Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 264

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 264
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4 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. 

64

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 makes cash payments for a significant portion of its compensation with respect to the prior year’s results during the first three months of each calendar year. See the Condensed Consolidated Financial Statements—Consolidated Statements of Cash Flows for further detail. 

Summary of Cash Flows:

Nine Months EndedSeptember 30,20252024($ in millions)Cash Provided By (Used In):Operating activities:Net income $197 $208