Investor Highlights
Unaudited
Reconciliation of U.S. GAAP Non-Compensation Expense to Non-Compensation, As Adjusted
($ in millions)
Non-Compensation expense U.S. GAAP basis
Adjustments:
IPO related costs
("TRA")
15
24
Amortization and other acquisition-related costs (benefits)
Provision for counterparty defaults
7
14
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$260
$275
$376
$404
$404
$468
$425
$437
$490
$467 $1,051
$475
$306
$631
$631
$514
LAM Equity Charge
Restructuring charges
17
Non-compensation related to noncontrolling interests
5
Write-off of Lazard Alternative Investment Holdings option prepayment
Provision for a lease contract for U.K. facility
Expenses associated with the business realignment
Charges pertaining to cost saving initiatives
16
16
31
Charges pertaining to staff reductions 2
Charges pertaining to Senior Debt refinancing
13
Loss (gain) on partial extinguishment of TRA obligation
Expenses associated with ERP system implementation
Expenses related to office space reorganization
Expenses associated with Lazard Foundation 29
22
27
12
Distribution fees, reimbursable deal costs, and bad debt expense
28
Non-compensation expense, as adjusted
% of Operating revenue
Memo: Operating Revenue
LAZARD
(3)
(6)
(17)
(17)
(21)
-5
1
22
(5)
ཆེ,,རྒྱས
(2)
(18) (548)
(8)
(12)
(8)
(10)
(6)
(6)
(36)
(63)
(87)
(2)
205
(2)
(2)
G
(2)
(2)
..
203
(10)
166
ล
(19)
(2)
(2)
(2)
(7)
33
13) (54)
(13)
(54)
(60)
(1)
(3)
(7)
..
(25) (27)
(11)
(2)
(10)
(121)
སྐྱེ་བྱེ་བུ
(17)
(13)
(76)
(65)
$257
$269
$338
$368
$337
$368
$400
$421
$409
$441
$434
$434
$461
$484
$499
$432
19%
17%
17%
22%
21%
19%
21%
21%
20%
19%
18%
19%
17%
18%
20%
17%
$1,358
$1,571
$2,015
$1,675
$1,618
$1,979
$1,884 $1,971 $2,034 $2,340 $2,380 $2,344
$2,655 $2,755 $2,546 $2,524
See endnotes for information regarding non-GAAP adjustments.
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