Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 239

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 239
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587 24,410 25,924 Net Income61,317 52,053 123,306 92,277 Less - Net Income Attributable to    Noncontrolling Interests5,971 2,144 7,585 6,613 Net Income Attributable to Lazard$55,346 $49,909 $115,721 $85,664 Operating Income, as a % of net revenue11.7 %9.3 %10.2 %8.2 %

The tables below describe the components of adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, adjusted operating income and related key ratios, which are non-GAAP measures used by the Company to manage its business. We believe such non-GAAP measures in conjunction with U.S. GAAP measures provide a meaningful and useful basis for comparison between present, historical and future periods, as described above.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP basis$795,997 $685,349 $1,444,048 $1,450,102 Adjustments:Revenue related to noncontrolling interests and similar arrangements (a)(12,000)(4,920)(18,011)(12,023)(Gains) losses related to LFI and other similar arrangements (b)(10,509)1,201 (15,752)(8,172)Distribution fees, reimbursable deal costs, provision for credit losses and other (c)(24,717)(19,588)(39,298)(42,537)Interest expense (d)21,095 22,600 42,064 43,250 Losses associated with cost-saving initiatives (e)––– 587 Total adjustments (f)(26,131)(707)(30,997)(18,895)Adjusted net revenue (g)$769,866 $684,642 $1,413,051 $1,431,207 ____________________________________

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

(b)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount