Investor Presentaiton
Unaudited
Reconciliation of U.S. GAAP Net Income to Net Income, As Adjusted
($ in millions, except per share values)
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Q3
9M
$84
$160
$427
$986
$388
$254
$527
$287
$402
$107
$318
Net income attributable to Lazard Ltd - U.S. GAAP Basis
Adjustments:
Charges pertaining to staff reductions 2
Charges pertaining to cost saving initiatives 1
103
Expenses associated with the business realignment
Amount attributable to LAZ-MD Holdings
Tax benefit allocated to adjustments
Private Equity incentive compensation'
31
18
18
4
2.
25
65
ā
Charges pertaining to Senior Debt refinancing
13
22
Gain on partial extinguishment of TRA obligation (net of tax)
Recognition of deferred tax assets (net of TRA accrual) 21
MBA Lazard acquisition and Private Equity revenue adjustment 20
Valuation Allowance for changed tax laws
Acquisition-related (benefits)/costs
25
26
Reduction of deferred tax assets (net of TRA reduction) 1
Reduction of tax receivable agreement obligation
15
15
Expenses associated with ERP system implementation
Expenses related to office space reorganization
Expenses associated with Lazard Foundation
27
12
29
Private Equity investment adjustment
30
32
Losses associated with restructuring and closing of certain offices
Expenses associated with restructuring and closing of certain offices 33
Adjustment for full exchange of exchangable interests 19:
Tax adjustment for full exchange
Amount attributable to LAZ-MD Holdings
Net Income, as adjusted
Weighted average shares outstanding:
U.S. GAAP, diluted
As adjusted, diluted
Diluted Net Income per share:
U.S. GAAP Basis
As adjusted
LAZARD
68
(21)
(23)
(4)
(15)
(13)
133
(10)
(27)
2
(3)
12
54
63
4
7
7
(259)
(294)
(12)
(13)
12
34
7
(19)
217
(6)
25
29
11
2
10
''N' G = '''''
(1)
13
0
1
200
24
16
(1)
7
2
1
$195
$269
$428
$480
$410
$501
$539
$385
$410
$111
$358
129,326
135,117
133,737 133,813 133,245 132,634 132,480 129,768 116,080 113,483 112,994 114,140
133,737 133,813 133,245 132,634 132,480 129,768 117,348 113,904 113,781 114,566
$0.65
$1.44
$1.21
$2.01
$3.20
$7.40
$2.92
$1.91
$4.06
$2.44
$3.54
$0.94
$2.78
$3.20
$3.60
$3.09
$3.78
$4.16
$3.28
$3.60
$0.98
$3.13
See endnotes for information regarding non-GAAP adjustments.
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