Tellurian (TELL 5.73%) tanked last year. Shares of the liquefied natural gas (LNG) project developer have plummeted more than 70% over the past 12 months. Several factors have weighed on the company, including concerns about how it would fund its massive Driftwood LNG project. However, a potentially massive upside catalyst has recently emerged. The LNG  developer has hired investment bank Lazard, which will, among other things, explore a sale of the company. Here's a look at whether this new development mak ...

NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution of $0.10459 per share on the Fund’s outstanding common stock. The distribution is payable on February 22, 2024 to shareholders of record on February 13, 2024. The ex-dividend date is February 12, 2024. The Fund will pay a previously declared distribution today, January ...

NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) will announce its fourth quarter and full-year 2023 financial results in a press release to be issued Thursday morning, February 1, 2024. The press release will be available in the News & Announcements section of Lazard’s website at www.lazard.com. Lazard will host a conference call at 8:00 a.m. EST on February 1, 2024, to discuss the company’s financial results for the fourth quarter and full-year 2023. The conference call can be accessed via a live audi ...

NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management (“AUM”) as of December 31, 2023 totaled approximately $246.7 billion. The month’s AUM included market appreciation of $8.5 billion, foreign exchange appreciation of $2.0 billion and net inflows of $0.2 billion. Preliminary average assets under management for the quarter ended December 31, 2023 were $233.9 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT (“AUM”) (unaudited) ($ in millions)     ...

Lazard Ltd’s (LAZ) high reliance on financial advisory fees for a substantial portion of its revenues is concerning. Continued net outflows will affect the company’s assets under management in the upcoming period. Further, its capital distribution activities seem unsustainable.Analysts are also not optimistic about the company’s earnings growth potential. Over the past week, the Zacks Consensus Estimate for LAZ’s 2023 earnings has been revised marginally lower. Thus, the company currently carries a Zacks Ra ...

NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, as previously authorized by its Board of Directors pursuant to a Managed Distribution Policy, a monthly distribution of $0.10459, equivalent to 7% (annualized) of the Fund's net asset value per share as of the close of markets on December 31, 2023 on the Fund's outstanding common stock. The distribution is payable on January 22, 2024 to shareholders of record on January 11, 2024. The ex-d ...

Lazard LAZ, -0.51% said Tuesday it has officially changed its full formal name to Lazard Inc. from Lazard Ltd. as part of its conversion to a U.S. C-Corp. under Delaware law from a limited partnership. Starting in 2024, distributions will be paid as dividends for U.S. tax purposes with shareholders receiving 1099 income statements rather than K-1 partnership income statements. Lazard Chief Executive Peter R. Orszag said the new structure “will expand our shareholder base by simplifying tax reporting and en ...

NEW YORK--(BUSINESS WIRE)--Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its Managed Distribution Policy, as previously authorized by its Board of Directors, a monthly distribution equal to, on an annualized basis, 7.0% of the Fund’s net asset value per share as of the close of markets on December 29, 2023 on the Fund's outstanding common stock. The distribution is payable on January 22, 2024 to shareholders of record on January 11, 2024. The ex-di ...

Financial Data and Key Metrics Changes - The company reported operating revenue of $532 million for Q3 2023, a 27% decrease from Q3 2022. For the first nine months, operating revenue was $1.7 billion compared to $2.1 billion in the same period last year [9][12] - The effective tax rate for Q3, as adjusted, was 8.4%, down from 25.1% in the prior year quarter. The full-year tax rate is projected to be in the low to mid-teens [14][60] Business Line Data and Key Metrics Changes - Financial Advisory revenue for Q3 was $261 million, with a total of $879 million for the first nine months, impacted by a slowdown in M&A activity [9][34] - Asset Management revenue was $794 million for the first nine months of 2023, reflecting a 5% decrease from the prior year, with average AUM for Q3 at $236 billion, an 11% increase year-over-year [12][13] - The Global Restructuring and Liability Management Group reported strong performance, with operating revenue increasing both sequentially and year-over-year [11] Market Data and Key Metrics Changes - AUM as of September 30 was $228 billion, down 5% from June 30, 2023, but up 15% from September 30, 2022, driven by market depreciation and net outflows [120] - The company noted increased interest in cross-border M&A activity, particularly among European companies seeking to acquire U.S. assets [22][34] Company Strategy and Development Direction - The company aims to double revenue firm-wide by 2030, with growth expected to be evenly split between Asset Management and Financial Advisory, targeting double-digit annual growth [21][37] - Lazard plans to convert its current structure to a U.S. corporation (C-Corp) to simplify tax reporting and enhance shareholder ownership [23][60] - The company is focusing on expanding its presence in sectors such as technology, industrials, power and energy, and healthcare, while also enhancing its geopolitical advisory services [22][39] Management's Comments on Operating Environment and Future Outlook - Management believes the M&A cycle is turning, with signs of stabilization and potential recovery in deal activity, particularly in financial institutions, healthcare, and energy transition sectors [10][34] - The company is optimistic about future growth, emphasizing the importance of geopolitical insights in business decisions [39][84] Other Important Information - The company is progressing on cost-saving initiatives, aiming for a 10% reduction in headcount by Q1 2024 [14][34] - A quarterly dividend of $0.50 per share was declared [33] Q&A Session Summary Question: Concerns about Asset Management growth - Management emphasized that growth is not just about AUM accumulation but enhancing shareholder value through high-return growth strategies [44][45] Question: C-Corp conversion details - Management discussed the benefits of conversion, including simplified tax reporting and potential increased liquidity for shares, with a projected low single-digit increase in effective tax rate post-conversion [48][69] Question: Milestones for 2030 goals - Management indicated that milestones will be shared when there are actionable proof points, focusing on revenue, earnings, and expansion in growth areas [50][51] Question: Impact of U.S. elections on business - Management noted that while the U.S. elections may generate demand for geopolitical insights, it is not expected to significantly impact the business trajectory [84][101] Question: Financing for potential acquisitions - Management highlighted the cash-generative nature of their businesses and various financing options available for acquisitions, including equity and earn-outs [65][102]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o 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) _________________________ ...