Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 59

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 periods within those annual periods, with early adoption permitted. The amendments shall be applied either prospectively or retrospectively. The Company intends to elect the practical expedient with a prospective application as of January 1, 2026. The Company does not expect the election of the practical expedient to have a material impact on its financial statements upon adoption.

Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software — In September 2025, the FASB issued an accounting standard update to eliminate accounting consideration of software project development stages and enhance the guidance related to when an entity would begin capitalizing software costs. The amendments are effective for annual periods beginning after December 15, 2027, and the interim periods within those annual periods, with early adoption permitted. The amendments can be applied prospectively, retrospectively, or using a modified transition approach. The Company is currently evaluating the new guidance.    

3.    REVENUE RECOGNITION

The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net Revenue:Financial Advisory (a)$427,335 $370,917 $1,292,000 $1,235,732 Asset Management:Management fees and other (b)$311,540 $288,814 $876,929 $857,246 Incentive fees (c)15,489 5,064 30,678 17,595 Total Asset Management$327,029 $293,878 $907,607 $874,841 ___________________________________(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until