M&A Transactions - Completed M&A transactions in Q1 2025 totaled $778 billion, a 17% increase from $665 billion in Q1 2024, while the number of deals decreased by 32% to 6,719[253] - Announced M&A transactions in Q1 2025 reached $1,031 billion, an 18% increase from $874 billion in Q1 2024, with the number of deals decreasing by 24% to 7,712[253] - The financial advisory segment's revenues are closely tied to the completion of M&A transactions and restructuring activities, which can vary significantly from year to year[255] Restructuring Transactions - The value of completed restructuring transactions in Q1 2025 was $23 billion, an 85% decrease from $150 billion in Q1 2024, with the number of deals down 69% to 39[253] Financial Performance - Lazard's net revenue for Q1 2025 was $648,051, a decrease of 15.3% compared to $764,753 in Q1 2024[282] - Adjusted net revenue for Q1 2025 was $643,185, down 13.9% from $746,565 in Q1 2024[285] - Net income attributable to Lazard for Q1 2025 was $60,375, an increase of 68.9% from $35,755 in Q1 2024[282] - Adjusted operating income decreased by $46 million, or 38%, to $74 million, representing 11.5% of adjusted net revenue for the three months ended March 31, 2025[301] Asset Management - Lazard's asset management revenues are primarily driven by the level of assets under management (AUM), which is influenced by market movements and product mix[257] - Total Assets Under Management (AUM) increased to $227 billion as of March 31, 2025, up by $1 billion from $226 billion at December 31, 2024[319] - Adjusted net revenue for the Asset Management segment decreased by $11 million, or 4%, to $264,494 million compared to $275,934 million in 2024[325][329] Compensation and Expenses - Total compensation and benefits expense decreased to $430,270 in Q1 2025 from $550,824 in Q1 2024, reflecting a reduction of 21.8%[289] - Adjusted compensation and benefits expense for Financial Advisory decreased by $62 million, or 21%, compared to the 2024 period[315] Market Conditions - The MSCI World Index decreased by 2% from December 31, 2024, while the S&P 500 fell by 4% in the same period, impacting asset management revenues[257] - The company operates in a competitive environment with risks related to international trade policies and market volatility affecting client decision-making[246] Cash Flow and Liquidity - Cash provided by operating activities was negative $217 million for the three months ended March 31, 2025, compared to negative $90 million in 2024[343] - The Company had approximately $909 million in cash and cash equivalents as of March 31, 2025, including $494 million held outside the U.S.[350] - Lazard's annual cash flow from operations has historically been sufficient to meet its annual obligations, indicating strong liquidity[356] Risk Management - Operational risk is inherent in the Company's businesses, including potential errors, fraud, and cyber attacks[417] - The Company has established a framework to monitor and manage operational risk, including internal controls and business continuity programs[417] Shareholder Returns - The Company repurchased 773,955 shares at an average price of $46.73 during the three months ended March 31, 2025, with $164 million remaining under the share repurchase authorization[364] - A quarterly dividend of $0.50 per share was declared on April 24, 2025, payable on May 16, 2025[365]

Core Viewpoint - Lazard Inc. reported first-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 27 cents, but down from 66 cents per share in the same quarter last year [1][2] Financial Performance - Net income (GAAP) for Lazard was $60.4 million, a significant increase of 68.9% from the prior-year quarter [2] - Quarterly operating revenues were $643.2 million, reflecting a decline of 13.8% year over year, yet surpassing the Zacks Consensus Estimate of $616 million [3] - Operating expenses decreased to $593.4 million, down 16.4% year over year [4] Segment Performance - Financial Advisory segment adjusted operating revenues were $369.5 million, down 17.3% from the previous year [5] - Asset Management segment adjusted operating revenues decreased to $264.5 million, a decline of 4.1% year over year [5] - Corporate segment adjusted operating revenues were $9.1 million, down 61.9% from the year-ago quarter [5] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $227.4 billion, a decrease of 9.2% from the prior-year quarter [6] - The average AUM in the reported quarter was $230.8 billion, down 6.5% year over year [6] Balance Sheet Position - Cash and cash equivalents totaled $908.6 million, down 30.5% from the prior quarter [7] - Stockholders' equity was $648.6 million, a decrease of 5.3% sequentially [7] Share Repurchase Activity - In the reported quarter, Lazard repurchased 0.8 million shares at an average price of $46.73 per share, with approximately $164 million remaining for future repurchases [9] Strategic Outlook - Increased dependence on advisory revenues and continued net outflows are expected to impact top-line growth [10] - Innovative investment strategies and cost mitigation initiatives are anticipated to support profitability [10]

LAZARD APRIL 2025 Investor Presentation Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward- looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "w ...

Lazard Inc. (NYSE:LAZ) Q1 2025 Earnings Conference Call April 25, 2025 8:00 AM ET Company Participants Peter Orszag - Chairman, Chief Executive Officer Mary Ann Betsch - Chief Financial Officer Evan Russo - Chief Executive Officer, Asset Management Alexandra Deignan - Head of Investor Relations and Treasury Conference Call Participants Mike Brown - Wells Fargo James Yaro - Goldman Sachs Ben Rubin - UBS Ryan Kenny - Morgan Stanley Alex Jenkins - Citizens JMP Brendan O’Brien - Wolfe Research Operator We stan ...

For the quarter ended March 2025, Lazard (LAZ) reported revenue of $643.19 million, down 13.9% over the same period last year. EPS came in at $0.56, compared to $0.66 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $616.37 million, representing a surprise of +4.35%. The company delivered an EPS surprise of +93.10%, with the consensus EPS estimate being $0.29.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...

Lazard (LAZ) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 93.10%. A quarter ago, it was expected that this company would post earnings of $0.51 per share when it actually produced earnings of $0.78, delivering a surprise of 52.94%.Over the last four quarters, the company has surpas ...

LAZARD REPORTS FIRST-QUARTER 2025 RESULTS NEW YORK, April 25, 2025 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $648 million and adjusted net revenue of $643 million for the quarter ended March 31, 2025. 1 On both a U.S. GAAP and an adjusted basis , Lazard reported first-quarter 2025 net income of $60 million or $0.56 per share, diluted. 1 "First quarter performance was solid in the midst of an uncertain business environment," said Peter R. Orszag, CEO and Chairman. "Throughout our history, we'v ...

The market expects Lazard (LAZ) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 25, 2025, might help the stock move higher if these key numbers are better th ...

Lazard, Inc. (LAZ) reported a preliminary asset under management (“AUM”) balance of $232.9 billion for February 2025, a marginal decrease from $233 billion as of Jan. 31, 2025.The downfall in AUM balance was due to net outflows of $0.8 billion. The AUM was impacted favorably by foreign exchange appreciation of $0.5 billion and market appreciation of $0.1 billion.LAZ’s February AUM BreakdownIn February, Lazard’s equity assets decreased 0.8% from the prior month’s level to $180 billion.Fixed-income assets inc ...

Revenue and Financial Performance - Financial Advisory services accounted for approximately 57% of the company's consolidated net revenue for the year ended December 31, 2024[111]. - The company's Asset Management revenue is sensitive to fluctuations in Assets Under Management (AUM), which can decrease due to market depreciation, withdrawals, or foreign currency fluctuations[101]. - The company may experience unexpected declines in revenue and profitability due to clients being able to terminate investment advisory contracts on short notice[120]. - Poor investment performance can lead to significant client or asset departures, adversely affecting AUM and revenue[118]. - The company relies on successful completion of transactions for Financial Advisory revenue, making it vulnerable to fluctuations in market conditions[111]. - Revenue from private equity is derived from management fees based on committed or invested capital, with uncertainties affecting the ability to form new funds[125]. - Forward-looking statements include potential declines in revenues due to decreased M&A activity or AUM[178]. Competition and Market Environment - The financial services industry is intensely competitive, with pricing pressures expected to continue as competitors seek to gain market share[107]. - The company faces significant competition in retaining key professionals, which is critical for executing Financial Advisory and Asset Management engagements[103]. - The market environment is competitive and rapidly changing, with new risks emerging over time[176]. Operational Risks - The company faces risks from operational failures of third-party service providers, which could adversely affect transaction management and results of operations[123]. - Operational risks, including reliance on information systems and potential disruptions, could materially affect business continuity and financial results[138]. - Cybersecurity incidents pose a risk to the company's operations, potentially leading to reputational damage and financial losses[158]. Regulatory and Compliance Risks - The company is subject to extensive regulation, which may limit activities and expose it to significant penalties[141]. - The implementation of the EU Markets in Financial Instruments Directive II ("MiFID II") has reduced the ability to utilize commissions for research services in certain European jurisdictions[147]. - New regulations, including UCITS V, may impact compensation structures and increase operational costs for the Asset Management business[148]. - The company faces increased scrutiny from regulators, which may lead to higher operational and compliance costs[146]. - The financial services industry is experiencing heightened litigation and regulatory risks, which could lead to significant legal liabilities[150]. - The company is subject to potential conflicts of interest due to its dual operations in Financial Advisory and Asset Management[151]. Tax and Financial Obligations - Changes in tax laws, such as the 1% excise tax on net stock repurchases from the Inflation Reduction Act of 2022, could adversely impact the effective tax rate[164]. - The effective tax rate may be negatively impacted by changes in the jurisdictional mix of earnings and losses across different countries[163]. - The IRS may challenge tax computations and classifications, potentially leading to significant additional tax costs[166]. - The Amended and Restated Tax Receivable Agreement may result in payments exceeding cash tax savings if tax basis increases are challenged[169]. - Lazard, Inc. relies on distributions from Lazard Group to cover dividends and taxes, which could materially affect its financial condition if distributions are restricted[170]. - Lazard Group depends on its subsidiaries for distributions to meet financial obligations, and there is no obligation for subsidiaries to provide funds[172]. Debt and Liquidity - Lazard Group has approximately $1.7 billion in outstanding debt as of December 31, 2024, with specific maturities of $300 million, $500 million, $500 million, and $400 million due in 2027, 2028, 2029, and 2031 respectively[130]. - The inability to access capital markets due to debt obligations could impair liquidity and increase borrowing costs[130]. - The company faces risks related to liquidity and access to funds for business operations[178]. Strategic Initiatives - The company is exploring new business lines and acquisitions to enhance competitive positioning, which may introduce additional risks and uncertainties[126]. - International operations are expected to grow, contributing significantly to revenue, but carry inherent financial and business risks[135]. - The Asset Management business obtained research and other eligible services through third-party soft dollar arrangements valued at approximately $24 million for the year ended December 31, 2024[147]. Internal Controls and Governance - The company is in compliance with Section 404 of the Sarbanes-Oxley Act as of December 31, 2024, but failure to maintain effective internal controls could adversely affect the business[162]. - Anti-takeover provisions may delay or prevent changes in control, potentially affecting stock price[168]. - The company is committed to providing timely and accurate information to the investing public through its websites and social media[180].