pjt-10k_20161231.htm

Cash and Cash Equivalents

Dec. 31, 2015

Assets

Accounts Receivable (net of allowance for doubtful accounts of $4,374 and $862 at December 31, 2016 and December 31, 2015, respectively)

227,560

169,590

Intangible Assets, Net

Furniture, Equipment and Leasehold Improvements, Net

Deferred Tax Asset, Net

Liabilities, Redeemable Non-Controlling Interests and Equity (Deficit)

Accrued Compensation and Benefits

140,076

81,221

Accounts Payable, Accrued Expenses and Other Liabilities

17,354

29,533

Deferred Rent Liability

16,353

12,414

Amount Due Pursuant to Tax Receivable Agreement

Commitments and Contingencies

Redeemable Non-Controlling Interests

421,976

309,855

Equity (Deficit)

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

(48)

Total Equity (Deficit)

(8,560)

32,080

Total Liabilities, Redeemable Non-Controlling Interests and Equity (Deficit)

Total Equity (Deficit)

[1]	Excludes fully amortized intangible assets.

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Consolidated and Combined Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts Receivable, allowance for doubtful accounts	$ 4,374	$ 862
Class A Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares Issued	18,003,272	17,966,456
Common Stock, Shares Outstanding	18,003,272	17,966,456
Class B Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares Issued	271	300
Common Stock, Shares Outstanding	271	300

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Consolidated and Combined Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Advisory Fees	$ 377,610,000	$ 286,014,000	$ 271,278,000
Placement Fees	114,968,000	114,058,000	127,664,000
Interest Income and Other	6,852,000	5,866,000	2,127,000
Total Revenues	499,430,000	405,938,000	401,069,000
Expenses
Compensation and Benefits	381,000,000	315,195,000	317,478,000
Occupancy and Related	25,815,000	32,682,000	25,601,000
Travel and Related	11,480,000	14,082,000	13,382,000
Professional Fees	18,925,000	19,814,000	10,837,000
Communications and Information Services	8,875,000	7,622,000	7,048,000
Depreciation and Amortization	14,026,000	14,872,000	7,773,000
Other Expenses	24,809,000	7,607,000	11,412,000
Total Expenses	484,930,000	411,874,000	393,531,000
Income (Loss) Before Provision for Taxes	14,500,000	(5,936,000)	7,538,000
Provision for Taxes	9,392,000	239,000	3,046,000
Net Income (Loss)	5,108,000	(6,175,000)	4,492,000
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests	8,142,000	(13,751,000)
Net Income (Loss) Attributable to PJT Partners Inc.	$ (3,034,000)	7,576,000	4,492,000
Class A Common Stock
Net Loss Per Share of Class A Common Stock
Net Loss Per Share of Class A Common Stock — Basic and Diluted	$ (0.17)
Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted	18,292,717
Affiliates
Revenues
Advisory Fees	$ 0	4,220,000	31,948,000
Placement Fees	$ 0	$ 14,329,000	$ 14,911,000

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Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ 5,108	$ (6,175)	$ 4,492
Other Comprehensive Income, Net of Tax — Currency Translation Adjustment	252	622	1,243
Comprehensive Income (Loss)	5,360	(5,553)	$ 5,735
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests	8,285	(6)
Comprehensive Loss Attributable to PJT Partners Inc.	$ (2,925)	$ (5,547)

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Consolidated and Combined Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Former Parent Company Investment	Redeemable Non-Controlling Interests
Beginning Balance at Dec. 31, 2013	$ 301,328					$ (233)	$ 301,561
Net Income (Loss)	4,492						4,492
Currency Translation Adjustment	1,243					1,243
Net Increase (Decrease) in Former Parent Company Investment	25,257						25,257
Ending Balance at Dec. 31, 2014	332,320					1,010	331,310
Net Income (Loss)	18,760						18,760
Currency Translation Adjustment	635					635
Net Increase (Decrease) in Former Parent Company Investment	(95,530)						(95,530)
Ending Balance at Sep. 30, 2015	256,185					1,645	254,540
Beginning Balance at Dec. 31, 2014	332,320					1,010	331,310
Net Income (Loss)	7,576
Ending Balance at Dec. 31, 2015	32,080	$ 180		$ 43,132	$ (11,184)	(48)		$ 309,855
Ending Balance (in shares) at Dec. 31, 2015		17,966,456	300
Beginning Balance at Sep. 30, 2015	256,185					1,645	254,540
Settlement of Due from Blackstone Balances	24,002			24,002
Establishment of Deferred Tax Asset Related to Reorganization	62,267			62,267
Tax Distributions								(4,663)
Forfeiture Liability for Equity Awards	(1,319)			(1,319)
Net Income (Loss)	(11,184)				(11,184)			(13,751)
Currency Translation Adjustment	(13)					(13)
Reorganization of Equity Structure	(109,993)			146,227		(1,680)	$ (254,540)	119,858
Issuances of Common Stock	180	$ 180
Issuances of Common Stock (in shares)		17,966,456	300
Equity-Based Compensation	11,782			11,782				8,589
Adjustment of Redeemable Non-Controlling Interests to Redemption Value	(199,822)			(199,822)				199,822
Other	(5)			(5)
Ending Balance at Dec. 31, 2015	32,080	$ 180		43,132	(11,184)	(48)		309,855
Ending Balance (in shares) at Dec. 31, 2015		17,966,456	300
Tax Distributions								(12,381)
Forfeiture Liability for Equity Awards	804			804
Net Income (Loss)	(3,034)				(3,034)			8,142
Currency Translation Adjustment	109					109		143
Dividends	(3,728)				(3,728)
Non-Cash Contributions from Former Parent	8,566			8,566
Net Share Settlement	(230)			(230)				(36)
Issuances of Common Stock	(8,933)			(8,933)				8,933
Issuances of Common Stock (in shares)		36,816	7
Forfeitures of Shares	1,511			1,511				(1,511)
Forfeitures of Shares (in shares)			(3)
Equity-Based Compensation	50,510			50,510				38,500
Cash Settled Exchanges of Partnership Units	170			170				(16,054)
Cash Settled Exchanges of Partnership Units (in shares)			(33)
Adjustment of Redeemable Non-Controlling Interests to Redemption Value	(86,385)			(86,385)				86,385
Ending Balance at Dec. 31, 2016	$ (8,560)	$ 180		$ 9,145	$ (17,946)	$ 61		$ 421,976
Ending Balance (in shares) at Dec. 31, 2016		18,003,272	271

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Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net Income (Loss)	$ 5,108	$ (6,175)	$ 4,492
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
Equity-Based Compensation Expense	89,010	38,614	66,464
Depreciation and Amortization Expense	14,026	14,760	7,773
Bad Debt Expense (Recovery)	4,132	(2,260)	882
Foreign Currency Transaction Gains	710
Deferred Taxes	2,293	(3,718)	(768)
Other Non-Cash Amounts Included in Net Income (Loss)		834	(87)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(64,853)	(4,517)	(1,265)
Receivable from Affiliates		28,464	5,294
Due from Blackstone		35,042	(26,712)
Deferred Tax Assets		(66,090)
Other Assets	(429)	(12,126)	(4,149)
Accrued Compensation and Benefits	63,160	53,146	(3,533)
Accounts Payable, Accrued Expenses and Other Liabilities	(1,119)	20,556	299
Deferred Rent Liability	4,604	12,414
Deferred Tax Liability		106
Taxes Payable	(145)	512	(233)
Deferred Revenue	354	(1,097)	764
Net Cash Provided by Operating Activities	116,851	112,183	49,989
Investing Activities
Note Issued to Employee		(550)
Proceeds from Repayment of Note Issued to Employee	538
Cash from Acquisition of PJT Capital LP		12,653
Purchases of Intangible Assets		(1,337)
Purchases of Furniture, Equipment and Leasehold Improvements	(13,088)	(34,582)
Dispositions of Furniture, Equipment and Leasehold Improvements		457
Change in Restricted Cash	757	(827)
Net Cash Used in Investing Activities	(11,793)	(24,186)
Financing Activities
Dividends	(3,728)
Tax Distributions	(12,381)	(4,663)
Contributions from Former Parent		49,371
Distribution to Former Parent		(88,895)
Employee Taxes Paid for Shares Withheld	(266)
Cash-Settled Exchanges of Partnership Units	(16,054)
Principal Payments on Capital Lease Obligations	(88)	(21)
Net Decrease from Former Parent Company Investment			(41,120)
Net Cash Used in Financing Activities	(32,517)	(44,208)	(41,120)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(2,432)
Net Increase in Cash and Cash Equivalents	70,109	43,789	8,869
Cash and Cash Equivalents, Beginning of Period	82,322	38,533	29,664
Cash and Cash Equivalents, End of Period	152,431	82,322	38,533
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, including those to Former Parent, Net of Refunds Received	6,813	3,518	$ 3,668
Supplemental Disclosure of Significant Non-Cash Activities
Non-Cash Contributions from Former Parent	8,566
Furniture, Equipment and Leasehold Improvements, Net Included in Accounts Payable, Accrued Expenses and Other Liabilities		(7,296)
Blackstone
Supplemental Disclosure of Significant Non-Cash Activities
Non-Cash Contributions from Former Parent	8,566
Accounts Receivable		1,281
Receivable from Affiliates		(16,302)
Due from Blackstone		1,475
Furniture, Equipment and Leasehold Improvements, Net		4,258
Other Assets		70
Accrued Compensation and Benefits		(10,527)
Accounts Payable, Accrued Expenses and Other Liabilities		(445)
Taxes Payable		433
Accumulated Other Comprehensive Income		(1,680)
PJT Capital LP
Supplemental Disclosure of Significant Non-Cash Activities
Accounts Receivable		(1,170)
Furniture, Equipment and Leasehold Improvements, Net		(334)
Other Assets		(362)
Intangible Assets		(13,300)
Goodwill	3,483	(6,896)
Deferred Tax Asset	$ (3,483)
Accrued Compensation and Benefits		29,424
Accounts Payable, Accrued Expenses and Other Liabilities		4,626
Taxes Payable		$ 665

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Organization

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1.	ORGANIZATION

The spin-off, including the consummation of the acquisition of PJT Capital and the Distribution is described in Note 3. “Reorganization and Spin-off.”

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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Accounting Policies [Abstract]

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

All intercompany transactions have been eliminated for all periods presented.

Use of Estimates

Business Combinations

Revenue Recognition

Placement Fees – Placement Fees consist of fund placement services for alternative investment funds and private placements for corporate clients. Placement fees earned for services to corporate clients are recognized as earned upon successful completion of the transaction. Fund placement fees earned for services to alternative asset managers are typically recognized as earned upon acceptance by a fund of capital or capital commitments (referred to as a “closing”), in accordance with terms set forth in individual agreements. For commitment based fees, revenue is recognized as commitments are accepted. Fees for such closed-end fund arrangements are generally paid in quarterly installments over three or four years and interest is charged to the outstanding balance at an agreed upon rate (typically the London Interbank Offered Rate (“LIBOR”) plus a market-based margin). For funds with multiple closings, each closing is treated as a separate performance obligation. As a result, revenue is recognized at each closing as the performance obligations are fulfilled. For open-end fund structures, placement fees are typically calculated as a percentage of a placed investor’s month-end net asset value. Typically, fees for such open-end fund structures are earned over a 48 month period. For these arrangements, revenue is recognized monthly as the amounts become fixed and determinable.

Accrued but unpaid Advisory and Placement Fees are included in Accounts Receivable in the Consolidated and Combined Statements of Financial Condition.

Fair Value of Financial Instruments

The carrying value of financial instruments approximates fair value. Financial instruments held by the Company include Cash Equivalents and Accounts Receivable.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•

Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date.

•

Cash and Cash Equivalents

The fair values of the U.S. Treasury bills are based on quoted prices for recent trading activity in identical instruments and are classified accordingly as Level I in the fair value hierarchy.

Restricted Cash

Restricted cash consists of cash held at a financial institution related to deposits received from sublessees.

Accounts Receivable

Allowance for Doubtful Accounts

Goodwill and Intangible Assets

Furniture, Equipment and Leasehold Improvements

Foreign Currency

Comprehensive Income (Loss)

Redeemable Non-Controlling Interests

Compensation and Benefits

Income Taxes

Current tax liabilities are recorded in Taxes Payable in the Consolidated and Combined Statements of Financial Condition.

The Company recognizes accrued interest and penalties related to uncertain tax positions in Other Expenses in the Consolidated and Combined Statements of Operations, as applicable.

Unrecognized tax benefits are recorded in Taxes Payable in the Consolidated and Combined Statements of Financial Condition, as applicable.

Amount Due Pursuant to Tax Receivable Agreement

Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement) exchange their Partnership Units for cash, or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis. PJT Partners Holdings LP intends to make an election under Section 754 of the Code effective for each taxable year in which an exchange of Partnership Units for cash or for shares of Class A common stock occurs, which is expected to result in increases to the tax basis of the assets of PJT Partners Holdings LP at the time of an exchange of Partnership Units. Stock-settled exchanges and certain of these cash-settled exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of PJT Partners Holdings LP. These increases in tax basis may reduce the amount of tax that PJT Partners Inc. would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

The Company accounts for the effects of these increases in tax basis and associated payments under the tax receivable agreement arising from exchanges as follows:

•

The effects of changes in estimates after the date of the redemption or exchange as well as subsequent changes in the enacted tax rates would be included in net income.

Net Income (Loss) Per Share of Class A Common Stock

Contingencies and Litigation

Insurance Reimbursements

Recent Accounting Developments

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Reorganization and Spin-Off

Reorganization and Spin-Off

Reorganizations [Abstract]

3.	REORGANIZATION AND SPIN-OFF

In connection with the spin-off described above, several transactions took place which impacted the Company’s consolidated and combined financial statements including the following:

•

PJT Partners (UK) Limited’s purchase of open customer mandates from Blackstone, which were recorded as intangible assets on the Consolidated and Combined Statements of Financial Condition;

•

The reversal of severance charges related to the reorganization, spin-off and acquisition; and

•

The settlement of account balances between the Company and Blackstone.

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Business Combinations

Business Combinations [Abstract]

Business Combinations

4.	BUSINESS COMBINATIONS

Acquisition of PJT Capital LP

The following table summarizes the allocation of the purchase price for PJT Capital LP at the acquisition date as well as measurement period adjustments recorded:

	October 1, 2015		Measurement Period Adjustments			December 31, 2016
Assets
Cash	$	12,653	$	—		$	12,653
Accounts Receivable		1,170		—			1,170
Furniture, Equipment and Leasehold Improvements		334		—			334
Other Assets		362		—			362
Intangible Assets		13,300		—			13,300
Deferred Tax Assets		—		3,483			3,483
Goodwill		6,896		(3,483	)		3,413
		34,715		—			34,715
Liabilities
Accrued Compensation and Benefits		29,424		—			29,424
Accounts Payable, Accrued Expenses and Other Liabilities		4,626		—			4,626
Taxes Payable		665		—			665
		34,715		—			34,715
Net Assets Acquired	$	—	$	—		$	—

	Year Ended December 31,
	2015			2014
Total Revenues	$	430,086		$	411,073
Loss Before Provision for Taxes	$	(29,102	)	$	(296	)
Loss Attributable to PJT Partners Inc.	$	(11,616	)	$	(3,478	)

Acquisition of Customer Mandates

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The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

Receivables [Abstract]

5.	ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Changes in the allowance for doubtful accounts related to long-term receivables are presented below:

	Year Ended December 31,
	2016		2015			2014
Balance, Beginning of Period	$	—	$	392		$	1,621
Bad Debt Recovery		—		(392	)		(1,229	)
Balance, End of Period	$	—	$	—		$	392

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Goodwill And Intangible Assets

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6.	GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying value of goodwill consist of the following:

	December 31,
	2016			2015
Balance, Beginning of Year	$	75,769		$	68,873
Goodwill Acquired (a)		—			6,896
Measurement Period Adjustment (b)		(3,483	)		—
Balance, End of Year	$	72,286		$	75,769

(a)	The change in carrying amount of goodwill was the result of the business combination disclosed in Note 4. “Business Combinations.”

(b)	During the year ended December 31, 2016, the Company recorded a $3.5 million measurement period adjustment related to the acquisition of PJT Capital LP.

As of December 31, 2016 and 2015, the Company’s assessment did not result in any impairment of goodwill.

Intangible Assets, Net consists of the following:

	December 31,
	2016			2015
Finite-Lived Intangible Assets
Customer Relationships	$	26,476		$	26,476
Client Backlog		—			7,600
Trade Name		5,700			5,700
Client Mandates and Other		1,276			1,483
Total Intangible Assets		33,452			41,259
Accumulated Amortization		(18,739	)		(17,613	)
Intangible Assets, Net (a)	$	14,713		$	23,646

(a)	Excludes fully amortized intangible assets.

Changes in the Company’s Intangible Assets, Net consist of the following:

	Year Ended December 31,
	2016			2015			2014
Balance, Beginning of Year	$	23,646		$	19,797		$	22,450
Additions		—			14,805			—
Amortization Expense		(8,870	)		(10,939	)		(2,653	)
Translation Adjustments		(63	)		(17	)		—
Balance, End of Year	$	14,713		$	23,646		$	19,797

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Furniture, Equipment and Leasehold Improvements

Property Plant And Equipment [Abstract]

Furniture, Equipment and Leasehold Improvements

7.	FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Furniture, Equipment and Leasehold Improvements, Net consists of the following:

	December 31,
	2016			2015
Office Equipment	$	1,778		$	1,873
Leasehold Improvements		32,889			23,330
Furniture and Fixtures		11,364			9,119
Total Furniture, Equipment and Leasehold Improvements		46,031			34,322
Accumulated Depreciation		(7,876	)		(2,832	)
Furniture, Equipment and Leasehold Improvements, Net	$	38,155		$	31,490

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Income Taxes

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Income Tax Disclosure [Abstract]

Income Taxes

8.	INCOME TAXES

The Company’s pretax income (loss) is associated with activities in domestic and international jurisdictions, as follows:

	Year Ended December 31,
	2016			2015			2014
Income (Loss) Before Provision for Taxes
Domestic	$	38,360		$	29,581		$	8,952
International		(23,860	)		(35,517	)		(1,414	)
Total	$	14,500		$	(5,936	)	$	7,538

The Provision for Income Taxes consists of the following:

	Year Ended December 31,
	2016			2015			2014
Current
Federal Income Tax	$	4,131		$	50		$	—
State and Local Income Tax		2,777			3,576			3,495
Foreign Income Tax		191			331			319
		7,099			3,957			3,814
Deferred
Federal Income Tax		2,376			(3,698	)		—
State and Local Income Tax		(20	)		(17	)		(768	)
Foreign Income Tax		(63	)		(3	)		—
		2,293			(3,718	)		(768	)
Provision for Taxes	$	9,392		$	239		$	3,046

The following table summarizes the Company’s tax position:

	Year Ended December 31,
	2016			2015			2014
Income (Loss) Before Provision for Taxes	$	14,500		$	(5,936	)	$	7,538
Provision for Taxes	$	9,392		$	239		$	3,046
Effective Income Tax Rate		64.8	%		-4.0	%		40.4	%

The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:

	Year Ended December 31,
	2016			2015			2014
Expected Income Tax Expense (Benefit) at the Federal Statutory Rate		35.0	%		35.0	%		35.0	%
Permanent Differences for Compensation		33.4	%		-24.9	%		—
Accrual to Blackstone Related to Employee Matters Agreement		9.9	%		—			—
Partnership (Income) Loss Not Subject to U.S. Corporate Income Taxes		-21.2	%		54.2	%		-35.0	%
Foreign Income Taxes		0.9	%		-4.9	%		4.2	%
State and Local Income Taxes, Net of Federal Benefit		14.0	%		-63.2	%		36.2	%
Return to Provision		-6.4	%		—			—
Other		-0.8	%		-0.2	%		—
Effective Income Tax Rate		64.8	%		-4.0	%		40.4	%

	December 31,
	2016			2015
Deferred Tax Assets
Tax Basis Step-Up from Blackstone	$	51,321		$	57,046
Deferred Compensation		22,570			15,173
Net Operating Loss		4,879			2,919
Deferred Rent		3,506			—
Partner Exchange Basis Step-Up		1,135			—
Other		973			3,184
Deferred Tax Assets Before Valuation Allowance		84,384			78,322
Valuation Allowance		(5,347	)		(2,222	)
Total Deferred Tax Assets	$	79,037		$	76,100
Deferred Tax Liabilities
Intangible Assets	$	3,164		$	5,008
Fixed Assets		2,408			—
Other		2,508			2,404
Total Deferred Tax Liabilities		8,080			7,412
Deferred Tax Asset, Net	$	70,957		$	68,688

With respect to foreign operations, the Company has an income tax net operating loss of $23.9 million with an unlimited life.

The Company’s unrecognized tax benefits, excluding related interest and penalties, were:

	Year Ended December 31,
	2016		2015		2014
Unrecognized Tax Benefits — January 1	$	—	$	—	$	5
Additions for Tax Positions of Prior Years		—		—		56
Settlements		—		—		(61	)
Unrecognized Tax Benefits — December 31	$	—	$	—	$	—

The Company does not anticipate a material increase or decrease in its unrecognized tax benefits during the coming year.

During the years ended December 31, 2016 and 2015, no interest or penalties were accrued with respect to unrecognized tax positions and there were no settlements with taxing authorities.

Net Loss Per Share of Class A Common Stock

Net Loss Per Share of Class A Common Stock

Earnings Per Share [Abstract]

9.	NET LOSS PER SHARE OF CLASS A COMMON STOCK

Basic and diluted net loss per share of Class A common stock for the year ended December 31, 2016 and period from October 1, 2015 (date of spin-off) through December 31, 2015 is presented below:

	Year Ended December 31, 2016			Period from October 1, 2015 through December 31, 2015
Numerator:
Net Income (Loss)	$	5,108		$	(24,935	)
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests		8,142			(13,751	)
Net Loss Attributable to PJT Partners Inc.	$	(3,034	)	$	(11,184	)
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted		18,292,717			18,258,174
Net Loss Per Share of Class A Common Stock — Basic and Diluted	$	(0.17	)	$	(0.61	)

The allocation of income (loss) between holders of shares of Class A common stock and the Redeemable Non-Controlling Interests began following the spin-off on October 1, 2015.

	Year Ended December 31, 2016		Period from October 1, 2015 through December 31, 2015
Weighted-Average Unvested RSUs		2,087,696		623,316
Weighted-Average Participating RSUs		733,287		511,139
Weighted-Average Partnership Units		16,068,957		16,055,122

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Equity-Based Compensation

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

10.	EQUITY-BASED COMPENSATION

Overview

The following table represents stock-based compensation expense and related income tax benefits for the years ended December 31, 2016, 2015 and 2014, respectively:

	Year Ended December 31,
	2016		2015		2014
Stock-Based Compensation Expense	$	89,010	$	65,342	$	90,396
Income Tax Benefit	$	10,678	$	2,618	$	308

Restricted Stock Units

	Restricted Stock Units
	PJT Partners Inc.					PJT Partners Holdings LP
				Weighted-					Weighted-
				Average					Average
				Grant Date		Number of			Grant Date
	Number of			Fair Value		Partnership			Fair Value
	Units			(in dollars)		Units			(in dollars)
Balance, December 31, 2015		5,344,573		$	20.98		554,850		$	23.73
Granted		736,135			27.15		—			—
Vested		(82,734	)		17.46		(111,161	)		16.33
Forfeited		(225,182	)		23.65		—			—
Dividends Reinvested on Participating RSUs		3,322			22.08		—			—
Balance, December 31, 2016		5,776,114		$	21.71		443,689		$	25.58

Partnership Units

In connection with the spin-off on October 1, 2015, Blackstone underwent an internal reorganization, pursuant to which the operations that had historically constituted Blackstone’s Financial Advisory reporting segment, other than Blackstone’s capital markets services business, were contributed to PJT Partners Holdings LP, a newly-formed holding partnership that became controlled by PJT Partners Inc., as general partner. In the internal reorganization, the limited partners of the holding partnerships that owned Blackstone’s operating subsidiaries and certain individuals engaged in the Company’s business received Class A common stock of PJT Partners Inc., as well as Partnership Units that, subject to certain terms and conditions, are redeemable at the option of the holder for cash, or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis. These Partnership Units generally vest over a service life of five years.

A summary of the status of the Company’s unvested Partnership Units as of December 31, 2016 and of changes during the period January 1, 2016 through December 31, 2016 is presented below:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2015		5,315,000		$	21.00
Granted		340,228			26.23
Forfeited		(63,871	)		28.29
Balance, December 31, 2016		5,591,357		$	21.23

Equity-Based Awards with Both Service and Market Conditions

	Equity-Based Awards with Both Service and Market Conditions
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2015		6,530,048		$	5.72
Forfeited		(26,584	)		5.72
Balance, December 31, 2016		6,503,464		$	5.72

Units Expected to Vest

The following unvested units, after expected forfeitures, as of December 31, 2016, are expected to vest:

			Weighted-Average
			Service Period
	Units		in Years
Partnership Units		11,074,322		2.3
Restricted Stock Units		5,852,412		1.3
Total Equity-Based Awards		16,926,734		1.9

XML 37 R18.htm IDEA: XBRL DOCUMENT

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Stockholder's Equity (Deficit)

Stockholder's Equity (Deficit)

Equity [Abstract]

11.	STOCKHOLDERS’ EQUITY (DEFICIT)

Class A and Class B Common Stock

Redeemable Non-Controlling Interests

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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02(29))
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Transactions With Related Parties

Transactions With Related Parties

12.	TRANSACTIONS WITH RELATED PARTIES

During the year ended December 31, 2016, the Company recorded $8.6 million in non-cash contributions related to the ultimate settlement of balances due to and from Blackstone.

Revenues Earned from Affiliates

Corporate Allocations

The following table summarizes the net accrued balance and utilization by caption as recorded in the Consolidated and Combined Statements of Financial Condition:

				Accrued
	Due to			Compensation
	Blackstone			and Benefits			Total
Severance, December 31, 2014	$	10,372		$	3,021		$	13,393
Severance Reversed		(2,526	)		(94	)		(2,620	)
Payments		(7,706	)		(2,927	)		(10,633	)
Settlement of Due to Blackstone Balance		(140	)		—			(140	)
Severance, December 31, 2015	$	—		$	—		$	—

Agreements with Blackstone

Transition Services Agreement

The Company had amounts payable to Blackstone with respect to the Transition Services Agreement of $25 thousand and $0.5 million as of December 31, 2016 and 2015, respectively.

Employee Matters Agreement

Tax Matters Agreement

Exchange Agreement

The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, from and after the first anniversary of the date of the consummation of the spin-off (subject to the terms of the exchange agreement), to exchange all or part of their Partnership Units for cash, or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. The price per Partnership Unit to be received in a cash-settled exchange will be equal to the fair value of a share of PJT Partners Inc. Class A common stock (determined in accordance with and subject to adjustment under the exchange agreement). In the event cash-settled exchanges of Partnership Units are funded with new issuances of Class A common stock, the fair value of a share of PJT Partners Inc. Class A common stock will be deemed to be equal to the net proceeds per share of Class A common stock received by PJT Partners Inc. in the related issuance. Accordingly, in this event, the price per Partnership Unit to which an exchanging Partnership Unitholder will be entitled may be greater than or less than the then-current market value of PJT Partners Inc. Class A common stock. The exchange agreement also provides that a holder of Partnership Units will not have the right to exchange Partnership Units in the event that PJT Partners Inc. determines that such exchange would be prohibited by law, or would result in any breach of any debt agreement or other material contract of PJT Partners Inc. or PJT Partners Holdings LP.

During the year ended December 31, 2016, certain Partnership Unitholders exchanged 594,072 Partnership Units for cash in the amount of $16.1 million.

Registration Rights Agreement

Tax Receivable Agreement

The Company entered into a tax receivable agreement that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of December 31, 2016, the Company had an amount due of $1.0 million pursuant to the tax receivable agreement, which represents management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments.

Promissory Note

Aircraft Lease

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Commitments and Contingencies

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.	COMMITMENTS AND CONTINGENCIES

Commitments

Line of Credit

As of December 31, 2016, there were no borrowings under the revolving credit facility and the Company was in compliance with the debt covenants.

Leases

As of December 31, 2016, the aggregate minimum future payments required on non-cancelable leases are as follows:

	Minimum Lease Payments
Year Ending December 31,	Capital		Operating
2017	$	100	$	22,768
2018		100		20,564
2019		100		19,980
2020		77		19,033
2021		4		19,528
Thereafter		—		105,527
Total Minimum Lease Payments		381		207,400
Less: Amount Representing Interest		16
Capital Lease Obligation	$	365
Less: Sublease Proceeds				18,588
Net Minimum Lease Payments			$	188,812

Litigation

Indemnification

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Employee Benefit Plans

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

14.	EMPLOYEE BENEFIT PLANS

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Regulated Entities

Regulatory Capital Requirements [Abstract]

Regulated Entities

15.	REGULATED ENTITIES

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Business Information

Segment Reporting [Abstract]

Business Information

16.	BUSINESS INFORMATION

The Company is organized as one operating segment in order to maximize the value of our advice to clients by drawing upon the diversified expertise and broad relationships of our senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines.

	Year Ended December 31,
	2016		2015		2014
Revenues
Domestic	$	465,046	$	381,389	$	352,391
International		34,384		24,549		48,678
Total	$	499,430	$	405,938	$	401,069

	December 31,
	2016		2015
Assets
Domestic	$	545,049	$	444,040
International		45,427		23,212
Total	$	590,476	$	467,252

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Subsequent Events

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Subsequent Events [Abstract]

Subsequent Events

17.	SUBSEQUENT EVENTS

The Company did not identify any other subsequent events besides the exchange of Partnership Units described in Note 12. “Transactions with Related Parties.”

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Quarterly Financial Data [Abstract]

18.	QUARTERLY FINANCIAL DATA (UNAUDITED)

	Three Months Ended
	March 31, 2016		June 30, 2016			September 30, 2016			December 31, 2016
Revenues	$	115,304	$	89,284		$	121,346		$	173,496
Expenses		112,571		99,539			123,306			149,514
Income (Loss) Before Provision for Taxes	$	2,733	$	(10,255	)	$	(1,960	)	$	23,982
Net Income (Loss)	$	1,431	$	(4,716	)	$	(10,336	)	$	18,729
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests		1,176		(4,393	)		(625	)		11,984
Net Income (Loss) Attributable to PJT Partners Inc.	$	255	$	(323	)	$	(9,711	)	$	6,745
Net Income (Loss) Per Share of Class A Common Stock — Basic and Diluted	$	0.01	$	(0.02	)	$	(0.53	)	$	0.35
Dividends Declared Per Share of Class A Common Stock	$	0.05	$	0.05		$	0.05		$	0.05

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015		December 31, 2015
Revenues	$	82,325		$	72,469		$	147,322	$	103,822
Expenses		97,014			78,908			103,461		132,491
Income (Loss) Before Provision for Taxes	$	(14,689	)	$	(6,439	)	$	43,861	$	(28,669	)
Net Income (Loss)	$	(16,107	)	$	(7,023	)	$	41,890	$	(24,935	)
Net Loss Attributable to Redeemable Non-Controlling Interests										(13,751	)
Net Loss Attributable to PJT Partners Inc.									$	(11,184	)
Net Loss Per Share of Class A Common Stock — Basic and Diluted	N/A			N/A			N/A		$	(0.61	)
Dividends Declared Per Share of Class A Common Stock	N/A			N/A			N/A		$	—

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Valuation And Qualifying Accounts

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

PJT Partners Inc.

Schedule II – Valuation and Qualifying Accounts

(Dollars in Thousands)

	Allowance for Doubtful Accounts
	Year Ended December 31,
	2016		2015			2014
Balance, Beginning of Period	$	862	$	3,758		$	2,876
Additions:
Bad Debt Expense (Reversal)		3,512		(2,260	)		2,138
Deductions:
Charge-offs of Uncollectible Balances		—		—			(1,256	)
Adjustment for Separation from Blackstone		—		(636	)		—
Balance, End of Period	$	4,374	$	862		$	3,758

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Summary of Significant Accounting Policies (Policies)

Fair Value of Financial Instruments

Accounting Policies [Abstract]

Basis of Presentation

All intercompany transactions have been eliminated for all periods presented.

Use of Estimates

Business Combinations

Revenue Recognition

Placement Fees – Placement Fees consist of fund placement services for alternative investment funds and private placements for corporate clients. Placement fees earned for services to corporate clients are recognized as earned upon successful completion of the transaction. Fund placement fees earned for services to alternative asset managers are typically recognized as earned upon acceptance by a fund of capital or capital commitments (referred to as a “closing”), in accordance with terms set forth in individual agreements. For commitment based fees, revenue is recognized as commitments are accepted. Fees for such closed-end fund arrangements are generally paid in quarterly installments over three or four years and interest is charged to the outstanding balance at an agreed upon rate (typically the London Interbank Offered Rate (“LIBOR”) plus a market-based margin). For funds with multiple closings, each closing is treated as a separate performance obligation. As a result, revenue is recognized at each closing as the performance obligations are fulfilled. For open-end fund structures, placement fees are typically calculated as a percentage of a placed investor’s month-end net asset value. Typically, fees for such open-end fund structures are earned over a 48 month period. For these arrangements, revenue is recognized monthly as the amounts become fixed and determinable.

Accrued but unpaid Advisory and Placement Fees are included in Accounts Receivable in the Consolidated and Combined Statements of Financial Condition.

The carrying value of financial instruments approximates fair value. Financial instruments held by the Company include Cash Equivalents and Accounts Receivable.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•

Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date.

•

Cash and Cash Equivalents

The fair values of the U.S. Treasury bills are based on quoted prices for recent trading activity in identical instruments and are classified accordingly as Level I in the fair value hierarchy.

Restricted Cash

Restricted cash consists of cash held at a financial institution related to deposits received from sublessees.

Accounts Receivable

Allowance for Doubtful Accounts

Goodwill and Intangible Assets

Furniture, Equipment and Leasehold Improvements

Foreign Currency

Comprehensive Income (Loss)

Redeemable Non-Controlling Interests

Compensation and Benefits

Income Taxes

Current tax liabilities are recorded in Taxes Payable in the Consolidated and Combined Statements of Financial Condition.

The Company recognizes accrued interest and penalties related to uncertain tax positions in Other Expenses in the Consolidated and Combined Statements of Operations, as applicable.

Unrecognized tax benefits are recorded in Taxes Payable in the Consolidated and Combined Statements of Financial Condition, as applicable.

Amount Due Pursuant to Tax Receivable Agreement

Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement) exchange their Partnership Units for cash, or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis. PJT Partners Holdings LP intends to make an election under Section 754 of the Code effective for each taxable year in which an exchange of Partnership Units for cash or for shares of Class A common stock occurs, which is expected to result in increases to the tax basis of the assets of PJT Partners Holdings LP at the time of an exchange of Partnership Units. Stock-settled exchanges and certain of these cash-settled exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of PJT Partners Holdings LP. These increases in tax basis may reduce the amount of tax that PJT Partners Inc. would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

The Company accounts for the effects of these increases in tax basis and associated payments under the tax receivable agreement arising from exchanges as follows:

•

The effects of changes in estimates after the date of the redemption or exchange as well as subsequent changes in the enacted tax rates would be included in net income.

Net Income (Loss) Per Share of Class A Common Stock

Contingencies and Litigation

Insurance Reimbursements

Recent Accounting Developments

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Business Combinations (Tables)

Supplemental Unaudited Pro Forma Information

	Year Ended December 31,
	2015			2014
Total Revenues	$	430,086		$	411,073
Loss Before Provision for Taxes	$	(29,102	)	$	(296	)
Loss Attributable to PJT Partners Inc.	$	(11,616	)	$	(3,478	)

PJT Capital LP

Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price for PJT Capital LP at the acquisition date as well as measurement period adjustments recorded:

	October 1, 2015		Measurement Period Adjustments			December 31, 2016
Assets
Cash	$	12,653	$	—		$	12,653
Accounts Receivable		1,170		—			1,170
Furniture, Equipment and Leasehold Improvements		334		—			334
Other Assets		362		—			362
Intangible Assets		13,300		—			13,300
Deferred Tax Assets		—		3,483			3,483
Goodwill		6,896		(3,483	)		3,413
		34,715		—			34,715
Liabilities
Accrued Compensation and Benefits		29,424		—			29,424
Accounts Payable, Accrued Expenses and Other Liabilities		4,626		—			4,626
Taxes Payable		665		—			665
		34,715		—			34,715
Net Assets Acquired	$	—	$	—		$	—

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Accounts Receivable and Allowance for Doubtful Accounts (Tables)

Schedule of Changes in the Allowance for Doubtful Accounts

Receivables [Abstract]

Changes in the allowance for doubtful accounts related to long-term receivables are presented below:

	Year Ended December 31,
	2016		2015			2014
Balance, Beginning of Period	$	—	$	392		$	1,621
Bad Debt Recovery		—		(392	)		(1,229	)
Balance, End of Period	$	—	$	—		$	392

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Goodwill And Intangible Assets (Tables)

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying value of goodwill consist of the following:

	December 31,
	2016			2015
Balance, Beginning of Year	$	75,769		$	68,873
Goodwill Acquired (a)		—			6,896
Measurement Period Adjustment (b)		(3,483	)		—
Balance, End of Year	$	72,286		$	75,769

(a)	The change in carrying amount of goodwill was the result of the business combination disclosed in Note 4. “Business Combinations.”

(b)	During the year ended December 31, 2016, the Company recorded a $3.5 million measurement period adjustment related to the acquisition of PJT Capital LP.

Schedule of Intangible Assets, Net

Intangible Assets, Net consists of the following:

	December 31,
	2016			2015
Finite-Lived Intangible Assets
Customer Relationships	$	26,476		$	26,476
Client Backlog		—			7,600
Trade Name		5,700			5,700
Client Mandates and Other		1,276			1,483
Total Intangible Assets		33,452			41,259
Accumulated Amortization		(18,739	)		(17,613	)
Intangible Assets, Net (a)	$	14,713		$	23,646

(a)	Excludes fully amortized intangible assets.

Schedule of Changes in Intangible Assets, Net

Changes in the Company’s Intangible Assets, Net consist of the following:

	Year Ended December 31,
	2016			2015			2014
Balance, Beginning of Year	$	23,646		$	19,797		$	22,450
Additions		—			14,805			—
Amortization Expense		(8,870	)		(10,939	)		(2,653	)
Translation Adjustments		(63	)		(17	)		—
Balance, End of Year	$	14,713		$	23,646		$	19,797

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Furniture, Equipment and Leasehold Improvements (Tables)

Property Plant And Equipment [Abstract]

Schedule of Furniture, Equipment and Leasehold Improvements

Furniture, Equipment and Leasehold Improvements, Net consists of the following:

	December 31,
	2016			2015
Office Equipment	$	1,778		$	1,873
Leasehold Improvements		32,889			23,330
Furniture and Fixtures		11,364			9,119
Total Furniture, Equipment and Leasehold Improvements		46,031			34,322
Accumulated Depreciation		(7,876	)		(2,832	)
Furniture, Equipment and Leasehold Improvements, Net	$	38,155		$	31,490

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Income Taxes (Tables)

Schedule of Components of Income (Loss) Before Income Taxes

Income Tax Disclosure [Abstract]

The Company’s pretax income (loss) is associated with activities in domestic and international jurisdictions, as follows:

	Year Ended December 31,
	2016			2015			2014
Income (Loss) Before Provision for Taxes
Domestic	$	38,360		$	29,581		$	8,952
International		(23,860	)		(35,517	)		(1,414	)
Total	$	14,500		$	(5,936	)	$	7,538

Summary of Income Tax Expense (Benefit)

The Provision for Income Taxes consists of the following:

	Year Ended December 31,
	2016			2015			2014
Current
Federal Income Tax	$	4,131		$	50		$	—
State and Local Income Tax		2,777			3,576			3,495
Foreign Income Tax		191			331			319
		7,099			3,957			3,814
Deferred
Federal Income Tax		2,376			(3,698	)		—
State and Local Income Tax		(20	)		(17	)		(768	)
Foreign Income Tax		(63	)		(3	)		—
		2,293			(3,718	)		(768	)
Provision for Taxes	$	9,392		$	239		$	3,046

Summary of Company's Tax Position

The following table summarizes the Company’s tax position:

	Year Ended December 31,
	2016			2015			2014
Income (Loss) Before Provision for Taxes	$	14,500		$	(5,936	)	$	7,538
Provision for Taxes	$	9,392		$	239		$	3,046
Effective Income Tax Rate		64.8	%		-4.0	%		40.4	%

Reconciliation of Provision for Taxes to the U.S Federal Statutory Tax Rate

The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:

	Year Ended December 31,
	2016			2015			2014
Expected Income Tax Expense (Benefit) at the Federal Statutory Rate		35.0	%		35.0	%		35.0	%
Permanent Differences for Compensation		33.4	%		-24.9	%		—
Accrual to Blackstone Related to Employee Matters Agreement		9.9	%		—			—
Partnership (Income) Loss Not Subject to U.S. Corporate Income Taxes		-21.2	%		54.2	%		-35.0	%
Foreign Income Taxes		0.9	%		-4.9	%		4.2	%
State and Local Income Taxes, Net of Federal Benefit		14.0	%		-63.2	%		36.2	%
Return to Provision		-6.4	%		—			—
Other		-0.8	%		-0.2	%		—
Effective Income Tax Rate		64.8	%		-4.0	%		40.4	%

Summary of the Tax Effects of Temporary Differences

A summary of the tax effects of the temporary differences is as follows:

	December 31,
	2016			2015
Deferred Tax Assets
Tax Basis Step-Up from Blackstone	$	51,321		$	57,046
Deferred Compensation		22,570			15,173
Net Operating Loss		4,879			2,919
Deferred Rent		3,506			—
Partner Exchange Basis Step-Up		1,135			—
Other		973			3,184
Deferred Tax Assets Before Valuation Allowance		84,384			78,322
Valuation Allowance		(5,347	)		(2,222	)
Total Deferred Tax Assets	$	79,037		$	76,100
Deferred Tax Liabilities
Intangible Assets	$	3,164		$	5,008
Fixed Assets		2,408			—
Other		2,508			2,404
Total Deferred Tax Liabilities		8,080			7,412
Deferred Tax Asset, Net	$	70,957		$	68,688

Schedule of Unrecognized Tax Benefits Excluding Related Interest and Penalties

The Company’s unrecognized tax benefits, excluding related interest and penalties, were:

	Year Ended December 31,
	2016		2015		2014
Unrecognized Tax Benefits — January 1	$	—	$	—	$	5
Additions for Tax Positions of Prior Years		—		—		56
Settlements		—		—		(61	)
Unrecognized Tax Benefits — December 31	$	—	$	—	$	—

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Net Loss Per Share of Class A Common Stock (Tables)

Schedule of Net Loss Per Share of Class A Common Stock

Earnings Per Share [Abstract]

Basic and diluted net loss per share of Class A common stock for the year ended December 31, 2016 and period from October 1, 2015 (date of spin-off) through December 31, 2015 is presented below:

	Year Ended December 31, 2016			Period from October 1, 2015 through December 31, 2015
Numerator:
Net Income (Loss)	$	5,108		$	(24,935	)
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests		8,142			(13,751	)
Net Loss Attributable to PJT Partners Inc.	$	(3,034	)	$	(11,184	)
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted		18,292,717			18,258,174
Net Loss Per Share of Class A Common Stock — Basic and Diluted	$	(0.17	)	$	(0.61	)

Anti-Dilutive Securities Excluded from Calculation of Net Loss Per Share of Class A Common Stock

	Year Ended December 31, 2016		Period from October 1, 2015 through December 31, 2015
Weighted-Average Unvested RSUs		2,087,696		623,316
Weighted-Average Participating RSUs		733,287		511,139
Weighted-Average Partnership Units		16,068,957		16,055,122

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Equity-Based Compensation (Tables)

Stock-Based Compensation Expense and Related Income Tax Benefits

The following table represents stock-based compensation expense and related income tax benefits for the years ended December 31, 2016, 2015 and 2014, respectively:

	Year Ended December 31,
	2016		2015		2014
Stock-Based Compensation Expense	$	89,010	$	65,342	$	90,396
Income Tax Benefit	$	10,678	$	2,618	$	308

Summary of Unvested Restricted Stock Units

	Restricted Stock Units
	PJT Partners Inc.					PJT Partners Holdings LP
				Weighted-					Weighted-
				Average					Average
				Grant Date		Number of			Grant Date
	Number of			Fair Value		Partnership			Fair Value
	Units			(in dollars)		Units			(in dollars)
Balance, December 31, 2015		5,344,573		$	20.98		554,850		$	23.73
Granted		736,135			27.15		—			—
Vested		(82,734	)		17.46		(111,161	)		16.33
Forfeited		(225,182	)		23.65		—			—
Dividends Reinvested on Participating RSUs		3,322			22.08		—			—
Balance, December 31, 2016		5,776,114		$	21.71		443,689		$	25.58

Summary of Status of Company's Unvested Equity-Based Awards

A summary of the status of the Company’s unvested Partnership Units as of December 31, 2016 and of changes during the period January 1, 2016 through December 31, 2016 is presented below:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2015		5,315,000		$	21.00
Granted		340,228			26.23
Forfeited		(63,871	)		28.29
Balance, December 31, 2016		5,591,357		$	21.23

Summary of Unvested Units After Expected Forfeitures which are Expected to Vest

The following unvested units, after expected forfeitures, as of December 31, 2016, are expected to vest:

			Weighted-Average
			Service Period
	Units		in Years
Partnership Units		11,074,322		2.3
Restricted Stock Units		5,852,412		1.3
Total Equity-Based Awards		16,926,734		1.9

Service and Market Conditions

Summary of Status of Company's Unvested Equity-Based Awards

	Equity-Based Awards with Both Service and Market Conditions
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2015		6,530,048		$	5.72
Forfeited		(26,584	)		5.72
Balance, December 31, 2016		6,503,464		$	5.72

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Transactions With Related Parties (Tables)

Summary of Net Accrued Balance and Utilization Under Balance Sheet

The following table summarizes the net accrued balance and utilization by caption as recorded in the Consolidated and Combined Statements of Financial Condition:

				Accrued
	Due to			Compensation
	Blackstone			and Benefits			Total
Severance, December 31, 2014	$	10,372		$	3,021		$	13,393
Severance Reversed		(2,526	)		(94	)		(2,620	)
Payments		(7,706	)		(2,927	)		(10,633	)
Settlement of Due to Blackstone Balance		(140	)		—			(140	)
Severance, December 31, 2015	$	—		$	—		$	—

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Commitments and Contingencies (Tables)

Commitments And Contingencies Disclosure [Abstract]

Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases

As of December 31, 2016, the aggregate minimum future payments required on non-cancelable leases are as follows:

	Minimum Lease Payments
Year Ending December 31,	Capital		Operating
2017	$	100	$	22,768
2018		100		20,564
2019		100		19,980
2020		77		19,033
2021		4		19,528
Thereafter		—		105,527
Total Minimum Lease Payments		381		207,400
Less: Amount Representing Interest		16
Capital Lease Obligation	$	365
Less: Sublease Proceeds				18,588
Net Minimum Lease Payments			$	188,812

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Business Information (Tables)

Schedule of Geographical Distribution of Revenues and Assets

Segment Reporting [Abstract]

The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located.

	Year Ended December 31,
	2016		2015		2014
Revenues
Domestic	$	465,046	$	381,389	$	352,391
International		34,384		24,549		48,678
Total	$	499,430	$	405,938	$	401,069

	December 31,
	2016		2015
Assets
Domestic	$	545,049	$	444,040
International		45,427		23,212
Total	$	590,476	$	467,252

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Quarterly Financial Data (Unaudited) (Tables)

Schedule of Quarterly Financial Data

Quarterly Financial Data [Abstract]

	Three Months Ended
	March 31, 2016		June 30, 2016			September 30, 2016			December 31, 2016
Revenues	$	115,304	$	89,284		$	121,346		$	173,496
Expenses		112,571		99,539			123,306			149,514
Income (Loss) Before Provision for Taxes	$	2,733	$	(10,255	)	$	(1,960	)	$	23,982
Net Income (Loss)	$	1,431	$	(4,716	)	$	(10,336	)	$	18,729
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests		1,176		(4,393	)		(625	)		11,984
Net Income (Loss) Attributable to PJT Partners Inc.	$	255	$	(323	)	$	(9,711	)	$	6,745
Net Income (Loss) Per Share of Class A Common Stock — Basic and Diluted	$	0.01	$	(0.02	)	$	(0.53	)	$	0.35
Dividends Declared Per Share of Class A Common Stock	$	0.05	$	0.05		$	0.05		$	0.05

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015		December 31, 2015
Revenues	$	82,325		$	72,469		$	147,322	$	103,822
Expenses		97,014			78,908			103,461		132,491
Income (Loss) Before Provision for Taxes	$	(14,689	)	$	(6,439	)	$	43,861	$	(28,669	)
Net Income (Loss)	$	(16,107	)	$	(7,023	)	$	41,890	$	(24,935	)
Net Loss Attributable to Redeemable Non-Controlling Interests										(13,751	)
Net Loss Attributable to PJT Partners Inc.									$	(11,184	)
Net Loss Per Share of Class A Common Stock — Basic and Diluted	N/A			N/A			N/A		$	(0.61	)
Dividends Declared Per Share of Class A Common Stock	N/A			N/A			N/A		$	—

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Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Significant Accounting Policies [Line Items]
Transition service agreement period		24 months	24 months
Transition services agreement termination notice period		60 days	60 days
Placement fee earned period		48 months
Cash equivalents investments in U.S. Treasury bills		$ 50,000,000	$ 0
Finite-lived intangible assets amortization method		Straight-line basis
PJT Partners Holdings LP
Significant Accounting Policies [Line Items]
Percentage payment to exchanging holders of partnership units of benefits		85.00%
Percentage of benefit from remaining of cash tax savings, in income tax		15.00%
Percentage of estimated realizable tax benefit recorded as increase to amount due		85.00%
Percentage of remaining estimated realizable tax benefit recorded as increase to additional paid in capital		15.00%
PJT Partners Holdings LP \| Class A Common Stock
Significant Accounting Policies [Line Items]
Basis of exchange of partnership units for cash or shares		Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement) exchange their Partnership Units for cash, or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis.
Exchange of Partnership unit to shares, number of shares per each unit		1
Minimum
Significant Accounting Policies [Line Items]
Placement fees installment period		3 years
Accounts receivable payment terms		3 years
Estimated useful lives of intangible assets		1 year
Estimated useful lives of fixed assets		5 years
Minimum \| Leasehold Improvements
Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets		10 years
Maximum
Significant Accounting Policies [Line Items]
Placement fees installment period		4 years
Accounts receivable payment terms		4 years
Estimated useful lives of intangible assets		15 years
Estimated useful lives of fixed assets		7 years
Maximum \| Leasehold Improvements
Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets		15 years
Retained Deficit
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	$ 99,800
Additional Paid-in Capital
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	43,100
Redeemable Non-Controlling Interests
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	$ (142,900)

XML 59 R40.htm IDEA: XBRL DOCUMENT

Reorganization and Spin-Off - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Oct. 01, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Reorganization And Spin Off [Line Items]
Cash and Cash Equivalents	$ 152,431	$ 82,322		$ 38,533	$ 29,664
Deferred Tax Assets	70,957	68,688
Additional Paid-In Capital	$ 9,145	$ 43,132
Blackstone
Business Reorganization And Spin Off [Line Items]
Cash and Cash Equivalents			$ 55,400
Deferred Tax Assets			58,400
Additional Paid-In Capital			$ 58,400
PJT Partners Holdings LP \| Spinoff
Business Reorganization And Spin Off [Line Items]
Internal reorganization effective date	Oct. 01, 2015

XML 60 R41.htm IDEA: XBRL DOCUMENT

Business Combinations - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 02, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 72,286,000	$ 75,769,000	$ 68,873,000
Minimum
Business Acquisition [Line Items]
Estimated useful lives of intangible assets		1 year
Maximum
Business Acquisition [Line Items]
Estimated useful lives of intangible assets		15 years
PJT Capital LP
Business Acquisition [Line Items]
Business Combination, other consideration transferred		$ 0
Business combination related costs which were included in Professional Fees			$ 100,000
Goodwill	$ 6,896,000	$ 3,413,000
PJT Capital LP \| Minimum
Business Acquisition [Line Items]
Estimated useful lives of intangible assets		1 year
PJT Capital LP \| Maximum
Business Acquisition [Line Items]
Estimated useful lives of intangible assets		10 years
Customer Mandates
Business Acquisition [Line Items]
Estimated useful lives of intangible assets		18 months
Business combination capitalized transaction costs	0
Total purchase price	1,500,000
Business combination recognized identifiable assets acquired customer mandates	1,300,000
Acquired other assets and liabilities, net	$ 200,000

XML 61 R42.htm IDEA: XBRL DOCUMENT

Business Combinations - Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Oct. 02, 2015	Dec. 31, 2014
Assets
Goodwill	$ 72,286	$ 75,769		$ 68,873
PJT Capital LP
Assets
Cash	12,653		$ 12,653
Accounts Receivable	1,170		1,170
Furniture, Equipment and Leasehold Improvements	334		334
Other Assets	362		362
Intangible Assets	13,300		13,300
Deferred Tax Assets	3,483
Goodwill	3,413		6,896
Total assets acquired	34,715		34,715
Liabilities
Accrued Compensation and Benefits	29,424		29,424
Accounts Payable, Accrued Expenses and Other Liabilities	4,626		4,626
Taxes Payable	665		665
Total liabilities assumed	34,715		$ 34,715
PJT Capital LP \| Measurement Period Adjustments
Assets
Deferred Tax Assets	3,483
Goodwill	$ (3,483)

XML 62 R43.htm IDEA: XBRL DOCUMENT

Business Combinations - Supplemental Unaudited Pro Forma Information (Details) - PJT Capital LP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Combination Separately Recognized Transactions [Line Items]
Total Revenues	$ 430,086	$ 411,073
Loss Before Provision for Taxes	(29,102)	(296)
Loss Attributable to PJT Partners Inc.	$ (11,616)	$ (3,478)

XML 63 R44.htm IDEA: XBRL DOCUMENT

Accounts Receivable and Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables more than 90 days past due	$ 2.7	$ 2.2
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables	$ 73.1	$ 62.6
Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years

XML 64 R45.htm IDEA: XBRL DOCUMENT

Accounts Receivable and Allowance for Doubtful Accounts - Changes in Allowance for Doubtful Accounts related to Long-Term Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Balance, Beginning of Period	$ 0	$ 392	$ 1,621
Bad Debt Recovery	0	(392)	(1,229)
Balance, End of Period	$ 0	$ 0	$ 392

XML 65 R46.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands

Goodwill And Intangible Assets Disclosure [Abstract]

Dec. 31, 2015

Balance, Beginning of Year

Measurement Period Adjustment

^[2]

[1]	The change in carrying amount of goodwill was the result of the business combination disclosed in Note 4. “Business Combinations.”
[2]	During the year ended December 31, 2016, the Company recorded a $3.5 million measurement period adjustment related to the acquisition of PJT Capital LP.

XML 66 R47.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Parenthetical) (Details)
$ in Thousands

Measurement period adjustment

USD ($)

Goodwill [Line Items]

$ (3,483)

Measurement period adjustment

PJT Capital LP

Goodwill [Line Items]

$ 3,500

[1]	During the year ended December 31, 2016, the Company recorded a $3.5 million measurement period adjustment related to the acquisition of PJT Capital LP.

XML 67 R48.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	$ 0	$ 0
Impairment of intangible assets related to certain customer relationship	0	6,000,000
Expected amortization expense, year 2017	2,400,000
Expected amortization expense, year 2018	2,300,000
Expected amortization expense, year 2019	2,300,000
Expected amortization expense, year 2020	2,300,000
Expected amortization expense, year 2021	$ 2,300,000
Intangible assets, weighted average useful life	8 years 8 months 12 days
Customer Relationships
Goodwill And Intangible Assets [Line Items]
Fair value of Intangible assets		$ 0

XML 68 R49.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($)
$ in Thousands

Finite-Lived Intangible Assets

Customer Relationships

Client Mandates and Other

1,276

1,483

Total Intangible Assets

33,452

41,259

Accumulated Amortization

(18,739)

(17,613)

Intangible Assets, Net

XML 69 R50.htm IDEA: XBRL DOCUMENT

[1]	Excludes fully amortized intangible assets.

Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net (Details) - USD ($)
$ in Thousands

Goodwill And Intangible Assets Disclosure [Abstract]

Balance, Beginning of Year

Translation Adjustments