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Lazard Ltd (LAZ) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Lazard Ltd

CIK: 1311370 Ticker: LAZ

Exhibit 99.1

 

LOGO

LAZARD LTD REPORTS FIRST-QUARTER 2020 RESULTS

 

Seamless transition

to remote working

environment during

COVID-19 pandemic

 

  

  

Financial Advisory and

Asset Management highly

active as clients seek

trusted expert advice

       

$211 million

of capital returned

to shareholders

in first quarter

NEW YORK, April 30, 2020 – Lazard Ltd (NYSE: LAZ) today reported operating revenue

1 of $563 million for the quarter ended March 31, 2020. Net income, as adjusted2, was $67 million, or $0.58 per share (diluted) for the quarter.

First-quarter 2020 net income on a U.S. GAAP basis was $64 million, or $0.56 per share (diluted).

“Lazard’s first priority during the global COVID-19 pandemic has been the health and safety of our employees, and we are focused on serving clients with all the resources of our global platform,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “We seamlessly transitioned to a remote work environment, thanks to our investments in technology and the dedication of our global teams, who are helping clients navigate tremendous challenges caused by the pandemic and its economic impact. With Lazard’s solid financial footing, our deep relationships with clients, and unrivaled expertise in strategic advisory, restructuring and asset management solutions, we fully expect to emerge from this period in a position of strength.”

 

($ in millions, except

per share data and AUM)

   Quarter Ended March 31,  
     2020      2019      %’20-’19  

Net Income

        

U.S. GAAP

   $ 64      $ 97        (34 )% 

Per share, diluted

   $ 0.56      $ 0.80        (30 )% 

Adjusted2

   $ 67      $ 106        (37 )% 

Per share, diluted

   $ 0.58      $ 0.87        (33 )% 

Operating Revenue1

        

Total operating revenue

   $ 563      $ 620        (9 )% 

Financial Advisory

   $ 295      $ 330        (11 )% 

Asset Management

   $ 269      $ 284        (5 )% 

AUM ($ in billions)

        

Period End

   $ 193      $ 235        (18 )% 

Average

   $ 222      $ 229        (3 )% 

 

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

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

 

1


The following information was filed by Lazard Ltd (LAZ) on Thursday, April 30, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Financial Condition
Condensed Consolidated Statements Of Financial Condition (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
Business Realignment
Business Realignment (Tables)
Business Realignment Activities - Activity Related To The Obligations Pursuant To Business Realignment (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Consolidated Vies
Consolidated Vies (Tables)
Consolidated Vies - Summary Of Consolidated Vie Assets And Liabilities (Detail)
Consolidated Vies - Summary Of Consolidated Vie Assets And Liabilities (Parenthetical) (Detail)
Covid-19
Derivatives
Derivatives (Tables)
Derivatives - Fair Values Of Derivatives Reported On Condensed Consolidated Statements Of Financial Condition (Detail)
Derivatives - Fair Values Of Derivatives Reported On Condensed Consolidated Statements Of Financial Condition (Parenthetical) (Detail)
Derivatives - Net Gains (Losses) With Respect To Derivative Instruments Not Designated As Hedging Instruments (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Credit) (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Fair Value Of Certain Investments Based On Nav (Detail)
Fair Value Measurements - Fair Value Of Certain Investments Based On Nav (Parenthetical) (Detail)
Fair Value Measurements - Schedule Of Classification Of Investments And Certain Other Assets And Liabilities Measured At Fair Value On Recurring Basis And Investments Measured At Nav (Detail)
Fair Value Measurements - Summary Of Changes In Fair Value Of Company's Level 3 Assets And Liabilities (Detail)
Fair Value Measurements - Summary Of Changes In Fair Value Of Company's Level 3 Assets And Liabilities (Parenthetical) (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Other Intangible Assets - Components Of Goodwill And Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Estimated Future Amortization Expense (Detail)
Goodwill And Other Intangible Assets - Gross Cost And Accumulated Amortization Of Other Intangible Assets (Detail)
Incentive Plans
Incentive Plans (Tables)
Incentive Plans - Additional Information (Detail)
Incentive Plans - Schedule Of Activity Relating To Rsus And Dsus (Detail)
Incentive Plans - Schedule Of Activity Relating To Rsus And Dsus (Parenthetical) (Detail)
Incentive Plans - Summary Of Activity Related To Shares Of Restricted Common Stock (Detail)
Incentive Plans - Summary Of Activity Relating To Piprs, Including Prpus (Detail)
Incentive Plans - Summary Of Activity Relating To Piprs, Including Prpus (Parenthetical) (Detail)
Incentive Plans - Summary Of Activity Relating To Prsus (Detail)
Incentive Plans - Summary Of Impact Of Lfi And Other Similar Deferred Compensation Arrangements (Detail)
Incentive Plans - Summary Of Impact Of Share-Based Incentive Plans On Compensation And Benefits Expense (Detail)
Incentive Plans - Summary Of Lfi And Other Similar Deferred Compensation Arrangements (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Company's Investments And Securities Sold, Not Yet Purchased (Detail)
Investments - Company's Investments And Securities Sold, Not Yet Purchased (Parenthetical) (Detail)
Investments - Schedule Of Equity Securities And Trading Debt Securities Net Unrealized Investment Gains And Losses (Detail)
Net Income Per Share Of Common Stock
Net Income Per Share Of Common Stock (Tables)
Net Income Per Share Of Common Stock - Company's Basic And Diluted Net Income Per Share And Weighted Average Shares Outstanding (Detail)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation - Additional Information (Detail)
Property
Property (Tables)
Property - Components Of Property (Detail)
Receivables
Receivables (Tables)
Receivables - Additional Information (Detail)
Receivables - Schedule Of Activity In Allowance For Doubtful Accounts (Detail)
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail)
Regulatory Authorities
Regulatory Authorities - Additional Information (Detail)
Related Parties
Related Parties - Additional Information (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Representation Of Performance Obligations Relate To Nature, Amount, Timing And Uncertainty Of Revenue And Cash Flows (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Segment's Contribution With Respect To Net Revenue, Operating Expenses, Operating Income (Loss) And Total Assets (Detail)
Senior Debt
Senior Debt (Tables)
Senior Debt - Additional Information (Detail)
Senior Debt - Senior Debt (Detail)
Senior Debt - Senior Debt (Parenthetical) (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net Of Tax (Detail)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Adjustments For Items Reclassified Out Of Aoci (Detail)
Stockholders' Equity - Net Income Attributable To Noncontrolling Interests (Detail)
Stockholders' Equity - Schedule Of Share Repurchase Authorized By Board Of Directors (Detail)
Stockholders' Equity - Schedule Of Shares Repurchased Under The Share Repurchase Program (Detail)
Ticker: LAZ
CIK: 1311370
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-020870
Submitted to the SEC: Mon May 04 2020 5:12:06 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Investment Advice

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