Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 12

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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 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 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 nine month period ended September 30, 2024.

(f)Represents gain on the sale of an owned office building.

(g)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. 

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in