Financial Data and Key Metrics Changes - Firmwide adjusted net revenue for Q1 2025 was $643 million, with financial advisory adjusted net revenue at $370 million, a decrease of 17% year-over-year [16][17] - Asset management adjusted net revenue was $264 million, down 4% from the prior year quarter, with management fees of $206 million, a 1% decrease from the previous quarter [19][20] - The adjusted compensation expense was $421 million, resulting in a compensation ratio of 65.5%, compared to 66% one year ago [21] Business Line Data and Key Metrics Changes - Financial advisory revenue associated with private capital was over 40% of total financial advisory revenue, reflecting strong market activity [9] - In asset management, AUM as of March 31st was $227 billion, up from the previous quarter, with average AUM for Q1 at $231 billion, a 1% decrease from the prior quarter [20] - Incentive fees totaled $9 million, driven by strong performance in credit fixed income and Japanese equity strategies [19] Market Data and Key Metrics Changes - The backlog in financial advisory has continued to grow, driven by activity in Europe and restructuring, along with growth in M&A and financing solutions [14] - The geopolitical advisory group is in high demand, reflecting the importance of combining business insights with geopolitical context [23] Company Strategy and Development Direction - The company is executing its Lazard Ltd 2030 long-term strategy, including expanding connectivity to private capital across Europe and opening a financial advisory office in Abu Dhabi [11][12] - The introduction of new active ETF products aims to meet investor preferences and demand, with a focus on global and emerging market strategies [12][27] - The company plans to continue expanding its ETF offerings and is actively recruiting to increase client coverage [25][27] Management's Comments on Operating Environment and Future Outlook - Management noted substantial unpredictability due to shifts in trade policies, but strong corporate balance sheets and economic growth preconditions remain [13] - The company expects continued engagement with clients and a robust backlog, although future patterns depend on tariff regime clarifications [14][35] - Management emphasized the importance of geopolitical insights in decision-making, especially in uncertain environments [120] Other Important Information - The company returned $175 million to shareholders in Q1 2025, including a quarterly dividend of $45 million and $36 million in stock repurchases [22] - The effective tax rate for Q1 was negative 13.9% due to a discrete benefit related to stock compensation awards [21] Q&A Session Summary Question: Are there M&A deals dropping out despite backlog growth? - Management indicated that while some deals may get pushed out, the backlog continues to expand, and the situation is dependent on tariff regime clarifications [34][35] Question: How does the second quarter compare to the first quarter? - Management stated it is challenging to provide a definitive view, but client engagement remains strong [39] Question: What is the outlook for sponsor M&A and secondaries? - Management noted countervailing forces affecting sponsor M&A, but underlying growth in the secondaries market is expected [48][49] Question: How quickly can restructuring mandates translate into revenue? - Restructuring mandates can translate into revenue faster than many M&A deals, with a mix of other non-M&A businesses also contributing [81] Question: What is the status of the $10 billion asset management mandate? - The one but not yet funded mandates have increased, and funding is expected to occur over the next 12 to 15 months [90] Question: How is capital allocation prioritized? - The company prioritizes returning capital to shareholders while considering various inorganic options for growth [94]

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 ...

Core Viewpoint - Lazard reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, but down from $0.66 per share a year ago, indicating a 93.10% earnings surprise [1] Financial Performance - The company posted revenues of $643.19 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.35%, but down from $746.57 million year-over-year [2] - Over the last four quarters, Lazard has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Lazard shares have declined approximately 22.6% since the beginning of the year, compared to a decline of 6.8% for the S&P 500 [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $689.55 million, and for the current fiscal year, it is $2.50 on revenues of $2.98 billion [7] - The estimate revisions trend for Lazard is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Lazard belongs, is currently in the top 36% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

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 ...

Core Insights - Lazard (LAZ) is expected to report quarterly earnings of $0.29 per share, a decline of 56.1% year-over-year, with revenues projected at $616.37 million, down 17.4% from the previous year [1] Earnings Estimates - There has been a 33% downward revision in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their forecasts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Revenue Projections - Analysts estimate 'Adjusted net revenue- Asset Management' at $249.76 million, reflecting a decrease of 9.5% from the prior year [5] - The consensus for 'Adjusted net revenue- Financial Advisory' is $355.28 million, indicating a decline of 20.5% year-over-year [5] - 'Adjusted net revenue- Corporate' is projected at $11.33 million, down 52.8% from the same quarter last year [6] Assets Under Management - 'Assets under management - Total Fixed Income' is expected to be $43.55 billion, down from $47.22 billion in the same quarter last year [6] - 'Assets under management - Total Equity' is projected at $174.14 billion, compared to $195.25 billion a year ago [7] - 'Assets under management - End of Period' is estimated at $227.07 billion, down from $250.43 billion in the same quarter last year [7] - The estimate for 'Assets under management - End of Period - Other' stands at $9.40 billion, up from $7.96 billion year-over-year [8] Stock Performance - Over the past month, Lazard shares have declined by 26.9%, while the Zacks S&P 500 composite has decreased by 8.9% [8] - Lazard holds a Zacks Rank 5 (Strong Sell), suggesting it may underperform the overall market in the near term [8]