Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 13

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 thousands)Lazard, Inc. Adjusted Compensation and Benefits Expense:Total compensation and benefits expense$498,212 $465,405 $1,447,690 $1,468,789 Adjustments:Compensation and benefits expense related to noncontrolling interests and similar arrangements (a)(12,594)(2,249)(20,771)(6,254)Charges pertaining to LFI and other similar arrangements (b)(4,823)(16,732)(20,575)(24,904)Expenses associated with senior management transition (c)(6,148)– (6,148)– Expenses associated with cost-saving initiatives– – – (46,610)Expenses associated with sale of property (d)– (20,121)– (20,121)Adjusted compensation and benefits expense (e)$474,647  $426,303 $1,400,196 $1,370,900 Adjusted compensation and benefits expense, as a %    of adjusted net revenue (e)65.5 %66.0 %65.5 %66.0 %____________________________________

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

(b)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.

(c)Represents expenses associated with the upcoming departure of an executive officer. The Company expects to record additional expenses in the fourth quarter of 2025 and the first quarter of 2026 totaling approximately $33 million.

(d)Represents estimated statutory profit sharing expenses associated with the sale of an owned office building.

(e)Adjusted compensation and benefits expense and adjusted compensation and benefits expense, as a percentage of adjusted net revenue are non-GAAP measures.

54

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$175,082 $158,274 $521,936 $486,791 Adjustments:   Non-compensation expense related to       noncontrolling interests and similar       arrangements (a)(1,246)(672)(3,497)(2,079)