PJT Partners (US:PJT)2025-11-06 21:30Financial Performance - Total Revenues for Q3 2025 were $447.1 million, a 37% increase from $326.3 million in Q3 2024[116] - Advisory Fees reached $389.8 million in Q3 2025, up 37% from $283.8 million in Q3 2024, primarily driven by increased strategic advisory revenues[116] - Placement Fees increased by 51% to $49.2 million in Q3 2025, compared to $32.5 million in Q3 2024, mainly due to higher fund placement revenues[116] - Net Income for Q3 2025 was $74.96 million, an 82% increase from $41.07 million in Q3 2024[116] - Total Revenues for the nine months ended September 30, 2025, were $1,178.5 million, an increase of 16.0% compared to $1,015.9 million for the same period in 2024[119] - Advisory Fees increased to $1,026.5 million for the nine months ended September 30, 2025, up 16.7% from $879.6 million in 2024, primarily due to higher strategic advisory revenues[119] - Placement Fees rose to $128.4 million for the nine months ended September 30, 2025, a 12.8% increase from $113.8 million in 2024, driven by increased fund placement revenues[119] Expenses - Total Expenses for Q3 2025 were $356.1 million, a 29% increase from $276.9 million in Q3 2024[116] - Compensation and Benefits expenses increased by 34% to $303.3 million in Q3 2025, up from $226.8 million in Q3 2024[116] - Total Expenses for the nine months ended September 30, 2025, were $958.5 million, reflecting a 13.0% increase from $848.2 million in 2024[121] - The increase in Compensation and Benefits for the nine months ended September 30, 2025, was $95.3 million, attributed to higher revenues compared to the prior year[121] Income and Taxation - Income Before Provision for Taxes was $90.95 million in Q3 2025, an 84% increase from $49.39 million in Q3 2024[116] - The Company's Provision for Taxes for the nine months ended September 30, 2025, was $9.5 million, with an effective tax rate of 4.3% on pretax income of $220.0 million[123] Client Metrics - The total number of clients increased to 237 in Q3 2025 from 220 in Q3 2024[117] - The number of fees of at least $1 million from client transactions rose to 68 in Q3 2025, compared to 47 in Q3 2024[117] Cash and Investments - As of September 30, 2025, cash, cash equivalents, and short-term investments totaled $521.2 million, down from $546.8 million as of December 31, 2024[128] - Total accounts receivable, net of allowance for credit losses, was $371.3 million as of September 30, 2025, an increase from $320.8 million as of December 31, 2024[129] Share Repurchase - The Company repurchased 1.3 million shares of Class A common stock at an average price of $149.85, totaling $190.5 million during the nine months ended September 30, 2025[138] - The remaining repurchase authorization as of September 30, 2025, was $87.2 million under the $500 million share repurchase program[137] Market Outlook - The company expects market volumes for private capital solutions to reach record levels barring major changes in the macroeconomic outlook[99]