Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 272

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 272
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 related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.

(b)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.

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

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

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

Year Ended December 31,202420232022($ in thousands)Lazard, Inc. Adjusted Non-Compensation Expense:Total non-compensation expense$670,390 $693,330 $601,481 Adjustments:Non-compensation expense related to noncontrolling interests and similar arrangements (a)(2,805)(2,788)(3,255)Distribution fees, reimbursable deal costs, provision for credit losses and other (b)(90,665)(105,681)(76,229)Amortization and other acquisition-related costs(242)(334)(60)Expenses associated with cost-saving initiatives(1,532)(13,023)– Expenses related to office space reorganization (c)– – (3,764)Adjusted non-compensation expense (d)$575,146 $571,504 $518,173 Adjusted non-compensation expense, as a % of adjusted net revenue (d)19.9 %23.4 %18.7 %

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

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(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)Represents building depreciation and other costs related to office space reorganization.

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

Year Ended December 31,202420232022($ in thousands)Lazard, Inc. Adjusted Operating Income:Operating income (loss)$386,472 $(79,957