PJT Partners Inc. Reports Record Second Quarter and Six Months 2024 Results

Rhea-AI Summary

PJT Partners Inc. (NYSE: PJT) reported record second quarter and six months results for 2024. Highlights include:

- Q2 revenues of $360 million, up 4% year-over-year
- Q2 GAAP Pretax Income of $64 million, up 19%
- Q2 Adjusted EPS of $1.19, up 20%
- H1 revenues of $690 million, up 26% year-over-year
- H1 GAAP Pretax Income of $118 million, up 42%
- H1 Adjusted EPS of $2.17, up 43%

The company repurchased 2.2 million shares and equivalents through June 30, 2024. It held $351 million in cash and short-term investments with no funded debt. PJT Partners also entered a new $100 million revolving credit facility on July 29, 2024.

Positive

• Record quarterly revenues of $360 million, up 4% year-over-year
• GAAP Pretax Income increased 19% to $64 million in Q2
• Adjusted EPS grew 20% to $1.19 in Q2
• Record first half revenues of $690 million, up 26% year-over-year
• H1 GAAP Pretax Income increased 42% to $118 million
• H1 Adjusted EPS rose 43% to $2.17
• Repurchased 2.2 million shares and share equivalents through June 30, 2024
• Record Q2 cash, cash equivalents and short-term investments of $351 million with no funded debt
• Entered into a new $100 million revolving credit facility

Negative

• Advisory Revenues decreased 5% in Q2 due to lower restructuring revenues

Financial Analyst

PJT Partners' Q2 2024 results demonstrate robust financial performance, with several key metrics hitting record levels. The 4% year-over-year increase in quarterly revenues to $360 million is impressive, especially considering the challenging market conditions many financial services firms are facing.

Particularly noteworthy is the 19% increase in both GAAP and Adjusted Pretax Income, reaching $64 million and $66 million respectively. This suggests effective cost management and improved operational efficiency. The expansion in pretax margin from 15.6% to 17.9% on a GAAP basis further supports this view.

The company's placement revenues saw a remarkable 134% increase, primarily driven by fund placement activities. This diversification of revenue streams is a positive sign, potentially offsetting the 5% decrease in advisory revenues.

PJT's balance sheet remains strong with $351 million in cash and short-term investments and no funded debt. The new $100 million revolving credit facility provides additional financial flexibility. The company's aggressive share repurchase program, buying back 2.2 million shares in the first half of 2024, demonstrates confidence in its future prospects and commitment to shareholder returns.

However, investors should note the decrease in advisory revenues, traditionally a core business for PJT. While offset by other areas, this trend warrants monitoring in future quarters.

Market Research Analyst

PJT Partners' Q2 results offer intriguing insights into current market dynamics. The significant increase in placement revenues suggests a robust appetite for fund investments, potentially indicating a shift in market sentiment towards alternative assets or private markets.

The decrease in restructuring revenues, as part of the advisory segment, is noteworthy. This could signal improving economic conditions, with fewer companies requiring restructuring services. However, it's important to monitor whether this is a temporary lull or a longer-term trend.

The increase in strategic advisory revenues within a challenging M&A environment is commendable. It may indicate PJT's strong competitive position or a potential uptick in deal activity in specific sectors they serve.

The company's continued investment in expanding industry expertise, product capabilities and global reach aligns with broader trends in the financial advisory industry. Firms are increasingly seeking to offer comprehensive solutions and global perspectives to clients.

The record level of open market share repurchases is significant. It not only returns value to shareholders but also suggests management's confidence in the company's valuation and future prospects. This could be interpreted as a positive signal in a market where many companies are conserving cash.

Overall, PJT's results provide a nuanced view of current market conditions, suggesting pockets of strength in fund placement and strategic advisory, while also hinting at potential shifts in restructuring demand.

Second Quarter Overview

• Record Quarterly Revenues of $360 million, an increase of 4% from a year ago
• GAAP Pretax Income of $64 million and Adjusted Pretax Income of $66 million, both increased 19% from a year ago
• GAAP Diluted EPS of $1.06 and Adjusted EPS of $1.19, increases of 23% and 20%, respectively, from a year ago

Six Months Overview

• Record First Half and Six Months Revenues of $690 million, an increase of 26% from a year ago
• GAAP Pretax Income of $118 million and Adjusted Pretax Income of $121 million, increases of 42% and 41%, respectively, from a year ago
• GAAP Diluted EPS of $2.29 and Adjusted EPS of $2.17, increases of 50% and 43%, respectively, from a year ago

Capital Management and Balance Sheet

• Repurchased 2.2 million share and share equivalents through June 30, 2024, with record open market repurchases of 1.7 million shares
• Record Second Quarter cash, cash equivalents and short-term investments of $351 million and no funded debt
• Entered into a new $100 million revolving credit facility on July 29, 2024

Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our firm delivered record second quarter and six months results with strong year-to-date performance in all our businesses. Our focus continues to be on investing to build the strongest firm for the long term as we continue to expand our industry expertise, our product capabilities, and our global reach. As before, we remain highly confident in our future growth prospects.”

NEW YORK--(BUSINESS WIRE)-- PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) today announced its financial results for the second quarter and six months ended June 30, 2024.

Revenues

The following table sets forth revenues for the three and six months ended June 30, 2024 and 2023:

		Three Months Ended June 30,											Six Months Ended June 30,
		2024				2023				% Change			2024				2023				% Change
		(Dollars in Millions)
Revenues
Advisory		$	307.1			$	323.8			(5%)			$	595.8			$	491.9			21%
Placement			46.9				20.0			134%				81.4				47.6			71%
Interest Income & Other			6.2				2.5			154%				12.4				6.8			84%
Total Revenues		$	360.2			$	346.3			4%			$	689.6			$	546.3			26%

Three Months Ended

The decrease in Advisory Revenues was due to a decrease in restructuring revenues partially offset by an increase in strategic advisory revenues.

The increase in Placement Revenues was due to a significant increase in fund placement revenues.

The increase in Interest Income & Other was principally due to higher interest income.

Six Months Ended

The increase in Advisory Revenues was due to increases in restructuring, strategic advisory and private capital solutions revenues.

The increase in Placement Revenues was due to a significant increase in fund placement revenues.

The increase in Interest Income & Other was principally due to higher interest income.

Expenses

The following tables set forth information relating to the Company’s expenses for the three and six months ended June 30, 2024 and 2023:

		Three Months Ended June 30,
		2024								2023
		GAAP				As Adjusted				GAAP				As Adjusted
		(Dollars in Millions)
Expenses
Compensation and Benefits		$	250.3			$	250.3			$	246.6			$	246.6
% of Revenues			69.5	%			69.5	%			71.2	%			71.2	%
Non-Compensation		$	45.5			$	44.1			$	45.5			$	44.2
% of Revenues			12.6	%			12.3	%			13.1	%			12.8	%
Total Expenses		$	295.8			$	294.5			$	292.1			$	290.8
% of Revenues			82.1	%			81.8	%			84.4	%			84.0	%
Pretax Income		$	64.4			$	65.7			$	54.2			$	55.5
% of Revenues			17.9	%			18.2	%			15.6	%			16.0	%

		Six Months Ended June 30,
		2024								2023
		GAAP				As Adjusted				GAAP				As Adjusted
		(Dollars in Millions)
Expenses
Compensation and Benefits		$	479.3			$	479.3			$	379.7			$	379.7
% of Revenues			69.5	%			69.5	%			69.5	%			69.5	%
Non-Compensation		$	92.0			$	89.4			$	83.2			$	80.7
% of Revenues			13.3	%			13.0	%			15.2	%			14.8	%
Total Expenses		$	571.3			$	568.6			$	462.9			$	460.4
% of Revenues			82.8	%			82.5	%			84.7	%			84.3	%
Pretax Income		$	118.3			$	120.9			$	83.4			$	85.9
% of Revenues			17.2	%			17.5	%			15.3	%			15.7	%

Compensation and Benefits Expense

Three Months Ended

Compensation and Benefits Expense was $250 million for the current quarter compared with $247 million in the prior year, reflecting higher revenues and a lower compensation accrual rate.

Six Months Ended

Compensation and Benefits Expense was $479 million compared with $380 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with the prior year.

Non-Compensation Expense

Three Months Ended

GAAP Non-Compensation Expense was $45 million for the current quarter compared with $45 million in the prior year. Adjusted Non-Compensation Expense was $44 million for the current quarter compared with $44 million in the prior year.

The GAAP and Adjusted Non-Compensation Expense were essentially unchanged in the second quarter compared with the prior year. Decreases in Professional Fees and Other Expenses were offset by increases in Occupancy and Related and Communications and Information Services. Professional Fees decreased due to lower consulting expenses relating to the firm's business activities. Other Expenses decreased principally due to insurance reimbursements, which were partially offset by increases in market data and higher bad debt expense. Occupancy and Related increased principally due to the expansion and lease term extension of our New York headquarters in the fourth quarter of 2023. Communications and Information Services increased principally due to investments in technology infrastructure.

Six Months Ended

GAAP Non-Compensation Expense was $92 million compared with $83 million in the prior year. Adjusted Non-Compensation Expense was $89 million compared with $81 million in the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Occupancy and Related, Travel and Related, and Communications and Information Services, partially offset by a decrease in Professional Fees. Occupancy and Related increased principally due to the expansion and lease term extension of our New York headquarters in the fourth quarter of 2023. Travel and Related increased due to increased levels of business travel. Communications and Information Services increased principally due to investments in technology infrastructure. Professional Fees decreased due to lower consulting expenses relating to the firm's business activities.

Provision for Taxes

As of June 30, 2024, the Company owned 60.8% of PJT Partners Holdings LP. The Company is subject to corporate U.S. federal and state income tax while PJT Partners Holdings LP is subject to New York City unincorporated business tax and other entity-level taxes imposed by certain state and foreign jurisdictions. Please refer to Note 11. “Stockholders’ Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended June 30, 2024 and 2023 was 17.7% and 24.2%, respectively. The effective tax rate for GAAP Net Income for the six months ended June 30, 2024 and 2023 was 10.1% and 17.2%, respectively.

In calculating Adjusted Net Income, If-Converted, the Company has assumed that all outstanding partnership units in PJT Partners Holdings LP (“Partnership Units”) (excluding partnership units that have yet to satisfy certain market conditions) have been exchanged into shares of the Company’s Class A common stock, subjecting all of the Company’s income to corporate-level tax.

The effective tax rate for Adjusted Net Income, If-Converted for the six months ended June 30, 2024 was 22.0% compared with 25.3% for full year 2023.

Capital Management and Balance Sheet

As of June 30, 2024, the Company held cash, cash equivalents and short-term investments of $351 million and had no funded debt.

During the second quarter 2024, the Company repurchased 585 thousand shares of Class A common stock in the open market, exchanged 116 thousand Partnership Units for cash and net share settled 9 thousand shares of Class A common stock to satisfy employee tax obligations.

In total during the second quarter 2024, the Company repurchased 0.7 million share equivalents at an average price of $96.45 per share. During the six months ended June 30, 2024, the Company repurchased 2.2 million share equivalents at an average price of $98.22 per share.

As of June 30, 2024, the Company's remaining repurchase authorization was $350 million.

The Company intends to repurchase 103 thousand Partnership Units for cash on August 6, 2024 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on August 1, 2024.

Dividend

The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on September 18, 2024 to Class A common stockholders of record as of September 4, 2024.

Quarterly Investor Call Details

PJT Partners will host a conference call on July 30, 2024 at 8:30 a.m. ET to discuss its second quarter and six months 2024 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 343-5419 (U.S. domestic) or +1 (203) 518-9731 (international), passcode PJTP2Q24. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com.

About PJT Partners

PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.

Forward-Looking Statements

Certain material presented herein 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 (the “Exchange Act”). 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 competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyber attacks, security vulnerabilities and internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions; (c) failures of our computer systems or communication systems, including as a result of a catastrophic event and the use of remote work environments and virtual platforms; (d) the impact of catastrophic events, including business disruptions, pandemics, reductions in employment and an increase in business failures on (1) the U.S. and the global economy and (2) our employees and our ability to provide services to our clients and respond to their needs; (e) the failure of third-party service providers to perform their functions; and (f) volatility in the political and economic environment, including as a result of inflation, elevated interest rates and geopolitical and military conflicts.

Any of these factors, as well as such other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the Company’s results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that the Company is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements.

Non-GAAP Financial Measures

The following represent key performance measures that management uses in making resource allocation and/or compensation decisions. These measures should not be considered substitutes for, or superior to, financial measures prepared in accordance with GAAP.

Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income; Adjusted Net Income, If-Converted, in total and on a per-share basis (referred to as “Adjusted EPS”); and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this earnings release, remove the significant accounting impact of: (a) intangible asset amortization associated with the acquisition of PJT Capital LP and the acquisition of CamberView; and (b) the net change to the amount the Company has agreed to pay Blackstone Inc. ("Blackstone") related to the net realized cash benefit from certain compensation-related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided in the Appendix.

To help investors understand the effect of the Company’s ownership structure on its Adjusted Net Income, the Company has presented Adjusted Net Income, If-Converted. This measure illustrates the impact of taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding Partnership Units that have yet to satisfy certain market conditions) have been exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including the tax benefits of the adjustments for transaction-related amortization expense.

Appendix

GAAP Condensed Consolidated Statements of Operations (unaudited)

Reconciliations of GAAP to Non-GAAP Financial Data (unaudited)

Summary of Shares Outstanding (unaudited)

Footnotes

PJT Partners Inc. GAAP Condensed Consolidated Statements of Operations (unaudited) (Dollars in Thousands, Except Share and Per Share Data)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenues
Advisory		$	307,082			$	323,794			$	595,763			$	491,884
Placement			46,873				20,028				81,362				47,613
Interest Income and Other			6,226				2,455				12,449				6,768
Total Revenues			360,181				346,277				689,574				546,265
Expenses
Compensation and Benefits			250,326				246,614				479,254				379,657
Occupancy and Related			12,107				9,920				24,268				19,931
Travel and Related			9,055				8,314				18,156				15,286
Professional Fees			8,780				11,454				17,129				18,381
Communications and Information Services			5,296				3,761				10,074				7,838
Depreciation and Amortization			3,112				3,597				6,610				7,040
Other Expenses			7,106				8,448				15,781				14,770
Total Expenses			295,782				292,108				571,272				462,903
Income Before Provision for Taxes			64,399				54,169				118,302				83,362
Provision for Taxes			11,368				13,117				11,899				14,324
Net Income			53,031				41,052				106,403				69,038
Net Income Attributable to Non-Controlling Interests			24,715				18,911				45,464				29,561
Net Income Attributable to PJT Partners Inc.		$	28,316			$	22,141			$	60,939			$	39,477
Net Income Per Share of Class A Common Stock
Basic		$	1.12			$	0.88			$	2.39			$	1.56
Diluted		$	1.06			$	0.86			$	2.29			$	1.53
Weighted-Average Shares of Class A Common
Stock Outstanding
Basic			25,376,186				25,238,144				25,533,358				25,234,983
Diluted			43,091,718				26,333,261				43,427,605				26,625,890

PJT Partners Inc. Reconciliations of GAAP to Non-GAAP Financial Data (unaudited) (Dollars in Thousands, Except Share and Per Share Data)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
GAAP Net Income		$	53,031			$	41,052			$	106,403			$	69,038
Less: GAAP Provision for Taxes			11,368				13,117				11,899				14,324
GAAP Pretax Income			64,399				54,169				118,302				83,362
Adjustments to GAAP Pretax Income
Amortization of Intangible Assets(1)			1,230				1,230				2,460				2,460
Spin-Off-Related Payable Due to Blackstone(2)			90				54				181				79
Adjusted Pretax Income			65,719				55,453				120,943				85,901
Adjusted Taxes(3)			11,624				13,475				12,419				14,906
Adjusted Net Income			54,095				41,978				108,524				70,995
If-Converted Adjustments
Less: Adjusted Taxes(3)			(11,624	)			(13,475	)			(12,419	)			(14,906	)
Add: If-Converted Taxes(4)			14,458				15,031				26,607				22,940
Adjusted Net Income, If-Converted		$	51,261			$	40,422			$	94,336			$	62,961
GAAP Net Income Per Share of Class A Common Stock
Basic		$	1.12			$	0.88			$	2.39			$	1.56
Diluted		$	1.06			$	0.86			$	2.29			$	1.53
GAAP Weighted-Average Shares of Class A
Common Stock Outstanding
Basic			25,376,186				25,238,144				25,533,358				25,234,983
Diluted			43,091,718				26,333,261				43,427,605				26,625,890
Adjusted Net Income, If-Converted Per Share		$	1.19			$	0.99			$	2.17			$	1.52
Weighted-Average Shares Outstanding, If-Converted			43,037,141				40,964,125				43,387,129				41,323,832

PJT Partners Inc. Reconciliations of GAAP to Non-GAAP Financial Data – continued (unaudited) (Dollars in Thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Non-Compensation Expenses
Occupancy and Related		$	12,107			$	9,920			$	24,268			$	19,931
Travel and Related			9,055				8,314				18,156				15,286
Professional Fees			8,780				11,454				17,129				18,381
Communications and Information Services			5,296				3,761				10,074				7,838
Depreciation and Amortization			3,112				3,597				6,610				7,040
Other Expenses			7,106				8,448				15,781				14,770
GAAP Non-Compensation Expense			45,456				45,494				92,018				83,246
Amortization of Intangible Assets(1)			(1,230	)			(1,230	)			(2,460	)			(2,460	)
Spin-Off-Related Payable Due to Blackstone(2)			(90	)			(54	)			(181	)			(79	)
Adjusted Non-Compensation Expense		$	44,136			$	44,210			$	89,377			$	80,707

PJT Partners Inc.
Summary of Shares Outstanding (unaudited)

The following table provides a summary of weighted-average shares outstanding for the three and six months ended June 30, 2024 and 2023 for both basic and diluted shares. The table also provides a reconciliation to If-Converted Shares Outstanding assuming that all Partnership Units and unvested PJT Partners Inc. restricted stock units (“RSUs”) were converted to shares of the Company’s Class A common stock:

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Weighted-Average Shares Outstanding - GAAP
Basic Shares Outstanding, GAAP			25,376,186				25,238,144				25,533,358				25,234,983
Dilutive Impact of Unvested RSUs(5)			2,191,919				1,095,117				2,334,946				1,390,907
Dilutive Impact of Partnership Units(6)			15,523,613				—				15,559,301				—
Diluted Shares Outstanding, GAAP			43,091,718				26,333,261				43,427,605				26,625,890
Weighted-Average Shares Outstanding - If-Converted
Basic Shares Outstanding, GAAP			25,376,186				25,238,144				25,533,358				25,234,983
Unvested RSUs(5)			2,191,919				1,095,117				2,334,946				1,390,907
Partnership Units(7)			15,469,036				14,630,864				15,518,825				14,697,942
If-Converted Shares Outstanding			43,037,141				40,964,125				43,387,129				41,323,832
		As of June 30,
		2024				2023
Fully-Diluted Shares Outstanding(8)			46,084,911				43,966,461

As of June 30, 2024, in relation to awards granted containing both service and market conditions, the Company had achieved a dividend adjusted 20-day volume-weighted average share price of the Company's Class A common stock in excess of $107. Cumulatively, 1.6 million share equivalents were included in the Company's fully-diluted share count, of which 0.6 million had satisfied both service and market conditions, with the remaining 1.0 million vesting pursuant to ongoing service conditions.

As of June 30, 2024, 1.0 million share equivalents that had yet to satisfy certain market conditions were excluded from our share counts.

Footnotes

(1)		This adjustment adds back to GAAP Pretax Income amounts for the amortization of intangible assets that are associated with the acquisition of PJT Capital LP on October 1, 2015 and the acquisition of CamberView on October 1, 2018.
(2)		This adjustment adds back to GAAP Pretax Income the net change to the amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation-related tax deductions. Such amounts are reflected in Other Expenses in the Condensed Consolidated Statements of Operations.
(3)		Represents taxes on Adjusted Pretax Income, considering both current and deferred income tax effects for the current ownership structure.
(4)		Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding Partnership Units that have yet to satisfy market conditions) have been exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including the tax benefits of the adjustments for amortization expense.
(5)		Represents the dilutive impact under the treasury method of unvested RSUs that have a remaining service requirement.
(6)		Represents the number of shares assuming the conversion of vested Partnership Units, the dilutive impact of unvested Partnership Units with a remaining service requirement, and the dilutive impact of Partnership Units that achieved certain market conditions as if those conditions were achieved as of the beginning of the reporting period.
(7)		Represents the number of shares assuming the conversion of all Partnership Units, including Partnership Units that achieved certain market conditions as of the date those conditions were achieved.
(8)		Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company’s Class A common stock.
Note:		Amounts presented in tables above may not add or recalculate due to rounding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240729005525/en/

Media Relations: Jon Keehner

Joele Frank, Wilkinson Brimmer Katcher

Tel: +1 212.355.4449

PJT-JF@joelefrank.com

Investor Relations: Sharon Pearson

PJT Partners Inc.

Tel: +1 212.364.7120

pearson@pjtpartners.com

Source: PJT Partners Inc.

FAQ

What were PJT Partners' (PJT) Q2 2024 revenue and earnings?

PJT Partners reported record Q2 2024 revenues of $360 million, up 4% year-over-year. GAAP Pretax Income was $64 million, up 19%, and Adjusted EPS was $1.19, up 20% compared to Q2 2023.

How did PJT Partners' (PJT) first half 2024 performance compare to 2023?

PJT Partners' first half 2024 performance showed significant growth. Revenues increased 26% to $690 million, GAAP Pretax Income rose 42% to $118 million, and Adjusted EPS grew 43% to $2.17 compared to the first half of 2023.

What was PJT Partners' (PJT) cash position as of June 30, 2024?

As of June 30, 2024, PJT Partners held a record $351 million in cash, cash equivalents, and short-term investments. The company reported no funded debt.

Did PJT Partners (PJT) repurchase shares in the second quarter of 2024?

Yes, PJT Partners repurchased 2.2 million shares and share equivalents through June 30, 2024, including record open market repurchases of 1.7 million shares.