Investor Highlights
Significant Cash Generation
Significant capital return to shareholders in addition to offsetting dilution from
stock-based compensation
$ in millions
$1,200
$1,023
$1,000
$268
$850
$800
$692
$716
$253
$584
$600
$261
$273
$396
$416
$424
$227
$400
$341
$365
$95
$102
$236
$206
$66
$151
$146
$154
$168
$122
$55
$200
-$29
$72
$59
$146
$169
$186
$195
$206
$200
$197
$91
$-
2013
2014
2015
2016
2017
2018
2019
2020
$269
$428
$480
$410
$501
$539
$385
$410
■Dividends
■Special dividends
Shares repurchased
Shares repurchased to offset dilution
Net income, as adjusted
LAZARD
As of December 31 for each year
1
Estimated based on annual amortization expense for share-based incentive plans within the Company's
annual consolidated statements of operations
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