Investor Highlights
Unaudited
Reconciliation of U.S. GAAP Operating Income to Earnings from Operations, Awarded Basis
($ in millions)
Net Revenue U.S. GAAP Basis
Adjustments (a):
Interest expense
Operating revenue
Financial Advisory
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$865
$973
$1,240
$1,023
$987
$1,120
$992
$1,049
$981
$1,207
$1,280
1
1
4
1
$865
$973
$1,241
$1,024
$991
$1,121
$992
$1,049
$981
$1,207
$1,280
$276
$251
$319
$226
($12)
$169
$62
($9)
$21
$229
$274
Operating Income - U.S. GAAP Basis
Adjustments:
1
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 pertaining to cost saving initiatives
1
1
4
1
(57)
(128)
(191)
(175)
84
(13)
17
2010 adjustments
6
20
Amortization and other acquisition-related costs
2005 Adjustments
23
14
Corporate support group allocations to business segments
Total adjustments
Earnings from Operations, Awarded basis
Operating Margin, Awarded basis
(c)
22
80
36
18
(5)
(14)
77
48
(63)
71
72
83
96
93
97
96
102
95
99
102
(49)
(56)
(85)
(74)
181
105
113
215
161
94
88
$227
$195
$234
$152
$169
$274
$175
$206
$182
$323
$362
26%
20%
19%
15%
17%
24%
18%
20%
19%
27%
28%
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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