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Start Time: 08:00 January 1, 0000 8:33 AM ET Lazard Ltd (NYSE:LAZ) Q2 2023 Earnings Conference Call July 27, 2023, 08:00 AM ET Company Participants Kenneth Jacobs - Chairman and CEO Mary Ann Betsch - CFO Evan Russo - CEO, Asset Management Peter Orszag - CEO, of Financial Advisory Alexandra Deignan - Head of IR, Treasury and Corporate Sustainability Conference Call Participants Ryan Kenny - Morgan Stanley Brendan O’Brien - Wolfe Research Devin Ryan - JMP Securities Jim Mitchell - Seaport Global James Yaro - ...

Financial Performance - Consolidated net revenue for the first quarter of 2023 was derived from Financial Advisory (51%), Asset Management (52%), and Corporate (-3%) segments [256]. - Lazard's net revenue for the three months ended March 31, 2023, was $542,436, a decrease of 22% compared to $694,892 in the same period of 2022 [296]. - Operating income for the same period was a loss of $36,924, compared to an operating income of $159,728 in the prior year, representing a significant decline [296]. - Net income attributable to Lazard Ltd for the first quarter of 2023 was a loss of $22,172, compared to a net income of $113,876 in the same quarter of 2022 [296]. - Operating revenue decreased by $172 million, or 25%, to $527 million for the three months ended March 31, 2023, compared to $699 million in 2022 [309]. - Financial Advisory net revenue decreased by $113 million, or 29%, primarily due to a reduction in the number of fees greater than $10 million [321]. - Net revenue for the Asset Management segment decreased by $54 million, or 16%, to $284.04 million in Q1 2023 compared to $338.50 million in Q1 2022 [338]. Market Activity - Completed M&A transactions in Q1 2023 saw a total value of $617 billion, a decrease of 51% from $1,262 billion in Q1 2022, with the number of deals dropping by 32% [267]. - Announced M&A transactions in Q1 2023 had a total value of $589 billion, down 48% from $1,123 billion in Q1 2022, with a 25% decrease in the number of deals [267]. - The number of corporate defaults increased to 33 in Q1 2023 from 25 in Q1 2022, indicating a rise in restructuring activity [268]. - The global macroeconomic environment remains uncertain, characterized by significant inflation and rising interest rates, impacting M&A activity [258]. Asset Management - Total Assets Under Management (AUM) increased by $16 billion, or 7%, to $232 billion as of March 31, 2023, compared to $216 billion at December 31, 2022 [327]. - Approximately 84% of AUM was managed on behalf of institutional clients as of March 31, 2023, down from 85% at the end of 2022 [328]. - The company experienced a 12% decrease in average AUM for the first quarter of 2023 compared to the same quarter in 2022 [327]. - Equity AUM decreased from $221.01 billion in Q1 2022 to $178.63 billion in Q1 2023, a decline of 19.2%, while Fixed Income AUM decreased from $46.29 billion to $45.46 billion, a decline of 1.8% [332]. - Average AUM for Q1 2023 was $226.85 billion, a decrease of 11.5% from $256.43 billion in Q1 2022 [335]. Cost Management - Compensation and benefits expenses increased to $449,967, up from $396,841 in the previous year, reflecting a rise of approximately 13% [296]. - The company is implementing cost-saving initiatives expected to reduce approximately 10% of its workforce in 2023, with $21 million in associated expenses recorded for the first quarter [289]. - Additional costs of approximately $95 million related to compensation and benefits are anticipated in subsequent quarters of 2023 [290]. - Adjusted compensation and benefits expense was $399 million, a decrease of $10 million, or 2%, compared to $409 million in the prior year, with the ratio to operating revenue increasing to 75.7% from 58.5% [310]. - Adjusted non-compensation expense increased by $25 million, or 21%, to $142 million, with the ratio to operating revenue rising to 27.0% from 16.8% [311]. Shareholder Returns - Total stockholders' equity decreased to $508 million as of March 31, 2023, down from $675 million at December 31, 2022, primarily due to a net loss of $21 million and stock repurchases totaling $99 million [366]. - During the three months ended March 31, 2023, Lazard repurchased 2,692,161 shares at an average price of $36.75 per share, with $203 million remaining under the share repurchase authorization [369]. - On April 26, 2023, the Board of Directors declared a quarterly dividend of $0.50 per share, payable on May 19, 2023 [370]. Regulatory and Compliance - Lazard's financial condition is subject to regulatory capital requirements in various jurisdictions, which may restrict the flow of funds to and from affiliates [372]. - For the 12-month period ending March 31, 2023, Lazard's Consolidated Leverage Ratio was 1.93 to 1.00 and the Consolidated Interest Coverage Ratio was 13.80 to 1.00, indicating compliance with financial covenants [358]. Operational Risk Management - The Company has implemented a framework to monitor and manage operational risk, including internal controls and business continuity programs [420]. - Management regularly reviews the investment profile and credit profile of depositor banks to adjust deposit or investment thresholds as necessary [419]. - The Company maintains insurance policies to protect against accidental loss and significant financial impacts [420].

Lazard Ltd. (NYSE:LAZ) Q1 2023 Earnings Conference Call April 28, 2023 8:00 AM ET Company Participants Alexandra Deignan - Head of Investor Relations and Corporate Sustainability Mary Ann Betsch - Chief Financial Officer Kenneth Jacobs - Chairman and Chief Executive Officer Evan Russo - Chief Executive Officer, Asset Management Peter Orszag - Chief Financial Officer of Financial Advisory Conference Call Participants Brennan Hawken - UBS James Yaro - Goldman Sachs Devin Ryan - JMP Securities Steven Chubak - ...

Revenue Dependence and Fluctuations - Financial Advisory services accounted for approximately 60% of the company's consolidated net revenue for the year ended December 31, 2022[122]. - The company's revenue is highly dependent on the successful completion of transactions, which can lead to significant fluctuations in quarterly revenue and profits[112]. - Asset Management revenue is sensitive to fluctuations in Assets Under Management (AUM), with management fees based on daily, monthly, or quarterly average AUM[113]. - Poor investment performance in the Asset Management business could lead to significant client or asset departures, impacting revenue and growth[131]. - The company may experience unexpected declines in revenue and profitability due to clients being able to terminate investment advisory contracts on short notice[133]. - Changes in the macroeconomic environment and market conditions could affect demand for restructuring services, impacting revenue from these advisory services[126]. Competition and Client Retention - The company faces intense competition in the financial services industry, which may lead to pricing pressures and affect its ability to attract and retain clients[119]. - The ability to retain key professional employees is critical, as their departure could adversely affect financial advisory fees and asset management revenue[115]. - Access to clients through intermediaries and consultants is crucial, and poor evaluations from these parties could materially reduce revenue[136]. Debt and Financial Obligations - Lazard Group has approximately $1.7 billion in outstanding debt as of December 31, 2022, with specific maturities of $400 million, $300 million, $500 million, and $500 million due in 2025, 2027, 2028, and 2029 respectively[145]. - The company’s ability to access capital markets is constrained by its debt obligations, which could impair liquidity and increase borrowing costs[145]. - Lazard Ltd relies on distributions from Lazard Group to cover dividends and taxes, which could affect financial condition if restricted[191]. - Lazard Group depends on its subsidiaries for funds to meet financial obligations, which may not always be available[192]. Operational Risks - The Asset Management business relies on third-party service providers for client order management and transaction execution, which poses operational risks that could adversely affect results[137]. - Joint ventures and partnerships may expose the company to governance and operational risks due to shared management with third parties[149]. - The company may pursue new business lines, acquisitions, and joint ventures, which could introduce additional risks and operational challenges[140]. Regulatory and Legal Risks - The company faces potential regulatory scrutiny and penalties that could limit business activities and increase operational costs[155]. - The financial services industry is facing increased litigation and regulatory risks, with a rise in claims and damages against financial advisors[165]. - The company may incur significant legal expenses from defending against litigation or regulatory actions, which could adversely affect its financial condition and reputation[169]. - The regulatory environment may affect M&A activity levels, impacting the company’s strategic growth initiatives[158]. - The European Union's updated UCITS V directives may increase operational costs for the Asset Management business due to new remuneration policies and oversight regulations[162]. - The company is at risk of significant legal liability due to potential employee misconduct, which could harm client relationships and lead to reputational damage[172]. Taxation and Compliance - The company is subject to the 15% corporate alternative minimum tax and a 1% excise tax on stock repurchases as per the Inflation Reduction Act, effective January 1, 2023[183]. - Changes in income tax laws and regulations could result in a higher effective tax rate, adversely affecting the company's financial statements[181]. - The company must maintain effective internal controls in accordance with the Sarbanes-Oxley Act, with any failure potentially impacting its business operations[179]. - The enactment of OECD recommendations on Base Erosion and Profit Shifting could adversely impact the company's overall tax rate[186]. - The Economic Substance Act in Bermuda requires companies to maintain a substantial economic presence, which may affect operational requirements[186]. - Tax authorities may challenge the company's tax computations, potentially leading to significant additional tax costs[187]. - The company is subject to new transfer pricing and country-by-country reporting requirements, which could impact overall tax obligations[188]. - Payments under the Amended and Restated Tax Receivable Agreement may exceed cash tax savings if challenged by the IRS[189]. Market and Forward-Looking Statements - Forward-looking statements indicate potential risks including declines in revenues and overall M&A activity[199]. - The company is committed to providing timely and accurate information to investors through various channels[201]. - Market risk disclosures are included in the Management's Discussion and Analysis section of the financial report[392].

Lazard Ltd (NYSE:LAZ) Q4 2022 Earnings Conference Call February 2, 2023 8:00 AM ET Company Participants Alexandra Deignan - Head of Investor Relations and Corporate Sustainability Mary Ann Betsch - Chief Financial Officer Kenneth Jacobs - Chairman and Chief Executive Officer Evan Russo - Chief Executive Officer, Asset Management Peter Orszag - Chief Financial Officer of Financial Advisory Conference Call Participants Manan Gosalia - Morgan Stanley Devin Ryan - JMP Securities Brennan Hawken - UBS Matt Moon - ...

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 transition period from to 001-32492 (Commission File Number) LAZARD LTD (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 1 ...

Lazard Ltd (NYSE:LAZ) Q3 2022 Earnings Conference Call October 27, 2022 8:00 AM ET Company Participants Alexandra Deignan - Head, IR Mary Betsch - CFO Kenneth Jacobs - Chairman & CEO Evan Russo - CEO, Asset Management Conference Call Participants Richard Ramsden - Goldman Sachs Group Brennan Hawken - UBS Devin Ryan - JMP Securities Manan Gosalia - Morgan Stanley Brendan O'Brien - Wolfe Research Operator Good morning, and welcome to Lazard's Third Quarter and First 9 Months of 2022 Earnings Conference Call. ...

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) (State or Other Jurisdiction of Incorporation (I.R.S. E ...

Financial Data and Key Metrics Changes - The company reported operating revenue of $676 million for Q2 2022, down from $821 million in Q2 2021, reflecting challenging market conditions [8] - For the first half of 2022, operating revenue was $1.4 billion, compared to $1.5 billion in the same period of 2021 [8] - The effective tax rate for Q2 2022 was 26.4%, compared to 25.2% in the prior year quarter [18] Business Line Data and Key Metrics Changes - In Financial Advisory, Q2 revenue was $407 million, down from $471 million in Q2 2021, while the first half revenue was $795 million, 1% higher than the same period in 2021 [9] - Asset Management reported Q2 operating revenue of $266 million, down from $343 million in Q2 2021, with management fees decreasing by 16% and performance fees declining by 79% [10] - As of June 30, Assets Under Management (AUM) was $217 billion, a decrease of 22% year-over-year and 14% sequentially [12] Market Data and Key Metrics Changes - Average AUM for Q2 was $230 billion, down 17% year-over-year and 10% sequentially, reflecting global market sell-offs in equities and fixed income [13] - The company experienced net outflows of $4.6 billion, driven by market depreciation and negative foreign currency impacts [12] Company Strategy and Development Direction - The company is focused on serving clients with diversified investment platforms and is seeing increased interest in fundamental active investment strategies [24][25] - The management emphasized the importance of ESG integration and customized solutions for clients, presenting opportunities for the Lazard platform [15] - The company plans to continue investing in people, resources, and technology to enhance market capabilities and geographic reach [26] Management's Comments on Operating Environment and Future Outlook - The global macroeconomic environment remains uncertain, characterized by high inflation and rising interest rates, but the company performed well in Q2 [22] - Management expressed cautious optimism for the second half of the year, noting strong activity levels in Financial Advisory and a robust pipeline [23][36] - The company is well-positioned for the remainder of the year with a diversified business model and a global client base [26] Other Important Information - The company returned $246 million to shareholders in Q2, including $46 million in dividends and $199 million in share repurchases [19] - The Board of Directors authorized additional share repurchases of up to $500 million, bringing the total authorization to $559 million [20] - A quarterly dividend of $0.50 per share was declared, reflecting a 6% increase from the previous quarter [21] Q&A Session Summary Question: Outlook for advisory in Europe and restructuring trends - Management noted a strong year in Europe with a record first half and a solid outlook for the second half, despite tightening credit conditions [36][37] Question: Capital management and buyback expectations - The company plans to continue aggressive share buybacks, having repurchased 5.9 million shares in Q2 and 10.6 million year-to-date [39][41] Question: Engagement with financial sponsors and financing conditions - Management indicated a pause in financial sponsor transactions due to credit market conditions, with expectations for a reset in financing terms [45][46] Question: Activity levels and geographic mix in M&A - The company has seen diversified activity across sectors and regions, with strong performance in healthcare, industrials, and energy transition [56][58] Question: Opportunities in asset management amidst market dislocation - Management expressed confidence in the current environment for fundamental active investment strategies and is continuously exploring expansion opportunities [62][63] Question: Trajectory of fee rates and expenses - The fee rate has remained stable, with expectations for continued growth in travel-related expenses as business normalizes [70][73] Question: Strategic dialogue with clients in Europe - Management confirmed ongoing strong levels of strategic dialogue, despite geopolitical challenges, with multinational companies maintaining a global perspective [78][82]