Investor Highlights
Unaudited
Reconciliation of U.S. GAAP Net Income to Net Income, As Adjusted
($ in millions, except per share values)
Net income attributable to Lazard Ltd - U.S. GAAP Basis
Adjustments:
2012
2013
2014
2015
2016
2017
2018
2019
2020
$84
$160
$427
$986
$388
$254
$527
$287
$402
Charges pertaining to staff reductions
Charges pertaining to cost saving initiatives
Expenses associated with the business realignment
Amount attributable to LAZ-MD Holdings
Tax (benefit) allocated to adjustments
Private Equity incentive compensation 4
2
1
103
31
8ཤྩ
25
65
18
18
Charges pertaining to Senior Debt refinancing
13
Gain on partial extinguishment of TRA obligation (net of tax)
Recognition of deferred tax assets (net of TRA accrual)
MBA Lazard acquisition and Private Equity revenue adjustment
Valuation Allowance for changed tax laws 26
Acquisition-related (benefits)/costs
22
21
20
25
Reduction of deferred tax assets (net of TRA reduction)
Reduction of tax receivable agreement obligation
15
15
27
12
29
30
Expenses associated with ERP system implementation
Expenses related to office space reorganization
Expenses associated with Lazard Foundation
Private Equity investment adjustment
Adjustment for full exchange of exchangable interests 19.
Tax adjustment for full exchange
Amount attributable to LAZ-MD Holdings
Net Income, as adjusted
Weighted average shares outstanding:
U.S. GAAP, diluted
As adjusted, diluted
Diluted Net Income per share:
U.S. GAAP Basis
As adjusted
68
(2)
(1)
(21)
(23)
(15)
(13)
(10)
(27)
(4)
12
54
63
4
7
(259)
(294)
(12)
(13)
12
34
7
(19)
17
217
(6)
25
29
17
11
2
10
'G'
(1)
(0)
13
12
(1)
7
2
1
$195
$269
$428
$480
$410
$501
$539
$385
$410
129,326 133,737 133,813 133,245
135,117 133,737 133,813 133,245
132,634
132,634
132,480 129,768 116,080 113,483
132,480 129,768 117,348 113,904
$0.65
$1.21
$3.20
$7.40
$2.92
$1.91
$4.06
$2.44
$3.54
$1.44
$2.01
$3.20
$3.60
$3.09
$3.78
$4.16
$3.28
$3.60
LAZARD
See endnotes for information regarding non-GAAP adjustments.
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