Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 282

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 282
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 – Losses associated with cost-saving initiatives– 3,054 – Gain on sale of property(114,271)– – Total adjustments (a)(50,046)36,589 115,483 Adjusted net revenue (b)58,631 15,225 17,971 Adjusted compensation and benefits expense168,113 142,877 159,787 Adjusted non-compensation expense143,179 158,940 128,673 Adjusted operating loss (b)$(252,661)$(286,592)$(270,489)

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(a) Total adjustments equal the “other segment items” in Note 23 of Notes to Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

(b) Adjusted net revenue and adjusted operating loss are non-GAAP measures.     

Corporate Results of Operations

Year Ended December 31, 2024 versus December 31, 2023

Corporate net revenue, which included a gain on sale of property of $114 million in 2024, as compared to losses incurred from the impairment of equity method investments and the liquidation of LGAC in 2023, increased $130 million as compared to 2023. This increase was partially offset by lower gains in 2024 as compared to 2023 attributable to investments held in connection with LFI.

Corporate adjusted net revenue increased $43 million, as compared to 2023, primarily due to increased interest income in 2024 as compared to losses from the liquidation of LGAC in 2023.

Adjusted compensation and benefits expense, including centrally managed costs, increased $25 million, or 18%, as compared to 2023, primarily associated with increased total firm adjusted net revenue.

Adjusted non-compensation expense, including centrally managed costs, decreased $16 million, or 10%, as compared to 2023, primarily due to decreased professional services and occupancy and equipment expenses.

Cash Flows

The Company’s cash flows are influenced primarily by the timing of the receipt of Financial Advisory and Asset Management fees, the timing of distributions to shareholders, payments of incentive compensation to managing directors and employees and purchases of common stock. M&A and other advisory and Asset Management fees are generally collected within 60 days of billing, while Restructuring fee collections may extend beyond 60 days, particularly those that involve bankruptcies with court-ordered holdbacks. Fees from our Private Capital Advisory activities are generally