Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 13

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 benefits expense$519,208 $452,560 $949,478 $1,003,384 Adjustments:Compensation and benefits expense related to noncontrolling interests and similar arrangements (a)(4,436)(1,897)(8,177)(4,005)(Charges) credits  pertaining to LFI and other similar arrangements (b)(10,509)1,201 (15,752)(8,172)Expenses associated with cost-saving initiatives– – – (46,610)Adjusted compensation and benefits expense (c)$504,263 $451,864 $925,549 $944,597 Adjusted compensation and benefits expense, as a %    of adjusted net revenue (c)65.5 %66.0 %65.5 %66.0 %____________________________________

(a)Expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.

(b)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.

(c)Adjusted compensation and benefits expense and adjusted compensation and benefits expense, as a percentage of adjusted net revenue are non-GAAP measures.

51

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$183,708 $169,149 $346,854 $328,517 Adjustments:   Non-compensation expense related to       noncontrolling interests and similar       arrangements (a)(1,594)(881)(2,251)(1,407)   Distribution fees, reimbursable deal costs,       provision for credit losses and other (b)(24,717)(19,588)(39,298)(42,537)   Amortization and other acquisition-related costs(26)(68)(52)(136)   Expenses associated with cost-saving initiatives – – – (1,532)Adjusted non-compensation expense (c)$157,371 $148,612 $305,253 $282,905 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)20.4 %