0001564590-20-003579.txt : 20200206 0001564590-20-003579.hdr.sgml : 20200206 20200206065041 ACCESSION NUMBER: 0001564590-20-003579 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200204 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200206 DATE AS OF CHANGE: 20200206 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: 20580843 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-8k_20200204.htm 8-K pjt-8k_20200204.htm
false 0001626115 0001626115 2020-02-04 2020-02-04

 

 

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): February 4, 2020

—————————

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) 364-7800

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 1.01.

Entry into a Material Definitive Agreement.

 

On February 4, 2020, PJT Partners Holdings LP, as borrower (in such capacity, the “Borrower”), entered into a Renewal Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Loan Agreement”). The Renewal Agreement provides for an extension of the maturity of the revolving credit facility from October 1, 2020 to October 1, 2021.

 

The description of the Loan Agreement and Renewal Agreement set forth herein is summary in nature, does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by reference to the full text of those documents, which will be incorporated by reference or filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending December 31, 2019.

 

 

Item 2.02.

Results of Operations.

 

On February 6, 2020, PJT Partners Inc. (the “Company”) issued a press release announcing the financial results for its full year and fourth quarter ended December 31, 2019.

 

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 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information in Item 1.01 of this report is incorporated by reference into this Item 2.03.

 

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)Exhibits.

 

Exhibit

Number

 

Description

99.1

 

Press release of PJT Partners Inc. dated February 6, 2020 announcing the Company’s full year and fourth quarter 2019 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: February 6, 2020

 

 EX-99.1 2 pjt-ex991_6.htm EX-99.1 pjt-ex991_6.htm

Exhibit 99.1

 

 

 

 

 

 

 

PJT Partners Inc. Reports Full Year and Fourth Quarter 2019 Results

 

Overview

 

>

Total Revenues of $717.6 million for full year 2019, up 24% from a year ago

 

–

Advisory Revenues of $571.8 million, up 27%

 

–

Placement Revenues of $133.2 million, up 20%

 

>

Total Revenues of $248.7 million for fourth quarter 2019, up 42% from a year ago

 

–

Advisory Revenues of $188.2 million, up 42%

 

–

Placement Revenues of $55.6 million, up 44%

 

>

Full year 2019 GAAP Pretax Income of $82.2 million and Adjusted Pretax Income of $132.3 million

 

>

Full year GAAP Diluted EPS of $1.21 and Adjusted EPS of $2.41; fourth quarter GAAP Diluted EPS of $0.69 and Adjusted EPS of $1.02

 

>

Strong balance sheet at year end with $217.5 million of cash, cash equivalents and short-term investments

 

>

Repurchased approximately 1.9 million share equivalents in 2019 through share repurchases, net share settlements and Partnership Unit exchanges

 

–

Intend to repurchase approximately 227 thousand Partnership Units for cash in February 2020

New York, February 6, 2020: PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) today reported Total Revenues of $717.6 million for the year ended December 31, 2019 compared with $580.2 million for 2018. GAAP Net Income and Adjusted Net Income, If-Converted were $63.8 million and $98.5 million, respectively, for 2019 compared with $42.6 million and $76.5 million, respectively, for 2018. GAAP Diluted EPS and Adjusted EPS were $1.21 and $2.41, respectively, for 2019 compared with $1.16 and $1.91, respectively, for 2018.

Total Revenues for fourth quarter 2019 were $248.7 million compared with $175.4 million for 2018. GAAP Net Income and Adjusted Net Income, If-Converted were $38.0 million and $41.6 million, respectively, for the current quarter compared with $12.5 million and $24.9 million, respectively, for the prior year quarter. GAAP Diluted EPS and Adjusted EPS were $0.69 and $1.02, respectively, for the current quarter compared with $0.22 and $0.60, respectively, for the prior year quarter.

 

 

Paul J. Taubman, Chairman and Chief Executive Officer, said, “We are pleased to report record 2019 results, reflecting consistent progress across all of our businesses. Our fourth quarter financial performance was the strongest in the company’s history and we begin 2020 with continued optimism about our firm’s prospects. In just over four years of operations, we have built a global advisory focused investment bank that is increasingly recognized as a thought leader and trusted advisor to companies and decision makers around the globe.”

 

Media Relations: Julie Oakes

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 and year ended December 31, 2019 and 2018:

 

Three Months Ended

December 31,

 

 

 

 

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2019

 

 

2018

 

 

% Change

 

 

 

2019

 

 

2018

 

 

% Change

 

 

 

(Dollars in Millions)

 

Revenues

 

 

 

Advisory

 

$

188.2

 

 

$

132.6

 

 

42%

 

 

 

$

571.8

 

 

$

451.6

 

 

27%

 

Placement

 

 

55.6

 

 

 

38.6

 

 

44%

 

 

 

 

133.2

 

 

 

111.0

 

 

20%

 

Interest Income & Other

 

 

4.9

 

 

 

4.2

 

 

16%

 

 

 

 

12.7

 

 

 

17.7

 

 

(28%)

 

Total Revenues

 

$

248.7

 

 

$

175.4

 

 

42%

 

 

 

$

717.6

 

 

$

580.2

 

 

24%

 

 

Year Ended

Total Revenues were $717.6 million for 2019 compared with $580.2 million for 2018, an increase of 24%.

Advisory Revenues were $571.8 million for 2019 compared with $451.6 million for 2018, an increase of 27%. Advisory Revenues increased primarily driven by significant growth in our strategic advisory business.

Placement Revenues were $133.2 million for 2019 compared with $111.0 million for 2018, an increase of 20%. Placement Revenues increased driven by growth in corporate private placement activity and increased fundraising activity for alternative asset managers.

Interest Income & Other was $12.7 million for 2019 compared with $17.7 million for 2018. The decrease was primarily driven by realized and unrealized foreign currency losses.

Three Months Ended

Total Revenues were $248.7 million for fourth quarter 2019 compared with $175.4 million for the prior year quarter, an increase of 42%.

Advisory Revenues were $188.2 million for the current quarter compared with $132.6 million for the prior year quarter, an increase of 42%. The increase in Advisory Revenues was driven by growth in our strategic advisory, restructuring and special situations and secondary advisory businesses.

Placement Revenues were $55.6 million for the current quarter compared with $38.6 million for the prior year quarter, an increase of 44%. Placement Revenues increased driven by growth in corporate private placement activity and increased fundraising activity for alternative asset managers.

Interest Income & Other was $4.9 million for the current quarter compared with $4.2 million for the prior year quarter. The increase was driven by higher reimbursable expenses billed to clients.

2

 

Expenses

The following tables set forth information relating to the Company’s expenses for the three months and year ended December 31, 2019 and 2018:

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

502.2

 

 

$

460.3

 

 

$

424.5

 

 

$

371.9

 

% of Revenues

 

 

70.0

%

 

 

64.1

%

 

 

73.2

%

 

 

64.1

%

Non-Compensation

 

$

133.3

 

 

$

125.1

 

 

$

114.3

 

 

$

109.1

 

% of Revenues

 

 

18.6

%

 

 

17.4

%

 

 

19.7

%

 

 

18.8

%

Total Expenses

 

$

635.4

 

 

$

585.4

 

 

$

538.7

 

 

$

481.0

 

% of Revenues

 

 

88.5

%

 

 

81.6

%

 

 

92.8

%

 

 

82.9

%

Pretax Income

 

$

82.2

 

 

$

132.3

 

 

$

41.5

 

 

$

99.2

 

% of Revenues

 

 

11.5

%

 

 

18.4

%

 

 

7.2

%

 

 

17.1

%

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

164.8

 

 

$

160.1

 

 

$

126.7

 

 

$

112.8

 

% of Revenues

 

 

66.3

%

 

 

64.4

%

 

 

72.2

%

 

 

64.3

%

Non-Compensation

 

$

34.9

 

 

$

33.0

 

 

$

32.0

 

 

$

29.7

 

% of Revenues

 

 

14.1

%

 

 

13.3

%

 

 

18.3

%

 

 

16.9

%

Total Expenses

 

$

199.8

 

 

$

193.1

 

 

$

158.7

 

 

$

142.5

 

% of Revenues

 

 

80.3

%

 

 

77.7

%

 

 

90.5

%

 

 

81.2

%

Pretax Income

 

$

48.9

 

 

$

55.5

 

 

$

16.7

 

 

$

32.9

 

% of Revenues

 

 

19.7

%

 

 

22.3

%

 

 

9.5

%

 

 

18.8

%

 

 

Compensation and Benefits Expense

Year Ended

GAAP Compensation and Benefits Expense was $502.2 million for 2019 compared with $424.5 million for 2018. Adjusted Compensation and Benefits Expense was $460.3 million for 2019 compared with $371.9 million for 2018. The increase in Compensation and Benefits Expense reflected higher revenues during 2019 as well as increased headcount.

Three Months Ended

GAAP Compensation and Benefits Expense was $164.8 million for fourth quarter 2019 compared with $126.7 million for the prior year quarter. Adjusted Compensation and Benefits Expense was $160.1 million for the current quarter compared with $112.8 million for the prior year quarter. The increase in Compensation and Benefits Expense reflected higher revenues during the current quarter as well as increased headcount.

Non-Compensation Expense

Year Ended

GAAP Non-Compensation Expense was $133.3 million for 2019 compared with $114.3 million for 2018. Adjusted Non-Compensation Expense was $125.1 million for 2019 compared with $109.1 million for 2018.

GAAP Non-Compensation Expense increased during 2019 compared with 2018 in all financial statement categories with the most significant increases as follows: Other Expenses increased due to interest expense associated with the

3

 

acquisition of CamberView and additional market data and other expenses associated with increased headcount and business activity. Depreciation and Amortization increased due to additional amortization expense related to intangible assets recorded in the acquisition of CamberView during the fourth quarter of 2018. Occupancy and Related expense increased due to expansion in footprint in our existing locations as well as the assumption of leases in the CamberView acquisition. Travel and Related expense increased driven by increased headcount and business activity.

Adjusted Non-Compensation Expense increased during 2019 compared with 2018 primarily due to increases in Other Expenses, Occupancy and Related and Travel and Related for the reasons noted above.

Three Months Ended

GAAP Non-Compensation Expense was $34.9 million for fourth quarter 2019 compared with $32.0 million for the prior year quarter. Adjusted Non-Compensation Expense was $33.0 million for the current quarter compared with $29.7 million for the prior year quarter.

GAAP Non-Compensation Expense increased during fourth quarter 2019 compared with 2018 with increases in Other Expenses and Occupancy and Related being partially offset by a decrease in Professional Fees. Other Expenses increased due to increased business activity. Occupancy and Related expense increased due to expansion in footprint in our existing locations. Professional Fees decreased due to a reduction in legal and other professional services fees.

Adjusted Non-Compensation Expense increased during the current quarter compared with the prior year quarter, primarily due to the increases in Other Expenses and Occupancy and Related for the reasons noted above.

Provision for Taxes

As of December 31, 2019, PJT Partners Inc. owned 59.5% 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 12. “Stockholders’ Equity (Deficit)” 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, 2018 for further information about the corporate ownership structure.

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 year ended December 31, 2019 was 25.5% compared with 22.9% for the same period a year ago. This tax rate excludes the tax benefits of the adjustments for transaction-related compensation expense, amortization expense and ongoing payments due to The Blackstone Group Inc. (“Blackstone”) resulting from the October 1, 2015 spin-off. While the Company benefited in 2019 from the tax impact relating to the delivery of vested shares at a value in excess of their amortized cost, this benefit was less in 2019 than 2018.

Capital Management and Balance Sheet

As of December 31, 2019, the Company held cash, cash equivalents and short-term investments of $217.5 million. Additionally, the Company had funded debt of $21.5 million, which has been subsequently repaid.

On April 24, 2019, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $100 million. As of December 31, 2019, the Company’s remaining repurchase authorization was $85.1 million.

4

 

During fourth quarter 2019, the Company repurchased 111,023 shares of Class A common stock pursuant to the share repurchase program, net share settled 3,632 shares to satisfy employee tax obligations and repurchased 108,108 Partnership Units for cash pursuant to the quarterly exchange program.

In aggregate during fourth quarter 2019, the Company repurchased an equivalent of 222,763 shares at an average price of $40.25 per share. During the year ended December 31, 2019, the total share equivalent repurchases were 1.9 million shares at an average price of $41.24 per share.

The Company intends to repurchase 226,784 Partnership Units for cash on February 13, 2020 at a price to be determined by the per share volume-weighted average price of the Company’s Class A common stock on February 10, 2020.

Dividend

The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock. The dividend will be paid on March 18, 2020 to Class A common stockholders of record on March 4, 2020.

Quarterly Investor Call Details

PJT Partners will host a conference call on February 6, 2020 at 8:30 a.m. ET to discuss its full year and fourth quarter 2019 results. The conference call can be accessed via the internet on www.pjtpartners.com or by dialing +1 (800) 263-0877 (U.S. domestic) or +1 (323) 994-2131 (international), passcode 3273 338. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com or by dialing +1 (888) 203-1112 (U.S. domestic) or +1 (719) 457-0820 (international), passcode 3273 338.

About PJT Partners

PJT Partners is a global advisory-focused investment bank. Our team of senior professionals delivers a wide array of strategic advisory, shareholder advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments around the world. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. We also provide, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds. To learn more about PJT Partners, please visit the Company’s 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. 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 involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in such forward-looking statements. You should not put undue reliance on any forward-looking statements contained herein. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The risk factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could

5

 

cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that are not currently expected to have a material adverse effect on our business. Any such risks could cause our 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; Adjusted Earnings Per Share; 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 spin-off from Blackstone and acquisition of CamberView; (b) intangible asset amortization associated with Blackstone’s initial public offering (“IPO”), the acquisition of PJT Capital LP, and the acquisition of CamberView; (c) impairment of CamberView’s former leased space; and (d) 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.

6

 

Appendix

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

Summary of Shares Outstanding (unaudited)

Footnotes

 

7

 

PJT Partners Inc.

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

$

188,194

 

 

$

132,635

 

 

$

571,771

 

 

$

451,553

 

Placement

 

 

55,577

 

 

 

38,554

 

 

 

133,180

 

 

 

111,035

 

Interest Income and Other

 

 

4,881

 

 

 

4,204

 

 

 

12,688

 

 

 

17,660

 

Total Revenues

 

 

248,652

 

 

 

175,393

 

 

 

717,639

 

 

 

580,248

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

 

164,809

 

 

 

126,679

 

 

 

502,165

 

 

 

424,459

 

Occupancy and Related

 

 

8,726

 

 

 

7,108

 

 

 

31,547

 

 

 

27,125

 

Travel and Related

 

 

6,453

 

 

 

6,468

 

 

 

25,700

 

 

 

23,374

 

Professional Fees

 

 

4,190

 

 

 

5,341

 

 

 

21,779

 

 

 

20,631

 

Communications and Information Services

 

 

3,309

 

 

 

3,018

 

 

 

13,380

 

 

 

12,539

 

Depreciation and Amortization

 

 

3,787

 

 

 

3,611

 

 

 

14,496

 

 

 

9,973

 

Other Expenses

 

 

8,476

 

 

 

6,494

 

 

 

26,382

 

 

 

20,634

 

Total Expenses

 

 

199,750

 

 

 

158,719

 

 

 

635,449

 

 

 

538,735

 

Income Before Provision (Benefit) for Taxes

 

 

48,902

 

 

 

16,674

 

 

 

82,190

 

 

 

41,513

 

Provision (Benefit) for Taxes

 

 

10,859

 

 

 

4,144

 

 

 

18,403

 

 

 

(1,045

)

Net Income

 

 

38,043

 

 

 

12,530

 

 

 

63,787

 

 

 

42,558

 

Net Income Attributable to Non-Controlling Interests

 

 

21,233

 

 

 

5,091

 

 

 

34,225

 

 

 

15,388

 

Net Income Attributable to PJT Partners Inc.

 

$

16,810

 

 

$

7,439

 

 

$

29,562

 

 

$

27,170

 

Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.71

 

 

$

0.32

 

 

$

1.23

 

 

$

1.23

 

Diluted

 

$

0.69

 

 

$

0.22

 

 

$

1.21

 

 

$

1.16

 

Weighted-Average Shares of Class A Common Stock

   Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,710,261

 

 

 

23,226,095

 

 

 

24,007,138

 

 

 

21,879,574

 

Diluted

 

 

24,991,277

 

 

 

39,883,039

 

 

 

25,014,569

 

 

 

24,254,061

 

 

 

 

8

 

PJT Partners Inc.

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

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

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

GAAP Net Income

 

$

38,043

 

 

$

12,530

 

 

$

63,787

 

 

$

42,558

 

Less: GAAP Provision (Benefit) for Taxes

 

 

10,859

 

 

 

4,144

 

 

 

18,403

 

 

 

(1,045

)

GAAP Pretax Income

 

 

48,902

 

 

 

16,674

 

 

 

82,190

 

 

 

41,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to GAAP Pretax Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction-Related Compensation Expense(1)

 

 

4,681

 

 

 

13,893

 

 

 

41,886

 

 

 

52,566

 

Amortization of Intangible Assets(2)

 

 

1,928

 

 

 

1,984

 

 

 

7,654

 

 

 

3,735

 

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

 

 

24

 

 

 

70

 

 

 

539

 

 

 

1,145

 

Acquisition-Related Lease Impairment(4)

 

 

—

 

 

 

266

 

 

 

—

 

 

 

266

 

Adjusted Pretax Income

 

 

55,535

 

 

 

32,887

 

 

 

132,269

 

 

 

99,225

 

Adjusted Taxes(5)

 

 

9,573

 

 

 

7,762

 

 

 

22,030

 

 

 

16,513

 

Adjusted Net Income

 

 

45,962

 

 

 

25,125

 

 

 

110,239

 

 

 

82,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If-Converted Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Adjusted Taxes(5)

 

 

(9,573

)

 

 

(7,762

)

 

 

(22,030

)

 

 

(16,513

)

Add: If-Converted Taxes(6)

 

 

13,937

 

 

 

8,005

 

 

 

33,723

 

 

 

22,718

 

Adjusted Net Income, If-Converted

 

$

41,598

 

 

$

24,882

 

 

$

98,546

 

 

$

76,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.71

 

 

$

0.32

 

 

$

1.23

 

 

$

1.23

 

Diluted

 

$

0.69

 

 

$

0.22

 

 

$

1.21

 

 

$

1.16

 

GAAP Weighted-Average Shares of Class A

   Common Stock Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,710,261

 

 

 

23,226,095

 

 

 

24,007,138

 

 

 

21,879,574

 

Diluted

 

 

24,991,277

 

 

 

39,883,039

 

 

 

25,014,569

 

 

 

24,254,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income, If-Converted Per Share

 

$

1.02

 

 

$

0.60

 

 

$

2.41

 

 

$

1.91

 

Weighted-Average Shares Outstanding, If-Converted

 

 

40,808,615

 

 

 

41,278,100

 

 

 

40,967,316

 

 

 

40,067,556

 

 

9

 

PJT Partners Inc.

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

(Dollars in Thousands)

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

GAAP Compensation and Benefits Expense

 

$

164,809

 

 

$

126,679

 

 

$

502,165

 

 

$

424,459

 

Transaction-Related Compensation Expense(1)

 

 

(4,681

)

 

 

(13,893

)

 

 

(41,886

)

 

 

(52,566

)

Adjusted Compensation and Benefits Expense

 

$

160,128

 

 

$

112,786

 

 

$

460,279

 

 

$

371,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Compensation Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy and Related

 

$

8,726

 

 

$

7,108

 

 

$

31,547

 

 

$

27,125

 

Travel and Related

 

 

6,453

 

 

 

6,468

 

 

 

25,700

 

 

 

23,374

 

Professional Fees

 

 

4,190

 

 

 

5,341

 

 

 

21,779

 

 

 

20,631

 

Communications and Information Services

 

 

3,309

 

 

 

3,018

 

 

 

13,380

 

 

 

12,539

 

Depreciation and Amortization

 

 

3,787

 

 

 

3,611

 

 

 

14,496

 

 

 

9,973

 

Other Expenses

 

 

8,476

 

 

 

6,494

 

 

 

26,382

 

 

 

20,634

 

GAAP Non-Compensation Expense

 

 

34,941

 

 

 

32,040

 

 

 

133,284

 

 

 

114,276

 

Amortization of Intangible Assets(2)

 

 

(1,928

)

 

 

(1,984

)

 

 

(7,654

)

 

 

(3,735

)

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

 

 

(24

)

 

 

(70

)

 

 

(539

)

 

 

(1,145

)

Acquisition-Related Lease Impairment(4)

 

 

—

 

 

 

(266

)

 

 

—

 

 

 

(266

)

Adjusted Non-Compensation Expense

 

$

32,989

 

 

$

29,720

 

 

$

125,091

 

 

$

109,130

 

 

 

 

 

 

 

 

10

 

PJT Partners Inc.

Summary of Shares Outstanding (unaudited)

 

The following table provides a summary of weighted-average shares outstanding for the three months and year ended December 31, 2019 and 2018 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

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Weighted-Average Shares Outstanding - GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of Class A Common Stock Outstanding

 

 

23,088,660

 

 

 

22,544,473

 

 

 

23,117,559

 

 

 

20,772,112

 

Vested, Undelivered RSUs

 

 

621,601

 

 

 

681,622

 

 

 

889,579

 

 

 

1,107,462

 

Basic Shares Outstanding, GAAP

 

 

23,710,261

 

 

 

23,226,095

 

 

 

24,007,138

 

 

 

21,879,574

 

Dilutive Impact of Unvested Common RSUs(7)

 

 

1,281,016

 

 

 

1,658,498

 

 

 

1,007,431

 

 

 

2,374,487

 

Dilutive Impact of Partnership Units(8)

 

 

—

 

 

 

14,998,446

 

 

 

—

 

 

 

—

 

Diluted Shares Outstanding, GAAP

 

 

24,991,277

 

 

 

39,883,039

 

 

 

25,014,569

 

 

 

24,254,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Shares Outstanding - If-Converted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of Class A Common Stock Outstanding

 

 

23,088,660

 

 

 

22,544,473

 

 

 

23,117,559

 

 

 

20,772,112

 

Vested, Undelivered RSUs

 

 

621,601

 

 

 

681,622

 

 

 

889,579

 

 

 

1,107,462

 

Conversion of Unvested Common RSUs(7)

 

 

1,281,016

 

 

 

1,658,498

 

 

 

1,007,431

 

 

 

2,374,487

 

Conversion of Participating RSUs

 

 

27,208

 

 

 

128,913

 

 

 

40,544

 

 

 

139,519

 

Conversion of Partnership Units

 

 

15,790,130

 

 

 

16,264,594

 

 

 

15,912,203

 

 

 

15,673,976

 

If-Converted Shares Outstanding

 

 

40,808,615

 

 

 

41,278,100

 

 

 

40,967,316

 

 

 

40,067,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

Fully-Diluted Shares Outstanding(9)(10)

 

 

43,066,139

 

 

 

43,028,153

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019, there were 3.6 million Partnership Units and 0.3 million RSUs subject to market conditions that are not included in fully-diluted shares outstanding.

 

 

 

11

 

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 spin-off from Blackstone and 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 amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation-related tax deductions. Such expense is reflected in Other Expenses in the Condensed Consolidated Statements of Operations.

 

(4)

This adjustment adds back to GAAP Pretax income the impairment on CamberView’s former leased space.

 

(5)

Represents taxes on Adjusted Pretax Income, considering both current and deferred income tax effects for the current ownership structure.

 

(6)

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.

 

(7)

Represents the dilutive impact under the treasury method of unvested, non-participating RSUs that have a remaining service requirement.

 

(8)

Represents the number of shares assuming the conversion of vested Partnership Units as well as the dilutive impact of unvested Partnership Units with a remaining service requirement.

 

(9)

Excludes 3.6 million Partnership Units and 0.3 million RSUs as of December 31, 2019 that have yet to satisfy certain market conditions.

 

(10)

Assumes all Partnership Units and unvested participating 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.

12

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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 364-7800
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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