Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 76

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 76
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)                                                   |     |          $410,945 |     |          $165,578 |
| Adjusted operating margin(h)                                                   |     |             14.2% |     |              6.8% |

| (a) | Loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. |

| (b) | Interest expense, excluding interest expense incurred by LFB, is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. |

| (c) | Represents (gains) losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange. |

| (d) | Represents gain on the sale of an owned office building. |

| (e) | Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building. |

| (f) | Represents expenses associated with senior management transition reflecting the departure of certain executive officers. |

| (g) | Represents the effect of the periodic revaluation of the TRA liability. |

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

| A-3 |

TABLE OF CONTENTS Annex A

Reconciliation of Adjusted Net Income and Adjusted Earnings Per Share

|                                                                                                |     |        Year Ended 
 December 31, 2024 |     | December 31, 2023 |
|:-----------------------------------------------------------------------------------------------|:----|------------------:|:----|------------------:|
| ($ in thousands, except per share data)                                                        |     |                   |     |                   |
| Net Income (Loss) attributable to Lazard, Inc.                                                 |     |                   |     |                   |
| Net income (loss) attributable to Lazard, Inc. - U.S. GAAP Basis                               |     |          $279,912 |     |          -$75,479 |
| Adjustments:                                                                                   |     |                   |     |                   |
| Asset impairment charges                                                                       |     |                 — |     |            19,129 |
| Losses associated with cost-saving initiatives(a)                                              |     |               587 |     |             4,