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Lazard Ltd Reports Full-year and Fourth-quarter 2021 Results

Record annual and quarterly operating revenue, operating income and net income, as adjusted

Record annual and quarterly Financial Advisory operating revenue, reflecting strong broad-based activity across the business

Record annual and quarterly Asset Management operating revenue and year-end assets under management

Lazard Ltd (NYSE: LAZ) today reported record annual operating revenue1 of $3,139 million for the year ended December 31, 2021. Net income, as adjusted2, was a record $576 million, or $5.04 per share (diluted) for the year. On a U.S. GAAP basis, net income for the year was $528 million, or $4.63 per share (diluted).

For the fourth quarter of 2021, net income, as adjusted, was $217 million, or $1.92 per share (diluted), a quarterly record. On a U.S. GAAP basis, net income for the fourth quarter was $210 million, or $1.86 per share (diluted).

“Our results underscore the strong performance by both our businesses across our global franchise,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “With unprecedented advisory activity and a robust level of assets under management, we continue to invest for growth and long-term shareholder value.”

($ in millions, except

per share data and AUM)

Year Ended

Dec. 31,

 

Quarter Ended

Dec. 31,

 

2021

2020

%’21-’20

 

2021

2020

%’21-’20

Net Income (loss)

 

 

 

 

US GAAP

$528

$402

31%

 

$210

$190

11%

Per share, diluted

$4.63

$3.54

31%

 

$1.86

$1.64

13%

Adjusted2

$576

$410

40%

 

$217

$192

13%

Per share, diluted

$5.04

$3.60

40%

 

$1.92

$1.66

16%

Operating Revenue1

 

 

 

 

Total operating revenue

$3,139

$2,524

24%

 

$968

$849

14%

Financial Advisory

$1,778

$1,403

27%

 

$608

$509

20%

Asset Management

$1,329

$1,111

20%

 

$347

$336

3%

AUM ($ in billions)

 

 

 

 

 

 

 

Period End

$274

$259

6%

 

Average

$272

$225

21%

 

$274

$246

11%

Note: Endnotes are on page 6 of this release. A reconciliation to U.S. GAAP is on page 14-15.

OPERATING REVENUE

Operating revenue1 was a record $3,139 million for 2021, 24% higher than 2020. Fourth-quarter 2021 operating revenue was a record $968 million, 14% higher than the fourth quarter of 2020.

Financial Advisory

Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.

For the full year of 2021, Financial Advisory operating revenue was a record $1,778 million, 27% higher than 2020.

For the fourth quarter of 2021, Financial Advisory operating revenue was a quarterly record $608 million, 20% higher than the fourth quarter of 2020.

During and since the fourth quarter of 2021, Lazard has been engaged in significant and complex M&A transactions and other advisory assignments globally, including the following (clients are in italics): The Special Committee of the Board of VMware in Dell’s $52.5 billion spin-off of its 81% equity stake in the company and VMware’s payment of a special cash dividend; Clayton, Dubilier & Rice fund on the sale of its stake in Belron, valuing Belron at €21.0 billion; Air Products & Chemicals’ $12.0 billion joint venture in Jazan, Saudi Arabia; The Special Committee of the Board of Athene in Athene’s $11 billion merger with Apollo; Terminix on its acquisition by Rentokil Initial plc, for an enterprise value of $7.5 billion; 3G Capital on its acquisition of a controlling interest in Hunter Douglas, valuing the company at $7.1 billion; Altice’s $6.3 billion sale of its French towers joint venture with KKR to Cellnex; Affiliate of Lone Star Funds on its €5.2 billion sale of MBCC Group to Sika; SNCF’s €3.2 billion sale of Ermewa to a consortium made of CDPQ and DWS; Blackstone Infrastructure Partners’ approximately $3.0 billion investment in Invenergy Renewables Holdings; Allstate’s $2.8 billion sale of Allstate Life Insurance to Blackstone; Charterhouse Capital Partners in Mirion Technologies’ combination with GS Acquisition Holdings Corp II, valuing Mirion at $2.6 billion; Saint-Gobain’s $2.3 billion acquisition of GCP Applied Technologies; Mubadala Capital’s $1.7 billion acquisition of the RLAM refinery from Petrobras; Vitrolife's €1.25 billion acquisition of Igenomix; Obagi’s $1.2 billion announced combination with Waldencast and Milk Makeup; IBM on the separation of its Managed Infrastructure Services unit; and APEX Clean Energy on the sale of a majority stake in the company to funds managed by Ares Management.

Lazard has one of the world’s preeminent restructuring practices, with a long track record of successfully advising businesses and governments. During and since the fourth quarter of 2021, we have been engaged in a broad range of highly visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: Alto Maipo S.P.A.; Andrade Gutierrez; Assured Guaranty in connection with Puerto Rico’s restructuring; Basic Energy Services; Brazos Electric Power Cooperative; Corp Grupo Banking S.A.; Grupo GICSA; Intelsat S.A.; NMC Health; Nordic Aviation Capital; Seadrill Limited; and Stoneway Capital.

Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.

For a list of Lazard’s publicly announced Financial Advisory transactions, please visit our website at www.lazard.com/businesses/transactions.

Asset Management

In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.

For the full year of 2021, Asset Management operating revenue was a record $1,329 million, 20% higher than 2020. For the fourth quarter of 2021, Asset Management operating revenue was a record $347 million, 3% higher than the fourth quarter of 2020.

Management fees and other revenue was $1,208 million for full-year 2021, 15% higher than 2020. For the fourth quarter of 2021, management fees and other revenue was $301 million, 6% higher than the fourth quarter of 2020, and 1% lower than the third quarter of 2021.

Average assets under management (AUM) for full-year 2021 was a record $272 billion, 21% higher than 2020. Average AUM for the fourth quarter of 2021 was $274 billion, 11% higher than the fourth quarter of 2020, and 2% lower than the third quarter of 2021.

AUM as of December 31, 2021 was a year-end record $274 billion, up 6% from December 31, 2020, and approximately even with September 30, 2021. The sequential change from September 30, 2021 was driven by market appreciation of $9.9 billion, partially offset by foreign exchange depreciation of $2.0 billion and net outflows of $6.7 billion.

For the full year of 2021, incentive fees were a record $120 million, compared to $58 million for 2020. For the fourth quarter of 2021, incentive fees were $46 million, compared to $52 million for the fourth quarter of 2020.

OPERATING EXPENSES

Compensation and Benefits

In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges). We believe annual awarded compensation reflects the actual annual compensation cost more accurately than the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.

Adjusted compensation and benefits expense1 for 2021 was $1,836 million, 22% higher than 2020. The corresponding adjusted compensation ratio1 was 58.5% for 2021, compared to 59.5% for 2020.

Awarded compensation expense1 for 2021 was $1,846 million, 22% higher than 2020. The corresponding awarded compensation ratio1 was 58.8% for 2021, compared to 59.8% for 2020.

We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.

Non-Compensation Expense

Adjusted non-compensation expense1 for 2021 was $472 million, 9% higher than 2020. The ratio of non-compensation expense to operating revenue1 was 15.0% for 2021, compared to 17.1% for 2020.

Adjusted non-compensation expense1 for the fourth quarter of 2021 was $134 million, 15% higher than the fourth quarter of 2020. The ratio of non-compensation expense to operating revenue1 was 13.8% for the fourth quarter of 2021, compared to 13.7% for the fourth quarter of 2020.

Our goal remains to achieve an adjusted non-compensation expense-to-operating revenue ratio over the cycle of 16% to 20%.

TAXES

The provision for taxes, on an adjusted basis1, was $181 million for full-year 2021 and $54 million for the fourth quarter of 2021. The effective tax rate on the same basis was 23.9% for full-year 2021, compared to 20.2% for full-year 2020.

CAPITAL MANAGEMENT AND BALANCE SHEET

Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.

In 2021, Lazard returned $670 million to shareholders, which included: $196 million in dividends; $406 million in share repurchases of our Class A common stock; and $68 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

During 2021, we repurchased 9.1 million shares of our Class A common stock at an average price of $44.51 per share. On February 2, 2022, our Board of Directors authorized additional share repurchases of up to $300 million, which expires as of December 31, 2024, bringing our total outstanding share repurchase authorization to $431 million.

On February 2, 2022, Lazard declared a quarterly dividend of $0.47 per share on its outstanding common stock. The dividend is payable on February 25, 2022, to stockholders of record on February 14, 2022.

As of December 31, 2021, our cash and cash equivalents were $1,465 million, and stockholders’ equity related to Lazard’s interests was $975 million.

***

CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. EST on February 3, 2022, to discuss the company’s financial results for the full year and fourth quarter of 2021. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing 1 (800) 289-0720 (U.S. and Canada) or +1 (323) 701-0160 (outside of the U.S. and Canada), 15 minutes prior to the start of the call.

A replay of the conference call will be available by 10:00 a.m. EST on February 3, 2022, via the Lazard Investor Relations website, or by dialing 1 (888) 203-1112 (U.S. and Canada) or +1 (719) 457-0820 (outside of the U.S. and Canada). The replay access code is 8108108.

ABOUT LAZARD

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from more than 41 cities and 26 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

  • A decline in general economic conditions or the global or regional financial markets;
  • A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);
  • Losses caused by financial or other problems experienced by third parties;
  • Losses due to unidentified or unanticipated risks;
  • A lack of liquidity, i.e., ready access to funds, for use in our businesses; and
  • Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, Lazard’s Twitter account (twitter.com/Lazard) and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

ENDNOTES

1 A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to U.S. GAAP results, is the most meaningful and useful way to compare our operating results across periods.

2 Fourth-quarter and full-year 2021 adjusted results exclude losses of $23.6 million (full-year) associated with restructuring and closing of certain offices, pre-tax charges of $1.0 million and $4.6 million, respectively, relating to office space reorganization, and $0.1 million and $16.5 million, respectively, relating to expenses associated with restructuring and closing of certain offices and $2.2 million in the fourth quarter and full year relating to our Tax Receivable Agreement obligation. On a U.S. GAAP basis, these resulted in a net charge of $6.8 million, or $0.06 (diluted) per share, for the fourth quarter, and a net charge of $47.6 million, or $0.42 (diluted) per share, for the full year of 2021.

LAZ-EPE

 
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP)
 
Three Months Ended % Change From
December 31, September 30, December 31, September 30, December 31,
($ in thousands, except per share data)

2021

2021

2020

2021

2020

 
Total revenue

$

1,012,841

 

$

737,807

 

$

898,326

 

37

%

13

%

Interest expense

 

(20,466

)

 

(20,378

)

 

(20,172

)

 

Net revenue

 

992,375

 

 

717,429

 

 

878,154

 

38

%

13

%

Operating expenses:
Compensation and benefits

 

559,768

 

 

419,627

 

 

524,736

 

33

%

7

%

 
Occupancy and equipment

 

32,402

 

 

31,015

 

 

33,592

 

Marketing and business development

 

16,850

 

 

9,922

 

 

8,161

 

Technology and information services

 

39,762

 

 

37,559

 

 

36,100

 

Professional services

 

26,060

 

 

16,698

 

 

20,330

 

Fund administration and outsourced services

 

35,784

 

 

34,137

 

 

26,431

 

Amortization of intangible assets related to acquisitions

 

15

 

 

15

 

 

436

 

Other

 

11,197

 

 

13,497

 

 

11,308

 

Subtotal

 

162,070

 

 

142,843

 

 

136,358

 

13

%

19

%

Provision (benefit) pursuant to tax receivable agreement

 

2,199

 

 

-

 

 

(439

)

Operating expenses

 

724,037

 

 

562,470

 

 

660,655

 

29

%

10

%

 
Operating income

 

268,338

 

 

154,959

 

 

217,499

 

73

%

23

%

 
Provision for income taxes

 

57,048

 

 

39,446

 

 

22,729

 

45

%

151

%

Net income

 

211,290

 

 

115,513

 

 

194,770

 

83

%

8

%

Net income attributable to noncontrolling interests

 

913

 

 

8,304

 

 

4,881

 

Net income attributable to Lazard Ltd

$

210,377

 

$

107,209

 

$

189,889

 

96

%

11

%

 
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic

 

104,689,273

 

 

105,415,743

 

 

107,316,315

 

(1

%)

(2

%)

Diluted

 

112,278,982

 

 

112,994,037

 

 

115,144,030

 

(1

%)

(2

%)

 

Net income per share:
Basic

$

1.97

 

$

1.00

 

$

1.73

 

97

%

14

%

Diluted

$

1.86

 

$

0.94

 

$

1.64

 

98

%

13

%

 
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP)
 

Year Ended

December 31,

December 31,

($ in thousands, except per share data)

2021

2020

% Change

 
Total revenue

$

3,273,816

 

$

2,646,769

 

24

%

Interest expense

 

(80,768

)

 

(80,631

)

 

Net revenue

 

3,193,048

 

 

2,566,138

 

24

%

Operating expenses:
Compensation and benefits

 

1,895,859

 

 

1,550,684

 

22

%

 
Occupancy and equipment

 

128,040

 

 

127,682

 

Marketing and business development

 

42,755

 

 

42,426

 

Technology and information services

 

146,765

 

 

133,544

 

Professional services

 

77,702

 

 

66,304

 

Fund administration and outsourced services

 

130,502

 

 

103,070

 

Amortization of intangible assets related to acquisitions

 

60

 

 

1,795

 

Other

 

45,318

 

 

38,931

 

Subtotal

 

571,142

 

 

513,752

 

11

%

Provision (benefit) pursuant to tax receivable agreement

 

2,199

 

 

(439

)

Operating expenses

 

2,469,200

 

 

2,063,997

 

20

%

 
Operating income

 

723,848

 

 

502,141

 

44

%

 
Provision for income taxes

 

181,303

 

 

99,449

 

82

%

Net income

 

542,545

 

 

402,692

 

35

%

Net income attributable to noncontrolling interests

 

14,481

 

 

231

 

 

Net income attributable to Lazard Ltd

$

528,064

 

$

402,461

 

31

%

 

Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic

 

106,035,808

 

 

106,862,739

 

(1

%)

Diluted

 

113,674,699

 

 

113,483,380

 

0

%

 
Net income per share:
Basic

$

4.90

 

$

3.69

 

33

%

Diluted

$

4.63

 

$

3.54

 

31

%

 
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION
(U.S. GAAP)
 

December 31,

December 31,

($ in thousands)

2021

2020

 
ASSETS
 
Cash and cash equivalents

$

1,465,022

 

$

1,389,876

 

Deposits with banks and short-term investments

 

1,347,544

 

 

1,134,463

 

Restricted cash

 

617,448

 

 

44,488

 

Receivables

 

805,809

 

 

743,141

 

Investments

 

1,007,339

 

 

658,532

 

Goodwill and other intangible assets

 

379,571

 

 

384,071

 

Operating lease right-of-use assets

 

466,054

 

 

513,923

 

Deferred tax assets

 

435,308

 

 

538,448

 

Other assets

 

623,086

 

 

564,919

 

 
Total Assets

$

7,147,181

 

$

5,971,861

 

 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
 
Liabilities
Deposits and other customer payables

$

1,442,701

 

$

1,201,150

 

Accrued compensation and benefits

 

972,303

 

 

734,544

 

Operating lease liabilities

 

552,522

 

 

606,963

 

Tax receivable agreement obligation

 

213,434

 

 

221,451

 

Senior debt

 

1,685,227

 

 

1,682,741

 

Other liabilities

 

628,030

 

 

525,579

 

Total liabilities

 

5,494,217

 

 

4,972,428

 

 
Commitments and contingencies
Redeemable noncontrolling interests

 

575,000

 

 

-

 

 
Stockholders' equity
Preferred stock, par value $.01 per share

 

-

 

 

-

 

Common stock, par value $.01 per share

 

1,128

 

 

1,128

 

Additional paid-in capital

 

144,729

 

 

135,439

 

Retained earnings

 

1,560,636

 

 

1,295,386

 

Accumulated other comprehensive loss, net of tax

 

(223,847

)

 

(238,368

)

Subtotal

 

1,482,646

 

 

1,193,585

 

Class A common stock held by subsidiaries, at cost

 

(507,426

)

 

(281,813

)

Total Lazard Ltd stockholders' equity

 

975,220

 

 

911,772

 

Noncontrolling interests

 

102,744

 

 

87,661

 

Total stockholders' equity

 

1,077,964

 

 

999,433

 

 
Total liabilities, redeemable noncontrolling interests and stockholders' equity

$

7,147,181

 

$

5,971,861

 

LAZARD LTD
SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited)
 

Three Months Ended

% Change From

December 31,

September 30,

December 31,

September 30,

December 31,

($ in thousands, except per share data)

2021

2021

2020

2021

2020

 
Revenues:
 
Financial Advisory

$608,178

$381,295

$508,626

60%

20%

Asset Management

346,607

310,566

336,152

12%

3%

Corporate

13,160

9,783

3,990

35%

NM

 
Operating revenue (b)

$967,945

$701,644

$848,768

38%

14%

 
Expenses:
 
Adjusted compensation and benefits expense (c)

$544,510

$417,479

$497,260

30%

10%

Ratio of adjusted compensation to operating revenue

56.3%

59.5%

58.6%

 
Non-compensation expense (d)

$133,903

$116,734

$116,568

15%

15%

Ratio of non-compensation to operating revenue

13.8%

16.6%

13.7%

 
Earnings:
 
Earnings from operations (e)

$289,532

$167,431

$234,940

73%

23%

Operating margin (f)

29.9%

23.9%

27.7%

 
Adjusted net income (g)

$217,209

$111,398

$192,444

95%

13%

 
Diluted adjusted net income per share

$1.92

$0.98

$1.66

96%

16%

 
Diluted weighted average shares (h)

113,294,302

113,781,092

115,831,033

(0%)

(2%)

 
Effective tax rate (i)

19.8%

25.1%

11.1%

This presentation includes non-U.S. GAAP ("non-GAAP") measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

LAZARD LTD
SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP - unaudited)

Year Ended

December 31,

December 31,

($ in thousands, except per share data)

2021

2020

% Change

 
Revenues:
 
Financial Advisory

$1,777,848

$1,403,282

27%

Asset Management

1,328,540

1,111,498

20%

Corporate

32,509

8,760

NM

 
Operating revenue (b)

$3,138,897

$2,523,540

24%

 
Expenses:
 
Adjusted compensation and benefits expense (c)

$1,836,227

$1,502,123

22%

Ratio of adjusted compensation to operating revenue

58.5%

59.5%

 
Non-compensation expense (d)

$471,947

$431,898

9%

Ratio of non-compensation to operating revenue

15.0%

17.1%

 
Earnings:
 
Earnings from operations (e)

$830,723

$589,519

41%

Operating margin (f)

26.5%

23.4%

 
Adjusted net income (g)

$575,626

$410,249

40%

 
Diluted adjusted net income per share

$5.04

$3.60

40%

 
Diluted weighted average shares (h)

114,248,065

113,904,200

0%

 
Effective tax rate (i)

23.9%

20.2%

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

LAZARD LTD

COMPENSATION AND BENEFITS - ANALYSIS

(unaudited)

($ in millions except share price)

 

2014

2015

2016

2017

2018

2019

2020

2021

 
ADJUSTED U.S. GAAP BASIS (c)
 
Base salary

$

354.0

 

$

355.8

 

$

372.7

 

$

404.9

 

$

431.9

 

$

446.9

 

$

455.0

 

$

487.1

 

Benefits and other

 

215.6

 

 

228.3

 

 

201.9

 

 

243.4

 

 

263.6

 

 

258.3

 

 

227.7

 

 

286.5

 

Cash incentive compensation

 

432.9

 

 

413.9

 

 

398.3

 

 

465.5

 

 

445.5

 

 

390.8

 

 

435.3

 

 

662.4

 

Total cash compensation, benefits and other

 

1,002.5

 

 

998.0

 

 

972.9

 

 

1,113.8

 

 

1,141.0

 

 

1,096.0

 

 

1,118.0

 

 

1,436.0

 

Amortization of deferred incentive awards

 

299.2

 

 

320.8

 

 

352.4

 

 

367.3

 

 

375.6

 

 

367.9

 

 

384.1

 

 

400.2

 

Compensation and benefits - Adjusted U.S. GAAP basis (j)

$

1,301.7

 

$

1,318.8

 

$

1,325.3

 

$

1,481.1

 

$

1,516.6

 

$

1,463.9

 

$

1,502.1

 

$

1,836.2

 

 
% of Operating Revenue

 

55.6

%

 

55.4

%

 

56.5

%

 

55.8

%

 

55.1

%

 

57.5

%

 

59.5

%

 

58.5

%

 
 
 
AWARDED BASIS
 
Total cash compensation and benefits (per above)

$

1,002.5

 

$

998.0

 

$

972.9

 

$

1,113.8

 

$

1,141.0

 

$

1,096.0

 

$

1,118.0

 

$

1,436.0

 

Deferred year-end incentive awards

 

325.2

 

 

336.1

 

 

342.4

 

 

351.0

 

 

377.8

 

 

361.3

 

 

364.4

 

 

389.7

 

Compensation and benefits before sign-on and other
special deferred incentive awards

 

1,327.7

 

 

1,334.1

 

 

1,315.3

 

 

1,464.8

 

 

1,518.8

 

 

1,457.3

 

 

1,482.4

 

 

1,825.7

 

Sign-on and other special deferred incentive awards (k)

 

14.2

 

 

26.4

 

 

29.9

 

 

36.2

 

 

45.7

 

 

37.6

 

 

54.9

 

 

48.5

 

Total Compensation and benefits - Notional

 

1,341.9

 

 

1,360.5

 

 

1,345.2

 

 

1,501.0

 

 

1,564.5

 

 

1,494.9

 

 

1,537.3

 

 

1,874.2

 

Adjustment for actual/estimated forfeitures (l)

 

(25.4

)

 

(27.2

)

 

(27.9

)

 

(25.3

)

 

(27.5

)

 

(25.9

)

 

(27.3

)

 

(28.5

)

Compensation and benefits - Awarded (m)

$

1,316.5

 

$

1,333.3

 

$

1,317.3

 

$

1,475.7

 

$

1,537.0

 

$

1,469.0

 

$

1,510.0

 

$

1,845.7

 

 
% of Operating Revenue - Awarded Basis (m)

 

56.3

%

 

56.0

%

 

56.2

%

 

55.6

%

 

55.8

%

 

57.7

%

 

59.8

%

 

58.8

%

 
 
 
Memo:
Total value of deferred equity-based year end
incentive awards

$

219.0

 

$

267.7

 

$

234.8

 

$

216.4

 

$

253.8

 

$

165.5

 

$

172.4

 

TBD
 
Equity-based year end awards - share equivalents ('000)

 

4,329

 

 

7,778

 

 

5,395

 

 

3,850

 

 

6,735

 

 

3,858

 

 

3,988

 

TBD
Price at issuance

$

50.60

 

$

34.42

 

$

43.43

 

$

56.22

 

$

37.69

 

$

42.89

 

$

43.23

 

TBD
 
Deferred compensation awards ratio (n)

 

24.5

%

 

25.2

%

 

26.0

%

 

24.0

%

 

24.9

%

 

24.8

%

 

24.6

%

 

21.3

%

 
Operating revenue

$

2,340.2

 

$

2,380.1

 

$

2,344.3

 

$

2,654.5

 

$

2,754.8

 

$

2,546.0

 

$

2,523.5

 

$

3,138.9

 

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

LAZARD LTD
ASSETS UNDER MANAGEMENT ("AUM")
(unaudited)
($ in millions)
 

As of

Variance

December 31,

September 30,

December 31,

2021

2021

2020

Qtr to Qtr

YTD

 
Equity:
Emerging Markets

$

31,227

 

$

31,316

 

$

33,254

 

(0.3

%)

 

(6.1

%)

Global

 

59,516

 

 

58,348

 

 

56,246

 

2.0

%

 

5.8

%

Local

 

56,310

 

 

54,764

 

 

48,672

 

2.8

%

 

15.7

%

Multi-Regional

 

73,953

 

 

74,840

 

 

71,560

 

(1.2

%)

 

3.3

%

Total Equity

 

221,006

 

 

219,268

 

 

209,732

 

0.8

%

 

5.4

%

Fixed Income:
Emerging Markets

 

12,231

 

 

12,917

 

 

13,651

 

(5.3

%)

 

(10.4

%)

Global

 

14,410

 

 

14,469

 

 

11,962

 

(0.4

%)

 

20.5

%

Local

 

6,022

 

 

6,070

 

 

5,600

 

(0.8

%)

 

7.5

%

Multi-Regional

 

13,623

 

 

13,731

 

 

12,571

 

(0.8

%)

 

8.4

%

Total Fixed Income

 

46,286

 

 

47,187

 

 

43,784

 

(1.9

%)

 

5.7

%

Alternative Investments

 

4,203

 

 

3,934

 

 

2,748

 

6.8

%

 

52.9

%

Private Equity

 

1,290

 

 

1,288

 

 

1,420

 

0.1

%

 

(9.2

%)

Cash Management

 

954

 

 

895

 

 

958

 

6.6

%

 

(0.4

%)

Total AUM

$

273,739

 

$

272,572

 

$

258,642

 

0.4

%

 

5.8

%

 
 
 
Three Months Ended December 31, Year Ended December 31,

2021

2020

2021

2020

 
AUM - Beginning of Period

$

272,572

 

$

227,752

 

$

258,642

 

$

248,239

 

 
Net Flows

 

(6,735

)

 

(286

)

 

(11,573

)

 

(11,368

)

Market and foreign exchange
appreciation

 

7,902

 

 

31,176

 

 

26,670

 

 

21,771

 

 
AUM - End of Period

$

273,739

 

$

258,642

 

$

273,739

 

$

258,642

 

 
Average AUM

$

273,514

 

$

245,604

 

$

272,051

 

$

225,361

 

 
% Change in average AUM

 

11.4

%

 

20.7

%

Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.

LAZARD LTD
RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL INFORMATION (a)
(unaudited)

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

December 31,

($ in thousands, except per share data)

2021

2021

2020

2021

2020

 
Operating Revenue
Net revenue - U.S. GAAP Basis

$

992,375

 

$

717,429

 

$

878,154

 

$

3,193,048

 

$

2,566,138

 

 
Adjustments:
Revenue related to noncontrolling interests (o)

 

(7,515

)

 

(11,994

)

 

(8,054

)

 

(31,624

)

 

(11,497

)

(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements

 

(12,884

)

 

1,368

 

 

(25,207

)

 

(35,494

)

 

(40,634

)

Distribution fees, reimbursable deal costs, bad debt expense and other (p)

 

(22,842

)

 

(23,876

)

 

(14,647

)

 

(85,053

)

 

(64,983

)

Losses associated with restructuring and closing of certain offices (q)

 

15

 

 

51

 

 

-

 

 

23,645

 

 

-

 

Interest expense

 

18,796

 

 

18,666

 

 

18,522

 

 

74,375

 

 

74,516

 

 
Operating revenue, as adjusted (b)

$

967,945

 

$

701,644

 

$

848,768

 

$

3,138,897

 

$

2,523,540

 

 
Compensation and Benefits Expense
Compensation and benefits expense - U.S. GAAP Basis

$

559,768

 

$

419,627

 

$

524,736

 

$

1,895,859

 

$

1,550,684

 

 
Adjustments:
(Charges) credits pertaining to LFI and other similar arrangements

 

(12,884

)

 

1,368

 

 

(25,207

)

 

(35,494

)

 

(40,634

)

Expenses associated with restructuring and closing of certain offices (r)

 

-

 

 

(1,012

)

 

-

 

 

(14,922

)

 

-

 

Compensation related to noncontrolling interests (o)

 

(2,374

)

 

(2,504

)

 

(2,269

)

 

(9,216

)

 

(7,927

)

 
Compensation and benefits expense, as adjusted (c)

$

544,510

 

$

417,479

 

$

497,260

 

$

1,836,227

 

$

1,502,123

 

 
Non-Compensation Expense
Non-compensation expense - Subtotal - U.S. GAAP Basis

$

162,070

 

$

142,843

 

$

136,358

 

$

571,142

 

$

513,752

 

 
Adjustments:
Expenses related to office space reorganization (s)

 

(967

)

 

(991

)

 

(4,184

)

 

(4,611

)

 

(12,646

)

Distribution fees, reimbursable deal costs, bad debt expense and other (p)

 

(22,842

)

 

(23,876

)

 

(14,647

)

 

(85,053

)

 

(64,983

)

Amortization of intangible assets related to acquisitions

 

(15

)

 

(15

)

 

(436

)

 

(60

)

 

(1,795

)

Expenses associated with restructuring and closing of certain offices (r)

 

(115

)

 

(39

)

 

-

 

 

(1,539

)

 

-

 

Non-compensation expense related to noncontrolling interests (o)

 

(4,228

)

 

(1,188

)

 

(523

)

 

(7,932

)

 

(2,430

)

 
Non-compensation expense, as adjusted (d)

$

133,903

 

$

116,734

 

$

116,568

 

$

471,947

 

$

431,898

 

 
Pre-Tax Income and Earnings From Operations
Operating Income - U.S. GAAP Basis

$

268,338

 

$

154,959

 

$

217,499

 

$

723,848

 

$

502,141

 

 
Adjustments:
Provision (benefit) pursuant to tax receivable agreement obligation

 

2,199

 

 

-

 

 

(439

)

 

2,199

 

 

(439

)

Losses associated with restructuring and closing of certain offices (q)

 

15

 

 

51

 

 

-

 

 

23,645

 

 

-

 

Expenses related to office space reorganization (s)

 

967

 

 

991

 

 

4,184

 

 

4,611

 

 

12,646

 

Expenses associated with restructuring and closing of certain offices (r)

 

115

 

 

1,051

 

 

-

 

 

16,461

 

 

-

 

Net income related to noncontrolling interests (o)

 

(913

)

 

(8,304

)

 

(4,881

)

 

(14,481

)

 

(231

)

Pre-tax income, as adjusted

 

270,721

 

 

148,748

 

 

216,363

 

 

756,283

 

 

514,117

 

Interest expense

 

18,796

 

 

18,666

 

 

18,522

 

 

74,375

 

 

74,516

 

Amortization of intangible assets related to acquisitions and other

 

15

 

 

17

 

 

55

 

 

65

 

 

886

 

Earnings from operations, as adjusted (e)

$

289,532

 

$

167,431

 

$

234,940

 

$

830,723

 

$

589,519

 

 
 
Net Income attributable to Lazard Ltd
Net income attributable to Lazard Ltd - U.S. GAAP Basis

$

210,377

 

$

107,209

 

$

189,889

 

$

528,064

 

$

402,461

 

Adjustments:
Provision (benefit) pursuant to tax receivable agreement obligation

 

2,199

 

 

-

 

 

(439

)

 

2,199

 

 

(439

)

Losses associated with restructuring and closing of certain offices (q)

 

15

 

 

51

 

 

-

 

 

23,645

 

 

-

 

Expenses related to office space reorganization (s)

 

967

 

 

991

 

 

4,184

 

 

4,611

 

 

12,646

 

Expenses associated with restructuring and closing of certain offices (r)

 

115

 

 

1,051

 

 

-

 

 

16,461

 

 

-

 

Tax expense (benefit) allocated to adjustments

 

3,536

 

 

2,096

 

 

(1,190

)

 

646

 

 

(4,419

)

 
Net income, as adjusted (g)

$

217,209

 

$

111,398

 

$

192,444

 

$

575,626

 

$

410,249

 

 
Diluted Weighted Average Shares Outstanding
Diluted Weighted Average Shares Outstanding - U.S. GAAP Basis

 

112,278,982

 

 

112,994,037

 

 

115,144,030

 

 

113,674,699

 

 

113,483,380

 

Adjustment: participating securities including profits interest participation rights

 

1,015,320

 

 

787,055

 

 

687,003

 

 

573,366

 

 

420,820

 

 
Diluted Weighted Average Shares Outstanding, as adjusted (h)

 

113,294,302

 

 

113,781,092

 

 

115,831,033

 

 

114,248,065

 

 

113,904,200

 

 
Diluted net income per share:
U.S. GAAP Basis

$

1.86

 

$

0.94

 

$

1.64

 

$

4.63

 

$

3.54

 

Non-GAAP Basis, as adjusted

$

1.92

 

$

0.98

 

$

1.66

 

$

5.04

 

$

3.60

 

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

LAZARD LTD
RECONCILIATION OF NON-COMPENSATION U.S. GAAP TO ADJUSTED (a)
(unaudited)

Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

December 31,

($ in thousands)

2021

2021

2020

2021

2020

 
Non-compensation expense - U.S. GAAP Basis:
Occupancy and equipment

$

32,402

 

$

31,015

 

$

33,592

 

$

128,040

 

$

127,682

 

Marketing and business development

 

16,850

 

 

9,922

 

 

8,161

 

 

42,755

 

 

42,426

 

Technology and information services

 

39,762

 

 

37,559

 

 

36,100

 

 

146,765

 

 

133,544

 

Professional services

 

26,060

 

 

16,698

 

 

20,330

 

 

77,702

 

 

66,304

 

Fund administration and outsourced services

 

35,784

 

 

34,137

 

 

26,431

 

 

130,502

 

 

103,070

 

Amortization of intangible assets related to acquisitions

 

15

 

 

15

 

 

436

 

 

60

 

 

1,795

 

Other

 

11,197

 

 

13,497

 

 

11,308

 

 

45,318

 

 

38,931

 

Non-compensation expense - Subtotal - U.S. GAAP Basis

$

162,070

 

$

142,843

 

$

136,358

 

$

571,142

 

$

513,752

 

 
Non-compensation expense - Adjustments:
Occupancy and equipment (o) (r) (s)

($

892

)

($

1,106

)

($

3,419

)

($

5,395

)

($

11,878

)

Marketing and business development (o) (p) (r)

 

(1,425

)

 

(1,261

)

 

(383

)

 

(4,138

)

 

(4,014

)

Technology and information services (o) (p) (r)

 

4

 

 

(72

)

 

155

 

 

(170

)

 

(616

)

Professional services (o) (p) (r) (s)

 

(3,888

)

 

(1,143

)

 

(4,101

)

 

(8,546

)

 

(9,806

)

Fund administration and outsourced services (o) (p)

 

(21,661

)

 

(19,669

)

 

(12,114

)

 

(73,426

)

 

(47,956

)

Amortization of intangible assets related to acquisitions

 

(15

)

 

(15

)

 

(436

)

 

(60

)

 

(1,795

)

Other (o) (p) (r) (s)

 

(290

)

 

(2,843

)

 

508

 

 

(7,460

)

 

(5,789

)

Subtotal Non-compensation adjustments

($

28,167

)

($

26,109

)

($

19,790

)

($

99,195

)

($

81,854

)

 
Non-compensation expense, as adjusted:
Occupancy and equipment

$

31,510

 

$

29,909

 

$

30,173

 

$

122,645

 

$

115,804

 

Marketing and business development

 

15,425

 

 

8,661

 

 

7,778

 

 

38,617

 

 

38,412

 

Technology and information services

 

39,766

 

 

37,487

 

 

36,255

 

 

146,595

 

 

132,928

 

Professional services

 

22,172

 

 

15,555

 

 

16,229

 

 

69,156

 

 

56,498

 

Fund administration and outsourced services

 

14,123

 

 

14,468

 

 

14,317

 

 

57,076

 

 

55,114

 

Amortization of intangible assets related to acquisitions

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Other

 

10,907

 

 

10,654

 

 

11,816

 

 

37,858

 

 

33,142

 

Non-compensation expense, as adjusted (d)

$

133,903

 

$

116,734

 

$

116,568

 

$

471,947

 

$

431,898

 

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

LAZARD LTD
 
Notes to Financial Schedules
 
(a) Selected Summary Financial Information are non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods.
(b) A non-GAAP measure which excludes (i) revenue related to non-controlling interests (see (o) below), (ii) (gains) losses related to the changes in the fair value of investments held in connection with Lazard Fund Interests and other similar deferred compensation arrangements for which a corresponding equal amount is excluded from compensation & benefits expense, (iii) revenue related to distribution fees, reimbursable deal costs in accordance with the revenue recognition guidance, bad debt expense, and other (see (p) below), (iv) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, losses associated with restructuring and closing of certain offices (see (q) below), and (v) interest expense primarily related to corporate financing activities.
(c) A non-GAAP measure which excludes (i) (charges) credits related to the changes in the fair value of the compensation liability recorded in connection with Lazard Fund Interests and other similar deferred compensation arrangements, (ii) for the three month period ended September 30, 2021 and the twelve month period ended December 31, 2021, expenses associated with restructuring and closing of certain offices (see (r) below), and (iii) compensation and benefits related to noncontrolling interests (see (o) below).
(d) A non-GAAP measure which excludes (i) expenses related to office space reorganization (see (s) below), (ii) expenses related to distribution fees, reimbursable deal costs in accordance with the revenue recognition guidance, bad debt expense, and other (see (p) below), (iii) amortization of intangible assets related to acquisitions, (iv) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, expenses associated with restructuring and closing of certain offices (see (r) below), and (v) expenses related to noncontrolling interests (see (o) below).
(e) A non-GAAP measure which excludes (i) for the three and twelve month periods ended December 31, 2021 and December 31, 2020, a provision (benefit) pursuant to our Tax Receivable Agreement obligation, (ii) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, losses associated with restructuring and closing of certain offices (see (q) below), (iii) expenses related to office space reorganization (see (s) below), (iv) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, expenses associated with restructuring and closing of certain offices (see (r) below), (v) net revenue and expenses related to noncontrolling interests (see (o) below), (vi) interest expense primarily related to corporate financing activities, and (vii) amortization of intangible assets related to acquisitions.
(f) Represents earnings from operations as a percentage of operating revenue, and is a non-GAAP measure.
(g) A non-GAAP measure which excludes (i) for the three and twelve month periods ended December 31, 2021 and December 31, 2020, a provision (benefit) pursuant to our Tax Receivable Agreement obligation, (ii) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, losses associated with restructuring and closing of certain offices (see (q) below), (iii) expenses related to office space reorganization (see (s) below), and (iv) for the three and twelve month periods ended December 31, 2021 and for the three month period ended September 30, 2021, expenses associated with restructuring and closing of certain offices (see (r) below), net of tax expense (benefits).
(h) A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights and other participating securities may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share.
(i) Effective tax rate is a non-GAAP measure based upon the U.S. GAAP rate with adjustments for the tax applicable to the non-GAAP adjustments to operating income, generally based upon the effective marginal tax rate in the applicable jurisdiction of the adjustments. The computation is based on a quotient, the numerator of which is the provision for income taxes of $53,512, $37,350 and $23,919 for the three month periods ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively, $180,657 and $103,868 for the twelve month periods ended December 31, 2021 and 2020, respectively, and the denominator of which is pre-tax income of $270,721, $148,748 and $216,363 for the three month periods ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, $756,283 and $514,117 for the twelve month periods ended December 31, 2021 and 2020, respectively.
(j) A reconciliation of U.S. GAAP compensation and benefits expense to compensation and benefits expense, as adjusted:
Year Ended December 31,
($ in thousands)

2014

2015

2016

2017

2018

2019

2020

2021

 
Compensation & benefits expense - U.S. GAAP Basis

$1,313,606

$1,319,746

$1,340,543

$1,512,873

$1,514,735

$1,563,395

$1,550,684

$1,895,859

 
Adjustments:
Expenses associated with restructuring and closing of certain offices (r)

-

-

-

-

-

-

-

(14,922)

Charges associated with business realignment (t)

-

-

-

-

-

(56,635)

-

-

Charges pertaining to ERP system implementation (u)

-

-

-

-

(1,190)

-

-

-

(Charges) credits pertaining to LFI and other similar arrangements comp. liability

(7,326)

3,827

(3,318)

(23,526)

14,086

(31,657)

(40,634)

(35,494)

Compensation related to noncontrolling interests (o)

(4,567)

(4,776)

(11,900)

(8,285)

(10,999)

(11,175)

(7,927)

(9,216)

 
Compensation & benefits expense, as adjusted

$1,301,713

$1,318,797

$1,325,325

$1,481,062

$1,516,632

$1,463,928

$1,502,123

$1,836,227

 
(k) Special deferred incentive awards are granted outside the year end compensation process and include grants to new hires, retention awards, and performance units earned under PRSU grants.
(l) Under U.S. GAAP, an estimate is made for future forfeitures of the deferred portion of such awards. This estimate is based on both historical experience and future expectations. The result reflects the cost associated with awards that are expected to vest. This calculation is undertaken in order to present awarded compensation on a similar basis to GAAP compensation. Amounts for 2014-2017 represent actual forfeiture experience. The 2018-2021 amounts represent estimated forfeitures.
(m) Awarded Compensation and Benefits was restated in 2017 to eliminate the year-end foreign exchange adjustment to better align awarded compensation with revenue. The impact of the change is not material.
(n) Deferred compensation awards ratio is deferred year-end incentive awards, divided by total awarded compensation excluding sign-on and other special deferred incentive awards and actual/estimated forfeitures.
(o) Noncontrolling interests include revenue and expenses principally related to Edgewater, ESC Funds and a Special Purpose Acquisition Company.
(p) Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non-GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees that are deemed uncollectible.
(q) Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices.
(r) Expenses associated with restructuring and closing of certain offices.
(s) Represents incremental rent expense, building depreciation, impairment losses, and legal fees related to office space reorganization.
(t) Represents expenses and losses associated with a business realignment which included employee reductions and the closing of subscale offices and investment strategies.
(u) Represents expenses associated with Enterprise Resource Planning (ERP) system implementation.

NM

Not meaningful

TBD

To be determined

 

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