Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 276

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 276
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(a) Total adjustments equal the “other segment items” in Note 23 of Notes to Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

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

Certain Lazard fee and transaction statistics for the Financial Advisory segment are set forth below:

Year Ended December 31,202420232022Lazard Statistics:Number of clients with fees greater than $1 million:Financial Advisory344299304Percentage of total Financial Advisory net revenue from top 10 clients (a)19 %19 %19 %Number of M&A transactions completed with values greater than $500 million (b)805691

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(a)No individual client constituted more than 10% of our Financial Advisory segment net revenue in the years ended December 31, 2024, 2023 and 2022.

(b)Source: Dealogic as of January 3, 2025.

The geographical distribution of Financial Advisory adjusted net revenue is set forth below in percentage terms and is based on the Lazard offices that generate Financial Advisory adjusted net revenue, which are located in the Americas 

50

(primarily in the U.S.), EMEA (primarily in the U.K., France, Germany, Italy and Spain) and the Asia Pacific region and therefore may not be reflective of the geography in which the clients are located.

Year Ended December 31,202420232022Americas60 %55 %59 %EMEA39 44 40 Asia Pacific1 1 1 Total100 %100 %100 %

The Company’s managing directors and many of its professionals have significant experience, and many of them are able to use this experience to advise on a combination of M&A, restructuring and other strategic advisory matters, depending on clients’ needs. This adaptability enables Lazard to more effectively deploy its professionals based on the often counter-cyclical nature of restructuring as compared to our M&A business. While Lazard measures revenue by practice area, Lazard does not separately measure the costs or profitability of M&A services as compared to restructuring or other services. Accordingly, Lazard measures performance in its Financial Advisory segment based on overall segment adjusted net revenue and adjusted operating income margins.

Financial Advisory Results of Operations

Year Ended December 31, 2024 versus December 31, 2023

Financial Advisory net revenue