Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 112

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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 79 189     Expenses associated with senior management        transition6,148 – 6,148 – Losses associated with cost-saving initiatives– – – 587 Expenses associated with cost-saving initiatives – – – 48,142 Gain on sale of property– (114,271)– (114,271)Expenses associated with sale of property– 20,121 – 20,121 Benefit pursuant to tax receivable agreement   obligation ("TRA") (a)(20,146)– (20,146)– Adjusted operating income (b)$101,341 $81,372 $283,590 $285,077 Adjusted operating income, as a % of adjusted net    revenue (b)14.0 %12.6 %13.3 %13.7 %____________________________________

(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.

55

Headcount information is set forth below:As ofSeptember 30, 2025December 31, 2024September 30, 2024Headcount:Managing Directors:Financial Advisory207194193Asset Management127124123Corporate222121Total Managing Directors356339337Other Business Segment Professionals and Support Staff:Financial Advisory1,3871,3631,363Asset Management1,1591,1171,101Corporate430444448Total3,3323,2633,249

Lazard, Inc. Operating Results

The Company’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

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

The Company reported net income attributable to Lazard of $71 million, as compared to net income attributable to Lazard of $108 million in the 2024 period. 

Net revenue decreased $37 million, or 5%, with adjusted net revenue increasing $79 million, or 12%, as compared to the