To learn more about PJT Partners, please visit our website at www.pjtpartners.com. [16], The firm competes with all investment banks that provide strategic advisory services. Advisory Revenues increased due to significant increases in both restructuring revenues and strategic advisory revenues. The Company is prepared to continue operating in a remote work environment for the foreseeable future, if necessary. [Operator Instructions] We will begin with Devin Ryan with JMP Securities. But in the interim, we'll do our part to remain accessible virtually to our shareowners. The Company has undertaken steps to allow a limited number of employees to return to office locations on a voluntary basis, following safety protocols from health advisors and the respective governmental agencies. GAAP and Adjusted Non-Compensation Expense decreased during the nine months compared with the same period a year ago, primarily driven by decreases in Travel and Related as well as Professional Fees, and partially offset by increases in Other Expenses and Occupancy and Related. As General Counsel, Mr. Travin will oversee all legal and regulatory affairs. Our team of leading professionals delivers innovative solutions to highly complex challenges across M&A, Strategic Advisory and Capital Raising. Interview. To receive notifications via email, enter your email address and select at least one subscription below * Required Excludes 3.6 million unvested Partnership Units and 0.4 million RSUs as of September 30, 2020 that have yet to satisfy certain market conditions.

[3], In 2015, PJT Partners, Inc. was created from a merger of the advisory arm of The Blackstone Group (which had operated for thirty years) and PJT Capital LP, a strategic advisory firm founded by Paul Jefferey Taubman in 2013. The conference call can be accessed via the internet on www.pjtpartners.com or by dialing +1 (866) 548-4713 (U.S. domestic) or +1 (720) 543-0206 (international), passcode 7234131. This reduction was partly offset by an increase in other expenses due to a variety of factors, the largest of which relates to charitable contribution supporting both COVID-related relief and the advancement of racial equity. Share count. I look forward to building on our work together.”.
Please refer to Note 12. Please enable Cookies and reload the page. Number one, we announced 25% more transactions in that six-month period than we did a year ago, but they were meaningfully smaller transactions than a year ago and that's what's publicly known and available. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]))/+((+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!! [5][8][9] Bloomberg News reported that Taubman was the second-highest-paid U.S. executive of 2015 (after Patrick Soon-Shiong), earning $164 million in awarded pay. Clearly, 2020 is shaping up to be an extraordinarily strong year for our firm in both absolute and relative terms. And I never want to think about gee, we need three more deals this week or this quarter. And that was an extraordinary number of mandates, which came to us and into the industry in the months of March, April, and May. Thank you very much, Jake. There's a gross cash number and then, there is commitments that we have, which are on the balance sheet. GAAP Non-Compensation Expense was $30.6 million for third quarter 2020 compared with $31.4 million for the prior year quarter.

They see the potential coming, but very few people are really prepared to act. What we've said from day one, however, as a companion point is that the damage done by this economic crisis is going to be long lasting.

Beginning in the third quarter, we started to see a significant uptick in strategic dialogs and number of new mandates. []))), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(+!![]))/+((+!![]+[])+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!! Our total repurchases in the first nine months totaled approximately 1.7 million, including the exchange of approximately 606,000 Partnership Units for cash. All right. Placement Revenues increased principally due to increased corporate private placement activity. Beginning with revenues, total revenues for the quarter were $298 million, up 71% year-over-year. Joele Frank, Wilkinson Brimmer Katcher Represents the dilutive impact under the treasury method of unvested, non-participating RSUs that have a remaining service requirement. Adjusted compensation expense continues to be accrued at 65%. “Stockholders’ Equity (Deficit)” in the “Notes to Consolidated Financial Statements” in “Part II.

For the nine months ended September 30, total revenues were $730 million, up 56% year-over-year. Contact the source provider Comtex at editorial@comtex.com. While the pace of new restructuring activity is likely to slow in the near term, we expect it to remain elevated relative to historical levels. I know obviously a lot has changed in terms of the business mix since then. These adjustments are more fully described in our 8-K. First, adjusted compensation expense. PJT Partners will host a conference call on October 27, 2020 at 8:30 a.m. Is that a pretty good summary of what you asked? Just trying to think about what's driving kind of this resumption in activity that we're seeing very strong right now? PJT Partners Inc. (NYSE:PJT)Q3 2020 Earnings CallOct 27, 2020, 8:30 a.m. Thanks, Paul. When we reported our first quarter results, we were appropriately cautious about the remainder of the year. In aggregate during the third quarter 2020, the Company repurchased an equivalent of 494,193 shares at an average price of $55.31 per share. Industry Experts. But no matter how you look at it, it has grown more quickly this year than any other year. Travel and Related decreased due to reduced travel and entertainment activity stemming from the global health crisis. Adjusted Compensation and Benefits Expense was $193.4 million for the current quarter compared with $111.5 million for the prior year quarter. We believe that these factors are described in the Risk Factors section contained in PJT Partners' 2019 Form 10-K, which is available on our website at pjtpartners.com. 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. 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. Strategic Advisory Restructuring PJT Park Hill Corporate Partner Growth 75 18 11 14 3 18 13 15 3 20 14 16 4 30 13 17 5 11. Tel: +1 212.364.7120 PJT Partners Inc. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. But after five years of consistent value-added investment and a growing track record of results, our strategy and progress to date are now far better understood and appreciated.

überprüfen, ob Sie ein Mensch und kein Bot sind. Great. pearson@pjtpartners.com, Total Revenues of $298 million, up 71% from a year ago, Advisory Revenues of $262 million, up 80%, Placement Revenues of $32 million, up 24%, GAAP Pretax Income of $70 million and Adjusted Pretax Income of $76 million, GAAP Diluted EPS of $1.22 and Adjusted EPS of $1.36, Total Revenues of $730 million, up 56% from a year ago, Advisory Revenues of $612 million, up 59%, Placement Revenues of $106 million, up 37%, GAAP Pretax Income of $153 million and Adjusted Pretax Income of $171 million, GAAP Diluted EPS of $2.87 and Adjusted EPS of $3.10, Repurchased approximately 494 thousand share equivalents during the quarter and approximately 1.7 million share equivalents YTD, Intend to repurchase an additional 1.1 million Partnership Units for cash in November 2020, $367 million of cash, cash equivalents and short-term investments and no funded debt. I want to remind you that the company assumes no duty to update any forward-looking statements and that the presentation we make today contains non-GAAP financial measures, which we believe are meaningful in evaluating the company's performance. Adjusted Non-Compensation Expense was $28.2 million for the current quarter compared with $29.2 million for the prior year quarter. Paul J. Taubman -- Chairman and Chief Executive Officer. Please go ahead.

Thanks, Paul. Our pre-announced backlog continues to build and now is above year ago levels. Accordingly, we expect to see an active restructuring environment for the foreseeable future. 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 the Company’s control.
Good morning, guys. What is more important to me is as the waters began to recede a little bit and as companies got to higher ground and they were able to shore up their liquidity as they began to come to grips with this unfortunate new normal, we began to see a very significant uptick in strategic dialogs at the end of the second quarter, so rounding into the third quarter. But if you have enough dialogs with the right bankers calling on the right companies, inevitably you get calls to come to the boardroom and the next thing you know you're incredibly stretched. 30min interview with 2 analysts, was impressed by my answer to why secondaries so the entire rest of the interview revolved around my understanding of the market. Many of those companies are continuing to restructure their balance sheets whether it's in court, out of court, liability management activities. Good morning, and thank you all for joining us today.

We have continued to experience a significant reduction in travel and entertainment expense as a consequence of the global pandemic. With respect to PJT Park Hill, our ability to bring to market in-demand fund managers has been a competitive advantage in what can best be described as a flight-to-quality environment. On the cost side, we've said from day one that we have a cost structure that is the equivalent if not advantage relative to others, but that you only see that over time as new business is built out and you get operating leverage through the revenues.