Financial Data and Key Metrics Changes - The company reported first quarter revenues of $325 million, which is 1% below the same period last year, with adjusted pretax income of $56 million and adjusted EPS of $1.05, marking record Q1 adjusted net income and EPS [4][6][10] - Adjusted pretax margin improved to 17.3% from 16.8% year over year [10] - The effective tax rate for the first quarter was 16.5%, with expectations for the full year to remain around the same rate [10][12] Business Line Data and Key Metrics Changes - Revenues in Strategic Advisory increased modestly compared to the previous year, while revenues in Restructuring and PJT Park Hill decreased slightly year over year [6][14] - The company expects full year 2025 Strategic Advisory revenues to be significantly higher than 2024 levels, driven by anticipated closings of previously announced transactions [16][82] Market Data and Key Metrics Changes - The current environment is characterized by volatile capital markets, subdued M&A activity, and fragile business confidence, impacting overall market sentiment [5][19] - The number of announced M&A transactions declined by more than 15% compared to the previous year, despite a modest increase in the dollar value of global announced M&A [15][19] Company Strategy and Development Direction - The company remains committed to investing in its strategic advisory franchise to position itself for future opportunities, despite current market uncertainties [18] - The firm is experiencing elevated activity levels in liability management, with expectations to maintain performance consistent with last year's record results [13][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's outlook for the year, stating it remains substantially unchanged despite current economic uncertainties [19][81] - The company anticipates a potential increase in restructuring and liability management activity if economic pressures persist [13][30] Other Important Information - The company ended the quarter with $227 million in cash and no funded debt outstanding [11] - A dividend of $0.25 per share was approved, to be paid on June 18, 2025 [12] Q&A Session Summary Question: Thoughts on Strategic Advisory and partner productivity in a normalized environment - Management indicated that in a normalized environment, there could be a meaningful increase in partner productivity due to better network effects and franchise value [21][23] Question: Growth algorithm for restructuring business amid economic uncertainty - Management affirmed their commitment to the restructuring business, noting that they do not view themselves as capacity constrained and expect continued elevated activity levels [25][28] Question: Discussions with private equity regarding M&A and IPOs - Management noted a slowing of activity in the private equity space, particularly in capital return and IPOs, but emphasized ongoing interest in high-quality assets [35][37] Question: Impact of high yield market stress on liability management assignments - Management acknowledged that both liability management and bankruptcies are likely to increase in a risk-off environment, with more opportunities for restructuring [49][50] Question: Regulatory posture on M&A deals under the new administration - Management described the regulatory environment as mixed, with some confidence in moving forward with deals, but noted that large transactions are still being scrutinized [65][67] Question: Recruiting environment and potential for increased hiring - Management indicated that while demand for talent remains strong, the ability to attract individuals may improve as market conditions evolve [68][70]

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 performance improvements, the effects of ...

Company Performance - PJT Partners reported quarterly earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and up from $0.98 per share a year ago, representing an earnings surprise of 11.70% [1] - The company posted revenues of $324.53 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.03%, although this is a decline from year-ago revenues of $329.39 million [2] - Over the last four quarters, PJT Partners has consistently surpassed consensus EPS estimates and revenue estimates [2] Market Outlook - PJT Partners shares have declined approximately 14.2% since the beginning of the year, compared to a 6% decline in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.30 on revenues of $385 million, and for the current fiscal year, it is $5.80 on revenues of $1.63 billion [7] - The Zacks Industry Rank indicates that the Financial - Miscellaneous Services sector is currently in the bottom 45% of over 250 Zacks industries, which may negatively impact stock performance [8] Earnings Estimate Revisions - The trend for earnings estimate revisions for PJT Partners has been unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which investors can track [5]

Financial Data and Key Metrics Changes - The company reported first quarter revenues of $325 million, which is 1% below the same period last year, with adjusted pretax income of $56 million and adjusted EPS of $1.05, reflecting record Q1 adjusted net income and EPS [4][7][10] - Adjusted pretax margin improved to 17.3% from 16.8% year over year [10] - The effective tax rate for the first quarter was 16.5%, with expectations for the full year to remain around the same level [10] Business Line Data and Key Metrics Changes - Revenues in Strategic Advisory increased modestly compared to the previous year, while revenues in Restructuring and PJT Park Hill decreased slightly year over year [7][14] - The company expects full year 2025 Strategic Advisory revenues to be significantly higher than 2024 levels, driven by anticipated closings of previously announced transactions [15][16] Market Data and Key Metrics Changes - The current environment is characterized by volatile capital markets, subdued M&A activity, and fragile business confidence, impacting overall market sentiment [5][18] - The number of announced transactions in global M&A declined by more than 15% compared to the previous year, despite a modest increase in dollar value [15] Company Strategy and Development Direction - The company remains committed to investing in its strategic advisory franchise to position itself for future opportunities, despite current market conditions [17] - The firm is experiencing elevated activity levels in liability management, with expectations to maintain performance consistent with last year's record results [13][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, stating that the full year outlook remains unchanged despite current uncertainties [18] - The geopolitical uncertainties and economic pressures are expected to create both challenges and opportunities for the firm moving forward [18][54] Other Important Information - The company ended the quarter with $227 million in cash and short-term investments, with no funded debt outstanding [11] - A dividend of $0.25 per share was approved, to be paid on June 18, 2025 [12] Q&A Session Summary Question: Thoughts on Strategic Advisory and partner productivity in a normalized environment - Management believes that in a normalized environment, there could be a meaningful increase in partner productivity due to better network effects and franchise value [20][22] Question: Growth algorithm for restructuring business amid economic uncertainty - Management indicated a commitment to the restructuring business, expecting continued elevated activity levels and potential increases if economic pressures persist [24][28] Question: Discussions with private equity regarding M&A and IPOs - While there is a slowing of activity, private equity sponsors continue to transact, albeit at a reduced pace, with a significant uptick in interest for continuation vehicles [33][36] Question: Impact of high yield market stress on liability management assignments - Management anticipates an increase in both liability management and bankruptcies as the market moves into a risk-off environment [46][48] Question: Regulatory posture on M&A deals under the new administration - The regulatory environment is mixed, with some confidence in moving forward, but uncertainty remains regarding large transactions [61][63] Question: Recruiting environment and potential for reaccelerating hiring - The company remains open to hiring top talent, with an increase in interest from potential recruits as market conditions evolve [64][66] Question: Growth trajectories across different business lines - Management expects restructuring and liability management to remain consistent with last year's levels, while Strategic Advisory is positioned for strong growth [78][80]

[First Quarter 2025 Results](index=1&type=section&id=First%20Quarter%202025%20Results) [First Quarter Overview](index=1&type=section&id=First%20Quarter%20Overview) PJT Partners reported strong first-quarter 2025 results despite geopolitical uncertainties, with revenues of $325 million and record earnings per share, maintaining its full-year outlook - Chairman and CEO Paul J. Taubman stated that despite geopolitical uncertainties impacting global markets, the firm delivered a strong quarter and the full-year outlook remains unchanged due to the firm's strong franchise and business mix[1](index=1&type=chunk) Q1 2025 Key Metrics | Metric | Value | | :--- | :--- | | Total Revenues | $325 million | | GAAP Pretax Income | $53 million | | Adjusted Pretax Income | $56 million | | GAAP Diluted EPS | $1.99 (Record) | | Adjusted EPS | $1.05 (Record) | | Shares Repurchased | 1.5 million | | Cash & Short-Term Investments | $227 million | | Funded Debt | None | [Revenues](index=2&type=section&id=Revenues) Total revenues for Q1 2025 were $324.5 million, a slight 1% decrease from the prior year's record levels, driven by a 2% drop in Advisory Fees mostly offset by a 4% increase in Placement Fees Revenues by Type (Q1 2025 vs Q1 2024) | Revenue Type | Q1 2025 (Millions) | Q1 2024 (Millions) | % Change | | :--- | :--- | :--- | :--- | | Advisory Fees | $282.2 | $288.7 | (2%) | | Placement Fees | $36.0 | $34.5 | 4% | | Interest Income & Other | $6.3 | $6.2 | 1% | | **Total Revenues** | **$324.5** | **$329.4** | **(1%)** | - The decrease in Advisory Revenues was attributed to lower revenues from restructuring and private capital solutions, which were largely offset by an increase in strategic advisory revenues[3](index=3&type=chunk) - The increase in Placement Revenues was driven by higher fund placement revenues[4](index=4&type=chunk) [Expenses](index=2&type=section&id=Expenses) Total GAAP expenses decreased slightly to $272.0 million in Q1 2025 from $275.5 million in Q1 2024, primarily due to a 3% reduction in Compensation and Benefits expense, while Non-Compensation expenses rose by 9% Expense Summary (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 GAAP (Millions) | Q1 2024 GAAP (Millions) | Q1 2025 As Adjusted (Millions) | Q1 2024 As Adjusted (Millions) | | :--- | :--- | :--- | :--- | :--- | | Compensation and Benefits | $221.1 | $228.9 | $219.1 | $228.9 | | Non-Compensation | $50.8 | $46.6 | $49.3 | $45.2 | | **Total Expenses** | **$272.0** | **$275.5** | **$268.4** | **$274.2** | [Compensation and Benefits Expense](index=2&type=section&id=Compensation%20and%20Benefits%20Expense) GAAP Compensation and Benefits Expense decreased to $221 million from $229 million in the prior year, principally driven by a lower compensation accrual rate - GAAP Compensation and Benefits Expense was **$221 million** for Q1 2025, down from **$229 million** in Q1 2024[6](index=6&type=chunk) - The primary reason for the decrease in compensation expense was a lower accrual rate compared to the prior year[6](index=6&type=chunk) [Non-Compensation Expense](index=2&type=section&id=Non-Compensation%20Expense) GAAP Non-Compensation Expense increased to $51 million from $47 million year-over-year, primarily due to increased spending on business travel, office expansions, and technology investments - The increase in Non-Compensation Expense was driven by higher costs in three main areas: Travel and Related, Occupancy and Related, and Communications and Information Services[8](index=8&type=chunk) - Specific drivers included greater business travel, expansion of London and New York offices, and investments in market data and technology infrastructure[8](index=8&type=chunk)[9](index=9&type=chunk) [Provision for Taxes](index=3&type=section&id=Provision%20for%20Taxes) The company recorded a significant change in its effective tax rate, with GAAP effective tax rate at -41.1% for Q1 2025 and Adjusted Net Income, If-Converted effective tax rate at 16.5%, primarily due to a larger tax benefit from vested shares Effective Tax Rate Comparison | Tax Rate Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Effective Tax Rate | -41.1% | 1.0% | | Adjusted If-Converted Rate | 16.5% | N/A (vs 20.6% for FY24) | - The decrease in both GAAP and Adjusted effective tax rates was caused by an increased tax benefit from the delivery of vested shares at a value higher than their amortized cost[11](index=11&type=chunk) [Capital Management and Balance Sheet](index=3&type=section&id=Capital%20Management%20and%20Balance%20Sheet) As of March 31, 2025, PJT Partners maintained a strong balance sheet with $227 million in cash and short-term investments and no funded debt, actively repurchasing 1.5 million shares with $151 million remaining authorization - The Company held cash, cash equivalents, and short-term investments of **$227 million** and had **no funded debt** as of March 31, 2025[12](index=12&type=chunk) - In Q1 2025, the Company repurchased a total of **1.5 million share and share equivalents** at an average price of **$162.61 per share**[13](index=13&type=chunk) - The remaining share repurchase authorization stood at **$151 million** as of March 31, 2025[13](index=13&type=chunk) [Dividend](index=3&type=section&id=Dividend) The Board of Directors declared a quarterly dividend of $0.25 per share of Class A common stock, scheduled to be paid on June 18, 2025, to stockholders of record as of June 4, 2025 - A quarterly dividend of **$0.25 per share** of Class A common stock has been declared[15](index=15&type=chunk) - The dividend will be paid on **June 18, 2025**, to stockholders of record on **June 4, 2025**[15](index=15&type=chunk) [Appendix](index=5&type=section&id=Appendix) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures such as Adjusted Pretax Income and Adjusted EPS to evaluate performance, excluding items like acquisition-related compensation and intangible asset amortization, also presenting an 'If-Converted' measure for tax impact - Management uses non-GAAP measures like Adjusted Pretax Income, Adjusted EPS, and Adjusted Expenses for resource allocation and compensation decisions[22](index=22&type=chunk)[23](index=23&type=chunk) - Adjustments remove the impact of: (a) acquisition-related compensation, (b) acquisition-related intangible asset amortization, and (c) payments to the former Parent related to tax benefits[23](index=23&type=chunk) - Adjusted Net Income, If-Converted illustrates the tax impact assuming all Partnership Units are exchanged for Class A common stock, subjecting all income to corporate-level tax[24](index=24&type=chunk) [GAAP Condensed Consolidated Statements of Operations](index=7&type=section&id=GAAP%20Condensed%20Consolidated%20Statements%20of%20Operations) The unaudited GAAP statement shows Total Revenues of $324.5 million and Net Income of $74.2 million for Q1 2025, resulting in Net Income Attributable to PJT Partners Inc. of $54.0 million, or $1.99 per diluted share Q1 2025 GAAP Statement of Operations Highlights (in Thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $324,531 | $329,393 | | Total Expenses | $271,953 | $275,490 | | Income Before Taxes | $52,578 | $53,903 | | Net Income | $74,163 | $53,372 | | Net Income Attributable to PJT Partners Inc. | $54,016 | $32,623 | | Diluted EPS | $1.99 | $1.22 | [Reconciliations of GAAP to Non-GAAP Financial Data](index=8&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Financial%20Data) The reconciliation from GAAP to non-GAAP figures shows that after adjustments, Adjusted Pretax Income for Q1 2025 was $56.1 million, and Adjusted Net Income, If-Converted, was $46.9 million, or $1.05 per share GAAP to Non-GAAP Reconciliation Highlights (in Thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Pretax Income | $52,578 | $53,903 | | Total Adjustments | $3,547 | $1,321 | | **Adjusted Pretax Income** | **$56,125** | **$55,224** | | GAAP Net Income | $74,163 | $53,372 | | **Adjusted Net Income, If-Converted** | **$46,864** | **$43,075** | | **Adjusted EPS** | **$1.05** | **$0.98** | [Summary of Shares Outstanding](index=9&type=section&id=Summary%20of%20Shares%20Outstanding) For Q1 2025, the weighted-average diluted shares outstanding on a GAAP basis were 44.5 million, and on an If-Converted basis, also 44.5 million Weighted-Average Shares Outstanding (Q1 2025 vs Q1 2024) | Share Count Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Diluted Shares Outstanding, GAAP | 44,461,727 | 28,168,504 | | If-Converted Shares Outstanding | 44,461,727 | 43,737,118 | [Other Information](index=4&type=section&id=Other%20Information) [About PJT Partners](index=4&type=section&id=About%20PJT%20Partners) PJT Partners is a global, advisory-focused investment bank known for providing independent advice and high-touch client service, specializing in advising companies on transformative transactions, restructurings, and capital raising - PJT Partners is a premier, global, advisory-focused investment bank that provides independent advice to companies on transactions, restructurings, and capital raising[17](index=17&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements regarding future results and strategies, subject to inherent risks and uncertainties such as regulatory changes, cybersecurity threats, and economic volatility, which could cause actual results to differ materially - The report includes forward-looking statements that are not historical facts and are subject to inherent uncertainties and risks[18](index=18&type=chunk) - Key risks that could cause actual results to differ include changes in regulations, cyber attacks, system failures, catastrophic events, and political or economic volatility[19](index=19&type=chunk)

Group 1 - PJT Partners' shares increased by 8.5% to close at $136.07, following a period of 11.9% loss over the past four weeks, indicating a strong trading volume [1] - The stock price rise was influenced by the Trump administration's announcement of a 90-day halt on reciprocal tariffs for most countries, showcasing PJT's position as a premier global advisory-focused investment bank [2] - PJT Partners is expected to report quarterly earnings of $1.24 per share, reflecting a year-over-year increase of 26.5%, with revenues projected at $367.2 million, up 11.5% from the previous year [3] Group 2 - The consensus EPS estimate for PJT Partners has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without earnings estimate revisions [4] - PJT Partners holds a Zacks Rank of 3 (Hold), indicating a neutral outlook within the Zacks Financial - Miscellaneous Services industry [4] - Applied Digital Corporation, another company in the same industry, has a consensus EPS estimate of -$0.11, which is a 78.9% improvement from the previous year, also holding a Zacks Rank of 3 (Hold) [5]

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, 2024 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 ...

PJT Partners (PJT) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.The upward trend in estimate revisions for this investment bank reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in ea ...

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Group 1 - PJT Partners Inc. is expected to have a strong year in 2025, similar to the overall industry outlook, while 2024 presents a mixed picture with varying growth among different firms [2] - The Value Lab offers a portfolio with real-time updates, 24/7 chat support, global market news reports, feedback on stock ideas, monthly new trades, quarterly earnings write-ups, and daily macro opinions [2] - The Valkyrie Trading Society consists of analysts focusing on high conviction and obscure developed market ideas that are downside limited and likely to yield non-correlated and outsized returns in the current economic environment [3]