PJT Partners Inc. Reports Third Quarter and Nine Months 2024 Results
PJT Partners reported strong financial results for Q3 2024, with record quarterly revenues of $326 million, up 17% year-over-year. The company achieved GAAP Pretax Income of $49 million and Adjusted Pretax Income of $51 million, both increasing 16%. For the nine months ended September 30, 2024, revenues reached a record $1.02 billion, up 23% from the previous year. The growth was driven by increases in advisory fees, placement fees, and interest income. The company maintained strong capital management, repurchasing 2.6 million shares through September 2024 and holding $477 million in cash with no funded debt. PJT Partners also completed the acquisition of deNovo Partners on October 1, 2024.
PJT Partners ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi trimestrali record di 326 milioni di dollari, in aumento del 17% rispetto all'anno precedente. L'azienda ha raggiunto un reddito ante imposte GAAP di 49 milioni di dollari e un reddito ante imposte rettificato di 51 milioni di dollari, entrambi in aumento del 16%. Per i nove mesi terminati il 30 settembre 2024, i ricavi hanno raggiunto un record di 1,02 miliardi di dollari, in crescita del 23% rispetto all'anno precedente. La crescita è stata guidata dall'aumento delle commissioni di consulenza, delle commissioni di collocamento e dei proventi da interessi. L'azienda ha mantenuto una solida gestione del capitale, riacquistando 2,6 milioni di azioni fino a settembre 2024 e detenendo 477 milioni di dollari in contante senza debito finanziato. PJT Partners ha anche completato l'acquisizione di deNovo Partners il 1 ottobre 2024.
PJT Partners reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos trimestrales récord de 326 millones de dólares, un 17% más que el año anterior. La compañía logró un ingreso antes de impuestos GAAP de 49 millones de dólares y un ingreso antes de impuestos ajustado de 51 millones de dólares, ambos aumentando un 16%. Para los nueve meses finalizados el 30 de septiembre de 2024, los ingresos alcanzaron un récord de 1,02 mil millones de dólares, un 23% más que el año pasado. El crecimiento fue impulsado por aumentos en las tarifas de asesoría, las tarifas de colocación y los ingresos por intereses. La empresa mantuvo una sólida gestión de capital, recomprando 2,6 millones de acciones hasta septiembre de 2024 y manteniendo 477 millones de dólares en efectivo sin deuda financiada. PJT Partners también completó la adquisición de deNovo Partners el 1 de octubre de 2024.
PJT Partners는 2024년 3분기 강력한 재무 성과를 보고했으며, 분기 매출은 기록적인 3억 2천6백만 달러로 전년 대비 17% 증가했습니다. 회사는 GAAP 세전 수익 4,900만 달러와 조정 세전 수익 5,100만 달러를 달성했으며, 두 수치는 모두 16% 증가했습니다. 2024년 9월 30일 기준 9개월 동안의 매출은 기록적인 10억 2천만 달러에 도달했으며, 이는 전년 대비 23% 증가한 수치입니다. 성장은 자문료, 배치 수수료 및 이자 수익 증가에 의해 주도되었습니다. 이 회사는 강력한 자본 관리를 유지하며, 2024년 9월까지 260만 주를 재매입했으며, 자산 부채 없이 4억 7천7백만 달러의 현금을 보유하고 있습니다. PJT Partners는 또한 2024년 10월 1일 deNovo Partners의 인수를 완료했습니다.
PJT Partners a publié des résultats financiers solides pour le troisième trimestre 2024, avec des revenus trimestriels record de 326 millions de dollars, soit une augmentation de 17 % par rapport à l'année précédente. La société a enregistré un revenu avant impôts GAAP de 49 millions de dollars et un revenu avant impôts ajusté de 51 millions de dollars, tous deux en hausse de 16 %. Pour les neuf mois clos le 30 septembre 2024, les revenus ont atteint un record de 1,02 milliard de dollars, en hausse de 23 % par rapport à l'année précédente. La croissance a été soutenue par une augmentation des frais de conseil, des frais de placement et des revenus d'intérêts. L'entreprise a maintenu une solide gestion du capital, rachetant 2,6 millions d'actions jusqu'en septembre 2024 et détenant 477 millions de dollars en espèces sans dette financée. PJT Partners a également finalisé l'acquisition de deNovo Partners le 1er octobre 2024.
PJT Partners hat für das 3. Quartal 2024 starke Finanzergebnisse berichtet, mit einem Rekordquartalsumsatz von 326 Millionen Dollar, was einem Anstieg von 17 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein GAAP-Vorsteuerergebnis von 49 Millionen Dollar und ein bereinigtes Vorsteuerergebnis von 51 Millionen Dollar, beide um 16 % gestiegen. Für die neun Monate zum 30. September 2024 erreichten die Umsätze ein Rekordhoch von 1,02 Milliarden Dollar, was einem Anstieg von 23 % im Vergleich zum Vorjahr entspricht. Das Wachstum wurde durch steigende Beratungsgebühren, Platzierungsgebühren und Zinserträge angekurbelt. Das Unternehmen hielt eine starke Kapitalverwaltung aufrecht, indem es bis September 2024 2,6 Millionen Aktien zurückkaufte und 477 Millionen Dollar in bar ohne finanzierte Schulden hielt. PJT Partners hat auch die Übernahme von deNovo Partners am 1. Oktober 2024 abgeschlossen.
- Record Q3 revenues of $326 million, up 17% YoY
- Nine-month revenues reached $1.02 billion, up 23% YoY
- Advisory fees increased 16% to $283.8 million in Q3
- Placement fees grew 22% to $32.5 million in Q3
- Strong cash position of $477 million with no funded debt
- Strategic acquisition of deNovo Partners completed
- Non-Compensation Expenses increased to $50.1 million from $42.4 million YoY
- Operating margin slightly decreased to 15.1% from 15.3% in Q3
Insights
PJT Partners delivered exceptional Q3 2024 results with
The company maintains a strong balance sheet with
Third Quarter Overview
-
Record Third Quarter Revenues of
$326 million 17% from a year ago -
GAAP Pretax Income of
$49 million $51 million 16% from a year ago -
GAAP Diluted EPS of
$0.79 $0.93 16% and19% , respectively, from a year ago
Nine Months Overview
-
Record year-to-date Revenues of
$1.02 billion 23% from a year ago -
GAAP Pretax Income of
$168 million $172 million 33% and32% , respectively, from a year ago -
GAAP Diluted EPS of
$3.08 $3.10 40% and35% , respectively, from a year ago
Capital Management and Balance Sheet
- Repurchased 2.6 million share and share equivalents through September 30, 2024, with record open market repurchases of 1.9 million shares
-
Record cash, cash equivalents and short-term investments of
$477 million - Completed the acquisition of deNovo Partners on October 1, 2024
Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our firm delivered record third quarter and nine months results with strong year-to-date performance in all our businesses. We continue to see progress as measured by the success of our recruiting efforts, the maturation of our team, the expansion of our global reach, and the growing appreciation of our firm’s unique capabilities. As before, we remain highly confident in our future growth prospects.”
Revenues
The following table sets forth revenues for the three and nine months ended September 30, 2024 and 2023:
|
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
||||
|
|
(Dollars in Millions) |
|||||||||||||||||||
Revenues |
|
|
|||||||||||||||||||
Advisory Fees |
|
$ |
283.8 |
|
|
$ |
244.1 |
|
|
|
|
|
$ |
879.6 |
|
|
$ |
736.0 |
|
|
|
Placement Fees |
|
|
32.5 |
|
|
|
26.7 |
|
|
|
|
|
|
113.8 |
|
|
|
74.3 |
|
|
|
Interest Income & Other |
|
|
10.1 |
|
|
|
7.6 |
|
|
|
|
|
|
22.5 |
|
|
|
14.3 |
|
|
|
Total Revenues |
|
$ |
326.3 |
|
|
$ |
278.4 |
|
|
|
|
|
$ |
1,015.9 |
|
|
$ |
824.6 |
|
|
|
Three Months Ended
The increase in Advisory Revenues was principally due to an increase in private capital solutions revenues.
The increase in Placement Revenues was due to an increase in fund placement revenues.
The increase in Interest Income & Other was principally due to higher interest income.
Nine Months Ended
The increase in Advisory Revenues was due to increases in strategic advisory, restructuring 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 nine months ended September 30, 2024 and 2023:
|
|
Three Months Ended September 30, |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
GAAP |
|
|
As Adjusted |
|
|
GAAP |
|
|
As Adjusted |
|
||||
|
|
(Dollars in Millions) |
|
|||||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
$ |
226.8 |
|
|
$ |
226.8 |
|
|
$ |
193.5 |
|
|
$ |
193.5 |
|
% of Revenues |
|
|
69.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
Non-Compensation |
|
$ |
50.1 |
|
|
$ |
48.9 |
|
|
$ |
42.4 |
|
|
$ |
41.1 |
|
% of Revenues |
|
|
15.4 |
% |
|
|
15.0 |
% |
|
|
15.2 |
% |
|
|
14.8 |
% |
Total Expenses |
|
$ |
276.9 |
|
|
$ |
275.7 |
|
|
$ |
235.8 |
|
|
$ |
234.6 |
|
% of Revenues |
|
|
84.9 |
% |
|
|
84.5 |
% |
|
|
84.7 |
% |
|
|
84.3 |
% |
Pretax Income |
|
$ |
49.4 |
|
|
$ |
50.6 |
|
|
$ |
42.6 |
|
|
$ |
43.8 |
|
% of Revenues |
|
|
15.1 |
% |
|
|
15.5 |
% |
|
|
15.3 |
% |
|
|
15.7 |
% |
|
|
Nine Months Ended September 30, |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
GAAP |
|
|
As Adjusted |
|
|
GAAP |
|
|
As Adjusted |
|
||||
|
|
(Dollars in Millions) |
|
|||||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
$ |
706.0 |
|
|
$ |
706.0 |
|
|
$ |
573.1 |
|
|
$ |
573.1 |
|
% of Revenues |
|
|
69.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
Non-Compensation |
|
$ |
142.2 |
|
|
$ |
138.3 |
|
|
$ |
125.6 |
|
|
$ |
121.8 |
|
% of Revenues |
|
|
14.0 |
% |
|
|
13.6 |
% |
|
|
15.2 |
% |
|
|
14.8 |
% |
Total Expenses |
|
$ |
848.2 |
|
|
$ |
844.3 |
|
|
$ |
698.7 |
|
|
$ |
694.9 |
|
% of Revenues |
|
|
83.5 |
% |
|
|
83.1 |
% |
|
|
84.7 |
% |
|
|
84.3 |
% |
Pretax Income |
|
$ |
167.7 |
|
|
$ |
171.6 |
|
|
$ |
125.9 |
|
|
$ |
129.7 |
|
% of Revenues |
|
|
16.5 |
% |
|
|
16.9 |
% |
|
|
15.3 |
% |
|
|
15.7 |
% |
Compensation and Benefits Expense
Three Months Ended
Compensation and Benefits Expense was
Nine Months Ended
Compensation and Benefits Expense was
Non-Compensation Expense
Three Months Ended
GAAP Non-Compensation Expense was
The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Occupancy and Related, Other Expenses and Travel and Related. Occupancy and Related increased principally due to the expansion and lease term extension for our
Nine Months Ended
GAAP Non-Compensation Expense was
The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was due to increases in Occupancy and Related, Other Expenses, Travel and Related, and Communications and Information Services. Occupancy and Related increased principally due to the expansion and lease term extension for our
Provision for Taxes
As of September 30, 2024, the Company owned
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 nine months ended September 30, 2024 was
Capital Management and Balance Sheet
As of September 30, 2024, the Company held cash, cash equivalents and short-term investments of
During the third quarter 2024, the Company repurchased 189 thousand shares of Class A common stock in the open market, exchanged 103 thousand Partnership Units for cash and net share settled 26 thousand shares of Class A common stock to satisfy employee tax obligations.
In total during the third quarter 2024, the Company repurchased 318 thousand share equivalents at an average price of
As of September 30, 2024, the Company's remaining repurchase authorization was
The Company intends to repurchase 125 thousand Partnership Units for cash on November 5, 2024 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on October 31, 2024.
Dividend
The Board of Directors of the Company has declared a quarterly dividend of
Quarterly Investor Call Details
PJT Partners will host a conference call on October 29, 2024 at 8:30 a.m. ET to discuss its third quarter and nine months 2024 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 343-5172 (
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
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 impact of: (a) acquisition related intangible asset amortization; 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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Advisory Fees |
|
$ |
283,787 |
|
|
$ |
244,129 |
|
|
$ |
879,550 |
|
|
$ |
736,013 |
|
Placement Fees |
|
|
32,464 |
|
|
|
26,660 |
|
|
|
113,826 |
|
|
|
74,273 |
|
Interest Income and Other |
|
|
10,071 |
|
|
|
7,574 |
|
|
|
22,520 |
|
|
|
14,342 |
|
Total Revenues |
|
|
326,322 |
|
|
|
278,363 |
|
|
|
1,015,896 |
|
|
|
824,628 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
|
226,794 |
|
|
|
193,457 |
|
|
|
706,048 |
|
|
|
573,114 |
|
Occupancy and Related |
|
|
12,961 |
|
|
|
9,768 |
|
|
|
37,229 |
|
|
|
29,699 |
|
Travel and Related |
|
|
8,314 |
|
|
|
7,177 |
|
|
|
26,470 |
|
|
|
22,463 |
|
Professional Fees |
|
|
10,883 |
|
|
|
10,344 |
|
|
|
28,012 |
|
|
|
28,725 |
|
Communications and Information Services |
|
|
4,889 |
|
|
|
4,479 |
|
|
|
14,963 |
|
|
|
12,317 |
|
Depreciation and Amortization |
|
|
2,984 |
|
|
|
3,547 |
|
|
|
9,594 |
|
|
|
10,587 |
|
Other Expenses |
|
|
10,110 |
|
|
|
7,037 |
|
|
|
25,891 |
|
|
|
21,807 |
|
Total Expenses |
|
|
276,935 |
|
|
|
235,809 |
|
|
|
848,207 |
|
|
|
698,712 |
|
Income Before Provision for Taxes |
|
|
49,387 |
|
|
|
42,554 |
|
|
|
167,689 |
|
|
|
125,916 |
|
Provision for Taxes |
|
|
8,314 |
|
|
|
11,401 |
|
|
|
20,213 |
|
|
|
25,725 |
|
Net Income |
|
|
41,073 |
|
|
|
31,153 |
|
|
|
147,476 |
|
|
|
100,191 |
|
Net Income Attributable to Non-Controlling Interests |
|
|
18,923 |
|
|
|
13,743 |
|
|
|
64,387 |
|
|
|
43,304 |
|
Net Income Attributable to PJT Partners Inc. |
|
$ |
22,150 |
|
|
$ |
17,410 |
|
|
$ |
83,089 |
|
|
$ |
56,887 |
|
Net Income Per Share of Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.87 |
|
|
$ |
0.69 |
|
|
$ |
3.26 |
|
|
$ |
2.26 |
|
Diluted |
|
$ |
0.79 |
|
|
$ |
0.68 |
|
|
$ |
3.08 |
|
|
$ |
2.20 |
|
Weighted-Average Shares of Class A Common |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock Outstanding |
||||||||||||||||
Basic |
|
|
25,372,621 |
|
|
|
25,193,359 |
|
|
|
25,479,195 |
|
|
|
25,220,031 |
|
Diluted |
|
|
44,642,704 |
|
|
|
26,644,324 |
|
|
|
43,831,639 |
|
|
|
26,630,957 |
|
PJT Partners Inc. Reconciliations of GAAP to Non-GAAP Financial Data (unaudited) (Dollars in Thousands, Except Share and Per Share Data) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP Net Income |
|
$ |
41,073 |
|
|
$ |
31,153 |
|
|
$ |
147,476 |
|
|
$ |
100,191 |
|
Less: GAAP Provision for Taxes |
|
|
8,314 |
|
|
|
11,401 |
|
|
|
20,213 |
|
|
|
25,725 |
|
GAAP Pretax Income |
|
|
49,387 |
|
|
|
42,554 |
|
|
|
167,689 |
|
|
|
125,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments to GAAP Pretax Income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of Intangible Assets(1) |
|
|
1,230 |
|
|
|
1,230 |
|
|
|
3,690 |
|
|
|
3,690 |
|
Spin-Off-Related Payable Due to Blackstone(2) |
|
|
16 |
|
|
|
21 |
|
|
|
197 |
|
|
|
100 |
|
Adjusted Pretax Income |
|
|
50,633 |
|
|
|
43,805 |
|
|
|
171,576 |
|
|
|
129,706 |
|
Adjusted Taxes(3) |
|
|
8,524 |
|
|
|
11,162 |
|
|
|
20,943 |
|
|
|
26,068 |
|
Adjusted Net Income |
|
|
42,109 |
|
|
|
32,643 |
|
|
|
150,633 |
|
|
|
103,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
If-Converted Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Adjusted Taxes(3) |
|
|
(8,524 |
) |
|
|
(11,162 |
) |
|
|
(20,943 |
) |
|
|
(26,068 |
) |
Add: If-Converted Taxes(4) |
|
|
9,424 |
|
|
|
11,691 |
|
|
|
36,031 |
|
|
|
34,631 |
|
Adjusted Net Income, If-Converted |
|
$ |
41,209 |
|
|
$ |
32,114 |
|
|
$ |
135,545 |
|
|
$ |
95,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Net Income Per Share of Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.87 |
|
|
$ |
0.69 |
|
|
$ |
3.26 |
|
|
$ |
2.26 |
|
Diluted |
|
$ |
0.79 |
|
|
$ |
0.68 |
|
|
$ |
3.08 |
|
|
$ |
2.20 |
|
GAAP Weighted-Average Shares of Class A |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Stock Outstanding |
||||||||||||||||
Basic |
|
|
25,372,621 |
|
|
|
25,193,359 |
|
|
|
25,479,195 |
|
|
|
25,220,031 |
|
Diluted |
|
|
44,642,704 |
|
|
|
26,644,324 |
|
|
|
43,831,639 |
|
|
|
26,630,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Income, If-Converted Per Share |
|
$ |
0.93 |
|
|
$ |
0.78 |
|
|
$ |
3.10 |
|
|
$ |
2.30 |
|
Weighted-Average Shares Outstanding, If-Converted |
|
|
44,504,239 |
|
|
|
41,409,625 |
|
|
|
43,759,340 |
|
|
|
41,351,599 |
|
PJT Partners Inc. Reconciliations of GAAP to Non-GAAP Financial Data – continued (unaudited) (Dollars in Thousands) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Non-Compensation Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Occupancy and Related |
|
$ |
12,961 |
|
|
$ |
9,768 |
|
|
$ |
37,229 |
|
|
$ |
29,699 |
|
Travel and Related |
|
|
8,314 |
|
|
|
7,177 |
|
|
|
26,470 |
|
|
|
22,463 |
|
Professional Fees |
|
|
10,883 |
|
|
|
10,344 |
|
|
|
28,012 |
|
|
|
28,725 |
|
Communications and Information Services |
|
|
4,889 |
|
|
|
4,479 |
|
|
|
14,963 |
|
|
|
12,317 |
|
Depreciation and Amortization |
|
|
2,984 |
|
|
|
3,547 |
|
|
|
9,594 |
|
|
|
10,587 |
|
Other Expenses |
|
|
10,110 |
|
|
|
7,037 |
|
|
|
25,891 |
|
|
|
21,807 |
|
GAAP Non-Compensation Expense |
|
|
50,141 |
|
|
|
42,352 |
|
|
|
142,159 |
|
|
|
125,598 |
|
Amortization of Intangible Assets(1) |
|
|
(1,230 |
) |
|
|
(1,230 |
) |
|
|
(3,690 |
) |
|
|
(3,690 |
) |
Spin-Off-Related Payable Due to Blackstone(2) |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(197 |
) |
|
|
(100 |
) |
Adjusted Non-Compensation Expense |
|
$ |
48,895 |
|
|
$ |
41,101 |
|
|
$ |
138,272 |
|
|
$ |
121,808 |
|
PJT Partners Inc.
Summary of Shares Outstanding (unaudited)
The following table provides a summary of weighted-average shares outstanding for the three and nine months ended September 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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Weighted-Average Shares Outstanding - GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic Shares Outstanding, GAAP |
|
|
25,372,621 |
|
|
|
25,193,359 |
|
|
|
25,479,195 |
|
|
|
25,220,031 |
|
Dilutive Impact of Unvested RSUs(5) |
|
|
3,437,914 |
|
|
|
1,450,965 |
|
|
|
2,702,602 |
|
|
|
1,410,926 |
|
Dilutive Impact of Partnership Units(6) |
|
|
15,832,169 |
|
|
|
— |
|
|
|
15,649,842 |
|
|
|
— |
|
Diluted Shares Outstanding, GAAP |
|
|
44,642,704 |
|
|
|
26,644,324 |
|
|
|
43,831,639 |
|
|
|
26,630,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-Average Shares Outstanding - If-Converted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic Shares Outstanding, GAAP |
|
|
25,372,621 |
|
|
|
25,193,359 |
|
|
|
25,479,195 |
|
|
|
25,220,031 |
|
Unvested RSUs(5) |
|
|
3,437,914 |
|
|
|
1,450,965 |
|
|
|
2,702,602 |
|
|
|
1,410,926 |
|
Partnership Units(7) |
|
|
15,693,704 |
|
|
|
14,765,301 |
|
|
|
15,577,543 |
|
|
|
14,720,642 |
|
If-Converted Shares Outstanding |
|
|
44,504,239 |
|
|
|
41,409,625 |
|
|
|
43,759,340 |
|
|
|
41,351,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
As of September 30, |
|
|
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
||||
Fully-Diluted Shares Outstanding(8) |
|
|
46,950,955 |
|
|
|
44,457,247 |
|
|
|
|
|
|
|
||
As of September 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
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/20241028052908/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
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