Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 223

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 223
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 Non-Compensation Expense:Total non-compensation expense$163,146 $159,368 Adjustments:Non-compensation expense related to noncontrolling     interests and similar arrangements (a)(657)(526)Distribution fees, reimbursable deal costs, provision     for credit losses and other (b)(14,581)(22,949)Amortization and other acquisition-related costs(26)(68)Expenses associated with cost-saving initiatives – (1,532)Adjusted non-compensation expense (c)$147,882 $134,293 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)23.0 %18.0 %

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(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.

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

Three Months EndedMarch 31,20252024($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income$54,635 $54,561 Adjustments:Operating income related to noncontrolling    interests and similar arrangements(1,613)(4,469)Interest expense20,969 20,650 Amortization and other acquisition-related costs26 68 Losses associated with cost-saving initiatives– 587 Expenses associated with cost-saving initiatives – 48,142 Adjusted operating income (a)$74,017 $119,539 Adjusted operating income, as a % of adjusted net    revenue (a)11.5 %16.0 %

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

Headcount information is set forth below:As ofMarch 31, 2025December 31, 2024March 31, 2024Headcount:Managing Directors:Financial Advisory210194199Asset Management131124117Corporate232121Total Managing Directors364339337Other Business Segment Professionals and Support Staff:Financial Advisory1,