Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 273

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 273
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)$516,848 Adjustments:Operating income related to noncontrolling interests and    similar arrangements(6,787)(18,169)(34,963)Interest expense87,795 77,457 76,528 Amortization and other acquisition-related costs242 334 60 Asset impairment charges– 19,129 – Losses associated with cost-saving initiatives587 4,878 – Expenses associated with cost saving initiatives48,142 195,126 – Gain on sale of property(114,271)– – Expenses associated with sale of property17,002 – – Expenses related to office space reorganization– – 3,764 Expenses associated with senior management transition– 10,674 33,019 Benefit pursuant to tax receivable agreement obligation ("TRA") (a)(8,237)(43,894)(1,209)Adjusted operating income (b)$410,945 $165,578 $594,047 Adjusted operating income, as a % of adjusted net revenue (b)14.2 %6.8 %21.5 %

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(a)Represents the effect of the periodic revaluation of the TRA liability.

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

Headcount information is set forth below:

As of December 31,202420232022Headcount:Managing Directors:Financial Advisory194210212Asset Management124114120Corporate212625Total Managing Directors339350357Other Business Segment Professionals and Support Staff:Financial Advisory1,3631,3931,463Asset Management1,1171,1071,105Corporate444441477Total3,2633,2913,402

48

A review of our operating results for the year ended December 31, 2024 compared to our operating results for the year ended December 31, 2023 appears below. A detailed review of our operating results for the year ended December 31, 2023 compared to the year ended December 31, 2022 is set forth in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Operating Results”.

Lazard, Inc. Operating Results

Year Ended December 31, 2024 versus December 31