Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 74

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 74
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 and benefits expense(e)                                                     |     |        $1,903,463 |     |        $1,702,537 |
| Adjusted compensation ratio(e)                                                                    |     |             65.9% |     |             69.8% |

| (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 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) | Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building. |

| (d) | Represents expenses associated with senior management transition reflecting the departure of certain executive officers. |

| (e) | Adjusted compensation and benefits expense and adjusted compensation ratio are non-GAAP measures. Adjusted compensation ratio is defined as adjusted compensation and benefits expense, as a percentage of adjusted net revenue. |

Reconciliation of Non-Compensation Expense

|                                                                                          |     |        Year Ended 
 December 31, 2024 |     | December 31, 2023 |
|:-----------------------------------------------------------------------------------------|:----|------------------:|:----|------------------:|
| ($ in thousands)                                                                         |     |                   |     |                   |
| Non-compensation expense - U.S. GAAP Basis                                               |     |          $670,390 |     |          $693,330 |
| Adjustments:                                                                             |     |                   |     |                   |
| Non-compensation expense related to noncontrolling interests and similar arrangements(a) |     |            -2,805 |     |            -2,788 |
| Distribution fees, reimbursable deal costs, provision for credit losses and other(b)     |     |           -90,665 |     |          -105,681 |
| Amortization and other acquisition-related costs                                         |     |              -242 |     |              -334 |
| Expenses associated with cost-saving initiatives                                         |     |            -1,532 |     |           -13,023 |
| Adjusted non-compensation expense(c)                                                     |     |          $575,146 |     |          $571,504 |
| Adjusted non-compensation ratio(c)                                                       |     |             19.9% |     |             23.4% |

| (a) | Expenses related to the