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Lazard, Inc. (LAZ) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Lazard Ltd

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CIK: 1311370 Ticker: LAZ

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LAZARD REPORTS
FOURTH-QUARTER AND FULL-YEAR 2023 RESULTS


NEW YORK, February 1, 2024 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $806 million and operating revenue
1 of $761 million for the quarter ended December 31, 2023. On a U.S. GAAP basis, fourth-quarter 2023 net income was $64 million or $0.65 per share, diluted. Net income, as adjusted2 was $65 million, or $0.66 per share, diluted, for the quarter.

Annual net revenue was $2,515 million and operating revenue was $2,440 million for the year ended December 31, 2023. On a U.S. GAAP basis, net loss for the year was $75 million, or $0.90 per share, diluted. Net income, as adjusted2, was $75 million, or $0.77 per share, diluted, for the year.

“Lazard’s fourth quarter results represent a strong finish to a challenging year, and we are pleased with our forward momentum as we execute our long-term growth strategy,” said Peter R. Orszag, Chief Executive Officer, Lazard. “We are increasingly winning new client mandates across our business, and we are well positioned to serve clients as they consider economic opportunities and geopolitical risks in the years ahead.”

($ in millions, exceptQuarter EndedYear Ended
per share data and AUM)December 31,December 31,
20232022%'23-'2220232022%'23-'22
Net Income (Loss)
U.S. GAAP$64$4250 %($75)$358NM
    Per share, diluted$0.65$0.4448 %($0.90)$3.51NM
Adjusted2
$65$67(3 %)$75$384(80 %)
    Per share, diluted$0.66$0.69(4 %)$0.77$3.73(79 %)
Revenue
U.S. GAAP - Net Revenue$806$71213 %$2,515$2,774(9 %)
Total operating revenue1
$761$67113 %$2,440$2,769(12 %)
    Financial Advisory$477$40418 %$1,357$1,652(18 %)
    Asset Management$274$2596 %$1,068$1,099(3 %)
AUM ($ in billions)
Period end$247$21614 %
Average$234$21111 %$233$2272 %
Media Contact:
Shannon Houston+1 212 632 6880shannon.houston@lazard.com
Investor Contact:Alexandra Deignan+1 212 632 6886alexandra.deignan@lazard.com
Note: Endnotes are on page 5 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on pages 14-15.

1
The following information was filed by Lazard Ltd (LAZ) on Thursday, February 1, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lazard Ltd's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity And Redeemable Noncontrolling Interests
Consolidated Statements Of Changes In Stockholders' Equity And Redeemable Noncontrolling Interests (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Operations
Commitments And Contingencies
Consolidated Vies
Consolidated Vies (Tables)
Consolidated Vies - Additional Information (Details)
Consolidated Vies - Summary Of Consolidated Vie Assets And Liabilities (Details)
Cost-Saving Initiatives
Cost-Saving Initiatives (Tables)
Cost-Saving Initiatives - Activity Related To Cost Savings Initiatives (Details)
Cost-Saving Initiatives - Expenses Associated With Cost Savings Initiatives (Details)
Derivatives
Derivatives (Tables)
Derivatives - Fair Values Of Derivatives Reported On Condensed Consolidated Statements Of Financial Condition (Details)
Derivatives - Net Gains (Losses) With Respect To Derivative Instruments Not Designated As Hedging Instruments (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Credit) (Details)
Employee Benefit Plans - Schedule Of Assumptions Used To Develop Actuarial Present Value Of Projected Benefit Obligation And Net Periodic Pension Cost (Details)
Employee Benefit Plans - Schedule Of Categorization Of Plans' Assets (Details)
Employee Benefit Plans - Schedule Of Expected Benefit Payments (Details)
Employee Benefit Plans - Summary Of Changes In Benefit Obligations, Fair Value Of Assets, Funded Status And Amounts Recognized In Consolidated Statements Of Financial Condition (Details)
Employee Benefit Plans - Summary Of Fair Value Of Plan Assets, Accumulated Benefit Obligation And Projected Benefit Obligation (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Fair Value Of Certain Investments Based On Nav (Details)
Fair Value Measurements - Financial Instruments Not Measured At Fair Value (Details)
Fair Value Measurements - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value Measurements - Summary Of Changes In Fair Value Of Company's Level 3 Assets And Liabilities (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangible Assets - Components Of Goodwill And Other Intangible Assets (Details)
Incentive Plans
Incentive Plans (Tables)
Incentive Plans - Additional Information (Details)
Incentive Plans - Schedule Of Activity Relating To Rsus, Prsus And Dsus (Details)
Incentive Plans - Schedule Of Impact Of Lfi And Other Similar Deferred Compensation Arrangements (Details)
Incentive Plans - Schedule Of Lfi And Other Similar Deferred Compensation Arrangements (Details)
Incentive Plans - Summary Of Activity Related To Rsas (Details)
Incentive Plans - Summary Of Activity Relating To Piprs (Details)
Incentive Plans - Summary Of Activity Relating To Prsus (Details)
Incentive Plans- Schedule Of Impact Of Share-Based Incentive Plans On Compensation And Benefits Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Additional Information Relating To Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Gross Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of U.S. Federal Statutory Income Tax Rate To Effective Tax Rates (Details)
Income Taxes - Summary Of Changes In Deferred Tax Assets Valuation Allowance (Details)
Insider Trading Arrangements
Investments
Investments (Tables)
Investments - Investments And Securities Sold, Not Yet Purchased (Details)
Investments - Schedule Of Equity Securities And Trading Debt Securities Net Unrealized Investment Gains And Losses (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Carrying Value Of Assets Subject To Leases On Consolidated Statements Of Financial Condition (Details)
Leases - Schedule Of Components Of Operating Lease Expense (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities Outstanding (Details)
Leases - Schedule Of Supplemental Cash Flow Information And Certain Other Information Related To Operating Leases (Details)
Leases - Schedule Of Undiscounted Future Cash Inflows Under Operating Lease (Details)
Net Income (Loss) Per Share Of Common Stock
Net Income (Loss) Per Share Of Common Stock (Tables)
Net Income (Loss) Per Share Of Common Stock - Schedule Of Company's Basic And Diluted Net Income Per Share And Weighted Average Shares Outstanding (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation - Additional Information (Details)
Other Assets And Other Liabilities
Other Assets And Other Liabilities (Tables)
Other Assets And Other Liabilities - Schedule Of Other Assets (Details)
Other Assets And Other Liabilities - Schedule Of Other Liabilities (Details)
Pay Vs Performance Disclosure
Property, Net
Property, Net (Tables)
Property, Net - Components Of Property (Details)
Receivables And Allowance For Credit Losses
Receivables And Allowance For Credit Losses (Tables)
Receivables And Allowance For Credit Losses - Additional Information (Details)
Receivables And Allowance For Credit Losses - Schedule Of Activity In Allowance For Credit Losses (Details)
Recent Accounting Developments
Regulatory Authorities
Regulatory Authorities - Additional Information (Details)
Related Parties
Related Parties - Additional Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue Based On Business Segment Results (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Cash Flows (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Comprehensive Income (Additional Information) (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Comprehensive Income (Loss) (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Financial Condition (Additional Information) (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Financial Condition (Details)
Schedule I - Condensed Financial Information Of Registrant (Parent Company Only) - Condensed Statements Of Operations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Schedule Of Revenue From External Customers And Identifiable Assets, By Geographical Areas (Details)
Segment Information - Segment's Contribution With Respect To Net Revenue, Operating Expenses, Operating Income (Loss) And Total Assets (Details)
Senior Debt
Senior Debt (Tables)
Senior Debt - Additional Information (Details)
Senior Debt - Debt Maturities Relating To Senior Borrowings Outstanding (Details)
Senior Debt - Senior Debt (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests
Stockholders' Equity And Redeemable Noncontrolling Interests (Tables)
Stockholders' Equity And Redeemable Noncontrolling Interests - Accumulated Other Comprehensive Income (Loss), Net Of Tax (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests - Additional Information (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests - Adjustments For Items Reclassified Out Of Aoci (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests - Net Income (Loss) Attributable To Noncontrolling Interests (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests - Schedule Of Share Repurchase Authorized By Board Of Directors (Details)
Stockholders' Equity And Redeemable Noncontrolling Interests - Schedule Of Shares Repurchased Under The Share Repurchase Program (Details)
Ticker: LAZ
CIK: 1311370
Form Type: 10-K Annual Report
Accession Number: 0001628280-24-006659
Submitted to the SEC: Fri Feb 23 2024 4:33:18 PM EST
Accepted by the SEC: Fri Feb 23 2024
Period: Sunday, December 31, 2023
Industry: Investment Advice

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