Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 224

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 224
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 and management fees paid to third parties and reimbursable deal costs;•Provision for credit losses;•Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements;•Interest expense, excluding interest expense incurred by LFB; and

39

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

•Losses associated with the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.Inter-segment revenues are not material for all periods presented.The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.Three Months Ended June 30, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue  - U.S. GAAP Basis$497,306 $292,478 $6,213 $795,997 Adjusted Compensation and Benefits Expense317,036 139,655 47,572 504,263 Adjusted Non-compensation Expense52,426 63,597 41,348 157,371 Other Segment Items(5,947)(23,987)3,803 (26,131)Adjusted Operating Income (Loss)$121,897 $65,239 $(78,904)$108,232 Other Segment Disclosures:Interest income (included in net revenue)$1,903 $2,136 $5,168 $9,207 Depreciation and amortization of property    (included in adjusted non-compensation    expense)$2,165 $1,407 $5,041 $8,613 Six Months Ended June 30, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue (Loss) - U.S. GAAP Basis$864,665 $580,578 $(1,195)$1,444,048 Adjusted Compensation and Benefits Expense557,004 282,482 86,063 925,549 Adjusted Non-compensation Expense104,987 122,808 77,458 305,253 Other Segment Items(3,763)(47,593)20,359 (30,997)Adjusted Operating Income (Loss)$198,911 $127,695 $(144,357)$182,249