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Schedule I - Condensed Financial Information of Registrant (Parent Company Only)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant (Parent Company Only)
LAZARD, INC.
(parent company only)
CONDENSED STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2024 AND 2023
(dollars in thousands, except per share data)
December 31,
20242023
ASSETS
Cash and cash equivalents$1,049 $1,901 
Investments in subsidiaries, equity method634,732 (1,402,500)
Due from subsidiaries225 1,824,782 
Deferred tax assets1,192 – 
Other assets1,052 – 
Total Assets$638,250 $424,183 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Due to subsidiaries$1,831 $– 
Other liabilities179 424 
Total Liabilities2,010 424 
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and 2023
– – 
Common stock:  
Par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2024 and 2023, including shares held by subsidiaries)
1,128 1,128 
Additional paid-in-capital327,810 247,204 
Retained earnings1,472,113 1,402,636 
Accumulated other comprehensive loss, net of tax(326,742)(289,950)
1,474,309 1,361,018 
Common stock held by subsidiaries, at cost (22,467,315 and 25,340,287 shares at December 31, 2024 and 2023, respectively)
(838,069)(937,259)
Total Stockholders’ Equity636,240 423,759 
Total Liabilities and Stockholders’ Equity$638,250 $424,183 
LAZARD, INC.
(parent company only)
CONDENSED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
(dollars in thousands)
Year Ended December 31,
202420232022
REVENUE
Equity in earnings (losses) of subsidiaries$244,705 $(181,720)$238,987 
Interest and other income35,334 112,418 120,733 
Total revenue (loss)280,039 (69,302)359,720 
OPERATING EXPENSES   
Professional services2,289 5,974 2,083 
Other81 203 120 
Total operating expenses2,370 6,177 2,203 
OPERATING INCOME ( LOSS)277,669 (75,479)357,517 
Benefit for income taxes(2,243)– – 
NET INCOME (LOSS)$279,912 $(75,479)$357,517 
LAZARD, INC.
(parent company only)
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
(dollars in thousands)
Year Ended December 31,
202420232022
NET INCOME (LOSS)$279,912 $(75,479)$357,517 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
   
Currency translation adjustments:   
Currency translation adjustments before reclassification(36,862)31,106 (64,778)
Adjustment for items reclassified to earnings– 1,826 32 
Employee benefit plans:   
Actuarial gain (loss) (net of tax expense (benefit) of $1,069, $(7,606) and $(5,978) for the years ended December 31, 2024, 2023 and 2022, respectively)
1,716 (24,510)(11,413)
Prior service cost (net of tax benefit of $2,747 and $2,567 for the years ended December 31, 2024 and 2023, respectively)
(8,225)(7,751)– 
Adjustments for items reclassified to earnings (net of tax expense of $1,926, $1,521 and $994 for the years ended December 31, 2024, 2023 and 2022, respectively)
6,579 5,233 4,152 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
(36,792)5,904 (72,007)
COMPREHENSIVE INCOME (LOSS)$243,120 $(69,575)$285,510 
LAZARD, INC.
(parent company only)
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
(dollars in thousands)
Year Ended December 31,
202420232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$279,912 $(75,479)$357,517 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of subsidiaries(244,705)181,720 (238,987)
Dividends received from subsidiaries179,030 25,000 79,500 
Deferred tax benefit(1,192)– – 
Changes in due to/from subsidiaries(33,584)42,772 (16,663)
Changes in other operating assets and liabilities(1,296)254 14 
Net cash provided by operating activities178,165 174,267 181,381 
CASH FLOWS FROM FINANCING ACTIVITIES:   
Common stock dividends(179,017)(173,075)(181,880)
Net cash used in financing activities(179,017)(173,075)(181,880)
Net increase (decrease) in cash and cash equivalents(852)1,192 (499)
Cash and cash equivalents, January 11,901 709 1,208 
Cash and cash equivalents, December 31$1,049 $1,901 $709 
1.    BASIS OF PRESENTATION
The accompanying Lazard, Inc. condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard, Inc. and its subsidiaries (the “Company”) and the notes thereto.
In connection with the Conversion, in 2024, Lazard, Inc. retired $1,859,972 of borrowings from subsidiaries at par for no cash consideration which increased its investment in subsidiaries by an equivalent amount.
The Parent Company Financial Statements as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates.
The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method.