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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUE        
Interest income $ 10,946 $ 4,062 $ 23,553 $ 5,823
Other 29,631 (17,506) 40,048 (7,914)
Total revenue 662,318 660,658 1,224,229 1,376,802
Interest expense 19,204 21,112 38,679 42,364
Net revenue 643,114 639,546 1,185,550 1,334,438
OPERATING EXPENSES        
Compensation and benefits 572,231 363,830 1,022,198 760,671
Occupancy and equipment 32,800 29,409 64,573 60,648
Marketing and business development 28,582 22,673 51,344 36,796
Technology and information services 51,370 42,067 95,410 79,998
Professional services 21,402 16,549 45,728 32,578
Fund administration and outsourced services 28,968 28,551 55,544 58,254
Amortization and other acquisition-related costs 95 15 143 30
Benefit pursuant to tax receivable agreement 0 0 (40,435) 0
Other 17,739 10,614 38,042 19,897
Total operating expenses 753,187 513,708 1,332,547 1,048,872
OPERATING INCOME (LOSS) (110,073) 125,838 (146,997) 285,566
Provision (benefit) for income taxes 10,303 34,187 (11,422) 72,940
NET INCOME (LOSS) (120,376) 91,651 (135,575) 212,626
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 3,637 (3,829) 10,610 3,270
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD $ (124,013) $ 95,480 $ (146,185) $ 209,356
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 88,729,654 98,660,173 88,160,753 100,603,724
Diluted (in shares) 88,729,654 102,753,336 88,160,753 105,469,988
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:        
Basic (in USD per share) $ (1.41) $ 0.96 $ (1.68) $ 2.05
Diluted (in USD per share) $ (1.41) $ 0.92 $ (1.68) $ 1.97
Investment banking and other advisory fees        
REVENUE        
Revenue $ 350,104 $ 405,091 $ 627,512 $ 794,830
Asset management fees        
REVENUE        
Revenue $ 271,637 $ 269,011 $ 533,116 $ 584,063