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PJT Partners Inc

PJT Partners Inc. Reports Third Quarter and Nine Months 2024 Results

Third Quarter Overview

  • Record Third Quarter Revenues of $326 million, an increase of 17% from a year ago
  • GAAP Pretax Income of $49 million and Adjusted Pretax Income of $51 million, both increased 16% from a year ago
  • GAAP Diluted EPS of $0.79 and Adjusted EPS of $0.93, increases of 16% and 19%, respectively, from a year ago

Nine Months Overview

  • Record year-to-date Revenues of $1.02 billion, an increase of 23% from a year ago
  • GAAP Pretax Income of $168 million and Adjusted Pretax Income of $172 million, increases of 33% and 32%, respectively, from a year ago
  • GAAP Diluted EPS of $3.08 and Adjusted EPS of $3.10, increases of 40% and 35%, 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 and no funded debt
  • 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.”

NEW YORK--(BUSINESS WIRE)--Oct. 29, 2024-- PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) today announced its financial results for the third quarter and nine months ended September 30, 2024.

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

 

 

16%

 

 

$

879.6

 

 

$

736.0

 

 

20%

Placement Fees

 

 

32.5

 

 

 

26.7

 

 

22%

 

 

 

113.8

 

 

 

74.3

 

 

53%

Interest Income & Other

 

 

10.1

 

 

 

7.6

 

 

33%

 

 

 

22.5

 

 

 

14.3

 

 

57%

Total Revenues

 

$

326.3

 

 

$

278.4

 

 

17%

 

 

$

1,015.9

 

 

$

824.6

 

 

23%

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 $227 million for the current quarter compared with $193 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with the prior year period.

Nine Months Ended

Compensation and Benefits Expense was $706 million compared with $573 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with the prior year period.

Non-Compensation Expense

Three Months Ended

GAAP Non-Compensation Expense was $50 million for the current quarter compared with $42 million in the prior year. Adjusted Non-Compensation Expense was $49 million for the current quarter compared with $41 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, Other Expenses and Travel and Related. Occupancy and Related increased principally due to the expansion and lease term extension for our New York headquarters in the fourth quarter of 2023 and further expansion of our London office in the third quarter of 2024. Other Expenses increased principally due to legal reserves, market data expense and the acceleration of contributions to our partner charitable giving program. Travel and Related increased due to increased levels of business travel.

Nine Months Ended

GAAP Non-Compensation Expense was $142 million compared with $126 million in the prior year. Adjusted Non-Compensation Expense was $138 million compared with $122 million in the prior year.

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 New York headquarters in the fourth quarter of 2023 and further expansion of our London office in the third quarter of 2024. Other Expenses increased principally due to increases in bad debt expense and market data expense. Travel and Related increased due to increased levels of business travel. Communications and Information Services increased principally due to investments in technology infrastructure.

Provision for Taxes

As of September 30, 2024, the Company owned 60.4% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. 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 September 30, 2024 and 2023 was 16.8% and 26.8%, respectively. The effective tax rate for GAAP Net Income for the nine months ended September 30, 2024 and 2023 was 12.1% and 20.4%, 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 nine months ended September 30, 2024 was 21.0% compared with 25.3% for full year 2023.

Capital Management and Balance Sheet

As of September 30, 2024, the Company held cash, cash equivalents and short-term investments of $477 million and had no funded debt.

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 $124.47 per share. During the nine months ended September 30, 2024, the Company repurchased 2.6 million share equivalents at an average price of $101.48 per share.

As of September 30, 2024, the Company's remaining repurchase authorization was $327 million.

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 $0.25 per share of Class A common stock. The dividend will be paid on December 18, 2024 to Class A common stockholders of record as of December 4, 2024.

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 (U.S. domestic) or +1 (203) 518-9848 (international), passcode PJTP3Q24. 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 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 $129. Cumulatively, 2.5 million share equivalents were included in the Company's fully-diluted share count, of which 1.0 million had satisfied both service and market conditions, with the remaining 1.5 million vesting pursuant to ongoing service conditions.

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.

 

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.