10-Q 1 laz-10q_20180930.htm 10-Q laz-10q_20180930.htm

 

 

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 September 30, 2018

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

 

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. (Check one):

 

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 October 19, 2018, there were 129,766,091 shares of the Registrant’s Class A common stock outstanding (including 11,694,113 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 September 30, 2018 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group.

 

 

 

 

i


 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

 

 

 

 

1


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,132,395

 

 

$

1,483,836

 

Deposits with banks and short-term investments

 

 

1,015,872

 

 

 

935,431

 

Cash deposited with clearing organizations and other segregated cash

 

 

37,985

 

 

 

35,539

 

Receivables (net of allowance for doubtful accounts of $34,524 and $23,746

   at September 30, 2018 and December 31, 2017, respectively):

 

 

 

 

 

 

 

 

Fees

 

 

546,808

 

 

 

487,800

 

Customers and other

 

 

93,979

 

 

 

83,816

 

 

 

 

640,787

 

 

 

571,616

 

Investments

 

 

609,595

 

 

 

427,186

 

Property (net of accumulated amortization and depreciation of $331,937 and $317,827

   at September 30, 2018 and December 31, 2017, respectively)

 

 

214,279

 

 

 

205,301

 

Goodwill and other intangible assets (net of accumulated amortization of $65,576 and

   $63,099 at September 30, 2018 and December 31, 2017, respectively)

 

 

379,241

 

 

 

391,364

 

Deferred tax assets

 

 

610,389

 

 

 

650,260

 

Other assets

 

 

304,235

 

 

 

228,144

 

Total Assets

 

$

4,944,778

 

 

$

4,928,677

 

 

See notes to condensed consolidated financial statements.

 

2


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits and other customer payables

 

$

1,056,342

 

 

$

992,338

 

Accrued compensation and benefits

 

 

489,090

 

 

 

593,781

 

Senior debt

 

 

1,433,702

 

 

 

1,190,383

 

Tax receivable agreement obligation

 

 

277,163

 

 

 

310,275

 

Deferred tax liabilities

 

 

6,481

 

 

 

9,407

 

Other liabilities

 

 

560,415

 

 

 

573,588

 

Total Liabilities

 

 

3,823,193

 

 

 

3,669,772

 

Commitments and contingencies

 

 

 

 

 

 

 

 

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;

   129,766,091 shares issued at September 30, 2018 and December 31, 2017,

   including shares held by subsidiaries as indicated below)

 

 

1,298

 

 

 

1,298

 

Additional paid-in-capital

 

 

701,849

 

 

 

788,140

 

Retained earnings

 

 

1,140,610

 

 

 

1,080,413

 

Accumulated other comprehensive loss, net of tax

 

 

(260,365

)

 

 

(232,518

)

 

 

 

1,583,392

 

 

 

1,637,333

 

Class A common stock held by subsidiaries, at cost (11,293,254 and 10,747,142

   shares at September 30, 2018 and December 31, 2017, respectively)

 

 

(516,267

)

 

 

(437,530

)

Total Lazard Ltd Stockholders’ Equity

 

 

1,067,125

 

 

 

1,199,803

 

Noncontrolling interests

 

 

54,460

 

 

 

59,102

 

Total Stockholders’ Equity

 

 

1,121,585

 

 

 

1,258,905

 

Total Liabilities and Stockholders’ Equity

 

$

4,944,778

 

 

$

4,928,677

 

 

 

See notes to condensed consolidated financial statements.

 

3


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(UNAUDITED)

(dollars in thousands, except for per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment banking and other advisory fees

 

$

309,690

 

 

$

305,530

 

 

$

1,139,860

 

 

$

1,050,721

 

Asset management fees

 

 

312,790

 

 

 

301,719

 

 

 

986,777

 

 

 

868,522

 

Interest income

 

 

3,029

 

 

 

1,630

 

 

 

7,877

 

 

 

4,893

 

Other

 

 

15,291

 

 

 

29,252

 

 

 

46,019

 

 

 

81,361

 

Total revenue

 

 

640,800

 

 

 

638,131

 

 

 

2,180,533

 

 

 

2,005,497

 

Interest expense

 

 

14,319

 

 

 

13,272

 

 

 

41,416

 

 

 

39,994

 

Net revenue

 

 

626,481

 

 

 

624,859

 

 

 

2,139,117

 

 

 

1,965,503

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

343,987

 

 

 

361,787

 

 

 

1,165,193

 

 

 

1,138,200

 

Occupancy and equipment

 

 

28,848

 

 

 

29,156

 

 

 

88,326

 

 

 

87,468

 

Marketing and business development

 

 

21,868

 

 

 

19,798

 

 

 

75,755

 

 

 

63,577

 

Technology and information services

 

 

36,394

 

 

 

31,373

 

 

 

102,173

 

 

 

87,429

 

Professional services

 

 

13,353

 

 

 

11,005

 

 

 

42,498

 

 

 

33,701

 

Fund administration and outsourced services

 

 

34,748

 

 

 

18,325

 

 

 

103,159

 

 

 

52,576

 

Amortization and other acquisition-related (benefits) costs

 

 

(5,851

)

 

 

172

 

 

 

(13,468

)

 

 

5,003

 

Other

 

 

14,453

 

 

 

9,031

 

 

 

51,032

 

 

 

30,639

 

Total operating expenses

 

 

487,800

 

 

 

480,647

 

 

 

1,614,668

 

 

 

1,498,593

 

OPERATING INCOME

 

 

138,681

 

 

 

144,212

 

 

 

524,449

 

 

 

466,910

 

Provision for income taxes

 

 

29,956

 

 

 

32,742

 

 

 

105,684

 

 

 

124,109

 

NET INCOME

 

 

108,725

 

 

 

111,470

 

 

 

418,765

 

 

 

342,801

 

LESS - NET INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,651

 

 

 

2,260

 

 

 

5,036

 

 

 

5,660

 

NET INCOME ATTRIBUTABLE TO LAZARD LTD

 

$

107,074

 

 

$

109,210

 

 

$

413,729

 

 

$

337,141

 

ATTRIBUTABLE TO LAZARD LTD CLASS A

      COMMON STOCKHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK

     OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

119,456,516

 

 

 

121,243,598

 

 

 

119,897,626

 

 

 

122,142,303

 

Diluted

 

 

129,859,728

 

 

 

132,393,664

 

 

 

130,750,392

 

 

 

132,407,551

 

NET INCOME PER SHARE OF COMMON STOCK:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.90

 

 

$

0.90

 

 

$

3.45

 

 

$

2.76

 

Diluted

 

$

0.82

 

 

$

0.82

 

 

$

3.16

 

 

$

2.55

 

DIVIDENDS DECLARED PER SHARE OF

     COMMON STOCK

 

$

0.44

 

 

$

0.41

 

 

$

2.59

 

 

$

2.40

 

 

 

See notes to condensed consolidated financial statements.

 

4


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

NET INCOME

 

$

108,725

 

 

$

111,470

 

 

$

418,765

 

 

$

342,801

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF

   TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

(8,676

)

 

 

19,748

 

 

 

(34,783

)

 

 

62,847

 

Employee benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss) (net of tax expense (benefit) of $214

   and $(1,197) for the three months ended

   September 30, 2018  and 2017, respectively, and $618

   and $(3,673) for the nine months ended September 30, 2018

   and 2017, respectively)

 

 

863

 

 

 

(4,715

)

 

 

4,149

 

 

 

(13,819

)

Adjustment for items reclassified to earnings (net of

   tax expense of $264 and $204 for the three months

   ended September 30, 2018 and 2017, respectively,

   and $948 and $676 for the nine months ended

   September 30, 2018 and 2017, respectively)

 

 

949

 

 

 

1,081

 

 

 

2,788

 

 

 

3,523

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

(6,864

)

 

 

16,114

 

 

 

(27,846

)

 

 

52,551

 

COMPREHENSIVE INCOME

 

 

101,861

 

 

 

127,584

 

 

 

390,919

 

 

 

395,352

 

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO

   NONCONTROLLING INTERESTS

 

 

1,653

 

 

 

2,262

 

 

 

5,037

 

 

 

5,662

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO

   LAZARD LTD

 

$

100,208

 

 

$

125,322

 

 

$

385,882

 

 

$

389,690

 

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

418,765

 

 

$

342,801

 

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

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization of property

 

 

25,303

 

 

 

23,209

 

Amortization of deferred expenses and share-based incentive compensation

 

 

294,380

 

 

 

285,162

 

Amortization and other acquisition-related (benefits) costs

 

 

(13,468

)

 

 

5,003

 

Deferred tax provision

 

 

27,287

 

 

 

50,699

 

Loss on extinguishment of debt

 

 

6,523

 

 

 

-

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Receivables-net

 

 

(82,161

)

 

 

112,499

 

Investments

 

 

(184,542

)

 

 

27,927

 

Other assets

 

 

(144,592

)

 

 

(71,053

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accrued compensation and benefits and other liabilities

 

 

(56,035

)

 

 

(70,819

)

Net cash provided by operating activities

 

 

291,460

 

 

 

705,428

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property

 

 

(39,343

)

 

 

(15,463

)

Disposals of property

 

 

1,365

 

 

 

283

 

Net cash used in investing activities

 

 

(37,978

)

 

 

(15,180

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from:

 

 

 

 

 

 

 

 

Customer deposits

 

 

79,960

 

 

 

149,506

 

Contributions from noncontrolling interests

 

 

553

 

 

 

-

 

Issuance of senior debt, net of expenses

 

 

490,970

 

 

 

-

 

Payments for:

 

 

 

 

 

 

 

 

Senior debt

 

 

(255,543

)

 

 

-

 

Capital lease obligations

 

 

(57

)

 

 

(7,329

)

Distributions to noncontrolling interests

 

 

(10,232

)

 

 

(3,059

)

Payments under tax receivable agreement

 

 

(31,897

)

 

 

(789

)

Purchase of Class A common stock

 

 

(306,591

)

 

 

(252,538

)

Class A common stock dividends

 

 

(307,850

)

 

 

(292,293

)

Settlement of vested share-based incentive compensation

 

 

(109,485

)

 

 

(67,384

)

Other financing activities

 

 

(5,509

)

 

 

(10,073

)

Net cash used in financing activities

 

 

(455,681

)

 

 

(483,959

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(66,355

)

 

 

128,091

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

(268,554

)

 

 

334,380

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—January 1

 

 

2,454,806

 

 

 

1,607,483

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30

 

$

2,186,252

 

 

$

1,941,863

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

   WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL

   CONDITION:

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,132,395

 

 

$

1,483,836

 

Deposits with banks and short-term investments

 

 

1,015,872

 

 

 

935,431

 

Cash deposited with clearing organizations and other segregated cash

 

 

37,985

 

 

 

35,539

 

TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

$

2,186,252

 

 

$

2,454,806

 

 

See notes to condensed consolidated financial statements.

 

6


 

 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2017

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2017

 

 

129,766,091

 

 

$

1,298

 

 

$

688,231

 

 

$

1,134,186

 

 

$

(314,222

)

 

 

7,628,786

 

 

$

(273,506

)

 

$

1,235,987

 

 

$

57,826

 

 

$

1,293,813

 

Adjustment for the cumulative effect on prior

   years from the adoption of new accounting

   guidance related to share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,544

 

 

 

 

 

 

 

81,544

 

Balance, as adjusted - January 1, 2017

 

 

129,766,091

 

 

 

1,298

 

 

 

688,231

 

 

 

1,215,730

 

 

 

(314,222

)

 

 

7,628,786

 

 

 

(273,506

)

 

 

1,317,531

 

 

 

57,826

 

 

 

1,375,357

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

337,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

337,141

 

 

 

5,660

 

 

 

342,801

 

Other comprehensive income - net

   of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,549

 

 

 

 

 

 

 

 

 

 

 

52,549

 

 

2

 

 

 

52,551

 

Amortization of share-based incentive

   compensation

 

 

 

 

 

 

 

 

 

 

220,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220,648

 

 

 

 

 

 

 

220,648

 

Dividend equivalents

 

 

 

 

 

 

 

 

 

 

36,482

 

 

 

(41,479

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,997

)

 

 

 

 

 

 

(4,997

)

Class A common stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(292,293

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(292,293

)

 

 

 

 

 

 

(292,293

)

Purchase of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,838,520

 

 

 

(252,538

)

 

 

(252,538

)

 

 

 

 

 

 

(252,538

)

Delivery of Class A common stock in

   connection with share-based incentive

   compensation and related tax expense

   of $4,819

 

 

 

 

 

 

 

 

 

 

(212,271

)

 

 

 

 

 

 

 

 

 

 

(3,772,169

)

 

 

140,068

 

 

 

(72,203

)

 

 

 

 

 

 

(72,203

)

Business acquisitions and related equity

   transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery of Class A common stock

   and related tax benefit of $832

 

 

 

 

 

 

 

 

 

 

(472

)

 

 

 

 

 

 

 

 

 

 

(47,474

)

 

 

1,909

 

 

 

1,437

 

 

 

 

 

 

 

1,437

 

Class A common stock issuable

   (including related amortization)

 

 

 

 

 

 

 

 

 

 

363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

363

 

 

 

 

 

 

 

363

 

Distributions to noncontrolling interests, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(3,059

)

 

 

(3,059

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204

 

 

 

204

 

 

 

408

 

Balance - September 30, 2017

 

 

129,766,091

 

 

$

1,298

 

 

$

732,981

 

 

$

1,219,303

 

 

$

(261,673

)

 

 

9,647,663

 

 

$

(384,067

)

 

$

1,307,842

 

 

$

60,633

 

 

$

1,368,475

 

 

 

See notes to condensed consolidated financial statements.

 

7


 

LAZARD LTD

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018

(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

Comprehensive

 

 

Class A

Common Stock

 

 

Total

Lazard Ltd

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Retained

 

 

Income (Loss),

 

 

Held By Subsidiaries

 

 

Stockholders’

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

$

 

 

Capital

 

 

Earnings

 

 

Net of Tax

 

 

Shares

 

 

$

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance - January 1, 2018

 

 

129,766,091

 

 

$

1,298

 

 

$

788,140

 

 

$

1,080,413