PJT Partners Inc. Reports Second Quarter and Six Months 2025 Results
Second Quarter Overview
> Record Second Quarter Revenues, Pretax Income and EPS
– Revenues of
– GAAP Pretax Income of
– GAAP Diluted EPS of
Six Months Overview
> Record First Half Revenues, Pretax Income and EPS
– Revenues of
– GAAP Pretax Income of
– GAAP Diluted EPS of
Capital Management and Balance Sheet
> Repurchased 2.1 million shares and share equivalents through June 30, 2025
> Second Quarter Cash, Cash equivalents and Short-term investments of
Paul J. Taubman, Chairman and Chief Executive Officer, said, "Our firm delivered record setting second quarter and first half results. We continue to invest for the long term as we build a firm grounded in excellence, integrity, and an unwavering commitment to client service. As before, we remain highly confident in our future growth prospects."
Revenues
The following table sets forth revenues for the three and six months ended June 30, 2025 and 2024:
|
|
Three Months Ended
|
|
|
|
|
|
Six Months Ended
|
|
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
2025 |
|
|
2024 |
|
|
% Change |
||||
|
|
(Dollars in Millions) |
|||||||||||||||||||
Revenues |
|
|
|||||||||||||||||||
Advisory Fees |
|
$ |
354.5 |
|
|
$ |
307.1 |
|
|
|
|
|
$ |
636.7 |
|
|
$ |
595.8 |
|
|
|
Placement Fees |
|
|
43.2 |
|
|
|
46.9 |
|
|
( |
|
|
|
79.3 |
|
|
|
81.4 |
|
|
( |
Interest Income & Other |
|
|
9.1 |
|
|
|
6.2 |
|
|
|
|
|
|
15.5 |
|
|
|
12.4 |
|
|
|
Total Revenues |
|
$ |
406.9 |
|
|
$ |
360.2 |
|
|
|
|
|
$ |
731.4 |
|
|
$ |
689.6 |
|
|
|
Three Months Ended
The increase in Advisory Revenues was principally due to an increase in strategic advisory revenues.
The decrease in Placement Revenues was due to a decrease in fund placement revenues.
The increase in Interest Income & Other was principally due to an increase in the fair market value of certain equity securities received as part of transaction compensation.
Six Months Ended
The increase in Advisory Revenues was principally due to an increase in strategic advisory revenues.
The decrease in Placement Revenues was due to a decrease in fund placement revenues.
The increase in Interest Income & Other was principally due to an increase in the fair market value of certain equity securities received as part of transaction compensation.
Expenses
The following tables set forth information relating to the Company’s expenses for the three and six months ended June 30, 2025 and 2024:
|
|
Three Months Ended June 30, |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||
|
|
GAAP |
|
|
As Adjusted |
|
|
GAAP |
|
|
As Adjusted |
|
||||
|
|
(Dollars in Millions) |
|
|||||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
$ |
276.8 |
|
|
$ |
274.7 |
|
|
$ |
250.3 |
|
|
$ |
250.3 |
|
% of Revenues |
|
|
68.0 |
% |
|
|
67.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
Non-Compensation |
|
$ |
53.6 |
|
|
$ |
52.1 |
|
|
$ |
45.5 |
|
|
$ |
44.1 |
|
% of Revenues |
|
|
13.2 |
% |
|
|
12.8 |
% |
|
|
12.6 |
% |
|
|
12.3 |
% |
Total Expenses |
|
$ |
330.4 |
|
|
$ |
326.8 |
|
|
$ |
295.8 |
|
|
$ |
294.5 |
|
% of Revenues |
|
|
81.2 |
% |
|
|
80.3 |
% |
|
|
82.1 |
% |
|
|
81.8 |
% |
Pretax Income |
|
$ |
76.5 |
|
|
$ |
80.1 |
|
|
$ |
64.4 |
|
|
$ |
65.7 |
|
% of Revenues |
|
|
18.8 |
% |
|
|
19.7 |
% |
|
|
17.9 |
% |
|
|
18.2 |
% |
|
|
Six Months Ended June 30, |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||
|
|
GAAP |
|
|
As Adjusted |
|
|
GAAP |
|
|
As Adjusted |
|
||||
|
|
(Dollars in Millions) |
|
|||||||||||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
$ |
498.0 |
|
|
$ |
493.8 |
|
|
$ |
479.3 |
|
|
$ |
479.3 |
|
% of Revenues |
|
|
68.1 |
% |
|
|
67.5 |
% |
|
|
69.5 |
% |
|
|
69.5 |
% |
Non-Compensation |
|
$ |
104.4 |
|
|
$ |
101.5 |
|
|
$ |
92.0 |
|
|
$ |
89.4 |
|
% of Revenues |
|
|
14.3 |
% |
|
|
13.9 |
% |
|
|
13.3 |
% |
|
|
13.0 |
% |
Total Expenses |
|
$ |
602.4 |
|
|
$ |
595.2 |
|
|
$ |
571.3 |
|
|
$ |
568.6 |
|
% of Revenues |
|
|
82.4 |
% |
|
|
81.4 |
% |
|
|
82.8 |
% |
|
|
82.5 |
% |
Pretax Income |
|
$ |
129.1 |
|
|
$ |
136.2 |
|
|
$ |
118.3 |
|
|
$ |
120.9 |
|
% of Revenues |
|
|
17.6 |
% |
|
|
18.6 |
% |
|
|
17.2 |
% |
|
|
17.5 |
% |
Compensation and Benefits Expense
Three Months Ended
GAAP Compensation and Benefits Expense was
Six Months Ended
GAAP 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 and Travel and Related expenses. Occupancy and Related increased principally due to the expansion of our
Six 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 and Travel and Related expenses. Occupancy and Related increased principally due to the expansion of our
Provision for Taxes
As of June 30, 2025, the Company owned
The effective tax rate for Adjusted Net Income, If-Converted for the six months ended June 30, 2025 was
Capital Management and Balance Sheet
As of June 30, 2025, the Company held Cash, Cash equivalents and Short-term investments of
During the second quarter 2025, the Company repurchased 469 thousand shares of Class A common stock in the open market, exchanged 171 thousand Partnership Units for cash and net share settled 2 thousand shares of Class A common stock to satisfy employee tax obligations.
During the second quarter 2025, the Company repurchased a total of 642 thousand shares and share equivalents at an average price of
As of June 30, 2025, the Company's remaining repurchase authorization was
The Company intends to repurchase 186 thousand Partnership Units for cash on August 5, 2025 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on July 31, 2025.
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 July 29, 2025 at 8:30 a.m. ET to discuss its second quarter and six months ended June 30, 2025 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 274-8461 (
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 environments; (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, 2024, 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 additional 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, If-Converted, in total and on a per-share basis (referred to as “Adjusted EPS”); Adjusted Compensation and Benefits Expense and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this earnings release, remove the impact of: (a) acquisition-related compensation expense; (b) acquisition-related intangible asset amortization; and (c) the net change to the amount the Company has agreed to pay Blackstone Inc. (our "former Parent") 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, 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 in prior year periods that had 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, but not limited to, the tax benefits of acquisition-related compensation expense and 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
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Advisory Fees |
|
$ |
354,521 |
|
|
$ |
307,082 |
|
|
$ |
636,708 |
|
|
$ |
595,763 |
|
Placement Fees |
|
|
43,219 |
|
|
|
46,873 |
|
|
|
79,250 |
|
|
|
81,362 |
|
Interest Income and Other |
|
|
9,144 |
|
|
|
6,226 |
|
|
|
15,457 |
|
|
|
12,449 |
|
Total Revenues |
|
|
406,884 |
|
|
|
360,181 |
|
|
|
731,415 |
|
|
|
689,574 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and Benefits |
|
|
276,834 |
|
|
|
250,326 |
|
|
|
497,976 |
|
|
|
479,254 |
|
Occupancy and Related |
|
|
14,865 |
|
|
|
12,107 |
|
|
|
28,773 |
|
|
|
24,268 |
|
Travel and Related |
|
|
11,445 |
|
|
|
9,055 |
|
|
|
22,608 |
|
|
|
18,156 |
|
Professional Fees |
|
|
9,065 |
|
|
|
8,780 |
|
|
|
16,436 |
|
|
|
17,129 |
|
Communications and Information Services(1) |
|
|
9,716 |
|
|
|
8,577 |
|
|
|
18,876 |
|
|
|
16,437 |
|
Depreciation and Amortization |
|
|
3,282 |
|
|
|
3,112 |
|
|
|
6,494 |
|
|
|
6,610 |
|
Other Expenses(1) |
|
|
5,198 |
|
|
|
3,825 |
|
|
|
11,195 |
|
|
|
9,418 |
|
Total Expenses |
|
|
330,405 |
|
|
|
295,782 |
|
|
|
602,358 |
|
|
|
571,272 |
|
Income Before Provision (Benefit) for Taxes |
|
|
76,479 |
|
|
|
64,399 |
|
|
|
129,057 |
|
|
|
118,302 |
|
Provision (Benefit) for Taxes |
|
|
15,041 |
|
|
|
11,368 |
|
|
|
(6,544 |
) |
|
|
11,899 |
|
Net Income |
|
|
61,438 |
|
|
|
53,031 |
|
|
|
135,601 |
|
|
|
106,403 |
|
Net Income Attributable to Non-Controlling Interests |
|
|
28,538 |
|
|
|
24,715 |
|
|
|
48,685 |
|
|
|
45,464 |
|
Net Income Attributable to PJT Partners Inc. |
|
$ |
32,900 |
|
|
$ |
28,316 |
|
|
$ |
86,916 |
|
|
$ |
60,939 |
|
Net Income Per Share of Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.27 |
|
|
$ |
1.12 |
|
|
$ |
3.38 |
|
|
$ |
2.39 |
|
Diluted |
|
$ |
1.21 |
|
|
$ |
1.06 |
|
|
$ |
3.21 |
|
|
$ |
2.29 |
|
Weighted-Average Shares of Class A Common Stock Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
25,835,812 |
|
|
|
25,376,186 |
|
|
|
25,681,563 |
|
|
|
25,533,358 |
|
Diluted |
|
|
43,440,009 |
|
|
|
43,091,718 |
|
|
|
43,951,488 |
|
|
|
43,427,605 |
|
PJT Partners Inc. Reconciliations of GAAP to Non-GAAP Financial Data (unaudited) (Dollars in Thousands, Except Share and Per Share Data) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
GAAP Compensation and Benefits Expense |
|
$ |
276,834 |
|
|
$ |
250,326 |
|
|
$ |
497,976 |
|
|
$ |
479,254 |
|
Acquisition-Related Compensation Expense(2) |
|
|
(2,132 |
) |
|
|
— |
|
|
|
(4,216 |
) |
|
|
— |
|
Adjusted Compensation and Benefits Expense |
|
$ |
274,702 |
|
|
$ |
250,326 |
|
|
$ |
493,760 |
|
|
$ |
479,254 |
|
GAAP Non-Compensation Expense |
|
$ |
53,571 |
|
|
$ |
45,456 |
|
|
$ |
104,382 |
|
|
$ |
92,018 |
|
Amortization of Intangible Assets(3) |
|
|
(1,437 |
) |
|
|
(1,230 |
) |
|
|
(2,874 |
) |
|
|
(2,460 |
) |
Spin-Off-Related Payable(4) |
|
|
(22 |
) |
|
|
(90 |
) |
|
|
(48 |
) |
|
|
(181 |
) |
Adjusted Non-Compensation Expense |
|
$ |
52,112 |
|
|
$ |
44,136 |
|
|
$ |
101,460 |
|
|
$ |
89,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Pretax Income |
|
$ |
76,479 |
|
|
$ |
64,399 |
|
|
$ |
129,057 |
|
|
$ |
118,302 |
|
Acquisition-Related Compensation Expense(2) |
|
|
2,132 |
|
|
|
— |
|
|
|
4,216 |
|
|
|
— |
|
Amortization of Intangible Assets(3) |
|
|
1,437 |
|
|
|
1,230 |
|
|
|
2,874 |
|
|
|
2,460 |
|
Spin-Off-Related Payable(4) |
|
|
22 |
|
|
|
90 |
|
|
|
48 |
|
|
|
181 |
|
Adjusted Pretax Income |
|
$ |
80,070 |
|
|
$ |
65,719 |
|
|
$ |
136,195 |
|
|
$ |
120,943 |
|
GAAP Provision (Benefit) for Taxes |
|
$ |
15,041 |
|
|
$ |
11,368 |
|
|
$ |
(6,544 |
) |
|
$ |
11,899 |
|
Non-GAAP Tax Adjustments |
|
|
(1,830 |
) |
|
|
3,090 |
|
|
|
29,016 |
|
|
|
14,708 |
|
Adjusted If-Converted Taxes(5) |
|
$ |
13,211 |
|
|
$ |
14,458 |
|
|
$ |
22,472 |
|
|
$ |
26,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP Net Income |
|
$ |
61,438 |
|
|
$ |
53,031 |
|
|
$ |
135,601 |
|
|
$ |
106,403 |
|
Acquisition-Related Compensation Expense(2) |
|
|
2,132 |
|
|
|
— |
|
|
|
4,216 |
|
|
|
— |
|
Amortization of Intangible Assets(3) |
|
|
1,437 |
|
|
|
1,230 |
|
|
|
2,874 |
|
|
|
2,460 |
|
Spin-Off-Related Payable(4) |
|
|
22 |
|
|
|
90 |
|
|
|
48 |
|
|
|
181 |
|
Add: GAAP Provision (Benefit) for Taxes |
|
|
15,041 |
|
|
|
11,368 |
|
|
|
(6,544 |
) |
|
|
11,899 |
|
Less: Adjusted If-Converted Taxes(5) |
|
|
(13,211 |
) |
|
|
(14,458 |
) |
|
|
(22,472 |
) |
|
|
(26,607 |
) |
Adjusted Net Income, If-Converted |
|
$ |
66,859 |
|
|
$ |
51,261 |
|
|
$ |
113,723 |
|
|
$ |
94,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Income, If-Converted Per Share |
|
$ |
1.54 |
|
|
$ |
1.19 |
|
|
$ |
2.59 |
|
|
$ |
2.17 |
|
Weighted-Average Shares Outstanding, If-Converted |
|
|
43,440,009 |
|
|
|
43,037,141 |
|
|
|
43,951,488 |
|
|
|
43,387,129 |
|
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, 2025 and 2024 for both basic and diluted shares. The table also provides a reconciliation to If-Converted Shares Outstanding assuming that all Partnership Units (excluding Partnership Units in prior year periods that had yet to satisfy certain market conditions) and unvested PJT Partners Inc. restricted stock units (“RSUs”) were converted to shares of the Company’s Class A common stock:
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Three Months Ended
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Six Months Ended
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2025 |
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2024 |
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2025 |
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2024 |
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Weighted-Average Shares Outstanding - GAAP |
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Basic Shares Outstanding, GAAP |
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25,835,812 |
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25,376,186 |
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25,681,563 |
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25,533,358 |
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Dilutive Impact of Unvested RSUs(6) |
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2,275,124 |
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2,191,919 |
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2,828,065 |
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2,334,946 |
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Dilutive Impact of Partnership Units(7) |
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15,329,073 |
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15,523,613 |
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15,441,860 |
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15,559,301 |
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Diluted Shares Outstanding, GAAP |
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43,440,009 |
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43,091,718 |
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43,951,488 |
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43,427,605 |
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Weighted-Average Shares Outstanding - If-Converted |
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Basic Shares Outstanding, GAAP |
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25,835,812 |
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25,376,186 |
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25,681,563 |
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25,533,358 |
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Unvested RSUs(6) |
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2,275,124 |
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2,191,919 |
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2,828,065 |
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2,334,946 |
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Partnership Units(8) |
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15,329,073 |
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15,469,036 |
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15,441,860 |
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15,518,825 |
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If-Converted Shares Outstanding |
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43,440,009 |
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43,037,141 |
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43,951,488 |
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43,387,129 |
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As of June 30, |
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2025 |
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2024 |
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Fully-Diluted Shares Outstanding(9) |
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45,937,559 |
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46,084,911 |
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| Footnotes | |
(1) |
Certain balances in prior periods have been reclassified to conform to their current presentation. For the three and six months ended June 30, 2024, this resulted in a reclassification of |
(2) |
This adjustment adds back to GAAP Pretax Income acquisition-related compensation expense for equity-based awards granted in connection with the acquisition of deNovo Partners on October 1, 2024. |
(3) |
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, the acquisition of CamberView on October 1, 2018, and the acquisition of deNovo Partners on October 1, 2024. |
(4) |
This adjustment adds back to GAAP Pretax Income the net change to the amount the Company has agreed to pay our former Parent 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. |
(5) |
Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding the unvested Partnership Units in prior year periods that had 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, but not limited to, the tax benefits of acquisition-related compensation expense and amortization expense. |
(6) |
Represents the dilutive impact under the treasury method of unvested RSUs that have a remaining service requirement. |
(7) |
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. |
(8) |
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. |
(9) |
Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company’s Class A common stock. |
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Note: Amounts presented in tables above may not add or recalculate due to rounding. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250728570072/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.
