PJT Partners (PJT) - 2024 Q3 - Quarterly Results

Revenue Growth - Record Third Quarter Revenues of $326 million, a 17% increase from a year ago[3] - Record year-to-date Revenues of $1.02 billion, a 23% increase from a year ago[3] - Total revenues for Q3 2024 were $326.3 million, a 17.2% increase compared to $278.4 million in Q3 2023[37] - Advisory Fees increased to $283.8 million, a 16% increase from the prior year[5] - Placement Fees increased to $32.5 million, a 22% increase from the prior year[5] - Interest Income & Other increased to $10.1 million, a 33% increase from the prior year[5] - Advisory fees for Q3 2024 were $283.8 million, up 16.2% from $244.1 million in Q3 2023[37] Income and Profitability - GAAP Pretax Income of $49 million and Adjusted Pretax Income of $51 million, both increased 16% from a year ago[3] - GAAP Diluted EPS of $0.79 and Adjusted EPS of $0.93, increases of 16% and 19%, respectively, from a year ago[3] - Net income attributable to PJT Partners Inc. for Q3 2024 was $22.2 million, a 27.2% increase from $17.4 million in Q3 2023[37] - Adjusted pretax income for Q3 2024 was $50.6 million, up 15.6% from $43.8 million in Q3 2023[39] - Adjusted net income for Q3 2024 was $42.1 million, a 29.0% increase from $32.6 million in Q3 2023[39] - Basic net income per share of Class A common stock for Q3 2024 was $0.87, compared to $0.69 in Q3 2023[37] - Diluted net income per share of Class A common stock for Q3 2024 was $0.79, compared to $0.68 in Q3 2023[37] - Adjusted net income, if-converted per share for Q3 2024 was $0.93, compared to $0.78 in Q3 2023[39] Share Repurchases and Equity - Repurchased 2.6 million share and share equivalents through September 30, 2024, with record open market repurchases of 1.9 million shares[3] - Weighted-average shares outstanding, if-converted for Q3 2024 were 44.5 million, up 7.5% from 41.4 million in Q3 2023[39] - Basic Shares Outstanding, GAAP for Q3 2024 was 25,372,621, compared to 25,193,359 in Q3 2023[44] - Diluted Shares Outstanding, GAAP for Q3 2024 increased to 44,642,704 from 26,644,324 in Q3 2023[44] - Fully-Diluted Shares Outstanding as of September 30, 2024, was 46,950,955, up from 44,457,247 in 2023[44] - The Company achieved a dividend adjusted 20-day volume-weighted average share price of over $129, with 2.5 million share equivalents included in the fully-diluted share count[44] - 1.0 million share equivalents had satisfied both service and market conditions, while 1.5 million are vesting under ongoing service conditions[44] - Dilutive Impact of Unvested RSUs for Q3 2024 was 3,437,914, compared to 1,450,965 in Q3 2023[44] - Dilutive Impact of Partnership Units for Q3 2024 was 15,832,169, with no comparable figure in Q3 2023[44] - If-Converted Shares Outstanding for Q3 2024 was 44,504,239, up from 41,409,625 in Q3 2023[44] - Partnership Units for Q3 2024 were 15,693,704, compared to 14,765,301 in Q3 2023[44] Cash and Investments - Record cash, cash equivalents and short-term investments of $477 million and no funded debt[3] Acquisitions and Expenses - Completed the acquisition of deNovo Partners on October 1, 2024[3] - Adjusted non-compensation expense for Q3 2024 was $48.9 million, up 19.0% from $41.1 million in Q3 2023[41] - The Company's tax adjustments include amortization of intangible assets from acquisitions and compensation-related tax deductions[46]