Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 120

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 120
---
872)   (Gains) losses related to LFI and other       similar arrangements(10,509)1,201 (15,752)(8,172)   Interest expense21,087 22,598 42,047 43,204 Total adjustments (a)3,803 22,933 20,359 31,160 Adjusted net revenue (b)10,016 11,487 19,164 35,484 Adjusted compensation and benefits expense47,572 42,222 86,063 82,177 Adjusted non-compensation expense41,348 41,813 77,458 72,666 Adjusted operating loss (b)$(78,904)$(72,548)$(144,357)$(119,359)_________________________________

(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 June 30, 2025 versus June 30, 2024

Corporate net revenue increased $18 million as compared to the 2024 period, primarily due to gains in the 2025 period as compared to losses in the 2024 period attributable to investments held in connection with LFI. Corporate adjusted net revenue decreased $1 million, or 13%, as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, increased $5 million, or 13%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, remained substantially the same as compared to the 2024 period. 

Six Months Ended June 30, 2025 versus June 30, 2024

Corporate net revenue decreased $6 million as compared to the 2024 period. Corporate adjusted net revenue decreased $16 million, or 46%, 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