Lazard Investor Presentation Deck
INVESTOR PRESENTATION
Compensation and benefits expense - U.S. GAAP basis
Adjustments:
U.S. GAAP Compensation to Awarded /Adjusted Reconciliation
($ in millions)
Compensation related to noncontrolling interests
(Charges)/Credits pertaining to LFI and other similar arrangements
Expenses associated with the business realignment
Expenses associated with ERP system implementation
Expenses associated with restructuring and closing of certain offices
Expenses associated with cost-saving initiatives
21
Expenses associated with senior management transition
Compensation and benefits expense, as adjusted
Amortization of deferred incentive awards
Total cash compensation and benefits
4
1
Deferred year-end incentive awards
Sign-on and other special deferred incentive awards
Adjustment for actual/estimated forfeitures
Compensation and benefits expense - Awarded basis
Operating Revenue
% of Operating revenue - as Adjusted
% of Operating revenue - Awarded basis
6
18
5
14
22
2
20
2016
$1,341
(12)
(3)
1,325
LAZARD See endnotes for information regarding non-GAAP adjustments.
(352)
973
342
30
(28)
$1,317
2017
(8)
(24)
$1,513 $1,515 $1,563
1,481
351
36
(25)
2018
$1,476
$2,344 $2,655
56.5%
55.8%
56.2%
55.6%
(11)
14
(367) (376)
1,114
1,141
(1)
1,517
2019
(11)
(32)
(57)
1,464
(368)
1,096
2020
$2,755 $2,546
57.5%
55.1%
55.8%
57.7%
$1,551
(8)
(41)
1,502
(384)
1,118
2021
$1,896
(9)
(35)
(15)
1,836
(400)
1,436
378
361
364
390
46
38
55
49
(26)
(27)
(29)
(28)
$1,537 $1,469 $1,510 $1,846
$2,524 $3,139
59.5% 58.5%
59.8%
58.8%
2022
$1,656
(11)
44
(33)
1,657
(371)
1,286
436
79
(34)
$1,768
$2,769
59.8%
63.8%
Q3' 23
Unaudited
$365
APPENDIX
(3)
11
364
9M' 23
$1,387
(7)
(16)
(166)
(11)
1,187
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