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    Lazard Reports Fourth-quarter and Full-year 2024 Results

    1/30/25 6:30:00 AM ET
    $LAZ
    Investment Managers
    Finance
    Get the next $LAZ alert in real time by email
    • 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

    Lazard, Inc. (NYSE:LAZ) today reported net revenue of $817 million and adjusted net revenue1 of $812 million for the quarter ended December 31, 2024. For the full year of 2024, Lazard reported net revenue of $3,052 million and adjusted net revenue1 of $2,890 million.

    On a U.S. GAAP basis, Lazard reported fourth-quarter 2024 net income of $86 million or $0.80 per share, diluted. For the full year of 2024, net income was $280 million or $2.68 per share, diluted. For the fourth quarter of 2024, adjusted net income1 was $85 million or $0.78 per share, diluted. For the full year of 2024, adjusted net income1 was $244 million or $2.34 per share, diluted.

    "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

     

    Year Ended

    except per share data and AUM)

    December 31,

     

    December 31,

    U.S. GAAP Financial Measures

    2024

     

    2023

     

    % '24-'23

     

    2024

     

    2023

     

    % '24-'23

    Net Revenue

    $817

     

    $806

     

    1%

     

    $3,052

     

    $2,515

     

    21%

    Financial Advisory

    $520

     

    $489

     

    6%

     

    $1,756

     

    $1,385

     

    27%

    Asset Management

    $312

     

    $294

     

    6%

     

    $1,187

     

    $1,151

     

    3%

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income (Loss)

    $86

     

    $64

     

    36%

     

    $280

     

    ($75)

     

    NM

    Per share, diluted

    $0.80

     

    $0.65

     

    23%

     

    $2.68

     

    ($0.90)

     

    NM

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Financial Measures1

     

     

     

     

     

     

     

     

     

     

     

    Net Revenue

    $812

     

    $761

     

    7%

     

    $2,890

     

    $2,440

     

    18%

    Financial Advisory

    $508

     

    $477

     

    6%

     

    $1,731

     

    $1,357

     

    28%

    Asset Management

    $287

     

    $274

     

    5%

     

    $1,100

     

    $1,068

     

    3%

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income

    $85

     

    $65

     

    31%

     

    $244

     

    $75

     

    NM

    Per share, diluted

    $0.78

     

    $0.66

     

    18%

     

    $2.34

     

    $0.77

     

    NM

     

     

     

     

     

     

     

     

     

     

     

     

    Assets Under Management (AUM)

    ($ in billions)

     

     

     

     

     

     

     

     

     

     

     

    Ending AUM

    $226

     

    $247

     

    (8%)

     

     

     

     

     

     

    Average AUM

    $234

     

    $234

     

    –%

     

    $243

     

    $233

     

    4%

     

     

     

     

     

     

     

     

     

     

     

     

    Note: Reconciliations of U.S. GAAP to Adjusted results are shown on pages 14-16. Endnotes are on page 5 of this release.

    NET REVENUE

    Financial Advisory

    For the fourth quarter of 2024, Financial Advisory reported net revenue and adjusted net revenue1 of $520 million and $508 million, respectively, both 6% higher than the fourth quarter of 2023.

    For the full year of 2024, Financial Advisory reported net revenue and adjusted net revenue1 of $1,756 million and $1,731 million, 27% and 28% higher than 2023, respectively.

    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 $26.6 billion acquisition of Calpine; Berry Global's $15.0 billion combination with Amcor; Vivendi's €9.5 billion spin-off of Canal+, Havas and Louis Hachette Group; Renault's creation of HORSE Powertrain Limited with Geely and the sale of a 10% equity interest to Saudi Aramco, valuing the new company at €7.4 billion; Pactiv Evergreen's $6.7 billion acquisition by Novolex, a portfolio company of Apollo; Encavis' €4.7 billion acquisition by KKR and the Viessmann Group; Cencora's $4.6 billion acquisition of Retina Consultants of America; KPS Capital Partners' €3.5 billion acquisition of Innomotics from Siemens; Auren Energia's $3.2 billion combination with AES Brasil; Carlyle's $3.0 billion sale of Cogentrix to Quantum Capital; Neiman Marcus Group's $2.7 billion sale to HBC, parent of Saks Fifth Avenue; ABC Technologies', majority owned by Apollo, £1.8 billion acquisition of TI Fluid Systems; Special Committee of the Board of Directors of Thoughtworks' $1.8 billion acquisition by Apax Partners; TotalEnergies' €1.6 billion acquisition of VSB; Tritax EuroBox's acquisition by Brookfield for an enterprise value of £1.1 billion; Sofidel's $1.1 billion acquisition of Clearwater Paper's tissue business; Mallinckrodt's $925 million sale of its Therakos business to CVC Capital Partners; Motivair Corporation's $850 million sale of a controlling interest in the company to Schneider Electric; United Trust Bank on an investment from Warburg Pincus valuing the business at £520 million; Willis Towers Watson's $632 million sale of its TRANZACT business to GTCR and Recognize; Orange on agreement between its Spanish unit, MASORANGE, and Vodafone Spain to create a national fiber network company and Parker Hannifin's sale of its North America Composites and Fuel Containment Division to SK Capital Partners.

    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 €528 million continuation fund for Wateralia; Ardian's single asset continuation fund for Syclef; Centana's $600 million close of its Growth Partners III fund; Godspeed Capital Management's $675 million close of Fund III; EQT on its fund-to-fund liquidity solution and capital raise for Nord Anglia Education; TowerBrook Capital Partners' GP-led single asset continuation fund for R1 RCM and Dropbox's $2.0 billion secured term loan led by Blackstone Credit & Insurance.

    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 Ghana and Sri Lanka.

    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 $312 million and $287 million, 6% and 5% higher than the fourth quarter of 2023, respectively.

    Management fees and other revenue, on an adjusted basis1, were $258 million for the fourth quarter of 2024, in line with the fourth quarter of 2023, and 4% lower than the third quarter of 2024.

    Incentive fees on an adjusted basis1 were $29 million for the fourth quarter of 2024, compared to $16 million for the fourth quarter of 2023.

    Average assets under management (AUM) was $234 billion for the fourth quarter of 2024, in line with the fourth quarter of 2023, and 5% lower than the third quarter of 2024.

    For the full year of 2024, Asset Management net revenue and adjusted net revenue1 were $1,187 million and $1,100 million, respectively, both 3% higher than 2023.

    Management fees and other revenue, on an adjusted basis1, were $1,057 million for the full year of 2024, 2% higher than 2023.

    Incentive fees on an adjusted basis1 were $43 million for the full year of 2024, compared to $30 million for 2023.

    Average AUM for the full year of 2024 was $243 billion, 4% higher than 2023. AUM as of December 31, 2024 was $226 billion, 9% and 8% lower than September 30, 2024 and December 31, 2023, respectively. The sequential change from September 30, 2024 was driven by market depreciation of $2.4 billion, foreign exchange depreciation of $8.8 billion and net outflows of $10.1 billion.

    Corporate

    For the full year of 2024, Corporate net revenue and adjusted net revenue1 were $109 million and $59 million, respectively. On a U.S. GAAP basis, revenue for the full year of 2024 included $114 million related to the sale of an office building no longer occupied by Lazard, which resulted in net income of $70 million or $0.68 per share, diluted2.

    OPERATING EXPENSES

    Compensation and Benefits Expense

    For the fourth quarter of 2024, compensation and benefits expense on a U.S. GAAP and adjusted basis1 were $534 million and $533 million, compared to $559 million and $516 million, respectively, for the fourth quarter of 2023. The adjusted compensation ratio3 for the fourth quarter of 2024 was 65.6%, compared to the fourth-quarter 2023 ratio of 67.8%.

    For the full year of 2024, compensation and benefits expense on a U.S. GAAP and adjusted basis1 were $2,003 million and $1,903 million, compared to $1,946 million and $1,703 million, respectively, for 2023. The adjusted compensation ratio3 for the full year of 2024 was 65.9%, compared to 69.8% for 2023.

    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 60% in 2025, with further improvements in subsequent years, while targeting a consistent deferral policy.

    Non-Compensation Expenses

    For the fourth quarter of 2024, non-compensation expenses on a U.S. GAAP basis were $184 million, 3% higher than the fourth quarter of 2023. On an adjusted basis1, non-compensation expenses were $154 million, 4% higher than the fourth quarter of 2023.

    The adjusted non-compensation ratio4 was 19.0% for the fourth quarter of 2024, compared to 19.5% for the fourth quarter of 2023.

    For the full year of 2024, non-compensation expenses on a U.S. GAAP and adjusted basis1 were $670 million and $575 million, 3% lower than 2023 and in line with 2023, respectively.

    The adjusted non-compensation ratio4 was 19.9% for the full year of 2024, compared to 23.4% for 2023.

    Our goal remains to deliver an adjusted non-compensation ratio between 16% to 20%.

    TAXES

    The provisions for income taxes on a U.S. GAAP and adjusted basis1 were $29 million and $19 million, respectively, for the fourth quarter of 2024. The effective tax rate on an adjusted basis1 was 18.1% for the fourth quarter of 2024, compared to 16.0% for the fourth quarter of 2023.

    The provisions for income taxes on a U.S. GAAP and adjusted basis1 were $100 million and $79 million, respectively, for the full year of 2024. The effective tax rate on an adjusted basis1 was 24.4% for the full year of 2024, compared to 14.5% for 2023.

    CAPITAL MANAGEMENT AND BALANCE SHEET

    In the fourth quarter of 2024, Lazard returned $61 million to shareholders, which included $45 million in dividends and $16 million in share repurchases of our common stock.

    In 2024, Lazard returned $303 million to shareholders, which included: $179 million in dividends; $60 million in share repurchases of our common stock; and $64 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

    During 2024, we repurchased 1.4 million shares at an average price of $42.20. As of January 24, 2025, our total outstanding share repurchase authorization was approximately $180 million.

    On January 29, 2025, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 21, 2025, to stockholders of record on February 10, 2025.

    Lazard's financial position remains strong. As of December 31, 2024, our cash and cash equivalents were $1,308 million.

    ENDNOTES

    Beginning in the first quarter of 2024, Lazard has updated the names of certain non-U.S. GAAP ("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. Reconciliations of U.S. GAAP to Adjusted results are shown on pages 14-16.

    1

    A non-GAAP measure. 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. 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 a meaningful and useful way to compare our operating results across periods.

    2

    Such amount is calculated using a numerator of U.S. GAAP net income arising from the sale of the office building of $70 million for the twelve month period ended December 31, 2024, and dividing by a denominator consisting of U.S. GAAP weighted average shares of 102,392,171 for the twelve month period ended December 31, 2024.

    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, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ424.

    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, U.S. and Canada) or +1 402-220-0666 (outside of the U.S. and Canada).

    ABOUT LAZARD

    Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit www.lazard.com.

    Cautionary Note Regarding Forward-Looking Statements:

    This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology 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 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 the 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 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

    (U.S. 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

     

     

     

     

     

     

     

     

     

     

     

    Total revenue

    $839,018

     

     

    $807,414

     

     

    $825,763

     

     

    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

    %)

     

     

     

     

     

     

     

     

     

     

    Occupancy and equipment

    33,798

     

     

    34,249

     

     

    33,436

     

     

     

     

     

    Marketing and business development

    28,572

     

     

    21,782

     

     

    27,259

     

     

     

     

     

    Technology and information services

    47,573

     

     

    44,628

     

     

    47,363

     

     

     

     

     

    Professional services

    23,954

     

     

    19,541

     

     

    23,129

     

     

     

     

     

    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.

    $86,310

     

     

    $107,938

     

     

    $63,567

     

     

    (20

    %)

     

    36

    %

     

     

     

     

     

     

     

     

     

     

    Attributable to Lazard, Inc. Common Stockholders:

     

     

     

     

     

     

     

     

     

    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

    %

     

     

     

     

     

     

     

     

     

     

    Net income per share:

     

     

     

     

     

     

     

     

     

    Basic

    $0.89

     

     

    $1.13

     

     

    $0.69

     

     

    (21

    %)

     

    29

    %

    Diluted

    $0.80

     

     

    $1.02

     

     

    $0.65

     

     

    (22

    %)

     

    23

    %

    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

    (U.S. GAAP - unaudited)

     

    Year Ended

     

    December 31,

     

    December 31,

     

     

    ($ in thousands, except per share data)

    2024

     

    2023

     

    % Change

     

     

     

     

     

     

    Total revenue

    $3,139,904

     

     

    $2,593,162

     

     

    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.

    $279,912

     

     

    ($75,479

    )

     

    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

    $2.93

     

     

    ($0.90

    )

     

    NM

     

    Diluted

    $2.68

     

     

    ($0.90

    )

     

    NM

     

    CONDENSED CONSOLIDATED

    STATEMENT OF FINANCIAL CONDITION

    (U.S. GAAP - unaudited)

     

    As of

     

    December 31,

     

    December 31,

    ($ in thousands)

    2024

     

    2023

     

     

     

     

    ASSETS

     

     

     

     

    Cash and cash equivalents

    $1,308,218

     

     

    $971,316

     

    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

    $4,793,993

     

     

    $4,635,781

     

     

     

     

     

    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY

     

     

     

     

    Liabilities

     

     

     

     

     

     

     

    Deposits and other customer payables

    $308,213

     

     

    $443,262

     

    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 $.01 per share

    –

     

     

    –

     

    Common stock, par value $.01 per share

    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

    $4,793,993

     

     

    $4,635,781

     

     

    Note: "Property" includes $73 million of property held for sale at December 31, 2023 which was sold in July 2024.

    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

    $507,672

     

     

    $368,807

     

     

    $477,366

     

     

    38

    %

     

    6

    %

    Asset Management

    287,211

     

     

    271,510

     

     

    273,694

     

     

    6

    %

     

    5

    %

    Corporate

    17,550

     

     

    5,597

     

     

    9,898

     

     

    NM

     

     

    77

    %

     

     

     

     

     

     

     

     

     

     

    Adjusted net revenue

    $812,433

     

     

    $645,914

     

     

    $760,958

     

     

    26

    %

     

    7

    %

     

     

     

     

     

     

     

     

     

     

    Expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted compensation and benefits expense

    $532,563

     

     

    $426,303

     

     

    $515,724

     

     

    25

    %

     

    3

    %

    Adjusted compensation ratio (b)

    65.6

    %

     

    66.0

    %

     

    67.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted non-compensation expenses

    $154,002

     

     

    $138,239

     

     

    $148,119

     

     

    11

    %

     

    4

    %

    Adjusted non-compensation ratio (c)

    19.0

    %

     

    21.4

    %

     

    19.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating income

    $125,868

     

     

    $81,372

     

     

    $97,115

     

     

    55

    %

     

    30

    %

    Adjusted operating margin (d)

    15.5

    %

     

    12.6

    %

     

    12.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted net income

    $84,929

     

     

    $39,706

     

     

    $65,011

     

     

    114

    %

     

    31

    %

     

     

     

     

     

     

     

     

     

     

    Adjusted diluted net income per share

    $0.78

     

     

    $0.38

     

     

    $0.66

     

     

    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 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.

    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

    $1,731,049

     

     

    $1,356,835

     

     

    28

    %

    Asset Management

    1,099,874

     

     

    1,067,559

     

     

    3

    %

    Corporate

    58,631

     

     

    15,225

     

     

    NM

     

     

     

     

     

     

     

    Adjusted net revenue

    $2,889,554

     

     

    $2,439,619

     

     

    18

    %

     

     

     

     

     

     

    Expenses:

     

     

     

     

     

     

     

     

     

     

     

    Adjusted compensation and benefits expense

    $1,903,463

     

     

    $1,702,537

     

     

    12

    %

    Adjusted compensation ratio (b)

    65.9

    %

     

    69.8

    %

     

     

     

     

     

     

     

     

    Adjusted non-compensation expenses

    $575,146

     

     

    $571,504

     

     

    1

    %

    Adjusted non-compensation ratio (c)

    19.9

    %

     

    23.4

    %

     

     

     

     

     

     

     

     

    Earnings:

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating income

    $410,945

     

     

    $165,578

     

     

    148

    %

    Adjusted operating margin (d)

    14.2

    %

     

    6.8

    %

     

     

     

     

     

     

     

     

    Adjusted net income

    $244,110

     

     

    $75,023

     

     

    NM

     

     

     

     

     

     

     

    Adjusted diluted net income per share

    $2.34

     

     

    $0.77

     

     

    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 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.

    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

    $547

     

    $558

     

    $535

     

    $487

     

    $455

     

    $447

     

    $432

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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

    $1,903

     

    $1,703

     

    $1,657

     

    $1,836

     

    $1,502

     

    $1,464

     

    $1,517

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted compensation ratio (b)

    65.9%

     

    69.8%

     

    59.8%

     

    58.5%

     

    59.5%

     

    57.5%

     

    55.1%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Memo:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted net revenue

    $2,890

     

    $2,440

     

    $2,769

     

    $3,139

     

    $2,524

     

    $2,546

     

    $2,755

     

    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 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.

    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

    $27,926

     

     

    $29,449

     

     

    $25,288

     

     

    (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

    $226,321

     

     

    $247,657

     

     

    $246,651

     

     

    (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

    $247,657

     

     

    $244,670

     

     

    $228,264

     

     

    $246,651

     

     

    $216,125

     

     

     

     

     

     

     

     

     

     

     

    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

    $226,321

     

     

    $247,657

     

     

    $246,651

     

     

    $226,321

     

     

    $246,651

     

     

     

     

     

     

     

     

     

     

     

    Average AUM

    $233,813

     

     

    $245,958

     

     

    $233,949

     

     

    $243,003

     

     

    $233,098

     

     

     

     

     

     

     

     

     

     

     

    % 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 U.S. GAAP TO ADJUSTED RESULTS (a)

    (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 - U.S. GAAP Basis

    $520,451

     

     

    $370,917

     

     

    $489,258

     

     

    $1,756,183

     

     

    $1,385,357

     

    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

    $507,672

     

     

    $368,807

     

     

    $477,366

     

     

    $1,731,049

     

     

    $1,356,835

     

     

     

     

     

     

     

     

     

     

     

     

    Asset Management net revenue - U.S. GAAP Basis

    $312,136

     

     

    $293,878

     

     

    $294,284

     

     

    $1,186,977

     

     

    $1,151,496

     

    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

    $287,211

     

     

    $271,510

     

     

    $273,694

     

     

    $1,099,874

     

     

    $1,067,559

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate net revenue - U.S. GAAP Basis

    ($15,718

    )

     

    $120,071

     

     

    $22,479

     

     

    $108,677

     

     

    ($21,364

    )

    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

    $17,550

     

     

    $5,597

     

     

    $9,898

     

     

    $58,631

     

     

    $15,225

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue - U.S. GAAP Basis

    $816,869

     

     

    $784,866

     

     

    $806,021

     

     

    $3,051,837

     

     

    $2,515,489

     

    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

    $812,433

     

     

    $645,914

     

     

    $760,958

     

     

    $2,889,554

     

     

    $2,439,619

     

     

    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 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 Notes to Financial Schedules.

    See Notes to Financial Schedules

    RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS (a)

    (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 - U.S. GAAP Basis

    $534,423

     

     

    $465,405

     

     

    $559,207

     

     

    $2,003,212

     

     

    $1,946,010

     

    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

    $532,563

     

     

    $426,303

     

     

    $515,724

     

     

    $1,903,463

     

     

    $1,702,537

     

     

     

     

     

     

     

     

     

     

     

     

    Non-Compensation Expenses

    Non-compensation expenses - U.S. GAAP Basis

    $183,599

     

     

    $158,274

     

     

    $178,376

     

     

    $670,390

     

     

    $693,330

     

    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

    $154,002

     

     

    $138,239

     

     

    $148,119

     

     

    $575,146

     

     

    $571,504

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income (Loss)

    Operating income (loss) - U.S. GAAP Basis

    $107,084

     

     

    $161,187

     

     

    $71,897

     

     

    $386,472

     

     

    ($79,957

    )

    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

    $125,868

     

     

    $81,372

     

     

    $97,115

     

     

    $410,945

     

     

    $165,578

     

     

     

     

     

     

     

     

     

     

     

     

    Provision (Benefit) for Income Taxes

    Provision (benefit) for income taxes - U.S. GAAP Basis

    $28,788

     

     

    $45,052

     

     

    $403

     

     

    $99,764

     

     

    ($22,650

    )

    Adjustment:

     

     

     

     

     

     

     

     

     

     

    Tax effect of adjustments

    (9,975

    )

     

    (25,915

    )

     

    11,949

     

     

    (20,972

    )

     

    35,411

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted provision for income taxes

    $18,813

     

     

    $19,137

     

     

    $12,352

     

     

    $78,792

     

     

    $12,761

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income (Loss) attributable to Lazard, Inc.

    Net income (loss) attributable to Lazard, Inc. - U.S. GAAP Basis

    $86,310

     

     

    $107,938

     

     

    $63,567

     

     

    $279,912

     

     

    ($75,479

    )

    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

    $84,929

     

     

    $39,706

     

     

    $65,011

     

     

    $244,110

     

     

    $75,023

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted Weighted Average Shares Outstanding

    Diluted Weighted Average Shares Outstanding - U.S. GAAP Basis

    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:

     

     

     

     

     

     

     

     

     

    U.S. GAAP Basis

    $0.80

     

     

    $1.02

     

     

    $0.65

     

     

    $2.68

     

     

    ($0.90

    )

    Diluted net income (loss) effect of adjustments

    (0.02

    )

     

    (0.64

    )

     

    0.01

     

     

    (0.34

    )

     

    1.67

     

    Adjusted Basis

    $0.78

     

     

    $0.38

     

     

    $0.66

     

     

    $2.34

     

     

    $0.77

     

     

    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 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 Notes to Financial Schedules.

    See Notes to Financial Schedules

    RECONCILIATION OF NON-COMPENSATION EXPENSES U.S. GAAP TO ADJUSTED (a)

    (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 - U.S. GAAP Basis:

     

     

     

     

     

     

     

     

     

    Occupancy and equipment

    $33,798

     

     

    $34,249

     

     

    $33,436

     

     

    $132,935

     

     

    $131,117

     

    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 - U.S. GAAP Basis

    $183,599

     

     

    $158,274

     

     

    $178,376

     

     

    $670,390

     

     

    $693,330

     

     

     

     

     

     

     

     

     

     

     

    Non-compensation expenses - Adjustments:

     

     

     

     

     

     

     

     

     

    Occupancy and equipment (h)

    ($93

    )

     

    ($88

    )

     

    ($197

    )

     

    ($1,849

    )

     

    ($1,898

    )

    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

    ($29,596

    )

     

    ($20,035

    )

     

    ($30,257

    )

     

    ($95,244

    )

     

    ($121,826

    )

     

     

     

     

     

     

     

     

     

     

    Adjusted non-compensation expenses:

     

     

     

     

     

     

     

     

     

    Occupancy and equipment

    $33,705

     

     

    $34,161

     

     

    $33,239

     

     

    $131,086

     

     

    $129,219

     

    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

    $154,002

     

     

    $138,239

     

     

    $148,119

     

     

    $575,146

     

     

    $571,504

     

     

    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 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 Notes to Financial Schedules.

    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 U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods.

    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 U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

    Three Months Ended

     

    Year Ended

     

    ($ in thousands)

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

     

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

     

    Adjusted provision for income taxes

    $18,813

     

    $19,137

     

    $12,352

     

    $78,792

     

    $12,761

     

    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

    18.1%

     

    32.5%

     

    16.0%

     

    24.4%

     

    14.5%

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (m)

    Represents gain on the sale of an owned office building.

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

     

     

     

     

     

     

     

     

     

     

    (o)

    Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building.

     

     

     

     

     

     

     

     

     

     

     

    (p)

    Represents expenses associated with senior management transition reflecting the departure of certain executive officers.

     

     

     

     

     

     

     

     

     

     

     

    (q)

    Represents the effect of the periodic revaluation of the TRA liability.

     

     

     

     

     

     

     

     

     

     

     

    NM

    Not meaningful

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250130953086/en/

    Media:

    Shannon Houston

    +1 212 632 6880

    [email protected]

    Investor:

    Alexandra Deignan

    +1 212 632 6886

    [email protected]

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