0001564590-22-034993.txt : 20221025 0001564590-22-034993.hdr.sgml : 20221025 20221025065038 ACCESSION NUMBER: 0001564590-22-034993 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20221025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221025 DATE AS OF CHANGE: 20221025 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: 221327147 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_20221025.htm 8-K pjt-8k_20221025.htm
false 0001626115 0001626115 2022-10-25 2022-10-25

 

 

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): October 25, 2022

—————————

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 2.02. Results of Operations.

 

On October 25, 2022, PJT Partners Inc. (the “Company”) issued a press release announcing the financial results for its third quarter ended September 30, 2022.

 

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 October 25, 2022 announcing the Company’s third quarter 2022 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: October 25, 2022

 

EX-99.1 2 pjt-ex991_339.htm EX-99.1 pjt-ex991_339.htm

Exhibit 99.1

 

 

 

 

 

PJT Partners Inc. Reports Third Quarter and Nine Months 2022 Results

 

Third Quarter Overview

 

>

Total Revenues of $266 million, up 15% from a year ago

 

>

GAAP Pretax Income of $48 million and Adjusted Pretax Income of $54 million

 

>

GAAP Diluted EPS of $0.82 and Adjusted EPS of $0.96

Nine Months Overview

 

>

Total Revenues of $746 million, up 10% from a year ago

 

>

GAAP Pretax Income of $141 million and Adjusted Pretax Income of $159 million

 

>

GAAP Diluted EPS of $2.56 and Adjusted EPS of $2.84

Capital Management and Balance Sheet

 

>

Repurchased 2 million share equivalents in the first nine months with record open market repurchases of 1.5 million shares

 

>

Strong balance sheet with $290 million in cash, cash equivalents and short-term investments

 

 

Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our record nine-month revenue performance was achieved against a backdrop of significant market dislocation as our clients continue to recognize the benefits of our integrated, holistic approach to advice. We view this environment as an opportune time to increase the investment in our business and we remain optimistic about our future prospects.”

 

New York, October 25, 2022: 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, 2022.

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 and nine months ended September 30, 2022 and 2021:

 

Three Months Ended

September 30,

 

 

 

 

 

 

 

Nine Months Ended

September 30,

 

 

 

 

 

 

 

2022

 

 

2021

 

 

% Change

 

 

 

2022

 

 

2021

 

 

% Change

 

 

 

(Dollars in Millions)

 

Revenues

 

 

 

Advisory

 

$

224.4

 

 

$

179.9

 

 

25%

 

 

 

$

592.7

 

 

$

530.1

 

 

12%

 

Placement

 

 

39.7

 

 

 

46.9

 

 

(15%)

 

 

 

 

149.5

 

 

 

137.6

 

 

9%

 

Interest Income & Other

 

 

2.0

 

 

 

4.5

 

 

(55%)

 

 

 

 

3.4

 

 

 

10.9

 

 

(69%)

 

Total Revenues

 

$

266.1

 

 

$

231.3

 

 

15%

 

 

 

$

745.6

 

 

$

678.7

 

 

10%

 

Three Months Ended

Total Revenues increased 15% to $266 million for third quarter 2022 from $231 million for the prior year quarter.

Advisory Revenues increased 25% to $224 million for the current quarter from $180 million for the prior year quarter. The increase was driven by increases in strategic advisory, restructuring and secondary advisory revenues.

Placement Revenues decreased 15% to $40 million for the current quarter from $47 million for the prior year quarter. The decrease in Placement Revenues was driven by a decrease in fund placement revenues, which was partially offset by an increase in corporate placement revenues.

Interest Income & Other decreased $2.5 million for the current quarter compared with the prior year quarter.

Nine Months Ended

Total Revenues increased 10% to $746 million for the nine months ended September 30, 2022 from $679 million for the same period a year ago.

Advisory Revenues increased 12% to $593 million for the nine months from $530 million for the same period a year ago. The increase was driven by increases in strategic advisory, restructuring and secondary advisory revenues.

Placement Revenues increased 9% to $149 million for the nine months from $138 million for the same period a year ago. The increase in Placement Revenues was driven by an increase in fund placement revenues, which was partially offset by a decline in corporate placement revenues.

Interest Income & Other decreased $7.6 million for the nine months compared with the same period a year ago. The decrease in Interest Income & Other was primarily driven by a reduction in fair market value on certain equity securities received as part of transaction compensation.

2


Expenses

The following tables set forth information relating to the Company’s expenses for the three and nine months ended September 30, 2022 and 2021:

  

 

Three Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

179.1

 

 

$

175.1

 

 

$

148.1

 

 

$

144.5

 

% of Revenues

 

 

67.3

%

 

 

65.8

%

 

 

64.1

%

 

 

62.5

%

Non-Compensation

 

$

39.4

 

 

$

37.0

 

 

$

34.9

 

 

$

32.9

 

% of Revenues

 

 

14.8

%

 

 

13.9

%

 

 

15.1

%

 

 

14.2

%

Total Expenses

 

$

218.5

 

 

$

212.1

 

 

$

183.0

 

 

$

177.4

 

% of Revenues

 

 

82.1

%

 

 

79.7

%

 

 

79.1

%

 

 

76.7

%

Pretax Income

 

$

47.6

 

 

$

54.0

 

 

$

48.3

 

 

$

53.9

 

% of Revenues

 

 

17.9

%

 

 

20.3

%

 

 

20.9

%

 

 

23.3

%

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

488.9

 

 

$

477.2

 

 

$

434.9

 

 

$

424.1

 

% of Revenues

 

 

65.6

%

 

 

64.0

%

 

 

64.1

%

 

 

62.5

%

Non-Compensation

 

$

115.2

 

 

$

109.1

 

 

$

99.2

 

 

$

93.2

 

% of Revenues

 

 

15.4

%

 

 

14.6

%

 

 

14.6

%

 

 

13.7

%

Total Expenses

 

$

604.1

 

 

$

586.3

 

 

$

534.1

 

 

$

517.4

 

% of Revenues

 

 

81.0

%

 

 

78.6

%

 

 

78.7

%

 

 

76.2

%

Pretax Income

 

$

141.5

 

 

$

159.3

 

 

$

144.6

 

 

$

161.3

 

% of Revenues

 

 

19.0

%

 

 

21.4

%

 

 

21.3

%

 

 

23.8

%

 

Compensation and Benefits Expense

Three Months Ended

GAAP Compensation and Benefits Expense was $179 million for third quarter 2022 compared with $148 million for the prior year quarter. Adjusted Compensation and Benefits Expense was $175 million for the current quarter compared with $145 million for the prior year quarter. The Company accrued at a higher rate during the current quarter compared with the prior year quarter driven by a higher nine month accrual rate.

Nine Months Ended

GAAP Compensation and Benefits Expense was $489 million for the nine months ended September 30, 2022 compared with $435 million for the same period a year ago. Adjusted Compensation and Benefits Expense was $477 million for the nine months compared with $424 million for the same period a year ago. The nine month adjusted compensation accrual rate increased to 64.0% compared with 63.0% for the full year 2021.

 

3


 

Non-Compensation Expense

Three Months Ended

GAAP Non-Compensation Expense was $39 million for third quarter 2022 compared with $35 million for the prior year quarter. Adjusted Non-Compensation Expense was $37 million for the current quarter compared with $33 million for the prior year quarter.

GAAP and Adjusted Non-Compensation Expense increased during the current quarter compared with the prior year quarter, primarily driven by Travel and Related, which increased $4 million due to increased levels of business travel. Excluding Travel and Related, GAAP and Adjusted Non-Compensation Expense increased 3% and 2%, respectively, during the current quarter compared with the prior year quarter.

Nine Months Ended

GAAP Non-Compensation Expense was $115 million for the nine months ended September 30, 2022 compared with $99 million for the same period a year ago. Adjusted Non-Compensation Expense was $109 million for the nine months compared with $93 million for the same period a year ago.

GAAP and Adjusted Non-Compensation Expense increased during the nine months compared with the same period a year ago, primarily driven by Travel and Related, which increased $12 million due to increased levels of business travel. Excluding Travel and Related, GAAP and Adjusted Non-Compensation Expense increased 4% during the nine months compared with the same period a year ago.

Provision for Taxes

As of September 30, 2022, PJT Partners Inc. owned 62.3% 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, 2021 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended September 30, 2022 and 2021 was 18.1% and 18.8%, respectively. The effective tax rate for GAAP Net Income for the nine months ended September 30, 2022 and 2021 was 16.1% and 13.0%, 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 nine months ended September 30, 2022 was 25.8% compared with 22.3% for full year 2021. The tax rate increase was primarily due to a lesser tax benefit received from the delivery of vested shares at values in excess of the original grant prices.

Capital Management and Balance Sheet

As of September 30, 2022, the Company held cash, cash equivalents and short-term investments of $290 million and had no funded debt.

4


During the third quarter 2022, the Company repurchased 240 thousand shares of Class A common stock in the open market, repurchased 20 thousand Partnership Units for cash and exchanged 250 thousand Partnership Units for shares of Class A common stock as a result of Partnership Unit exchanges and net share settled 19 thousand shares to satisfy employee tax obligations.

In total during the third quarter 2022, the Company repurchased 279 thousand share equivalents at an average price of $68.26 per share. During the nine months ended September 30, 2022, the Company repurchased 2 million share equivalents at an average price of $65.33 per share.

As of September 30, 2022, the Company’s remaining repurchase authorization was $183 million.

The Company intends to repurchase 38 thousand Partnership Units for cash on November 1, 2022 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on October 27, 2022.

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 December 21, 2022 to Class A common stockholders of record as of December 7, 2022.

Quarterly Investor Call Details

PJT Partners will host a conference call on October 25, 2022 at 8:30 a.m. ET to discuss its third quarter 2022 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (888) 204-4368 (U.S. domestic) or +1 (720) 543-0214 (international), passcode 9880072. 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. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. Our team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. We also provide private fund advisory and fundraising services for alternative investment strategies, including private equity, real estate, hedge funds and private credit. 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.

5


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) failure of our computer systems or communication systems during a catastrophic event, including as a result of the increased use of remote work environments and virtual platforms; (d) the impact of catastrophic events, such as COVID-19 or other pandemics, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business failures; (e) the impact of catastrophic events, such as COVID-19 or other pandemics, on our employees and our ability to provide services to our clients and respond to their needs; (f) the failure of third-party service providers to perform their functions; and (g) volatility in the political and economic environment, including as a result of inflation and rising interest rates.

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, 2021, 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.

6


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.

Appendix

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

Summary of Shares Outstanding (unaudited)

Footnotes

 

7


 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

$

224,405

 

 

$

179,900

 

 

$

592,712

 

 

$

530,124

 

Placement

 

 

39,652

 

 

 

46,891

 

 

 

149,485

 

 

 

137,611

 

Interest Income and Other

 

 

2,035

 

 

 

4,507

 

 

 

3,355

 

 

 

10,944

 

Total Revenues

 

 

266,092

 

 

 

231,298

 

 

 

745,552

 

 

 

678,679

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

 

179,080

 

 

 

148,149

 

 

 

488,899

 

 

 

434,866

 

Occupancy and Related

 

 

8,231

 

 

 

8,569

 

 

 

25,831

 

 

 

25,788

 

Travel and Related

 

 

6,336

 

 

 

2,765

 

 

 

17,471

 

 

 

4,979

 

Professional Fees

 

 

7,375

 

 

 

8,066

 

 

 

21,652

 

 

 

24,016

 

Communications and Information Services

 

 

4,155

 

 

 

4,341

 

 

 

12,819

 

 

 

13,548

 

Depreciation and Amortization

 

 

3,755

 

 

 

3,892

 

 

 

12,156

 

 

 

11,535

 

Other Expenses

 

 

9,518

 

 

 

7,241

 

 

 

25,246

 

 

 

19,337

 

Total Expenses

 

 

218,450

 

 

 

183,023

 

 

 

604,074

 

 

 

534,069

 

Income Before Provision for Taxes

 

 

47,642

 

 

 

48,275

 

 

 

141,478

 

 

 

144,610

 

Provision for Taxes

 

 

8,601

 

 

 

9,090

 

 

 

22,776

 

 

 

18,773

 

Net Income

 

 

39,041

 

 

 

39,185

 

 

 

118,702

 

 

 

125,837

 

Net Income Attributable to Non-Controlling Interests

 

 

17,953

 

 

 

17,740

 

 

 

52,742

 

 

 

54,565

 

Net Income Attributable to PJT Partners Inc.

 

$

21,088

 

 

$

21,445

 

 

$

65,960

 

 

$

71,272

 

Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.86

 

 

$

2.63

 

 

$

2.85

 

Diluted

 

$

0.82

 

 

$

0.82

 

 

$

2.56

 

 

$

2.72

 

Weighted-Average Shares of Class A Common Stock

   Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,966,527

 

 

 

24,908,606

 

 

 

25,032,151

 

 

 

24,979,925

 

Diluted

 

 

26,519,173

 

 

 

42,010,543

 

 

 

26,497,177

 

 

 

42,414,461

 

 

 

8


 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

GAAP Net Income

 

$

39,041

 

 

$

39,185

 

 

$

118,702

 

 

$

125,837

 

Less: GAAP Provision for Taxes

 

 

8,601

 

 

 

9,090

 

 

 

22,776

 

 

 

18,773

 

GAAP Pretax Income

 

 

47,642

 

 

 

48,275

 

 

 

141,478

 

 

 

144,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to GAAP Pretax Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction-Related Compensation Expense(1)

 

 

3,987

 

 

 

3,622

 

 

 

11,746

 

 

 

10,726

 

Amortization of Intangible Assets(2)

 

 

1,486

 

 

 

1,928

 

 

 

5,276

 

 

 

5,850

 

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

 

 

836

 

 

 

79

 

 

 

771

 

 

 

135

 

Adjusted Pretax Income

 

 

53,951

 

 

 

53,904

 

 

 

159,271

 

 

 

161,321

 

Adjusted Taxes(4)

 

 

10,142

 

 

 

9,951

 

 

 

26,206

 

 

 

20,988

 

Adjusted Net Income

 

 

43,809

 

 

 

43,953

 

 

 

133,065

 

 

 

140,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If-Converted Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Adjusted Taxes(4)

 

 

(10,142

)

 

 

(9,951

)

 

 

(26,206

)

 

 

(20,988

)

Add: If-Converted Taxes(5)

 

 

13,970

 

 

 

12,627

 

 

 

41,143

 

 

 

37,066

 

Adjusted Net Income, If-Converted

 

$

39,981

 

 

$

41,277

 

 

$

118,128

 

 

$

124,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.86

 

 

$

2.63

 

 

$

2.85

 

Diluted

 

$

0.82

 

 

$

0.82

 

 

$

2.56

 

 

$

2.72

 

GAAP Weighted-Average Shares of Class A

   Common Stock Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,966,527

 

 

 

24,908,606

 

 

 

25,032,151

 

 

 

24,979,925

 

Diluted

 

 

26,519,173

 

 

 

42,010,543

 

 

 

26,497,177

 

 

 

42,414,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income, If-Converted Per Share

 

$

0.96

 

 

$

0.98

 

 

$

2.84

 

 

$

2.93

 

Weighted-Average Shares Outstanding, If-Converted

 

 

41,540,815

 

 

 

42,015,728

 

 

 

41,614,791

 

 

 

42,419,646

 

 

9


 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

GAAP Compensation and Benefits Expense

 

$

179,080

 

 

$

148,149

 

 

$

488,899

 

 

$

434,866

 

Transaction-Related Compensation Expense(1)

 

 

(3,987

)

 

 

(3,622

)

 

 

(11,746

)

 

 

(10,726

)

Adjusted Compensation and Benefits Expense

 

$

175,093

 

 

$

144,527

 

 

$

477,153

 

 

$

424,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Compensation Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy and Related

 

$

8,231

 

 

$

8,569

 

 

$

25,831

 

 

$

25,788

 

Travel and Related

 

 

6,336

 

 

 

2,765

 

 

 

17,471

 

 

 

4,979

 

Professional Fees

 

 

7,375

 

 

 

8,066

 

 

 

21,652

 

 

 

24,016

 

Communications and Information Services

 

 

4,155

 

 

 

4,341

 

 

 

12,819

 

 

 

13,548

 

Depreciation and Amortization

 

 

3,755

 

 

 

3,892

 

 

 

12,156

 

 

 

11,535

 

Other Expenses

 

 

9,518

 

 

 

7,241

 

 

 

25,246

 

 

 

19,337

 

GAAP Non-Compensation Expense

 

 

39,370

 

 

 

34,874

 

 

 

115,175

 

 

 

99,203

 

Amortization of Intangible Assets(2)

 

 

(1,486

)

 

 

(1,928

)

 

 

(5,276

)

 

 

(5,850

)

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

 

 

(836

)

 

 

(79

)

 

 

(771

)

 

 

(135

)

Adjusted Non-Compensation Expense

 

$

37,048

 

 

$

32,867

 

 

$

109,128

 

 

$

93,218

 

 

 

 

 

 

 

10


 

PJT Partners Inc.

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

(Dollars in Thousands)

 

 

The following table provides a summary of weighted-average shares outstanding for the three and nine months ended September 30, 2022 and 2021 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Weighted-Average Shares Outstanding - GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

24,966,527

 

 

 

24,908,606

 

 

 

25,032,151

 

 

 

24,979,925

 

Dilutive Impact of Unvested RSUs(6)

 

 

1,552,646

 

 

 

1,575,341

 

 

 

1,465,026

 

 

 

1,567,341

 

Dilutive Impact of Partnership Units(7)

 

 

 

 

 

15,526,596

 

 

 

 

 

 

15,867,195

 

Diluted Shares Outstanding, GAAP

 

 

26,519,173

 

 

 

42,010,543

 

 

 

26,497,177

 

 

 

42,414,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Shares Outstanding - If-Converted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

24,966,527

 

 

 

24,908,606

 

 

 

25,032,151

 

 

 

24,979,925

 

Unvested RSUs(8)

 

 

1,555,239

 

 

 

1,580,526

 

 

 

1,467,619

 

 

 

1,572,526

 

Partnership Units(7)

 

 

15,019,049

 

 

 

15,526,596

 

 

 

15,115,021

 

 

 

15,867,195

 

If-Converted Shares Outstanding

 

 

41,540,815

 

 

 

42,015,728

 

 

 

41,614,791

 

 

 

42,419,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30,

 

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

Fully-Diluted Shares Outstanding(9)

 

 

43,761,678

 

 

 

43,948,954

 

 

 

 

 

 

 

 

 

 

As of September 30, 2022, 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 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.

 

 

11


 

PJT Partners Inc.

Summary of Shares Outstanding (unaudited)

 

 

 

(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, non-participating RSUs that have a remaining service requirement.

 

(7)

Represents the number of shares assuming the conversion of vested Partnership Units and Partnership Units that achieved certain market conditions.

 

(8)

Represents the dilutive impact of unvested RSUs that have a remaining service requirement.

 

(9)

Assumes all Partnership Units and unvested participating RSUs have been converted to shares of the Company’s Class A common stock. As of September 30, 2022, 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.

12

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Document and Entity Information
Oct. 25, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 25, 2022
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 364-7800
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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