QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
Page | |||||
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Deposits with banks and short-term investments | |||||||||||
Restricted cash | |||||||||||
Receivables (net of allowance for credit losses of $ at March 31, 2024 and December 31, 2023, respectively): | |||||||||||
Fees | |||||||||||
Customers and other | |||||||||||
Investments | |||||||||||
Property (net of accumulated amortization and depreciation of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill and other intangible assets (net of accumulated amortization of $ | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits and other customer payables | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Operating lease liabilities | |||||||||||
Tax receivable agreement obligation | |||||||||||
Senior debt | |||||||||||
Deferred tax liabilities | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | |||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, par value $ | |||||||||||
Series A - | |||||||||||
Series B - | |||||||||||
Common stock: | |||||||||||
Par value $ | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of tax | ( | ( | |||||||||
Common stock held by subsidiaries, at cost ( shares at March 31, 2024 and December 31, 2023, respectively) | ( | ( | |||||||||
Total Lazard Stockholders’ Equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Stockholders’ Equity | |||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
REVENUE | |||||||||||
Investment banking and other advisory fees | $ | $ | |||||||||
Asset management fees | |||||||||||
Interest income | |||||||||||
Other | |||||||||||
Total revenue | |||||||||||
Interest expense | |||||||||||
Net revenue | |||||||||||
OPERATING EXPENSES | |||||||||||
Compensation and benefits | |||||||||||
Occupancy and equipment | |||||||||||
Marketing and business development | |||||||||||
Technology and information services | |||||||||||
Professional services | |||||||||||
Fund administration and outsourced services | |||||||||||
Amortization and other acquisition-related costs | |||||||||||
Benefit pursuant to tax receivable agreement | ( | ||||||||||
Other | |||||||||||
Total operating expenses | |||||||||||
OPERATING INCOME (LOSS) | ( | ||||||||||
Provision (benefit) for income taxes | ( | ||||||||||
NET INCOME (LOSS) | ( | ||||||||||
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD | $ | $ | ( | ||||||||
ATTRIBUTABLE TO LAZARD COMMON STOCKHOLDERS: | |||||||||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
NET INCOME (LOSS) PER SHARE OF COMMON STOCK: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
NET INCOME (LOSS) | $ | $ | ( | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||||||||
Currency translation adjustments | ( | ||||||||||
Employee benefit plans: | |||||||||||
Actuarial gain (loss) (net of tax expense (benefit) of $ March 31, 2024 and 2023, respectively) | ( | ||||||||||
Adjustment for items reclassified to earnings (net of tax expense of $ ended March 31, 2024 and 2023, respectively) | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ( | ||||||||||
COMPREHENSIVE INCOME (LOSS) | ( | ||||||||||
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization of property | |||||||||||
Noncash lease expense | |||||||||||
Amortization of deferred expenses and share-based incentive compensation | |||||||||||
Amortization and other acquisition-related costs | |||||||||||
Deferred tax provision (benefit) | ( | ||||||||||
Benefit pursuant to tax receivable agreement | ( | ||||||||||
Impairment of equity method investments and other receivables | |||||||||||
Loss on LGAC liquidation | |||||||||||
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | |||||||||||
Receivables-net | ( | ||||||||||
Investments | ( | ||||||||||
Other assets | ( | ( | |||||||||
Accrued compensation and benefits and other liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Additions to property | ( | ( | |||||||||
Disposals of property | |||||||||||
Acquisition of business, net of cash acquired | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from: | |||||||||||
Issuance of senior debt, net of expenses | |||||||||||
Customer deposits, net | |||||||||||
Contributions from noncontrolling interests | |||||||||||
Payments for: | |||||||||||
Extinguishment of senior debt | ( | ||||||||||
Customer deposits, net | ( | ||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Tax receivable agreement | ( | ||||||||||
Distribution to redeemable noncontrolling interests in connection with LGAC redemption | ( | ||||||||||
Purchase of common stock | ( | ( | |||||||||
Common stock dividends | ( | ( | |||||||||
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements | ( | ( | |||||||||
LFI Consolidated Funds redemptions | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ( | ||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ( | ( | |||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 | |||||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31 | $ | $ |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Deposits with banks and short-term investments | |||||||||||
Restricted cash | |||||||||||
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | $ |
Common Stock | Additional Paid-In- Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Common Stock Held By Subsidiaries | Total Lazard Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - January 1, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss - net of tax | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend equivalents | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions and related equity transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LFI Consolidated Funds | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ |
Common Stock | Additional Paid-In- Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Common Stock Held By Subsidiaries | Total Lazard Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - January 1, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income - net of tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of share-based incentive compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend equivalents | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions and related equity transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery of common stock | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LFI Consolidated Funds | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LGAC liquidation: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to redeemable noncontrolling interests | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal to net loss of amounts previously charged to additional paid-in-capital and noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of deferred offering cost liability | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net Revenue: | |||||||||||
Financial Advisory (a) | $ | $ | |||||||||
Asset Management: | |||||||||||
Management fees and other (b) | $ | $ | |||||||||
Incentive fees (c) | |||||||||||
Total Asset Management | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Beginning Balance | $ | $ | |||||||||
Bad debt expense, net of reversals | |||||||||||
Charge-offs | ( | ( | |||||||||
Foreign currency translation and other adjustments | ( | ||||||||||
Ending Balance | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Debt | $ | $ | |||||||||
Equity | |||||||||||
Funds: | |||||||||||
Alternative investments (a) | |||||||||||
Debt (a) | |||||||||||
Equity (a) | |||||||||||
Private equity | |||||||||||
Total funds | |||||||||||
Investments, at fair value | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net unrealized investment gains | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | – | $ | – | $ | – | $ | |||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||
Debt | – | – | |||||||||||||||||||||||||||
Equity | – | – | |||||||||||||||||||||||||||
Funds: | |||||||||||||||||||||||||||||
Alternative investments | – | – | |||||||||||||||||||||||||||
Debt | – | ||||||||||||||||||||||||||||
Equity | – | ||||||||||||||||||||||||||||
Private equity | – | – | |||||||||||||||||||||||||||
– | – | – | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | $ | – | $ | – | $ | – | $ | |||||||||||||||||||||
Contingent consideration liability | – | – | – | ||||||||||||||||||||||||||
– | – | – | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | – | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||
Debt | $ | $ | – | $ | – | $ | – | $ | |||||||||||||||||||||
Equity | – | – | |||||||||||||||||||||||||||
Funds: | |||||||||||||||||||||||||||||
Alternative investments | – | – | |||||||||||||||||||||||||||
Debt | – | ||||||||||||||||||||||||||||
Equity | – | – | |||||||||||||||||||||||||||
Private equity | – | – | |||||||||||||||||||||||||||
– | – | – | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | $ | – | $ | – | $ | – | $ | |||||||||||||||||||||
Contingent consideration liability | – | – | – | ||||||||||||||||||||||||||
– | – | – | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | – | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases/ Issuances | Sales/ Settlements | Foreign Currency Translation Adjustments | Ending Balance | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Equity | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Private equity funds | ( | ||||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Contingent consideration liability (b) | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Beginning Balance | Purchases/Acquisitions/ Issuances | Sales/ Settlements | Foreign Currency Translation Adjustments | Ending Balance | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Equity | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Private equity funds | |||||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Contingent consideration liability (b) | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | $ | $ | $ | ( | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Investments Redeemable | |||||||||||||||||||||||||||||||||||
NAV | Unfunded Commitments | % of NAV Not Redeemable | Redemption Frequency | Redemption Notice Period | |||||||||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||||||||||||
Hedge funds | $ | $ | – | NA | (a) | ||||||||||||||||||||||||||||||
Other | – | NA | (b) | < | |||||||||||||||||||||||||||||||
Debt funds | – | NA | (c) | < | |||||||||||||||||||||||||||||||
Equity funds | – | NA | (d) | < | |||||||||||||||||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||||||||||||
Equity growth | (e) | (f) | NA | NA | |||||||||||||||||||||||||||||||
Total | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Investments Redeemable | |||||||||||||||||||||||||||||||||||
NAV | Unfunded Commitments | % of NAV Not Redeemable | Redemption Frequency | Redemption Notice Period | |||||||||||||||||||||||||||||||
Alternative investment funds: | |||||||||||||||||||||||||||||||||||
Hedge funds | $ | $ | – | NA | (a) | ||||||||||||||||||||||||||||||
Other | – | NA | (b) | < | |||||||||||||||||||||||||||||||
Debt funds | – | NA | (c) | < | |||||||||||||||||||||||||||||||
Equity funds | – | NA | (d) | < | |||||||||||||||||||||||||||||||
Private equity funds: | |||||||||||||||||||||||||||||||||||
Equity growth | (e) | (f) | NA | NA | |||||||||||||||||||||||||||||||
Total | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Fair Value | Notional | Fair Value | Notional | ||||||||||||||||||||
Forward foreign currency exchange rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Total return swaps and other | |||||||||||||||||||||||
LFI and other similar deferred compensation arrangements | |||||||||||||||||||||||
Total gross derivatives | $ | $ | |||||||||||||||||||||
Counterparty and cash collateral netting: | |||||||||||||||||||||||
Forward foreign currency exchange rate contracts | ( | ( | |||||||||||||||||||||
Total return swaps and other | ( | ( | |||||||||||||||||||||
Net derivatives in "other assets" and "other liabilities" | |||||||||||||||||||||||
Amounts not netted on the statement of financial condition (a): | |||||||||||||||||||||||
Cash collateral | ( | ||||||||||||||||||||||
Securities collateral | |||||||||||||||||||||||
$ | $ |
December 31, 2023 | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Fair Value | Notional | Fair Value | Notional | ||||||||||||||||||||
Forward foreign currency exchange rate contracts | $ | $ | $ | $ | |||||||||||||||||||
Total return swaps and other | |||||||||||||||||||||||
LFI and other similar deferred compensation arrangements | |||||||||||||||||||||||
Total gross derivatives | $ | $ | |||||||||||||||||||||
Counterparty and cash collateral netting: | |||||||||||||||||||||||
Forward foreign currency exchange rate contracts | ( | ( | |||||||||||||||||||||
Total return swaps and other | ( | ( | |||||||||||||||||||||
Net derivatives in "other assets" and "other liabilities" | |||||||||||||||||||||||
Amounts not netted on the statement of financial condition (a): | |||||||||||||||||||||||
Cash collateral | ( | ||||||||||||||||||||||
Securities collateral | |||||||||||||||||||||||
$ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Forward foreign currency exchange rate contracts | $ | $ | |||||||||
LFI and other similar deferred compensation arrangements | ( | ( | |||||||||
LGAC Warrants | |||||||||||
Total return swaps and other | ( | ( | |||||||||
$ | ( | $ | ( |
Estimated Depreciable Life in Years | March 31, 2024 | December 31, 2023 | |||||||||||||||
Buildings (a) | $ | $ | |||||||||||||||
Leasehold improvements (a) | |||||||||||||||||
Furniture and equipment | |||||||||||||||||
Construction in progress | |||||||||||||||||
Total | |||||||||||||||||
Less - Accumulated depreciation and amortization (a) | |||||||||||||||||
Property, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Goodwill | $ | $ | |||||||||
Other intangible assets (net of accumulated amortization) | |||||||||||
$ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Financial Advisory | Asset Management | Total | Financial Advisory | Asset Management | Total | ||||||||||||||||||||||||||||||
Balance, January 1 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Acquisition of business | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31 | $ | $ | $ | $ | $ | $ |
Outstanding as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Principal Amount | Maturity Date | Annual Interest Rate(b) | Principal | Unamortized Debt Costs | Carrying Value | Principal | Unamortized Debt Costs | Carrying Value | |||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2025 Senior Notes (a) | $ | % | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2027 Senior Notes | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2028 Senior Notes | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2029 Senior Notes | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2031 Senior Notes (a) | % | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Date | Repurchase Authorization | Expiration | |||||||||
February 2022 | $ | ||||||||||
July 2022 | $ |
Three Months Ended March 31: | Number of Shares Purchased | Average Price Per Share | |||||||||
2023 | $ | ||||||||||
2024 | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Currency Translation Adjustments | Employee Benefit Plans | Total AOCI | Amount Attributable to Noncontrolling Interests | Total Lazard, Inc. AOCI | |||||||||||||||||||||||||
Balance, January 1, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Activity: | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | |||||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Currency Translation Adjustments | Employee Benefit Plans | Total AOCI | Amount Attributable to Noncontrolling Interests | Total Lazard, Inc. AOCI | |||||||||||||||||||||||||
Balance, January 1, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Activity: | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||||||||
Adjustments for items reclassified to earnings, net of tax | |||||||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Employee benefit plans: | |||||||||||
Amortization relating to employee benefit plans (a) | $ | $ | |||||||||
Less - related income taxes | |||||||||||
Total reclassifications, net of tax | $ | $ |
Net Income Attributable to Noncontrolling Interests | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Edgewater | $ | $ | |||||||||
LGAC | |||||||||||
Other | |||||||||||
Total noncontrolling interests (nonredeemable) | |||||||||||
LFI Consolidated Funds | |||||||||||
LGAC | |||||||||||
Total noncontrolling interests (redeemable) | |||||||||||
Total noncontrolling interests | $ | $ |
Noncontrolling Interests as of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Edgewater | $ | $ | |||||||||
Profits interest participation rights | |||||||||||
Other | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Share-based incentive awards: | |||||||||||
RSUs | $ | $ | |||||||||
PRSUs | |||||||||||
RSAs | |||||||||||
PIPRs | |||||||||||
DSUs | |||||||||||
Total | $ | $ |
RSUs | PRSUs | DSUs | |||||||||||||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted (including | $ | $ | $ | ||||||||||||||||||||||||||||||||
Forfeited | ( | $ | $ | $ | |||||||||||||||||||||||||||||||
Settled | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ |
RSAs | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2024 | $ | ||||||||||
Granted (including | $ | ||||||||||
Forfeited | ( | $ | |||||||||
Settled | ( | $ | |||||||||
Balance, March 31, 2024 | $ |
Ordinary PIPRs (a) | P-PIPRs | SP-PIPRs | |||||||||||||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | ||||||||||||||||||||||||||||||||
Forfeited | $ | $ | $ | ||||||||||||||||||||||||||||||||
Settled | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ |
Prepaid Compensation Asset | Compensation Liability | ||||||||||
Balance, January 1, 2024 | $ | $ | |||||||||
Granted | |||||||||||
Settled | ( | ||||||||||
Amortization and the impact of forfeitures | ( | ||||||||||
Change in fair value of underlying investments | |||||||||||
Other | ( | ( | |||||||||
Balance, March 31, 2024 | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Amortization and the impact of forfeitures | $ | $ | |||||||||
Change in the fair value of underlying investments | |||||||||||
Total | $ | $ |
Pension Plans | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Components of Net Periodic Benefit Cost (Credit): | |||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Amortization of: | |||||||||||
Prior service cost | |||||||||||
Net actuarial loss (gain) | |||||||||||
Settlement loss | |||||||||||
Net periodic benefit cost (credit) | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Financial Advisory | Asset Management | Corporate | Total | ||||||||||||||||||||
Severance and other employee termination expenses (included in "compensation and benefits" expense) | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Financial Advisory | Asset Management | Corporate | Total | ||||||||||||||||||||
Severance and other employee termination expenses (included in "compensation and benefits" expense) | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Accrued Compensation and Benefits | Other | Total | |||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | ||||||||||||||
Total expenses | |||||||||||||||||
Less: | |||||||||||||||||
Noncash expenses (a) | |||||||||||||||||
Payments and settlements | |||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) attributable to Lazard | $ | $ | ( | ||||||||
Adjustment for earnings attributable to participating securities | ( | ( | |||||||||
Net income (loss) attributable to Lazard - basic | ( | ||||||||||
Adjustment for earnings attributable to participating securities | |||||||||||
Net income (loss) attributable to Lazard - diluted | $ | $ | ( | ||||||||
Weighted average number of shares of common stock outstanding | |||||||||||
Weighted average number of shares of common stock issuable on a non-contingent basis | |||||||||||
Weighted average number of shares of common stock outstanding - basic | |||||||||||
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a) | |||||||||||
Weighted average number of shares of common stock outstanding - diluted | |||||||||||
Net income (loss) attributable to Lazard per share of common stock: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Financial Advisory | Net Revenue | $ | $ | |||||||||||
Operating Expenses | ||||||||||||||
Operating Income (Loss) | $ | $ | ( | |||||||||||
Asset Management | Net Revenue | $ | $ | |||||||||||
Operating Expenses | ||||||||||||||
Operating Income | $ | $ | ||||||||||||
Corporate | Net Revenue (Loss) | $ | $ | ( | ||||||||||
Operating Expenses | ||||||||||||||
Operating Loss | $ | ( | $ | ( | ||||||||||
Total | Net Revenue | $ | $ | |||||||||||
Operating Expenses | ||||||||||||||
Operating Income (Loss) | $ | $ | ( |
As Of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Total Assets | |||||||||||
Financial Advisory | $ | $ | |||||||||
Asset Management | |||||||||||
Corporate | |||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Customers and other receivables | |||||||||||
Investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
LIABILITIES | |||||||||||
Deposits and other customer payables | $ | $ | |||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Financial Advisory | 59 | % | 51 | % | |||||||
Asset Management | 39 | 52 | |||||||||
Corporate | 2 | (3) | |||||||||
Total | 100 | % | 100 | % |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Incr / (Decr) | |||||||||||||||
($ in billions) | |||||||||||||||||
Completed M&A Transactions: | |||||||||||||||||
All deals: | |||||||||||||||||
Value | $ | 559 | $ | 733 | (24) | % | |||||||||||
Number | 6,811 | 10,455 | (35) | % | |||||||||||||
Deals Greater than $500 million: | |||||||||||||||||
Value | $ | 431 | $ | 538 | (20) | % | |||||||||||
Number | 196 | 255 | (23) | % | |||||||||||||
Announced M&A Transactions: | |||||||||||||||||
All deals: | |||||||||||||||||
Value | $ | 840 | $ | 626 | 34 | % | |||||||||||
Number | 7,680 | 10,451 | (27) | % | |||||||||||||
Deals Greater than $500 million: | |||||||||||||||||
Value | $ | 676 | $ | 441 | 53 | % | |||||||||||
Number | 238 | 226 | 5 | % |
Percentage Changes March 31, 2024 vs. | |||||||||||
December 31, 2023 | March 31, 2023 | ||||||||||
MSCI World Index | 9 | % | 25 | % | |||||||
Euro Stoxx | 13 | % | 22 | % | |||||||
MSCI Emerging Market | 2 | % | 8 | % | |||||||
S&P 500 | 11 | % | 30 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net Revenue | $ | 764,753 | $ | 542,436 | |||||||
Operating Expenses: | |||||||||||
Compensation and benefits | 550,824 | 449,967 | |||||||||
Non-compensation | 159,368 | 169,828 | |||||||||
Benefit pursuant to tax receivable agreement | – | (40,435) | |||||||||
Total operating expenses | 710,192 | 579,360 | |||||||||
Operating Income (Loss) | 54,561 | (36,924) | |||||||||
Provision (benefit) for income taxes | 14,337 | (21,725) | |||||||||
Net Income (Loss) | 40,224 | (15,199) | |||||||||
Less - Net Income Attributable to Noncontrolling Interests | 4,469 | 6,973 | |||||||||
Net Income (Loss) Attributable to Lazard | $ | 35,755 | $ | (22,172) | |||||||
Operating Income (Loss), as a % of net revenue | 7.1 | % | (6.8) | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Adjusted Net Revenue: | |||||||||||
Net revenue | $ | 764,753 | $ | 542,436 | |||||||
Adjustments: | |||||||||||
Interest expense (a) | 20,650 | 19,410 | |||||||||
Distribution fees, reimbursable deal costs, bad debt expense and other (b) | (22,949) | (26,681) | |||||||||
Asset impairment charges | – | 19,129 | |||||||||
Revenue related to noncontrolling interests (c) | (7,103) | (10,823) | |||||||||
Gains related to LFI (d) | (9,373) | (16,453) | |||||||||
Losses associated with cost-saving initiatives (e) | 587 | - | |||||||||
Adjusted net revenue (f) | $ | 746,565 | $ | 527,018 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Adjusted Compensation and Benefits Expense: | |||||||||||
Total compensation and benefits expense | $ | 550,824 | $ | 449,967 | |||||||
Adjustments: | |||||||||||
Compensation related to noncontrolling interests (a) | (2,108) | (3,010) | |||||||||
Charges pertaining to LFI (b) | (9,373) | (16,453) | |||||||||
Expenses associated with senior management transition (c) | – | (10,674) | |||||||||
Expenses associated with cost-saving initiatives | (46,610) | (20,740) | |||||||||
Adjusted compensation and benefits expense (d) | $ | 492,733 | $ | 399,090 | |||||||
Adjusted compensation and benefits expense, as a % of adjusted net revenue | 66.0 | % | 75.7 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Adjusted Non-Compensation Expense: | |||||||||||
Total non-compensation expense | $ | 159,368 | $ | 169,828 | |||||||
Adjustments: | |||||||||||
Distribution fees, reimbursable deal costs, bad debt expense and other (a) | (22,949) | (26,681) | |||||||||
Amortization and other acquisition-related costs | (68) | (48) | |||||||||
Non-compensation expense related to noncontrolling interests (b) | (526) | (841) | |||||||||
Expenses associated with cost-saving initiatives | (1,532) | – | |||||||||
Adjusted non-compensation expense (c) | $ | 134,293 | $ | 142,258 | |||||||
Adjusted non-compensation expense, as a % of adjusted net revenue | 18.0 | % | 27.0 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Adjusted Operating Income (Loss) (a): | |||||||||||
Adjusted net revenue | $ | 746,565 | $ | 527,018 | |||||||
Deduct: | |||||||||||
Adjusted compensation and benefits expense | (492,733) | (399,090) | |||||||||
Adjusted non-compensation expense | (134,293) | (142,258) | |||||||||
Adjusted operating income (loss) | $ | 119,539 | $ | (14,330) | |||||||
Adjusted operating income (loss), as a % of adjusted net revenue | 16.0 | % | (2.7) | % |
As of | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
Headcount: | |||||||||||||||||
Managing Directors: | |||||||||||||||||
Financial Advisory | 199 | 210 | 230 | ||||||||||||||
Asset Management | 117 | 114 | 124 | ||||||||||||||
Corporate | 21 | 26 | 24 | ||||||||||||||
Total Managing Directors | 337 | 350 | 378 | ||||||||||||||
Other Business Segment Professionals and Support Staff: | |||||||||||||||||
Financial Advisory | 1,287 | 1,393 | 1,470 | ||||||||||||||
Asset Management | 1,063 | 1,107 | 1,107 | ||||||||||||||
Corporate | 427 | 441 | 487 | ||||||||||||||
Total | 3,114 | 3,291 | 3,442 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net Revenue | $ | 453,507 | $ | 277,574 | |||||||
Operating Expenses (a) | 428,008 | 328,735 | |||||||||
Operating Income (Loss) | $ | 25,499 | $ | (51,161) | |||||||
Operating Income (Loss), as a % of net revenue | 5.6 | % | (18.4) | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Lazard Statistics: | |||||||||||
Number of clients with fees greater than $1 million: | |||||||||||
Financial Advisory | 77 | 55 | |||||||||
Percentage of total Financial Advisory net revenue from top 10 clients | 45% | 38% | |||||||||
Number of M&A transactions completed with values greater than $500 million (a) | 17 | 9 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Americas | 63 | % | 49 | % | |||||||
EMEA | 37 | 50 | |||||||||
Asia Pacific | – | 1 | |||||||||
Total | 100 | % | 100 | % |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
($ in millions) | |||||||||||
AUM by Asset Class: | |||||||||||
Equity: | |||||||||||
Emerging Markets | $ | 24,779 | $ | 25,288 | |||||||
Global | 55,544 | 53,528 | |||||||||
Local | 54,841 | 52,208 | |||||||||
Multi-Regional | 60,089 | 59,114 | |||||||||
Total Equity | 195,253 | 190,138 | |||||||||
Fixed Income: | |||||||||||
Emerging Markets | 9,080 | 9,525 | |||||||||
Global | 10,664 | 10,762 | |||||||||
Local | 6,378 | 6,080 | |||||||||
Multi-Regional | 21,098 | 21,740 | |||||||||
Total Fixed Income | 47,220 | 48,107 | |||||||||
Alternative Investments | 3,201 | 3,330 | |||||||||
Other Alternative Investments | 2,643 | 2,799 | |||||||||
Private Equity | 1,486 | 1,623 | |||||||||
Cash Management | 629 | 654 | |||||||||
Total AUM | $ | 250,432 | $ | 246,651 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
AUM Beginning Balance | Inflows | Outflows | Net Flows | Market Value Appreciation/ (Depreciation) | Foreign Exchange Appreciation/ (Depreciation) | AUM Ending Balance | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Equity | $ | 190,138 | $ | 4,027 | $ | (10,485) | $ | (6,458) | $ | 14,182 | $ | (2,609) | $ | 195,253 | |||||||||||||||||||||||||||
Fixed Income | 48,107 | 1,782 | (1,571) | 211 | (199) | (899) | 47,220 | ||||||||||||||||||||||||||||||||||
Other | 8,406 | 275 | (658) | (383) | (12) | (52) | 7,959 | ||||||||||||||||||||||||||||||||||
Total | $ | 246,651 | $ | 6,084 | $ | (12,714) | $ | (6,630) | $ | 13,971 | $ | (3,560) | $ | 250,432 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
AUM Beginning Balance | Inflows | Outflows | Net Flows | Market Value Appreciation/ (Depreciation) | Foreign Exchange Appreciation/ (Depreciation) | AUM Ending Balance | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Equity | $ | 167,395 | $ | 7,027 | $ | (7,289) | $ | (262) | $ | 10,750 | $ | 745 | $ | 178,628 | |||||||||||||||||||||||||||
Fixed Income | 43,386 | 3,352 | (2,622) | 730 | 721 | 624 | 45,461 | ||||||||||||||||||||||||||||||||||
Other | 5,344 | 3,281 | (750) | 2,531 | 149 | 27 | 8,051 | ||||||||||||||||||||||||||||||||||
Total | $ | 216,125 | $ | 13,660 | $ | (10,661) | $ | 2,999 | $ | 11,620 | $ | 1,396 | $ | 232,140 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in millions) | |||||||||||
Average AUM by Asset Class: | |||||||||||
Equity | $ | 191,619 | $ | 175,372 | |||||||
Fixed Income | 47,312 | 45,190 | |||||||||
Alternative Investments | 3,150 | 4,057 | |||||||||
Other Alternative Investments | 2,722 | 826 | |||||||||
Private Equity | 1,519 | 876 | |||||||||
Cash Management | 628 | 528 | |||||||||
Total Average AUM | $ | 246,950 | $ | 226,849 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Net Revenue | $ | 295,476 | $ | 284,044 | |||||||
Operating Expenses (a) | 261,680 | 248,051 | |||||||||
Operating Income | $ | 33,796 | $ | 35,993 | |||||||
Operating Income, as a % of net revenue | 11.4 | % | 12.7 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Americas | 41 | % | 41 | % | |||||||
EMEA | 46 | 45 | |||||||||
Asia Pacific | 13 | 14 | |||||||||
Total | 100 | % | 100 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in thousands) | |||||||||||
Interest income | $ | 6,794 | $ | 7,319 | |||||||
Interest expense | (20,642) | (19,396) | |||||||||
Net Interest Expense | (13,848) | (12,077) | |||||||||
Other Revenue (Loss) | 29,618 | (7,105) | |||||||||
Net Revenue (Loss) | 15,770 | (19,182) | |||||||||
Benefit pursuant to tax receivable agreement | – | (40,435) | |||||||||
Other operating expenses (a) | 20,504 | 43,009 | |||||||||
Operating Expenses | 20,504 | 2,574 | |||||||||
Operating Loss | $ | (4,734) | $ | (21,756) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in millions) | |||||||||||
Cash Provided By (Used In): | |||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 40 | $ | (15) | |||||||
Adjustments to reconcile net income to net cash provided by operating activities (a) | 134 | 175 | |||||||||
Other operating activities (b) | (264) | (572) | |||||||||
Net cash provided by (used in) operating activities | (90) | (412) | |||||||||
Investing activities | (7) | (15) | |||||||||
Financing activities (c) | 99 | (1,072) | |||||||||
Effect of exchange rate changes | (22) | 16 | |||||||||
Net Decrease in Cash and Cash Equivalents and Restricted Cash | (20) | (1,483) | |||||||||
Cash and Cash Equivalents and Restricted Cash (d): | |||||||||||
Beginning of Period | 1,225 | 2,639 | |||||||||
End of Period | $ | 1,205 | $ | 1,156 |
Outstanding as of | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Senior Debt | Maturity | Principal | Unamortized Debt Costs | Carrying Value | Principal | Unamortized Debt Costs | Carrying Value | |||||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Lazard Group 2025 Senior Notes | 2025 | $ | 164.3 | $ | 0.2 | $ | 164.1 | $ | 400.0 | $ | 0.5 | $ | 399.5 | |||||||||||||||||||||||||||||||
Lazard Group 2027 Senior Notes | 2027 | 300.0 | 1.1 | 298.9 | 300.0 | 1.3 | 298.7 | |||||||||||||||||||||||||||||||||||||
Lazard Group 2028 Senior Notes | 2028 | 500.0 | 3.8 | 496.2 | 500.0 | 4.0 | 496.0 | |||||||||||||||||||||||||||||||||||||
Lazard Group 2029 Senior Notes | 2029 | 500.0 | 3.8 | 496.2 | 500.0 | 4.0 | 496.0 | |||||||||||||||||||||||||||||||||||||
Lazard Group 2031 Senior Notes | 2031 | 400.0 | 4.0 | 396.0 | – | – | – | |||||||||||||||||||||||||||||||||||||
$ | 1,864.3 | $ | 12.9 | $ | 1,851.4 | $ | 1,700.0 | $ | 9.8 | $ | 1,690.2 |
Stockholders’ Equity - January 1, 2024 | $ | 482 | |||
Increase (decrease) due to: | |||||
Net income (a) | 38 | ||||
Other comprehensive loss | (14) | ||||
Amortization of share-based incentive compensation | 70 | ||||
Purchase of common stock | (22) | ||||
Settlement of share-based incentive compensation (b) | (56) | ||||
Common stock dividends | (44) | ||||
Other - net | (5) | ||||
Stockholders’ Equity - March 31, 2024 | $ | 449 |
Three Months Ended March 31: | Number of Shares Purchased | Average Price Per Share | ||||||||||||
2023 | 2,692,161 | $ | 36.75 | |||||||||||
2024 | 564,692 | $ | 38.97 |
March 31, 2024 | December 31, 2023 | ||||||||||
($ in thousands) | |||||||||||
Seed investments by asset class: | |||||||||||
Debt | $ | 546 | $ | 4,285 | |||||||
Equity (a) | 120,771 | 112,807 | |||||||||
Fixed income | 16,120 | 15,860 | |||||||||
Alternative investments | 34,337 | 33,073 | |||||||||
Private equity | 18,807 | 19,361 | |||||||||
Total seed investments | 190,581 | 185,386 | |||||||||
Other investments owned: | |||||||||||
Private equity | 11,168 | 10,963 | |||||||||
Fixed income and other | 2,141 | 2,119 | |||||||||
Total other investments owned | 13,309 | 13,082 | |||||||||
Subtotal | 203,890 | 198,468 | |||||||||
Private equity consolidated, not owned | 17,382 | 16,494 | |||||||||
LFI | 399,343 | 487,002 | |||||||||
Total investments | $ | 620,615 | $ | 701,964 |
March 31, 2024 | December 31, 2023 | ||||||||||
Percentage invested in: | |||||||||||
Financials | 14 | % | 14 | % | |||||||
Consumer | 31 | 32 | |||||||||
Industrial | 15 | 15 | |||||||||
Technology | 21 | 20 | |||||||||
Other | 19 | 19 | |||||||||
Total | 100 | % | 100 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
January 1 – January 31, 2024 | |||||||||||||||||||||||||||||
Share Repurchase Program (1) | – | $ | – | – | $ | 200.1 | million | ||||||||||||||||||||||
Employee Transactions (2) | – | $ | – | – | – | ||||||||||||||||||||||||
February 1 – February 29, 2024 | |||||||||||||||||||||||||||||
Share Repurchase Program (1) | – | $ | – | – | $ | 200.1 | million | ||||||||||||||||||||||
Employee Transactions (2) | 615,392 | $ | 38.55 | – | – | ||||||||||||||||||||||||
March 1 – March 31, 2024 | |||||||||||||||||||||||||||||
Share Repurchase Program (1) | 564,692 | $ | 38.97 | 564,692 | $ | 178.1 | million | ||||||||||||||||||||||
Employee Transactions (2) | 828,090 | $ | 38.53 | – | – | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Share Repurchase Program (1) | 564,692 | $ | 38.97 | 564,692 | $ | 178.1 | million | ||||||||||||||||||||||
Employee Transactions (2) | 1,443,482 | $ | 38.54 | – | – |
Date | Repurchase Authorization | Expiration | ||||||||||||
($ in thousands) | ||||||||||||||
February 2022 | $ | 300,000 | December 31, 2024 | |||||||||||
July 2022 | $ | 500,000 | December 31, 2024 |
Item 6. | Exhibits | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
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4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5* | ||||||||
10.6* | ||||||||
10.7* | ||||||||
10.8* | Second Amendment to the Lazard, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Post-Effective Amendment No. 1 to Registration Statements on Form S-8 (File Nos. 333-154977, 333-193845, 333-217597, 333-224552 and 333-269977) filed on February 2, 2024). | |||||||
10.9* | First Amendment to the Lazard, Inc. 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Post-Effective Amendment No. 1 to Registration Statements on Form S-8 (File Nos. 333-154977, 333-193845, 333-217597, 333-224552 and 333-269977) filed on February 2, 2024). | |||||||
10.10* | ||||||||
10.11* | ||||||||
10.12* | ||||||||
10.13* | ||||||||
10.14* | ||||||||
10.15* | ||||||||
10.16* | ||||||||
10.17* | ||||||||
10.18* | ||||||||
10.19* | ||||||||
10.20* | ||||||||
10.21* | ||||||||
10.22* | ||||||||
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10.24* | ||||||||
10.25* | ||||||||
10.26* | ||||||||
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10.28 | ||||||||
10.29* | ||||||||
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10.31* | ||||||||
10.32* | ||||||||
10.33* | ||||||||
10.34* | ||||||||
10.35* | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
97.1 | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
LAZARD, INC. | ||||||||
By: | /s/ Mary Ann Betsch | |||||||
Name: | Mary Ann Betsch | |||||||
Title: | Chief Financial Officer |
By: | /s/ Michael Gathy | |||||||
Name: | Michael Gathy | |||||||
Title: | Chief Accounting Officer | |||||||
LAZARD, INC. | ||||||||
By: | /s/ Christian A. Weideman | |||||||
Name: Christian A. Weideman | ||||||||
Title: General Counsel |
LAZARD & CO., SERVICES LIMITED (on its behalf, and on behalf of its subsidiaries and affiliates), | |||||
By: | /s/ Catharine R. Foster | ||||
Name: Catharine R. Foster | |||||
Title: Director & Secretary |
By: | /s/ Alexandra Soto | ||||
Name: Alexandra Soto | |||||
Title: Chief Operating Officer |
/s/ Peter R. Orszag | |||||
Peter R. Orszag | |||||
Chief Executive Officer |
/s/ Mary Ann Betsch | |||||
Mary Ann Betsch | |||||
Chief Financial Officer |
/s/ Peter R. Orszag | |||||
Peter R. Orszag | |||||
Chief Executive Officer |
/s/ Mary Ann Betsch | |||||
Mary Ann Betsch | |||||
Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ 40,224 | $ (15,199) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Currency translation adjustments | (16,262) | 14,539 |
Employee benefit plans: | ||
Actuarial gain (loss) (net of tax expense (benefit) of $288 and $(595) for the three months ended March 31, 2024 and 2023, respectively) | 815 | (2,801) |
Adjustment for items reclassified to earnings (net of tax expense of $455 and $376 for the three months ended March 31, 2024 and 2023, respectively) | 1,402 | 1,160 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (14,045) | 12,898 |
COMPREHENSIVE INCOME (LOSS) | 26,179 | (2,301) |
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 4,469 | 6,974 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD | $ 21,710 | $ (9,275) |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Tax expense (benefit) on actuarial gain (loss), employee benefit plans | $ 288 | $ (595) |
Tax expense, adjustment for items reclassified to earnings, employee benefit plans | $ 455 | $ 376 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION: | ||||
Cash and cash equivalents | $ 923,247 | $ 971,316 | ||
Deposits with banks and short-term investments | 247,847 | 219,576 | ||
Restricted cash | 33,558 | 34,091 | ||
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ 1,204,652 | $ 1,224,983 | $ 1,156,146 | $ 2,639,400 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Class A common stock dividends (in USD per share) | $ 0.50 | $ 0.50 |
Related tax benefit of share-based incentive compensation on delivery of Class A common stock | $ 764 | $ (392) |
ORGANIZATION AND BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization Lazard, Inc. is one of the world’s preeminent financial advisory and asset management firms, incorporated in Delaware, 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, family offices and individuals. On January 1, 2024, Lazard completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. References to “Lazard” or the “Company” refer to (i) Lazard, Inc. and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion. As the Conversion became effective on January 1, 2024, the accompanying financial statements and related notes as of December 31, 2023 and for the three months ended March 31, 2023 reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd. Lazard, Inc. indirectly held 100% of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”) as of March 31, 2024 and December 31, 2023. Lazard, Inc., through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement that is effective as of January 1, 2023 (the “Operating Agreement”). Lazard, Inc.’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 and certain contingent obligations. Basis of Presentation The accompanying condensed consolidated financial statements of Lazard 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, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying December 31, 2023 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 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 condensed consolidated results of operations for the three month period ended March 31, 2024 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard, Inc. 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, Lazard Frères Banque SA (“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 21). 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, Lazard Growth Acquisition Corp. I (“LGAC”) consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC was a 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 was considered to be a VIE. The Company held 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 were consolidated in the Company’s financial statements. “Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value were recognized immediately as they occurred and adjusted the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests were 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. 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 three month period ended March 31, 2023. In addition, the $20,125 of non-cash deferred underwriting fees 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.
|
RECENT ACCOUNTING DEVELOPMENTS |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING DEVELOPMENTS | RECENT ACCOUNTING DEVELOPMENTS Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about each reportable segment’s expenses. The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the new guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance. Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards — In March 2024, the FASB issued an accounting standard update that provides guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718. The amendments are effective for annual periods beginning after December 15, 2024, and shall be applied either retrospectively or prospectively. The Company is currently evaluating the new guidance.
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REVENUE RECOGNITION |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | 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:
___________________________________ (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 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. At March 31, 2024, the Company had deferred revenue of $136,272 included in “other liabilities” on the condensed consolidated statements of financial condition. During the three months ended March 31, 2024, the Company recognized $5,676 in revenue that was included in the deferred revenue balance as of December 31, 2023 of
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RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES | 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 CECL model. Of the Company’s fee receivables at March 31, 2024 and December 31, 2023, $98,834 and $113,929, respectively, represented financing receivables for our Private Capital Advisory fees. At March 31, 2024 and December 31, 2023, customers and other receivables included $81,911 and $86,412, respectively, of customer loans provided by LFB to high net worth individuals and families, 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 March 31, 2024 and December 31, 2023. The aggregate carrying amount of other fees and customers and other receivables was $569,738 and $561,978 at March 31, 2024 and December 31, 2023, respectively. Activity in the allowance for credit losses for the three month periods ended March 31, 2024 and 2023 was as follows:
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. The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.
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INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS The Company’s investments consist of the following at March 31, 2024 and December 31, 2023:
(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $23,912, $140,132 and $235,299, respectively, at March 31, 2024 and $27,454, $175,449 and $284,099, respectively, at December 31, 2023, 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 7 and 13). Debt securities primarily consists of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business. Equity securities primarily consist of investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts in order to seed strategies 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 in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above. Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund. Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, 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 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”). During the three month periods ended March 31, 2024 and 2023, 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:
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | 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 securities, including instruments reported as either cash and cash equivalents or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equity securities 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. The fair value of the contingent consideration liability is classified as Level 3. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition. The fair value of the contingent consideration 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 statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The fair value of derivatives 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 7. 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 March 31, 2024 and December 31, 2023, 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:
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2024 and 2023:
(a)Unrealized losses of $53 and $33 were recorded in “ ” for the contingent consideration liability for the three month periods ended March 31, 2024 and 2023, respectively. (b)For the three month period ended March 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the three month periods ended March 31, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date. There were no transfers into or out of Level 3 within the fair value hierarchy during the three month periods ended March 31, 2024 and 2023. The following tables present, at March 31, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
___________________________________ (a)monthly (75%) and quarterly (25%) (b)daily (4%) and monthly (96%) (c)daily (100%) (d)monthly (31%) and annually (69%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,356 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
___________________________________ (a)monthly (74%) and quarterly (26%) (b)daily (4%) and monthly (96%) (c)daily (100%) (d)monthly (34%) and annually (66%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
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DERIVATIVES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2024 and December 31, 2023. Notional amounts provide an indication of the volume of the Company's derivative activity. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.
___________________________________ (a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty. Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023, were as follows:
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PROPERTY, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, NET | PROPERTY, NET At March 31, 2024 and December 31, 2023, property consisted of the following:
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at March 31, 2024 and December 31, 2023 are presented below:
Changes in the carrying amount of goodwill for the three month periods ended March 31, 2024 and 2023 are as follows:
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SENIOR DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SENIOR DEBT | SENIOR DEBT Senior debt is comprised of the following as of March 31, 2024 and December 31, 2023:
__________________________ (a)In March 2024, Lazard Group completed an offering of $400,000 aggregate principal amount of 6.00% senior notes due 2031. Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024. Lazard Group used a portion of the net proceeds from the 2031 Notes to purchase in a tender offer $235,653 aggregate principal amount of the 2025 Notes. (b)The effective interest rates of the 2025 Notes, the 2027 Notes, the 2028 Notes, the 2029 Notes and the 2031 Notes are 3.79%, 3.76%, 4.67%, 4.53% and 6.14%, respectively. The Company’s senior debt is carried at its principal amount outstanding, net of unamortized debt costs. At March 31, 2024 and December 31, 2023, the fair value of such senior debt was approximately $1,815,000 and $1,652,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value. On June 6, 2023, Lazard Group entered into a Second Amended and Restated Credit Agreement with a group of lenders for a five-year, $200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amended and restated the three-year, $200,000 senior revolving credit facility that was due to expire in July 2023 (the “Previous Credit Agreement”) in its entirety. Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics. As of March 31, 2024, the Company had approximately $209,200 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of March 31, 2024, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments—See Notes 6 and 14 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. The fulfillment of the commitments described herein should not have a material adverse effect on the Company’s condensed consolidated financial position or results of operations. Legal—The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company may experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.
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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below:
The Company’s purchases under the share repurchase program over time are used to offset most or all of the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:
During the three month periods ended March 31, 2024 and 2023, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. The aggregate value of all such purchases during the three month periods ended March 31, 2024 and 2023 was approximately $11,200 and $11,100, respectively. Such shares of common stock are reported at cost, and are included in “common stock held by subsidiaries” on the accompanying condensed consolidated statements of financial condition. As of March 31, 2024, a total of $178,090 of share repurchase authorization remaining available under Lazard, Inc.’s share repurchase program will expire on December 31, 2024. During the three month period ended March 31, 2024, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Preferred Stock—Lazard, Inc. has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both March 31, 2024 and December 31, 2023, no shares of Series A or Series B preferred stock were outstanding. Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2024 and 2023 and activity during the three month periods then ended:
The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2024 and 2023:
(a)Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations. Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 13), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 21). The tables below summarize net income attributable to noncontrolling interests for the three month periods ended March 31, 2024 and 2023 and noncontrolling interests as of March 31, 2024 and December 31, 2023 in the Company’s condensed consolidated financial statements:
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position 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 each reporting period (see Note 21). Dividends Declared, April 24, 2024—On April 24, 2024, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on May 17, 2024, to stockholders of record on May 6, 2024.
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INCENTIVE PLANS |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCENTIVE PLANS | INCENTIVE PLANS Share-Based Incentive Plan Awards A description of the 2018 Plan and Lazard’s 2008 Incentive Compensation Plan (the “2008 Plan”) and activity with respect thereto during the three month periods ended March 31, 2024 and 2023 is presented below. Shares Available Under the 2018 Plan and 2008 Plan Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which became effective on April 24, 2018. The aggregate number of shares authorized for issuance under the 2018 Plan is 50,000,000. Such shares may be issued pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), restricted stock awards (“RSAs”), profits interest participation rights (“PIPRs”), and other share-based awards, as further discussed below. The 2008 Plan authorized the issuance of shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. The 2008 Plan was terminated on April 24, 2018 although outstanding deferred stock unit (“DSU”) awards granted under the 2008 Plan before its termination continue to be subject to its terms. Expense The following reflects the expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and PIPRs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023:
Compensation and benefits expense relating to share-based awards with service and/or performance conditions is reversed if the awards are forfeited due to these conditions not being met. Compensation and benefits expense relating to share-based awards with market-based conditions is not reversed if these awards are forfeited based solely on failing to meet such market-based conditions. The Company periodically assesses forfeiture rates, including as a result of any applicable performance conditions. A change in estimated forfeiture rates or performance results in a cumulative adjustment to compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below. The Company’s share-based incentive plans and awards are described below. RSUs, PRSUs and DSUs RSUs generally require future service as a condition for vesting (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into shares of common stock on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is expensed over the requisite service periods (generally, one-third after two years and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period. RSUs generally include a dividend participation right that provides that, during the applicable vesting period, each RSU is attributed additional RSUs equivalent to any dividends paid on common stock during such period. During the three month period ended March 31, 2024, dividend participation rights required the issuance of 230,377 RSUs and the associated charge to “retained earnings” (with corresponding credits to “additional paid-in-capital”) was $8,814. In connection with RSUs and PRSUs that settled during the three month period ended March 31, 2024, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,240,025 and 29,690 shares, respectively, of common stock during such three month period. Accordingly, 1,788,672 and 33,479 shares, respectively, of common stock held by the Company were delivered during the three month period ended March 31, 2024. PRSUs are RSUs that are subject to performance-based and service-based vesting conditions, and beginning with awards granted in February 2021, a market-based condition. The number of shares of common stock that a recipient receives upon vesting of a PRSU is calculated by reference to certain performance-based and market-based metrics that relate to Lazard, Inc.’s performance over a three-year period. The target number of shares of common stock subject to each PRSU is one; however, based on the achievement of both the performance-based and market-based conditions, the number of shares of common stock that may be received will range from zero to 2.4 times the target number. PRSUs vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance conditions) as the underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Non-executive members of the Board of Directors (“Non-Executive Directors”) receive a portion of their compensation for service on the Board of Directors and its committees in the form of DSUs and can elect to receive the cash-portion of their compensation in DSUs in lieu of cash. Total DSUs granted to Non-Executive Directors during the three month period ended March 31, 2024 were 3,146. DSUs are convertible into shares of common stock on a one-for-one basis at the time of cessation of service to the Board of Directors. DSUs include a cash dividend participation right equivalent to dividends paid on common stock. DSU awards are expensed at their fair value on their date of grant. The following is a summary of activity relating to RSUs, PRSUs and DSUs during the three month period ended March 31, 2024:
The weighted-average grant date fair value of RSUs granted in the three month periods ended March 31, 2024 and 2023 was $38.75 and $37.44, respectively. The weighted-average grant date fair value of DSUs granted in the three month periods ended March 31, 2024 and 2023 was $37.22 and $37.85, respectively. As of March 31, 2024, the total estimated unrecognized compensation expense of RSUs and PRSUs was $365,760 and $704, respectively. The Company expects to expense such amounts over weighted-average periods of approximately 1.1 and 0.2 years, respectively, subsequent to March 31, 2024. RSAs The following is a summary of activity related to RSAs associated with compensation arrangements during the three month period ended March 31, 2024:
The weighted-average grant date fair value of RSAs granted in the three month periods ended March 31, 2024 and 2023 was $36.13 and $37.75, respectively. In connection with RSAs that settled during the three month period ended March 31, 2024, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 173,767 shares of common stock during such three month period. Accordingly, 238,221 shares of common stock held by the Company were delivered during the three month period ended March 31, 2024. RSAs granted in 2024 generally include a dividend participation right that provides that during the applicable vesting period each RSA is attributed additional RSAs equivalent to any dividends paid on common stock during such period. During the three month period ended March 31, 2024, dividend participation rights required the issuance of 16,268 RSAs and the associated charge to “retained earnings” (with corresponding credits to “additional paid-in-capital”) was $627. At March 31, 2024, estimated unrecognized RSAs expense was $11,912, with such expense to be recognized over a weighted average period of approximately 0.7 years subsequent to March 31, 2024. Profits Interest Participation Rights PIPRs are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan. They are a class of membership interests in Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes and are recorded as noncontrolling interests within stockholders’ equity in the Company’s condensed consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital. PIPRs, with the exception of Stock Price PIPRs (“SP-PIPRs”), as explained below, generally provide for vesting approximately three years following the grant date, so long as applicable vesting and other conditions have been satisfied. Like outstanding RSUs and similar awards, PIPRs are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled. A recipient generally realizes value from PIPRs only to the extent that applicable vesting and other conditions are satisfied, and an amount of economic appreciation in the assets of Lazard Group occurs as necessary to satisfy certain partnership tax rules (referred to as the “Minimum Value Condition”), otherwise the PIPRs will be forfeited. Upon satisfaction of such conditions, PIPRs that are in parity with the value of common stock will be exchanged on a one-for-one basis for shares of common stock. If forfeited based solely on failing to meet the Minimum Value Condition, or, if applicable, common stock price milestones as described below, the associated compensation expense would not be reversed. All PIPR awards are subject to service-based vesting conditions. In addition to PIPR awards with only service based vesting conditions (“Ordinary PIPRs”) granted to certain of our executive officers and a limited number of employees, the Company has granted the following types of PIPRs to certain of our executive officers, that are subject to additional vesting and market-based conditions: •Performance PIPRs (“P-PIPRs”), which are subject to service-based and performance-based vesting conditions, and beginning in February 2021, incremental market-based conditions. •SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches. The number of shares of common stock that a recipient will receive upon the exchange of a P-PIPR award is calculated by reference to applicable performance-based vesting conditions and, beginning with P-PIPRs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the vesting and other conditions are satisfied. The target number of shares of common stock subject to each P-PIPR is one. Based on the achievement of performance conditions, as determined and approved by the Compensation Committee, the number of shares of common stock that may be received in connection with the P-PIPR awards granted prior to February 2021 will range from zero to two times the target number. For the P-PIPR awards granted beginning in February 2021, subject to both performance-based and incremental market-based conditions, the number of shares that may be received will range from zero to 2.4 times the target number. Unless applicable vesting and other conditions are satisfied during the three-year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all P-PIPRs will be forfeited. SP-PIPRs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as described below. Their aggregate fair value at the grant date, which based on the estimated probability of achieving the common stock price milestones is approximately $33,900, is expensed over the requisite service periods. SP-PIPRs will vest: •20% if, during the three years following the date of grant, the common stock price has appreciated 25% above the average trailing 30 consecutive day stock price preceding the date of grant (the “Grant Date Stock Price”); •40% if, during the five years following the date of grant, the common stock price has appreciated 50% above the Grant Date Stock Price; •40% if, during the seven years following the date of grant, the common stock price has appreciated 100% above the Grant Date Stock Price. Each Tranche is subject to the executive’s continued employment through the applicable anniversary of the date of grant and requires that the applicable common stock price milestone is sustained for any 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”). If the service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited. The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2024:
__________________________ (a)Includes PIPR awards with only service-based vesting conditions. Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs granted in the three month periods ended March 31, 2024 and 2023 was $38.26 and $35.94, respectively. Compensation expense recognized for ordinary PIPRs and P-PIPRs is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Compensation expense recognized for SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of March 31, 2024, the total estimated unrecognized compensation expense of all profits interest participation rights was $100,467 and the Company expects to expense such amount over a weighted-average period of approximately 1.3 years subsequent to March 31, 2024. LFI and Other Similar Deferred Compensation Arrangements In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2024:
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to March 31, 2024. The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023:
Cash Retention Awards In the first quarter of 2024, the Company granted and paid approximately $92,000 of cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period. In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations. Amortization expense for the three months ended March 31, 2024 was approximately $11,000. The remaining prepaid compensation asset was approximately $81,000 as of March 31, 2024.
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EMPLOYEE BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-other” for the other components of benefit costs on the condensed consolidated statements of operations. Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month periods ended March 31, 2024 and 2023:
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COST-SAVING INITIATIVES |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COST-SAVING INITIATIVES | COST-SAVING INITIATIVES The Company conducted firm-wide cost-saving initiatives over the course of 2023 and during the first quarter of 2024. Expenses and losses associated with the cost-saving initiatives for the three month periods ended March 31, 2024 and 2023 consisted of the following:
Activity related to the obligations pursuant to the cost-saving initiatives during the three month period ended March 31, 2024 was as follows:
___________________________________ (a)Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards. Noncash expenses reflected in “other” activity principally relates to impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.
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INCOME TAXES |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Following the Conversion on January 1, 2024, Lazard, Inc. is subject to U.S. federal income taxes on all its operating income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions. Lazard Group operates principally through subsidiary corporations including those domiciled outside the U.S. that are subject to local income taxes in foreign jurisdictions. In addition, Lazard Group is subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City. The Company recorded an income tax provision of $14,337 and an income tax benefit of $21,725 for the three month periods ended March 31, 2024 and 2023, respectively, representing effective tax rates of 26.3% and 58.8%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation and other discrete items, (ii) foreign source income (loss) not subject to U.S. income taxes, (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes and (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate.
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NET INCOME (LOSS) PER SHARE OF COMMON STOCK |
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NET INCOME (LOSS) PER SHARE OF COMMON STOCK | NET INCOME (LOSS) PER SHARE OF COMMON STOCK The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities. The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month periods ended March 31, 2024 and 2023 are presented below:
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RELATED PARTIES |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Sponsored Funds The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services. Asset management fees relating to such services were $134,220 and $133,523 for the three month periods ended March 31, 2024 and 2023, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $56,134 and $67,598 remained as receivables at March 31, 2024 and December 31, 2023, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), between Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we currently expect will equal 85% of the cash tax savings that may arise from tax basis increases attributable to payments under the TRA. Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize from such tax basis increases. Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include certain of our executive officers. For purposes of the TRA, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of certain assets of Lazard Group and had our subsidiaries not entered into the TRA. The term of the TRA will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired. The amount of the TRA liability is an undiscounted amount based upon current tax laws, the current structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment and if our structure or actual income are different than our assumptions, we could be required to accelerate payments under the TRA. As such, the actual amount and timing of payments under the TRA could differ materially from our estimates. Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the condensed consolidated statements of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”. Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect in the three months ended March 31, 2023 of reducing the estimated liability under the TRA. As a result, the Company recorded a “benefit pursuant to tax receivable agreement” of $40,435 on the condensed consolidated statements of operations. The cumulative liability relating to our obligations under the TRA as of March 31, 2024 and December 31, 2023 was $115,001 and $115,087, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition. Other See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.
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REGULATORY AUTHORITIES |
3 Months Ended |
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Mar. 31, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY AUTHORITIES | REGULATORY AUTHORITIES LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $5, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At March 31, 2024, LFNY’s regulatory net capital was $117,818, which exceeded the minimum requirement by $114,006. LFNY’s aggregate indebtedness to net capital ratio was 0.49:1 as of March 31, 2024. Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At March 31, 2024, the aggregate regulatory net capital of the U.K. Subsidiaries was $179,432, which exceeded the minimum requirement by $113,985. CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At December 31, 2023, the consolidated regulatory net capital of CFLF was $156,703, which exceeded the minimum requirement set for regulatory capital levels by $62,519. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital. At December 31, 2023, the regulatory net capital of the combined European regulated group was $181,665, which exceeded the minimum requirement set for regulatory capital levels by $78,796. Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At March 31, 2024, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $101,442, which exceeded the minimum required capital by $78,564. At March 31, 2024, each of these subsidiaries individually was in compliance with its regulatory capital requirements.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the three month periods ended March 31, 2024 and 2023 is prepared using the following methodology: •Revenue and expenses directly associated with each segment are included in determining operating income. •Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including revenue, headcount, square footage and other factors. •Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors. The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, information technology, facilities management and senior management activities. Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
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CONSOLIDATED VIEs |
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Variable Interest Entity, Measure of Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED VIEs | CONSOLIDATED VIEs The Company’s consolidated VIEs as of March 31, 2024 and December 31, 2023 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The assets of LFI Consolidated Funds, except as it relates to $78,135 and $113,174 of held by Lazard Group as of March 31, 2024 and December 31, 2023, respectively, can only be used to settle the obligations of LFI Consolidated Funds. The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2024 and December 31, 2023.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income (loss) attributable to Lazard | $ 35,755 | $ (22,172) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024
shares
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Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Kenneth M. Jacobs [Member] | |
Trading Arrangements, by Individual | |
Name | Kenneth M. Jacobs |
Title | Executive Chairman |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 1, 2024 |
Arrangement Duration | 455 days |
Aggregate Available | 1,000,000 |
ORGANIZATION AND BASIS OF PRESENTATION (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization | Organization Lazard, Inc. is one of the world’s preeminent financial advisory and asset management firms, incorporated in Delaware, 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, family offices and individuals. On January 1, 2024, Lazard completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. References to “Lazard” or the “Company” refer to (i) Lazard, Inc. and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion. As the Conversion became effective on January 1, 2024, the accompanying financial statements and related notes as of December 31, 2023 and for the three months ended March 31, 2023 reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd. Lazard, Inc. indirectly held 100% of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”) as of March 31, 2024 and December 31, 2023. Lazard, Inc., through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Amended and Restated Operating Agreement that is effective as of January 1, 2023 (the “Operating Agreement”). Lazard, Inc.’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 and certain contingent obligations.
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Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements of Lazard 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, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying December 31, 2023 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.
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Use of Estimates | 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 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.
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Consolidation | The condensed consolidated results of operations for the three month period ended March 31, 2024 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard, Inc. 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, Lazard Frères Banque SA (“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 21). 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.
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Recent Accounting Developments | RECENT ACCOUNTING DEVELOPMENTS Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about each reportable segment’s expenses. The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the new guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance. Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards — In March 2024, the FASB issued an accounting standard update that provides guidance in determining whether profits interest and similar awards should be accounted for as share-based arrangements within the scope of Topic 718. The amendments are effective for annual periods beginning after December 15, 2024, and shall be applied either retrospectively or prospectively. The Company is currently evaluating the new guidance.
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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:
___________________________________ (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 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.
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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 CECL model.
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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 securities, including instruments reported as either cash and cash equivalents or investments, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equity securities 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. The fair value of the contingent consideration liability is classified as Level 3. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition. The fair value of the contingent consideration 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 statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The fair value of derivatives 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 7. 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.
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Derivatives | Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.
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Employer Contributions to Pension Plans | Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.
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REVENUE RECOGNITION (Tables) |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue Based on Business Segment Results | 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:
___________________________________ (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 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.
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RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Activity in Allowance for Credit Losses | Activity in the allowance for credit losses for the three month periods ended March 31, 2024 and 2023 was as follows:
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INVESTMENTS (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments and Securities Sold, not yet Purchased | The Company’s investments consist of the following at March 31, 2024 and December 31, 2023:
(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 21), with fair values of $23,912, $140,132 and $235,299, respectively, at March 31, 2024 and $27,454, $175,449 and $284,099, respectively, at December 31, 2023, 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 7 and 13).
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Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses | During the three month periods ended March 31, 2024 and 2023, 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:
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FAIR VALUE MEASUREMENTS (Tables) |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present, as of March 31, 2024 and December 31, 2023, 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:
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Schedule of Changes in Fair Value of Company's Level 3 Assets and Liabilities | The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2024 and 2023:
(a)Unrealized losses of $53 and $33 were recorded in “ ” for the contingent consideration liability for the three month periods ended March 31, 2024 and 2023, respectively. (b)For the three month period ended March 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the three month periods ended March 31, 2024 and 2023 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.
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Schedule of Fair Value of Certain Investments Based on NAV | The following tables present, at March 31, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
___________________________________ (a)monthly (75%) and quarterly (25%) (b)daily (4%) and monthly (96%) (c)daily (100%) (d)monthly (31%) and annually (69%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,356 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
___________________________________ (a)monthly (74%) and quarterly (26%) (b)daily (4%) and monthly (96%) (c)daily (100%) (d)monthly (34%) and annually (66%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
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DERIVATIVES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition | The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2024 and December 31, 2023. Notional amounts provide an indication of the volume of the Company's derivative activity. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement. In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.
___________________________________ (a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.
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Schedule of Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments) | Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023, were as follows:
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PROPERTY, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Property | At March 31, 2024 and December 31, 2023, property consisted of the following:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Goodwill and Other Intangible Assets | The components of goodwill and other intangible assets at March 31, 2024 and December 31, 2023 are presented below:
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Schedule Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three month periods ended March 31, 2024 and 2023 are as follows:
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SENIOR DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Senior Debt | Senior debt is comprised of the following as of March 31, 2024 and December 31, 2023:
__________________________ (a)In March 2024, Lazard Group completed an offering of $400,000 aggregate principal amount of 6.00% senior notes due 2031. Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024. Lazard Group used a portion of the net proceeds from the 2031 Notes to purchase in a tender offer $235,653 aggregate principal amount of the 2025 Notes. (b)The effective interest rates of the 2025 Notes, the 2027 Notes, the 2028 Notes, the 2029 Notes and the 2031 Notes are 3.79%, 3.76%, 4.67%, 4.53% and 6.14%, respectively.
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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Repurchase Authorized by Board of Directors | Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below:
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Schedule of Shares Repurchased Under the Share Repurchase Program | The Company’s purchases under the share repurchase program over time are used to offset most or all of the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:
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Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2024 and 2023 and activity during the three month periods then ended:
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Schedule of Adjustments for Items Reclassified From AOCI | The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2024 and 2023:
(a)Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.
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Schedule of Net Income (Loss) Attributable to Noncontrolling Interests | The tables below summarize net income attributable to noncontrolling interests for the three month periods ended March 31, 2024 and 2023 and noncontrolling interests as of March 31, 2024 and December 31, 2023 in the Company’s condensed consolidated financial statements:
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INCENTIVE PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense | The following reflects the expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and PIPRs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023:
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Schedule of LFI and Other Similar Deferred Compensation Arrangements | The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2024:
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2024 and 2023:
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RSUs, PRSUs and DSUs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs, PRSUs and DSUs during the three month period ended March 31, 2024:
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RSAs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity related to RSAs associated with compensation arrangements during the three month period ended March 31, 2024:
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PIPRs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2024:
__________________________ (a)Includes PIPR awards with only service-based vesting conditions.
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EMPLOYEE BENEFIT PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month periods ended March 31, 2024 and 2023:
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COST-SAVING INITIATIVES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activities Related to Cost Savings Initiatives | Expenses and losses associated with the cost-saving initiatives for the three month periods ended March 31, 2024 and 2023 consisted of the following:
Activity related to the obligations pursuant to the cost-saving initiatives during the three month period ended March 31, 2024 was as follows:
___________________________________ (a)Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards. Noncash expenses reflected in “other” activity principally relates to impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.
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NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding | The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month periods ended March 31, 2024 and 2023 are presented below:
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SEGMENT INFORMATION (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets | Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
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CONSOLIDATED VIEs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Measure of Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated VIE Assets and Liabilities | The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2024 and December 31, 2023.
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REVENUE RECOGNITION - Disaggregation of Revenue Based on Business Segment Results (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financial Advisory | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 453,507 | $ 277,574 |
Asset Management | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | 295,476 | 284,044 |
Asset Management | Management Fees and Other | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | 286,540 | 278,598 |
Asset Management | Incentive Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 8,936 | $ 5,446 |
REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
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Revenue Recognition [Abstract] | ||
Deferred revenue | $ 136,272 | $ 140,417 |
Revenue included in deferred revenue balance | $ 5,676 |
RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables | $ 98,834 | $ 113,929 |
Carrying amount | 569,738 | 561,978 |
Customer and Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer loans | $ 81,911 | $ 86,412 |
RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance | $ 28,503 | $ 17,738 |
Bad debt expense, net of reversals | 4,998 | 7,825 |
Charge-offs | (3,223) | (843) |
Foreign currency translation and other adjustments | (192) | 209 |
Ending Balance | $ 30,086 | $ 24,929 |
INVESTMENTS - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Investments, Debt and Equity Securities [Abstract] | ||
Net unrealized investment gains | $ 11,001 | $ 24,787 |
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Fair Value Disclosures [Abstract] | ||
Transfers into or out of Level 3 in the fair value measurement hierarchy | $ 0 | $ 0 |
DERIVATIVES - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Total | $ (14,406) | $ (22,654) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | Other |
Forward foreign currency exchange rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total return swaps and other | $ 1,331 | $ 94 |
LFI and other similar deferred compensation arrangements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total return swaps and other | (9,373) | (16,453) |
Lazard Growth Acquisition Corp I Warrants [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total return swaps and other | 0 | 115 |
Total return swaps and other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total return swaps and other | $ (6,364) | $ (6,410) |
GOODWILL AND OTHER INTANGIBLE ASSETS - Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 394,098 | $ 394,898 | $ 394,185 | $ 377,240 |
Other intangible assets (net of accumulated amortization) | 15 | 30 | ||
Goodwill and other intangible assets, total | $ 394,113 | $ 394,928 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Goodwill [Roll Forward] | ||
Beginning Balance | $ 394,898 | $ 377,240 |
Acquisition of business | 0 | 16,706 |
Foreign currency translation adjustments | (800) | 239 |
Ending Balance | 394,098 | 394,185 |
Financial Advisory | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 313,628 | 312,699 |
Acquisition of business | 0 | 0 |
Foreign currency translation adjustments | (800) | 239 |
Ending Balance | 312,828 | 312,938 |
Asset Management | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 81,270 | 64,541 |
Acquisition of business | 0 | 16,706 |
Foreign currency translation adjustments | 0 | 0 |
Ending Balance | $ 81,270 | $ 81,247 |
SENIOR DEBT - Senior Debt (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | |||
Principal | $ 1,864,347,000 | $ 1,864,347,000 | $ 1,700,000,000 |
Unamortized Debt Costs | 12,903,000 | 12,903,000 | 9,800,000 |
Carrying Value | 1,851,444,000 | 1,851,444,000 | 1,690,200,000 |
Lazard Group 2025 Senior Notes | |||
Debt Instrument [Line Items] | |||
Initial Principal Amount | $ 400,000,000 | $ 400,000,000 | |
Maturity Date | Feb. 13, 2025 | ||
Annual interest rate | 3.75% | 3.75% | |
Principal | $ 164,347,000 | $ 164,347,000 | 400,000,000 |
Unamortized Debt Costs | 170,000 | 170,000 | 531,000 |
Carrying Value | 164,177,000 | $ 164,177,000 | 399,469,000 |
Aggregate principal amount of debt purchased | $ 235,653,000 | ||
Effective interest rates of senior notes | 3.79% | 3.79% | |
Lazard Group 2027 Senior Notes | |||
Debt Instrument [Line Items] | |||
Initial Principal Amount | $ 300,000,000 | $ 300,000,000 | |
Maturity Date | Mar. 01, 2027 | ||
Annual interest rate | 3.625% | 3.625% | |
Principal | $ 300,000,000 | $ 300,000,000 | 300,000,000 |
Unamortized Debt Costs | 1,138,000 | 1,138,000 | 1,235,000 |
Carrying Value | $ 298,862,000 | $ 298,862,000 | 298,765,000 |
Effective interest rates of senior notes | 3.76% | 3.76% | |
Lazard Group 2028 Senior Notes | |||
Debt Instrument [Line Items] | |||
Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | |
Maturity Date | Sep. 19, 2028 | ||
Annual interest rate | 4.50% | 4.50% | |
Principal | $ 500,000,000 | $ 500,000,000 | 500,000,000 |
Unamortized Debt Costs | 3,799,000 | 3,799,000 | 4,012,000 |
Carrying Value | $ 496,201,000 | $ 496,201,000 | 495,988,000 |
Effective interest rates of senior notes | 4.67% | 4.67% | |
Lazard Group 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Initial Principal Amount | $ 500,000,000 | $ 500,000,000 | |
Maturity Date | Mar. 11, 2029 | ||
Annual interest rate | 4.375% | 4.375% | |
Principal | $ 500,000,000 | $ 500,000,000 | 500,000,000 |
Unamortized Debt Costs | 3,828,000 | 3,828,000 | 4,022,000 |
Carrying Value | $ 496,172,000 | $ 496,172,000 | $ 495,978,000 |
Effective interest rates of senior notes | 4.53% | 4.53% | |
Lazard Group 2031 Senior Notes | |||
Debt Instrument [Line Items] | |||
Initial Principal Amount | $ 400,000,000 | $ 400,000,000 | |
Maturity Date | Mar. 15, 2031 | ||
Annual interest rate | 6.00% | 6.00% | |
Principal | $ 400,000,000 | $ 400,000,000 | |
Unamortized Debt Costs | 3,968,000 | 3,968,000 | |
Carrying Value | $ 396,032,000 | $ 396,032,000 | |
Effective interest rates of senior notes | 6.14% | 6.14% |
SENIOR DEBT - Additional Information (Details) - USD ($) |
1 Months Ended | |||
---|---|---|---|---|
Jun. 06, 2023 |
Jul. 31, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | ||||
Fair value of senior debt | $ 1,815,000,000 | $ 1,652,000,000 | ||
Second Amended And Restated Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit, initiation date | Jun. 06, 2023 | |||
Line of credit, expiration date | Jun. 06, 2028 | |||
Duration of senior revolving credit facility, in years | 5 years | |||
Senior revolving credit facility | $ 200,000,000 | |||
Previous Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit, expiration date | Jul. 31, 2023 | |||
Duration of senior revolving credit facility, in years | 3 years | |||
Senior revolving credit facility | $ 200,000,000 | |||
Unused Lines of Credit | ||||
Debt Instrument [Line Items] | ||||
Unused lines of credit | $ 209,200,000 |
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Schedule of Share Repurchase Authorized by Board of Directors (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Equity, Class of Treasury Stock [Line Items] | |
Expiration | Dec. 31, 2024 |
February 2022 | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 300,000,000 |
Expiration | Dec. 31, 2024 |
July 2022 | |
Equity, Class of Treasury Stock [Line Items] | |
Repurchase Authorization | $ 500,000,000 |
Expiration | Dec. 31, 2024 |
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Schedule of Shares Repurchased Under the Share Repurchase Program (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Equity [Abstract] | ||
Number of shares purchased (in shares) | 564,692 | 2,692,161 |
Average price per share (in usd per share) | $ 38.97 | $ 36.75 |
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Adjustments for Items Reclassified From AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications, net of tax | $ 1,402 | $ 1,160 |
Currency Translation Adjustments | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications, net of tax | 0 | 0 |
Employee Benefit Plans | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization relating to employee benefit plans | 1,857 | 1,536 |
Less - related income taxes | 455 | 376 |
Total reclassifications, net of tax | $ 1,402 | $ 1,160 |
INCENTIVE PLANS - Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Details)) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | $ 70,198 | $ 70,534 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | 57,100 | 43,576 |
PRSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | 405 | 789 |
RSAs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | 3,903 | 6,926 |
PIPRs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | 8,673 | 19,062 |
DSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based incentive awards | $ 117 | $ 181 |
INCENTIVE PLANS - Schedule of Activity Related to RSAs (Details) - RSAs - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Units | ||
Units beginning balance (in shares) | 1,235,946 | |
Units granted (in shares) | 16,268 | |
Units forfeited (in shares) | (4,376) | |
Units settled (in shares) | (411,988) | |
Units ending balance (in shares) | 835,850 | |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, beginning balance (in USD per share) | $ 36.10 | |
Weighted average grant date fair value, granted (in USD per share) | 36.13 | $ 37.75 |
Weighted average grant date fair value, forfeited (in USD per share) | 37.77 | |
Weighted average grant date fair value, settled (in USD per share) | 37.40 | |
Weighted average grant date fair value, ending balance (in USD per share) | $ 35.45 | |
Number of dividend participation rights issued | 16,268 |
INCENTIVE PLANS - Schedule of Activity Relating to PRSUs (Details) - PRSUs |
Mar. 31, 2024
$ / shares
shares
|
---|---|
Units | |
Units beginning balance (in shares) | shares | 125,465 |
Units ending balance (in shares) | shares | 62,296 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning balance (in USD per share) | $ / shares | $ 41.07 |
Weighted average grant date fair value, ending balance (in USD per share) | $ / shares | $ 35.44 |
INCENTIVE PLANS - Schedule of Impact of LFI and Other Similar Deferred Compensation Arrangements (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Share-Based Payment Arrangement [Abstract] | |||
Amortization and the impact of forfeitures | $ 35,699 | $ 34,528 | |
Change in the fair value of underlying investments | 9,373 | 16,453 | |
Total | 45,072 | $ 50,981 | |
Prepaid compensation asset | $ 122,235 | $ 115,972 |
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Credit) (Details) - Pension Plans - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Components of Net Periodic Benefit Cost (Credit): | ||
Service cost | $ 83 | $ 98 |
Interest cost | 5,192 | 5,152 |
Expected return on plan assets | (6,511) | (5,816) |
Amortization of: | ||
Prior service cost | 133 | 26 |
Net actuarial loss (gain) | 1,724 | 1,510 |
Settlement loss | 0 | 759 |
Net periodic benefit cost (credit) | $ 621 | $ 1,729 |
COST-SAVING INITIATIVES - Activity Related to Cost Savings Initiatives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 52,298 | |
Total expenses | 48,729 | $ 20,740 |
Noncash expenses | 12,110 | |
Payments and settlements | 52,365 | |
Balance at end of period | 36,552 | |
Accrued Compensation and Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 51,346 | |
Total expenses | 46,610 | |
Noncash expenses | 9,111 | |
Payments and settlements | 52,349 | |
Balance at end of period | 36,496 | |
Other | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 952 | |
Total expenses | 2,119 | |
Noncash expenses | 2,999 | |
Payments and settlements | 16 | |
Balance at end of period | $ 56 |
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Provision (benefit) for income taxes | $ 14,337 | $ (21,725) |
Effective income tax rates (as a percent) | 26.30% | 58.80% |
U.S. federal statutory income tax rate (as a percent) | 21.00% |
REGULATORY AUTHORITIES - Additional Information (Details) |
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
---|---|---|
LFNY | ||
Regulatory Requirements [Line Items] | ||
Minimum net capital requirement as defined under exchange act | $ 5,000 | |
Aggregate indebtedness to net capital ratio | 0.49 | |
Regulatory capital | $ 117,818,000 | |
Regulatory capital in excess of minimum requirement | 114,006,000 | |
U.K. Subsidiaries | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | 179,432,000 | |
Regulatory capital in excess of minimum requirement | 113,985,000 | |
CFLF | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | $ 156,703,000 | |
Regulatory capital in excess of minimum requirement | 62,519,000 | |
Combined European Regulated Group | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | 181,665,000 | |
Regulatory capital in excess of minimum requirement | $ 78,796,000 | |
Other U.S. and Non-U.S. Subsidiaries | ||
Regulatory Requirements [Line Items] | ||
Regulatory capital | 101,442,000 | |
Regulatory capital in excess of minimum requirement | $ 78,564,000 |
SEGMENT INFORMATION - Schedule of Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 764,753 | $ 542,436 | |
Operating Expenses | 710,192 | 579,360 | |
Operating Income (Loss) | 54,561 | (36,924) | |
Total Assets | 4,586,970 | $ 4,635,781 | |
Operating Segments | Financial Advisory | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 453,507 | 277,574 | |
Operating Expenses | 428,008 | 328,735 | |
Operating Income (Loss) | 25,499 | (51,161) | |
Total Assets | 1,026,444 | 1,154,483 | |
Operating Segments | Asset Management | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 295,476 | 284,044 | |
Operating Expenses | 261,680 | 248,051 | |
Operating Income (Loss) | 33,796 | 35,993 | |
Total Assets | 1,275,371 | 1,232,364 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 15,770 | (19,182) | |
Operating Expenses | 20,504 | 2,574 | |
Operating Income (Loss) | (4,734) | $ (21,756) | |
Total Assets | $ 2,285,155 | $ 2,248,934 |
CONSOLIDATED VIEs - Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investments | $ 620,615 | $ 701,964 |
Investment, Type [Extensible Enumeration] | Lazard Fund Interests | Lazard Fund Interests |
Lazard Group LLC | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 78,135 | $ 113,174 |
CONSOLIDATED VIEs - Schedule of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 923,247 | $ 971,316 |
Customers and other receivables | 290,780 | 201,767 |
Investments | 620,615 | 701,964 |
Other assets | 493,513 | 414,518 |
Total Assets | 4,586,970 | 4,635,781 |
LIABILITIES | ||
Deposits and other customer payables | 536,343 | 443,262 |
Other liabilities | 581,725 | 546,947 |
Total Liabilities | 4,049,964 | 4,065,919 |
Consolidated VIEs | ||
ASSETS | ||
Cash and cash equivalents | 4,404 | 4,627 |
Customers and other receivables | 35 | 23,277 |
Investments | 161,700 | 196,112 |
Other assets | 803 | 683 |
Total Assets | 166,942 | 224,699 |
LIABILITIES | ||
Deposits and other customer payables | 73 | 23,498 |
Other liabilities | 259 | 353 |
Total Liabilities | $ 332 | $ 23,851 |
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