0001564590-23-001530.txt : 20230207 0001564590-23-001530.hdr.sgml : 20230207 20230207065137 ACCESSION NUMBER: 0001564590-23-001530 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230207 DATE AS OF CHANGE: 20230207 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: 23592733 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_20230207.htm 8-K pjt-8k_20230207.htm
false 0001626115 0001626115 2023-02-07 2023-02-07

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

—————————

FORM 8-K

—————————

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 7, 2023

—————————

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 February 7, 2023, PJT Partners Inc. (the “Company”) issued a press release announcing the financial results for its full year and fourth quarter ended December 31, 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 February 7, 2023 announcing the Company’s full year and fourth 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: February 7, 2023

 

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

Exhibit 99.1

 

 

 

 

 

PJT Partners Inc. Reports Full Year and Fourth Quarter 2022 Results

 

Full Year Overview

 

>

Total Revenues of $1.03 billion, an increase of 3% from a year ago

 

>

GAAP Pretax Income of $201 million and Adjusted Pretax Income of $221 million

 

>

GAAP Diluted EPS of $3.51 and Adjusted EPS of $3.92

 

Fourth Quarter Overview

 

>

Total Revenues of $280 million, a decrease of 11% from a year ago

 

>

GAAP Pretax Income of $60 million and Adjusted Pretax Income of $61 million

 

>

GAAP Diluted EPS of $0.95 and Adjusted EPS of $1.08

 

2022 Investments and Capital Management

 

>

9% increase in Company-wide headcount

 

>

2.2 million share equivalents repurchased; record open market repurchases of 1.7 million shares

 

>

$223 million of cash, cash equivalents and short-term investments at year end and had no funded debt

 

 

Paul J. Taubman, Chairman and Chief Executive Officer, said, “We are pleased with our 2022 financial performance, delivering year-over-year revenue growth. These results were achieved in a difficult market environment as our integrated capabilities enabled us to serve our clients with differentiated insights and expertise. Across all of our businesses, we delivered strong relative performance. As before, we remain confident in our future growth prospects.”

 

New York, February 7, 2023: PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) today announced its financial results for the full year and quarter ended December 31, 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 months and year ended December 31, 2022 and 2021:

 

Three Months Ended

December 31,

 

 

 

 

 

 

 

Year Ended

December 31,

 

 

 

 

 

 

 

2022

 

 

2021

 

 

% Change

 

 

 

2022

 

 

2021

 

 

% Change

 

 

 

(Dollars in Millions)

 

Revenues

 

 

 

Advisory

 

$

230.8

 

 

$

232.6

 

 

(1%)

 

 

 

$

823.5

 

 

$

762.7

 

 

8%

 

Placement

 

 

43.4

 

 

 

79.1

 

 

(45%)

 

 

 

 

192.9

 

 

 

216.7

 

 

(11%)

 

Interest Income & Other

 

 

5.8

 

 

 

1.6

 

 

263%

 

 

 

 

9.1

 

 

 

12.5

 

 

(27%)

 

Total Revenues

 

$

280.0

 

 

$

313.3

 

 

(11%)

 

 

 

$

1,025.5

 

 

$

991.9

 

 

3%

 

 

Year Ended

Total Revenues increased to $1.03 billion for the year, up 3% from $992 million for the prior year.

Advisory Revenues increased to $823 million for the year, up 8% from $763 million for the prior year, principally due to an increase in restructuring revenues.

Placement Revenues decreased to $193 million for the year, down 11% from $217 million for the prior year, due to a decrease in corporate placement revenues.

Interest Income & Other decreased $3 million for the year compared with the prior year principally due to a reduction in the fair market value on certain equity securities received as part of transaction compensation.

Three Months Ended

Total Revenues decreased to $280 million for the current quarter, down 11% from $313 million for the prior year.

Advisory Revenues decreased to $231 million for the current quarter, down 1% from $233 million for the prior year. Decreases in strategic advisory and secondary advisory revenues were almost entirely offset by an increase in restructuring revenues.

Placement Revenues decreased to $43 million for the current quarter, down 45% from $79 million for the prior year, principally due to a decrease in corporate placement revenues.

Interest Income & Other increased $4 million for the current quarter compared with the prior year principally due to more favorable foreign currency rates.

2

Expenses

The following tables set forth information relating to the Company’s expenses for the three months and year ended December 31, 2022 and 2021:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

669.1

 

 

$

657.4

 

 

$

640.0

 

 

$

625.2

 

% of Revenues

 

 

65.2

%

 

 

64.1

%

 

 

64.5

%

 

 

63.0

%

Non-Compensation

 

$

154.9

 

 

$

147.6

 

 

$

132.5

 

 

$

124.5

 

% of Revenues

 

 

15.1

%

 

 

14.4

%

 

 

13.4

%

 

 

12.5

%

Total Expenses

 

$

824.0

 

 

$

805.0

 

 

$

772.5

 

 

$

749.6

 

% of Revenues

 

 

80.4

%

 

 

78.5

%

 

 

77.9

%

 

 

75.6

%

Pretax Income

 

$

201.5

 

 

$

220.5

 

 

$

219.4

 

 

$

242.3

 

% of Revenues

 

 

19.6

%

 

 

21.5

%

 

 

22.1

%

 

 

24.4

%

 

  

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

 

 

GAAP

 

 

As Adjusted

 

 

GAAP

 

 

As Adjusted

 

 

 

(Dollars in Millions)

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

$

180.2

 

 

$

180.2

 

 

$

205.2

 

 

$

201.0

 

% of Revenues

 

 

64.4

%

 

 

64.4

%

 

 

65.5

%

 

 

64.2

%

Non-Compensation

 

$

39.7

 

 

$

38.5

 

 

$

33.3

 

 

$

31.3

 

% of Revenues

 

 

14.2

%

 

 

13.7

%

 

 

10.6

%

 

 

10.0

%

Total Expenses

 

$

220.0

 

 

$

218.7

 

 

$

238.4

 

 

$

232.3

 

% of Revenues

 

 

78.6

%

 

 

78.1

%

 

 

76.1

%

 

 

74.1

%

Pretax Income

 

$

60.0

 

 

$

61.3

 

 

$

74.8

 

 

$

81.0

 

% of Revenues

 

 

21.4

%

 

 

21.9

%

 

 

23.9

%

 

 

25.9

%

 

 

Compensation and Benefits Expense

Year Ended

GAAP Compensation and Benefits Expense was $669 million for the year compared with $640 million for the prior year. Adjusted Compensation and Benefits Expense was $657 million for the year compared with $625 million for the prior year. The adjusted compensation accrual rate was 64.1% compared with 63.0% for the prior year.

Three Months Ended

GAAP Compensation and Benefits Expense was $180 million for the quarter compared with $205 million for the prior year. Adjusted Compensation and Benefits Expense was also $180 million for the current quarter compared with $201 million for the prior year.


3

 

Non-Compensation Expense

Year Ended

GAAP Non-Compensation Expense was $155 million for the year compared with $132 million for the prior year. Adjusted Non-Compensation Expense was $148 million for the year compared with $124 million for the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense was principally due to an additional $16 million in Travel and Related resulting from increased levels of business travel. Excluding Travel and Related, GAAP and Adjusted Non-Compensation Expense increased 5% and 6%, respectively, compared with prior year results.

Three Months Ended

GAAP Non-Compensation Expense was $40 million for the current quarter compared with $33 million for the prior year. Adjusted Non-Compensation Expense was $38 million for the current quarter compared with $31 million for the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense was principally due to an additional $3.6 million in Travel and Related resulting from increased levels of business travel and an additional $2.4 million in Professional Fees.

Provision for Taxes

As of December 31, 2022, PJT Partners Inc. owned 62.4% 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 December 31, 2022 and 2021 was 23.2% and 14.3%, respectively. The effective tax rate for GAAP Net Income for the years ended December 31, 2022 and 2021 was 18.2% and 13.4%, 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 year ended December 31, 2022 was 26.0% compared with 22.3% for the prior year. 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 December 31, 2022, the Company held cash, cash equivalents and short-term investments of $223 million and had no funded debt.

4

During the year ended December 31, 2022, the Company repurchased 1.7 million shares of Class A common stock in the open market, exchanged 250 thousand Partnership Units for shares of Class A common stock, exchanged 226 thousand Partnership Units for cash and net share settled 275 thousand shares of Class A common stock to satisfy employee tax obligations. During the fourth quarter 2022, the Company repurchased 124 thousand shares of Class A common stock in the open market, exchanged 38 thousand Partnership Units for cash and net share settled 15 thousand shares of Class A common stock to satisfy employee tax obligations.

In total during the year ended December 31, 2022, the Company repurchased 2.2 million share equivalents at an average price of $66.02 per share. During the fourth quarter 2022, the Company repurchased 177 thousand share equivalents at an average price of $73.84 per share.

As of December 31, 2022, the Company’s remaining repurchase authorization was $174 million.

The Company intends to repurchase 143 thousand Partnership Units for cash on February 14, 2023 at a price to be determined by the volume-weighted average price per share of the Company’s Class A common stock on February 9, 2023.

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 March 22, 2023 to Class A common stockholders of record as of March 8, 2023.

Quarterly Investor Call Details

PJT Partners will host a conference call on February 7, 2023 at 8:30 a.m. ET to discuss its full year and fourth quarter 2022 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (888) 254-3590 (U.S. domestic) or +1 (720) 543-0214 (international), passcode 4189218. 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

5

historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyberattacks, security vulnerabilities, and internet disruptions, including breaches of data security and privacy leaks, data loss, and business interruptions; (c) 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 on the U.S. and the global economy, including business disruptions, pandemics, reductions in employment and an increase in business failures; (e) the impact of catastrophic events 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

6

benefit from certain compensation-related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided in the Appendix.

To help investors understand the effect of the Company’s ownership structure on its Adjusted Net Income, the Company has presented Adjusted Net Income, If-Converted. This measure illustrates the impact of taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding the unvested Partnership Units that have yet to satisfy certain market conditions) were exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including the tax benefits of the adjustments for transaction-related compensation expense and amortization expense.

7

Appendix

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

Summary of Shares Outstanding (unaudited)

Footnotes

 

8

 

PJT Partners Inc.

GAAP Condensed Consolidated Statements of Operations (unaudited)

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

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

$

230,784

 

 

$

232,599

 

 

$

823,496

 

 

$

762,723

 

Placement

 

 

43,405

 

 

 

79,081

 

 

 

192,890

 

 

 

216,692

 

Interest Income and Other

 

 

5,764

 

 

 

1,586

 

 

 

9,119

 

 

 

12,530

 

Total Revenues

 

 

279,953

 

 

 

313,266

 

 

 

1,025,505

 

 

 

991,945

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

 

180,242

 

 

 

205,174

 

 

 

669,141

 

 

 

640,040

 

Occupancy and Related

 

 

9,422

 

 

 

8,898

 

 

 

35,253

 

 

 

34,686

 

Travel and Related

 

 

7,726

 

 

 

4,094

 

 

 

25,197

 

 

 

9,073

 

Professional Fees

 

 

5,548

 

 

 

3,193

 

 

 

27,200

 

 

 

27,209

 

Communications and Information Services

 

 

4,078

 

 

 

4,512

 

 

 

16,897

 

 

 

18,060

 

Depreciation and Amortization

 

 

3,319

 

 

 

4,215

 

 

 

15,475

 

 

 

15,750

 

Other Expenses

 

 

9,625

 

 

 

8,341

 

 

 

34,871

 

 

 

27,678

 

Total Expenses

 

 

219,960

 

 

 

238,427

 

 

 

824,034

 

 

 

772,496

 

Income Before Provision for Taxes

 

 

59,993

 

 

 

74,839

 

 

 

201,471

 

 

 

219,449

 

Provision for Taxes

 

 

13,923

 

 

 

10,721

 

 

 

36,699

 

 

 

29,494

 

Net Income

 

 

46,070

 

 

 

64,118

 

 

 

164,772

 

 

 

189,955

 

Net Income Attributable to Non-Controlling Interests

 

 

21,496

 

 

 

29,222

 

 

 

74,238

 

 

 

83,787

 

Net Income Attributable to PJT Partners Inc.

 

$

24,574

 

 

$

34,896

 

 

$

90,534

 

 

$

106,168

 

Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.97

 

 

$

1.40

 

 

$

3.61

 

 

$

4.25

 

Diluted

 

$

0.95

 

 

$

1.32

 

 

$

3.51

 

 

$

3.99

 

Weighted-Average Shares of Class A Common Stock

   Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,213,986

 

 

 

24,898,355

 

 

 

25,077,835

 

 

 

24,959,382

 

Diluted

 

 

26,974,129

 

 

 

42,117,482

 

 

 

26,616,640

 

 

 

42,358,705

 

 

 

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

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

GAAP Net Income

 

$

46,070

 

 

$

64,118

 

 

$

164,772

 

 

$

189,955

 

Less: GAAP Provision for Taxes

 

 

13,923

 

 

 

10,721

 

 

 

36,699

 

 

 

29,494

 

GAAP Pretax Income

 

 

59,993

 

 

 

74,839

 

 

 

201,471

 

 

 

219,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to GAAP Pretax Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction-Related Compensation Expense(1)

 

 

19

 

 

 

4,162

 

 

 

11,765

 

 

 

14,888

 

Amortization of Intangible Assets(2)

 

 

1,230

 

 

 

1,927

 

 

 

6,506

 

 

 

7,777

 

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

 

 

33

 

 

 

64

 

 

 

804

 

 

 

199

 

Adjusted Pretax Income

 

 

61,275

 

 

 

80,992

 

 

 

220,546

 

 

 

242,313

 

Adjusted Taxes(4)

 

 

13,814

 

 

 

14,099

 

 

 

40,020

 

 

 

35,087

 

Adjusted Net Income

 

 

47,461

 

 

 

66,893

 

 

 

180,526

 

 

 

207,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If-Converted Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Adjusted Taxes(4)

 

 

(13,814

)

 

 

(14,099

)

 

 

(40,020

)

 

 

(35,087

)

Add: If-Converted Taxes(5)

 

 

16,121

 

 

 

17,007

 

 

 

57,264

 

 

 

54,073

 

Adjusted Net Income, If-Converted

 

$

45,154

 

 

$

63,985

 

 

$

163,282

 

 

$

188,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.97

 

 

$

1.40

 

 

$

3.61

 

 

$

4.25

 

Diluted

 

$

0.95

 

 

$

1.32

 

 

$

3.51

 

 

$

3.99

 

GAAP Weighted-Average Shares of Class A

   Common Stock Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,213,986

 

 

 

24,898,355

 

 

 

25,077,835

 

 

 

24,959,382

 

Diluted

 

 

26,974,129

 

 

 

42,117,482

 

 

 

26,616,640

 

 

 

42,358,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income, If-Converted Per Share

 

$

1.08

 

 

$

1.52

 

 

$

3.92

 

 

$

4.44

 

Weighted-Average Shares Outstanding, If-Converted

 

 

41,812,119

 

 

 

42,120,075

 

 

 

41,663,773

 

 

 

42,363,237

 

 

10

 

PJT Partners Inc.

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

(Dollars in Thousands)

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

GAAP Compensation and Benefits Expense

 

$

180,242

 

 

$

205,174

 

 

$

669,141

 

 

$

640,040

 

Transaction-Related Compensation Expense(1)

 

 

(19

)

 

 

(4,162

)

 

 

(11,765

)

 

 

(14,888

)

Adjusted Compensation and Benefits Expense

 

$

180,223

 

 

$

201,012

 

 

$

657,376

 

 

$

625,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Compensation Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy and Related

 

$

9,422

 

 

$

8,898

 

 

$

35,253

 

 

$

34,686

 

Travel and Related

 

 

7,726

 

 

 

4,094

 

 

 

25,197

 

 

 

9,073

 

Professional Fees

 

 

5,548

 

 

 

3,193

 

 

 

27,200

 

 

 

27,209

 

Communications and Information Services

 

 

4,078

 

 

 

4,512

 

 

 

16,897

 

 

 

18,060

 

Depreciation and Amortization

 

 

3,319

 

 

 

4,215

 

 

 

15,475

 

 

 

15,750

 

Other Expenses

 

 

9,625

 

 

 

8,341

 

 

 

34,871

 

 

 

27,678

 

GAAP Non-Compensation Expense

 

 

39,718

 

 

 

33,253

 

 

 

154,893

 

 

 

132,456

 

Amortization of Intangible Assets(2)

 

 

(1,230

)

 

 

(1,927

)

 

 

(6,506

)

 

 

(7,777

)

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

 

 

(33

)

 

 

(64

)

 

 

(804

)

 

 

(199

)

Adjusted Non-Compensation Expense

 

$

38,455

 

 

$

31,262

 

 

$

147,583

 

 

$

124,480

 

 

 

 

 

 

 

11

 

PJT Partners Inc.

Summary of Shares Outstanding (unaudited)

 

 

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

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Weighted-Average Shares Outstanding - GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

25,213,986

 

 

 

24,898,355

 

 

 

25,077,835

 

 

 

24,959,382

 

Dilutive Impact of Unvested RSUs(6)

 

 

1,760,143

 

 

 

1,942,167

 

 

 

1,538,805

 

 

 

1,680,900

 

Dilutive Impact of Partnership Units(7)

 

 

—

 

 

 

15,276,960

 

 

 

—

 

 

 

15,718,423

 

Diluted Shares Outstanding, GAAP

 

 

26,974,129

 

 

 

42,117,482

 

 

 

26,616,640

 

 

 

42,358,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Shares Outstanding - If-Converted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Shares Outstanding, GAAP

 

 

25,213,986

 

 

 

24,898,355

 

 

 

25,077,835

 

 

 

24,959,382

 

Unvested RSUs(8)

 

 

1,760,143

 

 

 

1,944,760

 

 

 

1,540,744

 

 

 

1,685,432

 

Partnership Units(7)

 

 

14,837,990

 

 

 

15,276,960

 

 

 

15,045,194

 

 

 

15,718,423

 

If-Converted Shares Outstanding

 

 

41,812,119

 

 

 

42,120,075

 

 

 

41,663,773

 

 

 

42,363,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

Fully-Diluted Shares Outstanding(9)

 

 

43,599,438

 

 

 

43,798,482

 

 

 

 

 

 

 

 

 

 

As of December 31, 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 dividend adjusted volume-weighted average share price over any consecutive 20-day trading period (“20-day VWAP”) of $100 prior to February 26, 2027. The remaining 1.3 million vest ratably upon the Company achieving a 20-day VWAP between $100 and $130 prior to February 26, 2027. The awards are also subject to a five year service based vesting requirement, with 20% vesting per annum.

 

 

12

 

Footnotes

 

 

 

(1)

This adjustment adds back to GAAP Pretax Income transaction-related compensation expense for Partnership Units with both time-based vesting and market conditions as well as equity-based and cash awards granted in connection with the acquisition of CamberView.

 

(2)

This adjustment adds back to GAAP Pretax Income amounts for the amortization of intangible assets that are associated with Blackstone’s IPO, the acquisition of PJT Capital LP on October 1, 2015 and the acquisition of CamberView on October 1, 2018.

 

(3)

This adjustment adds back to GAAP Pretax Income the net change to the amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation-related tax deductions. Such amounts are reflected in Other Expenses in the Condensed Consolidated Statements of Operations.

 

(4)

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

 

(5)

Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding the unvested Partnership Units that have yet to satisfy market conditions) were exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including the tax benefits of the adjustments for transaction-related compensation expense and amortization expense.

 

(6)

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

 

(7)

Represents the number of shares assuming the conversion of all Partnership Units, excluding Partnership Units that have yet to satisfy certain market conditions.

 

(8)

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

 

(9)

Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company’s Class A common stock. As of December 31, 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.

13

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Document and Entity Information
Feb. 07, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 07, 2023
Entity Registrant Name PJT Partners Inc.
Entity Central Index Key 0001626115
Entity Emerging Growth Company false
Entity File Number 001-36869
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-4797143
Entity Address, Address Line One 280 Park Avenue
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10017
City Area Code (212)
Local Phone Number 364-7800
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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