Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 245

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 245
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 adjusted operating income (loss), and adjusted operating income as a percentage of adjusted net revenue, are non-GAAP measures in the tables below.

The Company previously disclosed each segment’s operating results on a U.S. GAAP basis. In the applicable tables below, the comparable prior year information has been recast to reflect the updated measures used by management. See Note 20 of Notes to Condensed Consolidated Financial Statements for further information regarding segments.

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Financial Advisory

The following table summarizes the adjusted operating results attributable to the Financial Advisory segment:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$497,306 $411,308 $864,665 $864,815 Adjustments:Reimbursable deal costs, provision for credit losses and other(5,952)(3,372)(3,771)(10,873)Interest expense5 – 8 41 Losses associated with cost-saving initiatives– – – 587 Total adjustments (a)(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 clients