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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 10-Q
____________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to ________
001-32492
(Commission File Number)
____________________________________
LAZARD LTD
(Exact name of registrant as specified in its charter)
Bermuda98-0437848
(State or Other Jurisdiction of Incorporation
or Organization)
(I.R.S. Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM11, Bermuda
(Address of principal executive offices)
Registrant’s telephone number: (441) 295-1422
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockLAZNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 20, 2023, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 25,351,221 shares held by subsidiaries).



TABLE OF CONTENTS
When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Ltd, a company incorporated under the laws of Bermuda, and its subsidiaries, including Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard Ltd’s primary operating asset is its indirect ownership as of September 30, 2023 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group. When we use the term “common stock”, we mean Class A common stock of Lazard Ltd, the only class of common stock of Lazard outstanding.
Page
i


PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements (Unaudited)
Page

1


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(UNAUDITED)
(dollars in thousands, except for per share data)
September 30,
2023
December 31,
2022
ASSETS
Cash and cash equivalents$653,355 $1,234,773 
Deposits with banks and short-term investments319,382 779,246 
Restricted cash34,038 625,381 
Receivables (net of allowance for credit losses of $21,081 and $17,738
   at September 30, 2023 and December 31, 2022, respectively):
Fees505,976 491,861 
Customers and other126,157 160,897 
632,133 652,758 
Investments657,880 698,977 
Property (net of accumulated amortization and depreciation of $405,811 and $395,109 at September 30, 2023 and December 31, 2022, respectively)
229,626 250,073 
Operating lease right-of-use assets413,172 431,608 
Goodwill and other intangible assets (net of accumulated amortization
    of $70,184 and $70,118 at September 30, 2023 and December 31, 2022, respectively)
394,094 377,330 
Deferred tax assets507,952 407,657 
Other assets453,874 394,758 
Total Assets$4,295,506 $5,852,561 
See notes to condensed consolidated financial statements.
2


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(UNAUDITED)
(dollars in thousands, except for per share data)
September 30,
2023
December 31,
2022
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
   STOCKHOLDERS’ EQUITY
Liabilities:
Deposits and other customer payables$462,841 $921,834 
Accrued compensation and benefits496,711 735,576 
Operating lease liabilities492,036 513,688 
Tax receivable agreement obligation118,546 191,189 
Senior debt1,689,579 1,687,714 
Deferred tax liabilities5,383 3,920 
Other liabilities529,068 539,770 
Total Liabilities3,794,164 4,593,691 
Commitments and contingencies
Redeemable noncontrolling interests81,781 583,471 
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A - no shares issued and outstanding
- - 
Series B - no shares issued and outstanding
- - 
Common stock:
Class A, par value $0.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at September 30, 2023 and December 31, 2022, including shares held by subsidiaries as indicated below)
1,128 1,128 
Additional paid-in-capital202,617 167,890 
Retained earnings1,388,508 1,676,713 
Accumulated other comprehensive loss, net of tax(293,059)(295,854)
1,299,194 1,549,877 
Class A common stock held by subsidiaries, at cost (25,356,940 and 26,814,213
   shares at September 30, 2023 and December 31, 2022, respectively)
(937,876)(993,414)
Total Lazard Ltd Stockholders’ Equity361,318 556,463 
Noncontrolling interests58,243 118,936 
Total Stockholders’ Equity419,561 675,399 
Total Liabilities, Redeemable Noncontrolling Interests
   and Stockholders’ Equity
$4,295,506 $5,852,561 




See notes to condensed consolidated financial statements.
3


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
(dollars in thousands, except for per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
REVENUE
Investment banking and other advisory fees$265,314 $454,255 $892,826 $1,249,085 
Asset management fees265,600 279,040 798,716 863,103 
Interest income11,543 8,148 35,096 13,971 
Other713 4,988 40,761 (2,926)
Total revenue543,170 746,431 1,767,399 2,123,233 
Interest expense19,252 19,687 57,931 62,051 
Net revenue523,918 726,744 1,709,468 2,061,182 
OPERATING EXPENSES
Compensation and benefits364,605 420,937 1,386,803 1,181,608 
Occupancy and equipment33,108 30,696 97,681 91,344 
Marketing and business development20,754 19,633 72,098 56,429 
Technology and information services46,897 44,579 142,307 124,577 
Professional services20,451 15,665 66,179 48,243 
Fund administration and outsourced services27,884 27,110 83,428 85,364 
Amortization and other acquisition-related costs96 15 239 45 
Benefit pursuant to tax receivable agreement- - (40,435)- 
Other14,980 9,967 53,022 29,864 
Total operating expenses528,775 568,602 1,861,322 1,617,474 
OPERATING INCOME (LOSS)(4,857)158,142 (151,854)443,708 
Provision (benefit) for income taxes(11,631)35,350 (23,053)108,290 
NET INCOME (LOSS)6,774 122,792 (128,801)335,418 
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS(365)16,995 10,245 20,265 
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD$7,139 $105,797 $(139,046)$315,153 
ATTRIBUTABLE TO LAZARD LTD CLASS A COMMON STOCKHOLDERS:
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic89,425,90093,275,63188,582,46898,161,027
Diluted94,309,22498,865,15688,582,468103,268,378
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:
Basic$0.07 $1.11 $(1.60)$3.16 
Diluted$0.06 $1.06 $(1.60)$3.03 

See notes to condensed consolidated financial statements.
4


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
(dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
NET INCOME (LOSS)$6,774 $122,792 $(128,801)$335,418 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments:
Currency translation adjustments before reclassification(19,935)(54,439)(2,946)(134,129)
Adjustment for items reclassified to earnings2,129 138 2,157 265 
Employee benefit plans:
Actuarial gain (loss) (net of tax expense of
   $1,195 and $1,832 for the three months ended
   September 30, 2023 and 2022, respectively, and $121 and $4,436 for the nine months ended September 30, 2023 and 2022, respectively)
5,054 8,786 (332)20,512 
Adjustment for items reclassified to earnings (net of
   tax expense of $374 and $233 for the three months
   ended September 30, 2023 and 2022, respectively, and $1,135 and $748 for the nine months ended September 30, 2023 and 2022, respectively)
1,580 1,162 3,916 2,816 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX(11,172)(44,353)2,795 (110,536)
COMPREHENSIVE INCOME (LOSS)(4,398)78,439 (126,006)224,882 
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS(364)16,995 10,245 20,264 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD$(4,034)$61,444 $(136,251)$204,618 

See notes to condensed consolidated financial statements.
5


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
(dollars in thousands)
Nine Months Ended
September 30,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(128,801)$335,418 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property32,177 31,895 
Noncash lease expense47,641 46,046 
Currency translation adjustment reclassification2,157 265 
Amortization of deferred expenses and share-based incentive compensation353,698 333,100 
Amortization and other acquisition-related costs239 45 
Deferred tax provision (benefit)(100,744)55,725 
Benefit pursuant to tax receivable agreement(40,435)- 
Impairment of equity method investments and other receivables22,981 - 
Impairment of assets associated with cost-saving initiatives8,561 - 
Loss on LGAC liquidation17,929 - 
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net18,470 43,233 
Investments(100,714)236,275 
Other assets(25,157)(72,312)
Accrued compensation and benefits and other liabilities(284,936)(490,029)
Net cash provided by (used in) operating activities(176,934)519,661 
CASH FLOWS FROM INVESTING ACTIVITIES:
 Additions to property(19,505)(24,986)
 Disposals of property352 272 
 Acquisition of business, net of cash acquired(10,516)- 
 Other investing activities- (7,500)
Net cash used in investing activities(29,669)(32,214)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Customer deposits, net- 281,360 
Contributions from noncontrolling interests1,248 388 
Payments for:
Customer deposits, net(466,658)- 
Distributions to noncontrolling interests(5,068)(27,062)
Tax receivable agreement(32,208)(21,035)
Distribution to redeemable noncontrolling interests in connection with LGAC redemption(585,891)- 
Purchase of Class A common stock(102,051)(612,175)
Class A common stock dividends(129,367)(138,914)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements(53,924)(61,257)
LFI Consolidated Funds redemptions(36,816)(11,296)
Other financing activities(10,186)(10,841)
Net cash used in financing activities(1,420,921)(600,832)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(5,101)(353,914)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(1,632,625)(467,299)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 12,639,400 3,430,014 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30$1,006,775 $2,962,715 
See notes to condensed consolidated financial statements.
6



RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN
   THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
September 30,
2023
December 31,
2022
Cash and cash equivalents$653,355 $1,234,773 
Deposits with banks and short-term investments319,382 779,246 
Restricted cash34,038 625,381 
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH$1,006,775 $2,639,400 


See notes to condensed consolidated financial statements.
7


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2023
(UNAUDITED)
(dollars in thousands)

Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Class A
Common Stock
Held By Subsidiaries
Total
Lazard Ltd
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - July 1, 2023112,766,091$1,128 $167,622 $1,431,181 $(281,886)25,896,701$(958,067)$359,978 $55,907 $415,885 $83,583 
Comprehensive income (loss):
Net income (loss)7,139 7,139 2,886 10,025 (3,251)
Other comprehensive income (loss) - net of tax(11,173)(11,173)1 (11,172)
Amortization of share-based incentive compensation57,058 57,058 1,304 58,362 
Dividend equivalents6,133 (6,370)(237)(1,916)(2,153)
Class A common stock dividends ($0.50 per share)
(43,442)(43,442)(43,442)
Purchase of Class A common stock85,035(2,954)(2,954)(2,954)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit of $164
(28,196)(624,796)23,145 (5,051)- (5,051)
Contributions from noncontrolling interests,
   net
- 61 61 
LFI Consolidated Funds- - - 1,449 
Balance - September 30, 2023112,766,091$1,128 $202,617 $1,388,508 $(293,059)25,356,940$(937,876)$361,318 $58,243 $419,561 $81,781 








See notes to condensed consolidated financial statements.
8


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2023
(UNAUDITED)
(dollars in thousands)
Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Class A
Common Stock
Held By Subsidiaries
Total
Lazard Ltd
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - January 1, 2023112,766,091$1,128 $167,890 $1,676,713 $(295,854)26,814,213$(993,414)$556,463 $118,936 $675,399 $583,471 
Comprehensive income (loss):
Net income (loss)(139,046)(139,046)4,696 (134,350)5,549 
Other comprehensive income - net of tax2,795 2,795 - 2,795 
Amortization of share-based incentive compensation204,641 204,641 4,989 209,630 
Dividend equivalents19,094 (19,792)(698)(8,636)(9,334)
Class A common stock dividends ($1.50 per share)
(129,367)(129,367)(129,367)
Purchase of Class A common stock2,782,662(102,051)(102,051)(102,051)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit of $254
(215,539)(4,203,791)156,205 (59,334)5,664 (53,670)
Business acquisitions and related equity transactions:
Class A common stock issuable1,775 1,775 1,775 
Delivery of Class A common stock(1,533)(41,384)1,533 - - 
Distributions to noncontrolling interests, net- (3,820)(3,820)
LFI Consolidated Funds- (74,164)(74,164)78,063 
Change in redemption value of redeemable noncontrolling interests(412)(412)(177)(589)589 
LGAC liquidation:
Distribution to redeemable
   noncontrolling interests
(585,891)
Reversal to net loss of amounts
   previously charged to additional
   paid-in-capital and
   noncontrolling interests
13,195 13,195 4,734 17,929 
Reversal of deferred offering
   costs liability
14,087 14,087 6,038 20,125 
Other(581)5,240(149)(730)(17)(747)
Balance - September 30, 2023112,766,091$1,128 $202,617 $1,388,508 $(293,059)25,356,940$(937,876)$361,318 $58,243 $419,561 $81,781 
See notes to condensed consolidated financial statements.
9


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2022
(UNAUDITED)
(dollars in thousands)

Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Class A
Common Stock
Held By Subsidiaries
Total
Lazard Ltd
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - July 1, 2022112,766,091$1,128 $71,918 $1,628,182 $(290,029)18,240,059$(695,537)$715,662 $111,295 $826,957 $575,710 
Comprehensive income (loss):  
Net income105,797 105,797 13,253 119,050 3,742 
Other comprehensive loss - net of tax(44,353)(44,353)- (44,353)
Amortization of share-based incentive compensation70,281 70,281 4,635 74,916 
Dividend equivalents5,100 (5,343)(243)(1,823)(2,066)
Class A common stock dividends ($0.50 per share)
(46,238)(46,238)(46,238)
Purchase of Class A common stock6,650,998(236,990)(236,990)(236,990)
Delivery of Class A common stock in
   connection with share-based incentive
   compensation and related tax benefit
   of $346
(19,685)(464,482)17,513 (2,172)- (2,172)
Distributions to noncontrolling interests, net- (17,420)(17,420)
LFI Consolidated Funds- 6,702 6,702 
Change in redemption value of redeemable noncontrolling interests670 670 287 957 (957)
Other(1,538)7,661(240)(1,778)(241)(2,019)
Balance - September 30, 2022112,766,091$1,128 $126,746 $1,682,398 $(334,382)24,434,236$(915,254)$560,636 $116,688 $677,324 $578,495 













See notes to condensed consolidated financial statements.
10


LAZARD LTD
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022
(UNAUDITED)
(dollars in thousands)

Common StockAdditional
Paid-In-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Class A
Common Stock
Held By Subsidiaries
Total
Lazard Ltd
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
Redeemable
Noncontrolling
Interests
Shares$Shares$
Balance - January 1, 2022 112,766,091$1,128 $144,729 $1,560,636 $(223,847)12,046,140$(507,426)$975,220 $102,744 $1,077,964 $575,000 
Comprehensive income (loss):
Net income 315,153 315,153 11,017 326,170 9,248 
Other comprehensive loss - net of tax(110,535)(110,535)(1)(110,536)
Amortization of share-based incentive compensation188,529 188,529 12,573 201,102 
Dividend equivalents13,189 (13,919)(730)(8,074)(8,804)
Class A common stock dividends ($1.44 per share)
(138,914)(138,914)(138,914)
Purchase of Class A common stock17,249,880(612,175)(612,175)(612,175)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit of $6,604
(222,190)(40,558)(4,869,445)204,587 (58,161)3,508 (54,653)
Distributions to noncontrolling interests, net- (26,674)(26,674)
LFI Consolidated Funds- 20,110 20,110 
Change in redemption value of redeemable noncontrolling interests4,027 4,027 1,726 5,753 (5,753)
Other(1,538)7,661(240)(1,778)(241)(2,019)
Balance - September 30, 2022112,766,091$1,128 $126,746 $1,682,398 $(334,382)24,434,236$(915,254)$560,636 $116,688 $677,324 $578,495 

See notes to condensed consolidated financial statements.
11

LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)

1.    ORGANIZATION AND BASIS OF PRESENTATION
Organization
Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms that specializes in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals.
Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of September 30, 2023 and December 31, 2022. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which as of December 31, 2022 was governed by an Amended and Restated Operating Agreement dated as of February 4, 2019. Such operating agreement was subsequently amended and restated effective as of January 1, 2023 (as so amended and restated, the “Operating Agreement”).
Lazard Ltd’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:
Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding strategic and mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory, and other strategic advisory matters and capital raising and placement, and
Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients.
In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and certain assets and liabilities associated with (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”), and (ii) in 2022, a special purpose acquisition company that was sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”).
Basis of Presentation
The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying December 31, 2022 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.
Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the condensed consolidated financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an estimated annual ratio of compensation and benefits expense to revenue, with the applicable
12

LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.
The consolidated results of operations for the three month and nine month periods ended September 30, 2023 are not indicative of the results to be expected for any future interim or annual period.
The condensed consolidated financial statements include Lazard Ltd and its subsidiaries including Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, LFB and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries.
The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:
Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs and
Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 20).
When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or losses or (ii) elects the option to measure its investment at fair value.
Intercompany transactions and balances have been eliminated.
Lazard Growth Acquisition Corp. I
In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a dormant special purpose acquisition company, that was incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of LGAC. LGAC is considered to be a VIE. The Company holds a controlling financial interest in LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements.
The proceeds from the LGAC IPO of $575,000 were held in a trust account, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the trust account to the LGAC shareholders in connection with the redemption of LGAC’s Class A ordinary shares, subject to certain conditions. The cash held in the trust account was recorded in “restricted cash” on the condensed consolidated statements of financial condition as of December 31, 2022.
Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees (included in “other liabilities” on the condensed consolidated statements of financial condition as of December 31, 2022) and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO.
“Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s condensed consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of
13

LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by credits or charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership.
The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO (the “LGAC Warrants”) meet the definition of a liability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815 and were classified as derivative liabilities which were remeasured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value reported to earnings. See Note 6.
On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a Business Combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $585,891 of the cash held in the trust account to the LGAC shareholders. The Company recognized $17,929 of losses on the liquidation of LGAC in “revenue-other” on the condensed consolidated statement of operations for the nine month period ended September 30, 2023. In addition, the $20,125 of non-cash deferred underwriting fees noted above was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital. There were no redemption rights or liquidating distributions with respect to the LGAC warrants.
2.    REVENUE RECOGNITION
The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net Revenue:
Financial Advisory (a)$266,048 $456,521 $896,099 $1,254,621 
Asset Management:
Management fees and other (b)$282,657 $277,202 $843,590 $872,351 
Incentive fees (c)2,198 21,595 13,622 54,098 
Total Asset Management$284,855 $298,797 $857,212 $926,449 
___________________________________

(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory, and other strategic advisory and capital raising and placement work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
(b)Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation
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LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.
(c)Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.
In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients.
With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when applying the practical expedients, amounts related to remaining performance obligations are not material to the Company’s financial statements.
3.    RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model, for general credit risk of the overall portfolio and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute.
Of the Company’s fee receivables at September 30, 2023 and December 31, 2022, $115,379 and $97,964, respectively, represented financing receivables for our Private Capital Advisory fees.
At September 30, 2023 and December 31, 2022, customers and other receivables included $89,753 and $128,890, respectively, of customer loans, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both September 30, 2023 and December 31, 2022.
The aggregate carrying amount of other fees and customers and other receivables was $427,001 and $425,904 at September 30, 2023 and December 31, 2022, respectively.
Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2023 and 2022 was as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Beginning Balance$27,095 $30,271 $17,738 $33,957 
Bad debt expense, net of reversals2,268 566 13,287 24 
Charge-offs, foreign currency translation and other adjustments(8,282)(15,517)(9,944)(18,661)
Ending Balance$21,081 $15,320 $21,081 $15,320 
Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.
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LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The allowance for credit losses is substantially all related to M&A and Restructuring fee receivables and other receivables.
4.    INVESTMENTS
The Company’s investments consist of the following at September 30, 2023 and December 31, 2022:
September 30,
2023
December 31,
2022
Debt$4,481 $- 
Equities40,659 43,889 
Funds:
Alternative investments (a)60,210 56,947 
Debt (a)183,790 178,556 
Equity (a)324,239 350,282 
Private equity44,501 53,822 
612,740 639,607 
Investments, at fair value657,880 683,496 
Equity method investments- 15,481 
Total investments$657,880 $698,977 
___________________________________

(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 20), with fair values of $27,145, $168,624 and $262,223, respectively, at September 30, 2023 and $24,137, $142,632 and $266,528, respectively, at December 31, 2022, held in order to satisfy the Company’s obligation upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 6 and 12).
Debt primarily consists of U.S. Treasury securities with original maturities at time of purchase of greater than three months and less than one year.
Equities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts to seed strategies and funds in our Asset Management business.
Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of investments in funds to seed strategies and funds in our Asset Management business and amounts related to LFI discussed above.
Debt funds primarily consist of investments in funds to seed strategies and funds in our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund.
Equity funds primarily consist of investments in funds to seed strategies and funds in our Asset Management business that invest in equity securities, and amounts related to LFI discussed above.
Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies, (ii) a fund targeting significant noncontrolling-stake
16

LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
investments in established private companies and (iii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.
Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”).
Equity method investments represent certain partnership interests accounted for under the equity method of accounting.
During the three month and nine month periods ended September 30, 2023 and 2022, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net unrealized investment gains (losses)$(23,879)$(31,093)$14,551 $(134,091)
5.    FAIR VALUE MEASUREMENTS
Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows:
Level 1.    Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access.
Level 2.    Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.
Level 3.    Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.
The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity interests in private companies are generally classified as Level 3.
The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are based on the publicly reported closing price for the fund, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
The fair value of investments in certain private equity funds is classified as Level 3 for (i) certain investments that are valued based on the potential transaction value and (ii) when the acquisition price is considered the best measure of fair value.
The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.
17

LAZARD LTD
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(UNAUDITED)
(dollars in thousands, except for per share data, unless otherwise noted)
The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “amortization and other acquisition-related costs” in the condensed consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition.
The fair value of derivatives entered into by the Company and classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives entered into by the Company and classified as Level 2 is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 6.
Investments Measured at Net Asset Value (“NAV”)—As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.
The following tables present, as of September 30, 2023 and December 31, 2022, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:
September 30, 2023
Level 1Level 2Level 3NAVTotal
Assets:
Investments:
Debt $3,524 $957 $$$4,481 
Equities40,119 540 40,659 
Funds:
Alternative investments15,534 44,676 60,210 
Debt173,546 10,240 4 183,790 
Equity324,197 42 324,239 
Private equity261 44,240 44,501 
Derivatives