[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 ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

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]

PJT Partners reported exceptional results for the fourth quarter.PJT Partners, a financial advisory and investment banking firm, revealed its fourth-quarter results on Feb. 4. The release underscored outstanding financial performance with adjusted earnings per share (EPS) of $1.90, markedly above the $1.13 predicted by analysts. Revenues reached $477.3 million, beating the consensus expectation of $376 million. MetricQ4 2024Q4 2024 Analysts' EstimateQ4 2023% ChangeAdjusted EPS$1.90$1.13$0.9698%Revenue$477.3 ...

Who We Are 4 February 2025 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 im ...

PJT Partners (PJT) came out with quarterly earnings of $1.90 per share, beating the Zacks Consensus Estimate of $1.11 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 71.17%. A quarter ago, it was expected that this investment bank would post earnings of $0.74 per share when it actually produced earnings of $0.93, delivering a surprise of 25.68%.Over the last four quarters, the comp ...

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) PJT Partners achieved record full-year and Q4 2024 financial results, marked by significant growth and strategic capital management [Full Year 2024 Performance Overview](index=1&type=section&id=Full%20Year%20Overview) PJT Partners achieved record full-year 2024 results across all businesses, with significant increases in revenues, pretax income, and EPS, demonstrating strong growth and confidence in future prospects - Paul J. Taubman, Chairman and CEO, stated the firm delivered **record setting full year 2024 results** with **record performance in all businesses**, and remains confident in future growth prospects[3](index=3&type=chunk) Full Year 2024 Financial Highlights | Metric | Value (2024) | YoY Change | | :--------------------- | :----------- | :--------- | | Revenues | $1.49 billion | +29% | | GAAP Pretax Income | $271 million | +52% | | Adjusted Pretax Income | $278 million | +52% | | GAAP Diluted EPS | $4.92 | +58% | | Adjusted EPS | $5.02 | +54% | [Fourth Quarter 2024 Performance Overview](index=1&type=section&id=Fourth%20Quarter%20Overview) The fourth quarter of 2024 also saw record revenues and substantial growth in both GAAP and Adjusted Pretax Income and EPS, contributing significantly to the overall strong annual performance Fourth Quarter 2024 Financial Highlights | Metric | Value (2024) | YoY Change | | :--------------------- | :----------- | :--------- | | Revenues | $477 million | +45% | | GAAP Pretax Income | $103 million | +99% | | Adjusted Pretax Income | $107 million | +102% | | GAAP Diluted EPS | $1.83 | +110% | | Adjusted EPS | $1.90 | +98% | [Operational and Capital Management Highlights](index=1&type=section&id=Headcount%2C%20Capital%20Management%20and%20Balance%20Sheet%20Highlights) The company increased its firm-wide headcount by 13%, repurchased 3.1 million shares, and maintained a strong balance sheet with record cash and no funded debt - Firm-wide headcount increased by **13% to 1,143** as of December 31, 2024[4](index=4&type=chunk) - Repurchased **3.1 million shares** and share equivalents through December 31, 2024, including record open market repurchases of **2.2 million shares**[4](index=4&type=chunk) - Record cash, cash equivalents, and short-term investments of **$547 million** at year-end, with **no funded debt**[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance) This section analyzes PJT Partners' financial performance, detailing revenue growth, expense trends, and tax provisions for 2024 [Revenues](index=2&type=section&id=Revenues) PJT Partners reported significant revenue growth for both the full year and fourth quarter of 2024, driven primarily by increases in Advisory and Placement Fees Revenues (Dollars in Millions) | Category | Q4 2024 | Q4 2023 | Q4 % Change | FY 2024 | FY 2023 | FY % Change | | :--------------- | :------ | :------ | :---------- | :------ | :-------- | :---------- | | Advisory Fees | $434.5 | $290.6 | 49% | $1,314.0 | $1,026.6 | 28% | | Placement Fees | $32.4 | $28.3 | 14% | $146.3 | $102.6 | 43% | | Interest Income & Other | $10.4 | $9.6 | 8% | $32.9 | $23.9 | 38% | | **Total Revenues** | **$477.3** | **$328.6** | **45%** | **$1,493.2** | **$1,153.2** | **29%** | - Full year Advisory Revenues increased due to strategic advisory, restructuring, and private capital solutions revenues. Placement Revenues increased due to fund placement revenues. Interest Income & Other increased due to higher average cash balances[6](index=6&type=chunk) - Three months ended Advisory Revenues increased principally due to strategic advisory revenues. Placement Revenues increased due to fund placement revenues[7](index=7&type=chunk) [Expenses](index=2&type=section&id=Expenses) Total expenses increased for both the full year and fourth quarter of 2024, primarily due to higher compensation and benefits driven by increased revenues, and non-compensation expenses related to office expansion, business travel, and technology investments Total Expenses and Pretax Income (Year Ended December 31, Dollars in Millions) | Metric | FY 2024 GAAP | FY 2024 Adjusted | FY 2023 GAAP | FY 2023 Adjusted | | :-------------------- | :------------- | :--------------- | :------------- | :--------------- | | Compensation and Benefits | $1,032.1 | $1,030.0 | $805.4 | $805.4 | | % of Revenues | 69.1% | 69.0% | 69.8% | 69.8% | | Non-Compensation | $190.5 | $184.9 | $170.2 | $165.1 | | % of Revenues | 12.8% | 12.4% | 14.8% | 14.3% | | **Total Expenses** | **$1,222.6** | **$1,214.8** | **$975.6** | **$970.5** | | **% of Revenues** | **81.9%** | **81.4%** | **84.6%** | **84.2%** | | Pretax Income | $270.6 | $278.3 | $177.6 | $182.7 | | % of Revenues | 18.1% | 18.6% | 15.4% | 15.8% | Total Expenses and Pretax Income (Three Months Ended December 31, Dollars in Millions) | Metric | Q4 2024 GAAP | Q4 2024 Adjusted | Q4 2023 GAAP | Q4 2023 Adjusted | | :-------------------- | :------------- | :--------------- | :------------- | :--------------- | | Compensation and Benefits | $326.0 | $323.9 | $232.3 | $232.3 | | % of Revenues | 68.3% | 67.9% | 70.7% | 70.7% | | Non-Compensation | $48.4 | $46.6 | $44.6 | $43.3 | | % of Revenues | 10.1% | 9.8% | 13.6% | 13.2% | | **Total Expenses** | **$374.4** | **$370.5** | **$276.9** | **$275.6** | | **% of Revenues** | **78.4%** | **77.6%** | **84.3%** | **83.9%** | | Pretax Income | $102.9 | $106.8 | $51.7 | $53.0 | | % of Revenues | 21.6% | 22.4% | 15.7% | 16.1% | [Compensation and Benefits Expense](index=3&type=section&id=Compensation%20and%20Benefits%20Expense) Compensation and benefits expense increased significantly for both periods, primarily driven by higher revenues, partially offset by a lower accrual rate - Full Year GAAP Compensation and Benefits Expense was **$1.03 billion** in 2024, up from **$805 million** in 2023. Adjusted Compensation and Benefits Expense was **$1.03 billion** in 2024, up from **$805 million** in 2023. The increase was driven by higher revenues, partially offset by a lower accrual rate[10](index=10&type=chunk) - Q4 GAAP Compensation and Benefits Expense was **$326 million** in 2024, up from **$232 million** in 2023. Adjusted Compensation and Benefits Expense was **$324 million** in 2024, up from **$232 million** in 2023. The increase was driven by higher revenues, partially offset by a lower accrual rate[11](index=11&type=chunk) [Non-Compensation Expense](index=3&type=section&id=Non-Compensation%20Expense) Non-compensation expenses rose due to increased occupancy costs from office expansions, higher business travel, and investments in technology infrastructure - Full Year GAAP Non-Compensation Expense was **$191 million** in 2024, up from **$170 million** in 2023. Adjusted Non-Compensation Expense was **$185 million** in 2024, up from **$165 million** in 2023[12](index=12&type=chunk) - Full Year increase was principally due to increases in Occupancy and Related (NY headquarters and London office expansion), Travel and Related (increased business travel), and Communications and Information Services (technology infrastructure investments)[13](index=13&type=chunk) - Q4 GAAP Non-Compensation Expense was **$48 million** in 2024, up from **$45 million** in 2023. Adjusted Non-Compensation Expense was **$47 million** in 2024, up from **$43 million** in 2023[14](index=14&type=chunk) - Q4 increase was principally due to increases in Occupancy and Related (NY headquarters and London office expansion), Travel and Related (increased business travel), and Professional Fees (higher senior advisor expenses), partially offset by a decrease in Other Expenses (lower bad debt expense)[15](index=15&type=chunk) [Provision for Taxes](index=4&type=section&id=Provision%20for%20Taxes) The company's GAAP effective tax rate decreased for the full year 2024, while the Adjusted Net Income, If-Converted effective tax rate also saw a reduction Effective Tax Rates | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :-------------------------------- | :------ | :------ | :------ | :------ | | GAAP Net Income Effective Tax Rate | 11.6% | 12.0% | 11.9% | 18.0% | | Adjusted Net Income, If-Converted Effective Tax Rate | N/A | N/A | 20.6% | 25.3% | [Capital Management and Shareholder Returns](index=4&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) This section details PJT Partners' capital management strategies, including balance sheet strength, share repurchases, and dividend declarations [Balance Sheet and Liquidity](index=4&type=section&id=Capital%20Management%20and%20Balance%20Sheet) As of December 31, 2024, PJT Partners maintained a strong liquidity position with $547 million in cash, cash equivalents, and short-term investments, and no funded debt - Held cash, cash equivalents and short-term investments of **$547 million** as of December 31, 2024[19](index=19&type=chunk) - **No funded debt** as of December 31, 2024[19](index=19&type=chunk) [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) The company actively repurchased shares and share equivalents throughout 2024, including significant open market repurchases, and has a remaining authorization of $278 million - During the year ended December 31, 2024, the Company repurchased **2.2 million shares** of Class A common stock in the open market, exchanged **542 thousand Partnership Units** for cash, and net share settled **339 thousand shares** to satisfy employee tax obligations[20](index=20&type=chunk) - In total for FY 2024, **3.1 million share and share equivalents** were repurchased at an average price of **$109.14 per share**[21](index=21&type=chunk) - During Q4 2024, **489 thousand share and share equivalents** were repurchased at an average price of **$149.28 per share**[21](index=21&type=chunk) - Remaining repurchase authorization was **$278 million** as of December 31, 2024[22](index=22&type=chunk) - The Company intends to repurchase **324 thousand Partnership Units** for cash on February 11, 2025[22](index=22&type=chunk) [Dividend Declaration](index=5&type=section&id=Dividend) The Board of Directors declared a quarterly dividend of $0.25 per share of Class A common stock, payable in March 2025 - A quarterly dividend of **$0.25 per share** of Class A common stock was declared[23](index=23&type=chunk) - The dividend will be paid on March 19, 2025, to Class A common stockholders of record as of March 5, 2025[23](index=23&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) This section provides context on PJT Partners' business, clarifies forward-looking statements, and explains the use of non-GAAP financial measures [About PJT Partners](index=5&type=section&id=About%20PJT%20Partners) PJT Partners is a global, advisory-focused investment bank known for providing independent, high-touch client service and attracting top talent to deliver leading advice on transformative transactions and capital raising - PJT Partners is a premier, global, advisory-focused investment bank[25](index=25&type=chunk) - The firm provides independent advice coupled with high-touch client service, attracting top talent[25](index=25&type=chunk) - Services include delivering leading advice to consequential companies, effecting transformative transactions and restructurings, and raising billions of dollars of capital globally[25](index=25&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section outlines the nature of forward-looking statements, emphasizing that they are based on current beliefs and subject to inherent uncertainties and risks that could cause actual results to differ materially - Forward-looking statements concern future results, business strategies, acquisitions, financing plans, competitive position, growth opportunities, operating performance improvements, effects of competition, and future legislation/regulations[26](index=26&type=chunk) - These statements are not historical facts or assurances of future performance, but are based on current beliefs, expectations, and assumptions, subject to inherent uncertainties, risks, and changes in circumstances[27](index=27&type=chunk) - Important factors that could cause actual results to differ materially include changes in governmental regulations, cyber attacks, system failures, catastrophic events, third-party service provider failures, and volatility in the political and economic environment[27](index=27&type=chunk)[28](index=28&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) Management uses specific non-GAAP measures, such as Adjusted Pretax Income and Adjusted EPS, to provide investors with a clearer understanding of operating results by removing the impact of acquisition-related expenses and certain tax adjustments - Non-GAAP measures (Adjusted Pretax Income, Adjusted Net Income, Adjusted Net Income, If-Converted, Adjusted EPS, Adjusted Compensation and Benefits Expense, Adjusted Non-Compensation Expense) are used by management for resource allocation and compensation decisions and are useful for investors[30](index=30&type=chunk)[31](index=31&type=chunk) - These measures remove the impact of acquisition-related compensation expense, acquisition-related intangible asset amortization, and the net change to the amount payable to Blackstone related to compensation-related tax deductions[31](index=31&type=chunk) - Adjusted Net Income, If-Converted, illustrates the tax impact assuming all outstanding partnership units are exchanged for Class A common stock, subjecting all income to corporate-level tax[32](index=32&type=chunk) [Appendix](index=7&type=section&id=Appendix) This section provides detailed unaudited GAAP consolidated statements, reconciliations of GAAP to non-GAAP financial data, and summaries of shares outstanding [GAAP Condensed Consolidated Statements of Operations (unaudited)](index=8&type=section&id=GAAP%20Condensed%20Consolidated%20Statements%20of%20Operations%20%28unaudited%29) This section provides the unaudited GAAP condensed consolidated statements of operations, detailing revenues, expenses, net income, and earnings per share for the three months and year ended December 31, 2024 and 2023 GAAP Condensed Consolidated Statements of Operations (unaudited) (Dollars in Thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Advisory Fees | $434,453 | $290,633 | $1,314,003 | $1,026,646 | | Placement Fees | $32,432 | $28,338 | $146,258 | $102,611 | | Interest Income and Other | $10,396 | $9,583 | $32,916 | $23,925 | | **Total Revenues** | **$477,281** | **$328,554** | **$1,493,177** | **$1,153,182** | | Compensation and Benefits | $326,022 | $232,271 | $1,032,070 | $805,385 | | Total Expenses | $374,401 | $276,861 | $1,222,608 | $975,573 | | Income Before Provision for Taxes | $102,880 | $51,693 | $270,569 | $177,609 | | Provision for Taxes | $11,883 | $6,202 | $32,096 | $31,927 | | Net Income | $90,997 | $45,491 | $238,473 | $145,682 | | Net Income Attributable to PJT Partners Inc. | $51,304 | $24,912 | $134,393 | $81,799 | | Diluted EPS | $1.83 | $0.87 | $4.92 | $3.12 | [Reconciliations of GAAP to Non-GAAP Financial Data (unaudited)](index=9&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Financial%20Data%20%28unaudited%29) This section presents the reconciliations between GAAP and non-GAAP financial measures, including pretax income, net income, and per-share data, along with adjustments for compensation and non-compensation expenses Reconciliations of GAAP to Non-GAAP Financial Data (unaudited) (Dollars in Thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | GAAP Net Income | $90,997 | $45,491 | $238,473 | $145,682 | | GAAP Pretax Income | $102,880 | $51,693 | $270,569 | $177,609 | | Adjusted Pretax Income | $106,766 | $52,959 | $278,342 | $182,665 | | Adjusted Net Income | $94,001 | $46,259 | $244,634 | $149,897 | | Adjusted Net Income, If-Converted | $85,558 | $41,293 | $221,103 | $136,368 | | GAAP Diluted EPS | $1.83 | $0.87 | $4.92 | $3.12 | | Adjusted Net Income, If-Converted Per Share | $1.90 | $0.96 | $5.02 | $3.27 | Reconciliations of GAAP to Non-GAAP Expenses (unaudited) (Dollars in Thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | GAAP Compensation and Benefits Expense | $326,022 | $232,271 | $1,032,070 | $805,385 | | Adjusted Compensation and Benefits Expense | $323,919 | $232,271 | $1,029,967 | $805,385 | | GAAP Non-Compensation Expense | $48,379 | $44,590 | $190,538 | $170,188 | | Adjusted Non-Compensation Expense | $46,596 | $43,324 | $184,868 | $165,132 | [Summary of Shares Outstanding (unaudited)](index=11&type=section&id=Summary%20of%20Shares%20Outstanding%20%28unaudited%29) This table provides a summary of weighted-average shares outstanding for basic, diluted, and If-Converted shares for both the three months and year ended December 31, 2024 and 2023, including the dilutive impact of unvested RSUs and Partnership Units Weighted-Average Shares Outstanding (unaudited) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------ | :---------- | :---------- | :---------- | :---------- | | Basic Shares Outstanding, GAAP | 25,401,719 | 25,362,576 | 25,454,445 | 25,255,327 | | Diluted Shares Outstanding, GAAP | 44,948,361 | 43,472,884 | 44,105,131 | 41,882,034 | | If-Converted Shares Outstanding | 44,948,160 | 42,943,082 | 44,051,384 | 41,749,633 | | Fully-Diluted Shares Outstanding (as of Dec 31) | 46,675,815 | 46,046,461 | N/A | N/A | [Footnotes](index=12&type=section&id=Footnotes) This section provides detailed explanations for the adjustments made in the non-GAAP financial reconciliations and the calculations for shares outstanding - Footnotes explain adjustments for acquisition-related compensation expense, amortization of intangible assets, and the net change to the payable due to Blackstone[41](index=41&type=chunk) - Footnotes clarify the calculation of Adjusted Taxes and If-Converted Taxes, detailing assumptions for partnership unit exchanges[41](index=41&type=chunk) - Footnotes provide details on the dilutive impact of unvested RSUs and Partnership Units for GAAP and If-Converted shares outstanding calculations[41](index=41&type=chunk)