Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 108

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 108
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 regarding the Company’s noncontrolling interests and consolidated VIEs.

Consolidated Results of Operations

Lazard’s condensed consolidated financial statements are presented in U.S. Dollars. Many of our non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which the subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars using exchange rates as of the respective balance sheet date, while revenue and expenses are translated at average exchange rates during the respective periods based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency are reported as a component of stockholders’ equity. Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included in the condensed consolidated statements of operations.

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The condensed consolidated financial statements are prepared in conformity with U.S. GAAP. Selected financial data derived from the Company’s reported condensed consolidated results of operations is set forth below, followed by a more detailed discussion of both the consolidated and business segment results.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net Revenue$748,078 $784,866 $2,192,126 $2,234,968 Operating Expenses:Compensation and benefits498,212 465,405 1,447,690 1,468,789 Non-compensation175,082 158,274 521,936 486,791 Benefit pursuant to tax receivable    agreement(20,146)– (20,146)– Total operating expenses653,148 623,679 1,949,480 1,955,580 Operating Income94,930 161,187 242,646 279,388 Provision for income taxes21,430 45,052 45,840 70,976 Net Income73,500 116,135 196,806 208,412 Less - Net Income Attributable to    Noncontrolling Interests2,253 8,197 9,838 14,810 Net Income Attributable to Lazard$71,247 $107,938 $186,968 $193,602 Operating Income, as a % of net revenue12.7 %20.5