Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 223

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 223
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. At March 31, 2025, the regulatory net capital of the combined European regulated group was $187,958, which exceeded the minimum requirement set for regulatory capital levels by $65,081. Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At June 30, 2025, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $108,666, which exceeded the minimum required capital by $83,473.At June 30, 2025, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

20.    SEGMENT INFORMATION

The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed by the Chief Operating Decision Maker (the “CODM”) to determine the allocation of resources and to assess its performance. The Company’s reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1. The Company’s CODM is the Company’s Chief Executive Officer. The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss) attributable to each of the segments. The Company previously disclosed each segment’s U.S. GAAP operating income (loss) as the segment’s measure of profit or loss. Comparable prior year information has been recast to reflect the updated measure. Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment.The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services.Other segment items include certain adjustments to calculate adjusted operating income (loss), including:•Noncontrolling interests;•Certain distribution, introducer