PJT Partners Inc. has recently released its 10-Q report, providing an insight into the company's financial performance and operations. PJT Partners is an investment bank that offers strategic and capital markets advisory, restructuring and special situations, and shareholder advisory services to various clients worldwide. The company also provides services related to debt and acquisition financings, public and private equity raises, and private fund advisory and fundraising services. Additionally, PJT Partners engages in financial restructurings, liability management, and distressed mergers and acquisitions.
In ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, PJT Partners discusses the business environment, noting that global M&A announced volumes during the first half of 2024 were up 18% compared with the first half of 2023. Additionally, global restructuring activity remained strong throughout the second quarter of 2024 due to continued elevated levels of liability management and more traditional balance sheet restructurings. Fund placement activity, although increased from a year ago levels, remained challenged given the global macroeconomic environment and supply of alternative investment opportunities in the market seeking capital.
The report also provides key financial measures, detailing the company's revenues and expenses. For the three months ended June 30, 2024, PJT Partners reported total revenues of $360.2 million, representing a 4% increase compared to the same period in 2023. The company's net income attributable to PJT Partners Inc. for the same period was $28.3 million, marking a 28% increase from the previous year. Additionally, the total number of clients for the three months ended June 30, 2024, was 236, compared to 226 in the same period in 2023. Moreover, the total number of fees of at least $1 million from client transactions increased to 70 in the three months ended June 30, 2024, from 52 in the same period in 2023.
In terms of expenses, PJT Partners reported that compensation and benefits expenses for the three months ended June 30, 2024, were $250.3 million, representing a 2% increase compared to the same period in 2023. The company's total expenses for the three months ended June 30, 2024, were $295.8 million, marking a 1% increase from the previous year.
Following these announcements, the company's shares moved -3.2%, and are now trading at a price of $122.58. If you want to know more, read the company's complete 10-Q report here.
