Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 80

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.Inter-segment revenues are not material for all periods presented.The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.

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LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended March 31, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue (Loss) - U.S. GAAP Basis$367,359 $288,100 $(7,408)$648,051 Adjusted Compensation and Benefits Expense239,968 142,827 38,491 421,286 Adjusted Non-compensation Expense52,561 59,211 36,110 147,882 Other Segment Items2,184 (23,606)16,556 (4,866)Adjusted Operating Income (Loss)$77,014 $62,456 $(65,453)$74,017 Other Segment Disclosures:Interest income (included in net revenue)$1,197 $2,447 $8,018 $11,662 Depreciation and amortization of property    (included in adjusted non-compensation    expense)$2,010 $1,381 $5,040 $8,431 Three Months Ended March 31, 2024Financial AdvisoryAsset ManagementCorporateTotalNet Revenue - U.S. GAAP Basis$453,507 $295,476 $15,770 $764,753 Adjusted Compensation and Benefits Expense302,080 150,698 39,955 492,733 Adjusted Non-compensation Expense47,865 55,575 30,853 134,293 Other Segment Items(6,873)(19,542)8,227 (18,188)Adjusted Operating Income (Loss)$96,689 $69,661 $(46,811)$119,539 Other Segment Disclosures:Interest income (included in net revenue)$966 $3,711 $6,794 $11,471 Depreciation and amortization of property    (included in adjusted non-compensation    expense)$2,249 $1,289 $