Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 240

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 240
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 is excluded from compensation and benefits expense.

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(c)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 excluded for purposes of determining adjusted non-compensation expense. 

(d)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. 

(e)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the six month period ended June 30, 2024.

(f)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. 

(g)Adjusted net revenue is a non-GAAP measure.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Compensation and Benefits Expense:Total compensation and benefits expense$519,208 $452,560 $949,478 $1,003,384 Adjustments:Compensation and benefits expense related to noncontrolling interests and similar arrangements (a)(4,436)(1,897)(8,177)(4,005)(Charges) credits  pertaining to LFI and other similar arrangements (b)(10,509)1,201 (15,752)(8,172)Expenses associated with cost-saving initiatives– – – (46,610)Adjusted compensation and benefits expense (c)$504,263 $451,864 $925,549 $944,597 Adjusted compensation and benefits expense, as a %    of adjusted net revenue (c)65.5 %66.0 %65.5 %66.0 %____________________________________

(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 changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.

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

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Three Months EndedJune 30,Six Months Ended