Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 270

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 270
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:Compensation and benefits2,003,2121,946,0101,656,451Non-compensation670,390693,330601,481Benefit pursuant to tax receivable agreement(8,237)(43,894)(1,209)Total operating expenses2,665,3652,595,4462,256,723Operating Income (Loss)386,472(79,957)516,848Provision (benefit) for income taxes99,764(22,650)124,365Net Income (Loss)286,708(57,307)392,483Less - Net Income Attributable to Noncontrolling Interests6,79618,17234,966Net Income (Loss) Attributable to Lazard$279,912$(75,479)$357,517Operating Income (Loss), as a % of net revenue12.7 %(3.2)%18.6 %

The tables below describe the components of adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, adjusted operating income and related key ratios, which are non-GAAP measures used by the Company to manage its business. We believe such non-GAAP measures in conjunction with U.S. GAAP measures provide a meaningful and useful basis for comparison between present, historical and future periods, as described above. 

45

Year Ended December 31,202420232022($ in thousands)Lazard, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP basis$3,051,837 $2,515,489 $2,773,571 Adjustments:Revenue related to noncontrolling interests and similar arrangements (a)(29,553)(30,190)(49,073)(Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (b)(16,176)(41,463)44,261 Distribution fees, reimbursable deal costs, provision for credit losses and other (c)(90,665)(105,681)(76,229)Interest expense (d)87,795 77,457 76,528 Asset impairment charges– 19,129 – Losses associated with cost-saving initiatives (e)587 4,878 – Gain on sale of property (f)(114,271)– – Adjusted net revenue (g) $2,889,554 $2,439,619 $2,769,058