10-Q 1 laz-10q_20220630.htm 10-Q laz-10q_20220630.htm
false 2022 Q2 0001311370 --12-31 P1Y P1Y P1Y2M12D P8M12D P10M24D http://fasb.org/us-gaap/2022#AssetManagement1Member http://fasb.org/us-gaap/2022#AssetManagement1Member http://fasb.org/us-gaap/2022#AssetManagement1Member http://fasb.org/us-gaap/2022#AssetManagement1Member 0.0667 2022 P3Y P3Y 0.0667 P30D P30D P60D P30D P30D P30D P60D P30D P30D P60D P30D P30D P33Y P3Y P3Y P20Y P10Y 0001311370 2022-01-01 2022-06-30 xbrli:shares 0001311370 2022-07-22 iso4217:USD 0001311370 2022-06-30 0001311370 2021-12-31 0001311370 laz:LtbpTrustMember 2022-06-30 0001311370 laz:LtbpTrustMember 2021-12-31 0001311370 us-gaap:SeriesAPreferredStockMember 2022-06-30 0001311370 us-gaap:SeriesAPreferredStockMember 2021-12-31 0001311370 us-gaap:SeriesBPreferredStockMember 2022-06-30 0001311370 us-gaap:SeriesBPreferredStockMember 2021-12-31 iso4217:USD xbrli:shares 0001311370 laz:FinancialAdvisoryFeesMember 2022-04-01 2022-06-30 0001311370 laz:FinancialAdvisoryFeesMember 2021-04-01 2021-06-30 0001311370 laz:FinancialAdvisoryFeesMember 2022-01-01 2022-06-30 0001311370 laz:FinancialAdvisoryFeesMember 2021-01-01 2021-06-30 0001311370 us-gaap:AssetManagement1Member 2022-04-01 2022-06-30 0001311370 us-gaap:AssetManagement1Member 2021-04-01 2021-06-30 0001311370 us-gaap:AssetManagement1Member 2022-01-01 2022-06-30 0001311370 us-gaap:AssetManagement1Member 2021-01-01 2021-06-30 0001311370 2022-04-01 2022-06-30 0001311370 2021-04-01 2021-06-30 0001311370 2021-01-01 2021-06-30 0001311370 laz:LGACMember 2021-01-01 2021-06-30 0001311370 2020-12-31 0001311370 2021-06-30 0001311370 us-gaap:CommonStockMember 2021-03-31 0001311370 us-gaap:RetainedEarningsMember 2021-03-31 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001311370 laz:CommonStockHeldBySubsidiaryMember 2021-03-31 0001311370 us-gaap:ParentMember 2021-03-31 0001311370 us-gaap:NoncontrollingInterestMember 2021-03-31 0001311370 2021-03-31 0001311370 laz:RedeemableNoncontrollingInterestMember 2021-03-31 0001311370 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001311370 us-gaap:ParentMember 2021-04-01 2021-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2021-04-01 2021-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2021-04-01 2021-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2021-04-01 2021-06-30 0001311370 us-gaap:CommonStockMember 2021-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001311370 us-gaap:RetainedEarningsMember 2021-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2021-06-30 0001311370 us-gaap:ParentMember 2021-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2021-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2021-06-30 0001311370 us-gaap:CommonStockMember 2020-12-31 0001311370 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001311370 us-gaap:RetainedEarningsMember 2020-12-31 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001311370 laz:CommonStockHeldBySubsidiaryMember 2020-12-31 0001311370 us-gaap:ParentMember 2020-12-31 0001311370 us-gaap:NoncontrollingInterestMember 2020-12-31 0001311370 us-gaap:RetainedEarningsMember 2021-01-01 2021-06-30 0001311370 us-gaap:ParentMember 2021-01-01 2021-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2021-01-01 2021-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2021-01-01 2021-06-30 0001311370 us-gaap:CommonStockMember 2022-03-31 0001311370 us-gaap:RetainedEarningsMember 2022-03-31 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001311370 laz:CommonStockHeldBySubsidiaryMember 2022-03-31 0001311370 us-gaap:ParentMember 2022-03-31 0001311370 us-gaap:NoncontrollingInterestMember 2022-03-31 0001311370 2022-03-31 0001311370 laz:RedeemableNoncontrollingInterestMember 2022-03-31 0001311370 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001311370 us-gaap:ParentMember 2022-04-01 2022-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2022-04-01 2022-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2022-04-01 2022-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2022-04-01 2022-06-30 0001311370 us-gaap:CommonStockMember 2022-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001311370 us-gaap:RetainedEarningsMember 2022-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2022-06-30 0001311370 us-gaap:ParentMember 2022-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2022-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2022-06-30 0001311370 us-gaap:CommonStockMember 2021-12-31 0001311370 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001311370 us-gaap:RetainedEarningsMember 2021-12-31 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001311370 laz:CommonStockHeldBySubsidiaryMember 2021-12-31 0001311370 us-gaap:ParentMember 2021-12-31 0001311370 us-gaap:NoncontrollingInterestMember 2021-12-31 0001311370 laz:RedeemableNoncontrollingInterestMember 2021-12-31 0001311370 us-gaap:RetainedEarningsMember 2022-01-01 2022-06-30 0001311370 us-gaap:ParentMember 2022-01-01 2022-06-30 0001311370 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-06-30 0001311370 laz:RedeemableNoncontrollingInterestMember 2022-01-01 2022-06-30 0001311370 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-06-30 0001311370 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-06-30 0001311370 laz:CommonStockHeldBySubsidiaryMember 2022-01-01 2022-06-30 0001311370 laz:RestrictedStockUnitsAndDeferredStockUnitsMember 2022-01-01 2022-06-30 0001311370 laz:RestrictedStockAwardsClassAMember 2022-01-01 2022-06-30 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2022-01-01 2022-06-30 0001311370 laz:ProfitsInterestParticipationRightsMember 2022-01-01 2022-06-30 xbrli:pure 0001311370 laz:LazardGroupLlcMember 2022-06-30 0001311370 laz:LazardGroupLlcMember 2021-12-31 0001311370 2019-02-04 2019-02-04 laz:Segment 0001311370 laz:LazardGrowthAcquisitionCorpIMember 2021-02-01 2021-02-28 0001311370 laz:LazardGrowthAcquisitionCorpIMember laz:NetUnderwritingFeeMember 2021-02-28 0001311370 laz:LazardGrowthAcquisitionCorpIMember laz:NonCashDeferredUnderwritingFeesMember 2021-02-28 0001311370 laz:LazardGrowthAcquisitionCorpIMember laz:OtherOfferingCostMember 2021-02-28 0001311370 laz:LazardGrowthAcquisitionCorpIMember 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2022-04-01 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2021-04-01 2021-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2022-01-01 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2021-01-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember laz:ManagementFeesAndOtherMember 2022-04-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember laz:ManagementFeesAndOtherMember 2021-04-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember laz:ManagementFeesAndOtherMember 2022-01-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember laz:ManagementFeesAndOtherMember 2021-01-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember laz:IncentiveFeesMember 2022-04-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember laz:IncentiveFeesMember 2021-04-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember laz:IncentiveFeesMember 2022-01-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember laz:IncentiveFeesMember 2021-01-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember 2022-04-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember 2021-04-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember 2022-01-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember 2021-01-01 2021-06-30 0001311370 us-gaap:FinanceReceivablesMember 2022-06-30 0001311370 us-gaap:FinanceReceivablesMember 2021-12-31 0001311370 laz:CustomerAndOtherReceivablesMember 2022-06-30 0001311370 laz:CustomerAndOtherReceivablesMember 2021-12-31 0001311370 us-gaap:DebtSecuritiesMember 2022-06-30 0001311370 us-gaap:DebtSecuritiesMember 2021-12-31 0001311370 us-gaap:EquitySecuritiesMember 2022-06-30 0001311370 us-gaap:EquitySecuritiesMember 2021-12-31 0001311370 laz:AlternativeInvestmentsMember 2022-06-30 0001311370 laz:AlternativeInvestmentsMember 2021-12-31 0001311370 us-gaap:FixedIncomeFundsMember 2022-06-30 0001311370 us-gaap:FixedIncomeFundsMember 2021-12-31 0001311370 us-gaap:EquityFundsMember 2022-06-30 0001311370 us-gaap:EquityFundsMember 2021-12-31 0001311370 us-gaap:PrivateEquityFundsMember 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2021-12-31 0001311370 laz:FundsMember 2022-06-30 0001311370 laz:FundsMember 2021-12-31 0001311370 srt:PartnershipInterestMember 2022-06-30 0001311370 srt:PartnershipInterestMember 2021-12-31 0001311370 laz:LazardFundInterestMember laz:AlternativeInvestmentsMember 2022-06-30 0001311370 laz:LazardFundInterestMember laz:AlternativeInvestmentsMember 2021-12-31 0001311370 laz:LazardFundInterestMember us-gaap:FixedIncomeFundsMember 2022-06-30 0001311370 laz:LazardFundInterestMember us-gaap:FixedIncomeFundsMember 2021-12-31 0001311370 laz:LazardFundInterestMember us-gaap:EquityFundsMember 2022-06-30 0001311370 laz:LazardFundInterestMember us-gaap:EquityFundsMember 2021-12-31 0001311370 us-gaap:DebtSecuritiesMember srt:MinimumMember us-gaap:USTreasurySecuritiesMember 2022-01-01 2022-06-30 0001311370 us-gaap:DebtSecuritiesMember srt:MaximumMember us-gaap:USTreasurySecuritiesMember 2022-01-01 2022-06-30 0001311370 us-gaap:DebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001311370 laz:AlternativeInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 laz:AlternativeInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-06-30 0001311370 us-gaap:FixedIncomeFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 us-gaap:FixedIncomeFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-06-30 0001311370 us-gaap:EquityFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 us-gaap:EquityFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-06-30 0001311370 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-06-30 0001311370 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-06-30 0001311370 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-06-30 0001311370 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-06-30 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember laz:AlternativeInvestmentsMember 2021-12-31 0001311370 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember laz:AlternativeInvestmentsMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2021-12-31 0001311370 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2021-12-31 0001311370 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:PrivateEquityFundsMember 2021-12-31 0001311370 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:PrivateEquityFundsMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001311370 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001311370 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001311370 us-gaap:EquitySecuritiesMember 2022-03-31 0001311370 us-gaap:PrivateEquityFundsMember 2022-03-31 0001311370 us-gaap:EquitySecuritiesMember 2022-04-01 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2022-04-01 2022-06-30 0001311370 us-gaap:EquitySecuritiesMember 2022-01-01 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2022-01-01 2022-06-30 0001311370 us-gaap:EquitySecuritiesMember 2021-03-31 0001311370 us-gaap:PrivateEquityFundsMember 2021-03-31 0001311370 us-gaap:EquitySecuritiesMember 2021-04-01 2021-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2021-04-01 2021-06-30 0001311370 us-gaap:EquitySecuritiesMember 2021-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2021-06-30 0001311370 us-gaap:DerivativeMember 2021-03-31 0001311370 us-gaap:DerivativeMember 2021-04-01 2021-06-30 0001311370 us-gaap:DerivativeMember 2021-06-30 0001311370 us-gaap:EquitySecuritiesMember 2020-12-31 0001311370 us-gaap:PrivateEquityFundsMember 2020-12-31 0001311370 us-gaap:EquitySecuritiesMember 2021-01-01 2021-06-30 0001311370 us-gaap:PrivateEquityFundsMember 2021-01-01 2021-06-30 0001311370 us-gaap:DerivativeMember 2020-12-31 0001311370 us-gaap:DerivativeMember 2021-01-01 2021-06-30 0001311370 us-gaap:FairValueInputsLevel3Member 2022-04-01 2022-06-30 0001311370 us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-06-30 0001311370 us-gaap:FairValueInputsLevel3Member 2021-04-01 2021-06-30 0001311370 us-gaap:FairValueInputsLevel3Member 2021-01-01 2021-06-30 0001311370 us-gaap:HedgeFundsMember 2022-06-30 0001311370 laz:OtherAlternativeInvestmentsMember 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember laz:EquityGrowthMember 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember laz:EquityGrowthMember 2022-01-01 2022-06-30 0001311370 laz:OtherAlternativeInvestmentsMember srt:MinimumMember 2022-01-01 2022-06-30 0001311370 us-gaap:EquityFundsMember srt:MinimumMember 2022-01-01 2022-06-30 0001311370 us-gaap:HedgeFundsMember srt:MinimumMember 2022-01-01 2022-06-30 0001311370 us-gaap:HedgeFundsMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 laz:OtherAlternativeInvestmentsMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 us-gaap:FixedIncomeFundsMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 us-gaap:EquityFundsMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 us-gaap:HedgeFundsMember laz:MonthlyMember 2022-01-01 2022-06-30 0001311370 us-gaap:HedgeFundsMember laz:QuarterlyMember 2022-01-01 2022-06-30 0001311370 laz:OtherAlternativeInvestmentsMember laz:DailyMember 2022-01-01 2022-06-30 0001311370 laz:OtherAlternativeInvestmentsMember laz:MonthlyMember 2022-01-01 2022-06-30 0001311370 us-gaap:FixedIncomeFundsMember laz:DailyMember 2022-01-01 2022-06-30 0001311370 us-gaap:EquityFundsMember laz:MonthlyMember 2022-01-01 2022-06-30 0001311370 us-gaap:EquityFundsMember laz:AnnuallyMember 2022-01-01 2022-06-30 0001311370 us-gaap:PrivateEquityFundsMember laz:ConsolidatedButNotOwnedMember 2022-06-30 0001311370 us-gaap:HedgeFundsMember 2021-12-31 0001311370 laz:OtherAlternativeInvestmentsMember 2021-12-31 0001311370 us-gaap:PrivateEquityFundsMember laz:EquityGrowthMember 2021-12-31 0001311370 us-gaap:PrivateEquityFundsMember laz:EquityGrowthMember 2021-01-01 2021-12-31 0001311370 srt:MinimumMember laz:OtherAlternativeInvestmentsMember 2021-01-01 2021-12-31 0001311370 srt:MinimumMember us-gaap:EquityFundsMember 2021-01-01 2021-12-31 0001311370 us-gaap:HedgeFundsMember srt:MinimumMember 2021-01-01 2021-12-31 0001311370 srt:MaximumMember us-gaap:HedgeFundsMember 2021-01-01 2021-12-31 0001311370 srt:MaximumMember laz:OtherAlternativeInvestmentsMember 2021-01-01 2021-12-31 0001311370 srt:MaximumMember us-gaap:FixedIncomeFundsMember 2021-01-01 2021-12-31 0001311370 srt:MaximumMember us-gaap:EquityFundsMember 2021-01-01 2021-12-31 0001311370 us-gaap:HedgeFundsMember laz:MonthlyMember 2021-01-01 2021-12-31 0001311370 us-gaap:HedgeFundsMember laz:QuarterlyMember 2021-01-01 2021-12-31 0001311370 laz:OtherAlternativeInvestmentsMember laz:DailyMember 2021-01-01 2021-12-31 0001311370 laz:OtherAlternativeInvestmentsMember laz:MonthlyMember 2021-01-01 2021-12-31 0001311370 us-gaap:FixedIncomeFundsMember laz:DailyMember 2021-01-01 2021-12-31 0001311370 us-gaap:EquityFundsMember laz:MonthlyMember 2021-01-01 2021-12-31 0001311370 us-gaap:EquityFundsMember laz:AnnuallyMember 2021-01-01 2021-12-31 0001311370 us-gaap:PrivateEquityFundsMember laz:ConsolidatedButNotOwnedMember 2021-12-31 0001311370 laz:EdgewaterGrowthCapitalPartnersThreeLpMember 2022-06-30 0001311370 laz:EdgewaterGrowthCapitalPartnersThreeLpMember 2022-01-01 2022-06-30 0001311370 us-gaap:ForeignExchangeForwardMember 2022-06-30 0001311370 laz:ReturnSwapsAndOtherMember 2022-06-30 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2022-06-30 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2022-06-30 0001311370 laz:OtherAssetsAndOtherLiabilitiesMember 2022-06-30 0001311370 us-gaap:ForeignExchangeForwardMember 2021-12-31 0001311370 laz:ReturnSwapsAndOtherMember 2021-12-31 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2021-12-31 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2021-12-31 0001311370 laz:OtherAssetsAndOtherLiabilitiesMember 2021-12-31 0001311370 us-gaap:ForeignExchangeForwardMember 2022-04-01 2022-06-30 0001311370 us-gaap:ForeignExchangeForwardMember 2021-04-01 2021-06-30 0001311370 us-gaap:ForeignExchangeForwardMember 2022-01-01 2022-06-30 0001311370 us-gaap:ForeignExchangeForwardMember 2021-01-01 2021-06-30 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2022-04-01 2022-06-30 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2021-04-01 2021-06-30 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2022-01-01 2022-06-30 0001311370 laz:LazardFundInterestsAndOtherSimilarDeferredCompensationArrangementsMember 2021-01-01 2021-06-30 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2022-04-01 2022-06-30 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2021-04-01 2021-06-30 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2022-01-01 2022-06-30 0001311370 laz:LazardGrowthAcquisitionCorpIWarrantsMember 2021-01-01 2021-06-30 0001311370 laz:ReturnSwapsAndOtherMember 2022-04-01 2022-06-30 0001311370 laz:ReturnSwapsAndOtherMember 2021-04-01 2021-06-30 0001311370 laz:ReturnSwapsAndOtherMember 2022-01-01 2022-06-30 0001311370 laz:ReturnSwapsAndOtherMember 2021-01-01 2021-06-30 0001311370 us-gaap:BuildingMember 2022-06-30 0001311370 us-gaap:BuildingMember 2021-12-31 0001311370 us-gaap:LeaseholdImprovementsMember 2022-06-30 0001311370 us-gaap:LeaseholdImprovementsMember 2021-12-31 0001311370 laz:FurnitureAndEquipmentMember 2022-06-30 0001311370 laz:FurnitureAndEquipmentMember 2021-12-31 0001311370 us-gaap:ConstructionInProgressMember 2022-06-30 0001311370 us-gaap:ConstructionInProgressMember 2021-12-31 0001311370 us-gaap:BuildingMember 2022-01-01 2022-06-30 0001311370 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2022-01-01 2022-06-30 0001311370 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 laz:FurnitureAndEquipmentMember srt:MinimumMember 2022-01-01 2022-06-30 0001311370 laz:FurnitureAndEquipmentMember srt:MaximumMember 2022-01-01 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember 2021-12-31 0001311370 laz:AssetManagementSegmentMember 2022-06-30 0001311370 laz:AssetManagementSegmentMember 2021-12-31 0001311370 laz:LazardGroupThreePointSevenFivePercentSeniorNotesMember 2022-06-30 0001311370 laz:LazardGroupThreePointSixTwoFivePercentSeniorNotesMember 2022-06-30 0001311370 laz:LazardGroupFourPointFiveZeroPercentSeniorNotesMember 2022-06-30 0001311370 laz:LazardGroupFourPointThreeSevenFivePercentSeniorNotesMember 2022-06-30 0001311370 laz:LazardGroupThreePointSevenFivePercentSeniorNotesMember 2022-01-01 2022-06-30 0001311370 laz:LazardGroupThreePointSixTwoFivePercentSeniorNotesMember 2022-01-01 2022-06-30 0001311370 laz:LazardGroupFourPointFiveZeroPercentSeniorNotesMember 2022-01-01 2022-06-30 0001311370 laz:LazardGroupFourPointThreeSevenFivePercentSeniorNotesMember 2022-01-01 2022-06-30 0001311370 laz:LazardGroupThreePointSevenFivePercentSeniorNotesMember 2021-12-31 0001311370 laz:LazardGroupThreePointSixTwoFivePercentSeniorNotesMember 2021-12-31 0001311370 laz:LazardGroupFourPointFiveZeroPercentSeniorNotesMember 2021-12-31 0001311370 laz:LazardGroupFourPointThreeSevenFivePercentSeniorNotesMember 2021-12-31 0001311370 us-gaap:SeniorDebtObligationsMember 2022-06-30 0001311370 us-gaap:SeniorDebtObligationsMember 2021-12-31 0001311370 laz:AmendedAndRestatedCreditAgreementMember 2020-07-22 2020-07-22 0001311370 laz:AmendedAndRestatedCreditAgreementMember 2020-07-22 0001311370 laz:AmendedAndRestatedCreditAgreementMember 2022-01-01 2022-06-30 0001311370 laz:AmendedAndRestatedCreditAgreementMember 2022-06-30 0001311370 laz:AmendedAndRestatedCreditAgreementMember 2021-12-31 0001311370 us-gaap:UnusedLinesOfCreditMember 2022-06-30 0001311370 laz:LazardFreresBanqueSaMember us-gaap:UnusedLinesOfCreditMember 2022-06-30 0001311370 laz:LazardFreresBanqueSaMember 2022-06-30 0001311370 laz:LazardFreresAndCompanyLimitedLiabilityCompanyMember 2022-06-30 0001311370 laz:ShareRepurchaseProgramDateAprilTwoThousandAndTwentyOneMember 2022-06-30 0001311370 laz:ShareRepurchaseProgramDateFebruaryTwoThousandAndTwentyTwoMember 2022-06-30 0001311370 laz:ShareRepurchaseProgramDateAprilTwoThousandAndTwentyOneMember 2022-01-01 2022-06-30 0001311370 laz:ShareRepurchaseProgramDateFebruaryTwoThousandAndTwentyTwoMember 2022-01-01 2022-06-30 0001311370 srt:ExecutiveOfficerMember us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001311370 srt:ExecutiveOfficerMember us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001311370 laz:ShareRepurchaseProgramDateDecemberThirtyOneTwoThousandAndTwentyFourMember us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001311370 us-gaap:SubsequentEventMember srt:MaximumMember 2022-07-27 0001311370 us-gaap:SubsequentEventMember 2022-07-27 2022-07-27 0001311370 us-gaap:SubsequentEventMember 2022-07-27 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-03-31 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-03-31 0001311370 us-gaap:AociAttributableToNoncontrollingInterestMember 2022-03-31 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-04-01 2022-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-04-01 2022-06-30 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-06-30 0001311370 us-gaap:AociAttributableToNoncontrollingInterestMember 2022-06-30 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2022-03-31 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2022-06-30 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-12-31 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-12-31 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-01-01 2022-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2022-01-01 2022-06-30 0001311370 us-gaap:AociAttributableToNoncontrollingInterestMember 2022-01-01 2022-06-30 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2021-12-31 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2021-03-31 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2021-06-30 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-03-31 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-03-31 0001311370 us-gaap:AociAttributableToNoncontrollingInterestMember 2021-03-31 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-04-01 2021-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-04-01 2021-06-30 0001311370 us-gaap:AociAttributableToNoncontrollingInterestMember 2021-04-01 2021-06-30 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-06-30 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-12-31 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2020-12-31 0001311370 us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-01-01 2021-06-30 0001311370 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember 2021-01-01 2021-06-30 0001311370 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2020-12-31 0001311370 laz:EdgewaterMember 2022-04-01 2022-06-30 0001311370 laz:LFIConsolidatedFundsMember 2022-04-01 2022-06-30 0001311370 laz:LGACMember 2022-04-01 2022-06-30 0001311370 laz:EdgewaterMember 2021-04-01 2021-06-30 0001311370 laz:LFIConsolidatedFundsMember 2021-04-01 2021-06-30 0001311370 laz:LGACMember 2021-04-01 2021-06-30 0001311370 laz:OtherEntityMember 2021-04-01 2021-06-30 0001311370 laz:EdgewaterMember 2022-01-01 2022-06-30 0001311370 laz:LFIConsolidatedFundsMember 2022-01-01 2022-06-30 0001311370 laz:LGACMember 2022-01-01 2022-06-30 0001311370 laz:OtherEntityMember 2022-01-01 2022-06-30 0001311370 laz:EdgewaterMember 2021-01-01 2021-06-30 0001311370 laz:LFIConsolidatedFundsMember 2021-01-01 2021-06-30 0001311370 laz:OtherEntityMember 2021-01-01 2021-06-30 0001311370 laz:EdgewaterMember 2022-06-30 0001311370 laz:ProfitsInterestParticipationRightsMember 2022-06-30 0001311370 laz:LFIConsolidatedFundsMember 2022-06-30 0001311370 laz:LGACMember 2022-06-30 0001311370 laz:OtherEntityMember 2022-06-30 0001311370 laz:EdgewaterMember 2021-12-31 0001311370 laz:ProfitsInterestParticipationRightsMember 2021-12-31 0001311370 laz:LFIConsolidatedFundsMember 2021-12-31 0001311370 laz:LGACMember 2021-12-31 0001311370 laz:OtherEntityMember 2021-12-31 0001311370 laz:TwoThousandAndEighteenPlanMember us-gaap:CommonStockMember 2018-04-24 0001311370 laz:TwoThousandAndEighteenPlanMember us-gaap:CommonStockMember 2021-04-29 2021-04-29 0001311370 us-gaap:CommonStockMember laz:AwardedUnderTwoThousandEightPlanMember 2018-04-24 2018-04-24 0001311370 laz:TwoThousandAndFivePlanMember us-gaap:CommonStockMember 2022-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2022-04-01 2022-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2021-04-01 2021-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2022-01-01 2022-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-06-30 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2022-04-01 2022-06-30 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2021-04-01 2021-06-30 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2021-01-01 2021-06-30 0001311370 us-gaap:RestrictedStockMember 2022-04-01 2022-06-30 0001311370 us-gaap:RestrictedStockMember 2021-04-01 2021-06-30 0001311370 us-gaap:RestrictedStockMember 2022-01-01 2022-06-30 0001311370 us-gaap:RestrictedStockMember 2021-01-01 2021-06-30 0001311370 laz:ProfitsInterestParticipationRightsMember 2022-04-01 2022-06-30 0001311370 laz:ProfitsInterestParticipationRightsMember 2021-04-01 2021-06-30 0001311370 laz:ProfitsInterestParticipationRightsMember 2021-01-01 2021-06-30 0001311370 laz:DeferredStockUnitMember 2022-04-01 2022-06-30 0001311370 laz:DeferredStockUnitMember 2021-04-01 2021-06-30 0001311370 laz:DeferredStockUnitMember 2022-01-01 2022-06-30 0001311370 laz:DeferredStockUnitMember 2021-01-01 2021-06-30 0001311370 laz:NonExecutiveMember 2022-01-01 2022-06-30 0001311370 laz:NonExecutiveMember laz:DeferredStockUnitMember 2022-01-01 2022-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2021-12-31 0001311370 laz:DeferredStockUnitMember 2021-12-31 0001311370 us-gaap:RestrictedStockUnitsRSUMember 2022-06-30 0001311370 laz:DeferredStockUnitMember 2022-06-30 0001311370 us-gaap:RestrictedStockUnitsRSUMember us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001311370 us-gaap:RestrictedStockMember 2021-12-31 0001311370 us-gaap:RestrictedStockMember 2022-06-30 0001311370 us-gaap:RestrictedStockMember us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2021-12-31 0001311370 laz:PerformanceBasedRestrictedStockUnitMember 2022-06-30 0001311370 laz:ProfitsInterestParticipationRightsIncludingPRPUsMember 2021-12-31 0001311370 laz:ProfitsInterestParticipationRightsIncludingPRPUsMember 2022-01-01 2022-06-30 0001311370 laz:ProfitsInterestParticipationRightsIncludingPRPUsMember 2022-06-30 0001311370 laz:PerformanceBasedRestrictedParticipationUnitMember 2022-01-01 2022-06-30 0001311370 laz:PerformanceBasedRestrictedParticipationUnitMember 2021-12-31 0001311370 laz:OtherProfitsInterestParticipationRightsMember 2021-12-31 0001311370 laz:OtherProfitsInterestParticipationRightsMember 2022-01-01 2022-06-30 0001311370 laz:PerformanceBasedRestrictedParticipationUnitMember 2022-06-30 0001311370 laz:OtherProfitsInterestParticipationRightsMember 2022-06-30 0001311370 laz:LazardFundInterestMember 2022-01-01 2022-06-30 0001311370 us-gaap:PensionPlansDefinedBenefitMember 2022-04-01 2022-06-30 0001311370 us-gaap:PensionPlansDefinedBenefitMember 2021-04-01 2021-06-30 0001311370 us-gaap:PensionPlansDefinedBenefitMember 2022-01-01 2022-06-30 0001311370 us-gaap:PensionPlansDefinedBenefitMember 2021-01-01 2021-06-30 0001311370 laz:AffiliatedFundsMember 2022-04-01 2022-06-30 0001311370 laz:AffiliatedFundsMember 2022-01-01 2022-06-30 0001311370 laz:AffiliatedFundsMember 2021-04-01 2021-06-30 0001311370 laz:AffiliatedFundsMember 2021-01-01 2021-06-30 0001311370 laz:AffiliatedFundsMember 2022-06-30 0001311370 laz:AffiliatedFundsMember 2021-12-31 0001311370 laz:LtbpTrustMember 2015-10-26 2015-10-26 0001311370 laz:AmendedAndRestatedTaxReceivableAgreementMember 2022-01-01 2022-06-30 0001311370 laz:LtbpTrustMember 2022-06-30 0001311370 laz:LtbpTrustMember 2021-12-31 0001311370 laz:LtbpTrustMember 2022-01-01 2022-06-30 0001311370 laz:LazardFreresAndCompanyLimitedLiabilityCompanyMember srt:MaximumMember 2022-06-30 0001311370 laz:UnitedKingdomSubsidiaryMember 2022-06-30 0001311370 laz:CompagnieFinanciereLazardFreresSasMember 2022-03-31 0001311370 laz:CombinedEuropeanRegulatedGroupMember 2022-03-31 0001311370 laz:OtherUSAndNonUSSubsidiariesMember 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember us-gaap:OperatingSegmentsMember 2022-04-01 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001311370 laz:FinancialAdvisorySegmentMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-06-30 0001311370 laz:FinancialAdvisorySegmentMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember us-gaap:OperatingSegmentsMember 2022-04-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001311370 laz:AssetManagementSegmentMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-06-30 0001311370 laz:AssetManagementSegmentMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0001311370 us-gaap:CorporateNonSegmentMember 2022-04-01 2022-06-30 0001311370 us-gaap:CorporateNonSegmentMember 2021-04-01 2021-06-30 0001311370 us-gaap:CorporateNonSegmentMember 2022-01-01 2022-06-30 0001311370 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-06-30 0001311370 us-gaap:OperatingSegmentsMember laz:FinancialAdvisorySegmentMember 2022-06-30 0001311370 us-gaap:OperatingSegmentsMember laz:FinancialAdvisorySegmentMember 2021-12-31 0001311370 us-gaap:OperatingSegmentsMember laz:AssetManagementSegmentMember 2022-06-30 0001311370 us-gaap:OperatingSegmentsMember laz:AssetManagementSegmentMember 2021-12-31 0001311370 us-gaap:CorporateNonSegmentMember 2022-06-30 0001311370 us-gaap:CorporateNonSegmentMember 2021-12-31 0001311370 laz:LazardGroupLlcMember laz:LazardFundInterestMember 2022-06-30 0001311370 laz:LazardGroupLlcMember laz:LazardFundInterestMember 2021-12-31 0001311370 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-06-30 0001311370 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

001-32492

(Commission File Number)

 

LAZARD LTD

(Exact name of registrant as specified in its charter)

 

Bermuda

98-0437848

(State or Other Jurisdiction of Incorporation

(I.R.S. Employer Identification No.)

or Organization)

 

Clarendon House

2 Church Street

Hamilton HM11, Bermuda

(Address of principal executive offices)

Registrant’s telephone number: (441) 295-1422

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock

LAZ

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

 

 

Emerging growth company

☐

If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ☒

As of July 22, 2022, there were 112,766,091 shares of the Registrant’s common stock outstanding (including 20,011,746 shares held by subsidiaries).

 

 

 

 

 

TABLE OF CONTENTS

When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Ltd, a company incorporated under the laws of Bermuda, and its subsidiaries, including Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard Ltd’s primary operating asset is its indirect ownership as of June 30, 2022 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group. When we use the term “common stock”, we mean Class A common stock of Lazard Ltd, the only class of common stock of Lazard outstanding.

 

 

 

 

i

 

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

 

1

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

907,472

 

 

$

1,465,022

 

Deposits with banks and short-term investments

 

 

1,700,961

 

 

 

1,347,544

 

Restricted cash

 

 

617,057

 

 

 

617,448

 

Receivables (net of allowance for doubtful accounts of $30,271 and $33,957

   at June 30, 2022 and December 31, 2021, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

582,960

 

 

 

669,464

 

Customers and other

 

 

156,742

 

 

 

136,345

 

 

 

 

739,702

 

 

 

805,809

 

Investments

 

 

787,139

 

 

 

1,007,339

 

Property (net of accumulated amortization and depreciation of $371,545 and $367,507

   at June 30, 2022 and December 31, 2021, respectively)

 

 

231,502

 

 

 

250,005

 

Operating lease right-of-use assets

 

 

435,450

 

 

 

466,054

 

Goodwill and other intangible assets (net of accumulated amortization

   of $70,207 and $70,221 at June 30, 2022 and December 31, 2021, respectively)

 

 

378,004

 

 

 

379,571

 

Deferred tax assets

 

 

408,187

 

 

 

435,308

 

Other assets

 

 

506,322

 

 

 

373,081

 

Total Assets

 

$

6,711,796

 

 

$

7,147,181

 

 

See notes to condensed consolidated financial statements.

 

2

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

   AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,831,825

 

 

$

1,442,701

 

Accrued compensation and benefits

 

 

494,464

 

 

 

972,303

 

Operating lease liabilities

 

 

520,025

 

 

 

552,522

 

Tax receivable agreement obligation

 

 

192,473

 

 

 

213,434

 

Senior debt

 

 

1,686,471

 

 

 

1,685,227

 

Deferred tax liabilities

 

 

13,606

 

 

 

1,827

 

Other liabilities

 

 

570,265

 

 

 

626,203

 

Total Liabilities

 

 

5,309,129

 

 

 

5,494,217

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

575,710

 

 

 

575,000

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock, par value $.01 per share; 15,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A - no shares issued and outstanding

 

 

-

 

 

 

-

 

Series B - no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock:

 

 

 

 

 

 

 

 

Class A, par value $.01 per share (500,000,000 shares authorized;

   112,766,091 shares issued at June 30, 2022 and

   December 31, 2021, including shares held by subsidiaries as

   indicated below)

 

 

1,128

 

 

 

1,128

 

Additional paid-in-capital

 

 

71,918

 

 

 

144,729

 

Retained earnings

 

 

1,628,182

 

 

 

1,560,636

 

Accumulated other comprehensive loss, net of tax

 

 

(290,029

)

 

 

(223,847

)

 

 

 

1,411,199

 

 

 

1,482,646

 

Class A common stock held by subsidiaries, at cost (18,240,059 and 12,046,140

   shares at June 30, 2022 and December 31, 2021, respectively)

 

 

(695,537

)

 

 

(507,426

)

Total Lazard Ltd Stockholders’ Equity

 

 

715,662

 

 

 

975,220

 

Noncontrolling interests

 

 

111,295

 

 

 

102,744

 

Total Stockholders’ Equity

 

 

826,957

 

 

 

1,077,964

 

Total Liabilities, Redeemable Noncontrolling Interests

  and Stockholders’ Equity

 

$

6,711,796

 

 

$

7,147,181

 

 

See notes to condensed consolidated financial statements.

 

3

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

405,091

 

 

$

475,161

 

 

$

794,830

 

 

$

792,992

 

Asset management fees

 

 

269,011

 

 

 

346,465

 

 

 

584,063

 

 

 

673,415

 

Interest income

 

 

4,062

 

 

 

1,280

 

 

 

5,823

 

 

 

2,634

 

Other

 

 

(17,506

)

 

 

20,358

 

 

 

(7,914

)

 

 

54,127

 

Total revenue

 

 

660,658

 

 

 

843,264

 

 

 

1,376,802

 

 

 

1,523,168

 

Interest expense

 

 

21,112

 

 

 

20,127

 

 

 

42,364

 

 

 

39,924

 

Net revenue

 

 

639,546

 

 

 

823,137

 

 

 

1,334,438

 

 

 

1,483,244

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

363,830

 

 

 

514,918

 

 

 

760,671

 

 

 

916,464

 

Occupancy and equipment

 

 

29,409

 

 

 

29,875

 

 

 

60,648

 

 

 

64,623

 

Marketing and business development

 

 

22,673

 

 

 

9,332

 

 

 

36,796

 

 

 

15,983

 

Technology and information services

 

 

42,067

 

 

 

35,774

 

 

 

79,998

 

 

 

69,444

 

Professional services

 

 

16,549

 

 

 

19,996

 

 

 

32,578

 

 

 

34,944

 

Fund administration and outsourced services

 

 

28,551

 

 

 

31,302

 

 

 

58,254

 

 

 

60,581

 

Amortization of intangible assets related to acquisitions

 

 

15

 

 

 

15

 

 

 

30

 

 

 

30

 

Other

 

 

10,614

 

 

 

15,664

 

 

 

19,897

 

 

 

20,624

 

Total operating expenses

 

 

513,708

 

 

 

656,876

 

 

 

1,048,872

 

 

 

1,182,693

 

OPERATING INCOME

 

 

125,838

 

 

 

166,261

 

 

 

285,566

 

 

 

300,551

 

Provision for income taxes

 

 

34,187

 

 

 

41,345

 

 

 

72,940

 

 

 

84,809

 

NET INCOME

 

 

91,651

 

 

 

124,916

 

 

 

212,626

 

 

 

215,742

 

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

(3,829

)

 

 

1,738

 

 

 

3,270

 

 

 

5,264

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

95,480

 

 

$

123,178

 

 

$

209,356

 

 

$

210,478

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

98,660,173

 

 

 

106,746,654

 

 

 

100,603,724

 

 

 

107,019,107

 

Diluted

 

 

102,753,336

 

 

 

113,603,478

 

 

 

105,469,988

 

 

 

114,712,885

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.96

 

 

$

1.14

 

 

$

2.05

 

 

$

1.94

 

Diluted

 

$

0.92

 

 

$

1.08

 

 

$

1.97

 

 

$

1.83

 

 

 

See notes to condensed consolidated financial statements.

 

4

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NET INCOME

 

$

91,651

 

 

$

124,916

 

 

$

212,626

 

 

$

215,742

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments before reclassification

 

 

(61,700

)

 

 

5,502

 

 

 

(79,690

)

 

 

(14,241

)

Adjustment for items reclassified to earnings

 

 

205

 

 

 

23,579

 

 

 

127

 

 

 

23,579

 

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) (net of tax expense (benefit) of

   $1,816 and $(373) for the three months ended

   June 30, 2022 and 2021, respectively, and $2,604 and $389

   for the six months ended June 30, 2022 and 2021,

   respectively)

 

 

8,287

 

 

 

(1,477

)

 

 

11,726

 

 

 

(412

)

Adjustment for items reclassified to earnings (net of

   tax expense of $248 and $483 for the three months

   ended June 30, 2022 and 2021, respectively, and

   $515 and $864 for the six months ended

   June 30, 2022 and 2021, respectively)

 

 

805

 

 

 

1,458

 

 

 

1,654

 

 

 

2,794

 

OTHER COMPREHENSIVE INCOME (LOSS) , NET OF TAX

 

 

(52,403

)

 

 

29,062

 

 

 

(66,183

)

 

 

11,720

 

COMPREHENSIVE INCOME

 

 

39,248

 

 

 

153,978

 

 

 

146,443

 

 

 

227,462

 

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

(3,829

)

 

 

1,737

 

 

 

3,269

 

 

 

5,264

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

43,077

 

 

$

152,241

 

 

$

143,174

 

 

$

222,198

 

 

 

See notes to condensed consolidated financial statements.

 

5

 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2022 AND 2021

(UNAUDITED)

(dollars in thousands)

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

212,626

 

 

$

215,742

 

Adjustments to reconcile net income to net cash provided by (used in)

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

21,045

 

 

 

18,938

 

Noncash lease expense

 

 

32,487

 

 

 

36,242

 

Currency translation adjustment reclassification

 

 

127

 

 

 

23,579

 

Amortization of deferred expenses and share-based incentive

   compensation

 

 

212,538

 

 

 

229,919

 

Amortization of intangible assets related to acquisitions

 

 

30

 

 

 

30

 

Deferred tax provision

 

 

43,398

 

 

 

43,641

 

(Increase) decrease in operating assets and increase (decrease) in

   operating liabilities:

 

 

 

 

 

 

 

 

Receivables-net

 

 

46,339

 

 

 

(83,982

)

Investments

 

 

112,536

 

 

 

(290,595

)

Other assets

 

 

(62,425

)

 

 

(22,527

)

Accrued compensation and benefits and other liabilities

 

 

(533,600

)

 

 

(155,910

)

Net cash provided by operating activities

 

 

85,101

 

 

 

15,077

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(19,697

)

 

 

(17,370

)

Disposals of property

 

 

213

 

 

 

602

 

Net cash used in investing activities

 

 

(19,484

)

 

 

(16,768

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

 

 

208

 

 

 

316

 

LGAC IPO

 

 

-

 

 

 

575,000

 

Customer deposits, net

 

 

514,610

 

 

 

63,539

 

Payments for:

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

(9,462

)

 

 

(2,737

)

Payments under tax receivable agreement

 

 

(20,961

)

 

 

(10,215

)

Payments of LGAC IPO underwriting fees and other offering costs

 

 

-

 

 

 

(9,352

)

Purchase of Class A common stock

 

 

(375,185

)

 

 

(233,745

)

Class A common stock dividends

 

 

(92,676

)

 

 

(98,964

)

Settlement of share-based incentive compensation in

   satisfaction of tax withholding requirements

 

 

(58,739

)

 

 

(65,592

)

LFI Consolidated Funds redemptions

 

 

(1