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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE        
Interest income $ 15,005 $ 11,543 $ 39,330 $ 35,096
Other 147,361 713 209,945 40,761
Total revenue 807,414 543,170 2,300,886 1,767,399
Interest expense 22,548 19,252 65,918 57,931
Net revenue 784,866 523,918 2,234,968 1,709,468
OPERATING EXPENSES        
Compensation and benefits 465,405 364,605 1,468,789 1,386,803
Occupancy and equipment 34,249 33,108 99,137 97,681
Marketing and business development 21,782 20,754 70,874 72,098
Technology and information services 44,628 46,897 135,951 142,307
Professional services 19,541 20,451 63,155 66,179
Fund administration and outsourced services 27,996 27,884 81,250 83,428
Amortization and other acquisition-related costs 53 96 189 239
Benefit pursuant to tax receivable agreement 0 0 0 (40,435)
Other 10,025 14,980 36,235 53,022
Total operating expenses 623,679 528,775 1,955,580 1,861,322
OPERATING INCOME (LOSS) 161,187 (4,857) 279,388 (151,854)
Provision (benefit) for income taxes 45,052 (11,631) 70,976 (23,053)
NET INCOME (LOSS) 116,135 6,774 208,412 (128,801)
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 8,197 (365) 14,810 10,245
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD $ 107,938 $ 7,139 $ 193,602 $ (139,046)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 93,627,476 89,425,900 92,591,435 88,582,468
Diluted (in shares) 103,475,234 94,309,224 101,151,624 88,582,468
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:        
Basic (in USD per share) $ 1.13 $ 0.07 $ 2.04 $ (1.60)
Diluted (in USD per share) $ 1.02 $ 0.06 $ 1.88 $ (1.60)
Investment banking and other advisory fees        
REVENUE        
Revenue $ 366,385 $ 265,314 $ 1,228,185 $ 892,826
Asset management fees        
REVENUE        
Revenue $ 278,663 $ 265,600 $ 823,426 $ 798,716