SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Select Financial Information and Reconciliation of Adjusted Operating Income (Loss) to Consolidated


	Three Months Ended March 31, 2025
	Financial Advisory		Asset Management		Corporate		Total
Net Revenue (Loss) - U.S. GAAP Basis	$	367,359	$	288,100	$	(7,408)	$	648,051
Adjusted Compensation and Benefits Expense	239,968		142,827		38,491		421,286
Adjusted Non-compensation Expense	52,561		59,211		36,110		147,882
Other Segment Items	2,184		(23,606)		16,556		(4,866)
Adjusted Operating Income (Loss)	$	77,014	$	62,456	$	(65,453)	$	74,017

Other Segment Disclosures:
Interest income (included in net revenue)	$	1,197	$	2,447	$	8,018	$	11,662
Depreciation and amortization of property (included in adjusted non-compensation expense)	$	2,010	$	1,381	$	5,040	$	8,431


	Three Months Ended March 31, 2024
	Financial Advisory		Asset Management		Corporate		Total
Net Revenue - U.S. GAAP Basis	$	453,507	$	295,476	$	15,770	$	764,753
Adjusted Compensation and Benefits Expense	302,080		150,698		39,955		492,733
Adjusted Non-compensation Expense	47,865		55,575		30,853		134,293
Other Segment Items	(6,873)		(19,542)		8,227		(18,188)
Adjusted Operating Income (Loss)	$	96,689	$	69,661	$	(46,811)	$	119,539

Other Segment Disclosures:
Interest income (included in net revenue)	$	966	$	3,711	$	6,794	$	11,471
Depreciation and amortization of property (included in adjusted non-compensation expense)	$	2,249	$	1,289	$	5,551	$	9,089

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 Ended March 31,
	2025		2024
Adjusted Operating Income	$	74,017	$	119,539
Adjustments:
Operating income related to noncontrolling interests and similar arrangements (a)	1,613		4,469
Interest expense (b)	(20,969)		(20,650)
Amortization and other acquisition-related costs	(26)		(68)
Losses associated with cost-saving initiatives (c)	–		(587)
Expenses associated with cost-saving initiatives	–		(48,142)
Operating Income - U.S. GAAP Basis	$	54,635	$	54,561

_____________________

(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 three month period ended March 31, 2024.