Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 275

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 275
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 as compared to 6.8% in 2023. 

The provision (benefit) for income taxes reflects an effective tax rate of 25.8%, as compared to 28.3% in 2023. See Note 19 of Notes to Consolidated Financial Statements. 

Net income attributable to noncontrolling interests decreased $11 million as compared to 2023. See Note 15 of Notes to Consolidated Financial Statements.

For additional discussion of the drivers of our adjusted operating results for the period, see “Business Segments” below.

Business Segments

The following is a discussion of net revenue, adjusted net revenue, adjusted compensation and benefits expense, adjusted non-compensation expense, and adjusted operating income (loss) for the Company’s segments: Financial Advisory, Asset Management and Corporate. Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments.  

Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue, are non-GAAP measures in the tables below.  

49

The Company previously disclosed each segment’s operating results on a U.S. GAAP basis. In the applicable tables below, the comparable prior year information has been recast to reflect the updated measures used by management. See Note 23 of Notes to Consolidated Financial Statements for further information regarding segments. 

Financial Advisory

The following table summarizes the adjusted operating results attributable to the Financial Advisory segment:

Year Ended December 31,202420232022($ in thousands)Net revenue - U.S. GAAP basis$1,756,183$1,385,357$1,666,156Adjustments:Reimbursable deal costs, provision for credit losses and other(25,764)(30,565)(13,827)Interest expense43 219 93 Losses associated with cost-saving initiatives587 1,824 – Total adjustments (a)(25,134)(28,522)(13,734)Adjusted net revenue (b)1,731,0491,356,8351,652,422Adjusted compensation and benefits expense1,132,0171,014,352939,164Adjusted non-compensation expense202,007193,661184,439Adjusted operating income (b)$397,025$148,822$528,819Adjusted operating income, as a % of adjusted net revenue (b)22.9 %11.0 %32.0 %

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