Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 26

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 41,813 77,458 72,666 Adjusted operating loss (b)$(78,904)$(72,548)$(144,357)$(119,359)_________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b)Adjusted net revenue and adjusted operating loss are non-GAAP measures.     

Corporate Results of Operations

Corporate’s quarterly results in any particular quarter or period may not be indicative of future results and may fluctuate based on a variety of factors. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended June 30, 2025 versus June 30, 2024

Corporate net revenue increased $18 million as compared to the 2024 period, primarily due to gains in the 2025 period as compared to losses in the 2024 period attributable to investments held in connection with LFI. Corporate adjusted net revenue decreased $1 million, or 13%, as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, increased $5 million, or 13%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, remained substantially the same as compared to the 2024 period. 

Six Months Ended June 30, 2025 versus June 30, 2024

Corporate net revenue decreased $6 million as compared to the 2024 period. Corporate adjusted net revenue decreased $16 million, or 46%, as compared to the 2024 period primarily due to lower investment gains in the 2025 period as compared to the 2024 period.

Adjusted compensation and benefits expense, including centrally managed costs, increased $4 million, or 5%, as compared to the 2024 period. 

Adjusted non-compensation expense, including centrally managed costs, increased $5 million, or 7%, as compared to the 2024 period.

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Cash Flows

The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond