Schedule I - Condensed Financial Information of Registrant (Parent Company Only)

12 Months Ended

Dec. 31, 2022

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2022 AND 2021

(dollars in thousands, except per share data)

	December 31,
	2022			2021
ASSETS
Cash and cash equivalents	$	709		$	1,208
Investments in subsidiaries, equity method		(1,293,966	)		(859,162	)
Due from subsidiaries		1,861,792			1,843,022
Other assets		17			8
Total assets	$	568,552		$	985,076
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Due to subsidiaries	$	11,903		$	9,694
Other liabilities		186			162
Total liabilities		12,089			9,856
Commitments and contingencies
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 $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2022 and 2021, including shares held by subsidiaries as indicated below)		1,128			1,128
Additional paid-in-capital		167,890			144,729
Retained earnings		1,676,713			1,560,636
Accumulated other comprehensive loss, net of tax		(295,854	)		(223,847	)
		1,549,877			1,482,646
Class A common stock held by subsidiaries, at cost (26,814,213 and 12,046,140 shares at December 31, 2022 and 2021, respectively)		(993,414	)		(507,426	)
Total stockholders’ equity		556,463			975,220
Total liabilities and stockholders’ equity	$	568,552		$	985,076

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

(dollars in thousands)

	Year Ended December 31,
	2022		2021		2020
REVENUE
Equity in earnings of subsidiaries	$	238,987	$	410,550	$	274,461
Interest and other income		120,733		119,412		129,912
Total revenue		359,720		529,962		404,373
OPERATING EXPENSES
Professional services		2,083		1,792		1,851
Other		120		106		61
Total operating expenses		2,203		1,898		1,912
NET INCOME	$	357,517	$	528,064	$	402,461

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

(dollars in thousands)

	Year Ended December 31,
	2022			2021			2020
NET INCOME	$	357,517		$	528,064		$	402,461
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments:
Currency translation adjustments before reclassification		(64,778	)		(48,099	)		52,860
Adjustment for items reclassified to earnings		32			23,645			-
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(5,978), $13,263 and $(1,431) for the years ended December 31, 2022, 2021 and 2020, respectively)		(11,413	)		33,315			(3,626	)
Adjustments for items reclassified to earnings (net of tax expense of $994, $1,609 and $1,476 for the years ended December 31, 2022, 2021 and 2020, respectively)		4,152			5,660			6,046
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		(72,007	)		14,521			55,280
COMPREHENSIVE INCOME	$	285,510		$	542,585		$	457,741

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

(dollars in thousands)

	Year Ended December 31,
	2022			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	357,517		$	528,064		$	402,461
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries		(238,987	)		(410,550	)		(274,461	)
Dividends received from subsidiaries		79,500			69,500			42,400
Changes in due to/from subsidiaries		(16,663	)		9,655			23,941
Changes in other operating assets and liabilities		14			30			(24	)
Net cash provided by operating activities		181,381			196,699			194,317
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends		(181,880	)		(195,944	)		(196,598	)
Net cash used in financing activities		(181,880	)		(195,944	)		(196,598	)
Net increase (decrease) in cash and cash equivalents		(499	)		755			(2,281	)
Cash and cash equivalents, January 1		1,208			453			2,734
Cash and cash equivalents, December 31	$	709		$	1,208		$	453