PJT Partners Strategic Advisory Presentation
Summary of GAAP to Adjusted Financial Information
(Amounts in millions, except per share data)
3 Months Ended 6/30,
2022
2021
6 Months Ended 6/30,
2022
2021
LTM
2022 2021 2021 2020
12 Months Ended 12/31,
2019 2018 2017 2016 2015
Revenues
Advisory
Placement
$186.6
$49.5
$197.6
$40.3
Interest Income and Other
($3.0)
$2.7
Total Revenues
$233.1
$240.7
$368.3
$109.8
$1.3
$479.5
$350.2
$90.7
$6.4
$447.4
$780.8 $873.4 $762.7 $872.3 $571.8. $451.6 $386.3 $377.6 $286.0
$235.8 $178.7 $216.7 $162.2 $133.2 $111.0 $102.8 $115.0 $114.1
$7.4 $14.9 $12.5 $17.8 $12.7 $17.7 $10.2 $6.9 $5.9
$1,024.0 $1,066.9 $991.9 $1,052.3 $717.6 $580.2 $499.3. $499.4 $405.9
Compensation and Benefits Expense
Compensation and Benefits- US GAAP Basis
$150.6
$153.9
$309.8
$286.7
$663.1 $681.4 $640.0 $683.4 $502.2 $424.5 $391.5 $381.0 $315.2
Adjustments:
Transaction-Related Compensation Expense
(1)
($3.7)
($3.5)
Compensation and Benefits- As adjusted
$146.9
$150.4
($7.8)
$302.1
($7.1)
$279.6
($15.5) ($14.3) ($14.9) ($14.7) ($41.9) ($52.6) ($71.3) ($65.8) ($36.9)
$647.6 $667.1 $625.2 $668.7 $460.3 $371.9 $320.2 $315.2 $278.3
Non-Compensation Expense
Non-Compensation- US GAAP Basis
$38.9
$34.3
$75.8
$64.3
$143.9 $124.5 $132.5 $120.9 $133.3
$114.3 $97.7 $103.9 $96.7
Adjustments:
Amortization of Intangible Assets
(2)
($1.9)
($1.9)
($3.8)
Spin-Off-Related Payable Due to Blackstone (3)
$0.1
($0.0)
$0.1
($3.9)
($0.1)
Impairment (4)
Non-Compensation- As adjusted
$37.1
$32.3
$72.1
$60.4
($7.6) ($7.8) ($7.8) ($7.8) ($7.7) ($3.7) ($2.4) ($8.9) ($10.9)
($0.1) ($0.6) ($0.2) ($0.6) ($0.5) ($1.1) ($3.0) ($4.1)
($0.3)
$136.2 $116.1 $124.5 $112.6 $125.1 $109.1 $92.3
$91.0 $85.7
Pretax Income
Income (Loss) Before Provision (Benefit) for
Taxes- US GAAP Basis
$43.7
$52.4
$93.8
$96.3
$217.0 $261.1 $219.4 $248.0 $82.2 $41.5
$10.1 $14.5 ($5.9)
Adjustments:
Transaction-Related Compensation Expense
Amortization of Intangible Assets (2)
(1)
$3.7
$3.5
$7.8
$7.1
$15.5 $14.3 $14.9 $14.7
$1.9
$1.9
$3.8
$3.9
$7.6
$7.8
$7.8
$7.8
$41.9
$7.7 $3.7
$52.6 $71.3
$65.8 $36.9
$2.4
$8.9
$10.9
Spin-Off-Related Payable Due to Blackstone
(3)
($0.1)
$0.0
($0.1)
$0.1
$0.1
$0.6
$0.2
$0.6
$0.5
$1.1
$3.0
$4.1
Impairment
(4)
$0.3
Income Before Provision for Taxes- As adjusted
$49.1
$57.9
$105.3
$107.4
Adjusted Taxes(5)
$9.4
$10.0
Net Income-As adjusted
$39.7
$47.9
$16.1
$89.3
$11.0
$96.4
$240.2 $283.7 $242.3 $270.9 $132.3 $99.2 $86.8
$40.1 $39.0 $35.1 $38.8 $22.0 $16.5 $45.5 $19.3
$200.1 $244.7 $207.2 $232.2 $110.2 $82.7 $41.3 $74.1
$93.3 $41.9
$1.7
$40.2
If-Converted Adjustments
Less: Adjusted Taxes (5)
($9.4)
($10.0) ($16.1)
Add: If-Converted Taxes (6)
$12.7
$13.5
$27.2
Adjusted Net Income, If-Converted
$36.5
$44.5
$78.1
Adjusted Net Income, If-Converted Per Share
$0.88
$1.06
$1.88
($11.0)
$24.4
$83.0
$1.95
Weighted-Average Shares Outstanding, If-
Converted
41.6
42.1
41.7
42.6
($40.1) ($39.0) ($35.1) ($38.8) ($22.0) ($16.5) ($45.5) ($19.3) N/A
$56.8 $67.1 $54.1 $67.1 $33.7 $22.7 $28.1 $35.8 N/A
$183.4 $216.6 $188.2 $203.9 $98.5 $76.5 $58.7 $57.5
N/A
$4.38 $5.12 $4.44 $4.93 $2.41 $1.91 $1.54 $1.55 N/A
41.9 42.3 42.4 41.4 41.0
38.0 37.2 N/A
40.1
See "Notes to Financials" on page 31 for footnote detail
PJT Partners
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