Apr 30, 2021

Lazard Ltd Reports First-Quarter 2021 Results

Operating revenue up 15% with strong momentum across our businesses

Record quarter-end assets under management of $265 billion

Returned $237 million of capital to shareholders in first quarter

NEW YORK--(BUSINESS WIRE)--Apr. 30, 2021-- Lazard Ltd (NYSE: LAZ) today reported operating revenue1 of $648 million for the quarter ended March 31, 2021. Net income, as adjusted2, was $101 million, or $0.87 per share (diluted) for the quarter.

First-quarter 2021 net income on a U.S. GAAP basis was $87 million, or $0.75 per share (diluted).

“We are well positioned for the year ahead with record assets under management and high levels of activity across Financial Advisory in a strengthening macroeconomic environment,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “As the rollout of COVID-19 vaccines expands, and fiscal and monetary stimulus take effect, confidence is growing among business leaders and investors globally.”

 

($ in millions, except per share data and AUM)

Quarter Ended March 31,

2021

 

2020

 

%’21-’20

Net Income

U.S. GAAP

$87

$64

36%

Per share, diluted

$0.75

$0.56

34%

Adjusted2

$101

$67

52%

Per share, diluted

$0.87

$0.58

50%

Operating Revenue1

Total operating revenue

$648

$563

15%

Financial Advisory

$317

$295

8%

Asset Management

$328

$269

22%

AUM ($ in billions)

 

 

 

Period End

$265

$193

37%

Average

$261

$222

18%

Note: Endnotes are on page 6 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on pages 11-12.

OPERATING REVENUE

Operating revenue was $648 million for the quarter ended March 31, 2021, 15% higher than the first quarter of 2020.

Financial Advisory

Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.

Financial Advisory operating revenue was $317 million for the first quarter of 2021, 8% higher than the first quarter of 2020.

During and since the first quarter of 2021, Lazard has been engaged in significant and complex M&A transactions and other advisory assignments globally, including the following (clients are in italics): The Special Committee of the Board of Brookfield Property Partners in Brookfield Asset Management’s acquisition of 100% of BPY units, valuing BPY at $71.8 billion; The Special Committee of the Board of VMware in Dell’s $52.5 billion spin-off of its 81% equity stake in the company and VMware’s payment of a special cash dividend; Altice Europe in the $48.5 billion take-private offer by Patrick Drahi, and its $6.3 billion sale of its French towers to Cellnex; The Special Committee of the Board of Athene in Athene’s $11 billion merger with Apollo; Stonepeak’s $8.1 billion acquisition of Astound Broadband from TPG; M&T Bank’s $7.6 billion acquisition of People’s United Financial; Kimco Realty in its $5.9 billion merger with Weingarten Realty Investors; G4S on the £3.8 billion recommended cash offer from Allied Universal; Natixis in the €3.7 billion acquisition of the remaining 29.3% stake in the company by BPCE; Goodyear Tire & Rubber’s $2.5 billion acquisition of Cooper Tire & Rubber; Servier’s $2.0 billion acquisition of Agios Pharmaceuticals’ oncology business; and Five Prime Therapeutics’ $1.9 billion sale to Amgen.

Lazard has one of the world’s preeminent restructuring practices, with a long track record of successfully advising businesses and governments. During and since the first quarter of 2021, we have been engaged in a broad range of highly visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: Abengoa; AccorInvest; Assured Guaranty in connection with Puerto Rico’s restructuring; Belk; Cinepolis; CorpGroup; Debenhams; Diamond Offshore Drilling; Europcar; Express; Garrett Motion; NMC Health; Peabody; Premier Oil; Seadrill Limited; Ursa Piceance; and Valaris.

Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.

For a list of publicly announced Financial Advisory transactions on which Lazard advised in the first quarter of 2021, or continued to advise or completed since March 31, 2021, please visit our website at www.lazard.com/businesses/transactions.

Asset Management

In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.

Asset Management operating revenue was $328 million for the first quarter of 2021, 22% higher than the first quarter of 2020.

Management fees and other revenue was $295 million, 10% higher than the first quarter of 2020, and 4% higher than the fourth quarter of 2020.

Average AUM for the first quarter of 2021 was $261 billion, 18% higher than the first quarter of 2020, and 6% higher than the fourth quarter of 2020.

AUM as of March 31, 2021, was $265 billion, up 2% from December 31, 2020, and up 37% from March 31, 2020. The sequential increase from December 31, 2020 was driven by market appreciation of $12.5 billion, partially offset by foreign exchange depreciation of $4.6 billion and net outflows of $1.7 billion.

Incentive fees during the period were $33 million, compared to $2 million for the first quarter of 2020.

OPERATING EXPENSES

Compensation and Benefits

In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges). We believe annual awarded compensation reflects the actual annual compensation cost more accurately than the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.

For the first quarter of 2021, we accrued adjusted compensation and benefits expense1 at an adjusted compensation ratio of 59.5%, compared to the first-quarter 2020 ratio of 60.0%. This resulted in $385 million of compensation and benefits expense, compared to $338 million for the first quarter of 2020.

We manage our compensation and benefits expense based on awarded compensation with a consistent deferral policy. We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.

Non-Compensation Expense

For the first quarter of 2021, adjusted non-compensation expense1 was $102 million, 9% lower than the first quarter of 2020, primarily reflecting lower travel and business development expenses.

The ratio of adjusted non-compensation expense to operating revenue was 15.8% for the first quarter of 2021, compared to 20.0% for the first quarter of 2020.

Our goal remains to achieve an adjusted non-compensation expense-to-operating revenue ratio over the cycle of 16% to 20%.

TAXES

The provision for taxes, on an adjusted basis1, was $41 million for the first quarter of 2021. The effective tax rate, on an adjusted basis, was 28.6% for the first quarter of 2021, compared to 28.8% for the first quarter of 2020 and 20.2% for the full year of 2020.

CAPITAL MANAGEMENT AND BALANCE SHEET

Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.

In the first quarter of 2021, Lazard returned $237 million to shareholders, which included: $49 million in dividends; $123 million in share repurchases of our common stock; and $65 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

As of March 31, 2021, we have repurchased 2.9 million shares of our common stock at an average price of $42.30 per share.

On April 29, 2021, our Board of Directors authorized additional share repurchases of up to $300 million, which expires as of December 31, 2022, bringing our total outstanding share repurchase authorization to $439 million.

On April 29, 2021, Lazard declared a quarterly dividend of $0.47 per share on its outstanding common stock. The dividend is payable on May 21, 2021, to stockholders of record on May 10, 2021.

Lazard’s financial position remains strong. As of March 31, 2021, our cash and cash equivalents were $975 million, and stockholders’ equity related to Lazard’s interests was $765 million.

***

CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. EDT on Friday, April 30, 2021, to discuss the company’s financial results for the first quarter of 2021. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing 1 (800) 458-4121 (U.S. and Canada) or +1 (323) 794-2093 (outside of the U.S. and Canada), 15 minutes prior to the start of the call.

A replay of the conference call will be available by 10:00 a.m. EDT, Friday, April 30, 2021, via the Lazard Investor Relations website at www.lazard.com, or by dialing 1 (888) 203-1112 (U.S. and Canada) or +1 (719) 457-0820 (outside of the U.S. and Canada). The replay access code is 6389433.

ABOUT LAZARD

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from more than 40 cities across 25 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

***

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements, including with respect to the current COVID-19 pandemic, are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

  • A decline in general economic conditions or the global or regional financial markets;
  • A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);
  • Losses caused by financial or other problems experienced by third parties;
  • Losses due to unidentified or unanticipated risks;
  • A lack of liquidity, i.e., ready access to funds, for use in our businesses; and
  • Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, Lazard’s Twitter account (twitter.com/Lazard) and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

***

ENDNOTES

1 A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is the most meaningful and useful way to compare our operating results across periods.

2 First-quarter 2021 adjusted results1 exclude pre-tax charges of $1.4 million relating to office space reorganization and $9.6 million relating to expenses associated with restructuring and closing of certain offices. On a U.S. GAAP basis, these resulted in a net charge of $13.9 million, or $0.12 (diluted) per share, in the first quarter of 2021.

LAZ-EPE

LAZARD LTD 
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP)
 

Three Months Ended

 

% Change From

March 31,

 

December 31,

 

March 31,

 

December 31,

 

March 31,

($ in thousands, except per share data)

2021

 

2020

 

2020

 

2020

 

2020

 
Total revenue

$679,904

$898,326

$558,157

(24%)

22%

Interest expense

(19,797)

(20,172)

(20,143)

Net revenue

660,107

878,154

538,014

(25%)

23%

Operating expenses:
Compensation and benefits

401,546

524,736

319,755

(23%)

26%

 
Occupancy and equipment

34,748

33,592

32,198

Marketing and business development

6,651

8,161

20,186

Technology and information services

33,670

36,100

31,358

Professional services

14,948

20,330

14,545

Fund administration and outsourced services

29,279

26,431

26,390

Amortization of intangible assets related to acquisitions

15

436

446

Other

4,960

11,308

9,039

Subtotal

124,271

136,358

134,162

(9%)

(7%)

Benefit pursuant to tax receivable agreement

-

(439)

-

Operating expenses

525,817

660,655

453,917

(20%)

16%

 
Operating income

134,290

217,499

84,097

(38%)

60%

 
Provision for income taxes

43,464

22,729

25,766

91%

69%

Net income

90,826

194,770

58,331

(53%)

56%

Net income (loss) attributable to noncontrolling interests

3,526

4,881

(5,691)

Net income attributable to Lazard Ltd

$87,300

$189,889

$64,022

(54%)

36%

 
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic

107,291,560

107,316,315

106,303,962

0%

1%

Diluted

115,822,294

115,144,030

114,120,179

1%

1%

 
Net income per share:
Basic

$0.80

$1.73

$0.59

(54%)

36%

Diluted

$0.75

$1.64

$0.56

(54%)

34%

LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION
(U.S. GAAP)
 

March 31,

 

December 31,

($ in thousands)

2021

 

2020

 
ASSETS
 
Cash and cash equivalents

$974,696

 

$1,389,876

Deposits with banks and short-term investments

1,014,145

 

1,134,463

Restricted cash

615,090

 

44,488

Receivables

739,615

 

743,141

Investments

782,351

 

658,532

Goodwill and other intangible assets

381,947

 

384,071

Operating lease right-of-use assets

492,089

 

513,923

Deferred tax assets

506,836

 

538,448

Other assets

702,790

 

564,919

 
Total Assets

$6,209,559

 

$5,971,861

 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
 
Liabilities
Deposits and other customer payables

$1,239,716

 

$1,201,150

Accrued compensation and benefits

485,739

 

734,544

Operating lease liabilities

582,178

 

606,963

Tax receivable agreement obligation

211,236

 

221,451

Senior debt

1,683,362

 

1,682,741

Other liabilities

565,629

 

525,579

Total liabilities

4,767,860

 

4,972,428

 
Commitments and contingencies
Redeemable noncontrolling interests

575,000

 

-

 
Stockholders' equity
Preferred stock, par value $.01 per share

-

 

-

Common stock, par value $.01 per share

1,128

 

1,128

Additional paid-in capital

-

 

135,439

Retained earnings

1,278,907

 

1,295,386

Accumulated other comprehensive loss, net of tax

(255,711

)

(238,368)

Subtotal

1,024,324

 

1,193,585

Class A common stock held by subsidiaries, at cost

(259,319

)

(281,813)

Total Lazard Ltd stockholders' equity

765,005

 

911,772

Noncontrolling interests

101,694

 

87,661

Total stockholders' equity

866,699

 

999,433

 
Total liabilities, redeemable noncontrolling interests and stockholders' equity

$6,209,559

 

$5,971,861

LAZARD LTD 
SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited)
 
Three Months Ended % Change From

March 31,

 

December 31,

 

March 31,

 

December 31,

 

March 31,

($ in thousands, except per share data)

2021

 

2020

 

2020

 

2020

 

2020

 
Revenues:
 
Financial Advisory

$317,300

$508,626

$294,773

(38%)

8%

Asset Management

327,914

336,152

268,953

(2%)

22%

Corporate

2,648

3,990

(915)

(34%)

NM

 
Operating revenue (b)

$647,862

$848,768

$562,811

(24%)

15%

 
Expenses:
 
Adjusted compensation and benefits expense (c)

$385,478

$497,260

$337,686

(22%)

14%

Ratio of adjusted compensation to operating revenue

59.5%

58.6%

60.0%

 
Non-compensation expense (d)

$102,480

$116,568

$112,632

(12%)

(9%)

Ratio of non-compensation to operating revenue

15.8%

13.7%

20.0%

 
Earnings:
 
Earnings from operations (e)

$159,904

$234,940

$112,493

(32%)

42%

Operating margin (f)

24.7%

27.7%

20.0%

 
Adjusted net income (g)

$101,221

$192,444

$66,552

(47%)

52%

 
Diluted adjusted net income per share

$0.87

$1.66

$0.58

(48%)

50%

 
Diluted weighted average shares (h)

115,857,922

115,831,033

114,160,044

0%

1%

 
Effective tax rate (i)

28.6%

11.1%

28.8%

 
This presentation includes non-U.S. GAAP ("non-GAAP") measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.
LAZARD LTD
ASSETS UNDER MANAGEMENT ("AUM")
(unaudited)
($ in millions)
 

As of

 

Variance

March 31,

 

December 31,

 

March 31,

 

 

 

1Q 2021 vs

2021

 

2020

 

2020

 

Qtr to Qtr

 

1Q 2020

 
Equity:
Emerging Markets

$32,700

$33,254

$27,716

(1.7%)

18.0%

Global

58,560

56,246

39,094

4.1%

49.8%

Local

51,246

48,672

37,496

5.3%

36.7%

Multi-Regional

72,953

71,560

50,335

1.9%

44.9%

Total Equity

215,459

209,732

154,641

2.7%

39.3%

Fixed Income:
Emerging Markets

12,708

13,651

11,424

(6.9%)

11.2%

Global

14,177

11,962

9,100

18.5%

55.8%

Local

5,556

5,600

5,421

(0.8%)

2.5%

Multi-Regional

11,808

12,571

8,376

(6.1%)

41.0%

Total Fixed Income

44,249

43,784

34,321

1.1%

28.9%

Alternative Investments

3,141

2,748

1,902

14.3%

65.1%

Private Equity

1,324

1,420

1,406

(6.8%)

(5.8%)

Cash Management

679

958

778

(29.1%)

(12.7%)

Total AUM

$264,852

$258,642

$193,048

2.4%

37.2%

 
 

Year Ended

Three Months Ended March 31,

December 31,

2021

 

2020

2020

 
AUM - Beginning of Period

$258,642

$248,239

$248,239

 
Net Flows

(1,679)

(4,913)

(11,368)

 
Market and foreign exchange appreciation (depreciation)

7,889

(50,278)

21,771

 
AUM - End of Period

$264,852

$193,048

$258,642

 
Average AUM

$261,463

$221,534

$225,361

 
% Change in average AUM

18.0%

Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.
LAZARD LTD 
RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL INFORMATION (a)
(unaudited)

Three Months Ended

March 31,

 

December 31,

 

March 31,

($ in thousands, except per share data)

2021

 

2020

 

2020

 
Operating Revenue
Net revenue - U.S. GAAP Basis

$660,107

$878,154

$538,014

 
Adjustments:
(Revenue) loss related to noncontrolling interests (j)

(6,361)

(8,054)

2,772

(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements

(7,487)

(25,207)

19,637

Distribution fees, reimbursable deal costs, bad debt expense and other (k)

(16,710)

(14,647)

(16,384)

Interest expense

18,313

18,522

18,772

 
Operating revenue, as adjusted (b)

$647,862

$848,768

$562,811

 
Compensation and Benefits Expense
Compensation and benefits expense - U.S. GAAP Basis

$401,546

$524,736

$319,755

 
Adjustments:
(Charges) credits pertaining to LFI and other similar arrangements

(7,487)

(25,207)

19,637

Expenses associated with restructuring and closing of certain offices (l)

(6,623)

-

-

Compensation related to noncontrolling interests (j)

(1,958)

(2,269)

(1,706)

 
Compensation and benefits expense, as adjusted (c)

$385,478

$497,260

$337,686

 
Non-Compensation Expense
Non-compensation expense - Subtotal - U.S. GAAP Basis

$124,271

$136,358

$134,162

 
Adjustments:
Expenses related to office space reorganization (m)

(1,416)

(4,184)

(3,664)

Distribution fees, reimbursable deal costs, bad debt expense and other (k)

(16,710)

(14,647)

(16,384)

Amortization of intangible assets related to acquisitions

(15)

(436)

(446)

Expenses associated with restructuring and closing of certain offices (l)

(2,971)

-

-

Non-compensation expense related to noncontrolling interests (j)

(679)

(523)

(1,036)

 
Non-compensation expense, as adjusted (d)

$102,480

$116,568

$112,632

 
Pre-Tax Income and Earnings From Operations
Operating Income - U.S. GAAP Basis

$134,290

$217,499

$84,097

 
Adjustments:
Reduction of tax receivable agreement obligation ("TRA")

-

(439)

-

Expenses related to office space reorganization (m)

1,416

4,184

3,664

Expenses associated with restructuring and closing of certain offices (l)

9,594

-

-

Net (income) loss related to noncontrolling interests (j)

(3,526)

(4,881)

5,691

Pre-tax income, as adjusted

141,774

216,363

93,452

Interest expense

18,313

18,522

18,772

Expenses associated with Special Purpose Acquisition Company and amortization (LAZ only)

(183)

55

269

Earnings from operations, as adjusted (e)

$159,904

$234,940

$112,493

 
 
Net Income attributable to Lazard Ltd
Net income attributable to Lazard Ltd - U.S. GAAP Basis

$87,300

$189,889

$64,022

Adjustments:
Reduction of tax receivable agreement obligation ("TRA")

-

(439)

-

Expenses related to office space reorganization (m)

1,416

4,184

3,664

Expenses associated with restructuring and closing of certain offices (l)

9,594

-

-

Tax expense (benefit) allocated to adjustments

2,911

(1,190)

(1,134)

 
Net income, as adjusted (g)

$101,221

$192,444

$66,552

 
Diluted Weighted Average Shares Outstanding
Diluted Weighted Average Shares Outstanding - U.S. GAAP Basis

115,822,294

115,144,030

114,120,179

Adjustment: participating securities including profits interest participation rights

35,628

687,003

39,865

 
Diluted Weighted Average Shares Outstanding, as adjusted (h)

115,857,922

115,831,033

114,160,044

 
Diluted net income per share:
U.S. GAAP Basis

$0.75

$1.64

$0.56

Non-GAAP Basis, as adjusted

$0.87

$1.66

$0.58

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules
LAZARD LTD 
RECONCILIATION OF NON-COMPENSATION U.S. GAAP TO ADJUSTED (a)
(unaudited)

Three Months Ended

March 31,

 

December 31,

 

March 31,

($ in thousands)

2021

 

2020

 

2020

 
Non-compensation expense - U.S. GAAP Basis:
Occupancy and equipment

$34,748

$33,592

$32,198

Marketing and business development

6,651

8,161

20,186

Technology and information services

33,670

36,100

31,358

Professional services

14,948

20,330

14,545

Fund administration and outsourced services

29,279

26,431

26,390

Amortization of intangible assets related to acquisitions

15

436

446

Other

4,960

11,308

9,039

Non-compensation expense - Subtotal - U.S. GAAP Basis

$124,271

$136,358

$134,162

 
Non-compensation expense - Adjustments:
Occupancy and equipment (j) (l) (m)

($4,185)

($3,419)

($3,733)

Marketing and business development (j) (k) (l)

(205)

(383)

(2,691)

Technology and information services (j) (k) (l)

(14)

155

(435)

Professional services (j) (k) (l) (m)

(1,461)

(4,101)

(1,778)

Fund administration and outsourced services (j) (k)

(15,270)

(12,114)

(12,120)

Amortization of intangible assets related to acquisitions

(15)

(436)

(446)

Other (j) (k) (m)

(641)

508

(327)

Subtotal Non-compensation adjustments

($21,791)

($19,790)

($21,530)

 
Non-compensation expense, as adjusted:
Occupancy and equipment

$30,563

$30,173

$28,465

Marketing and business development

6,446

7,778

17,495

Technology and information services

33,656

36,255

30,923

Professional services

13,487

16,229

12,767

Fund administration and outsourced services

14,009

14,317

14,270

Amortization of intangible assets related to acquisitions

-

-

-

Other

4,319

11,816

8,712

Non-compensation expense, as adjusted (d)

$102,480

$116,568

$112,632

 
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules

 

Media Contact: Judi Frost Mackey +1 212 632 1428 judi.mackey@lazard.com

Investor Contact: Alexandra Deignan +1 212 632 6886 alexandra.deignan@lazard.com

Source: Lazard Ltd

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