Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 12

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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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. 

(e)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the three month period ended March 31, 2024.

(f)Adjusted net revenue is a non-GAAP measure.

Three Months EndedMarch 31,20252024($ in thousands)Lazard, Inc. Adjusted Compensation and Benefits Expense:Total compensation and benefits expense$430,270 $550,824 Adjustments:Compensation and benefits expense related to noncontrolling interests and similar arrangements (a)(3,741)(2,108)Charges pertaining to LFI and other similar arrangements (b)(5,243)(9,373)Expenses associated with cost-saving initiatives– (46,610)Adjusted compensation and benefits expense (c)$421,286 $492,733 Adjusted compensation and benefits expense, as a % of adjusted net revenue (c)65.5 %66.0 %

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

Three Months EndedMarch 31,20252024($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$163,146 $159,368 Adjustments:Non-compensation expense related to noncontrolling     interests and similar arrangements (a)(657)(526)Distribution fees, reimbursable deal costs, provision     for credit losses and other (b)(14,581)(22,949)Amortization and other acquisition-related costs(26)(68)Expenses associated with cost-saving initiatives – (1,532)Adjusted non-compensation expense (c)$147,882 $134,293 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)23.0 %18.0 %

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(a)Expenses related to the consolidation