Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 109

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 109
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The tables below describe the components of adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, adjusted operating income and related key ratios, which are non-GAAP measures used by the Company to manage its business. We believe such non-GAAP measures in conjunction with U.S. GAAP measures provide a meaningful and useful basis for comparison between present, historical and future periods, as described above.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP basis$748,078 $784,866 $2,192,126 $2,234,968 Adjustments:Revenue related to noncontrolling interests and similar arrangements (a)(16,092)(11,113)(34,103)(23,136)Gains related to LFI and other similar arrangements (b)(4,823)(16,732)(20,575)(24,904)Distribution fees, reimbursable deal costs, provision for credit losses and other (c)(25,144)(19,310)(64,442)(61,847)Interest expense (d)22,634 22,47464,69865,724Losses associated with cost-saving initiatives (e)– – –587Gain on sale of property (f)– (114,271)–(114,271)Total adjustments (g)(23,425)(138,952)(54,422)(157,847)Adjusted net revenue (h)$724,653 $645,914 $2,137,704 $2,077,121 ____________________________________

(a)Revenue related to the consolidation of noncontrolling interests and similar arrangements are excluded from adjusted net revenue because the Company has no economic interest in such amounts.

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(b)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense.

(c)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 excluded for purposes of determining adjusted non-compensation expense. 

(d)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted