Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 115

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 115
---
.3% for the 2025 period, as compared to 13.7% in the 2024 period. 

The benefit pursuant to tax receivable agreement was $20,146 in the 2025 period resulting from the periodic revaluation of the TRA liability.

The provision for income taxes reflects an effective tax rate of 18.9%, as compared to 25.4% for the 2024 period. The change in the effective tax rate principally relates to increases in discrete benefits for share-based incentive compensation and changes in the geographic mix of earnings.

Net income attributable to noncontrolling interests decreased $5 million, or 34%, as 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.

57

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,