Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 11

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 liabilities are translated into U.S. Dollars using exchange rates as of the respective balance sheet date, while revenue and expenses are translated at average exchange rates during the respective periods based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency are reported as a 

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component of stockholders’ equity. Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included in the condensed consolidated statements of operations.

The condensed consolidated financial statements are prepared in conformity with U.S. GAAP. Selected financial data derived from the Company’s reported condensed consolidated results of operations is set forth below, followed by a more detailed discussion of both the consolidated and business segment results.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Net Revenue$795,997 $685,349 $1,444,048 $1,450,102 Operating Expenses:Compensation and benefits519,208 452,560 949,478 1,003,384 Non-compensation183,708 169,149 346,854 328,517 Total operating expenses702,916 621,709 1,296,332 1,331,901 Operating Income93,081 63,640 147,716 118,201 Provision for income taxes31,764 11,587 24,410 25,924 Net Income61,317 52,053 123,306 92,277 Less - Net Income Attributable to    Noncontrolling Interests5,971 2,144 7,585 6,613 Net Income Attributable to Lazard$55,346 $49,909 $115,721 $85,664 Operating Income, as a % of net revenue11.7 %9.3 %10.2 %8.2 %

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.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard