Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 12

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP basis$795,997 $685,349 $1,444,048 $1,450,102 Adjustments:Revenue related to noncontrolling interests and similar arrangements (a)(12,000)(4,920)(18,011)(12,023)(Gains) losses related to LFI and other similar arrangements (b)(10,509)1,201 (15,752)(8,172)Distribution fees, reimbursable deal costs, provision for credit losses and other (c)(24,717)(19,588)(39,298)(42,537)Interest expense (d)21,095 22,600 42,064 43,250 Losses associated with cost-saving initiatives (e)––– 587 Total adjustments (f)(26,131)(707)(30,997)(18,895)Adjusted net revenue (g)$769,866 $684,642 $1,413,051 $1,431,207 ____________________________________

(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.

(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.

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(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 six month period ended June 30, 2024.

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

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Compensation and Benefits Expense:Total compensation and