Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 105

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 105
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, (ii) profits interest participation rights and (iii) consolidated VIE interests held by employees. See Notes 12 and 21 of Notes to Condensed Consolidated Financial Statements for information regarding the Company’s noncontrolling interests and consolidated VIEs.

Consolidated Results of Operations

Lazard’s condensed consolidated financial statements are presented in U.S. Dollars. Many of our non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which the subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars using exchange rates as of the respective balance sheet date, while revenue and expenses are translated at average exchange rates during the respective periods based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency are reported as a 

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component of stockholders’ equity. Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included in the condensed consolidated statements of operations.

The condensed consolidated financial statements are prepared in conformity with U.S. GAAP. Selected financial data derived from the Company’s reported condensed consolidated results of operations is set forth below, followed by a more detailed discussion of both the consolidated and business segment results.

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024($ in thousands)Net Revenue$795,997 $685,349 $1,444,048 $1,450,102 Operating Expenses:Compensation and benefits519,208 452,560 949,478 1,003,384 Non-compensation183,708 169,149 346,854 328,517 Total operating expenses702,916 621,709 1,296,332 1,331,901 Operating Income93,081 63,640 147,716 118,201 Provision for income taxes31,764 11,587 24,410 25,924 Net Income61,317 52,053 123,306 92,277 Less - Net Income Attributable to    Noncontrolling Interests5,971 2,144 7,585 6,613 Net Income Attributable to Lazard$55,346 $49,909 $115,721 $85,664 Operating Income, as a % of