Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 241

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 241
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232022Adjusted Operating Income$410,945 $165,578 $594,047 Adjustments:Operating income related to noncontrolling interests and similar    arrangements (a)6,787 18,169 34,963 Interest expense (b)(87,795)(77,457)(76,528)Amortization and other acquisition-related costs(242)(334)(60)Asset impairment charges – (19,129)– Losses associated with cost-saving initiatives (c)(587)(4,878)– Expenses associated with cost-saving initiatives(48,142)(195,126)– Gain on sale of property (d)114,271 – – Expenses associated with sale of property (e)(17,002)– – Expenses related to office space reorganization (f)– – (3,764)Expenses associated with senior management transition (g)– (10,674)(33,019)Benefit pursuant to tax receivable obligation ("TRA") (h)8,237 43,894 1,209 Operating Income (Loss) - U.S. GAAP Basis$386,472 $(79,957)$516,848 _____________________(a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.(b)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.(c)Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive losses in the years ended December 31, 2024 and 2023 and transactions related to foreign currency exchange in the year ended December 31, 2023.(d)Represents gain on the sale of an owned office building.(e)Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building.

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LAZARD, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(dollars in thousands, except for per share data, unless otherwise noted)

(f)Represents building depreciation and other costs related to office space reorganization.(g)Represents expenses associated with senior management transition reflecting the departure of certain executive