Q1 2026 PJT Partners Inc Earnings Call Transcript
Key Points
- PJT Partners Inc (PJT) reported record first-quarter revenues, adjusted pretax income, and adjusted EPS, with revenues increasing by 29% year-over-year.
- The company added eight new partners in the first quarter, indicating a robust hiring pipeline and commitment to attracting talent.
- PJT Partners Inc (PJT) ended the first quarter with record cash balances of nearly $400 million, even after significant share repurchases.
- The Board authorized a new $800 million open market share repurchase program, reflecting confidence in the company's prospects and financial strength.
- Strategic Advisory and Restructuring businesses delivered record first-quarter performance, showcasing strong results across all business segments.
- Geopolitical uncertainties and debates surrounding AI continue to pose risks and create volatility in the market environment.
- Adjusted non-compensation expenses increased by 14% year-over-year, driven by higher travel, occupancy costs, and professional fees.
- The effective tax rate for the first quarter increased to 20.5% from 14.1% for the full year 2025, impacting net income.
- The primary fundraising market remains challenging, with a decline in primary fundraising revenues despite growth in private capital solutions.
- The announced pending close backlog is below year-ago levels, indicating potential delays in deal closures and revenue recognition.
Good day, everyone. Welcome to the PJT Partners first quarter 2026 earnings conference call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Ms. Sharon Pearson, Head of Investor Relations. Ms. Pearson, please go ahead, ma'am.
Thanks very much, Bo, and good morning, and welcome to the PJT Partners first quarter 2026 earnings conference call. I'm Sharon Pearson, Head of Investor Relations at PJT Partners. And 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
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