Q2 2024 PJT Partners Inc Earnings Call Transcript
Key Points
- Record Q2 revenues, the highest in the firm's history.
- Adjusted pre-tax income up 19% year-over-year and adjusted EPS up 20% from year-ago levels.
- Year-to-date performance showed strength across all businesses with record revenues of $690 million, up 26% year-over-year.
- Continued investment in talent, industry expertise, product capabilities, and global reach.
- Record mandate count in strategic advisory, indicating strong future business potential.
- Restructuring revenues were below the prior year's record levels.
- Non-compensation expenses increased by 11% year-over-year, driven by higher occupancy costs, travel, and investments in communications and information services.
- Full-year growth is unlikely to approach the 26% seen in the first half.
- The fundraising environment, although improved, remains subdued compared to previous years.
- Continued challenges in bringing deals to completion due to regulatory reviews and valuation discrepancies.
Good day, and welcome to the PJT Partners secondquarter 2024 earnings call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Sharon Pearson, Head of Investor Relations. Please go ahead ma'am.
Thanks very much. Good morning and welcome to the PJT Partners second-quarter 2024 earnings conference call. I'm Sharon Pearson, Head of Investor Relations at PJT Partners. Joining me today is Paul Taubman, our Chairman and Chief Executive Officer; and Helen Meates, our Chief Financial Officer.
Before, I turn the call over to Paul, I want to point out that during the course of this conference call we may make a number of forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements. We believe that these factors are described in the Risk Factors section contained in PJT
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