Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 261

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 261
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The following table summarizes the adjusted operating results attributable to the Asset Management segment:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$327,029 $293,878 $907,607 $874,841 Adjustments:Revenue related to noncontrolling interests and similar arrangements(12,765)(5,170)(24,840)(13,321)Distribution fees and other(20,083)(17,199)(55,610)(48,863)Interest expense8 1 17 6 Total adjustments (a)$(32,840)$(22,368)$(80,433)$(62,178)Adjusted net revenue (b)294,189 271,510 827,174 812,663 Adjusted compensation and benefits expense155,920 145,695 438,402 430,711 Adjusted non-compensation expense64,513 58,058 187,321 169,320 Adjusted operating income (b)$73,756 $67,757 $201,451 $212,632 Adjusted operating income, as a % of adjusted net revenue (b)25.1 %25.0 %24.4 %26.2 %_______________________________________

(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. 

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(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures. 

The geographical distribution of Asset Management adjusted net revenue is set forth below in percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Americas44 %43 %42 %43 %EMEA42 44 44 44 Asia Pacific14 13 14 13 Total100 %100 %100 %100 %

Asset Management Results of Operations

Asset Management’s quarterly revenue and profits in any particular quarter or period may not be indicative of future results and may fluctuate based on the performance of the equity and