Lazard Investor Presentation Deck
INVESTOR PRESENTATION
U.S. GAAP Non-Compensation to Adjusted Reconciliation
($ in millions)
Non-Compensation expense - U.S. GAAP basis
Adjustments:
(Provision) benefit pursuant to the tax receivable agreement obligation ("TRA")
Amortization and other acquisition-related (costs) benefits
1
Non-compensation related to noncontrolling interests
Expenses associated with the business realignment
8
Charges pertaining to Senior Debt refinancing'
7
Expenses associated with ERP system implementation
Expenses related to office space reorganization
Expenses associated with Lazard Foundation
Expenses associated with restructuring and closing of certain offices
Expenses associated with cost-saving initiatives
21
Distribution fees, reimbursable deal costs, bad debt expense and other
Non-compensation expense, as adjusted
Operating Revenue
% of Operating revenue
16
18
9
14
20
15
LAZARD See endnotes for information regarding non-GAAP adjustments.
10
2016
$475
(37)
(2)
(3)
$434
$2,344
18.5%
2017
$306
203
(10)
(2)
(25)
(11)
$461
2018
$631
6
16
(2)
(7)
(27)
(2)
(10)
2019
$631
1
(19)
(2)
(7)
(7)
(17)
(5)
2020
$513
0
(2)
(2)
(13)
(121) (76) (65)
$484 $499 $432
$2,655 $2,755 $2,546 $2,524
17.4% 17.6% 19.6% 17.1%
2021
$573
(2)
(0)
(8)
(5)
(2)
$600
2022 Q3' 23 9M' 23
1
(0)
(3)
(4)
APPENDIX
(85)
(76)
$472 $518
Unaudited
$164
6€......
(1)
(24)
$475
$137
40
(2) (12)
(77)
(0)
(2)
$423
$3,139 $2,769 $532 $1,679
15.0% 18.7% 25.9% 25.2%
40 |View entire presentation