Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 14

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 14
---
21.7 %21.6 %19.8 %____________________________________

(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 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 included for purposes of determining adjusted net revenue.

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income$93,081 $63,640 $147,716 $118,201 Adjustments:Operating income related to noncontrolling    interests and similar arrangements(5,970)(2,142)(7,583)(6,611)Interest expense21,095 22,600 42,064 43,250 Amortization and other acquisition-related costs26 68 52 136 Losses associated with cost-saving initiatives– – – 587 Expenses associated with cost-saving initiatives – – – 48,142 Adjusted operating income (a)$108,232 $84,166 $182,249 $203,705 Adjusted operating income, as a % of adjusted net    revenue (a)14.1 %12.3 %12.9 %14.2 %____________________________________

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

52

Headcount information is set forth below:As ofJune 30, 2025December 31, 2024June 30, 2024Headcount:Managing Directors:Financial Advisory204194201Asset Management129124119Corporate222121Total Managing Directors355339341Other Business Segment Professionals and Support Staff:Financial Advisory1,3121,3631,311Asset Management1,1401,1171,080Corporate427444432Total3,2343,2633,164

Lazard, Inc. Operating Results

The Company’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised