Investor Presentaiton
Unaudited
U.S. GAAP Selected Financial Information
($ in millions)
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Net revenue
$1,301
$1,494 $1,918
$1,557
$1,531
$1,905
% Growth
15%
28%
(19%)
(2%)
24%
$1,830
(4%)
$1,912
$1,985
$2,300 $2,354
5%
4%
16%
2%
$2,333
(1%)
$2,644 $2,826 $2,587 $2,566
13%
7% (8%) (1%)
Q3 9M
$717 $2,201
Operating Expenses:
Compensation and benefits
699
891
1,123
1,128
1,309
1,194
1,169
1,351
1,279
1,314
1,320
Non-Compensation
1
260
275
376
404
404
468
425
437
490
467
1,051
1,341
475
Operating Income (loss)
$342
$328
$419
$25
% of Net revenue
26%
22%
22%
2%
($182) $243
(12%) 13%
$236
$124
$216
$519
($17)
$517
1,513
306
$825
13%
6%
11%
23%
(1%)
22%
31%
1,515 1,563 1,551
631
631
514
$681 $393 $502 $155 $456
24% 15% 20% 22% 21%
420 1,336
143
409
LAZARD
1
Includes provision (benefit) pursuant to tax receivable agreement. For additional detail, see "Reconciliation of
U.S. GAAP Non-Compensation Expense to Non-Compensation, As Adjusted" on page 42.
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