Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 226

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 226
---
    expense)$4,415 $2,681 $11,197 $18,293 The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S. GAAP operating income.Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Adjusted Operating Income$108,232 $84,166 $182,249 $203,705 Adjustments:Operating income related to noncontrolling interests and    similar arrangements (a)5,970 2,142 7,583 6,611 Interest expense (b)(21,095)(22,600)(42,064)(43,250)Amortization and other acquisition-related costs(26)(68)(52)(136)Losses associated with cost-saving initiatives (c)– – – (587)Expenses associated with cost-saving initiatives– – – (48,142)Operating Income - U.S. GAAP Basis$93,081 $63,640 $147,716 $118,201 _____________________

41

LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

(a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.(b)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.(c)Represents the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the six month period ended June 30, 2024.

21.    CONSOLIDATED VIEs

LFI Consolidated Funds The Company’s consolidated VIEs as of June 30, 2025 and December 31, 2024 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds