Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 18

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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 compared to the 2024 period.

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

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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 20 of Notes to Condensed Consolidated Financial Statements for further information regarding segments.

Financial Advisory

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024($ in thousands)Net revenue - U.S. GAAP basis$427,335 $370,917 $1,292,000 $1,235,732 Adjustments:Reimbursable deal costs, provision for credit losses and other(5,061)(2,111)(8,832)(12,984)Interest expense5 1 13 42 Losses associated with cost-saving initiatives– – – 587 Total adjustments (a)(5,056)(2,110)(8,819)(12,355)Adjusted net revenue (b)422,279 368,807 1,283,181 1,223,377 Adjusted compensation and benefits expense273,214 238,360 830,218 815,764 Adjusted non-compensation expense52,098 49,333 157,085 148,310 Adjusted operating income (b)$96,967 $81,114 $295,878 $259,303 Adjusted operating income, as a % of adjusted net revenue (b)23.0 %22.0 %23.1 %21.2 %_______________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Cons