Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 29, 2024 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A common stock, par value $0.01 per share | |
Trading Symbol | PJT | |
Security Exchange Name | NYSE | |
Entity Registrant Name | PJT Partners Inc. | |
Entity Central Index Key | 0001626115 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36869 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4797143 | |
Entity Address, Address Line One | 280 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | (212) | |
Local Phone Number | 364-7800 | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 23,794,120 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 134 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and Cash Equivalents | $ 164,203 | $ 355,543 |
Investments (at fair value) | 186,644 | 81,382 |
Accounts Receivable (net of allowance for credit losses of $3,571 and $2,391 at June 30, 2024 and December 31, 2023, respectively) | 343,731 | 263,529 |
Intangible Assets, Net | 10,500 | 12,960 |
Goodwill | 172,725 | 172,725 |
Furniture, Equipment and Leasehold Improvements, Net | 22,746 | 25,901 |
Operating Lease Right-of-Use Assets | 291,060 | 299,200 |
Other Assets | 151,573 | 151,278 |
Deferred Tax Asset, Net | 74,613 | 72,460 |
Total Assets | 1,417,795 | 1,434,978 |
Liabilities and Equity | ||
Accrued Compensation and Benefits | 169,556 | 174,402 |
Accounts Payable, Accrued Expenses and Other Liabilities | 26,278 | 22,302 |
Operating Lease Liabilities | 325,993 | 330,600 |
Amount Due Pursuant to Tax Receivable Agreement | 30,851 | 29,672 |
Taxes Payable | 5,566 | 6,573 |
Deferred Revenue | 11,781 | 10,265 |
Total Liabilities | 570,025 | 573,814 |
Commitments and Contingencies | ||
Equity | ||
Additional Paid-In Capital | 623,308 | 619,702 |
Retained Earnings | 167,060 | 118,332 |
Accumulated Other Comprehensive Loss | (996) | (467) |
Treasury Stock at Cost (9,835,875 and 8,171,050 shares at June 30, 2024 and December 31, 2023, respectively) | (655,912) | (493,222) |
Total PJT Partners Inc. Equity | 133,797 | 244,669 |
Non-Controlling Interests | 713,973 | 616,495 |
Total Equity | 847,770 | 861,164 |
Total Liabilities and Equity | 1,417,795 | 1,434,978 |
Class A Common Stock | ||
Equity | ||
Common stock, value | $ 337 | $ 324 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, allowance for credit losses | $ 3,571 | $ 2,391 |
Treasury Stock, Shares | 9,835,875 | 8,171,050 |
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 | 33,685,178 | 32,356,489 |
Common Stock, Shares Outstanding | 23,849,303 | 24,185,439 |
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 | 134 | 144 |
Common Stock, Shares Outstanding | 134 | 144 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Revenues | $ 360,181 | $ 346,277 | $ 689,574 | $ 546,265 |
Expenses | ||||
Compensation and Benefits | 250,326 | 246,614 | 479,254 | 379,657 |
Occupancy and Related | 12,107 | 9,920 | 24,268 | 19,931 |
Travel and Related | 9,055 | 8,314 | 18,156 | 15,286 |
Professional Fees | 8,780 | 11,454 | 17,129 | 18,381 |
Communications and Information Services | 5,296 | 3,761 | 10,074 | 7,838 |
Depreciation and Amortization | 3,112 | 3,597 | 6,610 | 7,040 |
Other Expenses | 7,106 | 8,448 | 15,781 | 14,770 |
Total Expenses | 295,782 | 292,108 | 571,272 | 462,903 |
Income Before Provision for Taxes | 64,399 | 54,169 | 118,302 | 83,362 |
Provision for Taxes | 11,368 | 13,117 | 11,899 | 14,324 |
Net Income | 53,031 | 41,052 | 106,403 | 69,038 |
Net Income Attributable to Non-Controlling Interests | 24,715 | 18,911 | 45,464 | 29,561 |
Net Income Attributable to PJT Partners Inc. | 28,316 | 22,141 | 60,939 | 39,477 |
Advisory Fees | ||||
Revenues | ||||
Revenues | 307,082 | 323,794 | 595,763 | 491,884 |
Placement Fees | ||||
Revenues | ||||
Revenues | 46,873 | 20,028 | 81,362 | 47,613 |
Interest Income and Other | ||||
Revenues | ||||
Revenues | $ 6,226 | $ 2,455 | $ 12,449 | $ 6,768 |
Class A Common Stock | ||||
Net Income Per Share of Class A Common Stock | ||||
Basic | $ 1.12 | $ 0.88 | $ 2.39 | $ 1.56 |
Diluted | $ 1.06 | $ 0.86 | $ 2.29 | $ 1.53 |
Weighted-Average Shares of Class A Common Stock Outstanding | ||||
Basic | 25,376,186 | 25,238,144 | 25,533,358 | 25,234,983 |
Diluted | 43,091,718 | 26,333,261 | 43,427,605 | 26,625,890 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 53,031 | $ 41,052 | $ 106,403 | $ 69,038 |
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment | (9) | 1,677 | (975) | 3,065 |
Comprehensive Income | 53,022 | 42,729 | 105,428 | 72,103 |
Comprehensive Income Attributable to Non-Controlling Interests | 24,711 | 19,652 | 45,018 | 30,914 |
Comprehensive Income Attributable to PJT Partners Inc. | $ 28,311 | $ 23,077 | $ 60,410 | $ 41,189 |
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 | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests |
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 | 69,038 | 39,477 | 29,561 | ||||||
Other Comprehensive Income (Loss) | 3,065 | 1,712 | 1,353 | ||||||
Dividends Declared | (12,297) | (12,297) | |||||||
Tax Distributions | (12,149) | (12,149) | |||||||
Equity-Based Compensation | 97,996 | 88,672 | 9,324 | ||||||
Net Share Settlement | (16,514) | (16,514) | |||||||
Deliveries of Vested Shares of Common Stock | $ 12 | (12) | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 1,188,641 | ||||||||
Change in Ownership Interest | (19,438) | (32,981) | 13,543 | ||||||
Change in Ownership Interest (in shares) | (18) | ||||||||
Treasury Stock Purchases | (104,068) | $ (104,068) | |||||||
Treasury Stock Purchases (in shares) | (1,447,461) | ||||||||
Ending Balance at Jun. 30, 2023 | 765,191 | $ 322 | $ (480,552) | 541,750 | 88,149 | (562) | 616,084 | ||
Ending Balance (in shares) at Jun. 30, 2023 | 32,251,216 | 140 | (8,030,750) | ||||||
Beginning Balance at Mar. 31, 2023 | 738,149 | $ 322 | $ (442,664) | 531,034 | 72,076 | (1,498) | 578,879 | ||
Beginning Balance (in shares) at Mar. 31, 2023 | 32,238,601 | 159 | (7,438,407) | ||||||
Net Income | 41,052 | 22,141 | 18,911 | ||||||
Other Comprehensive Income (Loss) | 1,677 | 936 | 741 | ||||||
Dividends Declared | (6,068) | (6,068) | |||||||
Tax Distributions | (12,149) | (12,149) | |||||||
Equity-Based Compensation | 49,200 | 44,596 | 4,604 | ||||||
Net Share Settlement | (175) | (175) | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 12,615 | ||||||||
Change in Ownership Interest | (8,607) | (33,705) | 25,098 | ||||||
Change in Ownership Interest (in shares) | (19) | ||||||||
Treasury Stock Purchases | (37,888) | $ (37,888) | |||||||
Treasury Stock Purchases (in shares) | (592,343) | ||||||||
Ending Balance at Jun. 30, 2023 | 765,191 | $ 322 | $ (480,552) | 541,750 | 88,149 | (562) | 616,084 | ||
Ending Balance (in shares) at Jun. 30, 2023 | 32,251,216 | 140 | (8,030,750) | ||||||
Beginning Balance at Dec. 31, 2023 | 861,164 | $ 324 | $ (493,222) | 619,702 | 118,332 | (467) | 616,495 | ||
Beginning Balance (in shares) at Dec. 31, 2023 | 32,356,489 | 144 | (8,171,050) | ||||||
Net Income | 106,403 | 60,939 | 45,464 | ||||||
Other Comprehensive Income (Loss) | (975) | (529) | (446) | ||||||
Dividends Declared | (12,211) | (12,211) | |||||||
Tax Distributions | (5,387) | (5,387) | |||||||
Equity-Based Compensation | 119,245 | 106,855 | 12,390 | ||||||
Net Share Settlement | (27,841) | (27,841) | |||||||
Deliveries of Vested Shares of Common Stock | $ 13 | (13) | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 1,328,689 | ||||||||
Change in Ownership Interest | (29,938) | (75,395) | 45,457 | ||||||
Change in Ownership Interest (in shares) | (10) | ||||||||
Treasury Stock Purchases | (162,690) | $ (162,690) | |||||||
Treasury Stock Purchases (in shares) | (1,700,000) | (1,664,825) | |||||||
Ending Balance at Jun. 30, 2024 | 847,770 | $ 337 | $ (655,912) | 623,308 | 167,060 | (996) | 713,973 | ||
Ending Balance (in shares) at Jun. 30, 2024 | 33,685,178 | 134 | (9,835,875) | ||||||
Beginning Balance at Mar. 31, 2024 | 828,191 | $ 336 | $ (599,803) | 630,335 | 144,728 | (991) | 653,586 | ||
Beginning Balance (in shares) at Mar. 31, 2024 | 33,641,330 | 136 | (9,250,628) | ||||||
Net Income | 53,031 | 28,316 | 24,715 | ||||||
Other Comprehensive Income (Loss) | (9) | (5) | (4) | ||||||
Dividends Declared | (5,984) | (5,984) | |||||||
Tax Distributions | (5,387) | (5,387) | |||||||
Equity-Based Compensation | 46,427 | 40,542 | 5,885 | ||||||
Net Share Settlement | (888) | (888) | |||||||
Deliveries of Vested Shares of Common Stock | $ 1 | (1) | |||||||
Deliveries of Vested Shares of Common Stock (in shares) | 43,848 | ||||||||
Change in Ownership Interest | (11,502) | (46,680) | 35,178 | ||||||
Change in Ownership Interest (in shares) | (2) | ||||||||
Treasury Stock Purchases | (56,109) | $ (56,109) | |||||||
Treasury Stock Purchases (in shares) | (585,247) | ||||||||
Ending Balance at Jun. 30, 2024 | $ 847,770 | $ 337 | $ (655,912) | $ 623,308 | $ 167,060 | $ (996) | $ 713,973 | ||
Ending Balance (in shares) at Jun. 30, 2024 | 33,685,178 | 134 | (9,835,875) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class A Common Stock | ||||
Dividends Declared Per Share of Class A Common Stock | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.5 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net Income | $ 106,403 | $ 69,038 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
Equity-Based Compensation Expense | 119,245 | 97,996 |
Depreciation and Amortization Expense | 6,610 | 7,040 |
Amortization of Operating Lease Right-of-Use Assets | 7,899 | 11,871 |
Provision for Credit Losses | 4,627 | 2,574 |
Other | 651 | 791 |
Cash Flows Due to Changes in Operating Assets and Liabilities | ||
Accounts Receivable | (86,137) | (16,560) |
Other Assets | 705 | (28,976) |
Accrued Compensation and Benefits | (5,375) | 38,294 |
Accounts Payable, Accrued Expenses and Other Liabilities | (420) | (13,021) |
Taxes Payable | (965) | 335 |
Deferred Revenue | 1,532 | (1,767) |
Net Cash Provided by Operating Activities | 154,775 | 167,615 |
Investing Activities | ||
Purchases of Investments | (185,460) | (78,845) |
Proceeds from Sales and Maturities of Investments | 80,221 | 54,797 |
Purchases of Furniture, Equipment and Leasehold Improvements | (955) | (2,874) |
Net Cash Used in Investing Activities | (106,194) | (26,922) |
Financing Activities | ||
Dividends | (12,211) | (12,297) |
Tax Distributions | (5,387) | (12,149) |
Proceeds from Revolving Credit Facility | 0 | 15,000 |
Payments on Revolving Credit Facility | 0 | (15,000) |
Employee Taxes Paid for Shares Withheld | (27,841) | (16,514) |
Cash-Settled Exchanges of Partnership Units | (30,282) | (19,443) |
Treasury Stock Purchases | (162,538) | (104,068) |
Payments Pursuant to Tax Receivable Agreement | (509) | (29) |
Net Cash Used in Financing Activities | (238,768) | (164,500) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,153) | 2,068 |
Net Decrease in Cash and Cash Equivalents | (191,340) | (21,739) |
Cash and Cash Equivalents, Beginning of Period | 355,543 | 173,235 |
Cash and Cash Equivalents, End of Period | 164,203 | 151,496 |
Supplemental Disclosure of Cash Flows Information | ||
Payments for Income Taxes, Net of Refunds Received | $ 3,181 | 4,569 |
Payments for Interest | $ 20 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 28,316 | $ 22,141 | $ 60,939 | $ 39,477 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arr Modified Flag | false |
Non Rule 10b5-1 Arr Modified Flag | false |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGA NIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory and placement 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 June 30, 2024, the non-controlling interest of PJT Partners Holdings LP was 39.2 % . 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 | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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, 2023 . 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 six 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 $ 10.8 million and $ 9.2 million as of June 30, 2024 and December 31, 2023, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. Income Taxes The Organization for Economic Co-operation and Development ("OECD") Pillar Two Model Rules ("Pillar Two") set forth for a global 15 % minimum tax on the income arising in each jurisdiction in which the Company operates. Many such jurisdictions have implemented or are in the process of implementing Pillar Two and it is expected to be applicable for annual periods beginning on or after December 31, 2023. The Company is continuing to assess the impact of Pillar Two and does not expect it to have a material impact on the Company’s 2024 condensed consolidated financial statements. Recent Accounting Developments In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance on improvements to reportable segment disclosures. The guidance primarily requires enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In December 2023, the FASB issued guidance to improve its income tax disclosure requirements. The guidance enhances existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In March 2024, the FASB issued guidance that clarifies appropriate accounting for profits interest and similar awards. The guidance is effective for annual and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Advisory Fees $ 307,082 $ 323,794 $ 595,763 $ 491,884 Placement Fees 46,873 20,028 81,362 47,613 Interest Income from Placement Fees and Other 4,126 3,952 8,041 8,222 Revenues from Contracts with Customers $ 358,081 $ 347,774 $ 685,166 $ 547,719 Remaining Performance Obligations and Revenue Recognized from Past Performance As of June 30, 2024, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $ 41.6 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 $ 9.3 million and $ 16.6 million for the three and six months ended June 30, 2024 , respectively, and $ 6.8 million and $ 10.4 million for the three and six months ended June 30, 2023, 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 revenues recognized by the Company during the three and six months ended June 30, 2024 and 2023 were 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 and six months ended June 30, 2024 and 2023. For the six months ended June 30, 2024 and 2023, $ 9.1 million and $ 10.4 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. The Company recorded $ 2.0 million as of each June 30, 2024 and December 31, 2023 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended 2024 2023 2024 2023 Beginning Balance $ 3,217 $ 2,253 $ 2,391 $ 1,945 Provision for Credit Losses 2,646 2,121 4,627 2,574 Write-offs ( 2,542 ) ( 1,397 ) ( 3,697 ) ( 1,542 ) Recoveries 250 — 250 — Ending Balance $ 3,571 $ 2,977 $ 3,571 $ 2,977 Included in Accounts Receivable , Net is accrued interest of $ 3.6 million and $ 3.4 million as of June 30, 2024 and December 31, 2023, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $ 89.6 million and $ 84.4 million as of June 30, 2024 and December 31, 2023 , 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 $ 2.0 million and $ 1.3 million as of June 30, 2024 and December 31, 2023, respectively, that were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $ 1.2 million and $ 0.6 million as of June 30, 2024 and December 31, 2023 , respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, 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 ( 51,489 ) ( 49,314 ) Trade Name ( 9,087 ) ( 8,802 ) Total Accumulated Amortization ( 60,576 ) ( 58,116 ) Intangible Assets, Net $ 10,500 $ 12,960 Amortization expense was $ 1.2 million and $ 2.5 million for each of the three and six months ended June 30, 2024 and 2023, respectively. Amortization of Intangible Assets held at June 30, 2024 is expected to be $ 2.5 million for the remainder of the year ending December 31, 2024; $ 4.8 million 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 | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, December 31, Leasehold Improvements $ 56,637 $ 56,456 Furniture and Fixtures 17,231 17,027 Office Equipment 7,025 6,467 Total Furniture, Equipment and Leasehold Improvements 80,893 79,950 Accumulated Depreciation ( 58,147 ) ( 54,049 ) Furniture, Equipment and Leasehold Improvements, Net $ 22,746 $ 25,901 Depreciation expense was $ 1.9 million and $ 4.2 million for the three and six months ended June 30, 2024, respectively, and $ 2.4 million and $ 4.6 million for the three and six months ended June 30, 2023 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 Level I Level II Level III Total Treasury Securities $ — $ 192,997 $ — $ 192,997 December 31, 2023 Level I Level II Level III Total Treasury Securities $ — $ 183,514 $ — $ 183,514 Investments in Treasury securities were included in both Cash and Cash Equivalents and Investments at June 30, 2024 and December 31, 2023 in the Condensed Consolidated Statements of Financial Condition. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended Six Months Ended 2024 2023 2024 2023 Income Before Provision for Taxes $ 64,399 $ 54,169 $ 118,302 $ 83,362 Provision for Taxes $ 11,368 $ 13,117 $ 11,899 $ 14,324 Effective Income Tax Rate 17.7 % 24.2 % 10.1 % 17.2 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2024 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 June 30, 2024 . |
Net Income Per Share of Class A
Net Income Per Share of Class A Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023 is presented below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income Attributable to Shares of Class A $ 28,316 $ 22,141 $ 60,939 $ 39,477 Incremental Net Income from Dilutive Securities 17,553 533 38,447 1,145 Net Income Attributable to Shares of Class A $ 45,869 $ 22,674 $ 99,386 $ 40,622 Denominator: Weighted-Average Shares of Class A Common 25,376,186 25,238,144 25,533,358 25,234,983 Weighted-Average Number of Incremental Shares from 2,191,919 1,095,117 2,334,946 1,390,907 Weighted-Average Number of Incremental Shares from 15,523,613 — 15,559,301 — Weighted-Average Shares of Class A Common 43,091,718 26,333,261 43,427,605 26,625,890 Net Income Per Share of Class A Common Stock Basic $ 1.12 $ 0.88 $ 2.39 $ 1.56 Diluted $ 1.06 $ 0.86 $ 2.29 $ 1.53 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 40,899,799 and 41,092,659 for the three and six months ended June 30, 2024, respectively, 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 and six months ended June 30, 2024 , there were no anti-dilutive securities. For the three and six months ended June 30, 2023, there were 14,630,864 and 14,697,942 weighted-average Partnership Units, respectively, that were anti-dilutive. Share Repurchase Program On February 6, 2024, the Company announced that the Board authorized a $ 500 million Class A common stock repurchase program, which replaced the then-existing $ 200 million repurchase program authorized on April 25, 2022. Under the new repurchase program, which has no expiration date, 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 six months ended June 30, 2024, the Company repurchased 1.7 million shares of the Company’s Class A common stock at an average price per share of $ 97.60 , or $ 162.5 million in aggregate, pursuant to the share repurchase program. As of June 30, 2024, the Company’s remaining repurchase authorization was $ 350.2 million. |
Equity-Based and Other Deferred
Equity-Based and Other Deferred Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [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, 2023. The following table represents equity-based compensation expense and the related income tax benefit for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Equity-Based Compensation Expense $ 46,427 $ 49,200 $ 119,245 $ 97,996 Income Tax Benefit $ 5,984 $ 6,855 $ 15,861 $ 13,558 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 5,362,277 $ 73.23 Granted 2,031,590 98.90 Dividends Reinvested on RSUs ( 20,672 ) 72.97 Forfeited ( 86,049 ) 78.82 Vested ( 1,219,983 ) 68.93 Balance, June 30, 2024 6,067,163 $ 82.61 As of June 30, 2024, there was $ 269.2 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.7 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 granted for the six months ended June 30, 2023 was $ 77.65 . 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. As of June 30, 2024 , the Company had achieved a 20-day VWAP in excess of $ 107 , resulting in 62 % of the awards satisfying the market conditions, of which 40 % have also satisfied the service conditions. The following table summarizes activity related to unvested RSU awards with both a service and market condition for the six months ended June 30, 2024: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 1,419,798 $ 42.74 Forfeited ( 62,521 ) 41.97 Vested ( 220,393 ) 42.71 Balance, June 30, 2024 1,136,884 $ 42.79 As of June 30, 2024, there was $ 13.2 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 1.3 years. The Company assumes a forfeiture rate of 4.0 % to 7.0 % annually based on expected turnover and periodically reassesses this rate. Partnership Units The following table summarizes activity related to unvested Partnership Units for the six months ended June 30, 2024: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 673,241 $ 75.43 Granted 12,567 93.76 Vested ( 55,366 ) 67.29 Balance, June 30, 2024 630,442 $ 76.51 As of June 30, 2024, there was $ 35.3 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 2.2 years. The Company assumes a forfeiture rate of 1.0 % 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 six months ended June 30, 2023 was $ 74.57 . 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. As of June 30, 2024 , the Company had achieved a 20-day VWAP in excess of $ 107 , resulting in 62 % of the awards satisfying the market conditions, of which 40 % have also satisfied the service conditions. The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the six months ended June 30, 2024: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 996,991 $ 39.10 Vested ( 162,473 ) 39.10 Balance, June 30, 2024 834,518 $ 39.10 As of June 30, 2024, there was $ 9.0 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 1.3 years. The Company assumes a forfeiture rate of 1.0 % annually based on expected turnover and periodically reassesses this rate. Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2024, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,842,797 1.6 Partnership Units 1,406,632 1.7 Total Equity-Based Awards 8,249,429 1.6 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 $ 13.7 million and $ 27.9 million for the three and six months ended June 30, 2024 , respectively, and $ 8.7 million and $ 19.0 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 , there was $ 78.4 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.1 years. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 11. LEASES The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating Lease Cost $ 9,320 $ 7,344 $ 18,651 $ 14,698 Variable Lease Cost 949 1,084 2,065 2,233 Sublease Income ( 199 ) ( 194 ) ( 403 ) ( 389 ) Total Lease Cost $ 10,070 $ 8,234 $ 20,313 $ 16,542 Supplemental information related to the Company’s operating leases was as follows: Six Months Ended June 30, 2024 2023 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,348 $ 12,949 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ — $ 1,836 June 30, December 31, Weighted-Average Remaining Lease Term (in years) 15.1 15.5 Weighted-Average Discount Rate 6.8 % 6.8 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of June 30, 2024: Year Ending December 31, 2024 (July 1 through December 31) $ 13,983 2025 25,821 2026 29,938 2027 30,865 2028 38,873 Thereafter 415,296 Total Lease Payments 554,776 Less: Tenant Improvement Allowances 17,161 Less: Imputed Interest 211,622 Total $ 325,993 In December 2023, the Company entered into a lease amendment to its New York office lease which provides for the leasing of additional floor space. The lease associated with this additional floor space has not been included in Operating Lease Right-of-Use Assets and Operating Lease Liabilities as of June 30, 2024 on the Condensed Consolidated Statement of Financial Condition as the Company does not yet have the right to use the premises. Commencement is currently anticipated to occur in the first quarter of 2025 with a term that expires in 2041. |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 12. TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement, as amended, 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 Third Amended and Restated Limited Partnership Agreement of PJT Partners Holdings LP (the “Partnership Agreement”), 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, 2023. Certain holders of Partnership Units exchanged 0.3 million Partnership Units for cash in the amount of $ 30.3 million for the six months ended June 30, 2024 and 0.3 million Partnership Units for cash in the amount of $ 19.4 million for the six months ended June 30, 2023. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 103 thousand Partnership Units for cash on August 6, 2024 for an aggregate payment of $ 13.1 million. The price per Partnership Unit to be paid by the Company is $ 127.56 , which is equal to the volume-weighted average price per share of the Company’s Class A common stock on August 1, 2024. 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 June 30, 2024 and December 31, 2023, the Company had amounts due of $ 30.9 million and $ 29.7 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 amounts due. 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, 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 to subleases in the market as of the time the Sublease was entered, and the Company recognized $ 0.2 million and $ 0.4 million of sublease income for each of the three and six months ended June 30, 2024 and 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 CEO and on occasion by exception, to other partners, including Company’s Named Executive Officers, personal use of a company leased aircraft when it is not being used for business purposes, for which the Company is reimbursed 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 (now part of JPMorgan Chase), 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 June 30, 2024 and December 31, 2023 , there were no borrowings outstanding under the revolving credit facility. As of June 30, 2024 and December 31, 2023, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended and Restated Loan Agreement. On July 29, 2024, PJT Partners Holdings LP, as borrower, entered into a new syndicated revolving credit agreement (the “Credit Agreement”) and related documents with Bank of America, N.A., as the administrative agent (the “Administrative Agent”), and certain other financial institutions party thereto as lenders. The Credit Agreement, which replaces the Borrower's existing Amended and Restated Loan Agreement in its entirety, provides for a revolving credit facility with aggregate principal amount of up to $ 100 million. Outstanding borrowings under the revolving credit facility bear interest of Secured Overnight Financing Rate plus 1.85 % per annum. In connection with the closing of the Credit Agreement, the Borrower paid certain closing costs and fees. In addition, the Borrower will also pay a commitment fee on the unused portion of the revolving credit facility of 0.25 % per annum, payable quarterly in arrears. The revolving credit facility will mature and the commitments thereunder will terminate on July 29, 2026, subject to extension by agreement of the Borrower and Administrative Agent. 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. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred and presented net of any insurance reimbursements. These expenses are recorded in Professional Fees and Other Expenses in the Condensed Consolidated Statements of Operations. There were no material developments to the legal proceedings previously disclosed in Note 14. “Commitments and Contingencies—Contingencies, Litigation” 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, 2023. 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 $ 2.2 million and $ 2.3 million as of June 30, 2024 and December 31, 2023, 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 each of June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023, the Company had accrued $ 0.3 million and $ 0.1 million, respectively, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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, Spain and Japan 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 $ 228.1 million and $ 288.1 million as of June 30, 2024 and December 31, 2023 , respectively, which exceeded the minimum net capital requirement by $ 226.8 million and $ 287.2 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). On April 1, 2024, PJT Partners Japan K.K. became a Type II financial instruments firm registered with Kanto Local Finance Bureau and regulated by the Japan Financial Service Agency and is required to maintain minimum capital of ¥ 10 million Yen. As of June 30, 2024, PJT Partners Japan K.K. was in compliance with local capital adequacy requirements. As of June 30, 2024 and December 31, 2023 , 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended 2024 2023 2024 2023 Revenues Domestic $ 330,130 $ 279,628 $ 610,747 $ 446,443 International 30,051 66,649 78,827 99,822 Total $ 360,181 $ 346,277 $ 689,574 $ 546,265 June 30, December 31, Assets Domestic $ 1,235,245 $ 1,215,470 International 182,550 219,508 Total $ 1,417,795 $ 1,434,978 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
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 September 18, 2024 to Class A common stockholders of record as of September 4, 2024 . 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” and Note 13. “Commitments and Contingencies—Commitments, Line of Credit”. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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, 2023 . |
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 six 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 $ 10.8 million and $ 9.2 million as of June 30, 2024 and December 31, 2023, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. |
Income Taxes | Income Taxes The Organization for Economic Co-operation and Development ("OECD") Pillar Two Model Rules ("Pillar Two") set forth for a global 15 % minimum tax on the income arising in each jurisdiction in which the Company operates. Many such jurisdictions have implemented or are in the process of implementing Pillar Two and it is expected to be applicable for annual periods beginning on or after December 31, 2023. The Company is continuing to assess the impact of Pillar Two and does not expect it to have a material impact on the Company’s 2024 condensed consolidated financial statements. |
Recent Accounting Developments | Recent Accounting Developments In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance on improvements to reportable segment disclosures. The guidance primarily requires enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In December 2023, the FASB issued guidance to improve its income tax disclosure requirements. The guidance enhances existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. In March 2024, the FASB issued guidance that clarifies appropriate accounting for profits interest and similar awards. The guidance is effective for annual and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Advisory Fees $ 307,082 $ 323,794 $ 595,763 $ 491,884 Placement Fees 46,873 20,028 81,362 47,613 Interest Income from Placement Fees and Other 4,126 3,952 8,041 8,222 Revenues from Contracts with Customers $ 358,081 $ 347,774 $ 685,166 $ 547,719 |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended 2024 2023 2024 2023 Beginning Balance $ 3,217 $ 2,253 $ 2,391 $ 1,945 Provision for Credit Losses 2,646 2,121 4,627 2,574 Write-offs ( 2,542 ) ( 1,397 ) ( 3,697 ) ( 1,542 ) Recoveries 250 — 250 — Ending Balance $ 3,571 $ 2,977 $ 3,571 $ 2,977 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible Assets, Net consists of the following: June 30, 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 ( 51,489 ) ( 49,314 ) Trade Name ( 9,087 ) ( 8,802 ) Total Accumulated Amortization ( 60,576 ) ( 58,116 ) Intangible Assets, Net $ 10,500 $ 12,960 |
Furniture, Equipment and Leas_2
Furniture, Equipment and Leasehold Improvements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Furniture, Equipment and Leasehold Improvements, Net | Furniture, Equipment and Leasehold Improvements, Net consists of the following: June 30, December 31, Leasehold Improvements $ 56,637 $ 56,456 Furniture and Fixtures 17,231 17,027 Office Equipment 7,025 6,467 Total Furniture, Equipment and Leasehold Improvements 80,893 79,950 Accumulated Depreciation ( 58,147 ) ( 54,049 ) Furniture, Equipment and Leasehold Improvements, Net $ 22,746 $ 25,901 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 Level I Level II Level III Total Treasury Securities $ — $ 192,997 $ — $ 192,997 December 31, 2023 Level I Level II Level III Total Treasury Securities $ — $ 183,514 $ — $ 183,514 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Company's Tax Position | The following table summarizes the Company’s tax position: Three Months Ended Six Months Ended 2024 2023 2024 2023 Income Before Provision for Taxes $ 64,399 $ 54,169 $ 118,302 $ 83,362 Provision for Taxes $ 11,368 $ 13,117 $ 11,899 $ 14,324 Effective Income Tax Rate 17.7 % 24.2 % 10.1 % 17.2 % |
Net Income Per Share of Class_2
Net Income Per Share of Class A Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023 is presented below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net Income Attributable to Shares of Class A $ 28,316 $ 22,141 $ 60,939 $ 39,477 Incremental Net Income from Dilutive Securities 17,553 533 38,447 1,145 Net Income Attributable to Shares of Class A $ 45,869 $ 22,674 $ 99,386 $ 40,622 Denominator: Weighted-Average Shares of Class A Common 25,376,186 25,238,144 25,533,358 25,234,983 Weighted-Average Number of Incremental Shares from 2,191,919 1,095,117 2,334,946 1,390,907 Weighted-Average Number of Incremental Shares from 15,523,613 — 15,559,301 — Weighted-Average Shares of Class A Common 43,091,718 26,333,261 43,427,605 26,625,890 Net Income Per Share of Class A Common Stock Basic $ 1.12 $ 0.88 $ 2.39 $ 1.56 Diluted $ 1.06 $ 0.86 $ 2.29 $ 1.53 |
Equity-Based and Other Deferr_2
Equity-Based and Other Deferred Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Equity-Based Compensation Expense $ 46,427 $ 49,200 $ 119,245 $ 97,996 Income Tax Benefit $ 5,984 $ 6,855 $ 15,861 $ 13,558 |
Summary of Activity Related to Unvested Restricted Stock Units | The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 5,362,277 $ 73.23 Granted 2,031,590 98.90 Dividends Reinvested on RSUs ( 20,672 ) 72.97 Forfeited ( 86,049 ) 78.82 Vested ( 1,219,983 ) 68.93 Balance, June 30, 2024 6,067,163 $ 82.61 |
Summary of Activity Related to Unvested Partnership Units | The following table summarizes activity related to unvested Partnership Units for the six months ended June 30, 2024: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 673,241 $ 75.43 Granted 12,567 93.76 Vested ( 55,366 ) 67.29 Balance, June 30, 2024 630,442 $ 76.51 |
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest | The following unvested units, after expected forfeitures, as of June 30, 2024, are expected to vest: Weighted- Service Period Units in Years Restricted Stock Units 6,842,797 1.6 Partnership Units 1,406,632 1.7 Total Equity-Based Awards 8,249,429 1.6 |
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 six months ended June 30, 2024: RSU Awards with Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2023 1,419,798 $ 42.74 Forfeited ( 62,521 ) 41.97 Vested ( 220,393 ) 42.71 Balance, June 30, 2024 1,136,884 $ 42.79 |
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 six months ended June 30, 2024: Partnership Unit Awards with Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2023 996,991 $ 39.10 Vested ( 162,473 ) 39.10 Balance, June 30, 2024 834,518 $ 39.10 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Operating Lease Cost $ 9,320 $ 7,344 $ 18,651 $ 14,698 Variable Lease Cost 949 1,084 2,065 2,233 Sublease Income ( 199 ) ( 194 ) ( 403 ) ( 389 ) Total Lease Cost $ 10,070 $ 8,234 $ 20,313 $ 16,542 |
Schedule of Supplemental Information Related to Leases | Supplemental information related to the Company’s operating leases was as follows: Six Months Ended June 30, 2024 2023 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,348 $ 12,949 Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities $ — $ 1,836 June 30, December 31, Weighted-Average Remaining Lease Term (in years) 15.1 15.5 Weighted-Average Discount Rate 6.8 % 6.8 % |
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 June 30, 2024: Year Ending December 31, 2024 (July 1 through December 31) $ 13,983 2025 25,821 2026 29,938 2027 30,865 2028 38,873 Thereafter 415,296 Total Lease Payments 554,776 Less: Tenant Improvement Allowances 17,161 Less: Imputed Interest 211,622 Total $ 325,993 |
Business Information (Tables)
Business Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended 2024 2023 2024 2023 Revenues Domestic $ 330,130 $ 279,628 $ 610,747 $ 446,443 International 30,051 66,649 78,827 99,822 Total $ 360,181 $ 346,277 $ 689,574 $ 546,265 June 30, December 31, Assets Domestic $ 1,235,245 $ 1,215,470 International 182,550 219,508 Total $ 1,417,795 $ 1,434,978 |
Organization - Additional Infor
Organization - Additional Information (Details) - PJT Partners Holdings LP | Jun. 30, 2024 |
Organization Disclosure [Line Items] | |
Voting power | 100% |
Non-controlling interest percentage | 39.20% |
Maximum | |
Organization Disclosure [Line Items] | |
Economic interest | 100% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | ||
Cash subject to notice requirement | $ 10.8 | $ 9.2 |
Minimum tax income as per pillar two | 15% |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | $ 358,081 | $ 347,774 | $ 685,166 | $ 547,719 |
Advisory Fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 307,082 | 323,794 | 595,763 | 491,884 |
Placement Fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 46,873 | 20,028 | 81,362 | 47,613 |
Interest Income from Placement Fees and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | $ 4,126 | $ 3,952 | $ 8,041 | $ 8,222 |
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: 2024-04-01 $ in Millions | Jun. 30, 2024 USD ($) |
Deferred Revenue Arrangement [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied | $ 41.6 |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue | $ 9,100 | $ 10,400 | |||
Contract liabilities | $ 11,781 | 11,781 | $ 10,265 | ||
Accounts Payable, Accrued Expenses and Other Liabilities | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Contract liabilities | 2,000 | $ 2,000 | $ 2,000 | ||
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 | $ 9,300 | $ 6,800 | $ 16,600 | $ 10,400 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Receivables [Abstract] | ||||
Beginning Balance | $ 3,217 | $ 2,253 | $ 2,391 | $ 1,945 |
Provision for Credit Losses | 2,646 | 2,121 | 4,627 | 2,574 |
Write-offs | (2,542) | (1,397) | (3,697) | (1,542) |
Recoveries | 250 | 250 | ||
Ending Balance | $ 3,571 | $ 2,977 | $ 3,571 | $ 2,977 |
Accounts Receivable and Allow_4
Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Long-term receivables outstanding more than 90 days | $ 2 | $ 1.3 |
Allowance for credit loss, long-term receivables | $ 1.2 | 0.6 |
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 | $ 3.6 | 3.4 |
Long-term receivables | $ 89.6 | $ 84.4 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accounts Receivable, after Allowance for Credit Loss | Accounts Receivable, after Allowance for Credit Loss |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | $ 71,076 | $ 71,076 |
Total Accumulated Amortization | (60,576) | (58,116) |
Intangible Assets, Net | 10,500 | 12,960 |
Customer Relationships | ||
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | 61,276 | 61,276 |
Total Accumulated Amortization | (51,489) | (49,314) |
Trade Names | ||
Finite-Lived Intangible Assets, Net | ||
Total Intangible Assets | 9,800 | 9,800 |
Total Accumulated Amortization | $ (9,087) | $ (8,802) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization Expense | $ 1.2 | $ 1.2 | $ 2.5 | $ 2.5 |
Expected amortization of intangible assets, remainder of year | 2.5 | 2.5 | ||
Expected amortization of intangible assets, 2025 | 4.8 | 4.8 | ||
Expected amortization of intangible assets, 2026 | $ 3.3 | $ 3.3 |
Furniture, Equipment and Leas_3
Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 80,893 | $ 79,950 |
Accumulated Depreciation | (58,147) | (54,049) |
Furniture, Equipment and Leasehold Improvements, Net | 22,746 | 25,901 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 56,637 | 56,456 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 17,231 | 17,027 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 7,025 | $ 6,467 |
Furniture, Equipment and Leas_4
Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 1.9 | $ 2.4 | $ 4.2 | $ 4.6 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 192,997 | $ 183,514 |
Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 192,997 | $ 183,514 |
Income Taxes - Summary of Compa
Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income Before Provision for Taxes | $ 64,399 | $ 54,169 | $ 118,302 | $ 83,362 |
Provision for Taxes | $ 11,368 | $ 13,117 | $ 11,899 | $ 14,324 |
Effective Income Tax Rate | 17.70% | 24.20% | 10.10% | 17.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | Jun. 30, 2024 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unvested Restricted Stock Units | ||||
Denominator: | ||||
Weighted-Average Number of Incremental Shares | 2,191,919 | 1,095,117 | 2,334,946 | 1,390,907 |
Partnership Units | ||||
Denominator: | ||||
Weighted-Average Number of Incremental Shares | 15,523,613 | 15,559,301 | ||
Class A Common Stock | ||||
Numerator: | ||||
Net Income Attributable to Shares of Class A Common Stock — Basic | $ 28,316 | $ 22,141 | $ 60,939 | $ 39,477 |
Incremental Net Income from Dilutive Securities | 17,553 | 533 | 38,447 | 1,145 |
Net Income Attributable to Shares of Class A Common Stock — Diluted | $ 45,869 | $ 22,674 | $ 99,386 | $ 40,622 |
Denominator: | ||||
Weighted-Average Shares of Class A Common Stock Outstanding — Basic | 25,376,186 | 25,238,144 | 25,533,358 | 25,234,983 |
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted | 43,091,718 | 26,333,261 | 43,427,605 | 26,625,890 |
Net Income Per Share of Class A Common Stock | ||||
Basic | $ 1.12 | $ 0.88 | $ 2.39 | $ 1.56 |
Diluted | $ 1.06 | $ 0.86 | $ 2.29 | $ 1.53 |
Net Income Per Share of Class_4
Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Feb. 06, 2024 | Apr. 25, 2022 | |
Earnings Per Share Basic [Line Items] | ||||||
Aggregate amount of shares repurchased | $ 162,538,000 | $ 104,068,000 | ||||
Participating Restricted Stock Units | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Class A common shares outstanding if all Holding Partnership Units exchanged | 40,899,799 | 41,092,659 | ||||
Class A Common Stock | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Share repurchase program, remaining authorization amount | $ 350,200,000 | $ 350,200,000 | $ 200,000,000 | |||
Share repurchase program, authorized amount | $ 500,000,000 | |||||
Treasury stock repurchased | 1,700,000 | |||||
Treasury stock, average price per share | $ 97.6 | |||||
Aggregate amount of shares repurchased | $ 162,500,000 | |||||
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 | 0 | 14,630,864 | 0 | 14,697,942 |
Equity-Based and Other Deferr_3
Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 10, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | $ 13,700,000 | $ 8,700,000 | $ 27,900,000 | $ 19,000,000 | ||
Unrecognized compensation expense related to deferred cash awards | 78,400,000 | $ 78,400,000 | ||||
Weighted-average period over compensation cost is expected to be recognized | 2 years 1 month 6 days | |||||
Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Estimated unrecognized compensation expense related to unvested awards | $ 269,200,000 | $ 269,200,000 | ||||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year 8 months 12 days | |||||
Weighted-average grant date fair value | $ 98.9 | $ 77.65 | ||||
Outstanding | 6,067,163 | 6,067,163 | 5,362,277 | |||
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 | $ 13,200,000 | $ 13,200,000 | ||||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year 3 months 18 days | |||||
Awards with service condition requirement | 5 years | |||||
Awards vesting percentage with service condition | 20% | |||||
Weighted-average share price targets on consecutive trading period | 20 days | |||||
Awards incremental cost | $ 100 | |||||
Awards with service and market condition vested | 0 | |||||
Outstanding | 1,136,884 | 1,136,884 | 1,419,798 | |||
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% | 50% | ||||
RSU Awards Containing Service and Market Conditions | Awards Satisfying Market Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market conditions | 62% | |||||
RSU Awards Containing Service and Market Conditions | Awards Satisfying Market and Service Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market and service conditions | 40% | |||||
Partnership Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Estimated unrecognized compensation expense related to unvested awards | $ 35,300,000 | $ 35,300,000 | ||||
Assumed forfeiture rate | 1% | |||||
Weighted-average period for recognition of compensation expense related to unvested awards | 2 years 2 months 12 days | |||||
Weighted-average grant date fair value | $ 93.76 | $ 74.57 | ||||
Outstanding | 630,442 | 630,442 | 673,241 | |||
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 | $ 9,000,000 | $ 9,000,000 | ||||
Assumed forfeiture rate | 1% | |||||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year 3 months 18 days | |||||
Awards with service condition requirement | 5 years | |||||
Awards vesting percentage with service condition | 20% | |||||
Weighted-average share price targets on consecutive trading period | 20 days | |||||
Awards incremental cost | $ 100 | |||||
Awards with service and market condition vested | 0 | |||||
Outstanding | 834,518 | 834,518 | 996,991 | |||
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% | 50% | ||||
Partnership Unit Awards Containing Service and Market Conditions | Awards Satisfying Market Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market conditions | 62% | |||||
Partnership Unit Awards Containing Service and Market Conditions | Awards Satisfying Market and Service Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share based compensation arrangement by share based payment award, Percentage of awards satisfying market and service conditions | 40% | |||||
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 | 4% | |||||
Minimum | RSU Awards Containing Service and Market Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Assumed forfeiture rate | 4% | |||||
Awards with service condition requirement | 3 years | |||||
Awards incremental cost | $ 100 | $ 107 | ||||
Minimum | Partnership Unit Awards Containing Service and Market Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards incremental cost | 100 | $ 107 | ||||
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% | |||||
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_4
Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Equity-Based Compensation Expense | $ 46,427 | $ 49,200 | $ 119,245 | $ 97,996 |
Income Tax Benefit | $ 5,984 | $ 6,855 | $ 15,861 | $ 13,558 |
Equity-Based and Other Deferr_5
Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted Stock Units | ||
Number of Units | ||
Beginning Balance | 5,362,277 | |
Granted | 2,031,590 | |
Dividends Reinvested on RSUs | (20,672) | |
Forfeited | (86,049) | |
Vested | (1,219,983) | |
Ending Balance | 6,067,163 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 73.23 | |
Granted | 98.9 | $ 77.65 |
Dividends Reinvested on RSUs | 72.97 | |
Forfeited | 78.82 | |
Vested | 68.93 | |
Ending Balance | $ 82.61 | |
RSU Awards Containing Service and Market Conditions | ||
Number of Units | ||
Beginning Balance | 1,419,798 | |
Forfeited | (62,521) | |
Vested | (220,393) | |
Ending Balance | 1,136,884 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 42.74 | |
Forfeited | 41.97 | |
Vested | 42.71 | |
Ending Balance | $ 42.79 |
Equity-Based and Other Deferr_6
Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Partnership Units | ||
Number of Units | ||
Beginning Balance | 673,241 | |
Granted | 12,567 | |
Vested | (55,366) | |
Ending Balance | 630,442 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 75.43 | |
Granted | 93.76 | $ 74.57 |
Vested | 67.29 | |
Ending Balance | $ 76.51 | |
Partnership Unit Awards Containing Service and Market Conditions | ||
Number of Units | ||
Beginning Balance | 996,991 | |
Vested | (162,473) | |
Ending Balance | 834,518 | |
Weighted-Average Grant Date Fair Value | ||
Beginning Balance | $ 39.10 | |
Vested | 39.1 | |
Ending Balance | $ 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) | 6 Months Ended |
Jun. 30, 2024 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 8,249,429 |
Weighted-average service period of unit expected to vest (in years) | 1 year 7 months 6 days |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 6,842,797 |
Weighted-average service period of unit expected to vest (in years) | 1 year 7 months 6 days |
PJT Partners Holdings LP | Partnership Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 1,406,632 |
Weighted-average service period of unit expected to vest (in years) | 1 year 8 months 12 days |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating Lease Cost | $ 9,320 | $ 7,344 | $ 18,651 | $ 14,698 |
Variable Lease Cost | 949 | 1,084 | 2,065 | 2,233 |
Sublease Income | (199) | (194) | (403) | (389) |
Total Lease Cost | $ 10,070 | $ 8,234 | $ 20,313 | $ 16,542 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash Paid for Amounts Included in Measurement of Lease Liabilities | |||
Operating Cash Flows from Operating Leases | $ 4,348 | $ 12,949 | |
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities | $ 0 | $ 1,836 | |
Weighted-Average Remaining Lease Term (in years) | 15 years 1 month 6 days | 15 years 6 months | |
Weighted-Average Discount Rate | 6.80% | 6.80% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (July1 through December 31) | $ 13,983 | |
Operating Lease, 2025 | 25,821 | |
Operating Lease, 2026 | 29,938 | |
Operating Lease, 2027 | 30,865 | |
Operating Lease, 2028 | 38,873 | |
Operating Lease, Thereafter | 415,296 | |
Operating Lease, Total Lease Payments | 554,776 | |
Operating Lease, Less: Tenant Improvement Allowances | 17,161 | |
Operating Lease, Less: Imputed Interest | 211,622 | |
Operating Lease, Total | $ 325,993 | $ 330,600 |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Aug. 06, 2024 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Cash settled exchange of partnership units | $ 30,282 | $ 19,443 | ||||
Sublease Income | $ 199 | $ 194 | 403 | 389 | ||
Amount due to tax receivable agreement | 30,851 | 30,851 | $ 29,672 | |||
Dynasty Equity Partners Management | Sublease Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Sublease Income | $ 200 | $ 200 | $ 400 | $ 400 | ||
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 | 300 | 300 | ||||
Percentage payment to exchanging holders of partnership units of benefits | 85% | |||||
PJT Partners Holdings LP | Scenario Forecast | ||||||
Related Party Transaction [Line Items] | ||||||
Cash settled exchange of partnership units | $ 13,100 | |||||
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares | $ 127.56 | |||||
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 | |||||
Class A Common Stock | PJT Partners Holdings LP | Scenario Forecast | ||||||
Related Party Transaction [Line Items] | ||||||
Exchange of partnership units settled | shares | 103 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Jul. 29, 2024 | Feb. 07, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Feb. 01, 2021 |
Blackstone | |||||
Commitments And Contingencies [Line Items] | |||||
Loans held by employees for investments guaranteed | $ 2,200,000 | $ 2,300,000 | |||
Forfeiture accrual | 900,000 | 900,000 | |||
Tax benefit accrual | 300,000 | 100,000 | |||
Revolving Credit Facility | |||||
Commitments And Contingencies [Line Items] | |||||
Revolving credit facility, amount outstanding | $ 0 | $ 0 | |||
Revolving Credit Facility | Subsequent Event | PJT Partners Holdings LP | |||||
Commitments And Contingencies [Line Items] | |||||
Increase revolving credit facility | $ 100,000,000 | ||||
Commitment fee on unused portion of revolving credit facility | 0.25% | ||||
Line of credit facility, frequency of commitment fee payment | quarterly | ||||
Revolving Credit Facility | Subsequent Event | PJT Partners Holdings LP | Secured Overnight Financing Rate | |||||
Commitments And Contingencies [Line Items] | |||||
Revolving credit facility bear interest | 1.85% | ||||
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. 01, 2024 |
Regulated Entities - Additional
Regulated Entities - Additional Information (Details) ¥ in Millions, $ in Millions | Jun. 30, 2024 USD ($) | Apr. 01, 2024 JPY (¥) | Dec. 31, 2023 USD ($) |
PJT Partners LP | |||
Regulatory Authorities [Line Items] | |||
Net capital | $ 228.1 | $ 288.1 | |
Net capital in excess of required net capital | $ 226.8 | $ 287.2 | |
PJT Partners Japan K.K. | |||
Regulatory Authorities [Line Items] | |||
Minimum net capital requirement | ¥ | ¥ 10 |
Business Information - Addition
Business Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenues | |||||
Revenues | $ 360,181 | $ 346,277 | $ 689,574 | $ 546,265 | |
Assets | |||||
Assets | 1,417,795 | 1,417,795 | $ 1,434,978 | ||
Domestic | |||||
Revenues | |||||
Revenues | 330,130 | 279,628 | 610,747 | 446,443 | |
Assets | |||||
Assets | 1,235,245 | 1,235,245 | 1,215,470 | ||
International | |||||
Revenues | |||||
Revenues | 30,051 | $ 66,649 | 78,827 | $ 99,822 | |
Assets | |||||
Assets | $ 182,550 | $ 182,550 | $ 219,508 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares | 3 Months Ended | 6 Months Ended | |||
Aug. 02, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | |||||
Dividends Declared Per Share of Class A Common Stock | $ 0.25 | $ 0.25 | $ 0.5 | $ 0.5 | |
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 | Sep. 18, 2024 | ||||
Dividends payable, date of record | Sep. 04, 2024 |