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

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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Corporate Results of Operations

Corporate’s quarterly results in any particular quarter or period may not be indicative of future results and may fluctuate based on a variety of factors. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended September 30, 2025 versus September 30, 2024

Corporate net revenue decreased $126 million as compared to the 2024 period, primarily due to a gain on the sale of an owned office building of $114 million in the 2024 period and lower gains in the 2025 period as compared to the 2024 period attributable to investments held in connection with LFI. Corporate adjusted net revenue increased $3 million, or 46%, as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, increased $3 million, or 8%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, increased $1 million, or 4%, as compared to the 2024 period. 

Nine Months Ended September 30, 2025 versus September 30, 2024

Corporate net revenue decreased $132 million as compared to the 2024 period, primarily due to a gain on the sale of an owned office building of $114 million in the 2024 period. Corporate adjusted net revenue decreased $14 million, or 33%, as compared to the 2024 period. Both net revenue and adjusted net revenue reflect lower investment gains in the 2025 period as compared to the 2024 period. 

Adjusted compensation and benefits expense, including centrally managed costs, increased $7 million, or 6%, as compared to the 2024 period. 

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Adjusted non-compensation expense, including centrally managed costs, increased $6 million, or 6%, as compared to the 2024 period.

Cash Flows

The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond 60 days, particularly those that involve bankruptcies with court-ordered holdbacks. Fees from our Private Capital Advisory activities are generally collected over a four-year period from billing and typically include an interest component. 

The Company