0000950170-23-016426.txt : 20230505 0000950170-23-016426.hdr.sgml : 20230505 20230502065021 ACCESSION NUMBER: 0000950170-23-016426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230502 DATE AS OF CHANGE: 20230502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PJT Partners Inc. CENTRAL INDEX KEY: 0001626115 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 364797143 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36869 FILM NUMBER: 23876563 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-364-7800 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Advisory Inc. DATE OF NAME CHANGE: 20141120 8-K 1 pjt-20230502.htm 8-K 8-K
0001626115false00016261152023-05-022023-05-02

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

—————————

FORM 8-K

—————————

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2023

—————————

img51814137_0.jpg 

PJT Partners Inc.
(Exact name of registrant as specified in its charter)

 

Delaware

001-36869

36-4797143

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

280 Park Avenue
New York, New York

10017

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 364-7810

Not Applicable
(Former name or former address, if changed since last report.)

—————————

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

☐

Pre‑commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

☐

Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

Securities registered pursuant to Section 12(b) of the Act:
 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

 

PJT

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02. Results of Operations.

 

On May 2, 2023, PJT Partners Inc. (the “Company”) issued a press release announcing the financial results for its first quarter ended March 31, 2023.

 

A copy of the press release is attached hereto as Exhibit 99.1. The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit

Number

Description

99.1

Press release of PJT Partners Inc. dated May 2, 2023 announcing the Company’s first quarter 2023 results.

104

 

The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

 

 

 

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

PJT Partners Inc.

 

By:

 

/s/ Helen T. Meates

 

Name: Helen T. Meates

 

Title: Chief Financial Officer

Date: May 2, 2023

 

 EX-99 2 pjt-ex99_1.htm EX-99.1 EX-99

Exhibit 99.1

 

 

img173308779_0.jpg 

img173308779_1.jpg 

 

 

 

PJT Partners Inc. Reports First Quarter 2023 Results

 

First Quarter Overview

>
Total Revenues of $200 million, a decrease of 19% from a record first quarter a year ago
>
GAAP Pretax Income of $29 million and Adjusted Pretax Income of $30 million
>
GAAP Diluted EPS of $0.67 and Adjusted EPS of $0.54

Capital Management and Balance Sheet

>
1.2 million share equivalents repurchased
>
$99 million of cash, cash equivalents and short-term investments and no funded debt

 

 

Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our Restructuring and Strategic Advisory businesses navigated this difficult market environment well as our increasingly integrated approach resonated with clients. Our firm’s progress continues to be driven by the success of our recruiting efforts, the maturation of our team, and the growing recognition of our brand. While these are difficult and challenging times, our firm is built to weather difficult and challenging times. We will continue to invest to strengthen our firm and we remain very confident in our prospects.”

 

New York, May 2, 2023: PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) today announced its financial results for the first quarter ended March 31, 2023.

 

 

 

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

 

 

 

Revenues

The following table sets forth revenues for the three months ended March 31, 2023 and 2022:

 

 

Three Months Ended
March 31,

 

 

 

 

 

2023

 

 

2022

 

 

% Change

 

 

(Dollars in Millions)

 

 

 

Revenues

 

 

Advisory

 

$

168.1

 

 

$

181.7

 

 

(7%)

Placement

 

 

27.6

 

 

 

60.4

 

 

(54%)

Interest Income & Other

 

 

4.3

 

 

 

4.3

 

 

0%

Total Revenues

 

$

200.0

 

 

$

246.3

 

 

(19%)

Total Revenues decreased to $200 million for the current quarter, down 19% from $246 million for the prior year.

Advisory Revenues decreased to $168 million for the current quarter, down 7% from $182 million for the prior year, due to decreases in strategic advisory and private capital solutions revenues.

Placement Revenues decreased to $28 million for the current quarter, down 54% from $60 million for the prior year, principally due to a decrease in fund placement revenues.

Expenses

The following table sets forth information relating to the Company’s expenses for the three months ended March 31, 2023 and 2022:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

133.0

 

 

$

133.0

 

 

$

159.2

 

 

$

155.2

 

% of Revenues

 

 

66.5

%

 

 

66.5

%

 

 

64.6

%

 

 

63.0

%

Non-Compensation

 

$

37.8

 

 

$

36.5

 

 

$

36.9

 

 

$

35.0

 

% of Revenues

 

 

18.9

%

 

 

18.2

%

 

 

15.0

%

 

 

14.2

%

Total Expenses

 

$

170.8

 

 

$

169.5

 

 

$

196.2

 

 

$

190.1

 

% of Revenues

 

 

85.4

%

 

 

84.8

%

 

 

79.6

%

 

 

77.2

%

Pretax Income

 

$

29.2

 

 

$

30.4

 

 

$

50.1

 

 

$

56.2

 

% of Revenues

 

 

14.6

%

 

 

15.2

%

 

 

20.4

%

 

 

22.8

%

Compensation and Benefits Expense

GAAP Compensation and Benefits Expense was $133 million for the current quarter compared with $159 million for the prior year. Adjusted Compensation and Benefits Expense was $133 million for the current quarter compared with $155 million for the prior year. The adjusted compensation accrual rate increased to 66.5% for the current quarter compared with 63.0% for the prior year. The higher accrual rate principally reflects increased fixed compensation expenses combined with lower revenues. Aggregate Compensation and Benefits Expense decreased in the quarter notwithstanding the higher accrual rate due to lower revenues compared with the prior year.

2

 

Non-Compensation Expense

GAAP Non-Compensation Expense was $38 million for the current quarter compared with $37 million for the prior year. Adjusted Non-Compensation Expense was $36 million for the current quarter compared with $35 million for the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense for the current quarter compared with the prior year was due to increases in Travel and Related and Occupancy and Related, which were partially offset by a decrease in Other Expenses. Travel and Related increased due to increased levels of business travel. Occupancy and Related increased principally due to expansion of our New York office.

Provision for Taxes

As of March 31, 2023, PJT Partners Inc. owned 62.8% of PJT Partners Holdings LP. PJT Partners Inc. 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, 2022 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended March 31, 2023 and 2022 was 4.1% and 11.3%, respectively.

In calculating Adjusted Net Income, If-Converted, the Company has assumed that all outstanding Class A partnership units in PJT Partners Holdings LP (“Partnership Units”) (excluding the unvested 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 three months ended March 31, 2023 was 26.0% compared with 26.0% for full year 2022.

Capital Management and Balance Sheet

As of March 31, 2023, the Company held cash, cash equivalents and short-term investments of $99 million and no funded debt.

During the first quarter 2023, the Company repurchased 855 thousand shares of Class A common stock in the open market, net share settled 208 thousand shares of Class A common stock to satisfy employee tax obligations and exchanged 143 thousand Partnership Units for cash. During the first quarter 2023, the Company repurchased 1.2 million share equivalents at an average price of $77.36 per share.

As of March 31, 2023, the Company’s remaining repurchase authorization was $108 million.

The Company intends to repurchase 139 thousand Partnership Units for cash on May 9, 2023 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on May 4, 2023.

3

 

Dividend

The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on June 21, 2023 to Class A common stockholders of record as of June 7, 2023.

Quarterly Investor Call Details

PJT Partners will host a conference call on May 2, 2023 at 8:30 a.m. ET to discuss its first quarter 2023 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (888) 224-1005 (U.S. domestic) or +1 (720) 452-9217 (international), passcode 1493252. 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) cyberattacks, 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

4

 

on (1) the U.S. and the global economy, (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, rising interest rates, international conflict, and instability in the banking system as a result of several recent bank failures.

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, 2022, 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”); Adjusted Compensation and Benefits Expense and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this earnings release, remove the significant accounting impact of: (a) transaction-related compensation expense, including expense related to Partnership Units with both time-based vesting and market conditions as well as equity-based and cash awards granted in connection with the acquisition of CamberView Partners Holdings, LLC (“CamberView”); (b) intangible asset amortization associated with Blackstone Inc.’s (“Blackstone”) initial public offering (“IPO”), the acquisition of PJT Capital LP, and the acquisition of CamberView; and (c) 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. 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 the unvested Partnership Units that have yet to satisfy certain market conditions) were 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 compensation expense and amortization expense.

 

5

 

Appendix

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

Summary of Shares Outstanding (unaudited)

Footnotes

 

6

PJT Partners Inc.

GAAP Condensed Consolidated Statements of Operations (unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Revenues

 

 

 

 

 

 

Advisory

 

$

168,090

 

 

$

181,658

 

Placement

 

 

27,585

 

 

 

60,351

 

Interest Income and Other

 

 

4,313

 

 

 

4,310

 

Total Revenues

 

 

199,988

 

 

 

246,319

 

Expenses

 

 

 

 

 

 

Compensation and Benefits

 

 

133,043

 

 

 

159,232

 

Occupancy and Related

 

 

10,011

 

 

 

8,942

 

Travel and Related

 

 

6,972

 

 

 

4,458

 

Professional Fees

 

 

6,927

 

 

 

7,051

 

Communications and Information Services

 

 

4,077

 

 

 

4,423

 

Depreciation and Amortization

 

 

3,443

 

 

 

4,307

 

Other Expenses

 

 

6,322

 

 

 

7,758

 

Total Expenses

 

 

170,795

 

 

 

196,171

 

Income Before Provision for Taxes

 

 

29,193

 

 

 

50,148

 

Provision for Taxes

 

 

1,207

 

 

 

5,680

 

Net Income

 

 

27,986

 

 

 

44,468

 

Net Income Attributable to Non-Controlling Interests

 

 

10,650

 

 

 

18,764

 

Net Income Attributable to PJT Partners Inc.

 

$

17,336

 

 

$

25,704

 

Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

Basic

 

$

0.69

 

 

$

1.03

 

Diluted

 

$

0.67

 

 

$

1.00

 

Weighted-Average Shares of Class A Common
   Stock Outstanding

 

 

 

 

 

 

Basic

 

 

25,231,815

 

 

 

24,989,152

 

Diluted

 

 

26,918,511

 

 

 

26,551,835

 

 

7

 

PJT Partners Inc.

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

(Dollars in Thousands, Except Share and Per Share Data)

 

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

GAAP Net Income

 

$

27,986

 

 

$

44,468

 

Less: GAAP Provision for Taxes

 

 

1,207

 

 

 

5,680

 

GAAP Pretax Income

 

 

29,193

 

 

 

50,148

 

 

 

 

 

 

 

 

Adjustments to GAAP Pretax Income

 

 

 

 

 

 

Transaction-Related Compensation Expense(1)

 

 

—

 

 

 

4,051

 

Amortization of Intangible Assets(2)

 

 

1,230

 

 

 

1,928

 

Spin-Off-Related Payable Due to Blackstone(3)

 

 

25

 

 

 

51

 

Adjusted Pretax Income

 

 

30,448

 

 

 

56,178

 

Adjusted Taxes(4)

 

 

1,431

 

 

 

6,623

 

Adjusted Net Income

 

 

29,017

 

 

 

49,555

 

 

 

 

 

 

 

 

If-Converted Adjustments

 

 

 

 

 

 

Less: Adjusted Taxes(4)

 

 

(1,431

)

 

 

(6,623

)

Add: If-Converted Taxes(5)

 

 

7,909

 

 

 

14,488

 

Adjusted Net Income, If-Converted

 

$

22,539

 

 

$

41,690

 

 

 

 

 

 

 

 

GAAP Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

Basic

 

$

0.69

 

 

$

1.03

 

Diluted

 

$

0.67

 

 

$

1.00

 

GAAP Weighted-Average Shares of Class A
   Common Stock Outstanding

 

 

 

 

 

 

Basic

 

 

25,231,815

 

 

 

24,989,152

 

Diluted

 

 

26,918,511

 

 

 

26,551,835

 

 

 

 

 

 

 

 

Adjusted Net Income, If-Converted Per Share

 

$

0.54

 

 

$

1.00

 

Weighted-Average Shares Outstanding, If-Converted

 

 

41,684,276

 

 

 

41,751,081

 

 

8

 

PJT Partners Inc.

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

(Dollars in Thousands)

 

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

GAAP Compensation and Benefits Expense

 

$

133,043

 

 

$

159,232

 

Transaction-Related Compensation Expense(1)

 

 

—

 

 

 

(4,051

)

Adjusted Compensation and Benefits Expense

 

$

133,043

 

 

$

155,181

 

 

 

 

 

 

 

 

Non-Compensation Expenses

 

 

 

 

 

 

Occupancy and Related

 

$

10,011

 

 

$

8,942

 

Travel and Related

 

 

6,972

 

 

 

4,458

 

Professional Fees

 

 

6,927

 

 

 

7,051

 

Communications and Information Services

 

 

4,077

 

 

 

4,423

 

Depreciation and Amortization

 

 

3,443

 

 

 

4,307

 

Other Expenses

 

 

6,322

 

 

 

7,758

 

GAAP Non-Compensation Expense

 

 

37,752

 

 

 

36,939

 

Amortization of Intangible Assets(2)

 

 

(1,230

)

 

 

(1,928

)

Spin-Off-Related Payable Due to Blackstone(3)

 

 

(25

)

 

 

(51

)

Adjusted Non-Compensation Expense

 

$

36,497

 

 

$

34,960

 

 

 

 

 

 

 

9

 

PJT Partners Inc.

Summary of Shares Outstanding (unaudited)

 

The following table provides a summary of weighted-average shares outstanding for the three months ended March 31, 2023 and 2022 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
March 31,

 

 

 

2023

 

 

2022

 

Weighted-Average Shares Outstanding - GAAP

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

25,231,815

 

 

 

24,989,152

 

Dilutive Impact of Unvested RSUs(6)

 

 

1,686,696

 

 

 

1,562,683

 

Diluted Shares Outstanding, GAAP

 

 

26,918,511

 

 

 

26,551,835

 

 

 

 

 

 

 

 

Weighted-Average Shares Outstanding - If-Converted

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

25,231,815

 

 

 

24,989,152

 

Unvested RSUs(8)

 

 

1,686,696

 

 

 

1,565,276

 

Partnership Units(7)

 

 

14,765,765

 

 

 

15,196,653

 

If-Converted Shares Outstanding

 

 

41,684,276

 

 

 

41,751,081

 

 

 

 

 

 

 

 

 

 

As of March 31,

 

 

 

2023

 

 

2022

 

Fully-Diluted Shares Outstanding(9)

 

 

44,367,647

 

 

 

44,447,086

 

As of March 31, 2023, 1.1 million Partnership Units and 1.5 million RSUs that have yet to satisfy certain market conditions were excluded from any share count calculations.

 

Of the total 2.6 million share equivalents subject to market conditions, 1.3 million require the Company to achieve a dividend adjusted volume-weighted average share price over any consecutive 20-day trading period (“20-day VWAP”) of $100 prior to February 26, 2027. The remaining 1.3 million vest ratably upon the Company achieving a 20-day VWAP between $100 and $130 prior to February 26, 2027. The awards are also subject to a five year service based vesting requirement, with 20% vesting per annum.

 

 

10

 

Footnotes

 

(1)
This adjustment adds back to GAAP Pretax Income transaction-related compensation expense for Partnership Units with both time-based vesting and market conditions as well as equity-based and cash awards granted in connection with the acquisition of CamberView.
(2)
This adjustment adds back to GAAP Pretax Income amounts for the amortization of intangible assets that are associated with Blackstone’s IPO, the acquisition of PJT Capital LP on October 1, 2015 and the acquisition of CamberView on October 1, 2018.
(3)
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.
(4)
Represents taxes on Adjusted Pretax Income, considering both current and deferred income tax effects for the current ownership structure.
(5)
Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding the unvested Partnership Units that have yet to satisfy market conditions) were 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 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 all Partnership Units, excluding Partnership Units that have yet to satisfy certain market conditions.
(8)
Represents the dilutive impact of unvested RSUs that have a remaining service requirement.
(9)
Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company’s Class A common stock. As of March 31, 2023, 1.1 million Partnership Units and 1.5 million RSUs that have yet to satisfy certain market conditions were excluded from any share count calculations.

Note: Amounts presented in tables above may not add or recalculate due to rounding.

11

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May 02, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 02, 2023
Entity Registrant Name PJT Partners Inc.
Entity Central Index Key 0001626115
Entity Emerging Growth Company false
Entity File Number 001-36869
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-4797143
Entity Address, Address Line One 280 Park Avenue
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10017
City Area Code (212)
Local Phone Number 364-7810
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Class A common stock, par value $0.01 per share
Trading Symbol(s) PJT
Name of each exchange on which registered NYSE
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