Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 239

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 239
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-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segments 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, including:•Noncontrolling interests;•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;

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

•Asset impairment charges;•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; 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.Year Ended December 31, 2024Financial AdvisoryAsset ManagementCorporateTotalNet Revenue  - U.S. GAAP Basis$1,756,183 $1,186,977 $108,677 $3,051,837 Adjusted Compensation and Benefits Expense1,132,017 603,333 168,113 1,903,463 Adjusted Non-compensation Expense202,007 229,960 143,179 575,146 Other Segment Items(25,134)(87,103)(50,046)(162,283)Adjusted Operating Income (Loss)$397,025 $266,581 $(252,661)$410,945 Other Segment Disclosures:Interest income (included in net revenue)$4,730 $14,457 $34,417 $53,604 Depreciation and amortization of property    (included in adjusted non-compensation    expense)$8,398 $5,704 $22,129 $36,231