PJT Partners (PJT) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
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 Common Stock, Shares Outstanding		24,800,541
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	364-7810

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and Cash Equivalents	$ 93,541	$ 173,235
Investments (at fair value)	4,998	50,242
Accounts Receivable (net of allowance for credit losses of $2,253 and $1,945 at March 31, 2023 and December 31, 2022, respectively)	319,559	317,751
Intangible Assets, Net	16,650	17,880
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	30,803	30,693
Operating Lease Right-of-Use Assets	114,630	119,025
Other Assets	136,326	99,929
Deferred Tax Asset, Net	70,579	69,172
Total Assets	959,811	1,050,652
Liabilities and Equity
Accrued Compensation and Benefits	17,250	83,920
Accounts Payable, Accrued Expenses and Other Liabilities	25,384	24,782
Operating Lease Liabilities	130,690	135,627
Amount Due Pursuant to Tax Receivable Agreement	31,714	30,315
Taxes Payable	3,727	3,451
Deferred Revenue	12,897	12,999
Total Liabilities	221,662	291,094
Commitments and Contingencies
Equity
Additional Paid-In Capital	531,034	502,585
Retained Earnings (Deficit)	72,076	60,969
Accumulated Other Comprehensive Income (Loss)	(1,498)	(2,274)
Treasury Stock at Cost (7,438,407 and 6,583,289 shares at March 31, 2023 and December 31, 2022, respectively)	(442,664)	(376,484)
Total PJT Partners Inc. Equity	159,270	185,106
Non-Controlling Interests	578,879	574,452
Total Equity	738,149	759,558
Total Liabilities and Equity	959,811	1,050,652
Class A Common Stock
Equity
Common stock, value	$ 322	$ 310

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, allowance for credit losses	$ 2,253	$ 1,945
Treasury Stock, Shares	7,438,407	6,583,289
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	32,238,601	31,062,575
Common Stock, Shares Outstanding	24,800,194	24,479,286
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	159	158
Common Stock, Shares Outstanding	159	158

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Revenues	$ 199,988	$ 246,319
Expenses
Compensation and Benefits	133,043	159,232
Occupancy and Related	10,011	8,942
Travel and Related	6,972	4,458
Professional Fees	6,927	7,051
Communications and Information Services	4,077	4,423
Depreciation and Amortization	3,443	4,307
Other Expenses	6,322	7,758
Total Expenses	170,795	196,171
Income Before Provision for Taxes	29,193	50,148
Provision for Taxes	1,207	5,680
Net Income	27,986	44,468
Net Income Attributable to Non-Controlling Interests	10,650	18,764
Net Income Attributable to PJT Partners Inc.	17,336	25,704
Advisory Fees
Revenues
Revenues	168,090	181,658
Placement Fees
Revenues
Revenues	27,585	60,351
Interest Income and Other
Revenues
Revenues	$ 4,313	$ 4,310
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.69	$ 1.03
Diluted	$ 0.67	$ 1
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	25,231,815	24,989,152
Diluted	26,918,511	26,551,835

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 27,986	$ 44,468
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	1,388	(1,436)
Comprehensive Income	29,374	43,032
Comprehensive Income Attributable to Non-Controlling Interests	11,262	18,115
Comprehensive Income Attributable to PJT Partners Inc.	$ 18,112	$ 24,917

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
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)					(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)
Beginning Balance at Dec. 31, 2022	759,558		$ 310		$ (376,484)	502,585	60,969	(2,274)	574,452
Beginning Balance (in shares) at Dec. 31, 2022			31,062,575	158	(6,583,289)
Net Income	27,986						17,336		10,650
Other Comprehensive Income (Loss)	1,388							776	612
Dividends Declared	(6,229)						(6,229)
Equity-Based Compensation	48,796					44,076			4,720
Net Share Settlement	(16,339)					(16,339)
Deliveries of Vested Shares of Common Stock			$ 12			(12)
Deliveries of Vested Shares of Common Stock (in shares)			1,176,026
Change in Ownership Interest	(10,831)					724			(11,555)
Change in Ownership Interest (in shares)				1
Treasury Stock Purchases	(66,180)				$ (66,180)
Treasury Stock Purchases (in shares)		(900,000)			(855,118)
Ending Balance at Mar. 31, 2023	$ 738,149		$ 322		$ (442,664)	$ 531,034	$ 72,076	$ (1,498)	$ 578,879
Ending Balance (in shares) at Mar. 31, 2023			32,238,601	159	(7,438,407)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.25	$ 0.25

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Income	$ 27,986	$ 44,468
Adjustments to Reconcile Net Income to Net Cash Provided in Operating Activities
Equity-Based Compensation Expense	48,796	59,069
Depreciation and Amortization Expense	3,443	4,307
Amortization of Operating Lease Right-of-Use Assets	5,667	5,362
Provision for Credit Losses	453	1,464
Other	231	(1,836)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(1,610)	(64,972)
Other Assets	(35,540)	(25,721)
Accrued Compensation and Benefits	(66,609)	(57,744)
Accounts Payable, Accrued Expenses and Other Liabilities	324	(1,862)
Operating Lease Liabilities	(6,280)	(5,640)
Taxes Payable	255	(889)
Deferred Revenue	(105)	1,755
Net Cash Provided in Operating Activities	(22,989)	(42,239)
Investing Activities
Purchases of Investments	(4,996)	(19,979)
Proceeds from Sales and Maturities of Investments	49,801	0
Purchases of Furniture, Equipment and Leasehold Improvements	(2,146)	(806)
Net Cash Provided by (Used in) Investing Activities	42,659	(20,785)
Financing Activities
Dividends	(6,229)	(6,268)
Proceeds from Revolving Credit Facility	15,000	42,000
Payments on Revolving Credit Facility	(15,000)	(17,000)
Employee Taxes Paid for Shares Withheld	(16,339)	(15,367)
Cash-Settled Exchanges of Partnership Units	(10,737)	(6,559)
Treasury Stock Purchases	(66,180)	(56,569)
Net Cash Used in Financing Activities	(99,485)	(59,763)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	121	(1,887)
Net Decrease in Cash and Cash Equivalents	(79,694)	(124,674)
Cash and Cash Equivalents, Beginning of Period	173,235	200,481
Cash and Cash Equivalents, End of Period	93,541	75,807
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$ 675	$ 2,071

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGA NIZATION 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. 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, 2023 , the non-controlling interest of PJT Partners Holdings LP was 37.2 %. 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., PJT Partners (Germany) GmbH, PJT Partners (France) SAS and PJT Partners Japan K.K.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 U.S. (“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, 2022. 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, 2022 . 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 maintained in U.S. and non-U.S. bank accounts and are held at five financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw, which totaled $ 0.6 million as of each of March 31, 2023 and December 31, 2022. 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, 2023
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, 2023 and 2022: Three Months Ended 2023 2022 Advisory Fees $ 168,090 $ 181,658 Placement Fees 27,585 60,351 Interest Income from Placement Fees and Other 4,270 2,122 Revenues from Contracts with Customers $ 199,945 $ 244,131 Remaining Performance Obligations and Revenue Recognized from Past Performance As of March 31, 2023 , the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $ 35.5 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 advisory and placement services. The Company recognized revenue of $ 3.6 million and $ 24.0 million for the three months ended March 31, 2023 and 2022, 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 corporate and fund placement services. The majority of Fee Revenue recognized by the Company during the three months ended March 31, 2023 and 2022 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, 2023 and 2022. For the three months ended March 31, 2023 and 2022 , $ 7.4 million and $ 6.3 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 expense advances, which are also considered to be contract liabilities. As of March 31, 2023 and December 31, 2022 , the Company recorded $ 2.1 million and $ 1.8 million, respectively, in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition primarily related to expense advances.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Beginning Balance $ 1,945 $ 1,853 Provision for Credit Losses 453 1,464 Write-offs ( 145 ) — Ending Balance $ 2,253 $ 3,317 Included in Accounts Receivable , Net is accrued interest of $ 3.3 million and $ 2.7 million as of March 31, 2023 and December 31, 2022, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $ 131.7 million and $ 133.3 million as of March 31, 2023 and December 31, 2022 , 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 $ 2.9 million and $ 6.5 million as of March 31, 2023 and December 31, 2022 , respectively, which were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $ 0.5 million as of each of March 31, 2023 and December 31, 2022 .

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, 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 ( 46,051 ) ( 44,964 ) Trade Name ( 8,375 ) ( 8,232 ) Total Accumulated Amortization ( 54,426 ) ( 53,196 ) Intangible Assets, Net $ 16,650 $ 17,880 Amortization expense was $ 1.2 million and $ 1.9 million for the three months ended March 31, 2023 and 2022, respectively. Amortization of Intangible Assets held at March 31, 2023 is expected to be $ 3.7 million for the remainder of the year ending December 31, 2023 ; $ 4.9 million the year ending December 31, 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, 2023
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, December 31, Leasehold Improvements $ 56,253 $ 54,555 Furniture and Fixtures 19,107 18,811 Office Equipment 6,057 5,533 Total Furniture, Equipment and Leasehold Improvements 81,417 78,899 Accumulated Depreciation ( 50,614 ) ( 48,206 ) Furniture, Equipment and Leasehold Improvements, Net $ 30,803 $ 30,693 Depreciation expense was $ 2.2 million and $ 2.4 million for the three months ended March 31, 2023 and 2022 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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, 2023 Level I Level II Level III Total Treasury Securities $ — $ 4,998 $ — $ 4,998 December 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 50,242 $ — $ 50,242 Investments in Treasury securities were included in Investments as of March 31, 2023 and in Investments as of December 31, 2022 in the Condensed Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended 2023 2022 Income Before Provision for Taxes $ 29,193 $ 50,148 Provision for Taxes $ 1,207 $ 5,680 Effective Income Tax Rate 4.1 % 11.3 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2023 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, 2023. During the quarter ended March 31, 2023, the Company's holding partnership, PJT Partners Holdings LP, received a notice from the Internal Revenue Service that its Form 1065, U.S. Return of Partnership Income, was selected for examination for the tax year ended December 31, 2020. The Company currently does not expect the results of the audit to have any material impact on its consolidated financial statements.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 is presented below: Three Months Ended 2023 2022 Numerator: Net Income Attributable to Shares of Class A $ 17,336 $ 25,704 Incremental Net Income from Dilutive Securities 574 786 Net Income Attributable to Shares of Class A $ 17,910 $ 26,490 Denominator: Weighted-Average Shares of Class A Common 25,231,815 24,989,152 Weighted-Average Number of Incremental Shares from 1,686,696 1,562,683 Weighted-Average Shares of Class A Common 26,918,511 26,551,835 Net Income Per Share of Class A Common Stock Basic $ 0.69 $ 1.03 Diluted $ 0.67 $ 1.00 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 39,997,580 for the three months ended March 31, 2023, excluding unvested restricted stock units (“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, 2023 and 2022 , there were 14,765,765 and 15,196,653 weighted-average Partnership Units, respectively, that were anti-dilutive. Share Repurchase Program During the three months ended March 31, 2023 , the Company repurchased 0.9 million shares of the Company’s Class A common stock at an average price per share of $ 77.37 , or $ 66.2 million in aggregate, pursuant to this share repurchase program. As of March 31, 2023, the Company’s remaining repurchase authorization was $ 107.5 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	3 Months Ended
	Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based and Other Deferred Compensation	10. 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, 2022. The following table represents equity-based compensation expense and the related income tax benefit for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended 2023 2022 Equity-Based Compensation Expense $ 48,796 $ 59,069 Income Tax Benefit $ 6,703 $ 8,022 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2023: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 4,181,075 $ 65.58 Granted 1,930,925 79.50 Dividends Reinvested on RSUs ( 51,969 ) 56.71 Forfeited ( 9,731 ) 71.45 Vested ( 1,319,496 ) 59.87 Balance, March 31, 2023 4,730,804 $ 72.94 As of March 31, 2023 , there was $ 221.8 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.0 years. The Company assumes a forfeiture rate of 1.0 % to 7.0 % 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, 2022 was $ 63.62 . RSU Awards with Both Service and Market Conditions The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2023: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 1,534,012 $ 41.98 Dividends Reinvested on RSUs 79 34.22 Balance, March 31, 2023 1,534,091 $ 41.98 As of March 31, 2023 , there was $ 31.7 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 2.1 years. The Company assumes a forfeiture rate of 4.0 % to 7.0 % annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs with both a service and market condition granted for the three months ended March 31, 2022 was $ 41.97 . Partnership Units The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2023: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 178,067 $ 60.62 Granted 36,726 74.57 Vested ( 74,885 ) 54.19 Balance, March 31, 2023 139,908 $ 67.73 As of March 31, 2023 , there was $ 7.9 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.4 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, 2022 was $ 59.84 . Partnership Unit Awards with Both Service and Market Conditions 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, 2023: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 1,107,768 $ 39.10 Balance, March 31, 2023 1,107,768 $ 39.10 As of March 31, 2023 , there was $ 22.5 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 2.1 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 with both a service and market condition granted for the three months ended March 31, 2022 was $ 39.10 . Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2023, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 5,834,998 2.1 Partnership Units 1,184,737 2.0 Total Equity-Based Awards 7,019,735 2.1 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 $ 10.2 million and $ 7.0 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 , there was $ 84.8 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.6 years.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	11. LEASES The components of lease expense were as follows: Three Months Ended 2023 2022 Operating Lease Cost $ 7,354 $ 6,724 Variable Lease Cost 1,149 1,004 Sublease Income ( 195 ) ( 210 ) Total Lease Cost $ 8,308 $ 7,518 Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2023 2022 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 6,280 $ 5,640 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ 508 $ — March 31, December 31, Weighted-Average Remaining Lease Term (in years) 6.7 6.8 Weighted-Average Discount Rate 4.7 % 4.6 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2023 :

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Transactions With Related Parties	12. 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, 2022. Certain holders of Partnership Units exchanged 0.1 million Partnership Units for cash in the amount of $ 10.7 million for the three months ended March 31, 2023 and 0.1 million Partnership Units for cash in the amount of $ 6.6 million for the three months ended March 31, 2022. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 139 thousand Partnership Units for cash on May 9, 2023 at a price equal to the volume-weighted average price per share of the Company’s Class A common stock on May 4, 2023. 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, 2023 and December 31, 2022, the Company had amounts due of $ 31.7 million and $ 30.3 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. Sublease The Company has entered into a Sublease Agreement (the "Sublease") with Dynasty Equity Partners Management, LLC ("Dynasty") to sublease a portion of its office space to Dynasty. K. Don Cornwell, a member of the Board as of January 2023, is the CEO and co-founder of Dynasty. The sublease commenced on October 1, 2022 with an initial term of two years . The rent, terms and conditions of the Sublease were consistent with those similar subleases in the market as of the time the Sublease was entered and the Company recognized $ 0.2 million of sublease income for the three months ended March 31, 2023. Such amounts are recorded in Interest Income and Other in the Condensed Consolidated Statements of Operations. Aircraft Lease The Company makes available to its partners and, on occasion, their family members personal use of a company leased aircraft when it 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	9 Months Ended
	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. 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, pursuant to the terms and 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 will mature and the commitments thereunder will terminate on the maturity date, subject to extension by agreement of the Borrower and Lender. On February 7, 2023, the Renewal Agreement was further amended with the same terms to extend the maturity date to October 1, 2024. As of March 31, 2023 and December 31, 2022 , there were no borrowings outstanding under the revolving credit facility. As of March 31, 2023 and December 31, 2022, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended and Restated Loan Agreement. Contingencies Litigation From time to time, the Company may be 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 $ 3.0 million and $ 3.3 million as of March 31, 2023 and December 31, 2022, respectively. 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, 2023 and December 31, 2022. 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. The Company had accrued $ 3.4 million as of March 31, 2023 and December 31, 2022 , 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, 2023
Regulatory Capital Requirements [Abstract]
Regulated Entities	14. REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the U.S., 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 U.S. 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 had net capital of $ 37.2 million and $ 125.9 million as of March 31, 2023 and December 31, 2022 , respectively, which exceeded the minimum net capital requirement by $ 35.7 million and $ 124.1 million, respectively. 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). As of March 31, 2023 and December 31, 2022 , PJT Partners (UK) Limited, PJT Partners (HK) Limited and PJT Partners Park Hill (Spain) A.V., S.A.U. were in compliance with local capital adequacy requirements.

Business Information

Business Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Business Information	15. 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 operating segment and therefore a single reportable segment. 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 2023 2022 Revenues Domestic $ 166,815 $ 216,979 International 33,173 29,340 Total $ 199,988 $ 246,319 March 31, December 31, Assets Domestic $ 829,558 $ 921,274 International 130,253 129,378 Total $ 959,811 $ 1,050,652

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS The Board has declared a quarterly dividend of $ 0.25 per share of Class A common stock, which will be paid on June 21, 2023 to Class A common stockholders of record as of June 7, 2023 . As publicly reported, on May 1, 2023, First Republic Bank ("FRB") was acquired by JPMorgan Chase & Co. following a seizure by the U.S. Federal Deposit Insurance Corporation. The Company maintained cash deposits and a revolving credit facility with FRB. The Company expects no material impact on its consolidated financial statements or day-to-day operations as a result of these recent developments. 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 12. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 U.S. (“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, 2022. 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, 2022 .
Cash, Cash Equivalents and Investments	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 maintained in U.S. and non-U.S. bank accounts and are held at five financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw, which totaled $ 0.6 million as of each of March 31, 2023 and December 31, 2022. 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, 2023
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, 2023 and 2022: Three Months Ended 2023 2022 Advisory Fees $ 168,090 $ 181,658 Placement Fees 27,585 60,351 Interest Income from Placement Fees and Other 4,270 2,122 Revenues from Contracts with Customers $ 199,945 $ 244,131

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Beginning Balance $ 1,945 $ 1,853 Provision for Credit Losses 453 1,464 Write-offs ( 145 ) — Ending Balance $ 2,253 $ 3,317

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 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 ( 46,051 ) ( 44,964 ) Trade Name ( 8,375 ) ( 8,232 ) Total Accumulated Amortization ( 54,426 ) ( 53,196 ) Intangible Assets, Net $ 16,650 $ 17,880

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2023
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, December 31, Leasehold Improvements $ 56,253 $ 54,555 Furniture and Fixtures 19,107 18,811 Office Equipment 6,057 5,533 Total Furniture, Equipment and Leasehold Improvements 81,417 78,899 Accumulated Depreciation ( 50,614 ) ( 48,206 ) Furniture, Equipment and Leasehold Improvements, Net $ 30,803 $ 30,693

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Level I Level II Level III Total Treasury Securities $ — $ 4,998 $ — $ 4,998 December 31, 2022 Level I Level II Level III Total Treasury Securities $ — $ 50,242 $ — $ 50,242

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended 2023 2022 Income Before Provision for Taxes $ 29,193 $ 50,148 Provision for Taxes $ 1,207 $ 5,680 Effective Income Tax Rate 4.1 % 11.3 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 is presented below: Three Months Ended 2023 2022 Numerator: Net Income Attributable to Shares of Class A $ 17,336 $ 25,704 Incremental Net Income from Dilutive Securities 574 786 Net Income Attributable to Shares of Class A $ 17,910 $ 26,490 Denominator: Weighted-Average Shares of Class A Common 25,231,815 24,989,152 Weighted-Average Number of Incremental Shares from 1,686,696 1,562,683 Weighted-Average Shares of Class A Common 26,918,511 26,551,835 Net Income Per Share of Class A Common Stock Basic $ 0.69 $ 1.03 Diluted $ 0.67 $ 1.00

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Equity-Based Compensation Expense and Related Income Tax Benefit	The following table represents equity-based compensation expense and the related income tax benefit for the three months ended March 31, 2023 and 2022, respectively: Three Months Ended 2023 2022 Equity-Based Compensation Expense $ 48,796 $ 59,069 Income Tax Benefit $ 6,703 $ 8,022
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, 2023: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 4,181,075 $ 65.58 Granted 1,930,925 79.50 Dividends Reinvested on RSUs ( 51,969 ) 56.71 Forfeited ( 9,731 ) 71.45 Vested ( 1,319,496 ) 59.87 Balance, March 31, 2023 4,730,804 $ 72.94
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, 2023: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 178,067 $ 60.62 Granted 36,726 74.57 Vested ( 74,885 ) 54.19 Balance, March 31, 2023 139,908 $ 67.73
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of March 31, 2023, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 5,834,998 2.1 Partnership Units 1,184,737 2.0 Total Equity-Based Awards 7,019,735 2.1
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, 2023: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2022 1,534,012 $ 41.98 Dividends Reinvested on RSUs 79 34.22 Balance, March 31, 2023 1,534,091 $ 41.98
Partnership Unit Awards Containing Service and Market Conditions
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, 2023: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2022 1,107,768 $ 39.10 Balance, March 31, 2023 1,107,768 $ 39.10

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended 2023 2022 Operating Lease Cost $ 7,354 $ 6,724 Variable Lease Cost 1,149 1,004 Sublease Income ( 195 ) ( 210 ) Total Lease Cost $ 8,308 $ 7,518
Schedule of Supplemental Information Related to Leases	Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2023 2022 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 6,280 $ 5,640 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ 508 $ — March 31, December 31, Weighted-Average Remaining Lease Term (in years) 6.7 6.8 Weighted-Average Discount Rate 4.7 % 4.6 %
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, 2023 :

Business Information (Tables)

Business Information (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Revenues Domestic $ 166,815 $ 216,979 International 33,173 29,340 Total $ 199,988 $ 246,319 March 31, December 31, Assets Domestic $ 829,558 $ 921,274 International 130,253 129,378 Total $ 959,811 $ 1,050,652

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Mar. 31, 2023
Organization Disclosure [Line Items]
Voting power	100%
Non-controlling interest percentage	37.20%
Maximum
Organization Disclosure [Line Items]
Economic interest	100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash subject to notice requirement	$ 0.6	$ 0.6

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, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 199,945	$ 244,131
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	168,090	181,658
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	27,585	60,351
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 4,270	$ 2,122

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: 2023-04-01 - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 35.5
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, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 7,400	$ 6,300
Contract liabilities	12,897		$ 12,999
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	$ 2,100		$ 1,800
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	$ 3,600	$ 24,000

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, 2023	Mar. 31, 2022
Receivables [Abstract]
Beginning Balance	$ 1,945	$ 1,853
Provision for Credit Losses	453	1,464
Write-offs	(145)
Ending Balance	$ 2,253	$ 3,317

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 2.9	$ 6.5
Allowance for credit loss, long-term receivables	$ 0.5	0.5
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	$ 3.3	2.7
Long-term receivables	$ 131.7	$ 133.3
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accounts Receivable Net		Accounts Receivable Net

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076		$ 71,076
Total Accumulated Amortization	(54,426)		(53,196)
Intangible Assets, Net	16,650	$ 17,880	17,880
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276		61,276
Total Accumulated Amortization	(46,051)		(44,964)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800		9,800
Total Accumulated Amortization	$ (8,375)		$ (8,232)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.2	$ 1.9
Expected amortization of intangible assets, remainder of year	3.7
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, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 81,417	$ 78,899
Accumulated Depreciation	(50,614)	(48,206)
Furniture, Equipment and Leasehold Improvements, Net	30,803	30,693
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	56,253	54,555
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	19,107	18,811
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 6,057	$ 5,533

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2.2	$ 2.4

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, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 4,998	$ 50,242
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 4,998	$ 50,242

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 29,193	$ 50,148
Provision for Taxes	$ 1,207	$ 5,680
Effective Income Tax Rate	4.10%	11.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Mar. 31, 2023 USD ($)
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, 2023	Mar. 31, 2022
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	1,686,696	1,562,683
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 17,336	$ 25,704
Incremental Net Income from Dilutive Securities	574	786
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 17,910	$ 26,490
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	25,231,815	24,989,152
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	26,918,511	26,551,835
Net Income Per Share of Class A Common Stock
Basic	$ 0.69	$ 1.03
Diluted	$ 0.67	$ 1

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, 2023	Mar. 31, 2022
Earnings Per Share Basic [Line Items]
Aggregate amount of shares repurchased	$ 66,180,000	$ 56,569,000
Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	39,997,580
Class A Common Stock
Earnings Per Share Basic [Line Items]
Share repurchase program, remaining authorization amount	$ 107,500,000
Treasury stock repurchased	900,000
Treasury stock, average price per share	$ 77.37
Aggregate amount of shares repurchased	$ 66,200,000
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	14,765,765	15,196,653

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, 2023	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 48,796	$ 59,069
Income Tax Benefit	$ 6,703	$ 8,022

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, 2023	Mar. 31, 2022
Number of Units
Ending Balance	1,107,768
Weighted-Average Grant Date Fair Value
Ending Balance	$ 39.10
Restricted Stock Units
Number of Units
Beginning Balance	4,181,075
Granted	1,930,925
Dividends Reinvested on RSUs	(51,969)
Forfeited	(9,731)
Vested	(1,319,496)
Ending Balance	4,730,804
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 65.58
Granted	79.50	$ 63.62
Dividends Reinvested on RSUs	56.71
Forfeited	71.45
Vested	59.87
Ending Balance	$ 72.94
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,534,012
Dividends Reinvested on RSUs	79
Ending Balance	1,534,091
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 41.98
Granted		$ 41.97
Dividends Reinvested on RSUs	34.22
Ending Balance	$ 41.98

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding	1,107,768
Compensation expense	$ 10,200,000	$ 7,000,000
Unrecognized compensation expense related to deferred cash awards	$ 84,800,000
Weighted-average period over compensation cost is expected to be recognized	2 years 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 221,800,000
Weighted-average period for recognition of compensation expense related to unvested awards	2 years
Weighted-average grant date fair value	$ 79.50	$ 63.62
Granted	1,930,925
Outstanding	4,730,804			4,181,075
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	$ 31,700,000
Weighted-average period for recognition of compensation expense related to unvested awards	2 years 1 month 6 days
Weighted-average grant date fair value		41.97
Outstanding	1,534,091			1,534,012
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 7.9
Assumed forfeiture rate	4%
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 4 months 24 days
Weighted-average grant date fair value	$ 74.57	59.84
Granted	36,726
Outstanding	139,908			178,067
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	$ 22,500,000
Assumed forfeiture rate	4%
Weighted-average period for recognition of compensation expense related to unvested awards	2 years 1 month 6 days
Weighted-average grant date fair value		$ 39.10
Outstanding				1,107,768
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%
Minimum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			4%
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	7%
Maximum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			7%

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Units
Ending Balance	1,107,768
Weighted-Average Grant Date Fair Value
Ending Balance	$ 39.10
Partnership Units
Number of Units
Beginning Balance	178,067
Granted	36,726
Vested	(74,885)
Ending Balance	139,908
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 60.62
Granted	74.57	$ 59.84
Vested	54.19
Ending Balance	$ 67.73
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	1,107,768
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 39.10
Granted		$ 39.10

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	7,019,735
Weighted-average service period of unit expected to vest (in years)	2 years 1 month 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	5,834,998
Weighted-average service period of unit expected to vest (in years)	2 years 1 month 6 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	1,184,737
Weighted-average service period of unit expected to vest (in years)	2 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating Lease Cost	$ 7,354	$ 6,724
Variable Lease Cost	1,149	1,004
Sublease Income	(195)	(210)
Total Lease Cost	$ 8,308	$ 7,518

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 6,280	$ 5,640
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities	$ 508	$ 0
Weighted-Average Remaining Lease Term (in years)	6 years 8 months 12 days		6 years 9 months 18 days
Weighted-Average Discount Rate	4.70%		4.60%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (April 1 through December 31)	$ 24,456
Operating Lease, 2024	29,253
Operating Lease, 2025	24,945
Operating Lease, 2026	19,608
Operating Lease, 2027	10,928
Operating Lease, Thereafter	43,341
Operating Lease, Total Lease Payments	152,531
Operating Lease, Less: Imputed Interest	21,841
Operating Lease, Total	$ 130,690	$ 135,627

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) shares in Thousands, $ in Thousands		3 Months Ended
	May 09, 2023 shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units		$ 10,737	$ 6,559
Sublease Income		195	$ 210
Amount due to tax receivable agreement		31,714		$ 30,315
Dynasty Equity Partners Management | Sublease Agreement
Related Party Transaction [Line Items]
Sublease Income		$ 200
Sublease, commitment date		Oct. 01, 2022
Sublease, term of contract		2 years
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		100	100
Percentage payment to exchanging holders of partnership units of benefits		85%
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
Exchange of partnership units settled | shares	139

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Feb. 01, 2021
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed	$ 3,000,000	$ 3,300,000
Forfeiture accrual	900,000	900,000
Tax benefit accrual	3,400,000	3,400,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding	$ 0	$ 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

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) - PJT Partners LP - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Regulatory Authorities [Line Items]
Net capital	$ 37.2	$ 125.9
Net capital in excess of required net capital	$ 35.7	$ 124.1

Business Information - Addition

Business Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
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, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues
Revenues	$ 199,988	$ 246,319
Assets
Assets	959,811		$ 1,050,652
Domestic
Revenues
Revenues	166,815	216,979
Assets
Assets	829,558		921,274
International
Revenues
Revenues	33,173	$ 29,340
Assets
Assets	$ 130,253		$ 129,378

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares		3 Months Ended
	May 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock		$ 0.25	$ 0.25
Subsequent Event | Quarterly Dividend
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock	$ 0.25
Dividend declared, description	The Board has declared a quarterly dividend
Dividends payable, date to be paid	Jun. 21, 2023
Dividends payable, date of record	Jun. 07, 2023