Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 11

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 that result from translating amounts from a subsidiary’s functional currency are reported as a component of stockholders’ equity. Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included in the condensed consolidated statements of operations.

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The condensed consolidated financial statements are prepared in conformity with U.S. GAAP. Selected financial data derived from the Company’s reported condensed consolidated results of operations is set forth below, followed by a more detailed discussion of both the consolidated and business segment results.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net Revenue$748,078 $784,866 $2,192,126 $2,234,968 Operating Expenses:Compensation and benefits498,212 465,405 1,447,690 1,468,789 Non-compensation175,082 158,274 521,936 486,791 Benefit pursuant to tax receivable    agreement(20,146)– (20,146)– Total operating expenses653,148 623,679 1,949,480 1,955,580 Operating Income94,930 161,187 242,646 279,388 Provision for income taxes21,430 45,052 45,840 70,976 Net Income73,500 116,135 196,806 208,412 Less - Net Income Attributable to    Noncontrolling Interests2,253 8,197 9,838 14,810 Net Income Attributable to Lazard$71,247 $107,938 $186,968 $193,602 Operating Income, as a % of net revenue12.7 %20.5 %11.1 %12.5 %

The tables below describe the components of adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, adjusted operating income and related key ratios, which are non-GAAP measures used by the Company to manage its business. We believe such non-GAAP measures in conjunction with U.S. GAAP measures provide a meaningful and useful basis for comparison between present, historical and future periods, as described above.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP