Lazard, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lazard, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Lazard, Inc. (LAZ) filed a Annual Report (10-K) with the SEC on February 23, 2024. Lazard, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 30 Rockefeller Plaza, New York, NY 10112. Lazard Ltd was the former company name prior to a change on December 13, 2004. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Lazard, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Lazard's financial health, operational segments, and risk factors for investors and stakeholders. This annual report is crucial for understanding the company's performance trends, strategic direction, and potential future challenges in the investment advisory and asset management sectors.

Risk Assessment

Risk Level: — Lazard, Inc. shows moderate risk based on this filing. The company operates in the highly competitive financial services industry, which is subject to significant regulatory oversight and market volatility, as indicated by the detailed risk factors section in the 10-K.

Analyst Insight

Review the detailed financial statements and segment performance in the 10-K to assess Lazard's revenue generation and profitability trends for 2023.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• 2023 — Fiscal Year End (Fiscal year end)
• 2024-02-23 — Filing Date (Filed as of date)
• 30 ROCKEFELLER PLAZA — Business Address (Street 1)
• NEW YORK — Business Address (City)
• 10112 — Business Address (ZIP)

Key Players & Entities

• Lazard, Inc. (company) — Filer
• LAZ (company) — Ticker symbol
• 2023 (date) — Fiscal year end
• February 23, 2024 (date) — Filing date
• December 31, 2023 (date) — Period of report
• New York (location) — Business address city
• Lazard Ltd (company) — Former company name

FAQ

Industry Context

Lazard operates in the financial services sector, specifically focusing on investment banking, asset management, and strategic advisory services.

Regulatory Implications

The company is subject to regulations governing financial institutions, including those set by the Securities and Exchange Commission (SEC).

What Investors Should Do

1. Review Lazard's 2023 financial statements for detailed revenue and net income figures.
2. Analyze the company's risk factors section to understand potential challenges in the financial services industry.
3. Examine the executive compensation details, if available, to assess management incentives.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report. Specific comparisons to the prior year's filing are not detailed in the provided snippet.

Key Financial Figures

• $1 million — banks and other causes. 1 We earned $1 million or more from 299 clients for the year e

Filing Documents

• laz-20231231.htm (10-K) — 3575KB
• laz-20231231xex48.htm (EX-4.8) — 23KB
• laz-20231231xex211.htm (EX-21.1) — 12KB
• laz-20231231xex231.htm (EX-23.1) — 2KB
• laz-20231231xex311.htm (EX-31.1) — 9KB
• laz-20231231xex312.htm (EX-31.2) — 9KB
• laz-20231231xex321.htm (EX-32.1) — 3KB
• laz-20231231xex322.htm (EX-32.2) — 3KB
• laz-20231231xex971.htm (EX-97.1) — 27KB
• laz-20231231_g1.jpg (GRAPHIC) — 56KB
• laz-20231231_g2.jpg (GRAPHIC) — 38KB
• laz-20231231_g3.jpg (GRAPHIC) — 90KB
• 0001628280-24-006659.txt (&nbsp;) — 19499KB
• laz-20231231.xsd (EX-101.SCH) — 128KB
• laz-20231231_cal.xml (EX-101.CAL) — 156KB
• laz-20231231_def.xml (EX-101.DEF) — 714KB
• laz-20231231_lab.xml (EX-101.LAB) — 1416KB
• laz-20231231_pre.xml (EX-101.PRE) — 1035KB
• laz-20231231_htm.xml (XML) — 3486KB

Business

Business 1 Executive Officers of the Registrant 13 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 35

C

Item 1 C . Cybersecurity 35 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128 Item 9A.

Controls and Procedures

Controls and Procedures 128 Item 9B. Other Information 128 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III Item 10. Directors, Executive Officers and Corporate Governance 129 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 130 Item 14. Principal Accounting Fees and Services 130 PART IV Item 15. Exhibits and Financial Statement Schedules 131 Index to Financial Statements and Financial Statement Schedule Items 15(a)(1) and 15(a)(2) F- 1

SIGNATURES

SIGNATURES II- 1 i Part I On January 1, 2024, we completed our conversion (the "Conversion") from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc., a company incorporated under the laws of the state of Delaware. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. This report includes the results of Lazard Ltd prior to the Conversion and Lazard, Inc. following the Conversion. When we use the terms "Lazard", "we", "us", "our" and "the Company", we mean (i) Lazard, Inc. and its subsidiaries following the Conversion and (ii) Lazard Ltd and its subsidiaries prior to the Conversion. Lazard's subsidiaries include Lazard Group LLC, a Delaware limited liability company ("Lazard Group"), that is the current holding company for our businesses. Lazard's primary operating asset is its indirect ownership as of December 31, 2023 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group. All references to common stock, or shares or per share amounts, prior to the Conversion refer to Class A common stock of Lazard Ltd. Unless otherwise noted, all references to common stock, or shares or per share amounts, following the Conversion refer to common stock of Lazard, Inc.

Business

Item 1. Business Lazard, one of the world's preeminent financial advisory and asset management firms, operates in North and South America, Europe, the Middle East, Asia and Australia. With origins dating to 1848, we have long specialized in crafting solutions to the complex financial and strategic challenges of a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Principal Business Lines We focus primarily on two business segments: Financial Advisory and Asset Management. We believe that the mix of our activities across business segments, geographic regions, industries and investment strategies helps to diversify and stabilize our revenue stream. Financial Advisory Our Financial Advisory business offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding strategic and mergers and acquisitions ("M&A") advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory and other strategic advisory matters and capital raising and placement. We focus on solving our clients' most complex issues, providing advice to key decision-makers, senior management, boards of directors and business owners, as well as governments and governmental agencies, in transactions that typically are of significant strategic and financial importance to them. We continue to build our Financial Advisory business by fostering long-term, senior-level relationships with existing and new clients as their independent advisor on strategic transactions and other matters. We seek to build and sustain long-term relationships with our clients rather than focusing simply on individual transactions, a practice that we believe enhances our access to senior management of major corporations and institutions around the world. We emphasize providing clients with se

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View this 10-K filing on SEC EDGAR