The market expects PJT Partners (PJT) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 6, 2024, might help the stock move higher if these key numbers a ...

NEW YORK--(BUSINESS WIRE)--PJT Partners Inc. (“PJT Partners”) (NYSE:PJT) announced that it expects to release its full year and fourth quarter 2023 financial results on Tuesday morning, February 6, 2024. The earnings release will be available through the Investor Relations section of the PJT Partners website at www.pjtpartners.com. PJT Partners will host a conference call on Tuesday, February 6, 2024 at 8:30 a.m. ET with access available via webcast and telephone. Paul J. Taubman, Chairman and Chief Execut ...

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 SEPTEMBER 30, 2023 (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 36-4797143 280 Park Avenue New York, New York 10017 (Address of principal executive offices)(Zip Code) (212) 364-78 ...

PJT Partners, Inc. (NYSE:PJT) Q3 2023 Earnings Conference Call October 31, 2023 8:30 AM ET Company Participants Sharon Pearson - Head, IR Paul Taubman - Chairman & CEO Helen Meates - CFO Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Brian O'Brien - Wolfe Research Brennan Hawken - UBS Operator Good day, and welcome to the PJT Partners Third Quarter 2023 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Sharon P ...

Company Overview - PJT Park Hill is a leading global advisor and placement agent to alternative asset managers, having raised over $480 billion in capital[6] - The company has a market capitalization of over $3 billion as of September 30, 2023[26] - PJT Partners operates in 11 countries with over 1,000 employees[27] Financial Performance - Total revenues for the latest twelve months ending Q3 2023 reached $1,105 million, a 4% increase year-over-year[36] - Adjusted EPS for the latest twelve months ending Q3 2023 was $3.39, representing a 22% decrease year-over-year[36] - Advisory revenue for the latest twelve months ending Q3 2023 was $966.8 million, compared to $825.3 million for the same period in 2022[16] - Placement revenue for the latest twelve months ending Q3 2023 was $117.7 million, compared to $228.6 million for the same period in 2022[16] - The company used approximately $142 million to pay dividends[12] - Approximately $985 million has been used to repurchase 173 million shares and share equivalents since the spin-off on October 1, 2015[95] Business Segments - LP Advisory has over $70 billion in LP portfolio sales[7] - GP Advisory has over $50 billion in GP-led secondary transactions[7]

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for PJT Partners Inc [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents PJT Partners Inc.'s unaudited condensed consolidated financial statements for the periods ended June 30, 2023 [Condensed Consolidated Statements of Financial Condition](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$1.087 billion**, liabilities to **$321.9 million**, and equity remained stable at **$765.2 million** as of June 30, 2023 Condensed Consolidated Statements of Financial Condition (Unaudited) | (In Thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | $151,496 | $173,235 | | Accounts Receivable, Net | $333,059 | $317,751 | | Total Assets | **$1,087,102** | **$1,050,652** | | **Liabilities and Equity** | | | | Accrued Compensation and Benefits | $123,190 | $83,920 | | Total Liabilities | **$321,911** | **$291,094** | | Total Equity | **$765,191** | **$759,558** | | Total Liabilities and Equity | **$1,087,102** | **$1,050,652** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2023 total revenues grew **49%** to **$346.3 million**, driven by Advisory Fees, while H1 2023 revenues increased **14%** Q2 2023 vs Q2 2022 Performance (In Thousands) | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Advisory Fees | $323,794 | $186,649 | +73% | | Placement Fees | $20,028 | $49,482 | -60% | | **Total Revenues** | **$346,277** | **$233,141** | **+49%** | | Compensation and Benefits | $246,614 | $150,587 | +64% | | **Total Expenses** | **$292,108** | **$189,453** | **+54%** | | Net Income | $41,052 | $35,193 | +17% | | Net Income Attributable to PJT | $22,141 | $19,168 | +16% | | Diluted EPS | $0.86 | $0.74 | +16% | H1 2023 vs H1 2022 Performance (In Thousands) | Metric | H1 2023 | H1 2022 | Change | | :--- | :--- | :--- | :--- | | Advisory Fees | $491,884 | $368,307 | +34% | | Placement Fees | $47,613 | $109,833 | -57% | | **Total Revenues** | **$546,265** | **$479,460** | **+14%** | | **Total Expenses** | **$462,903** | **$385,624** | **+20%** | | Net Income | $69,038 | $79,661 | -13% | | Net Income Attributable to PJT | $39,477 | $44,872 | -12% | | Diluted EPS | $1.53 | $1.74 | -12% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$167.6 million** in H1 2023, with a net decrease in cash and cash equivalents of **$21.7 million** Six Months Ended June 30, Cash Flow Summary (In Thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $167,615 | $117,476 | | Net Cash Used in Investing Activities | ($26,922) | ($35,937) | | Net Cash Used in Financing Activities | ($164,500) | ($130,543) | | **Net Decrease in Cash and Cash Equivalents** | **($21,739)** | **($53,162)** | | Cash and Cash Equivalents, Beginning of Period | $173,235 | $200,481 | | Cash and Cash Equivalents, End of Period | $151,496 | $147,319 | - Financing activities in the first six months of 2023 included **$104.1 million** for treasury stock purchases, **$19.4 million** for cash-settled exchanges of partnership units, and **$12.3 million** for dividends[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, revenue disaggregation, equity compensation, and share repurchases, with **$98.0 million** in H1 2023 equity-based compensation Disaggregation of Revenues (Six Months Ended June 30) | (In Thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Advisory Fees | $491,884 | $368,307 | | Placement Fees | $47,613 | $109,833 | | Interest Income from Placement Fees and Other | $8,222 | $4,157 | | **Revenues from Contracts with Customers** | **$547,719** | **$482,297** | - As of June 30, 2023, there was **$206.1 million** of unrecognized compensation expense related to unvested RSU awards, expected to be recognized over a weighted-average period of **1.9 years**[57](index=57&type=chunk) - During the first six months of 2023, the company repurchased **1.4 million** shares of Class A common stock for **$104.0 million**. The remaining repurchase authorization was **$69.7 million** as of June 30, 2023[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A highlights **49%** Q2 2023 revenue growth driven by restructuring, a challenging M&A and fundraising environment, and strong liquidity [Business Environment](index=23&type=section&id=Business%20Environment) H1 2023 saw a **37%** decline in M&A volumes, elevated restructuring activity, and a challenging fundraising environment for alternative assets - Worldwide M&A announced volumes during the first half of 2023 were down **37%** compared with the first half of 2022[98](index=98&type=chunk) - Global restructuring activity remained elevated during Q2 2023 due to adverse macroeconomic conditions and higher interest rates[99](index=99&type=chunk) - The fundraising environment remains challenging as limited partners have become more discerning, with a continued flight to quality and focus on existing relationships[100](index=100&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2023 total revenues grew **49%** to **$346.3 million**, driven by Advisory Fees, while H1 revenues increased **14%** with an **11%** decline in income before taxes Condensed Consolidated Results of Operations (In Thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2023** | **2022** | **2023** | **2022** | | **Total Revenues** | **$346,277** | **$233,141** | **$546,265** | **$479,460** | | Advisory Fees | $323,794 | $186,649 | $491,884 | $368,307 | | Placement Fees | $20,028 | $49,482 | $47,613 | $109,833 | | **Total Expenses** | **$292,108** | **$189,453** | **$462,903** | **$385,624** | | Compensation and Benefits | $246,614 | $150,587 | $379,657 | $309,819 | | **Income Before Provision for Taxes** | **$54,169** | **$43,688** | **$83,362** | **$93,836** | - The increase in Advisory Fees for both the three and six-month periods was principally due to an increase in restructuring revenues[118](index=118&type=chunk)[119](index=119&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$225.6 million** in cash and investments and an undrawn **$60 million** credit facility - As of June 30, 2023, the company had cash, cash equivalents, and short-term investments of **$225.6 million**[129](index=129&type=chunk) - The company's revolving credit facility of **$60.0 million** was extended to mature on October 1, 2024, and remained undrawn as of June 30, 2023[128](index=128&type=chunk) - During the first six months of 2023, the company repurchased **1.4 million** shares for **$104.0 million** under its share repurchase program[139](index=139&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces exchange rate risk, resulting in a **$3.1 million** gain in OCI and a **$2.7 million** loss in Interest Income and Other for H1 2023 - The company is not subject to significant market risk (interest rate, commodity price) or credit risk as its business is not capital-intensive and it does not use derivative instruments[150](index=150&type=chunk) - The company is exposed to exchange rate risk. For the six months ended June 30, 2023, the impact of foreign currency fluctuation was a gain of **$3.1 million** in Other Comprehensive Income and a loss of **$2.7 million** in Interest Income and Other[153](index=153&type=chunk) [Controls and Procedures](index=32&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[154](index=154&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the most recent quarter[155](index=155&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and other corporate information [Legal Proceedings](index=33&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company faces a reinstated claim for negligent supervision related to a former employee's fraudulent conduct, which it intends to defend - In June 2023, the New York Court of Appeals reversed lower court dismissals and reinstated a claim for negligent supervision and retention against the company in a case filed by affiliates of Moore Capital concerning the actions of a former employee[158](index=158&type=chunk) - The company believes the remaining claim is without merit and will continue to vigorously oppose it[158](index=158&type=chunk) [Risk Factors](index=33&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes were reported to the risk factors previously disclosed in the Annual Report on Form 10-K for 2022 - No material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 were reported[159](index=159&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) In Q2 2023, the company repurchased **592,343** shares for **$37.9 million**, with **$69.7 million** remaining under authorization Issuer Purchases of Equity Securities in Q2 2023 | Period | Total Number of Shares Repurchased | Average Price Paid Per Share | Approximate Dollar Value of Shares that May Yet Be Purchased | | :--- | :--- | :--- | :--- | | April 2023 | — | $— | $107.5 million | | May 2023 | 507,598 | $63.29 | $75.4 million | | June 2023 | 84,745 | $67.76 | $69.7 million | | **Total Q2** | **592,343** | **$63.93** | **$69.7 million** | [Other Information](index=34&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No Rule 10b5-1 trading arrangement changes by directors or officers occurred in Q2 2023, and a Restated Certificate was filed - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2023[166](index=166&type=chunk) - On July 27, 2023, the Company filed a Restated Certificate of Incorporation, which integrated prior amendments without further changes[167](index=167&type=chunk)

PJT Partners, Inc. (NYSE:PJT) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET Company Participants Sharon Pearson - Head, IR Paul Taubman - Chairman & CEO Helen Meates - CFO Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Steven Chubak - Wolfe Research Jim Mitchell - Seaport Global Securities Operator Good day, and welcome to the PJT Partners Second Quarter 2023 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conferenc ...

PJT Partners Inc. (NYSE:PJT) Q1 2023 Earnings Conference Call May 2, 2023 8:30 AM ET Company Participants Sharon Pearson – Head-Investor Relations Paul Taubman – Chairman and Chief Executive Officer Helen Meates – Chief Financial Officer Conference Call Participants Devin Ryan – JMP Securities Steven Chubak – Wolfe Research Jim Mitchell – Seaport Global Matt Moon – KBW Operator Good day, and welcome to the PJT Partners First Quarter 2023 Earnings Call. Today's conference is being recorded. At this time, I w ...

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, 2023 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) (State or other jurisdiction of (I.R.S. Employer ...

> ESG Transition > Out-of-Court Restructurings > Distressed M&A and Asset Sales Partners in success Collaboration with impact | --- | --- | |---------------------------------|-----------------------------------------| | | | | Global reach | Partnership culture | | Collaboration & teamwork | Concentration of top practitioners | | Brand recognition | Entrepreneurial at all levels | | Complex transaction flow | Opportunity for meaningful impact | | Cross-product capabilities | Advice is the main event | | Focu ...