Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A common stock, par value $0.01 per share | |
Trading Symbol | PJT | |
Security Exchange Name | NYSE | |
Entity Registrant Name | PJT Partners Inc. | |
Entity Central Index Key | 0001626115 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36869 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4797143 | |
Entity Address, Address Line One | 280 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | (212) | |
Local Phone Number | 364-7800 | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 24,632,442 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 164 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and Cash Equivalents | $ 75,807 | $ 200,481 |
Investments | 19,974 | |
Accounts Receivable (net of allowance for credit losses of $3,317 and $1,853 at March 31, 2022 and December 31, 2021, respectively) | 352,245 | 289,267 |
Intangible Assets, Net | 22,458 | 24,386 |
Goodwill | 172,725 | 172,725 |
Furniture, Equipment and Leasehold Improvements, Net | 35,338 | 37,147 |
Operating Lease Right-of-Use Assets | 131,362 | 137,916 |
Other Assets | 89,230 | 61,921 |
Deferred Tax Asset, Net | 64,732 | 63,782 |
Total Assets | 963,871 | 987,625 |
Liabilities and Equity | ||
Accrued Compensation and Benefits | 63,058 | 121,717 |
Accounts Payable, Accrued Expenses and Other Liabilities | 21,758 | 23,753 |
Operating Lease Liabilities | 150,050 | 157,013 |
Amount Due Pursuant to Tax Receivable Agreement | 31,714 | 31,131 |
Taxes Payable | 2,553 | 3,492 |
Deferred Revenue | 14,702 | 12,947 |
Revolving Credit Facility Payable | 25,000 | |
Total Liabilities | 308,835 | 350,053 |
Commitments and Contingencies | ||
Equity | ||
Additional Paid-In Capital | 438,634 | 391,242 |
Retained Earnings (Deficit) | 14,503 | (4,933) |
Accumulated Other Comprehensive Income (Loss) | (156) | 631 |
Treasury Stock at Cost (5,815,973 and 4,929,044 shares at March 31, 2022 and December 31, 2021, respectively) | (323,569) | (267,000) |
Total PJT Partners Inc. Equity | 129,717 | 120,232 |
Non-Controlling Interests | 525,319 | 517,340 |
Total Equity | 655,036 | 637,572 |
Total Liabilities and Equity | 963,871 | 987,625 |
Class A Common Stock | ||
Equity | ||
Common stock, value | $ 305 | $ 292 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, allowance for credit losses | $ 3,317 | $ 1,853 |
Treasury Stock, Shares | 5,815,973 | 4,929,044 |
Class A Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 |
Common Stock, Shares Issued | 30,593,822 | 29,248,457 |
Common Stock, Shares Outstanding | 24,777,849 | 24,319,413 |
Class B Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Shares Issued | 164 | 159 |
Common Stock, Shares Outstanding | 164 | 159 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Revenues | $ 244,131 | $ 204,763 |
Interest Income and Other | 4,310 | 3,717 |
Revenues | 246,319 | 206,700 |
Expenses | ||
Compensation and Benefits | 159,232 | 132,793 |
Occupancy and Related | 8,942 | 8,459 |
Travel and Related | 4,458 | 517 |
Professional Fees | 7,051 | 7,717 |
Communications and Information Services | 4,423 | 4,174 |
Depreciation and Amortization | 4,307 | 3,834 |
Other Expenses | 7,758 | 5,317 |
Total Expenses | 196,171 | 162,811 |
Income Before Provision for Taxes | 50,148 | 43,889 |
Provision for Taxes | 5,680 | 93 |
Net Income | 44,468 | 43,796 |
Net Income Attributable to Non-Controlling Interests | 18,764 | 17,114 |
Net Income Attributable to PJT Partners Inc. | 25,704 | 26,682 |
Advisory Fees | ||
Revenues | ||
Revenues | 181,658 | 152,600 |
Placement Fees | ||
Revenues | ||
Revenues | $ 60,351 | $ 50,383 |
Class A Common Stock | ||
Net Income Per Share of Class A Common Stock | ||
Basic | $ 1.03 | $ 1.07 |
Diluted | $ 1 | $ 1.03 |
Weighted-Average Shares of Class A Common Stock Outstanding | ||
Basic | 24,989,152 | 24,969,388 |
Diluted | 26,551,835 | 42,858,757 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 44,468 | $ 43,796 |
Other Comprehensive Income (Loss), Net of Tax —Currency Translation Adjustment | (1,436) | 124 |
Comprehensive Income | 43,032 | 43,920 |
Comprehensive Income Attributable to Non-Controlling Interests | 18,115 | 17,171 |
Comprehensive Income Attributable to PJT Partners Inc. | $ 24,917 | $ 26,749 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings Accumulated (Deficit) | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests |
Beginning Balance at Dec. 31, 2020 | $ 687,846 | $ 267 | $ (163,658) | $ 349,363 | $ (33,127) | $ 1,414 | $ 533,587 | ||
Beginning Balance (in shares) at Dec. 31, 2020 | 27,293,085 | 194 | (3,476,731) | ||||||
Net Income | 43,796 | 26,682 | 17,114 | ||||||
Other Comprehensive Income (Loss) | 124 | 67 | 57 | ||||||
Dividends Declared | (1,270) | (1,270) | |||||||
Equity-Based Compensation | 29,948 | 27,938 | 2,010 | ||||||
Net Share Settlement | (20,415) | (20,415) | |||||||
Deliveries of Vested Shares of Common Stock | 2 | $ 2 | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 1,818,722 | ||||||||
Change in Ownership Interest | (47,559) | 20,939 | (68,498) | ||||||
Change in Ownership Interest (in shares) | (24) | ||||||||
Treasury Stock Purchases | (45,896) | $ (45,896) | |||||||
Treasury Stock Purchases (in shares) | (657,907) | ||||||||
Ending Balance at Mar. 31, 2021 | 646,576 | $ 269 | $ (209,554) | 377,825 | (7,715) | 1,481 | 484,270 | ||
Ending Balance (in shares) at Mar. 31, 2021 | 29,111,807 | 170 | (4,134,638) | ||||||
Beginning Balance at Dec. 31, 2021 | 637,572 | $ 292 | $ (267,000) | 391,242 | (4,933) | 631 | 517,340 | ||
Beginning Balance (in shares) at Dec. 31, 2021 | 29,248,457 | 159 | (4,929,044) | ||||||
Net Income | 44,468 | 25,704 | 18,764 | ||||||
Other Comprehensive Income (Loss) | (1,436) | (787) | (649) | ||||||
Dividends Declared | (6,268) | (6,268) | |||||||
Equity-Based Compensation | 59,069 | 53,717 | 5,352 | ||||||
Net Share Settlement | (15,367) | (15,367) | |||||||
Deliveries of Vested Shares of Common Stock | $ 13 | (13) | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 1,345,365 | ||||||||
Change in Ownership Interest | (6,433) | 9,055 | (15,488) | ||||||
Change in Ownership Interest (in shares) | 5 | ||||||||
Treasury Stock Purchases | (56,569) | $ (56,569) | |||||||
Treasury Stock Purchases (in shares) | (900,000) | (886,929) | |||||||
Ending Balance at Mar. 31, 2022 | $ 655,036 | $ 305 | $ (323,569) | $ 438,634 | $ 14,503 | $ (156) | $ 525,319 | ||
Ending Balance (in shares) at Mar. 31, 2022 | 30,593,822 | 164 | (5,815,973) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class A Common Stock | ||
Dividends Declared Per Share of Class A Common Stock | $ 0.25 | $ 0.05 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net Income | $ 44,468 | $ 43,796 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||
Equity-Based Compensation Expense | 59,069 | 29,948 |
Depreciation and Amortization Expense | 4,307 | 3,834 |
Amortization of Operating Lease Right-of-Use Assets | 5,362 | 4,780 |
Provision for Credit Losses | 1,464 | (192) |
Other | (1,836) | (1,414) |
Cash Flows Due to Changes in Operating Assets and Liabilities | ||
Accounts Receivable | (64,972) | (41,087) |
Other Assets | (25,721) | (4,236) |
Accrued Compensation and Benefits | (57,744) | (177,771) |
Accounts Payable, Accrued Expenses and Other Liabilities | (1,862) | (102) |
Operating Lease Liabilities | (5,640) | (5,351) |
Taxes Payable | (889) | (1,109) |
Deferred Revenue | 1,755 | (856) |
Net Cash Used in Operating Activities | (42,239) | (149,760) |
Investing Activities | ||
Purchases of Investments | (19,979) | (97,638) |
Proceeds from Sales and Maturities of Investments | 162,813 | |
Purchases of Furniture, Equipment and Leasehold Improvements | (806) | (43) |
Net Cash Provided by (Used in) Investing Activities | (20,785) | 65,132 |
Financing Activities | ||
Dividends | (6,268) | (1,270) |
Proceeds from Revolving Credit Facility | 42,000 | 15,000 |
Payments on Revolving Credit Facility | (17,000) | (15,000) |
Employee Taxes Paid for Shares Withheld | (15,367) | (20,415) |
Cash-Settled Exchanges of Partnership Units | (6,559) | (48,478) |
Treasury Stock Purchases | (56,569) | (45,896) |
Payments Pursuant to Tax Receivable Agreement | (1,165) | |
Net Cash Used in Financing Activities | (59,763) | (117,224) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,887) | 1,943 |
Net Decrease in Cash and Cash Equivalents | (124,674) | (199,909) |
Cash and Cash Equivalents, Beginning of Period | 200,481 | 299,513 |
Cash and Cash Equivalents, End of Period | 75,807 | 99,604 |
Supplemental Disclosure of Cash Flows Information | ||
Payments for Income Taxes, Net of Refunds Received | $ 2,071 | 4,458 |
Non-Cash Receipt of Shares | $ 1,125 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. The Company’s team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. The Company also provides private fund advisory and fundraising services for alternative investment strategies, including private equity, real estate, hedge funds and private credit. On October 1, 2015, Blackstone Inc. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.” PJT Partners Inc. is the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100% of the economic interest in PJT Partners Holdings LP, but has 100% of the voting power and controls the management of PJT Partners Holdings LP. As of March 31, 2022, the non-controlling interest was 37.9%. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its operating subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, PJT Partners (UK) Limited, PJT Partners (HK) Limited, PJT Partners Park Hill (Spain) A.V., S.A.U. and PJT Partners (Germany) GmbH. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $0.7 million and $41.2 million as of March 31, 2022 and December 31, 2021, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | 3 . REVENUES FROM CONTRACTS WITH CUSTOMERS The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Advisory Fees $ 181,658 $ 152,600 Placement Fees 60,351 50,383 Interest Income from Placement Fees and Other 2,122 1,780 Revenues from Contracts with Customers $ 244,131 $ 204,763 Remaining Performance Obligations and Revenue Recognized from Past Performance As of March 31, 2022, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $40.8 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform. The Company recognized revenue of $24.0 million and $7.2 million for the three months ended March 31, 2022 and 2021, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Fee Revenue recognized by the Company during the three months ended March 31, 2022 and 2021 was predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, $6.3 million and $4.7 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of March 31, 2022 and December 31, 2021, the Company recorded $1.1 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Credit Losses | 4 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Changes in the allowance for credit losses consist of the following: Three Months Ended March 31, 2022 2021 Beginning Balance $ 1,853 $ 1,330 Provision for Credit Losses 1,464 (192 ) Recoveries — 63 Ending Balance $ 3,317 $ 1,201 Included in Accounts Receivable, Net is accrued interest of $2.1 million and $1.9 million as of March 31, 2022 and December 31, 2021, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $151.4 million and $104.6 million as of March 31, 2022 and December 31, 2021, respectively, related to placement fees that are generally paid in installments over a period of three to four years. The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $3.1 million and $3.4 million as of March 31, 2022 and December 31, 2021, respectively, which were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $0.8 million as of March 31, 2022 and December 31, 2021. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, 2022 December 31, 2021 Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships (41,325 ) (39,797 ) Trade Name (7,293 ) (6,893 ) Total Accumulated Amortization (48,618 ) (46,690 ) Intangible Assets, Net $ 22,458 $ 24,386 Amortization expense was $1.9 million for each of the three months ended March 31, 2022 and 2021. Amortization of Intangible Assets held at March 31, 2022 is expected to be $4.6 million for the remainder of the year ending December 31, 2022; $4.9 million for each of the years ending December 31, 2023 and 2024; $4.8 million for the year ending December 31, 2025; and $3.3 million for the year ending December 31, 2026. |
Furniture, Equipment and Leaseh
Furniture, Equipment and Leasehold Improvements | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Furniture, Equipment and Leasehold Improvements | 6 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, 2022 December 31, 2021 Leasehold Improvements $ 56,260 $ 56,230 Furniture and Fixtures 18,059 18,044 Office Equipment 4,730 4,423 Total Furniture, Equipment and Leasehold Improvements 79,049 78,697 Accumulated Depreciation (43,711 ) (41,550 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,338 $ 37,147 Depreciation expense was $2.4 million and $1.9 million for the three months ended March 31, 2022 and 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7 . FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: March 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 19,974 $ — $ 19,974 December 31, 2021 Level I Level II Level III Total Treasury Securities $ — $ 40,000 $ — $ 40,000 Investments in Treasury securities were included in Investments as of March 31, 2022 and in Cash and Cash Equivalents as of December 31, 2021 in the Condensed Consolidated Statements of Financial Condition. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended March 31, 2022 2021 Income Before Provision for Taxes $ 50,148 $ 43,889 Provision for Taxes $ 5,680 $ 93 Effective Income Tax Rate 11.3 % 0.2 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2022 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation. The Company had no unrecognized tax benefits as of March 31, 2022. |
Net Income Per Share of Class A
Net Income Per Share of Class A Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share of Class A Common Stock | 9 . NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2022 and 2021 is presented below: Three Months Ended March 31, 2022 2021 Numerator: Net Income Attributable to Shares of Class A Common Stock — Basic $ 25,704 $ 26,682 Incremental Net Income from Dilutive Securities 786 17,409 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 26,490 $ 44,091 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,989,152 24,969,388 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 1,562,683 17,889,369 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 26,551,835 42,858,757 Net Income Per Share of Class A Common Stock Basic $ 1.03 $ 1.07 Diluted $ 1.00 $ 1.03 The ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 40,185,805 for the three months ended March 31, 2022, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three months ended March 31, 2022, there were 15,196,653 weighted-average Partnership Units that were anti-dilutive. For the three months ended March 31, 2021, there were no anti-dilutive securities. Share Repurchase Program On April 25, 2022, the Company’s Board of Directors authorized a $200 million repurchase program of the Company’s Class A common stock, which is in addition to the previous Board authorizations, of which $26.6 million remained as of March 31, 2022. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price, and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2022, the Company repurchased 0.9 million shares of the Company’s Class A common stock at an average price per share of $63.75, or $56.6 million in aggregate, pursuant to this share repurchase program. |
Equity-Based and Other Deferred
Equity-Based and Other Deferred Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based and Other Deferred Compensation | 1 0 . EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview Further information regarding the Company’s equity-based compensation awards is described in Note 10. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, 2022 2021 Equity-Based Compensation Expense $ 59,069 $ 29,948 Income Tax Benefit $ 8,022 $ 4,027 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2022: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 4,098,671 $ 60.14 Granted 1,836,887 63.62 Dividends Reinvested on RSUs (49,604 ) 45.59 Forfeited (21,872 ) 64.97 Vested (1,502,562 ) 50.52 Balance, March 31, 2022 4,361,520 $ 65.06 As of March 31, 2022, there was $185.6 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.9 years. The Company assumes a forfeiture rate of 1.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the three months ended March 31, 2021 was $73.08. RSU Awards with Both Service and Market Conditions The Company has granted RSU awards containing both service and market conditions. The service condition requirement for these awards is generally three to five years. The market condition will generally be satisfied upon the publicly traded shares of Class A common stock achieving certain volume weighted average share price targets over various trading periods during the life of the award. Effective February 10, 2022, the Company granted RSU awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such RSU awards is five years with 20% vesting per annum. The market condition requirement will be 50% satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a volume-weighted average share price over any consecutive 20-day trading period (“20-day VWAP”) of $100 and the other 50% will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $100 with the market condition fully satisfied upon achieving a 20-day VWAP of $130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2022: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 50,280 $ 36.53 Granted 1,514,748 41.97 Dividends Reinvested on RSUs 11 34.00 Vested (4,167 ) 13.52 Balance, March 31, 2022 1,560,872 $ 41.87 As of March 31, 2022, there was $50.3 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 3.0 years. The Company assumes a forfeiture rate of 4.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 Restricted Share Awards In connection with the acquisition of CamberView Partners Holdings, LLC, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the three months ended March 31, 2022, no restricted share awards were granted. As of March 31, 2022, there were 2,592 restricted shares outstanding and $47 thousand of estimated unrecognized compensation expense related to such restricted share awards. This cost is expected to be recognized over a weighted-average period of 0.5 years. Partnership Units The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2022: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 248,595 $ 53.42 Granted 47,588 59.84 Vested (79,268 ) 49.26 Balance, March 31, 2022 216,915 $ 56.35 As of March 31, 2022, there was $9.5 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.2 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the three months ended March 31, 2021 was $68.10. Partnership Unit Awards with Both Service and Market Conditions Effective February 10, 2022, the Company granted Partnership Unit awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such Partnership Unit awards is five years with 20% vesting per annum. The market condition requirement will be 50% satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP of $100 and the other 50% will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $100 with the market condition fully satisfied upon achieving a 20-day VWAP of $130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2022: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 — $ — Granted 1,107,768 39.10 Balance, March 31, 2022 1,107,768 $ 39.10 As of March 31, 2022, there was $35.1 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 3.1 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The Company estimated the fair value of Partnership Unit awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2022, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 5,431,907 2.2 Partnership Units 1,202,741 2.8 Restricted Share Awards 2,584 0.5 Total Equity-Based Awards 6,637,232 2.3 Deferred Cash Compensation The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $7.0 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $30.2 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.3 years. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 1 1 . LEASES The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating Lease Cost $ 6,724 $ 6,846 Variable Lease Cost 1,004 852 Sublease Income (210 ) (270 ) Total Lease Cost $ 7,518 $ 7,428 Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 5,640 $ 5,351 March 31, 2022 December 31, 2021 Weighted-Average Remaining Lease Term (in years) 7.5 7.6 Weighted-Average Discount Rate 4.7 % 4.7 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2022: Year Ending December 31, Operating 2022 (April 1 through December 31) $ 22,123 2023 29,809 2024 28,288 2025 24,614 2026 19,254 Thereafter 54,182 Total Lease Payments 178,270 Less: Imputed Interest 28,220 Total $ 150,050 In March 2022, the Company entered into a lease agreement for office space. Such lease has not been included in Operating Lease Right-of-Use Assets and Operating Lease Liabilities as of March 31, 2022 on the Condensed Consolidated Statement of Financial Condition as the Company does not yet have the right to use the premises. Commencement of the lease is currently anticipated to occur in 2022 with an initial term that expires in 2027. |
Transactions With Related Parti
Transactions With Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 1 2 . TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. Further information regarding the exchange agreement is described in Note 13. “Transactions with Related Parties—Exchange Agreement” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Certain Partnership Unitholders exchanged 0.1 million and 0.7 million Partnership Units, respectively, for cash in the amounts of $6.6 million and $48.5 million, respectively, for the three months ended March 31, 2022 and 2021, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 65,032 Partnership Units for cash on May 3, 2022 at a price equal to the volume-weighted average price per share of the Company’s Class A common stock on April 28, 2022. Registration Rights Agreement The Company has entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. The registration rights agreement does not contain any penalties associated with failure to file or to maintain the effectiveness of a registration statement covering the shares owned by individuals covered by such agreement. Tax Receivable Agreement The Company has entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 31, 2022 and December 31, 2021, the Company had amounts due of $31.7 million and $31.1 million, respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments. Aircraft Lease The Company makes available to its partners, and on occasion, family members of these individuals, personal use of a Company leased business aircraft when the aircraft is not being used for business purposes, for which the partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 3 . COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). The Renewal Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $60.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Renewal Agreement, to up to $80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility was scheduled to mature and the commitments thereunder were scheduled to terminate on October 1, 2022, subject to extension by agreement of the Borrower and Lender. On April 25, 2022, the Renewal Agreement was further amended to extend the maturity date to October 1, 2023. Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%. During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Renewal Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears. As of March 31, 2022, the revolving credit facility balance was $25.0 million, and was subsequently repaid in full in April 2022. As of December 31, 2021, there were no borrowings outstanding under the revolving credit facility. The Renewal Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Outstanding borrowings under the Renewal Agreement are secured by the accounts receivable of PJT Partners LP. As of March 31, 2022 and December 31, 2021, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended Restated Loan Agreement, respectively. Contingencies Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. The Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations. Guarantee The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $4.1 million as of March 31, 2022 and December 31, 2021. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant. Indemnifications The Company has entered and may continue to enter into contracts that contain a variety of indemnification obligations. The Company’s maximum exposure under these arrangements is not known; however, the Company currently expects any associated risk of loss to be insignificant. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred. Transactions and Agreements with Blackstone Employee Matters Agreement The Company is required to reimburse Blackstone for the value of forfeited unvested equity awards granted to former Blackstone employees that transitioned to PJT Partners in connection with the spin-off. Such reimbursement is recorded in Accounts Payable, Accrued Expenses and Other Liabilities with an offset to Equity in the Condensed Consolidated Statements of Financial Condition. The accrual for these forfeitures was $0.9 million as of March 31, 2022 and December 31, 2021. Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. Amounts are payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of March 31, 2022 and December 31, 2021, the Company had accrued $2.6 million, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common stock at the time of delivery. |
Regulated Entities
Regulated Entities | 3 Months Ended |
Mar. 31, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Regulated Entities | 1 4 . REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which advisory and placement services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3 PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3). PJT Partners (UK) Limited is authorized and regulated by the United Kingdom’s Financial Conduct Authority and is required to maintain minimum capital of the greater of the permanent minimum requirement of €75 thousand or a fixed overhead requirement, defined as 25% of fixed overheads of the preceding year. One third of the fixed overhead requirement must be held in liquid assets. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. PJT Partners Park Hill (Spain) A.V., S.A.U. is an investment firm authorized and regulated by Spain’s National Securities Market Commission and is required to maintain minimum capital of the greater of the permanent minimum requirement of €75 thousand or 25% of the fixed overheads of the preceding year. One third of the fixed overhead requirement must be held in liquid assets. As of March 31, 2022 and December 31, 2021, these entities were in compliance with local capital adequacy requirements. |
Business Information
Business Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Information | 1 5 . BUSINESS INFORMATION The Company’s activities providing advisory and placement services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker in assessing performance and making resource allocation decisions. The Company has a single single The Company is organized as one operating segment in order to maximize the value of advice to clients by drawing upon the diversified expertise and broad relationships of senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations, including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the Company taken as a whole, not by geographic region. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located. Three Months Ended March 31, 2022 2021 Revenues Domestic $ 216,979 $ 164,280 International 29,340 42,420 Total $ 246,319 $ 206,700 March 31, 2022 December 31, 2021 Assets Domestic $ 822,197 $ 824,963 International 141,674 162,662 Total $ 963,871 $ 987,625 The Company was not subject to any material concentrations with respect to its revenues for the three months ended March 31, 2022 and 2021. The Company was not subject to any material concentrations of credit risk with respect to its accounts receivable as of March 31, 2022 and December 31, 2021. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 6 . SUBSEQUENT EVENTS The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.25 per share of Class A common stock, which will be paid on June 22, 2022 to Class A common stockholders of record on June 8, 2022. The Company has evaluated the impact of subsequent events through the date these financial statements were issued, and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides those described in Note 9. “Net Income Per Share of Class A Common Stock—Share Repurchase Program,” Note 12. “Transactions with Related Parties—Exchange Agreement,” and Note 13. “Commitments and Contingencies—Commitments, Line of Credit.” |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at four major financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $0.7 million and $41.2 million as of March 31, 2022 and December 31, 2021, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenues Recognized from Contracts with Customers | The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Advisory Fees $ 181,658 $ 152,600 Placement Fees 60,351 50,383 Interest Income from Placement Fees and Other 2,122 1,780 Revenues from Contracts with Customers $ 244,131 $ 204,763 |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Changes in the Allowance for Credit Losses | Changes in the allowance for credit losses consist of the following: Three Months Ended March 31, 2022 2021 Beginning Balance $ 1,853 $ 1,330 Provision for Credit Losses 1,464 (192 ) Recoveries — 63 Ending Balance $ 3,317 $ 1,201 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible Assets, Net consists of the following: March 31, 2022 December 31, 2021 Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships (41,325 ) (39,797 ) Trade Name (7,293 ) (6,893 ) Total Accumulated Amortization (48,618 ) (46,690 ) Intangible Assets, Net $ 22,458 $ 24,386 |
Furniture, Equipment and Leas_2
Furniture, Equipment and Leasehold Improvements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Furniture, Equipment and Leasehold Improvements, Net | Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, 2022 December 31, 2021 Leasehold Improvements $ 56,260 $ 56,230 Furniture and Fixtures 18,059 18,044 Office Equipment 4,730 4,423 Total Furniture, Equipment and Leasehold Improvements 79,049 78,697 Accumulated Depreciation (43,711 ) (41,550 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,338 $ 37,147 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of the Company's Investments by Fair Value Hierarchy | The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: March 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 19,974 $ — $ 19,974 December 31, 2021 Level I Level II Level III Total Treasury Securities $ — $ 40,000 $ — $ 40,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Company's Tax Position | The following table summarizes the Company’s tax position: Three Months Ended March 31, 2022 2021 Income Before Provision for Taxes $ 50,148 $ 43,889 Provision for Taxes $ 5,680 $ 93 Effective Income Tax Rate 11.3 % 0.2 % |
Net Income Per Share of Class_2
Net Income Per Share of Class A Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share of Class A Common Stock | Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2022 and 2021 is presented below: Three Months Ended March 31, 2022 2021 Numerator: Net Income Attributable to Shares of Class A Common Stock — Basic $ 25,704 $ 26,682 Incremental Net Income from Dilutive Securities 786 17,409 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 26,490 $ 44,091 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,989,152 24,969,388 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 1,562,683 17,889,369 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 26,551,835 42,858,757 Net Income Per Share of Class A Common Stock Basic $ 1.03 $ 1.07 Diluted $ 1.00 $ 1.03 |
Equity-Based and Other Deferr_2
Equity-Based and Other Deferred Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity-Based Compensation Expense and Related Income Tax Benefit | The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, 2022 2021 Equity-Based Compensation Expense $ 59,069 $ 29,948 Income Tax Benefit $ 8,022 $ 4,027 |
Summary of Activity Related to Unvested Restricted Stock Units | The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2022: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 4,098,671 $ 60.14 Granted 1,836,887 63.62 Dividends Reinvested on RSUs (49,604 ) 45.59 Forfeited (21,872 ) 64.97 Vested (1,502,562 ) 50.52 Balance, March 31, 2022 4,361,520 $ 65.06 |
Summary of Assumptions Used for Estimated Fair Value of RSU Awards | The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 |
Summary of Activity Related to Unvested Partnership Units | The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2022: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 248,595 $ 53.42 Granted 47,588 59.84 Vested (79,268 ) 49.26 Balance, March 31, 2022 216,915 $ 56.35 |
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest | The following unvested units, after expected forfeitures, as of March 31, 2022, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 5,431,907 2.2 Partnership Units 1,202,741 2.8 Restricted Share Awards 2,584 0.5 Total Equity-Based Awards 6,637,232 2.3 |
RSU Awards Containing Service and Market Conditions | |
Summary of Activity Related to Unvested Restricted Stock Units | The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2022: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 50,280 $ 36.53 Granted 1,514,748 41.97 Dividends Reinvested on RSUs 11 34.00 Vested (4,167 ) 13.52 Balance, March 31, 2022 1,560,872 $ 41.87 |
Partnership Unit Awards Containing Service and Market Conditions | |
Summary of Assumptions Used for Estimated Fair Value of RSU Awards | The Company estimated the fair value of Partnership Unit awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 |
Summary of Activity Related to Unvested Partnership Units | The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2022: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 — $ — Granted 1,107,768 39.10 Balance, March 31, 2022 1,107,768 $ 39.10 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating Lease Cost $ 6,724 $ 6,846 Variable Lease Cost 1,004 852 Sublease Income (210 ) (270 ) Total Lease Cost $ 7,518 $ 7,428 |
Schedule of Supplemental Information Related to Leases | Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 5,640 $ 5,351 March 31, 2022 December 31, 2021 Weighted-Average Remaining Lease Term (in years) 7.5 7.6 Weighted-Average Discount Rate 4.7 % 4.7 % |
Schedule of Maturity Analysis of Operating Lease Liabilities | The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2022: Year Ending December 31, Operating 2022 (April 1 through December 31) $ 22,123 2023 29,809 2024 28,288 2025 24,614 2026 19,254 Thereafter 54,182 Total Lease Payments 178,270 Less: Imputed Interest 28,220 Total $ 150,050 |
Business Information (Tables)
Business Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Geographical Distribution of Revenues and Assets | The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located. Three Months Ended March 31, 2022 2021 Revenues Domestic $ 216,979 $ 164,280 International 29,340 42,420 Total $ 246,319 $ 206,700 March 31, 2022 December 31, 2021 Assets Domestic $ 822,197 $ 824,963 International 141,674 162,662 Total $ 963,871 $ 987,625 |
Organization - Additional Infor
Organization - Additional Information (Details) - PJT Partners Holdings LP | Mar. 31, 2022 |
Organization Disclosure [Line Items] | |
Voting power | 100.00% |
Non-controlling interest percentage | 37.90% |
Maximum | |
Organization Disclosure [Line Items] | |
Economic interest | 100.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Cash subject to notice requirement | $ 0.7 | $ 41.2 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Disaggregation of Revenues Recognized from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues from Contracts with Customers | $ 244,131 | $ 204,763 |
Advisory Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 181,658 | 152,600 |
Placement Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues from Contracts with Customers | 60,351 | 50,383 |
Interest Income from Placement Fees and Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues from Contracts with Customers | $ 2,122 | $ 1,780 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Additional Information (Details1) - Advisory And Placement Fees - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 $ in Millions | Mar. 31, 2022USD ($) |
Deferred Revenue Arrangement [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied | $ 40.8 |
Revenue remaining performance obligation, expected satisfaction period | 12 months |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | $ 6,300 | $ 4,700 | |
Contract liabilities | 14,702 | $ 12,947 | |
Accounts Payable, Accrued Expenses and Other Liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Contract liabilities | $ 1,100 | $ 1,200 | |
Advisory And Placement Fees | |||
Deferred Revenue Arrangement [Line Items] | |||
Explanation of remaining performance obligations expected to be recognized as revenue | the Company generally expects to recognize this revenue within the next twelve months. | ||
Revenue recognized related to performance obligations that were fully satisfied in prior periods | $ 24,000 | $ 7,200 |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Credit Losses - Schedule of Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Beginning Balance | $ 1,853 | $ 1,330 |
Provision for Credit Losses | 1,464 | (192) |
Recoveries | 63 | |
Ending Balance | $ 3,317 | $ 1,201 |
Accounts Receivable and Allow_4
Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Long-term receivables outstanding more than 90 days | $ 3.1 | $ 3.4 |
Allowance for credit loss, long-term receivables | $ 0.8 | 0.8 |
Minimum | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Accounts receivable payment terms | 3 years | |
Maximum | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Accounts receivable payment terms | 4 years | |
Placement Fee Receivable | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Accrued interest | $ 2.1 | 1.9 |
Long-term receivables | $ 151.4 | $ 104.6 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | $ 71,076 | $ 71,076 |
Total Accumulated Amortization | (48,618) | (46,690) |
Intangible Assets, Net | 22,458 | 24,386 |
Customer Relationships | ||
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | 61,276 | 61,276 |
Total Accumulated Amortization | (41,325) | (39,797) |
Trade Names | ||
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | 9,800 | 9,800 |
Total Accumulated Amortization | $ (7,293) | $ (6,893) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization Expense | $ 1.9 | $ 1.9 |
Expected amortization of intangible assets, remainder of year | 4.6 | |
Expected amortization of intangible assets, 2023 | 4.9 | |
Expected amortization of intangible assets, 2024 | 4.9 | |
Expected amortization of intangible assets, 2025 | 4.8 | |
Expected amortization of intangible assets, 2026 | $ 3.3 |
Furniture, Equipment and Leas_3
Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 79,049 | $ 78,697 |
Accumulated Depreciation | (43,711) | (41,550) |
Furniture, Equipment and Leasehold Improvements, Net | 35,338 | 37,147 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 4,730 | 4,423 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 56,260 | 56,230 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 18,059 | $ 18,044 |
Furniture, Equipment and Leas_4
Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 2.4 | $ 1.9 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - Treasury Securities - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 19,974 | $ 40,000 |
Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 19,974 | $ 40,000 |
Income Taxes - Summary of Compa
Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income Before Provision for Taxes | $ 50,148 | $ 43,889 |
Provision for Taxes | $ 5,680 | $ 93 |
Effective Income Tax Rate | 11.30% | 0.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | Mar. 31, 2022USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0 |
Net Income Per Share of Class_3
Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unvested Restricted Stock Units | ||
Denominator: | ||
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units | 1,562,683 | 17,889,369 |
Class A Common Stock | ||
Numerator: | ||
Net Income Attributable to Shares of Class A Common Stock — Basic | $ 25,704 | $ 26,682 |
Incremental Net Income from Dilutive Securities | 786 | 17,409 |
Net Income Attributable to Shares of Class A Common Stock — Diluted | $ 26,490 | $ 44,091 |
Denominator: | ||
Weighted-Average Shares of Class A Common Stock Outstanding — Basic | 24,989,152 | 24,969,388 |
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted | 26,551,835 | 42,858,757 |
Net Income Per Share of Class A Common Stock | ||
Basic | $ 1.03 | $ 1.07 |
Diluted | $ 1 | $ 1.03 |
Net Income Per Share of Class_4
Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Apr. 25, 2022 | |
Earnings Per Share Basic [Line Items] | |||
Aggregate amount of shares repurchased | $ 56,569,000 | $ 45,896,000 | |
Participating Restricted Stock Units | |||
Earnings Per Share Basic [Line Items] | |||
Class A common shares outstanding if all Holding Partnership Units exchanged | 40,185,805 | ||
Class A Common Stock | |||
Earnings Per Share Basic [Line Items] | |||
Share repurchase program, authorized amount | $ 200,000,000 | ||
Share repurchase program, remaining authorized amount | $ 26,600,000 | ||
Treasury stock repurchased | 900,000 | ||
Treasury stock, average price per share | $ 63.75 | ||
Aggregate amount of shares repurchased | $ 56,600,000 | ||
Class A Common Stock | Participating Restricted Stock Units | |||
Earnings Per Share Basic [Line Items] | |||
Anti-dilutive securities excluded from the calculation of net income per share | 15,196,653 | 0 |
Equity-Based and Other Deferr_3
Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Equity-Based Compensation Expense | $ 59,069 | $ 29,948 |
Income Tax Benefit | $ 8,022 | $ 4,027 |
Equity-Based and Other Deferr_4
Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units | ||
Number of Units | ||
Beginning Balance | 4,098,671 | |
Granted | 1,836,887 | |
Dividends Reinvested on RSUs | (49,604) | |
Forfeited | (21,872) | |
Vested | (1,502,562) | |
Ending Balance | 4,361,520 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 60.14 | |
Granted | 63.62 | $ 73.08 |
Dividends Reinvested on RSUs | 45.59 | |
Forfeited | 64.97 | |
Vested | 50.52 | |
Ending Balance | $ 65.06 | |
RSU Awards Containing Service and Market Conditions | ||
Number of Units | ||
Beginning Balance | 50,280 | |
Granted | 1,514,748 | |
Dividends Reinvested on RSUs | 11 | |
Vested | (4,167) | |
Ending Balance | 1,560,872 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 36.53 | |
Granted | 41.97 | |
Dividends Reinvested on RSUs | 34 | |
Vested | 13.52 | |
Ending Balance | $ 41.87 |
Equity-Based and Other Deferr_5
Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 10, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 7,000 | $ 8,200 | ||
Unrecognized compensation expense related to deferred cash awards | $ 30,200 | |||
Weighted-average period over compensation cost is expected to be recognized | 2 years 3 months 18 days | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ 185,600 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year 10 months 24 days | |||
Weighted-average grant date fair value | $ 63.62 | $ 73.08 | ||
Granted | 1,836,887 | |||
Outstanding | 4,361,520 | 4,098,671 | ||
RSU Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ 50,300 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 3 years | |||
Weighted-average grant date fair value | $ 41.97 | |||
Awards with service condition requirement | 5 years | |||
Awards vesting percentage with service condition | 20.00% | |||
Weighted-average share price targets on consecutive trading period | 20 days | |||
Awards incremental cost | $ 100 | |||
Awards with service and market condition vested | 0 | |||
Granted | 1,514,748 | |||
Outstanding | 1,560,872 | 50,280 | ||
RSU Awards Containing Service and Market Conditions | Dividend-adjusted Publicly Traded Shares of Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares | 50.00% | 50.00% | ||
Restricted Share Awards | Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ 47 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 6 months | |||
Vesting period | 4 years | |||
Granted | 0 | |||
Outstanding | 2,592 | |||
Partnership Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ 9,500 | |||
Assumed forfeiture rate | 4.00% | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year 2 months 12 days | |||
Weighted-average grant date fair value | $ 59.84 | $ 68.10 | ||
Granted | 47,588 | |||
Outstanding | 216,915 | 248,595 | ||
Partnership Unit Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ 35,100 | |||
Assumed forfeiture rate | 4.00% | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 3 years 1 month 6 days | |||
Weighted-average grant date fair value | $ 39.10 | |||
Awards with service condition requirement | 5 years | |||
Awards vesting percentage with service condition | 20.00% | |||
Weighted-average share price targets on consecutive trading period | 20 days | |||
Awards incremental cost | $ 100 | |||
Awards with service and market condition vested | 0 | |||
Granted | 1,107,768 | |||
Outstanding | 1,107,768 | |||
Partnership Unit Awards Containing Service and Market Conditions | Dividend-adjusted Publicly Traded Shares of Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares | 50.00% | 50.00% | ||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Minimum | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 1.00% | |||
Minimum | RSU Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 4.00% | |||
Awards with service condition requirement | 3 years | |||
Awards incremental cost | $ 100 | |||
Minimum | Partnership Unit Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards incremental cost | 100 | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Maximum | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 6.00% | |||
Maximum | RSU Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 6.00% | |||
Awards with service condition requirement | 5 years | |||
Awards incremental cost | 130 | |||
Maximum | Partnership Unit Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards incremental cost | $ 130 |
Equity-Based and Other Deferr_6
Equity-Based and Other Deferred Compensation - Summary of Assumptions Used for Estimated Fair Value of RSU Awards (Details) - RSU Awards Containing Service and Market Conditions | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-Free Interest Rate | 2.00% |
Volatility Factor | 37.00% |
Expected Life (in years) | 5 years |
Equity-Based and Other Deferr_7
Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Partnership Units | ||
Number of Units | ||
Beginning Balance | 248,595 | |
Granted | 47,588 | |
Vested | (79,268) | |
Ending Balance | 216,915 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 53.42 | |
Granted | 59.84 | $ 68.10 |
Vested | 49.26 | |
Ending Balance | $ 56.35 | |
Partnership Unit Awards Containing Service and Market Conditions | ||
Number of Units | ||
Granted | 1,107,768 | |
Ending Balance | 1,107,768 | |
Weighted-Average Grant Date Fair Value | ||
Granted | $ 39.10 | |
Ending Balance | $ 39.10 |
Equity-Based and Other Deferr_8
Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details) | 3 Months Ended |
Mar. 31, 2022shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 6,637,232 |
Weighted-average service period of unit expected to vest (in years) | 2 years 3 months 18 days |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 5,431,907 |
Weighted-average service period of unit expected to vest (in years) | 2 years 2 months 12 days |
Restricted Share Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 2,584 |
Weighted-average service period of unit expected to vest (in years) | 6 months |
PJT Partners Holdings LP | Partnership Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 1,202,741 |
Weighted-average service period of unit expected to vest (in years) | 2 years 9 months 18 days |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease Cost | $ 6,724 | $ 6,846 |
Variable Lease Cost | 1,004 | 852 |
Sublease Income | (210) | (270) |
Total Lease Cost | $ 7,518 | $ 7,428 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash Paid for Amounts Included in Measurement of Lease Liabilities | |||
Operating Cash Flows from Operating Leases | $ 5,640 | $ 5,351 | |
Weighted-Average Remaining Lease Term (in years) | 7 years 6 months | 7 years 7 months 6 days | |
Weighted-Average Discount Rate | 4.70% | 4.70% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, 2021 (October 1 through December 31) | $ 22,123 | |
Operating Lease, 2022 | 29,809 | |
Operating Lease, 2023 | 28,288 | |
Operating Lease, 2024 | 24,614 | |
Operating Lease, 2025 | 19,254 | |
Operating Lease, Thereafter | 54,182 | |
Operating Lease, Total Lease Payments | 178,270 | |
Operating Lease, Less: Imputed Interest | 28,220 | |
Operating Lease, Total | $ 150,050 | $ 157,013 |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Details) $ in Thousands | Apr. 28, 2022shares | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($) |
Related Party Transaction [Line Items] | ||||
Cash settled exchange of partnership units | $ | $ 6,559 | $ 48,478 | ||
Amount due to tax receivable agreement | $ | $ 31,714 | $ 31,131 | ||
PJT Partners Holdings LP | ||||
Related Party Transaction [Line Items] | ||||
Exchange of partnership units settled | shares | 100,000 | 700,000 | ||
Percentage payment to exchanging holders of partnership units of benefits | 85.00% | |||
PJT Partners Holdings LP | Subsequent Event | ||||
Related Party Transaction [Line Items] | ||||
Exchange of partnership units settled | shares | 65,032 | |||
Class A Common Stock | PJT Partners Holdings LP | ||||
Related Party Transaction [Line Items] | ||||
Exchange of Partnership unit to shares, number of shares per each unit | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Feb. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies [Line Items] | |||
Revolving Credit Facility Payable | $ 25,000,000 | ||
Blackstone | |||
Commitments And Contingencies [Line Items] | |||
Loans held by employees for investments guaranteed | 4,100,000 | $ 4,100,000 | |
Forfeiture accrual | 900,000 | 900,000 | |
Tax benefit accrual | $ 2,600,000 | 2,600,000 | |
Renewal Agreement | |||
Commitments And Contingencies [Line Items] | |||
Loan agreement, interest rate description | During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. | ||
Loan agreement financial covenants maximum additional indebtedness | $ 20,000,000 | ||
Revolving Credit Facility | |||
Commitments And Contingencies [Line Items] | |||
Revolving Credit Facility Payable | $ 25,000,000 | $ 0 | |
Revolving Credit Facility | Renewal Agreement | |||
Commitments And Contingencies [Line Items] | |||
Revolving credit facility, borrowing capacity before increase | 60,000,000 | ||
Increase revolving credit facility | $ 80,000,000 | ||
Revolving credit facility, maturity date | Oct. 1, 2022 | ||
Line of credit facility bear interest equal to greater of per annum rate | 2.75% | ||
Notes payable, spread on variable prime rate | 1.00% | ||
Line of credit facility revised interest rate in event of default | 2.00% | ||
Percentage of commitment fee | 0.125% | ||
Line of credit facility, interest rate description | Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%. | ||
Line of credit facility, frequency of commitment fee payment | quarterly |
Regulated Entities - Additional
Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions | 3 Months Ended | |||
Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Mar. 31, 2022HKD ($) | Dec. 31, 2021USD ($) | |
United Kingdom | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | € | € 75 | |||
Percentage of fixed overheads | 25.00% | |||
Hong Kong | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | $ 3 | |||
Spain | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | € | € 75 | |||
Percentage of fixed overheads | 25.00% | |||
PJT Partners LP | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | $ 100 | |||
Percentage of aggregate indebtedness capital requirement | 6.67 | 6.67 | 6.67 | |
Net capital | $ 9,200 | $ 79,400 | ||
Net capital in excess of required net capital | $ 7,500 | $ 77,600 | ||
Maximum | PJT Partners LP | ||||
Regulatory Authorities [Line Items] | ||||
Percentage of aggregate indebtedness capital requirement | 15 | 15 | 15 |
Business Information - Addition
Business Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Business Information - Schedule
Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenues | |||
Revenues | $ 246,319 | $ 206,700 | |
Assets | |||
Assets | 963,871 | $ 987,625 | |
Domestic | |||
Revenues | |||
Revenues | 216,979 | 164,280 | |
Assets | |||
Assets | 822,197 | 824,963 | |
International | |||
Revenues | |||
Revenues | 29,340 | $ 42,420 | |
Assets | |||
Assets | $ 141,674 | $ 162,662 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares | Apr. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||
Dividends Declared Per Share of Class A Common Stock | $ 0.25 | $ 0.05 | |
Subsequent Event | Quarterly Dividend | |||
Subsequent Event [Line Items] | |||
Dividend declared, description | The Board of Directors of PJT Partners Inc. has declared a quarterly dividend | ||
Dividends Declared Per Share of Class A Common Stock | $ 0.25 | ||
Dividends payable, date to be paid | Jun. 22, 2022 | ||
Dividends payable, date of record | Jun. 8, 2022 |