Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 111

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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(e)Adjusted compensation and benefits expense and adjusted compensation and benefits expense, as a percentage of adjusted net revenue are non-GAAP measures.

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Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$175,082 $158,274 $521,936 $486,791 Adjustments:   Non-compensation expense related to       noncontrolling interests and similar       arrangements (a)(1,246)(672)(3,497)(2,079)   Distribution fees, reimbursable deal costs,       provision for credit losses and other (b)(25,144)(19,310)(64,442)(61,847)   Amortization and other acquisition-related costs(27)(53)(79)(189)   Expenses associated with cost-saving initiatives – – – (1,532)Adjusted non-compensation expense (c)$148,665 $138,239 $453,918 $421,144 Adjusted non-compensation expense, as a % of    adjusted net revenue (c)20.5 %21.4 %21.2 %20.3 %____________________________________

(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.

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income$94,930 $161,187 $242,646 $279,388 Adjustments:Operating income related to noncontrolling    interests and similar arrangements(2,252)(8,192)(9,835)(14,803)Interest expense22,634 22,474 64,698 65,724 Amortization and other acquisition-related costs27 53