Second Quarter Overview (Form 8-K)

Second Quarter Overview

Six Months Overview

Capital Management and Balance Sheet

New York, July 29, 2025: PJT Partners Inc. (the "Company" or "PJT Partners") (NYSE: PJT) today announced its financial results for the second quarter and six months ended June 30, 2025.

Revenues

The following table sets forth revenues for the three and six months ended June 30, 2025 and 2024:

Three Months Ended

The increase in Advisory Revenues was principally due to an increase in strategic advisory revenues.

The decrease in Placement Revenues was due to a decrease in fund placement revenues.

The increase in Interest Income & Other was principally due to an increase in the fair market value of certain equity securities received as part of transaction compensation.

Six Months Ended

The increase in Advisory Revenues was principally due to an increase in strategic advisory revenues.

The decrease in Placement Revenues was due to a decrease in fund placement revenues.

The increase in Interest Income & Other was principally due to an increase in the fair market value of certain equity securities received as part of transaction compensation.

Expenses

The following tables set forth information relating to the Company's expenses for the three and six months ended June 30, 2025 and 2024:

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Compensation and Benefits Expense

Three Months Ended

GAAP Compensation and Benefits Expense was $277 million for the current quarter compared with $250 million in the prior year. Adjusted Compensation and Benefits Expense was $275 million compared with $250 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with prior year, partially offset by a lower accrual rate.

Six Months Ended

GAAP Compensation and Benefits Expense was $498 million compared with $479 million in the prior year. Adjusted Compensation and Benefits Expense was $494 million compared with $479 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with prior year, partially offset by a lower accrual rate.

Non-Compensation Expense

Three Months Ended

GAAP Non-Compensation Expense was $54 million for the current quarter compared with $45 million in the prior year. Adjusted Non-Compensation Expense was $52 million for the current quarter compared with $44 million in the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Occupancy and Related and Travel and Related expenses. Occupancy and Related increased principally due to the expansion of our London and New York offices. Travel and Related increased principally due to increased business development activity and higher cost of travel.

Six Months Ended

GAAP Non-Compensation Expense was $104 million compared with $92 million in the prior year. Adjusted Non-Compensation Expense was $101 million compared with $89 million in the prior year.

The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Occupancy and Related and Travel and Related expenses. Occupancy and Related increased principally due to the expansion of our London and New York offices. Travel and Related increased principally due to increased business development activity and higher cost of travel.

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Provision for Taxes

As of June 30, 2025, the Company owned 61.5% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. 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, 2024 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended June 30, 2025 and 2024 was 19.7% and 17.7%, respectively. The effective tax rate for GAAP Net Income for the six months ended June 30, 2025 and 2024 was -5.1% and 10.1%, respectively.

The effective tax rate for Adjusted Net Income, If-Converted for the six months ended June 30, 2025 was 16.5% compared with 20.6% for full year 2024.

Capital Management and Balance Sheet

As of June 30, 2025, the Company held Cash, Cash equivalents and Short-term investments of $318 million and had no funded debt.

During the second quarter 2025, the Company repurchased 469 thousand shares of Class A common stock in the open market, exchanged 171 thousand Partnership Units for cash and net share settled 2 thousand shares of Class A common stock to satisfy employee tax obligations.

During the second quarter 2025, the Company repurchased a total of 642 thousand shares and share equivalents at an average price of $136.43 per share. During the six months ended June 30, 2025, the Company repurchased 2.1 million shares and share equivalents at an average price of $154.63 per share.

As of June 30, 2025, the Company's remaining repurchase authorization was $87 million.

The Company intends to repurchase 186 thousand Partnership Units for cash on August 5, 2025 at a price to be determined by the volume-weighted average price per share of the Company's Class A common stock on July 31, 2025.

Dividend

The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on September 17, 2025 to Class A common stockholders of record as of September 3, 2025.

Quarterly Investor Call Details

PJT Partners will host a conference call on July 29, 2025 at 8:30 a.m. ET to discuss its second quarter and six months ended June 30, 2025 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 274-8461 (U.S. domestic) or +1 (203) 518-9814 (international), passcode PJTP2Q25. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com.

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About PJT Partners

PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.

Forward-Looking Statements

Certain material presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "opportunity," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could" or the negative of these terms or similar expressions.