Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 93

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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.S. Dollar, generally the currency of the country in which the subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars using exchange rates as of the respective balance sheet date, while revenue and expenses are translated at average exchange rates during the respective periods based on the daily closing exchange rates. Adjustments 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 EndedMarch 31,20252024($ in thousands)Net Revenue$648,051 $764,753 Operating Expenses:Compensation and benefits430,270 550,824 Non-compensation163,146 159,368 Total operating expenses593,416 710,192 Operating Income54,635 54,561 Provision (benefit) for income taxes(7,354)14,337 Net Income61,989 40,224 Less - Net Income Attributable to    Noncontrolling Interests1,614 4,469 Net Income Attributable to Lazard$60,375 $35,755 Operating Income, as a % of net revenue8.4 %7.1 %

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 EndedMarch 31,20252024($ in thousands)Lazard, Inc. Adjusted Net Revenue:Net revenue - U.S. GAAP basis$648,051 $764,753 Adjustments:Revenue related to noncontrolling interests and similar arrangements (a)(6,011)(7,103)Gains related to LFI and other similar arrangements (b)(5,243)(9,373)Distribution fees, reimbursable deal costs, provision for credit losses     and