, including the following (clients are
in italics): The Special Committee of the Board of Brookfield
Property Partners in Brookfield Asset Management’s acquisition of
100% of BPY units, valuing BPY at $71.8 billion; The Special
Committee of the Board of VMware in Dell’s $52.5 billion spin-off
of its 81% equity stake in the company and VMware’s payment of a
special cash dividend; Altice Europe in the $48.5 billion
take-private offer by Patrick Drahi, and its $6.3 billion sale of
its French towers to Cellnex; The Special Committee of the Board of
Athene in Athene’s $11 billion merger with Apollo; Stonepeak’s $8.1
billion acquisition of Astound Broadband from TPG; M&T Bank’s
$7.6 billion acquisition of People’s United Financial; Kimco Realty
in its $5.9 billion merger with Weingarten Realty Investors; G4S on
the £3.8 billion recommended cash offer from Allied Universal;
Natixis in the €3.7 billion acquisition of the remaining 29.3%
stake in the company by BPCE; Goodyear Tire & Rubber’s $2.5
billion acquisition of Cooper Tire & Rubber; Servier’s $2.0
billion acquisition of Agios Pharmaceuticals’ oncology business;
and Five Prime Therapeutics’ $1.9 billion sale to Amgen.
Lazard has one of the world’s preeminent restructuring
practices, with a long track record of successfully advising
businesses and governments. During and since the first quarter of
2021, we have been engaged in a broad range of highly visible and
complex restructuring and debt advisory assignments for debtors or
creditors, including roles involving: Abengoa; AccorInvest; Assured
Guaranty in connection with Puerto Rico’s restructuring; Belk;
Cinepolis; CorpGroup; Debenhams; Diamond Offshore Drilling;
Europcar; Express; Garrett Motion; NMC Health; Peabody; Premier
Oil; Seadrill Limited; Ursa Piceance; and Valaris.
Our Capital and Shareholder Advisory practices remain active
globally, advising on a broad range of public and private
assignments. Our Sovereign Advisory practice continues to be active
advising governments, sovereign and sub-sovereign entities across
developed and emerging markets.
For a list of publicly announced Financial Advisory transactions
on which Lazard advised in the first quarter of 2021, or continued
to advise or completed since March 31, 2021, please visit our
website at www.lazard.com/businesses/transactions.
Asset Management
In the text portion of this press release, we present our Asset
Management results as 1) Management fees and other revenue, and 2)
Incentive fees.
Asset Management operating revenue was $328 million for the
first quarter of 2021, 22% higher than the first quarter of
2020.
Management fees and other revenue was $295 million, 10% higher
than the first quarter of 2020, and 4% higher than the fourth
quarter of 2020.
Average AUM for the first quarter of 2021 was $261 billion, 18%
higher than the first quarter of 2020, and 6% higher than the
fourth quarter of 2020.
AUM as of March 31, 2021, was $265 billion, up 2% from December
31, 2020, and up 37% from March 31, 2020. The sequential increase
from December 31, 2020 was driven by market appreciation of $12.5
billion, partially offset by foreign exchange depreciation of $4.6
billion and net outflows of $1.7 billion.
Incentive fees during the period were $33 million, compared to
$2 million for the first quarter of 2020.
OPERATING EXPENSES
Compensation and
Benefits
In managing compensation and benefits expense, we focus on
annual awarded compensation (cash compensation and benefits plus
deferred incentive compensation with respect to the applicable
year, net of estimated future forfeitures and excluding charges).
We believe annual awarded compensation reflects the actual annual
compensation cost more accurately than the GAAP measure of
compensation cost, which includes applicable-year cash compensation
and the amortization of deferred incentive compensation principally
attributable to previous years’ deferred compensation. We believe
that by managing our business using awarded compensation with a
consistent deferral policy, we can better manage our compensation
costs, increase our flexibility in the future and build shareholder
value over time.
For the first quarter of 2021, we accrued adjusted compensation
and benefits expense1 at an adjusted compensation ratio of 59.5%,
compared to the first-quarter 2020 ratio of 60.0%. This resulted in
$385 million of compensation and benefits expense, compared to $338
million for the first quarter of 2020.
We manage our compensation and benefits expense based on awarded
compensation with a consistent deferral policy. We take a
disciplined approach to compensation, and our goal is to maintain a
compensation-to-operating revenue ratio over the cycle in the mid-
to high-50s percentage range on both an awarded and adjusted basis,
with consistent deferral policies.
Non-Compensation Expense
For the first quarter of 2021, adjusted non-compensation
expense1 was $102 million, 9% lower than the first quarter of 2020,
primarily reflecting lower travel and business development
expenses.
The ratio of adjusted non-compensation expense to operating
revenue was 15.8% for the first quarter of 2021, compared to 20.0%
for the first quarter of 2020.
Our goal remains to achieve an adjusted non-compensation
expense-to-operating revenue ratio over the cycle of 16% to
20%.
TAXES
The provision for taxes, on an adjusted basis1, was $41 million
for the first quarter of 2021. The effective tax rate, on an
adjusted basis, was 28.6% for the first quarter of 2021, compared
to 28.8% for the first quarter of 2020 and 20.2% for the full year
of 2020.
CAPITAL MANAGEMENT AND BALANCE SHEET
Our primary capital management goals include managing debt and
returning capital to shareholders through dividends and share
repurchases.
In the first quarter of 2021, Lazard returned $237 million to
shareholders, which included: $49 million in dividends; $123
million in share repurchases of our common stock; and $65 million
in satisfaction of employee tax obligations in lieu of share
issuances upon vesting of equity grants.
As of March 31, 2021, we have repurchased 2.9 million shares of
our common stock at an average price of $42.30 per share.
On April 29, 2021, our Board of Directors authorized additional
share repurchases of up to $300 million, which expires as of
December 31, 2022, bringing our total outstanding share repurchase
authorization to $439 million.
On April 29, 2021, Lazard declared a quarterly dividend of $0.47
per share on its outstanding common stock. The dividend is payable
on May 21, 2021, to stockholders of record on May 10, 2021.
Lazard’s financial position remains strong. As of March 31,
2021, our cash and cash equivalents were $975 million, and
stockholders’ equity related to Lazard’s interests was $765
million.
***
CONFERENCE CALL
Lazard will host a conference call at 8:00 a.m. EDT on Friday,
April 30, 2021, to discuss the company’s financial results for the
first quarter of 2021. 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) 458-4121 (U.S. and
Canada) or +1 (323) 794-2093 (outside of the U.S. and Canada), 15
minutes prior to the start of the call.
A replay of the conference call will be available by 10:00 a.m.
EDT, Friday, April 30, 2021, via the Lazard Investor Relations
website at www.lazard.com, or by dialing 1 (888) 203-1112 (U.S. and
Canada) or +1 (719) 457-0820 (outside of the U.S. and Canada). The
replay access code is 6389433.
ABOUT LAZARD
Lazard, one of the world's preeminent financial advisory and
asset management firms, operates from more than 40 cities across 25
countries in North America, Europe, Asia, Australia, Central and
South America. With origins dating to 1848, the firm provides
advice on mergers and acquisitions, strategic matters,
restructuring and capital structure, capital raising and corporate
finance, as well as asset management services to corporations,
partnerships, institutions, governments and individuals. For more
information on Lazard, please visit www.lazard.com. Follow Lazard
at @Lazard.
***
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements. In some
cases, you can identify these statements by forward-looking words
such as “may”, “might”, “will”, “should”, “could”, “would”,
“expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”,
“potential”, “target,” “goal”, or “continue”, and the negative of
these terms and other comparable terminology. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance based on our growth strategies,
business plans and initiatives and anticipated trends in our
business. These forward-looking statements, including with respect
to the current COVID-19 pandemic, are only predictions based on our
current expectations and projections about future events. There are
important factors that could cause our actual results, level of
activity, performance or achievements to differ materially from the
results, level of activity, performance or achievements expressed
or implied by these forward-looking statements.
These factors include, but are not limited to, those discussed
in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and
also discussed from time to time in our reports on Forms 10-Q and
8-K, including the following:
- A decline in general economic conditions or the global or
regional financial markets;
- A decline in our revenues, for example due to a decline in
overall mergers and acquisitions (M&A) activity, our share of
the M&A market or our assets under management (AUM);
- Losses caused by financial or other problems experienced by
third parties;
- Losses due to unidentified or unanticipated risks;
- A lack of liquidity, i.e., ready access to funds, for use in
our businesses; and
- Competitive pressure on our businesses and on our ability to
retain and attract employees at current compensation levels.
Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance or achievements.
Neither we nor any other person assumes responsibility for the
accuracy or completeness of any of these forward-looking
statements. You should not rely upon forward-looking statements as
predictions of future events. We are under no duty to update any of
these forward-looking statements after the date of this release to
conform our prior statements to actual results or revised
expectations and we do not intend to do so.
Lazard Ltd 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, Lazard’s Twitter account
(twitter.com/Lazard) 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.
***
ENDNOTES
1 A non-U.S. GAAP measure. See attached financial schedules and
related notes for a detailed explanation of adjustments to
corresponding U.S. GAAP results. We believe that presenting our
results on an adjusted basis, in addition to the U.S. GAAP results,
is the most meaningful and useful way to compare our operating
results across periods.
2 First-quarter 2021 adjusted results1 exclude pre-tax charges
of $1.4 million relating to office space reorganization and $9.6
million relating to expenses associated with restructuring and
closing of certain offices. On a U.S. GAAP basis, these resulted in
a net charge of $13.9 million, or $0.12 (diluted) per share, in the
first quarter of 2021.
LAZ-EPE
LAZARD LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS (U.S. GAAP)
Three Months Ended
% Change From
March 31,
December 31,
March 31,
December 31,
March 31,
($ in thousands, except per share data)
2021
2020
2020
2020
2020
Total revenue
$679,904
$898,326
$558,157
(24%)
22%
Interest expense
(19,797)
(20,172)
(20,143)
Net revenue
660,107
878,154
538,014
(25%)
23%
Operating expenses: Compensation and benefits
401,546
524,736
319,755
(23%)
26%
Occupancy and equipment
34,748
33,592
32,198
Marketing and business development
6,651
8,161
20,186
Technology and information services
33,670
36,100
31,358
Professional services
14,948
20,330
14,545
Fund administration and outsourced services
29,279
26,431
26,390
Amortization of intangible assets related to acquisitions
15
436
446
Other
4,960
11,308
9,039
Subtotal
124,271
136,358
134,162
(9%)
(7%)
Benefit pursuant to tax receivable agreement
-
(439)
-
Operating expenses
525,817
660,655
453,917
(20%)
16%
Operating income
134,290
217,499
84,097
(38%)
60%
Provision for income taxes
43,464
22,729
25,766
91%
69%
Net income
90,826
194,770
58,331
(53%)
56%
Net income (loss) attributable to noncontrolling interests
3,526
4,881
(5,691)
Net income attributable to Lazard Ltd
$87,300
$189,889
$64,022
(54%)
36%
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding: Basic
107,291,560
107,316,315
106,303,962
0%
1%
Diluted
115,822,294
115,144,030
114,120,179
1%
1%
Net income per share: Basic
$0.80
$1.73
$0.59
(54%)
36%
Diluted
$0.75
$1.64
$0.56
(54%)
34%
LAZARD LTD UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION (U.S. GAAP)
March 31,
December 31,
($ in thousands)
2021
2020
ASSETS Cash and
cash equivalents
$974,696
$1,389,876
Deposits with banks and short-term investments
1,014,145
1,134,463
Restricted cash
615,090
44,488
Receivables
739,615
743,141
Investments
782,351
658,532
Goodwill and other intangible assets
381,947
384,071
Operating lease right-of-use assets
492,089
513,923
Deferred tax assets
506,836
538,448
Other assets
702,790
564,919
Total Assets
$6,209,559
$5,971,861
LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
Liabilities Deposits and other customer payables
$1,239,716
$1,201,150
Accrued compensation and benefits
485,739
734,544
Operating lease liabilities
582,178
606,963
Tax receivable agreement obligation
211,236
221,451
Senior debt
1,683,362
1,682,741
Other liabilities
565,629
525,579
Total liabilities
4,767,860
4,972,428
Commitments and contingencies Redeemable
noncontrolling interests
575,000
-
Stockholders' equity Preferred stock, par value $.01
per share
-
-
Common stock, par value $.01 per share
1,128
1,128
Additional paid-in capital
-
135,439
Retained earnings
1,278,907
1,295,386
Accumulated other comprehensive loss, net of tax
(255,711
)
(238,368)
Subtotal
1,024,324
1,193,585
Class A common stock held by subsidiaries, at cost
(259,319
)
(281,813)
Total Lazard Ltd stockholders' equity
765,005
911,772
Noncontrolling interests
101,694
87,661
Total stockholders' equity
866,699
999,433
Total liabilities, redeemable noncontrolling interests and
stockholders' equity
$6,209,559
$5,971,861
LAZARD LTD SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited) Three Months Ended % Change
From
March 31,
December 31,
March 31,
December 31,
March 31,
($ in thousands, except per share data)
2021
2020
2020
2020
2020
Revenues: Financial Advisory
$317,300
$508,626
$294,773
(38%)
8%
Asset Management
327,914
336,152
268,953
(2%)
22%
Corporate
2,648
3,990
(915)
(34%)
NM
Operating revenue (b)
$647,862
$848,768
$562,811
(24%)
15%
Expenses: Adjusted compensation and
benefits expense (c)
$385,478
$497,260
$337,686
(22%)
14%
Ratio of adjusted compensation to operating revenue
59.5%
58.6%
60.0%
Non-compensation expense (d)
$102,480
$116,568
$112,632
(12%)
(9%)
Ratio of non-compensation to operating revenue
15.8%
13.7%
20.0%
Earnings: Earnings from operations (e)
$159,904
$234,940
$112,493
(32%)
42%
Operating margin (f)
24.7%
27.7%
20.0%
Adjusted net income (g)
$101,221
$192,444
$66,552
(47%)
52%
Diluted adjusted net income per share
$0.87
$1.66
$0.58
(48%)
50%
Diluted weighted average shares (h)
115,857,922
115,831,033
114,160,044
0%
1%
Effective tax rate (i)
28.6%
11.1%
28.8%
This presentation includes non-U.S. GAAP ("non-GAAP")
measures. Our non-GAAP measures are not meant to be considered in
isolation or as a substitute for the corresponding U.S. GAAP
measures, and should be read only in conjunction with our
consolidated financial statements prepared in accordance with U.S.
GAAP. For a detailed explanation of the adjustments made to the
corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP
to Selected Summary Financial Information and Notes to Financial
Schedules.
LAZARD LTD ASSETS UNDER MANAGEMENT ("AUM")
(unaudited) ($ in millions)
As of
Variance
March 31,
December 31,
March 31,
1Q 2021 vs
2021
2020
2020
Qtr to Qtr
1Q 2020
Equity: Emerging Markets
$32,700
$33,254
$27,716
(1.7%)
18.0%
Global
58,560
56,246
39,094
4.1%
49.8%
Local
51,246
48,672
37,496
5.3%
36.7%
Multi-Regional
72,953
71,560
50,335
1.9%
44.9%
Total Equity
215,459
209,732
154,641
2.7%
39.3%
Fixed Income: Emerging Markets
12,708
13,651
11,424
(6.9%)
11.2%
Global
14,177
11,962
9,100
18.5%
55.8%
Local
5,556
5,600
5,421
(0.8%)
2.5%
Multi-Regional
11,808
12,571
8,376
(6.1%)
41.0%
Total Fixed Income
44,249
43,784
34,321
1.1%
28.9%
Alternative Investments
3,141
2,748
1,902
14.3%
65.1%
Private Equity
1,324
1,420
1,406
(6.8%)
(5.8%)
Cash Management
679
958
778
(29.1%)
(12.7%)
Total AUM
$264,852
$258,642
$193,048
2.4%
37.2%
Year Ended
Three Months Ended March 31,
December 31,
2021
2020
2020
AUM - Beginning of Period
$258,642
$248,239
$248,239
Net Flows
(1,679)
(4,913)
(11,368)
Market and foreign exchange appreciation (depreciation)
7,889
(50,278)
21,771
AUM - End of Period
$264,852
$193,048
$258,642
Average AUM
$261,463
$221,534
$225,361
% Change in average AUM
18.0%
Note: Average AUM generally represents the average of the monthly
ending AUM balances for the period.
LAZARD LTD
RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL
INFORMATION (a) (unaudited)
Three Months Ended
March 31,
December 31,
March 31,
($ in thousands, except per share data)
2021
2020
2020
Operating Revenue Net revenue - U.S. GAAP Basis
$660,107
$878,154
$538,014
Adjustments: (Revenue) loss related to noncontrolling
interests (j)
(6,361)
(8,054)
2,772
(Gains) losses related to Lazard Fund Interests ("LFI") and other
similar arrangements
(7,487)
(25,207)
19,637
Distribution fees, reimbursable deal costs, bad debt expense and
other (k)
(16,710)
(14,647)
(16,384)
Interest expense
18,313
18,522
18,772
Operating revenue, as adjusted (b)
$647,862
$848,768
$562,811
Compensation and Benefits Expense Compensation and
benefits expense - U.S. GAAP Basis
$401,546
$524,736
$319,755
Adjustments: (Charges) credits pertaining to LFI and other
similar arrangements
(7,487)
(25,207)
19,637
Expenses associated with restructuring and closing of certain
offices (l)
(6,623)
-
-
Compensation related to noncontrolling interests (j)
(1,958)
(2,269)
(1,706)
Compensation and benefits expense, as adjusted (c)
$385,478
$497,260
$337,686
Non-Compensation Expense Non-compensation expense -
Subtotal - U.S. GAAP Basis
$124,271
$136,358
$134,162
Adjustments: Expenses related to office space reorganization
(m)
(1,416)
(4,184)
(3,664)
Distribution fees, reimbursable deal costs, bad debt expense and
other (k)
(16,710)
(14,647)
(16,384)
Amortization of intangible assets related to acquisitions
(15)
(436)
(446)
Expenses associated with restructuring and closing of certain
offices (l)
(2,971)
-
-
Non-compensation expense related to noncontrolling interests (j)
(679)
(523)
(1,036)
Non-compensation expense, as adjusted (d)
$102,480
$116,568
$112,632
Pre-Tax Income and Earnings From Operations Operating
Income - U.S. GAAP Basis
$134,290
$217,499
$84,097
Adjustments: Reduction of tax receivable agreement
obligation ("TRA")
-
(439)
-
Expenses related to office space reorganization (m)
1,416
4,184
3,664
Expenses associated with restructuring and closing of certain
offices (l)
9,594
-
-
Net (income) loss related to noncontrolling interests (j)
(3,526)
(4,881)
5,691
Pre-tax income, as adjusted
141,774
216,363
93,452
Interest expense
18,313
18,522
18,772
Expenses associated with Special Purpose Acquisition Company and
amortization (LAZ only)
(183)
55
269
Earnings from operations, as adjusted (e)
$159,904
$234,940
$112,493
Net Income attributable to Lazard Ltd Net
income attributable to Lazard Ltd - U.S. GAAP Basis
$87,300
$189,889
$64,022
Adjustments: Reduction of tax receivable agreement obligation
("TRA")
-
(439)
-
Expenses related to office space reorganization (m)
1,416
4,184
3,664
Expenses associated with restructuring and closing of certain
offices (l)
9,594
-
-
Tax expense (benefit) allocated to adjustments
2,911
(1,190)
(1,134)
Net income, as adjusted (g)
$101,221
$192,444
$66,552
Diluted Weighted Average Shares Outstanding Diluted
Weighted Average Shares Outstanding - U.S. GAAP Basis
115,822,294
115,144,030
114,120,179
Adjustment: participating securities including profits interest
participation rights
35,628
687,003
39,865
Diluted Weighted Average Shares Outstanding, as adjusted (h)
115,857,922
115,831,033
114,160,044
Diluted net income per share: U.S. GAAP Basis
$0.75
$1.64
$0.56
Non-GAAP Basis, as adjusted
$0.87
$1.66
$0.58
This presentation includes non-GAAP measures. Our non-GAAP measures
are not meant to be considered in isolation or as a substitute for
comparable U.S. GAAP measures, and should be read only in
conjunction with our consolidated financial statements prepared in
accordance with U.S. GAAP. For a detailed explanation of the
adjustments made to comparable U.S. GAAP measures, see Notes to
Financial Schedules.
See Notes to Financial Schedules
LAZARD LTD RECONCILIATION OF NON-COMPENSATION U.S. GAAP
TO ADJUSTED (a) (unaudited)
Three Months Ended
March 31,
December 31,
March 31,
($ in thousands)
2021
2020
2020
Non-compensation expense - U.S. GAAP Basis: Occupancy and
equipment
$34,748
$33,592
$32,198
Marketing and business development
6,651
8,161
20,186
Technology and information services
33,670
36,100
31,358
Professional services
14,948
20,330
14,545
Fund administration and outsourced services
29,279
26,431
26,390
Amortization of intangible assets related to acquisitions
15
436
446
Other
4,960
11,308
9,039
Non-compensation expense - Subtotal - U.S. GAAP Basis
$124,271
$136,358
$134,162
Non-compensation expense - Adjustments: Occupancy and
equipment (j) (l) (m)
($4,185)
($3,419)
($3,733)
Marketing and business development (j) (k) (l)
(205)
(383)
(2,691)
Technology and information services (j) (k) (l)
(14)
155
(435)
Professional services (j) (k) (l) (m)
(1,461)
(4,101)
(1,778)
Fund administration and outsourced services (j) (k)
(15,270)
(12,114)
(12,120)
Amortization of intangible assets related to acquisitions
(15)
(436)
(446)
Other (j) (k) (m)
(641)
508
(327)
Subtotal Non-compensation adjustments
($21,791)
($19,790)
($21,530)
Non-compensation expense, as adjusted: Occupancy and
equipment
$30,563
$30,173
$28,465
Marketing and business development
6,446
7,778
17,495
Technology and information services
33,656
36,255
30,923
Professional services
13,487
16,229
12,767
Fund administration and outsourced services
14,009
14,317
14,270
Amortization of intangible assets related to acquisitions
-
-
-
Other
4,319
11,816
8,712
Non-compensation expense, as adjusted (d)
$102,480
$116,568
$112,632
This presentation includes non-GAAP measures. Our non-GAAP
measures are not meant to be considered in isolation or as a
substitute for comparable U.S. GAAP measures, and should be read
only in conjunction with our consolidated financial statements
prepared in accordance with U.S. GAAP. For a detailed explanation
of the adjustments made to comparable U.S. GAAP measures, see Notes
to Financial Schedules.
See Notes to Financial Schedules
View source
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