Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 29

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 29
---
 year or less, and is generally constrained due to uncertainties. At December 31, 2024, the Company had deferred revenue of $136,536 included in “other liabilities” on the consolidated statements of financial condition. During the year ended December 31, 2024, the Company recognized $24,821 in revenue that was included in the deferred revenue balance as of December 31, 2023 of $140,417.

5.    RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the CECL model.Of the Company’s fee receivables at December 31, 2024 and 2023, $130,682 and $113,929, respectively, represented financing receivables for our Private Capital Advisory fees. At December 31, 2024 and 2023, customers and other receivables included $82,985 and $86,412, respectively, of customer loans provided by LFB to high net worth individuals and families, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both December 31, 2024 and 2023. The aggregate carrying amount of other fees and customers and other receivables was $539,956 and $561,978 at December 31, 2024 and 2023, respectively. Activity in the allowance for credit losses for the years ended December 31, 2024, 2023 and 2022 was as follows:Year Ended December 31,202420232022Beginning Balance$28,503 $17,738 $33,957 Provision for credit losses, net of reversals11,793 20,875 4,012 Charge-offs(7,841)(10,670)(17,900)Foreign currency translation and other adjustments(422)560 (2,331)Ending Balance$32,033 $28,503 $17,738 The provision for credit losses, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the consolidated statements of operations.The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables