Company Quick10K Filing
Quick10K
PJT Partners
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-24 Officers, Shareholder Vote, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-01 Enter Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-24 Officers
8-K 2018-08-27 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-02 Earnings, Shareholder Vote, Exhibits
8-K 2018-02-07 Earnings, Exhibits
BEN Franklin Resources 13,374
APO Apollo Global Management 7,453
MORN Morningstar 6,870
JHG Janus Henderson Group 3,677
CG Carlyle Group 2,499
APAM Artisan Partners Asset Management 2,003
VALU Value Line 215
SAMG Silvercrest Asset Management Group 109
GROW US Global Investors 31
MN Manning & Napier 27
PJT 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 pjt-ex311_9.htm
EX-31.2 pjt-ex312_7.htm
EX-32.1 pjt-ex321_6.htm
EX-32.2 pjt-ex322_8.htm

PJT Partners Earnings 2019-06-30

PJT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

pjt-10q_20190630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM           TO           

Commission File Number: 001-36869

 

 

PJT Partners Inc.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

36-4797143

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

280 Park Avenue

New York, New York 10017

(Address of principal executive offices)(Zip Code)

(212) 364-7800

(Registrant’s telephone number, including area code)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of July 30, 2019, there were 23,108,421 shares of Class A common stock, par value $0.01 per share, and 206 shares of Class B common stock, par value $0.01 per share, outstanding.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Financial Statements — June 30, 2019 and 2018:

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition as of June 30, 2019 and December 31, 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2019 and 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Six Months Ended June 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

28

 

 

 

 

 

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

38

 

 

 

 

 

ITEM 4.

 

CONTROLS AND PROCEDURES

 

38

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

39

 

 

 

 

 

ITEM 1A.

 

RISK FACTORS

 

39

 

 

 

 

 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

39

 

 

 

 

 

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

40

 

 

 

 

 

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

40

 

 

 

 

 

ITEM 5.

 

OTHER INFORMATION

 

40

 

 

 

 

 

ITEM 6.

 

EXHIBITS

 

41

 

 

 

 

 

SIGNATURES

 

42

 

 

 

1


 

PJT Partners Inc. was formed in connection with certain merger and spin-off transactions whereby the financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses of The Blackstone Group Inc. (“Blackstone” or our “former Parent”) were combined with PJT Capital LP, a financial advisory firm founded by Paul J. Taubman in 2013 (together with its then affiliates, “PJT Capital”), and the combined business was distributed to Blackstone’s unitholders to create PJT Partners Inc., a stand-alone, independent publicly traded company. Throughout this Quarterly Report on Form 10-Q, we refer to this transaction as the “spin-off.” PJT Partners Inc. is a holding company and its only material asset is its controlling equity interest in PJT Partners Holdings LP, a holding partnership that holds the company’s operating subsidiaries, and certain cash and cash equivalents it may hold from time to time. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs of PJT Partners Holdings LP and its operating subsidiaries.

In this Quarterly Report on Form 10-Q, unless the context requires otherwise, the words “PJT Partners Inc.” refers to PJT Partners Inc., and “PJT Partners,” the “Company,” “we,” “us” and “our” refer to PJT Partners Inc., together with its consolidated subsidiaries, including PJT Partners Holdings LP and its operating subsidiaries.

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.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in such forward-looking statements. You should not put undue reliance on any forward-looking statements contained herein. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The risk factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that are not currently expected to have a material adverse effect on our business. Any such risks could cause our results to differ materially from those expressed in forward-looking statements.

Website Disclosure

We use our website (www.pjtpartners.com) as a channel of distribution of company information. The information we post may be deemed material. Accordingly, investors should monitor the website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about PJT Partners when you enroll your e-mail address by visiting the “Investor Relations” page of our website at ir.pjtpartners.com/investor-relations. Although we refer to our website in this report, the contents of our website are not included or incorporated by reference into this report. All references to our website in this report are intended to be inactive textual references only.

 

 

2


 

PART I.

FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

PJT Partners Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

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

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

84,214

 

 

$

106,110

 

Investments

 

 

1,412

 

 

 

2,157

 

Accounts Receivable (net of allowance for doubtful accounts of $350 and

   $726 at June 30, 2019 and December 31, 2018, respectively)

 

 

221,901

 

 

 

217,768

 

Intangible Assets, Net

 

 

45,192

 

 

 

49,160

 

Goodwill

 

 

170,914

 

 

 

176,031

 

Furniture, Equipment and Leasehold Improvements, Net

 

 

35,911

 

 

 

34,805

 

Operating Lease Right-of-Use Assets

 

 

140,553

 

 

 

 

Other Assets

 

 

43,138

 

 

 

26,935

 

Deferred Tax Asset, Net

 

 

58,309

 

 

 

58,851

 

Total Assets

 

$

801,544

 

 

$

671,817

 

Liabilities and Equity (Deficit)

 

 

 

 

 

 

 

 

Accrued Compensation and Benefits

 

$

60,040

 

 

$

89,642

 

Accounts Payable, Accrued Expenses and Other Liabilities

 

 

18,567

 

 

 

24,657

 

Operating Lease Liabilities

 

 

155,979

 

 

 

 

Deferred Rent Liability

 

 

 

 

 

16,417

 

Amount Due Pursuant to Tax Receivable Agreement

 

 

8,916

 

 

 

8,456

 

Taxes Payable

 

 

2,576

 

 

 

7,040

 

Deferred Revenue

 

 

5,965

 

 

 

7,856

 

Loan Payable

 

 

30,000

 

 

 

30,000

 

Total Liabilities

 

 

282,043

 

 

 

184,068

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Equity (Deficit)

 

 

 

 

 

 

 

 

Class A Common Stock, par value $0.01 per share (3,000,000,000

  shares authorized; 25,101,023 and 23,940,185 issued at June 30,

  2019 and December 31, 2018, respectively; 23,108,421 and 22,586,787

  outstanding at June 30, 2019 and December 31, 2018, respectively)

 

 

251

 

 

 

240

 

Class B Common Stock, par value $0.01 per share (1,000,000

   shares authorized; 203 issued and outstanding at June 30, 2019;

   199 issued and outstanding at December 31, 2018)

 

 

 

 

 

 

Additional Paid-In Capital

 

 

278,053

 

 

 

210,939

 

Accumulated Deficit

 

 

(166,257

)

 

 

(169,836

)

Accumulated Other Comprehensive Loss

 

 

(615

)

 

 

(627

)

Treasury Stock at Cost (1,992,602 and 1,353,398 shares at June 30, 2019

   and December 31, 2018, respectively)

 

 

(92,856

)

 

 

(67,172

)

Total PJT Partners Inc. Equity (Deficit)

 

 

18,576

 

 

 

(26,456

)

Non-Controlling Interests

 

 

500,925

 

 

 

514,205

 

Total Equity

 

 

519,501

 

 

 

487,749

 

Total Liabilities and Equity

 

$

801,544

 

 

$

671,817

 

 

See notes to condensed consolidated financial statements.

 

3


 

PJT Partners Inc.

Condensed Consolidated Statements of Operations (Unaudited)

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory Fees

 

$

133,035

 

 

$

98,294

 

 

$

237,502

 

 

$

201,757

 

Placement Fees

 

 

28,695

 

 

 

28,132

 

 

 

52,007

 

 

 

54,252

 

Interest Income and Other

 

 

4,974

 

 

 

4,244

 

 

 

5,251

 

 

 

8,703

 

Total Revenues

 

 

166,704

 

 

 

130,670

 

 

 

294,760

 

 

 

264,712

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and Benefits

 

 

119,165

 

 

 

94,273

 

 

 

214,316

 

 

 

197,905

 

Occupancy and Related

 

 

7,802

 

 

 

6,573

 

 

 

14,938

 

 

 

13,376

 

Travel and Related

 

 

6,721

 

 

 

5,987

 

 

 

13,680

 

 

 

11,457

 

Professional Fees

 

 

5,667

 

 

 

4,019

 

 

 

11,469

 

 

 

9,218

 

Communications and Information Services

 

 

3,493

 

 

 

3,260

 

 

 

6,706

 

 

 

6,740

 

Depreciation and Amortization

 

 

3,635

 

 

 

2,092

 

 

 

7,255

 

 

 

4,099

 

Other Expenses

 

 

6,629

 

 

 

4,328

 

 

 

12,891

 

 

 

9,160

 

Total Expenses

 

 

153,112

 

 

 

120,532

 

 

 

281,255

 

 

 

251,955

 

Income Before Provision (Benefit) for Taxes

 

 

13,592

 

 

 

10,138

 

 

 

13,505

 

 

 

12,757

 

Provision (Benefit) for Taxes

 

 

3,566

 

 

 

(882

)

 

 

2,542

 

 

 

(4,992

)

Net Income

 

 

10,026

 

 

 

11,020

 

 

 

10,963

 

 

 

17,749

 

Net Income Attributable to

   Non-Controlling Interests

 

 

5,200

 

 

 

4,075

 

 

 

5,036

 

 

 

5,568

 

Net Income Attributable to PJT Partners Inc.

 

$

4,826

 

 

$

6,945

 

 

$

5,927

 

 

$

12,181

 

Net Income Per Share of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.20

 

 

$

0.30

 

 

$

0.24

 

 

$

0.57

 

Diluted

 

$

0.20

 

 

$

0.30

 

 

$

0.24

 

 

$

0.55

 

Weighted-Average Shares of Class A Common

   Stock Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,572,535

 

 

 

22,641,562

 

 

 

24,157,671

 

 

 

20,987,863

 

Diluted

 

 

24,572,535

 

 

 

24,185,020

 

 

 

24,157,671

 

 

 

22,689,344

 

 

See notes to condensed consolidated financial statements.

 

 

4


 

PJT Partners Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(Dollars in Thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income

 

$

10,026

 

 

$

11,020

 

 

$

10,963

 

 

$

17,749

 

Other Comprehensive Income (Loss), Net of Tax

   Currency Translation Adjustment

 

 

(1,228

)

 

 

(1,231

)

 

 

33

 

 

 

(462

)

Comprehensive Income

 

 

8,798

 

 

 

9,789

 

 

 

10,996

 

 

 

17,287

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income Attributable to Non-

   Controlling Interests

 

 

4,620

 

 

 

3,476

 

 

 

5,057

 

 

 

5,334

 

Comprehensive Income Attributable to PJT Partners Inc.

 

$

4,178

 

 

$

6,313

 

 

$

5,939

 

 

$

11,953

 

 

See notes to condensed consolidated financial statements.

 

 

5


 

PJT Partners Inc.

Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited)

(Dollars in Thousands, Except Share Data)

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

Class B

 

 

 

 

 

 

Class A

 

 

Class B

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Common

 

 

Common

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Treasury

 

 

Controlling

 

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Stock

 

 

Interests

 

 

Total

 

Balance at December 31, 2017

 

 

18,599,454

 

 

 

221

 

 

 

(60,333

)

 

$

186

 

 

$

 

 

$

23,891

 

 

$

(185,991

)

 

$

155

 

 

$

(2,302

)

 

$

586,515

 

 

$

422,454

 

Adoption of Accounting Standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,696

)

 

 

 

 

 

 

 

 

 

 

 

(6,696

)

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,236

 

 

 

 

 

 

 

 

 

1,493

 

 

 

6,729

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

404

 

 

 

 

 

 

365

 

 

 

769

 

Dividends Declared ($0.05 Per Share of Class A

   Common Stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(967

)

 

 

 

 

 

 

 

 

 

 

 

(967

)

Equity-Based Compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,666

 

 

 

 

 

 

 

 

 

 

 

 

11,396

 

 

 

37,062

 

Forfeiture Liability for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91

 

Net Share Settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,468

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,468

)

Deliveries of Vested Shares of

   Class A Common Stock

 

 

1,135,047

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Ownership Interest

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

81,350

 

 

 

 

 

 

 

 

 

 

 

 

(105,428

)

 

 

(24,078

)

Treasury Stock Purchases

 

 

 

 

 

 

 

 

(81,810

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,890

)

 

 

 

 

 

(3,890

)

Balance at March 31, 2018

 

 

19,734,501

 

 

 

215

 

 

 

(142,143

)

 

 

197

 

 

 

 

 

 

111,519

 

 

 

(188,418

)

 

 

559

 

 

 

(6,192

)

 

 

494,341

 

 

 

412,006

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,945

 

 

 

 

 

 

 

 

 

4,075

 

 

 

11,020

 

Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(632

)

 

 

 

 

 

(599

)

 

 

(1,231

)

Dividends Declared ($0.05 Per Share of Class A

   Common Stock)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,115

)

 

 

 

 

 

 

 

 

 

 

 

(1,115

)

Tax Distributions