Lazard Investor Presentation Deck
INVESTOR PRESENTATION
Safe Harbor
This presentation contains certain statements, estimates and forecasts with
respect to future performance and events. These statements, estimates and
forecasts are "forward-looking statements." In some cases, forward-looking
statements can be identified by the use of forward-looking terminology such as
"may," "might," "will," "would," "should," "could," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential," "target," "goal" or "continue" or the
negatives thereof or variations thereon or similar terminology. All statements
other than statements of historical fact included in this presentation are
forward-looking statements and are based on various underlying assumptions
and expectations and are subject to known and unknown risks and
uncertainties and may include projections of our future financial performance
based on our strategies, business plans and anticipated trends in our
business. These forward-looking statements are only predictions based on our
current expectations and projections about future events. There are important
factors that could cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of activity,
performance, targets, goals or achievements expressed or implied in the
forward-looking statements. These factors include, but are not limited to, those
discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors,"
and also discussed from time to time in our quarterly reports on Form 10-Q
and current reports on Form 8-K, including the following: (a) a decline in
general economic conditions or the global or regional financial markets, (b) a
decline in our revenues, for example due to a decline in overall mergers and
acquisitions ("M&A") activity, our share of the M&A market or our assets under
management ("AUM"), (c) losses caused by financial or other problems
experienced by third parties, (d) losses due to unidentified or unanticipated
risks, (e) a lack of liquidity, i.e., ready access to funds, for use in our
businesses, and (f) competitive pressure on our businesses and on our ability
to retain and attract employees at current compensation levels and (g) in the
event of a change or adverse interpretation of relevant income tax law,
regulation or treaty, or a failure to qualify for treaty benefits, or in the event tax
authorities challenge our tax computations or classifications.
LAZARD
As a result, there can be no assurance that the forward-looking statements
included in this presentation will prove to be accurate or correct. Although we
believe the statements reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity, performance,
achievements or events. Neither we nor any other person assumes
responsibility for the accuracy or completeness of any of these forward-looking
statements. You should not rely upon forward-looking statements as
predictions of future events. We are under no duty to update any of these
forward-looking statements to conform our prior statements to actual results or
revised expectations and we do not intend to do so.
This presentation uses non-GAAP measures for (a) operating revenue, (b)
compensation and benefits expense, as adjusted, (c) compensation and
benefits expense, awarded basis, (d) non-compensation expense, as adjusted
(e) earnings from operations, (f) pre-tax income, as adjusted, (g) pre-tax
income per share, as adjusted, (h) earnings from operations, awarded basis (i)
operating margin, as adjusted, (j) operating margin, awarded basis (k) net
income, as adjusted, (I) net income per share, as adjusted, (m) awarded EPS
and (n) free cash flow. Such non-GAAP measures are not meant to be
considered in isolation or as a substitute for the corresponding U.S. GAAP
measures and should be read only in conjunction with our consolidated
financial statements prepared in accordance with U.S. GAAP. We believe that
certain non-GAAP measures provide a meaningful and useful basis for
assessing our operating results and comparisons between present, historical
and future periods. See the attached appendices and related notes for a
detailed explanation of applicable adjustments to corresponding U.S. GAAP
measures.
Unless otherwise indicated, all information in this presentation relates to
Lazard Ltd and its direct and indirect subsidiaries on a consolidated basis as
of September 30, 2023.
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