Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 57

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
 expected for any future interim or annual period.

12

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

The condensed consolidated financial statements include Lazard, Inc. and its subsidiaries including Lazard Group LLC and Lazard Group LLC’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, Lazard Frères Banque SA (“LFB”) and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries.The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:•Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs and•Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 21).When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or losses or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated.Amortization and other acquisition-related costs are reported in “operating expenses-other” in the condensed consolidated statements of operations and “amortization of deferred expenses and share-based incentive compensation” in the condensed consolidated statements of cash flows.  Such amounts were previously reported separately. Prior year information has been recast to reflect the updated presentation.

2.    RECENT ACCOUNTING DEVELOPMENTS

Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and