PJT Partners Inc. (NYSE:PJT) Q4 2021 Earnings Conference Call February 1, 2022 8:30 AM ET Company Participants Paul Taubman – Chairman and Chief Executive Officer Helen Meates – Chief Financial Officer Sharon Pearson – Head of Investor Relations Conference Call Participants Richard Ramsden – Goldman Sachs Steven Chubak – Wolfe Research Michael C. Brown – Keefe, Bruyette & Woods, Inc. Jeff Harte – Piper Sandler Devin Ryan – JMP Securities Operator Good day and welcome to the PJT Partners, Fourth Quarter 2021 ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including financial condition, operations, and cash flows, for PJT Partners Inc [Condensed Consolidated Statements of Financial Condition](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) The company's financial condition as of September 30, 2021, shows a decrease in total assets and equity compared to year-end 2020, while total liabilities remained stable Condensed Consolidated Statements of Financial Condition | Financial Metric | Sep 30, 2021 ($ in thousands) | Dec 31, 2020 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$1,078,066** | **$1,171,607** | | Cash and Cash Equivalents | $261,102 | $299,513 | | Investments | $72,696 | $137,889 | | Accounts Receivable, Net | $250,443 | $233,166 | | **Total Liabilities** | **$483,346** | **$483,761** | | Accrued Compensation and Benefits | $178,611 | $253,456 | | **Total Equity** | **$594,720** | **$687,846** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's operations for Q3 and the nine months ended September 30, 2021, show a decrease in total revenues and net income, primarily due to lower Advisory Fees Condensed Consolidated Statements of Operations | Metric ($ in thousands) | Q3 2021 | Q3 2020 | YoY Change | 9 Months 2021 | 9 Months 2020 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$231,298** | **$297,563** | **-22%** | **$678,679** | **$730,297** | **-7%** | | Advisory Fees | $179,900 | $262,400 | -31% | $530,124 | $611,530 | -13% | | Placement Fees | $46,891 | $31,774 | +48% | $137,611 | $106,026 | +30% | | **Total Expenses** | **$183,023** | **$227,467** | **-20%** | **$534,069** | **$576,965** | **-7%** | | Compensation and Benefits | $148,149 | $196,896 | -25% | $434,866 | $485,650 | -10% | | **Net Income** | **$39,185** | **$58,107** | **-33%** | **$125,837** | **$131,033** | **-4%** | | **Diluted EPS** | **$0.82** | **$1.22** | **-33%** | **$2.72** | **$2.87** | **-5%** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow analysis for the nine months ended September 30, 2021, indicates a decrease in operating cash, a shift to positive investing cash, and increased cash usage in financing activities Condensed Consolidated Statements of Cash Flows | Cash Flow Activity ($ in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $133,645 | $300,056 | | Net Cash Provided by (Used in) Investing Activities | $60,423 | $(235,465) | | Net Cash Used in Financing Activities | $(230,906) | $(140,018) | | **Net Decrease in Cash and Cash Equivalents** | **$(38,411)** | **$(77,489)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes to the financial statements provide details on revenue recognition, equity compensation, related party transactions, and significant subsequent events including share repurchases and dividends - As of September 30, 2021, the company had **$33.2 million** in transaction price allocated to unsatisfied performance obligations, which is expected to be recognized as revenue within the next twelve months[39](index=39&type=chunk) - During the nine months ended September 30, 2021, the company repurchased **1.3 million shares** of Class A common stock for an aggregate of **$94.6 million**, with **$91.9 million** remaining available for repurchase under the program[55](index=55&type=chunk) - On October 18, 2021, the company paid a special dividend of **$3.00 per share**, totaling **$73.0 million**. A regular quarterly dividend of **$0.05 per share** was also declared, payable on December 22, 2021[97](index=97&type=chunk)[98](index=98&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=25&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the financial performance, attributing revenue declines to decreased restructuring activity and highlighting the company's strong liquidity position [Business Environment](index=25&type=section&id=Business%20Environment) The business environment in the first nine months of 2021 saw increased M&A volumes, slowed restructuring activity, and a focus on existing relationships in fundraising - Worldwide M&A announced volumes were up significantly in the first nine months of 2021 compared to the same period in 2020[104](index=104&type=chunk) - Global restructuring activity slowed from elevated 2020 levels through the first nine months of 2021, driven by economic recovery and stimulus[105](index=105&type=chunk) - In the fundraising market, investors are focused on existing relationships, and secondary market activity, particularly GP-led continuation vehicles, continues to increase[107](index=107&type=chunk) [Condensed Consolidated Results of Operations](index=28&type=section&id=Condensed%20Consolidated%20Results%20of%20Operations) The company's consolidated results show a decline in Q3 and nine-month revenues, primarily due to lower Advisory Fees, partially offset by increased Placement Fees, with expenses decreasing in line with revenues - Q3 2021 Advisory Fees decreased by **$82.5 million** YoY, as an increase in strategic advisory revenues was more than offset by a decline in restructuring revenues from 2020's record levels[124](index=124&type=chunk) - Q3 2021 Placement Fees increased by **$15.1 million** YoY, driven by an increase in fund placement activity[124](index=124&type=chunk) - The decrease in Compensation and Benefits expense for both the three and nine-month periods was principally the result of lower revenues[126](index=126&type=chunk)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with substantial cash and an undrawn credit facility, despite significant cash usage for share repurchases and partnership unit redemptions - As of September 30, 2021, the company had cash, cash equivalents, and short-term investments of **$333.8 million**[135](index=135&type=chunk) - The company has a **$60 million** revolving credit facility which was undrawn as of September 30, 2021[79](index=79&type=chunk)[81](index=81&type=chunk) - For the nine months ended September 30, 2021, the company used **$95.9 million** for cash exchanges of Partnership Units and **$94.6 million** for share repurchases[145](index=145&type=chunk)[147](index=147&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=34&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company identifies primary market risks as credit risk from receivables and foreign currency exchange rate risk, noting minimal exposure to interest rate or commodity price fluctuations - The company's primary financial risks are credit risk from receivables and foreign currency exchange rate risk, particularly with the pound sterling, euro, Japanese yen, and Hong Kong dollar[160](index=160&type=chunk)[163](index=163&type=chunk) - For the nine months ended September 30, 2021, foreign currency fluctuations resulted in a loss of **$1.5 million** recorded in Other Comprehensive Income and a loss of **$1.4 million** in Interest Income and Other[163](index=163&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=34&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[164](index=164&type=chunk) - No material changes in internal control over financial reporting occurred during the third quarter of 2021[165](index=165&type=chunk) PART II. OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=35&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to ordinary course legal and regulatory proceedings, with no material pending matters expected to significantly impact its financial condition - The company states that it is not currently party to any material pending legal proceedings that would have a material effect on its financial statements[167](index=167&type=chunk) [ITEM 1A. RISK FACTORS](index=35&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes were reported to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes were reported from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[168](index=168&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=35&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2021, the company repurchased 187,754 shares of Class A common stock, with $91.9 million remaining available under the repurchase program Share Repurchases in Q3 2021 | Period | Total Shares Repurchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2021 | 64,254 | $72.17 | | August 2021 | 71,000 | $78.93 | | September 2021 | 52,500 | $77.72 | | **Q3 2021 Total** | **187,754** | **$76.28** | - As of the end of Q3 2021, the approximate dollar value of shares that may yet be purchased under the repurchase program was **$91.9 million**[170](index=170&type=chunk) [ITEM 6. EXHIBITS](index=37&type=section&id=ITEM%206.%20EXHIBITS) This section provides a list of exhibits filed with the Form 10-Q, including governance documents and certifications

Investor Presentation October 26, 2021 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating p ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2021 were $231 million, down 22% year-over-year [10] - Advisory revenues were $180 million, down 31% year-over-year, primarily due to a decline in restructuring revenues [10] - Placement revenues increased by 48% year-over-year to $47 million, driven by strong fund placement activity [10] - For the nine months ended September 30, total revenues were $679 million, down 7% year-over-year [11] - Adjusted pre-tax income for Q3 was $54 million, with an adjusted pre-tax margin of 23.3% [12] Business Line Data and Key Metrics Changes - Strategic Advisory revenues continued to grow year-over-year, but overall growth was offset by a decline in restructuring revenues [10][11] - Restructuring revenues saw a nearly $100 million decline compared to last year's record levels [8] - PJT Park Hill is delivering record performance, benefiting from strong growth trends in the alternative asset investment market [19] - PJT CamberView is also expected to deliver record performance in 2021, entering 2022 with a strong backlog [21] Market Data and Key Metrics Changes - The restructuring environment is currently dampened due to benign credit markets and unprecedented monetary policy support, returning to 2019 levels [7][17] - Early signs of stress are building in the system, with rising labor costs and inflationary expectations [18] Company Strategy and Development Direction - The company remains focused on long-term growth, investing in its business despite current headwinds in restructuring [18] - There is a strong emphasis on building trusted relationships and long-term opportunities rather than chasing immediate gains [28] - The company is positioned to take advantage of expanded opportunities with financial sponsors and asset managers [19] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the long-term outlook for restructuring, expecting increased demand due to the fallout from COVID-19 [17] - The company anticipates a significant increase in Strategic Advisory revenues in Q4 2021 and into 2022 [20] - Rising interest rates are expected to create a more favorable environment for restructuring activities [36] Other Important Information - The company ended the quarter with $334 million in cash and no funded debt outstanding [15] - A special dividend of $3.00 per share was paid, with a regular dividend of $0.05 per share approved for December [15] Q&A Session Summary Question: Outlook for Strategic Advisory and productivity of partners - Management noted that all partners are showing increased productivity, with a long-term view on building relationships [27] Question: Capital return priorities and future buybacks - The company plans to continue aggressive share repurchases, with potential for increased dividends in the future [31] Question: Impact of rising interest rates on business - Rising rates may create a more favorable environment for restructuring, but the Strategic Advisory business is less affected by macro trends [36][40] Question: Expectations for restructuring business in 2022 - Management is confident that restructuring revenues will return to 2019 levels, with a neutral outlook for 2022 [43] Question: Competitive positioning and growth expectations - The company views itself as still in the early stages of growth, with significant potential for future expansion [55]

PJT Partners Inc. (NYSE:PJT) Q2 2021 Earnings Conference Call July 29, 2021 8:30 AM ET Company Participants Sharon Pearson - IR Paul Taubman - Chairman and CEO Helen Meates - CFO Conference Call Participants Devin Ryan - JMP Securities Richard Ramsden - Goldman Sachs Brendan O'Brien - Wolfe Research Michael Brown - KBW Securities Operator Good day, and welcome to the PJT Partners Second Quarter 2021 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Sh ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-36869 PJT Partners Inc. (Exact name of registrant as specified in its charter) Delaware 36-4797143 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-36869 PJT Partners Inc. (Exact name of registrant as specified in its charter) Delaware 36-4797143 (State or other jurisdiction ...

PJT Partners Inc. (NYSE:PJT) Q1 2021 Earnings Conference Call April 27, 2021 8:30 AM ET Company Participants Sharon Pearson - Head of Investor Relations Paul Taubman - Chairman & Chief Executive Officer Helen Meates - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities Richard Ramsden - Goldman Sachs Steven Chubak - Wolfe Research Jim Mitchell - Seaport Global Securities Michael Brown - KBW Operator Good day, and welcome to the PJT Partners' First Quarter 2021 Earnings Call. Tod ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36869 PJT Partners Inc. (Exact name of Registrant as specified in its Charter) Delaware 36-4797143 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - Firm-wide revenues for 2020 grew 47% to $1.52 billion, adjusted pre-tax income more than doubled to $271 million, and adjusted earnings per share also more than doubled to $4.93 per share [10][18][24] - For Q4 2020, total revenues were $322 million, up 29% year-over-year, with advisory revenues of $261 million, up 39% year-over-year [19][20] Business Line Data and Key Metrics Changes - Restructuring business delivered its highest revenue ever in 2020, with Q4 restructuring revenues being the second highest ever [11][12] - PJT Park Hill saw a gradual return to a more normal fundraising environment, with 2020 revenues only modestly below 2019 levels [13] - Strategic advisory revenues more than doubled in 2020, benefiting from a strong pipeline of transactions [14][15] Market Data and Key Metrics Changes - The restructuring practice was bolstered by strong strategic advisory relationships with corporates and financial sponsors, enhancing win rates [11] - The placement revenues for 2020 were $162 million, up 22% year-over-year, driven by increased corporate private placement activity [18] Company Strategy and Development Direction - The company aims to expand its global reach and capitalize on its advisory capabilities, with a focus on building a market-leading franchise [30][31] - Continued investment in strategic advisory and integration of PJT Camberview into the broader firm is a priority [15] Management's Comments on Operating Environment and Future Outlook - Management expects elevated restructuring activity for an extended period due to the economic damage caused by the pandemic, but does not anticipate 2021 restructuring activity to match 2020 levels [12][50] - The company remains confident in its future growth prospects despite challenging year-over-year comparisons in 2021 [30][31] Other Important Information - The board approved a dividend of $0.05 per share, to be paid on March 17, 2021 [28] - The company ended the quarter with the highest cash balances ever, totaling $437 million in cash and cash equivalents [27] Q&A Session Summary Question: Thoughts on productivity after a strong 2020 - Management believes that with the same team and market conditions, productivity could improve as senior team members gain more traction with clients [38] Question: Compensation and ratio trajectory - Management indicated that while there is a strong connection between compensation growth and revenue growth, it is not always a straight line and can vary based on market conditions [41][42] Question: Outlook for the SPAC market - Management sees the SPAC model as a viable option for high-growth companies needing capital, and they are actively involved in various aspects of the SPAC market [44] Question: Restructuring business outlook - Management expects restructuring performance in 2021 to be strong relative to 2019 but not to exceed 2020 levels due to improved market conditions [50] Question: Placement business seasonality - Management noted that while there is some seasonality in the placement business, it is increasingly reflective of broader corporate private placement activities [51] Question: Long-term capital return aspirations - Management favors share repurchases over dividends but remains open to increasing dividends in the future as conditions allow [52][54] Question: Recruiting environment - Management noted that while recruiting has become more challenging in a virtual world, interest in joining the firm remains high [59]