Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 93

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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 segment’s U.S. GAAP operating income (loss) as the segment’s measure of profit or loss. Comparable prior year information has been recast to reflect the updated measure. Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment.The table below provides selected financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss).Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services.Other segment items include certain adjustments to calculate adjusted operating income (loss), including:•Noncontrolling interests;

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LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

•Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;•Provision for credit losses;•Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements;•Interest expense, excluding interest expense incurred by LFB; •Losses associated with the closing of certain offices as part of the cost-saving initiatives, representing the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss; and •The gain on sale of an owned office building.Inter-segment revenues are not material for all periods presented.The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.Three Months Ended September 30, 2025Financial AdvisoryAsset ManagementCorporateTotalNet Revenue (Loss) - U.S. GAAP Basis$427,335 $327,029 $(6,286)$748,078 Adjusted Compensation and Benefits Expense273,214 155,920 45,513 474,647 Adjusted Non-compensation Expense52,098 64,513 32,054 148,665 Other Segment Items(5,056)(32,840)14,471 (23,425)Adjusted Operating Income (Loss)$96,967 $73,756 $(69,382)$101,341