Investor Presentaiton
Unaudited
Reconciliation of U.S. GAAP Compensation to Adjusted/Awarded Compensation
($ in millions)
Compensation and benefits expense - U.S. GAAP basis
Adjustments:
2005 adjustment 23
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 2018 2019 2020
2021
Q3
9M
$699 $891
$1,123
$1,128 $1,309 $1,194 $1,169 $1,351 $1,279
$1,314 $1,320
$1,341
$1,513 $1,515 $1,563 $1,551
$420 $1,336
Deferred year-end incentive awards
Sign-on and other special deferred incentive awards
Adjustment for actual/estimated forfeitures
LAM Equity Charge 7
2009 and 2010 adjustments
6
Compensation related to noncontrolling interests
5
(Charges)/Credits pertaining to LFI and other similar arrangements
Expenses associated with the business realignment
3
31
Charges pertaining to cost saving initiatives
1
Charges pertaining to staff reductions 2
Expenses associated with ERP system implentation
27
Private Equity incentive compensation
4
Expenses associated with restructuring and closing of certain offices
Compensation and benefits expense, as adjusted
Amortization of deferred incentive awards
Total cash compensation and benefits
8
9
15
75
(197)
(147)
(2)
(4)
(7)
(4)
(14)
(100)
(52)
སྱེÊ
(5)
4
(12)
(4)
(8) (11)
(24)
14
(11)
(32) (41)
(57)
ཆེ
(7)
1 (23)
(12)
32
(1) (15)
774
891
1,123
(23) (105)
931 1,160
(238)
1,166 1,168
(333) (241)
(289)
774
868
1,018
693
827
925
879
883
1,218 1,197 1,302 1,319 1,325
(335)
(298)
(299) (321)
899 1,003 998
1,481 1,517 1,464 1,502
(352) (367) (376) (368) (384)
973 1,114 1,141 1,096 1,118
417 1,292
116
204
337
352
239
293
282
272
291
325
336
342
351
378
361
364
-
13
88
180
39
27
40
42
22
14
26
30
36
46
38
55
11
(14) (24)
(35)
(23)
(16)
(27) (28)
(27)
(27) (25) (27)
(28)
(25) (28) (26) (27)
Compensation and benefits expense - Awarded basis
% of Operating revenue - Awarded basis
$876 $1,061 $1,408
$1,202 $1,089
$1,218 $1,173
$1,170
$1,185 $1,317 $1,333
$1,317 $1,476 $1,537 $1,469 $1,510
65%
68%
70%
72%
67%
62%
62%
59%
58%
56%
56%
56%
56% 56%
58% 60%
Memo: Operating Revenue
$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
LAZARD
See endnotes for information regarding non-GAAP adjustments.
41View entire presentation