{ "docId": "019de076-ae62-72c7-8d0c-d8ee174df3b6", "docSlug": "2d2e5d131db81050c701a64432fcd311", "documentTitle": "Lazard | Investor Presentation Deck | 46 slides", "authorId": "lazard", "authorName": "Lazard", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-01-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 45, "pageCount": 46, "prevPage": 44, "nextPage": 46, "slideType": "appendix_disclosure", "function": "appendix", "density": "balanced", "nDataPoints": 6, "notes": "This slide provides the necessary context for non-GAAP financial reconciliations, common in investor presentations.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de076-ae62-72c7-8d0c-d8ee174df3b6/45", "deckHref": "/decks/019de076-ae62-72c7-8d0c-d8ee174df3b6", "deckJsonHref": "/decks/019de076-ae62-72c7-8d0c-d8ee174df3b6.json", "deckAnchorHref": "/decks/019de076-ae62-72c7-8d0c-d8ee174df3b6#slide-45", "components": [ { "bbox": { "h": 0.72, "w": 0.91, "x": 0.045, "y": 0.205 }, "kind": "list", "text": "1. Amounts related to the consolidation of noncontrolling interests which are excluded because the Company has no economic interest in such amounts.\n2. Represents changes in the fair value of the compensation liability recorded in connection with Lazard Fund Interests (\"LFI\") and other similar deferred incentive compensation arrangements for which a corresponding equal amount is excluded from operating revenue.\n3. Represents losses and expenses associated with the business realignment which includes employee reductions and closing of subscale office and investment strategies.\n4. Represents expenses associated with Enterprise Resource Planning (ERP) system implementation.\n5. Expenses associated with restructuring and closing of certain offices.\n6. Represents expenses associated with cost-saving initiatives including closing certain offices over the course of 2023.\n7. Represents expenses associated with senior management transition reflecting the departure of certain executive officers.\n8. Represents amounts the Company may be required to pay LTBP Trust under the Tax Receivable Agreement based on the expected utilization of deferred tax assets that are subject to the TRA. For the year ended December 31, 2017, as a result of the 2017 US Tax Cuts and Jobs Act, the Company incurred a charge of approximately $420 million primarily relating to the reduction in certain deferred tax assets, with an offsetting benefit of approximately $203 million relating to the reduction in our Tax Receivable Agreement obligation. For the year ended December 31, 2018, represents tax rate adjustment associated with the 2017 US Tax Cuts and Jobs Act. Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect of reducing the estimated liability under the TRA. As a result, the Company recorded a “benefit pursuant to tax receivable agreement” of $43,894 for the year ended December 31, 2023.\n9. Represents amortization of intangibles, and for 2016, 2017, 2018, 2019 and 2023, primarily relates to the change in fair value of the contingent consideration associated with certain business acquisitions.\n10. For the period ended December 31, 2018, represents charges related to the extinguishment of $250 million of the Company’s 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of 4.50% notes maturing in September 2028. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million (due to the period of time between the issuance of the 2028 notes and the settlement of 2020 notes). For the year ended December 31, 2019, represents charges related to the extinguishment of $168 million of the Company’s 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of 4.375% notes maturing in March 2029. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million (due to the period of time between the issuance of the 2029 notes and the settlement of 2020 notes).\n11. Represents incremental rent expense, building depreciation, impairment losses, legal fees and lease abandonment costs related to office space reorganization and an onerous lease provision.\n12. Represents expenses associated with the Lazard Foundation unconditional commitment.\n13. Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non-GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees and other receivables that are deemed uncollectible.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3241133-b134-449d-9b03-551aa4fcd280", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.665, "x": 0.045, "y": 0.125 }, "kind": "title", "text": "Endnotes related to Non-GAAP Adjustments", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f57408bf-fd85-44c1-97e3-0b74c0b4318a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "113796d7-e15d-46d4-b57a-cb9d988c9d1e", "evidence": "list/numbered: 1. Amounts related to the consolidation of noncontrolling interests which are excluded because the Company has no economic interest in such amounts.", "confidence": 0.8 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }