Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 21

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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) loss related to noncontrolling interests and similar arrangements839 (3,006)Gains related to LFI and other similar arrangements(5,243)(9,373)Interest expense20,960 20,606 Total adjustments (a)16,556 8,227 Adjusted net revenue (b)9,148 23,997 Adjusted compensation and benefits expense38,491 39,955 Adjusted non-compensation expense36,110 30,853 Adjusted operating loss (b)$(65,453)$(46,811)_________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b)Adjusted net revenue and adjusted operating loss are non-GAAP measures.     

Corporate Results of Operations

Corporate’s quarterly results in any particular quarter or period may not be indicative of future results and may fluctuate based on a variety of factors. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended March 31, 2025 versus March 31, 2024

Corporate net revenue decreased $23 million as compared to the 2024 period, primarily due to lower investment gains in the 2025 period as compared to the 2024 period, including investments held in connection with LFI. Corporate adjusted net revenue decreased $15 million, as compared to the 2024 period, primarily due to lower investment gains in the 2025 period as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, decreased $1 million, or 4%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, increased $5 million, or 17%, as compared to the 2024 period. 

Cash Flows

The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond 60 days, particularly those that involve bankruptcies with court-ordered holdbacks. Fees from our Private Capital Advisory activities are generally collected over a four-year period from billing and typically include an interest component