Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 235

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 235
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 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 – 114,271 Expenses associated with sale of property (f)– (20,121)– (20,121)Benefit pursuant to tax receivable obligation ("TRA") (g)20,146 – 20,146 – Operating Income - U.S. GAAP Basis$94,930 $161,187 $242,646 $279,388 _____________________(a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.(b)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.(c)Represents expenses associated with the upcoming departure of an executive officer. (d)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the nine month period ended September 30, 2024.(e)Represents gain on the sale of an owned