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Mar 31, 2020
PJT Q1 2020 Earnings Report
PJT Partners reported strong first quarter results driven by revenue growth and effective expense management.
Key Takeaways
PJT Partners Inc. reported a strong first quarter in 2020, with total revenues increasing by 56% to $200.2 million compared to the prior year quarter. GAAP Diluted EPS increased to $0.72, and Adjusted EPS was $0.71. The company's strong balance sheet includes $113 million in cash, cash equivalents and short-term investments.
Total Revenues increased by 56% year-over-year to $200 million.
Advisory Revenues grew by 50% year-over-year to $157 million.
Placement Revenues increased by 67% year-over-year to $39 million.
GAAP Diluted EPS was $0.72 and Adjusted EPS was $0.71.
Revenue by Segment
Forward Guidance
PJT Partners is closely monitoring the impact of COVID-19 on its business, financial performance, and operating results, acknowledging that these factors are significantly influenced by unpredictable and uncontrollable factors.
Positive Outlook
- Vast majority of employees are working remotely since mid-March and prepared to continue.
- No material changes to internal controls due to the new working environment.
- Company's financial condition is strong with substantial cash balances.
- Currently have no debt.
- Maintain access to a $40 million line of credit facility.
Challenges Ahead
- COVID-19's impact on business, financial performance and operating results will be significantly driven by factors that we are unable to predict or control.
- Severity and duration of the pandemic are uncertain.
- Impact on the U.S. and global economies is unpredictable.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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