Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 241

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 241
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June 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$183,708 $169,149 $346,854 $328,517 Adjustments:   Non-compensation expense related to       noncontrolling interests and similar       arrangements (a)(1,594)(881)(2,251)(1,407)   Distribution fees, reimbursable deal costs,       provision for credit losses and other (b)(24,717)(19,588)(39,298)(42,537)   Amortization and other acquisition-related costs(26)(68)(52)(136)   Expenses associated with cost-saving initiatives – – – (1,532)Adjusted non-compensation expense (c)$157,371 $148,612 $305,253 $282,905 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)20.4 %21.7 %21.6 %19.8 %____________________________________

(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 EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income$93,081 $63,640 $147,716 $118,201 Adjustments:Operating income related to noncontrolling    interests and similar arrangements(5,970)(2,142)(7,583)(6,611)Interest expense21,095 22,600 42,064 43,250 Amortization and other acquisition-related costs26 68 52 136 Losses associated with cost-saving initiatives– – – 587 Expenses associated with cost-saving initiatives – – – 48,142 Adjusted operating