Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 18

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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)(5,947)(3,372)(3,763)(10,245)Adjusted net revenue (b)491,359 407,936 860,902 854,570 Adjusted compensation and benefits expense317,036 275,324 557,004 577,404 Adjusted non-compensation expense52,426 51,112 104,987 98,977 Adjusted operating income (b)$121,897 $81,500 $198,911 $178,189 Adjusted operating income, as a % of adjusted net revenue (b)24.8 %20.0 %23.1 %20.9 %_______________________________________

(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, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures.

Certain Lazard fee and transaction statistics for the Financial Advisory segment are set forth below:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Lazard Statistics:Number of clients with fees greater than $1 million:Financial Advisory99 79 177 161 Percentage of total Financial Advisory net revenue    from top 10 clients36 %42 %26 %33 %Number of M&A transactions completed with    values greater than $500 million (a)16 13 34 31 ________________________________________

(a)Source: Dealogic as of July 3, 2025.

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The geographical distribution of Financial Advisory adjusted net revenue is set forth below in percentage terms and is based on the Lazard offices that generate Financial Advisory adjusted net revenue, which are located in the Americas (primarily in the U.S.), EMEA (primarily in the U.K., France, Germany, Italy and Spain) and the Asia Pacific region and therefore may not be reflective of the geography in which the clients are located.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Americas56 %60 %60 %62 %EMEA43 40 39 38 Asia Pacific1 – 1 – Total100 %100 %100 %100 %

The Company’s managing directors and many of its professionals have