Investor Highlights
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
Net revenue
$1,301
% Growth
15%
$1,494 $1,918
28%
$1,557
(19%)
(2%)
$1,531 $1,905
24%
$1,830
(4%)
$1,912 $1,985
5%
4%
$2,300 $2,354
16%
2%
$2,333
(1%)
$2,644
13%
$2,826
7%
$2,587 $2,566
(8%) (1%)
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
1,341
1,513
1,515
1,563 1,551
1
Non-Compensation
260
275
376
404
404
468
425
437
490
467
1,051
475
306
631
631
514
Operating Income (loss)
$342
$328
$419
$25
($182)
$243
$236
$124
$216
$519
($17)
$517
$825
$681
$393
$502
% of Net revenue
26%
22%
22%
2%
(12%)
13%
13%
6%
11%
23%
(1%)
22%
31%
24%
15%
20%
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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