Investor Presentaiton
Unaudited
Reconciliation of U.S. GAAP Operating Income to Earnings from Operations, Awarded Basis
($ in millions)
Net Revenue - U.S. GAAP Basis
Adjustments (a):
Revenue related to noncontrolling interests 5
(Gain) loss related to LFI and other similar arrangements
Interest expense
MBA Lazard acquisition and Private Equity revenue adjustment
Losses associated with the business realignment
Private Equity investment adjustment
30
31
Distribution fees, reimbursable deal costs, bad debt expense and other 28
Operating revenue
Operating Income (loss) - U.S. GAAP Basis
Adjustments:
Sum of Adjustments - Revenue - U.S. GAAP vs. Operating revenue (from above)
Sum of Adjustments - Compensation and benefits expense, as adjusted to awarded basis (b, c)
Charges (credits) pertaining to LFI and other similar arrangements 3
Operating expenses related to noncontrolling interests
Charges pertaining to Senior Debt refinancing 13
Amortization and other acquisition-related costs (benefits)
Provision (benefit) pursuant to the tax receivable agreement
Loss (gain) on partial extinguishment of TRA obligation 22
Expenses related to office space reorganization
Expenses associated with the business realignment
14
15
12
31
Distribution fees, reimbursable deal costs, bad debt expense and other 28
Expenses associated with Lazard Foundation 29
Expenses associated with ERP system Implementation
27
Corporate support group allocations to business segments
Total adjustments
(c)
Earnings from Operations, Awarded basis
Operating Margin, Awarded basis
Financial Advisory
Asset Management
Corporate
Total
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
$1,301
$1,388
$1,556
$1,374
$1,421
$1,052
$1,256
$1,332
$1,237 $1,167
($20)
$1
($61)
($25)
($22)
$2,333
$2,644 $2,826 $2,587 $2,566
(21)
(16)
(19)
(23)
(8)
(0)
(3)
(21)
(16)
(19)
(23)
(11)
48
ེཥྱོ
(3)
(23)
14
(32)
(41)
(3)
(23)
14
(32)
(41)
50
54
75
74
48
50
54
75
74
(13)
(13)
4
12
12
$1,301
$1,388
(49)
$1,506
(20)
$1,357
(17)
$1,403
$1,031
$1,240
(72)
$1,242
(56)
$1,159
(48)
(0)
(121)
(76)
(65)
$1,111
$12
$27
$7
$30
$9
$2,344
$2,655
$2,755
$2,546
$2,524
$284
$244
$357
$148
$290
$281
$445
$420
$350
$306
($48)
$136
($96)
($105)
($94)
$517
$825
$681
$393
$502
(49)
(15)
6
(24)
9€
(16)
(17)
(21)
(16)
(89)
(11)
(24)
19
(1)
67
(79)
(56)
32
3
10
4
-
4
14
10
13
13
10
9
(19)
17
32
40
50
20
17
72
17
56
48
27
27
68
55
31
11
11
(72)
(40)
(42)
(3)
3
6
8
5
(20)
(5)
(8)
23
23
(14)
32
41
4
23
(14)
32
41
0
14
10
13
13
10
3
-
7
6
36
9
(19)
17
(203)
(203)
(6)
1
0
4
13
8
11
2
4
13
65
122
76
65
10
29
17
10
12
16
9
12
13
8
1
2
25
107
108
114
125
137
82
88
96
106
105
(189)
(194)
(210)
(231)
(241)
2
-
-
96
135
88
184
113
126
93
111
125
117
(146)
(335)
(144)
(124)
(150)
76
(107)
53
185
80
$380
$378
$445
$332
$403
$407
$538
$530
$475
$423
($194) ($199)
($240) ($229)
($244)
$593
$718
$735
$578
$582
29%
27%
30%
24%
29%
40%
43%
43%
41%
38%
nm
nm
nm
nm
nm
25%
27%
27%
23%
23%
LAZARD
Notes: (a) See "Reconciliation of U.S. GAAP Net Revenue to Operating Revenue" on page 40.
(b) See "Reconciliation of U.S. GAAP Compensation to Adjusted/Awarded Compensation" on page 41.
(c) Operating margins for Financial Advisory and Asset Management reflect a reallocation of expenses from
Corporate to the business segments.
For all numerical footnotes, see endnotes for information regarding non-GAAP adjustments.
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