Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 95

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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 (included in adjusted non-compensation    expense)$2,007 $1,410 $5,536 $8,953 Nine Months Ended September 30, 2024Financial AdvisoryAsset ManagementCorporateTotalNet Revenue - U.S. GAAP Basis$1,235,732 $874,841 $124,395 $2,234,968 Adjusted Compensation and Benefits Expense815,764 430,711 124,425 1,370,900 Adjusted Non-compensation Expense148,310 169,320 103,514 421,144 Other Segment Items(12,355)(62,178)(83,314)(157,847)Adjusted Operating Income (Loss)$259,303 $212,632 $(186,858)$285,077 Other Segment Disclosures: Interest income (included in net revenue)$3,443 $11,323 $24,564 $39,330  Depreciation and amortization of property    (included in adjusted non-compensation    expense)$6,422 $4,091 $16,733 $27,246 

43

LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S. GAAP operating income.Three Months Ended September 30,Nine Months EndedSeptember 30,2025202420252024Adjusted Operating Income$101,341 $81,372 $283,590 $285,077 Adjustments:Operating income related to noncontrolling interests and    similar arrangements (a)2,252 8,192 9,835 14,803 Interest expense (b)(22,634)(22,474)(64,698)(65,724)Amortization and other acquisition-related costs(27)(53)(79)(189)Expenses associated with senior management    transition (c)(6,148)– (6,148)– Losses associated with cost-saving initiatives (d)– – – (587)Expenses associated with cost-saving initiatives– – – (48,142)Gain on sale of property (e)– 114,271 –