Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 96

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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:Financial Advisory210194199Asset Management131124117Corporate232121Total Managing Directors364339337Other Business Segment Professionals and Support Staff:Financial Advisory1,3281,3631,287Asset Management1,1331,1171,063Corporate428444427Total3,2533,2633,114

Lazard, Inc. Operating Results

The Company’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. 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

The Company reported net income attributable to Lazard of $60 million, as compared to net income attributable to Lazard of $36 million in the 2024 period. 

48

Net revenue decreased $117 million, or 15%, with adjusted net revenue decreasing $103 million, or 14%, as compared to the 2024 period. Fee revenue from investment banking and other advisory activities decreased $93 million, or 20%, as compared to the 2024 period. Asset management fees, including incentive fees, decreased $12 million, or 4%, as compared to the 2024 period. In the aggregate, interest income, other revenue and interest expense decreased $12 million as compared to the 2024 period. 

Compensation and benefits expense decreased $121 million, or 22%, as compared to the 2024 period which included $47 million associated with the cost-saving initiatives.

Adjusted compensation and benefits expense (which excludes certain items and which we believe allows for improved comparability between periods, as described above) was $421 million, a decrease of $71 million, or 15%, as compared to $493 million in the 2024 period. The ratio of adjusted compensation and benefits expense to adjusted net revenue was 65.5% for the 2025 period, as compared to 66.0% for the 2024 period. 

Non-compensation expense increased $4 million, or 2%, as compared to the 2024 period. Adjusted non-compensation expense increased $14 million, or 10%, as compared to the 2024 period. Such increases in non-compensation expense and adjusted non-compensation expense