Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 20

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 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. 

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 EndedMarch 31,20252024Americas41 %42 %EMEA45 44 Asia Pacific14 14 Total100 %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 March 31, 2025 versus March 31, 2024

Asset Management net revenue decreased $7 million, or 2%, as compared to the 2024 period. Asset Management adjusted net revenue decreased $11 million, or 4%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $256 million, a decrease of $12 million, or 5%, as compared to $268 million in the 2024 period. Incentive fees, on an adjusted basis, were $9 million, an increase of $1 million as compared to $8 million in the 2024 period. 

Adjusted compensation and benefits expense decreased $8 million, or 5%, as compared to the 2024 period.  

Adjusted non-compensation expense increased $4 million, or 7%, as compared to the 2024 period.

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Asset Management adjusted operating income was $62 million, a decrease of $7 million, or 10%, as compared to adjusted operating income of $70 million in the 2024 period and as a percentage of adjusted net revenue, was 23.6%, as compared to 25.2% in the 2024 period.

Corporate

The following table summarizes the reported adjusted operating results attributable to the Corporate segment:

Three Months EndedMarch 31,20252024($ in thousands)Net revenue (loss) - U.S. GAAP basis$(7,408)$15,770 Adjustments:(Revenue