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Jun 30, 2020
PJT Q2 2020 Earnings Report
Total revenues increased and earnings per share improved.
Key Takeaways
PJT Partners Inc. reported a 40% increase in total revenues to $232.6 million for the second quarter of 2020, compared to $166.7 million for the prior year quarter. GAAP Diluted EPS increased to $0.86, and Adjusted EPS was $1.00, compared to $0.20 and $0.51, respectively, for the prior year quarter.
Total Revenues increased by 40% to $233 million compared to the previous year.
Advisory Revenues increased by 45% to $193 million year-over-year.
Placement Revenues increased by 23% to $35 million year-over-year.
GAAP Diluted EPS was $0.86 and Adjusted EPS was $1.00.
Revenue by Segment
Forward Guidance
The Company believes COVID-19's impact on its business, financial performance and operating results will be significantly driven by a number of factors that are unable to be predicted or controlled, such as the depth and duration of the pandemic and the impact on the U.S. and global economies. These external factors could have a material effect on the Company’s financial performance and operating results going forward.
Positive Outlook
- The vast majority of the Company’s employees have been working remotely since mid-March 2020.
- There have been no material changes to the Company’s internal controls as a result of this new working environment.
- The Company has undertaken steps to allow a limited number of employees to return to office locations on a voluntary basis, following safety protocols issued from the respective governmental agencies for the Company’s offices.
- The Company is continuing to monitor guidance from health and governmental organizations to determine when a greater number of employees may be able to safely return to the office.
- However, the Company is prepared to operate in a remote work environment for the foreseeable future, if necessary.
Challenges Ahead
- The Company’s financial condition is strong.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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