Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 242

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 242
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 income (a)$108,232 $84,166 $182,249 $203,705 Adjusted operating income, as a % of adjusted net    revenue (a)14.1 %12.3 %12.9 %14.2 %____________________________________

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

52

Headcount information is set forth below:As ofJune 30, 2025December 31, 2024June 30, 2024Headcount:Managing Directors:Financial Advisory204194201Asset Management129124119Corporate222121Total Managing Directors355339341Other Business Segment Professionals and Support Staff:Financial Advisory1,3121,3631,311Asset Management1,1401,1171,080Corporate427444432Total3,2343,2633,164

Lazard, Inc. Operating Results

The Company’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended June 30, 2025 versus June 30, 2024

The Company reported net income attributable to Lazard of $55 million, as compared to net income attributable to Lazard of $50 million in the 2024 period. 

Net revenue increased $111 million, or 16%, with adjusted net revenue increasing $85 million, or 12%, as compared to the 2024 period. Fee revenue from investment banking and other advisory activities increased $84 million, or 21%, as compared to the 2024 period. Asset management fees, including incentive fees, increased $8 million, or 3%, as compared to the 2024 period. In the aggregate, interest income, other revenue and interest expense increased $19 million as compared to the 2024 period. 

Compensation and benefits expense increased $67 million, or 15%, as compared to the 2024 period.

Adjusted compensation and benefits expense (which excludes certain items and which we believe allows for improved comparability between periods, as described above) was $504 million, an increase of $52 million, or 12%, as