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- **Record Financials**: Q3 revenue up 37%, EPS up 99%, with 9-month adjusted EPS up 43%.
- **Strong Restructuring Growth**: Q3 restructuring revenues at record levels, driven by concentrated sector stress.
- **Strategic Advisory Dominance**: Deal size up 40% YoY, with record Q3 and 9-month revenues.
- **Cautious Optimism on Fundraising**: Primary market challenges, but secondary market (continuation funds) growth.
- **Operating Margin Strength**: 2025 pretax margin near 10-year high, with further upside through disciplined expansion.

### CEO Summary Section
- **Record Financial Performance**: Q3 revenue of $447M (+37% YoY), adjusted pretax income of $94M (+86% YoY), and EPS of $1.85 (+99% YoY). Full-year 9-month revenue up 16% to $1.18B, with adjusted EPS up 43%.
- **Macroeconomic Outlook**: Favorable capital markets (low volatility, strong debt issuance) supporting M&A recovery, but risks include geopolitical tensions, high interest rates, and AI-driven disruption.
- **Business Segments**:
  - **Restructuring**: Record Q3 and 9-month revenues, driven by concentrated stress in tech, healthcare, and automotive sectors.
  - **PJT Park Hill**: Flat Q3 revenues, with primary fundraising challenges offset by secondary market activity.
  - **Strategic Advisory**: Record Q3 and 9-month revenues, with deal size up 40% but transaction count down, reflecting larger, complex deals.
- **Talent Expansion**: 7% headcount growth, including 4 new strategic advisory partners.

### CFO Financial Commentary
- **Revenue Growth**: Q3 total revenue $447M (+37% YoY), with strategic advisory up 37% and restructuring up 19%.
- **Expense Management**: Compensation as % of revenue at 67.5% (vs. 69.5% YoY), non-compensation expenses up 5% ($51M Q3) due to office expansion and travel.
- **Profitability**: Adjusted pretax margin 21% (Q3) and 19.5% (9-month), with effective tax rate 15.5%.
- **Share Repurchases**: 2.3M shares repurchased YTD, with $520M cash on hand.

### Q&A Highlights
- **Restructuring Outlook**: Elevated activity expected to persist, driven by sponsor engagement and global expansion.
- **Government Shutdown Impact**: Minimal direct impact, but macroeconomic confidence risks.
- **Fundraising Environment**: Crowded primary market, but secondary products (continuation funds) offer differentiation.
- **Operating Leverage**: 2025 operating margin near 10-year high, with further improvement potential through disciplined growth.
- **Deal Dynamics**: Larger deal sizes (+40% YoY) offset by lower transaction count, reflecting strategic M&A focus.
- **Credit Backdrop**: Tight spreads may underprice risk, but long-term restructuring demand driven by tech disruption.


PJT Partners Inc. (PJT) Q3 2025 Earnings Call Transcript

- **Record Financials**: Q2 revenues ($407M, +13% YoY), EPS ($1.54, +29% YoY), and 6-month EPS growth (19%) set new highs.
- **Strategic Advisory Surge**: Record Q2 revenues, pipeline at record levels, and 2025 results expected to exceed 2024.
- **Restructuring Leadership**: #1 in U.S. restructurings, with Q2 revenues surpassing prior year's record.
- **PJT Park Hill Challenges**: Revenue declines due to timing, but private capital solutions pipeline poised for H2 recovery.
- **Regulatory Optimism**: Eased M&A scrutiny, though large deals still face elongated timelines.
- **Global Expansion**: Targeting Europe, Gulf, and Asia for restructuring growth; Japan's small investment yielded significant returns.

**【Management Opening Remarks】**
- Sharon Pearson opened by acknowledging the tragic events in Manhattan before transitioning to the earnings discussion.
- Highlighted record results: Q2 revenues ($407M, +13% YoY), adjusted pretax income ($80M, +22% YoY), and adjusted EPS ($1.54, +29% YoY). 6-month totals showed 6% revenue growth and 19% EPS growth.

**【CEO Commentary】**
- **Market Backdrop**: Improved equity valuations, reduced volatility, and business confidence; tariff-related risks have diminished.
- **Strategic Advisory**: Record Q2 and 6-month revenues driven by transaction closings. Pipeline at record levels, with 4 new partners joining. Expect 2025 results to exceed 2024's record.
- **Restructuring**: #1 in U.S. and global restructurings; Q2 revenues exceeded prior year's record. Full-year results expected to match 2024 levels.
- **PJT Park Hill**: Q2 and 6-month revenues declined due to timing of closings. Strong pipeline in private capital solutions expected to drive H2 improvement.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q2 +13% YoY, 6-month +6% YoY, driven by Strategic Advisory.
- **Compensation Expense**: 67.5% of revenues for H1 (vs. 69.5% in 2024), with full-year estimate unchanged.
- **Non-Comp Expense**: Q2 $52M (+18% YoY), 6-month $101M (+13.5% YoY), driven by occupancy and travel costs.
- **Profitability**: Adjusted pretax margin 19.7% (Q2) and 18.6% (6-month), up from 18.2% and 17.5% YoY.
- **Share Buybacks**: 642K shares repurchased in Q2, 2.1M YTD. Dividend of $0.25 declared.

**【Q&A Highlights】**
- **Sponsor M&A**: Increased activity due to improved IPO market, credit market accommodativeness, and strategic interest in portfolio companies. Continuation funds remain viable liquidity tools.
- **Regulatory Environment**: Lighter touch under current admin, but closing timelines remain lengthy. Media and consumer-facing industries still face scrutiny.
- **International Expansion**: Restructuring team targeting Europe, Gulf, and non-Japan Asia. Japan's modest investment yielded outsized returns.
- **Network Effects**: Daily evidence of cross-business collaboration (e.g., connecting creditors with debtors). Japan and Europe seen as key growth areas.


PJT Partners Inc. (PJT) Q2 2025 Earnings Call Transcript

- **Record Q1 Financials**: $325M revenue, $1.05 EPS, despite flat YoY growth. Strategic advisory up, restructuring stable amid macro stress.
- **2025 Outlook**: Full-year guidance unchanged; strategic advisory H2 growth, restructuring to match 2024 levels.
- **Key Growth Drivers**: 70%+ H2 revenue pipeline, 10 new partners, $127M buybacks neutralizing dilution.
- **Risks & Opportunities**: Elevated restructuring activity potential (+10-20% YoY), private equity liquidity demand, talent investments for long-term franchise strength.

**【CEO Summary Section】**
- Q1 2025 revenue of $325 million, flat year-over-year, with record adjusted EPS of $1.05. Strategic advisory revenues increased, driven by a record mandate pipeline. Restructuring and PJT Park Hill revenues were modestly below prior year levels due to macroeconomic uncertainty.
- Full-year outlook remains unchanged, with restructuring activity expected to match 2024 record levels. Strategic advisory growth expected in H2 2025, contingent on macroeconomic conditions.
- 10 new partners added in Q1, reflecting ongoing talent investment despite market volatility.

**【CFO Financial Commentary】**
- Q1 adjusted pre-tax income of $56 million, up 2% YoY, with margin improving to 17.3% from 16.8%. Non-GAAP EPS of $1.05 exceeded expectations.
- Compensation expense ratio at 67.5% of revenue (vs. 69.5% in Q1 2024), with full-year guidance unchanged. Non-compensation expenses grew 9% YoY, driven by travel and tech investments.
- Record $127 million in share buybacks, neutralizing Q1 2025 issuance. Dividend of $0.25 per share declared, reflecting strong cash position of $227 million.

**【Q&A Key Themes】**
- **Strategic Advisory Growth**: Pipeline up 20% YoY, with 70% of 2025 revenue expected in H2. Partner productivity could rise 20-30% in a normalized environment.
- **Restructuring Outlook**: Multi-year elevated activity cycle, with potential 10-20% YoY growth if macro stress persists. In-court restructurings may rise alongside liability management.
- **Private Equity Dynamics**: Slowed IPO and M&A activity, but increased demand for secondary liquidity solutions. Primary fundraising challenges persist amid capital return constraints.
- **Talent Strategy**: Recruiting pace maintained, with 70% of 2025 hires expected in H2. Friction costs easing as market uncertainty deters deal activity.
- **Regulatory Environment**: Mixed signals on M&A scrutiny, with tech/media consolidation facing stricter review while other sectors see favorable conditions.

PJT Partners (PJT)-29 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: 29% revenue growth, 54% EPS rise, and $547M cash balance highlight standout year.
- **Strategic Advisory Breakthrough**: Surpassed 2021 highs despite global M&A decline, signaling market share gains.
- **2025 Outlook**: M&A normalization, Private Capital Solutions growth, and sustained restructuring activity.
- **Talent Investment**: 50% partner growth over five years drives franchise expansion and competitive edge.

**【CEO Opening Remarks】**
- Full-year 2024 revenue reached $1.49 billion, up 29% YoY, with all businesses posting record results.
- Adjusted pre-tax income rose 52% to $278 million, and adjusted EPS increased 54% to $5.02.
- Free cash flow enabled $333 million in share repurchases, ending the year with a record $547 million in cash.

**【CFO Financial Breakdown】**
- Q4 2024 revenue of $477 million (+45% YoY) driven by growth across all segments.
- Full-year adjusted compensation ratio at 69%, expected to decline in 2025.
- Non-compensation expenses grew 12% YoY, with higher occupancy and tech investments.
- Effective tax rate of 20.6% for 2024, with 2025 guidance at or below this level.

**【CEO Business Review & Outlook】**
- Restructuring ranked #1 globally, Strategic Advisory surpassed 2021 highs despite 50% drop in global M&A.
- PJT Park Hill saw capital raised increase despite third straight year of global primary decline.
- 2025 outlook: M&A normalization, Private Capital Solutions secular growth, and active restructuring pipeline.
- Talent expansion: 50% increase in partners over five years, enhancing global coverage.

**【Q&A Key Takeaways】**
- **Productivity**: Strategic Advisory shows highest upside, with 2025 potential for comp leverage.
- **Comp Ratio**: 2025 target for ratio decline, but timing and magnitude dependent on macro.
- **Economic Outlook**: U.S. M&A recovery, European activity poised to rebound due to valuation arbitrage.
- **IPO Trends**: Sponsors favoring fund continuations over IPOs, driving secondary market growth.
- **Recruitment**: Continued focus on senior hires to expand advisory capabilities.

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