Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 118

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 118
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$(39,810)Adjusted net revenue (b)268,491 265,219 532,985 541,153 Adjusted compensation and benefits expense139,655 134,318 282,482 285,016 Adjusted non-compensation expense63,597 55,687 122,808 111,262 Adjusted operating income (b)$65,239 $75,214 $127,695 $144,875 Adjusted operating income, as a % of adjusted net revenue (b)24.3 %28.4 %24.0 %26.8 %_______________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures. 

59

The geographical distribution of Asset Management adjusted net revenue is set forth below in percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Americas42 %43 %41 %43 %EMEA44 45 45 44 Asia Pacific14 12 14 13 Total100 %100 %100 %100 %

Asset Management Results of Operations

Asset Management’s quarterly revenue and profits in any particular quarter or period may not be indicative of future results and may fluctuate based on the performance of the equity and other capital markets. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended June 30, 2025 versus June 30, 2024

Asset Management net revenue increased $7 million, or 2%, as compared to the 2024 period. Asset Management adjusted net revenue increased $3 million, or 1%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $265 million, an increase of $2 million, or 1%, as compared to $263 million in the 2024 period. Incentive fees, on an adjusted basis, were $4 million, an increase of $1 million