Lazard Investor Presentation Deck
INVESTOR PRESENTATION
U.S. GAAP Operating Income to Earnings from Operations
($ in millions)
Net Revenue - U.S. GAAP Basis.
Adjustments (a).
Revenue related to noncontrolling interests
(Gain) loss related to LFI and other similar arrangements
Interest expense
MBA Lazard acquisition
Losses associated with the business realignment
Private Equity investment adjustment ¹7
15
Distribution fees, reimbursable deal costs, bad debt expense and other
Losses associated with restructuring and closing of certain offices 19
Operating revenue
Operating Income (loss) - U.S. GAAP Basis
Adjustments:
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 (credits) pertaining to LFI and other similar arrangements²
Operating expenses related to noncontrolling interests
Charges pertaining to Senior Debt refinancing
Amortization and other acquisition-related costs (benefits)
Provision (benefit) pursuant to the tax receivable agreement 10
Loss (gain) on partial extinguishment of TRA obligation 10
Expenses related to office space reorganization
Expenses associated with the business realignment ¹8
15
Distribution fees, reimbursable deal costs, bad debt expense and other
Expenses associated with Lazard Foundation 16
Expenses associated with ERP system Implementation ¹4
Expenses associated with restructuring and closing of certain offices
Expenses associated with senior management transition 22
Corporate support group allocations to business segments (*)
Total adjustments
Earnings from Operations, Awarded basis
Operating Margin, Awarded basis
LAZARD
20
2016
$1,301 $1,388 $1,556 $1,374 $1,421 $1,765
(10)
24
$1,301 $1,388 $1,506 $1,357 $1,403 $1,778
$284
(15)
107
96
Financial Advisory
2017 2018 2019 2020 2021 2022
$380
29%
$244
4
12
108
134
$378
(49)
27%
$357
(49)
(23)
(19)
50
16
114
88
$445
30%
(20)
$148
(16)
(11)
17
40
20
.
9
125
185
$333
(17)
25%
$290
(17)
(24)
17
137
113
$403
29%
13
(31)
10
$408 $361
16
.
146
$1,666
155
(14)
$1.652
(14)
(103)
13
154
65
$563 $426
32%
26%
2016 2017
$1,052
(21)
$281
(21)
19
-
14
32
82
$1,256
126
$407
39%
(16)
$445
(16)
(1)
10
12
88
$1,031 $1,240 $1.242 $1,159 $1.111 $1.329 $1,099
93
$538
Asset Management
Corporate
2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021
43%
$1,332 $1,237 $1,167
(19)
(72)
$420
(89)
7
13
72
13
96
111
$530
(23)
43%
(56)
$350
(79)
3
13.
8
106
125
$475
(8)
41%
(48)
$306
(56)
10
10
48
105
117
$423
$1,425 $1,205
38%
(22)
(75)
$392
(96)
12
11
75
123
124
$517
(44)
39%
(62)
$241
(106)
(8)
13
12
114
87
$328
30%
($20)
(3)
48
(13)
$12
32
4
4
$1
(23)
50
($48) $136
nm
$27
27
3
23
(203)
11
($61) ($25) ($22)
nm
(0)
14
54
(0)
$7
68
(4)
(14)
($96) ($105)
7
(6)
2
10
2
(32)
75
12
nm
$30
55
3
32
(3)
(41)
74
nm
$9
($94)
31
6
41
0
13
$4
nm
(10)
(35)
74
$33
($76)
29
10
35
6
5
nm
($98) $2,333
Total
2022 2016 2017 2018 2019 2020 2021 2022
(5)
44
76
(0)
(189) (194) (210) (231) (241)
(269)
(268)
(146) (332) (146) (124) (150) (182) (185)
($194) ($196) ($242) ($229) ($244) ($258) ($271)
$18
($86)
115
(1)
(44)
1
(1)
nm
(21)
(3)
48
(13)
$2,344
$517
11
8
4
14
3
36
76
$593
25%
$2,644 $2,826 $2,587 $2,566 $3,193
(16)
(23)
50
(a)
See "U.S. GAAP Net Revenue to Operating Revenue Reconciliation" on page 38.
See "U.S. GAAP Compensation to Awarded/Adjusted Reconciliation" on page 39.
(b)
(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.
$825
11
5
23
10
9
(203)
11
25
Unaudited
$2,655 $2,755 $2,546 $2,524
2
(19)
14
54
(121)
$681
(72)
(20)
APPENDIX
(14)
13
7
(19)
(6)
2
122
10
29
(106)
53
$718 $734
27%
27%
(23)
(32)
75
4
12
(76)
$393
(40)
(5)
32
13
6
17
1
4
65
76
17
185
$578
(11)
(41)
74
23%
(65)
$502
(42)
(8)
41
10
0
13
65
80
$582
23%
(32)
(35)
74
(54)
(9)
(85)
24
$3,139 $2,769
35
17
$724 $517
2
-
5
85
16
97
$821
$2,774
26%
(49)
44
77
44
(76)
(4)
(111)
(44)
14
(1)
4
76
33
(34)
$483
17%View entire presentation