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Mar 31, 2025
PJT Q1 2025 Earnings Report
Reported First Quarter 2025 Results
Key Takeaways
PJT Partners reported strong first-quarter 2025 results with total revenues of $324.5 million, slightly below the prior year, driven by a decrease in Advisory Fees offset by an increase in Placement Fees. GAAP Diluted EPS reached a record $1.99, and Adjusted EPS was a record $1.05. The company ended the quarter with $227 million in cash and no funded debt.
First Quarter 2025 revenues were $324.5 million, a 1% decrease from the prior year.
GAAP Diluted EPS was a record $1.99, and Adjusted EPS was a record $1.05.
Advisory Fees decreased by 2% primarily due to lower restructuring and private capital solutions revenues.
Placement Fees increased by 4% due to higher fund placement revenues.
The company held $227 million in cash, cash equivalents, and short-term investments with no funded debt as of March 31, 2025.
Revenue by Segment
Forward Guidance
The company's full-year outlook remains unchanged despite the shifted operating environment due to geopolitical uncertainties.
Positive Outlook
- Firm is uniquely positioned for uncertain times given strength of franchise and broad mix of businesses.
- Full year outlook has not changed.
- Strong top-line and bottom-line performance in the quarter.
- Maintained a strong balance sheet with significant cash and no funded debt.
- Continued share repurchase program.
Challenges Ahead
- Current geopolitical uncertainties weighing on business.
- Impacted capital markets around the world.
- Operating environment has shifted dramatically since the start of the year.
- Revenues slightly below last year's record levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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