Lazard, Inc. (NYSE:LAZ) Q1 2024 Earnings Conference Call April 25, 2024 8:00 AM ET
Company Participants
Alexandra Deignan - Head of Investor Relations, Treasury & Corporate Sustainability
Peter Orszag - Chief Executive Officer
Mary Ann Betsch - Chief Financial Officer
Evan Russo - Chief Executive Officer, Asset Management
Conference Call Participants
Brendan O'Brien - Wolfe Research
Brennan Hawken - UBS
James Yaro - Goldman Sachs
Devin Ryan - JMP Securities
Ryan Kenny - Morgan Stanley
Operator
Good morning and welcome to Lazard's First Quarter 2024 Earnings Conference Call. This call is being recorded. Currently all participants are in a listen-only mode. following the remarks, we’ll conduct a question-and-answer session. [Operator Instructions].
At this time, I would like to turn the call over to Alexandra Deignan, Lazard’s Head Of Investor Relations, Treasury, and Corporate Sustainability. Please go ahead.
Alexandra Deignan
Thank you, Brittany. Good morning, everyone, and welcome to Lazard’s earnings call for the first quarter of 2024. I'm Alexandra Deignan, head of investor relations, treasury, and corporate sustainability. In addition to today's audio comments, we have posted our earnings release on our website. A replay of this call will also be available on our website later today.
Before we begin, let me remind you that we may make forward-looking statements about our business and performance. There are important factors that could cause our actual results, level of activity, performance, achievements, or other events to differ materially from those expressed or implied by the forward-looking statements, including but not limited to those factors discussed in the company's SEC filings, which you can access on our website.
Lazard assumes no responsibility for the accuracy or completeness of these forward-looking statements and assumes no duty to update these forward-looking statements. Today's discussion also includes certain non-GAAP financial measures that we believe are meaningful when evaluating a company's performance.
A reconciliation of these non-GAAP financial measures to the comparable GAAP measures is provided in our earnings release and investor presentation. Hosting our call today is Peter Orszag, Lazard’s chief executive officer, and Mary Ann Betsch, Lazard’s chief financial officer.
After our prepared remarks, Peter and Mary Ann will be joined by Evan Russo, chief executive officer of asset management, as they open the call for questions. I'll now turn the call over to Peter.
Peter Orszag
Thank you, Ale, and good morning to everyone. As we continue to pursue our long-term objectives, Lazard reported a record first quarter with firm-wide adjusted net revenue of $747 million, an increase of 42% year-over-year. Going into 2024, we anticipated that interest rates would stay higher for longer.