Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 251

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 251
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665 $138,239 $453,918 $421,144 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)20.5 %21.4 %21.2 %20.3 %____________________________________

(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 certain distribution, introducer and management fees paid to third parties, reimbursable deal costs and provision for credit losses relating to fees and other receivables that are deemed uncollectible for which an equal amount is included for purposes of determining adjusted net revenue.

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income$94,930 $161,187 $242,646 $279,388 Adjustments:Operating income related to noncontrolling    interests and similar arrangements(2,252)(8,192)(9,835)(14,803)Interest expense22,634 22,474 64,698 65,724 Amortization and other acquisition-related costs27 53 79 189     Expenses associated with senior management        transition6,148 – 6,148 – Losses associated with cost-saving initiatives– – – 587 Expenses associated with cost-saving initiatives – – – 48,142 Gain on sale of property– (114,271)– (114,271)Expenses associated with sale of property– 20,121 – 20,121 Benefit pursuant to tax receivable agreement   obligation ("TRA") (a)(20,146)– (20,146)– Adjusted operating income (b)$101,341 $81,372 $283,590 $285,077 Adjusted operating income, as a % of adjusted net    revenue (b)14.0 %12.6 %13.3 %13.7 %____________________________________

(a)Represents the effect of the periodic revaluation of the TRA liability.

(b)Adjusted operating income and adjusted operating