Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PJT | ||
Entity Registrant Name | PJT Partners Inc. | ||
Entity Central Index Key | 1,626,115 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.1 | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 22,769,626 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 202 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and Cash Equivalents | $ 106,110 | $ 145,619 | |
Investments | 2,157 | 37,121 | |
Accounts Receivable (net of allowance for doubtful accounts of $726 and $1,934 at December 31, 2018 and December 31, 2017, respectively) | 217,768 | 190,389 | |
Intangible Assets, Net | [1] | 49,160 | 12,295 |
Goodwill | 176,031 | 72,286 | |
Furniture, Equipment and Leasehold Improvements, Net | 34,805 | 33,789 | |
Other Assets | 26,935 | 23,464 | |
Deferred Tax Asset, Net | 58,851 | 44,002 | |
Total Assets | 671,817 | 558,965 | |
Liabilities and Equity (Deficit) | |||
Accrued Compensation and Benefits | 89,642 | 96,944 | |
Accounts Payable, Accrued Expenses and Other Liabilities | 24,657 | 16,873 | |
Deferred Rent Liability | 16,417 | 17,042 | |
Amount Due Pursuant to Tax Receivable Agreement | 8,456 | 2,857 | |
Taxes Payable | 7,040 | 2,413 | |
Deferred Revenue | 7,856 | 382 | |
Loan Payable | 30,000 | ||
Total Liabilities | 184,068 | 136,511 | |
Commitments and Contingencies | |||
Equity (Deficit) | |||
Additional Paid-In Capital | 150,908 | 30,674 | |
Accumulated Deficit | (169,836) | (185,991) | |
Accumulated Other Comprehensive Income (Loss) | (627) | 155 | |
Treasury Stock at Cost (1,353,398 and 60,333 shares at December 31, 2018 and December 31, 2017, respectively) | (67,172) | (2,302) | |
Total PJT Partners Inc. Equity (Deficit) | (86,487) | (157,278) | |
Non-Controlling Interests | 574,236 | 579,732 | |
Total Equity | 487,749 | 422,454 | |
Total Liabilities and Equity | 671,817 | 558,965 | |
Class A Common Stock | |||
Equity (Deficit) | |||
Common stock, value | 240 | 186 | |
Total Equity | 240 | 186 | |
Class B Common Stock | |||
Equity (Deficit) | |||
Common stock, value | $ 0 | $ 0 | |
[1] | Excludes fully amortized intangible assets. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable, allowance for doubtful accounts | $ 726 | $ 1,934 |
Treasury Stock, Shares | 1,353,398 | 60,333 |
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 | 23,940,185 | 18,599,454 |
Common Stock, Shares Outstanding | 22,586,787 | 18,539,121 |
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 | 199 | 221 |
Common Stock, Shares Outstanding | 199 | 221 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Revenues | $ 575,729 | ||
Interest Income and Other | 17,660 | $ 10,234 | $ 6,852 |
Total Revenues | 580,248 | 499,282 | 499,430 |
Expenses | |||
Compensation and Benefits | 424,459 | 391,514 | 381,000 |
Occupancy and Related | 27,125 | 26,889 | 25,815 |
Travel and Related | 23,374 | 13,617 | 11,480 |
Professional Fees | 20,631 | 19,276 | 18,925 |
Communications and Information Services | 12,539 | 10,770 | 8,875 |
Depreciation and Amortization | 9,973 | 8,143 | 14,026 |
Other Expenses | 20,634 | 19,019 | 24,809 |
Total Expenses | 538,735 | 489,228 | 484,930 |
Income Before Provision (Benefit) for Taxes | 41,513 | 10,054 | 14,500 |
Provision (Benefit) for Taxes | (1,045) | 38,380 | 9,392 |
Net Income (Loss) | 42,558 | (28,326) | 5,108 |
Net Income Attributable to Non-Controlling Interests | 15,388 | 4,228 | 8,142 |
Net Income (Loss) Attributable to PJT Partners Inc. | 27,170 | (32,554) | (3,034) |
Advisory Fees | |||
Revenues | |||
Revenues | 451,553 | 386,263 | 377,610 |
Placement Fees | |||
Revenues | |||
Revenues | $ 111,035 | $ 102,785 | $ 114,968 |
Class A Common Stock | |||
Net Income (Loss) Per Share of Class A Common Stock | |||
Basic | $ 1.23 | $ (1.73) | $ (0.17) |
Diluted | $ 1.16 | $ (1.73) | $ (0.17) |
Weighted-Average Shares of Class A Common Stock Outstanding | |||
Basic | 21,879,574 | 18,858,010 | 18,292,717 |
Diluted | 24,254,061 | 18,858,010 | 18,292,717 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 42,558 | $ (28,326) | $ 5,108 |
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment | (1,552) | 217 | 252 |
Comprehensive Income (Loss) | 41,006 | (28,109) | 5,360 |
Comprehensive Income Attributable to Non-Controlling Interests | 14,618 | 4,351 | 8,285 |
Comprehensive Income (Loss) Attributable to PJT Partners Inc. | $ 26,388 | $ (32,460) | $ (2,925) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests |
Beginning Balance at Dec. 31, 2015 | $ 32,080 | $ 180 | $ 43,132 | $ (11,184) | $ (48) | |||
Beginning Balance (in shares) at Dec. 31, 2015 | 17,966,456 | 300 | ||||||
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2015 | 309,855 | |||||||
Net Income (Loss) | 5,108 | |||||||
Net Income (Loss) | (3,034) | (3,034) | ||||||
Redeemable Non-Controlling Interests, Net Income (Loss) | 8,142 | |||||||
Currency Translation Adjustment | 109 | 109 | ||||||
Redeemable Non-Controlling Interests, Currency Translation Adjustment | 143 | |||||||
Dividends | (3,728) | (3,728) | ||||||
Redeemable Non-Controlling Interests, Tax Distributions | (12,381) | |||||||
Non-Cash Contributions from Former Parent | 8,566 | 8,566 | ||||||
Equity-Based Compensation | 50,510 | 50,510 | ||||||
Redeemable Non-Controlling Interests, Equity-Based Compensation | 38,500 | |||||||
Forfeiture Liability for Equity Awards | 804 | 804 | ||||||
Net Share Settlement | (230) | (230) | ||||||
Redeemable Non-Controlling Interests, Net Share Settlement | (36) | |||||||
Issuance of Shares of Common Stock (in shares) | 36,816 | 7 | ||||||
Issuance of Shares of Class B Common Stock | (8,933) | (8,933) | ||||||
Redeemable Non-Controlling Interests, Issuance of Shares of Class B Common Stock | 8,933 | |||||||
Forfeitures of Shares of Class B Common Stock | 1,511 | 1,511 | ||||||
Forfeitures of Shares of Class B Common Stock (in shares) | (3) | |||||||
Redeemable Non-Controlling Interests, Forfeitures of Shares of Class B Common Stock | (1,511) | |||||||
Cash-Settled Exchanges of Partnership Units | 170 | 170 | ||||||
Cash-Settled Exchanges of Partnership Units (in shares) | (33) | |||||||
Redeemable Non-Controlling Interests, Cash-Settled Exchanges of Partnership Units | (16,054) | |||||||
Adjustment of Redeemable Non-Controlling Interests to Redemption Value | (86,385) | (86,385) | ||||||
Redeemable Non-Controlling Interests, Adjustment of Redeemable Non-Controlling Interests to Redemption Value | 86,385 | |||||||
Ending Balance at Dec. 31, 2016 | (8,560) | $ 180 | 9,145 | (17,946) | 61 | |||
Ending Balance (in shares) at Dec. 31, 2016 | 18,003,272 | 271 | ||||||
Redeemable Non-Controlling Interests, Ending Balance at Dec. 31, 2016 | 421,976 | |||||||
Net Income (Loss) | (28,326) | |||||||
Net Income (Loss) | (23,473) | (32,554) | $ 9,081 | |||||
Net Income (Loss) | (32,554) | |||||||
Redeemable Non-Controlling Interests, Net Income (Loss) | (4,853) | |||||||
Currency Translation Adjustment | 213 | 94 | 119 | |||||
Redeemable Non-Controlling Interests, Currency Translation Adjustment | 4 | |||||||
Dividends | (3,796) | (3,796) | ||||||
Tax Distributions | (4,734) | (4,734) | ||||||
Redeemable Non-Controlling Interests, Tax Distributions | (19,125) | |||||||
Equity-Based Compensation | 83,330 | 72,409 | 10,921 | |||||
Redeemable Non-Controlling Interests, Equity-Based Compensation | 32,598 | |||||||
Forfeiture Liability for Equity Awards | 152 | 152 | ||||||
Net Share Settlement | (4,039) | (4,039) | ||||||
Redeemable Non-Controlling Interests, Net Share Settlement | (35) | |||||||
Deliveries of Vested Shares of Common Stock | $ 6 | (6) | ||||||
Deliveries of Vested Shares of Common Stock (in shares) | 596,182 | |||||||
Issuance of Shares of Common Stock (in shares) | 14 | |||||||
Issuance of Shares of Class B Common Stock | (2,789) | (7,344) | 4,555 | |||||
Redeemable Non-Controlling Interests, Issuance of Shares of Class B Common Stock | 2,789 | |||||||
Forfeitures of Shares of Class B Common Stock | 1,939 | 10,274 | (8,335) | |||||
Forfeitures of Shares of Class B Common Stock (in shares) | (19) | |||||||
Redeemable Non-Controlling Interests, Forfeitures of Shares of Class B Common Stock | (1,939) | |||||||
Cash-Settled Exchanges of Partnership Units | (5,538) | 609 | (6,147) | |||||
Cash-Settled Exchanges of Partnership Units (in shares) | (45) | |||||||
Redeemable Non-Controlling Interests, Cash-Settled Exchanges of Partnership Units | (39,364) | |||||||
Treasury Stock Purchases | (2,302) | $ (2,302) | ||||||
Treasury Stock Purchases (in shares) | (60,333) | |||||||
Adjustment of Redeemable Non-Controlling Interests to Redemption Value | (182,221) | (50,526) | (131,695) | |||||
Redeemable Non-Controlling Interests, Adjustment of Redeemable Non-Controlling Interests to Redemption Value | 182,221 | |||||||
Reclassification of Redeemable Non-Controlling Interests to Non-Controlling Interests | 574,272 | 574,272 | ||||||
Redeemable Non-Controlling Interests, Reclassification of Redeemable Non-Controlling Interests to Non-Controlling Interests | (574,272) | |||||||
Ending Balance at Dec. 31, 2017 | 422,454 | $ 186 | $ (2,302) | 30,674 | (185,991) | 155 | 579,732 | |
Ending Balance at Dec. 31, 2017 | (157,278) | |||||||
Ending Balance (in shares) at Dec. 31, 2017 | 18,599,454 | 221 | (60,333) | |||||
Adoption of Accounting Standard | (6,696) | (6,696) | ||||||
Net Income (Loss) | 42,558 | 27,170 | 15,388 | |||||
Net Income (Loss) | 27,170 | |||||||
Currency Translation Adjustment | (1,552) | (782) | (770) | |||||
Dividends | (4,319) | (4,319) | ||||||
Tax Distributions | (15) | (15) | ||||||
Equity-Based Compensation | 117,991 | 72,939 | 45,052 | |||||
Forfeiture Liability for Equity Awards | (529) | (529) | ||||||
Net Share Settlement | (22,432) | (22,432) | ||||||
Deliveries of Vested Shares of Common Stock | $ 40 | (40) | ||||||
Deliveries of Vested Shares of Common Stock (in shares) | 3,987,274 | |||||||
Acquisition-Related Issuance of Shares of Class A Common Stock | 73,097 | $ 14 | 69,520 | 3,563 | ||||
Acquisition-Related Issuance of Shares of Class A Common Stock (in shares) | 1,353,457 | |||||||
Issuance of Shares of Common Stock (in shares) | 20 | |||||||
Issuance of Shares of Class B Common Stock | (6,810) | 6,810 | ||||||
Forfeitures of Shares of Class B Common Stock | 6,596 | (6,596) | ||||||
Forfeitures of Shares of Class B Common Stock (in shares) | 7 | |||||||
Cash-Settled Exchanges of Partnership Units | (67,938) | 990 | (68,928) | |||||
Cash-Settled Exchanges of Partnership Units (in shares) | (35) | |||||||
Treasury Stock Purchases | $ (64,870) | $ (64,870) | ||||||
Treasury Stock Purchases (in shares) | (1,300,000) | (1,293,065) | ||||||
Ending Balance at Dec. 31, 2018 | $ 487,749 | $ 240 | $ (67,172) | $ 150,908 | $ (169,836) | $ (627) | $ 574,236 | |
Ending Balance at Dec. 31, 2018 | $ (86,487) | |||||||
Ending Balance (in shares) at Dec. 31, 2018 | 23,940,185 | 199 | (1,353,398) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net Income (Loss) | $ 42,558 | $ (28,326) | $ 5,108 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | |||
Equity-Based Compensation Expense | 117,991 | 115,928 | 89,010 |
Depreciation and Amortization Expense | 9,973 | 8,143 | 14,026 |
Bad Debt Expense | 1,007 | 624 | 4,132 |
Foreign Currency Transaction (Gains) Losses | 770 | (1,538) | 710 |
Deferred Taxes | (7,832) | 30,961 | 2,293 |
Gain on Reversal of Amount Due Pursuant to Tax Receivable Agreement | (1,561) | ||
Other | (1,069) | 155 | |
Cash Flows Due to Changes in Operating Assets and Liabilities | |||
Accounts Receivable | (36,593) | 41,179 | (64,853) |
Other Assets | (930) | (8,700) | (429) |
Accrued Compensation and Benefits | (5,417) | (46,098) | 63,160 |
Accounts Payable, Accrued Expenses and Other Liabilities | (1,602) | (322) | (1,119) |
Deferred Rent Liability | (638) | 324 | 4,604 |
Taxes Payable | 4,811 | 867 | (145) |
Deferred Revenue | (89) | (421) | 354 |
Net Cash Provided by Operating Activities | 122,940 | 111,215 | 116,851 |
Investing Activities | |||
Proceeds from Repayment of Note Issued to Employee | 538 | ||
Cash Paid for Acquisition, Net of Cash Received | (61,463) | ||
Purchases of Investments | (22,000) | (57,163) | |
Maturities of Investments | 59,176 | 19,988 | |
Purchases of Furniture, Equipment and Leasehold Improvements | (7,206) | (1,062) | (13,088) |
Net Cash Used in Investing Activities | (31,493) | (38,237) | (12,550) |
Financing Activities | |||
Dividends | (4,319) | (3,796) | (3,728) |
Tax Distributions | (15) | (23,859) | (12,381) |
Employee Taxes Paid for Shares Withheld | (22,432) | (4,074) | (266) |
Cash-Settled Exchanges of Partnership Units | (68,928) | (45,511) | (16,054) |
Treasury Stock Purchases | (64,870) | (2,302) | |
Proceeds from Loan | 30,000 | ||
Payments Pursuant to Tax Receivable Agreement | (10) | ||
Principal Payments on Capital Lease Obligations | (106) | (97) | (88) |
Net Cash Used in Financing Activities | (130,680) | (79,639) | (32,517) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (276) | (151) | (2,502) |
Net Increase (Decrease) in Cash and Cash Equivalents | (39,509) | (6,812) | 69,282 |
Cash and Cash Equivalents, Beginning of Period | 145,619 | 152,431 | 83,149 |
Cash and Cash Equivalents, End of Period | 106,110 | 145,619 | 152,431 |
Supplemental Disclosure of Cash Flows Information | |||
Payments for Income Taxes, Net of Refunds Received | 501 | $ 15,106 | 6,813 |
Payments for Interest | 368 | ||
Non-Cash Receipt of Shares | 2,254 | ||
Supplemental Disclosure of Significant Non-Cash Activities | |||
Non-Cash Contributions from Former Parent | $ 8,566 | ||
CamberView | |||
Supplemental Disclosure of Significant Non-Cash Activities | |||
Assets Acquired | 150,256 | ||
Liabilities Assumed | 15,696 | ||
Equity Purchase Price Consideration | $ 73,097 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) deliver a wide array of strategic advisory, shareholder engagement, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments around the world. The Company offers a unique portfolio of advisory services designed to help clients achieve their strategic objectives. Also, through Park Hill, the Company provides private fund advisory and placement services for alternative investment managers, including private equity funds, real estate funds and hedge funds. On October 1, 2015, The Blackstone Group L.P. (“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.” 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, Park Hill Group LLC, PJT Partners (UK) Limited and PJT Partners (HK) Limited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Basis of Presentation The Company prepared the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany transactions have been eliminated for all periods presented. Use of Estimates The preparation of consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. In preparing the consolidated financial statements, management makes estimates regarding the adequacy of the allowance for doubtful accounts, evaluation of goodwill and intangible assets, realization of deferred taxes, measurement of equity-based compensation and other matters that affect the reported amounts and disclosures in the consolidated financial statements. Business Combinations The purchase price allocations for acquisitions are based on estimates of the fair value of tangible and intangible assets acquired and liabilities assumed. The Company engages independent valuation specialists, when necessary, to assist with purchase price allocations and uses recognized valuation techniques, including the income and market approaches, to determine fair value. Management makes estimates and assumptions in determining purchase price allocations and valuation analyses, which may involve significant unobservable inputs. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed is allocated to goodwill. In certain circumstances, the allocations of the purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Assets acquired and liabilities assumed in business combinations are recorded in the Company’s Consolidated Statements of Financial Condition as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company are included in the Company’s Consolidated Statements of Operations from their respective dates of acquisition. Revenue Recognition The services provided under contracts with customers include advisory and placement services, which are recorded as Advisory Fees and Placement Fees, respectively, in the Consolidated Statements of Operations. Additionally, the Company is typically reimbursed for certain professional fees and other expenses incurred that are necessary in order to provide services to the customer. These expenses are recorded in the relevant expense caption in the Consolidated Statements of Operations when incurred and recognized as revenue and recorded in accounts receivable when these amounts are invoiced to the customer. Such revenue amounts are recorded in Interest Income and Other in the Consolidated Statements of Operations. At contract inception, the Company assesses the services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or a bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Additionally, the Company allocates the transaction price to the respective performance obligation(s) by estimating the amount of consideration in which the Company expects to be entitled in exchange for transferring the promised services to the customer. Advisory Fees Strategic advisory services include a broad range of financial advisory and restructuring services, which includes providing financial advice regarding acquisitions, mergers, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, shareholder advisory, distressed sales, recapitalizations and restructurings, including raising various forms of financing, and portfolio liquidity solutions related to unfunded commitment relief and investments in secondary markets. With respect to contracts for which Advisory Fees are recognized, the Company’s primary performance obligation is to stand ready to perform a broad range of services the client may need over the course of the engagement For such engagements, the customer obtains a benefit from the assurance that the Company is available to it, when-and-if needed or desired. Fees related to these stand-ready performance obligations are recognized over time using a time-based measure of progress The Company may also be engaged to provide a fairness opinion to the client or . The Company has determined that the delivery of either of these services represents a separate performance obligation that is satisfied at a point in time when the opinion or interim financing is delivered to the client as the customer is able to direct the use of, and obtain substantially all of the benefits from, the service at that point. With respect to the transaction price for advisory services, the consideration to which the Company expects to be entitled is predominantly variable as the consideration is susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees The Company’s fund placement services are provided within Park Hill and primarily serve private equity, real estate and hedge funds. Park Hill advises on all aspects of the fundraising process including competitive positioning and market assessment, marketing materials and related documentation and partnership terms and conditions most prevalent in the current environment. The Company also provides private placement fundraising services to corporate clients and earns placement fees based on successful completion of the transaction. With respect to contracts for which Placement Fees are recognized, the Company has determined that the provision of overall capital advisory services in contemplation of a potential fund placement or capital raise is satisfied over time. Fees related to this performance obligation are recognized over time using a time-based method as the customer simultaneously receives and consumes the benefits of the capital advisory services as they are provided. With respect to the transaction price for placement services, the consideration to which the Company expects to be entitled is predominantly variable as the consideration is susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees are typically payable upon completion of a fund closing or may be Company has determined there is not a significant financing component related to such contracts. Placement fees earned for services to corporate clients are typically payable upon completion. Determining the Timing of Satisfaction of Performance Obligations For performance obligations that are satisfied over time, determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the methods described above provide a faithful depiction of the transfer of services to the customer. For performance obligations that are satisfied at a point in time, the Company has determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the output of the service at the time it is provided to the client. Additionally, the Company considers control to have transferred at that point because the Company has a present right to payment, the Company has transferred the output of the service and the customer has significant risks and rewards of ownership. Contract Balances The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The beginning and ending balances of Accounts Receivable, Net are included in the Consolidated Statements of Financial Condition. The Company may receive non-refundable up-front fees in its contracts with customers, which are recorded as revenues in the period over which services are estimated to be provided. Additionally, the Company may receive payment of certain announcement, retainer or milestone fees before the performance obligation has been fully satisfied. Such fees give rise to a contract liability and are recorded as Deferred Revenue in the Consolidated Statements of Financial Condition. The beginning and ending balances of Deferred Revenue are included in the Consolidated Statements of Financial Condition. The Company does not establish a provision for refunds or similar obligations. Additionally, the Company is the principal in the satisfaction of performance obligations. To obtain a contract with a customer, the Company may incur costs such as advertising, marketing costs, bid and proposal costs and legal fees. The Company has determined that these costs would have been incurred regardless of whether the contract with the customer was obtained. Additionally, the Company does not expect to recover any of these costs from the customer; therefore, the costs of obtaining contracts with customers are expensed as incurred. The compensation of employees assigned to provide services to customers are direct costs of fulfilling the contract. In addition, out-of-pocket expenses may be incurred as part of fulfilling the promised services under the contract. As these costs are related to performance obligations that are satisfied over time, the costs do not meet the criteria for capitalization. Interest Income and Other – Interest Income and Other represents interest typically earned on Cash and Cash Equivalents, U.S. Treasury securities and outstanding placement fees receivable; miscellaneous income; foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars; sublease income; and the amount of expense reimbursement invoiced to clients related to out-of-pocket expenses. Interest on placement fees receivable is earned from the time revenue is recognized and is calculated based upon the London Interbank Offered Rate (“LIBOR”) plus an additional percentage as mutually agreed upon with the receivable counterparty. Interest receivable is included in Accounts Receivable, Net in the Consolidated Statements of Financial Condition. Fair Value of Financial Instruments The carrying value of financial instruments approximates fair value. Financial instruments held by the Company include Cash Equivalents, Investments, Accounts Receivable and Loan Payable. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. • Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. • Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Investments in common stock are measured based on quoted closing exchange prices and are categorized within Level I of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. In making an assessment of the fair value hierarchy classification of investments in U.S. Treasury securities, the Company considers the amount of trading activity, observability of pricing inputs as well as whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band). 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 is primarily held at three major U.S. financial institutions. U.S. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Consolidated Statements of Financial Condition. These securities are recorded at fair value using broker quotes, reflecting inputs from auction yields. Accounts Receivable Accounts Receivable includes placement fees, interest and advisory fee receivables. Accounts receivable are assessed periodically for collectibility and an allowance is recognized for doubtful accounts, if required. Included in Accounts Receivable are long-term receivables which relate to placement fees that are generally paid in installments over a period of three to four years. Additional disclosures regarding Accounts Receivable are discussed in Note 5. “Accounts Receivable and Allowance for Doubtful Accounts.” The Company charges interest on long-term receivables based upon LIBOR plus an additional percentage as mutually agreed upon with the receivable counterparty. Allowance for Doubtful Accounts The Company performs periodic reviews of outstanding accounts receivable and its clients’ financial condition. The Company generally does not require collateral and establishes an allowance for doubtful accounts based upon factors such as historical experience, credit quality, age of the accounts receivable balances and the current economic conditions that may affect a counterparty’s ability to pay such amounts owed to the Company. After concluding that a reserved accounts receivable balance is no longer collectible, the Company will reduce both the gross receivable and the allowance for doubtful accounts. This is determined based on several factors, including the age of the accounts receivable balance and the creditworthiness of the counterparty. Goodwill and Intangible Assets Goodwill recorded arose from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to Blackstone’s initial public offering (“IPO”), the acquisition of PJT Capital LP that occurred on October 1, 2015 and the acquisition of CamberView Partners Holdings, LLC (“CamberView”) that occurred on October 1, 2018. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach and more frequently if circumstances indicate impairment may have occurred. Goodwill is tested for impairment at the reporting unit level. A reporting unit is a component of an operating segment for which discrete financial information is available that is regularly reviewed by management. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than its respective carrying value. If it is determined that it is more likely than not that the reporting unit’s fair value is less than its carrying value or when the quantitative approach is used, a quantitative assessment is performed to (a) calculate the fair value of the reporting unit and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss. The Company’s intangible assets are derived from (a) customer relationships that were established as part of Blackstone’s IPO and acquired as part of CamberView, (b) the value of the trade name as part of the acquisitions of PJT Capital LP and CamberView, and (c) the open customer backlog acquired as part of the PJT Capital LP acquisition. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives of four to fifteen years, reflecting the average time over which such intangible assets are expected to contribute to cash flows. Amortization expense is included in Depreciation and Amortization in the Consolidated Statements of Operations. The Company does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements, Net consist primarily of leasehold improvements, furniture, fixtures and equipment and office equipment and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten to fifteen years, and five to seven years for other fixed assets. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation and amortization are included in Depreciation and Amortization in the Consolidated Statements of Operations. Fixed assets held under capital leases are recorded at the present value of the future minimum lease payments, less accumulated depreciation and amortization in Furniture, Equipment and Leasehold Improvements, Net in the Consolidated Statements of Financial Condition. Depreciation and amortization are calculated using the straight-line method over the life of the lease and are included in Depreciation and Amortization in the Consolidated Statements of Operations. The capital lease obligations are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Foreign Currency In the normal course of business, the Company may enter into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded in Interest Income and Other in the Consolidated Statements of Operations. In addition, the Company consolidates a number of businesses that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing monthly average exchange rate on the dates they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income (Loss). Comprehensive Income (Loss) Comprehensive Income consists of Net Income (Loss) and Other Comprehensive Income (Loss). The Company’s Other Comprehensive Income (Loss) is comprised of foreign currency cumulative translation adjustments. Non-Controlling Interests Prior to October 1, 2017, the ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) were considered redeemable non-controlling interests. Redeemable Non-Controlling Interests were presented separately from Equity in the Consolidated Statements of Financial Condition and the portion of net income (loss) attributable to the redeemable non-controlling interests was presented separately in the Consolidated Statements of Operations. On October 1, 2017, certain of the restrictive covenants entered into in connection with the spin-off expired. Previously, the ability to settle exchanges of Partnership Units in shares of the Company’s Class A common stock was not entirely within the Company’s control. Consequently, the value of these interests was reclassified from Redeemable Non-Controlling Interests to Non-Controlling Interests at their redemption value as of October 1, 2017. The portion of net income (loss) attributable to the non-controlling interests is presented separately in the Consolidated Statements of Operations. The Company previously elected to recognize any changes in the redemption value immediately as they occurred and adjusted the carrying amount of the redeemable non-controlling interests to its redemption value at the end of each reporting period. Reductions in the carrying amount of the redeemable non-controlling interests were only recorded if the Company had previously recorded increases in the carrying amount of the redeemable non-controlling interests. The change in redemption value was recognized in Redeemable Non-Controlling Interests with a corresponding adjustment to permanent equity in the Consolidated Statements of Financial Condition. Repurchases of Common Stock 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 Company may structure such repurchases as either a purchase of treasury stock or a retirement of shares. The Company records its purchases of treasury stock at cost as a separate component of stockholders’ equity. The Company may re-issue treasury stock, at average cost. Compensation and Benefits Compensation and Benefits includes salaries, cash bonuses, benefits, employer taxes and equity-based compensation associated with the grants of equity-based awards to employees and partners. Compensation cost relating to the issuance of equity-based awards with a requisite service period to partners and employees is measured at fair value at the grant date, taking into consideration expected forfeitures, and expensed over the vesting period on a straight-line basis. Equity-based awards that do not require future service are expensed immediately. Cash settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. In certain instances, the Company may grant equity-based awards containing both a service and a market condition. The effect of the market condition is reflected in the grant date fair value of the award. Compensation cost is recognized for an award with a market condition over the requisite service period, provided that the requisite service period is completed, irrespective of whether the market condition is satisfied. If a recipient terminates employment before completion of the requisite service period, any compensation cost previously recognized is reversed unless the market condition has been satisfied prior to termination. If the market condition has been satisfied during the vesting period, the remaining unrecognized compensation cost is accelerated. At the Company’s discretion, the Company may provide compensation to certain employees with repayment obligations and/or service provisions. Such payments are recorded in Compensation and Benefits in the Consolidated Statements of Operations. The Company assesses the potential risk of forfeiture and likelihood of recouping amounts paid, and if deemed necessary, records a provision for forfeitures in the financial statements. Income Taxes PJT Partners Inc. is a corporation subject to U.S. federal, state and local income taxes in jurisdictions where it does business. The Company’s businesses generally operate as partnerships for U.S. federal and state purposes and as corporate entities in non-U.S. jurisdictions. In the U.S. federal and state jurisdictions, taxes related to income earned by these entities generally represent obligations of the individual members and partners. The operating entities have generally been subject to New York City Unincorporated Business Tax and to entity-level income taxes imposed by non-U.S. jurisdictions, as applicable. These taxes have been reflected in the Company’s consolidated financial statements . PJT Partners Inc. is subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from the operating partnership (PJT Partners Holdings LP) . Current tax liabilities are recorded in Taxes Payable in the Consolidated Statements of Financial Condition. The Company uses the asset and liability method of accounting for deferred tax assets and liabilities. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using the enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company records uncertain tax positions on the basis of a two-step process: (a) a determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (b) those tax positions that meet the recognition threshold described in the first step are recorded based on the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the tax authority. The effects of tax adjustments and settlements with taxing authorities are presented in the Company’s consolidated financial statements in the period to which they relate as if the Company were a separate tax filer in those years. The Company recognizes accrued interest and penalties related to uncertain tax positions in Other Expenses in the Consolidated Statements of Operations, as applicable. Unrecognized tax benefits are recorded in Taxes Payable in the Consolidated Statements of Financial Condition, as applicable. On December 22, 2017, the United States Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118, which allowed companies to report the income tax effects of the Tax Cuts and Jobs Act (the “Tax Legislation”) as a provisional amount based on a reasonable estimate, which would be subject to adjustment during a reasonable measurement period, not to exceed twelve months, until the accounting and analysis required under GAAP is complete. The Company has finalized its analysis of the impact of the Tax Legislation and no adjustments were recorded during the measurement period. Amount Due Pursuant to Tax Receivable Agreement Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement), exchange their Partnership Units for cash or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. PJT Partners Holdings LP has made an election under Section 754 of the Internal Revenue Code effective for each taxable year in which an exchange of Partnership Units for cash or for shares of Class A common stock occurs, which is expected to result in increases to the tax basis of the assets of PJT Partners Holdings LP at the time of an exchange of Partnership Units. Stock-settled exchanges and certain of these cash-settled exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of PJT Partners Holdings LP. These increases in tax basis may reduce the amount of tax that PJT Partners Inc. would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets . 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. This payment obligation is an obligation of PJT Partners Inc. and not of PJT Partners Holdings LP. PJT Partners Inc. expects to benefit from the remaining 15% of cash tax savings, if any, in income tax it realizes. For purposes of the tax receivable agreement, the cash tax savings in income tax is computed by comparing the actual income tax liability of PJT Partners Inc. (calculated with certain assumptions) to the amount of such taxes that PJT Partners Inc. would have been required to pay had there been no increase to the tax basis of the assets of PJT Partners Holdings LP as a result of the exchanges and had PJT Partners Inc. not entered into the tax receivable agreement. The term of the tax receivable agreement continues until all such tax benefits have been utilized or expired, unless PJT Partners Inc. exercises its right to terminate the tax receivable agreement for an amount based on the agreed payments remaining to be made under the agreement or PJT Partners Inc. breaches any of its material obligations under the tax receivable agreement in which case all obligations generally will be accelerated and due as if PJT Partners Inc. had exercised its right to terminate the tax receivable agreement. The Company accounts for the effects of these increases in tax basis and associated payments under the tax receivable agreement arising from exchanges as follows: • the Company records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal, state and local tax rates at the date of the exchange; • to the extent the Company estimates that it will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, the Company’s expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance; and • the Company records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the Amount Due Pursuant to Tax Receivable Agreement and the remaining 15% of the estimated realizable tax benefit as an increase to Additional Paid-In Capital. The effects of changes in estimates after the date of the redemption or exchange as well as subsequent changes in the enacted tax rates are included in net income. Net Income (Loss) Per Share of Class A Common Stock Basic Net Income (Loss) Per Share is computed using the weighted-average number of shares of Class A common stock out |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 3 . Acquisition of CamberView On October 1, 2018, the Company completed the acquisition of CamberView. CamberView is a leading advisory firm providing independent advice to assist public company boards of directors and management teams in building strong and successful relationships with investors. The acquisition of CamberView expands the Company’s ability to serve clients. Pursuant to the Agreement and Plan of Merger, by and among the Company, PJT Partners Holdings LP (“Purchaser”), Blue Merger Sub LLC, a wholly owned subsidiary of Purchaser, CamberView and CC CVP Partners Holdings, L.L.C., solely in its capacity as securityholder representative, dated as of August 27, 2018 (the “Agreement”), the Company acquired 100% ownership of CamberView in exchange for a combination of (a) $68.3 million in cash, which includes the payoff of an existing loan facility held by CamberView; (b) 0.1 million Partnership Units; and (c) 1.4 million shares of the Company’s Class A common stock. A portion of the closing consideration was placed into escrow to cover potential post-closing obligations of the selling unitholders. This transaction was accounted for as a business combination and CamberView’s operating results have been included in the Company’s financial statements from the date of the transaction. The Company has incurred $1.8 million of costs related to the acquisition, which were primarily recorded in Professional Fees in the Consolidated Statement of Operations for the year ended December 31, 2018. The preliminary purchase price as of December 31, 2018 is comprised of the following: Cash (a) $ 68,250 Common Stock (b) 69,534 Partnership Units (c) 3,563 Total Purchase Price $ 141,347 (a ) Reflects cash paid to selling unitholders and employees at closing and payoff of an existing term loan facility held by CamberView at closing. (b ) Reflects the value of 1.4 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders of CamberView at closing based on the Company’s closing stock price of $51.55 on October 1, 2018. (c ) Reflects the value of 0.1 million Partnership Units issued to certain CamberView employees at closing using a fair value of $47.53, which represents the closing stock price of $51.55 on October 1, 2018 discounted for holding period risk. Partnership Units shall be eligible for exchange in accordance with the Exchange Agreement starting on the first exchange date when the Partnership Units have been both outstanding and fully vested for at least six months as of the applicable exchange date. The total preliminary purchase price includes an escrow amount of $9.0 million as well as Securityholder Representative Funds, as defined in the Agreement, of $1.0 million, which may be used to cover post-closing obligations of the selling unitholders. Any escrow proceeds released to PJT Partners Inc. will adjust the components of the purchase price allocation. Under the terms of the acquisition agreement, the Company was required to replace a portion of CamberView employees’ former equity awards and, as such, was required to allocate a portion of the newly issued awards to the purchase price. The portion not included in the purchase price will be recorded in compensation expense according to the vesting conditions of the respective equity award agreements. The following table summarizes the preliminary allocation of the total purchase price: Assets Cash $ 6,787 Accounts Receivable 2,602 Furniture, Equipment and Leasehold Improvements, Net 283 Other Assets 2,915 Identifiable Intangible Assets 40,600 Goodwill 103,745 Deferred Tax Asset 111 Total Assets 157,043 Liabilities Accrued Compensation and Benefits 192 Accounts Payable, Accrued Expenses and Other Liabilities 8,660 Deferred Rent Liability 230 Taxes Payable 54 Deferred Revenue 6,560 Total Liabilities 15,696 Net Assets $ 141,347 The excess of the preliminary purchase price over the fair value of the net assets acquired of $103.7 million was recorded as goodwill. Goodwill included the in-place workforce, which allowed the Company to continue serving its existing client base, begin marketing to potential clients and avoid significant costs reproducing the workforce. The business combination is treated as an asset purchase for tax purposes. Similar to the purchase accounting method used for book purposes, the excess of the purchase price paid over the fair value of the net assets acquired will be recorded as goodwill for tax purposes. The amount of goodwill recorded for tax purposes will be determined based on the consideration paid at closing and will be amortized for tax purposes ratably over a fifteen year period. An estimated deferred tax asset of $0.1 million has been recognized with respect to the excess of tax goodwill over book goodwill. The preliminary estimate of the fair value of the intangible assets acquired, which consist of CamberView’s customer relationships and trade name, is based, in part, on a valuation using an income approach. The Company considered, among other factors, the analyses of historical financial performance and an estimate of the future performance of the CamberView business. The risk adjusted discount rates used to compute the present value of individual intangible assets expected net cash flows were based upon PJT Partners Inc.’s estimated weighted average cost of capital. The estimated fair value ascribed to the identifiable intangible assets will be amortized on a straight-line basis over the estimated remaining useful life of each of the intangible assets over periods ranging between four to eight years. The carrying value of all other assets and liabilities was deemed to approximate their estimated fair value. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. The Consolidated Statement of Operations for the year ended December 31, 2018 includes the results of CamberView from the date of acquisition, October 1, 2018, through December 31, 2018. Supplemental information on an unaudited pro forma basis, as if the acquisition had been consummated as of January 1, 2017 is as follows: Year Ended December 31, 2018 2017 Total Revenues $ 615,643 $ 531,990 Net Income (Loss) Attributable to PJT Partners Inc. $ 26,195 $ (36,825 ) The unaudited pro forma results of operations do not purport to represent what the Company’s results of operations would actually have been had the Acquisition occurred on January 1, 2017 or to project the Company’s results of operations for any future period. Actual future results may vary considerably based on a variety of factors beyond the Company’s control. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | 4. REVENUES FROM CONTRACTS WITH CUSTOMERS The following table reconciles revenues recognized from contracts with customers to Total Revenues in the Consolidated Statement of Operations for the year ended December 31, 2018: Advisory Fees $ 451,553 Placement Fees 111,035 Interest Income from Placement Fees 4,906 Reimbursable Expenses 8,235 Revenues from Contracts with Customers 575,729 Sublease Income and Other 4,519 Total Revenues $ 580,248 Remaining Performance Obligations and Revenue Recognized from Past Performance As of December 31, 2018, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied is $14.0 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform. During the year ended December 31, 2018, the Company recognized revenue of $19.1 million related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Fee Revenue recognized by the Company during the year ended December 31, 2018 was predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the year ended December 31, 2018. The beginning and ending balances of Deferred Revenue are included in the Consolidated Statements of Financial Condition. For the year ended December 31, 2018, $1.4 million of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of December 31, 2018 and December 31, 2017, the Company recorded $1.1 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts | 5 . Included in Accounts Receivable are long-term receivables of $77.9 million and $77.7 million as of December 31, 2018 and 2017, respectively, related to placement fees that are generally paid in installments over a period of three to four years. The carrying value of such long-term receivables approximates fair value. Long-term receivables are classified as Level II in the fair value hierarchy. The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $7.5 million and $2.5 million as of December 31, 2018 and 2017, respectively, which were outstanding more than 90 days. There was no allowance for doubtful accounts with respect to such receivables as of December 31, 2018 or December 31, 2017. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6 . Changes in the carrying value of goodwill consist of the following: December 31, 2018 2017 Balance, Beginning of Year $ 72,286 $ 72,286 Goodwill Acquired (a) 103,745 — Balance, End of Year $ 176,031 $ 72,286 (a) The change in carrying amount of goodwill was the result of the business combination disclosed in Note 3. “Business Combinations.” As of December 31, 2018 and 2017, the Company’s assessment did not result in any impairment of goodwill. Intangible Assets, Net consists of the following: December 31, 2018 2017 Finite-Lived Intangible Assets Customer Relationships $ 62,876 $ 26,476 Trade Name 9,900 5,700 Total Intangible Assets 72,776 32,176 Accumulated Amortization (23,616 ) (19,881 ) Intangible Assets, Net (a) $ 49,160 $ 12,295 (a) Excludes fully amortized intangible assets. Changes in the Company’s Intangible Assets, Net consist of the following: Year Ended December 31, 2018 2017 2016 Balance, Beginning of Year $ 12,295 $ 14,713 $ 23,646 Additions 40,600 — — Amortization Expense (3,735 ) (2,418 ) (8,870 ) Translation Adjustments — — (63 ) Balance, End of Year $ 49,160 $ 12,295 $ 14,713 Amortization of Intangible Assets held at December 31, 2018 is expected to be $7.9 million for each of the years ending December 31, 2019, 2020 and 2021; $6.7 million for the year ending December 31, 2022 and $5.1 million for the year ending December 31, 2023. The intangible assets as of December 31, 2018 are expected to amortize over a weighted-average period of 6.8 years. |
Furniture, Equipment and Leaseh
Furniture, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Furniture, Equipment and Leasehold Improvements | 7 . Furniture, Equipment and Leasehold Improvements, Net consists of the following: December 31, 2018 2017 Office Equipment $ 2,151 $ 1,758 Leasehold Improvements 38,745 33,713 Furniture and Fixtures 13,558 11,886 Total Furniture, Equipment and Leasehold Improvements 54,454 47,357 Accumulated Depreciation (19,649 ) (13,568 ) Furniture, Equipment and Leasehold Improvements, Net $ 34,805 $ 33,789 Depreciation expense was $6.2 million, $5.7 million and $5.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8 . The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: December 31, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,297 $ — $ 3,297 Common Stock 2,157 — — 2,157 Total Investments $ 2,157 $ 3,297 $ — $ 5,454 December 31, 2017 Level I Level II Level III Total U.S. Treasury Securities $ — $ 37,121 $ — $ 37,121 Investments in U.S. Treasury securities were included in Cash and Cash Equivalents and Investments as of December 31, 2018 and 2017, respectively, in the Consolidated Statements of Financial Condition. During the years ended December 31, 2018, 2017 and 2016, there were no transfers from Level I to Level II related to U.S. Treasury securities that were initially acquired as on-the-run and classified as Level I, but subsequently transferred to Level II as a result of becoming off-the-run. There were also no transfers between Level I, Level II or Level III during the years ended December 31, 2018, 2017 and 2016. The carrying value of the loan payable approximates fair value based on Level II inputs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9 . The Company’s pretax income is associated with activities in domestic and international jurisdictions, as follows: Year Ended December 31, 2018 2017 2016 Income (Loss) Before Provision (Benefit) for Taxes Domestic $ 6,579 $ 13,597 $ 38,360 International 34,934 (3,543 ) (23,860 ) Total $ 41,513 $ 10,054 $ 14,500 The Provision (Benefit) for Income Taxes consists of the following: Year Ended December 31, 2018 2017 2016 Current Federal Income Tax $ 219 $ 5,083 $ 4,131 State and Local Income Tax 1,323 1,749 2,777 Foreign Income Tax 5,245 587 191 6,787 7,419 7,099 Deferred Federal Income Tax (5,220 ) 28,607 2,376 State and Local Income Tax (2,544 ) 2,354 (20 ) Foreign Income Tax (68 ) — (63 ) (7,832 ) 30,961 2,293 Provision (Benefit) for Taxes $ (1,045 ) $ 38,380 $ 9,392 The following table summarizes the Company’s tax position: Year Ended December 31, 2018 2017 2016 Income Before Provision (Benefit) for Taxes $ 41,513 $ 10,054 $ 14,500 Provision (Benefit) for Taxes $ (1,045 ) $ 38,380 $ 9,392 Effective Income Tax Rate -2.5 % 381.7 % 64.8 % The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate: Year Ended December 31, 2018 2017 2016 Expected Income Tax Expense at the Federal Statutory Rate 21.0 % 35.0 % 35.0 % Remeasurement of Deferred Tax Assets Pursuant to Tax Legislation — 246.0 % — Permanent Differences for Compensation -18.6 % 56.5 % 33.4 % Accrual to Blackstone Related to Employee Matters Agreement 0.6 % 10.4 % 9.9 % Partnership (Income) Loss Not Subject to U.S. Corporate Income Taxes -9.3 % -18.1 % -21.2 % Foreign Income Taxes 5.4 % 3.1 % 0.9 % State and Local Income Taxes, Net of Federal Benefit 1.3 % 27.8 % 14.0 % Return to Provision — 24.0 % -6.4 % Change in Amount Due Pursuant to Tax Receivable Agreement Related to Tax Legislation — -5.4 % — Rate Change Impact -4.6 % — — Other 1.7 % 2.4 % -0.8 % Effective Income Tax Rate -2.5 % 381.7 % 64.8 % Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: December 31, 2018 2017 Deferred Tax Assets Tax Basis Step-Up from Blackstone $ 25,938 $ 28,646 Deferred Compensation 12,120 15,569 Net Operating Loss 10,514 3,715 Deferred Rent 2,186 2,177 Partner Exchange Basis Step-Up 10,071 3,261 Other 3,504 199 Deferred Tax Assets Before Valuation Allowance 64,333 53,567 Valuation Allowance (663 ) (3,715 ) Total Deferred Tax Assets $ 63,670 $ 49,852 Deferred Tax Liabilities Intangible Assets $ 1,264 $ 1,388 Fixed Assets 1,128 1,348 Other 2,427 3,114 Total Deferred Tax Liabilities 4,819 5,850 Deferred Tax Asset, Net $ 58,851 $ 44,002 Tax Legislation was signed into law on December 22, 2017, which lowered the U.S. corporate income tax rate to 21% as of January 1, 2018. The impact of the Tax Legislation was recorded as an increase in income tax expense of $24.7 million during the year ended December 31, 2017 due to the effects of the remeasurement of U.S. deferred tax assets at a lower enacted corporate tax rate. Additionally, the Company recorded an adjustment of $1.6 million related to a decrease in the Amount Due Pursuant to Tax Receivable Agreement in Interest Income and Other in the Consolidated Statement of Operations. The Company has finalized its analysis of the impact of the Tax Legislation and no adjustments were recorded during the measurement period. With respect to foreign operations, the Company has an income tax net operating loss of $2.7 million with an unlimited life. The realization of deferred tax assets arising from timing differences and net operating losses requires taxable income in future years in order to deduct the reversing timing differences and absorb the net operating losses. The Company assesses positive and negative evidence in determining whether to record a valuation allowance with respect to deferred tax assets. This assessment is performed separately for each taxing jurisdiction. The Company considered its cumulative taxable income earned in recent periods and projections of future taxable income based on the growth trajectory of its business as positive evidence in evaluating its ability to utilize the deferred tax assets. The Company’s projections of future taxable income in the U.S. federal jurisdiction currently indicate that it is more likely than not that the U.S. federal deferred tax assets will be realized. The Company evaluated the losses incurred in foreign operating jurisdictions in 2018 and 2017 as objective negative evidence, and concluded that it outweighs any positive evidence afforded by projections of taxable income in future years and the ability to carry forward such losses. Accordingly, the Company recorded a valuation allowance of $0.7 million and $3.7 million at December 31, 2018 and 2017, respectively, with respect to certain foreign deferred tax assets (consisting principally of the tax benefit associated with net operating losses incurred in certain foreign jurisdictions). The Company does not believe that it meets the indefinite reversal criteria that would allow the Company to refrain from recognizing any deferred tax liability with respect to its foreign subsidiaries. Accordingly, the Company records a deferred tax liability with respect to an outside basis difference in its investment in a foreign subsidiary, where applicable. The Company is subject to taxation in the United States and various state, local and foreign jurisdictions. As of December 31, 2018, the Company is not generally subject to examination by the tax authorities for years before 2015. The Company had no unrecognized tax benefits as of December 31, 2018 and 2017. The Company does not anticipate a material increase or decrease in unrecognized tax benefits during the coming year. During the years ended December 31, 2018, 2017 and 2016, no interest or penalties were accrued with respect to unrecognized tax positions and there were no settlements with taxing authorities. |
Net Income (Loss) Per Share of
Net Income (Loss) Per Share of Class A Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share of Class A Common Stock | 10 . NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income (loss) per share of Class A common stock for the years ended December 31, 2018, 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Numerator: Net Income (Loss) Attributable to PJT Partners Inc. $ 27,170 $ (32,554 ) $ (3,034 ) Less: Dividends on Participating Securities 128 88 140 Net Income Attributable to Participating Securities 143 — — Net Income (Loss) Attributable to Shares of Class A Common Stock — Basic 26,899 (32,642 ) (3,174 ) Incremental Net Income from Dilutive Securities 1,325 — — Net Income (Loss) Attributable to Shares of Class A Common Stock — Diluted $ 28,224 $ (32,642 ) $ (3,174 ) Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 21,879,574 18,858,010 18,292,717 Weighted-Average Number of Incremental Shares from Unvested RSUs 2,374,487 (a) (a) Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,254,061 18,858,010 18,292,717 Net Income (Loss) Per Share of Class A Common Stock Basic $ 1.23 $ (1.73 ) $ (0.17 ) Diluted $ 1.16 $ (1.73 ) $ (0.17 ) (a) These securities were determined to be anti-dilutive and therefore were excluded from the calculation of net income (loss) per share of Class A common stock. 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 37,553,550 for the year ended December 31, 2018, excluding unvested RSUs and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income (loss) per share, net income (loss) 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 year ended December 31, 2018, such exchange is reflected in diluted net income per share. For the years ended December 31, 2017 and 2016, such exchange is not reflected in diluted net loss per share as the assumed exchange is not dilutive. The following table summarizes the anti-dilutive securities for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Weighted-Average Unvested RSUs (a) 3,767,622 2,087,696 Weighted-Average Participating RSUs 139,519 450,718 733,287 Weighted-Average Partnership Units 15,673,976 14,972,302 16,068,957 (a) These securities were determined to be dilutive. |
Equity-Based and Other Deferred
Equity-Based and Other Deferred Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based and Other Deferred Compensation | 11 . Overview On October 1, 2015, generally 50% of Blackstone’s unvested equity awards (other than awards scheduled to vest within 180 calendar days following the spin-off) held by employees of the Company were converted into equity awards of PJT. These replacement awards have the same terms and conditions as the Blackstone equity awards, except that vesting conditions and settlement terms based on continued service to Blackstone are now based on continued service to the Company. On October 1, 2015, the Company adopted the PJT Partners Inc. 2015 Omnibus Incentive Plan (the “PJT Equity Plan”) for the purpose of providing incentive compensation measured by reference to the value of the Company’s Class A common stock or Partnership Units. The PJT Equity Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, partnership interests and other stock-based or cash-based awards. The Company has initially authorized 7 million shares of Class A common stock for issuance of new awards under the PJT Equity Plan, which is in addition to the shares that were issuable under the plan in connection with the spin-off. The Company intends to use newly-issued shares of the Company’s Class A common stock to satisfy vested RSU awards under the PJT Equity Plan. The following table represents equity-based compensation expense and related income tax benefit for the years ended December 31, 2018, 2017 and 2016, respectively: Year Ended December 31, 2018 2017 2016 Equity-Based Compensation Expense $ 117,991 $ 115,928 $ 89,010 Income Tax Benefit $ 9,987 $ 8,664 $ 10,678 Restricted Stock Units Pursuant to the PJT Equity Plan and in connection with the spin-off, acquisition of CamberView, annual compensation process and ongoing hiring process, the Company has issued RSUs, which generally vest over a service life of three to five years. Awards are generally forfeited if the employee ceases to be employed by the Company prior to vesting. A summary of the status of the Company’s unvested RSUs in PJT Partners Inc. and PJT Partners Holdings LP as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Number of Grant Date Number of Fair Value Partnership Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2017 6,455,734 $ 25.00 244,000 $ 31.76 Granted 2,303,043 48.21 — — Vested (4,470,251 ) 21.65 (133,331 ) 26.86 Forfeited (49,340 ) 39.13 (12,374 ) 41.58 Dividends Reinvested on RSUs 15,019 41.93 — — Balance, December 31, 2018 4,254,205 $ 40.99 98,295 $ 37.17 As of December 31, 2018, there was $88.4 million of estimated unrecognized compensation expense related to unvested RSU awards. The Company assumes a forfeiture rate of 1.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 1.0 years. RSU Awards with Both Service and Market Conditions In connection with the acquisition of CamberView, the Company granted RSU awards containing both service and market conditions. The service condition requirement with respect to such equity-based awards is four years with 100% vesting occurring at the end of the fourth year. The market condition requirement will be satisfied upon the publicly traded shares of Class A common stock achieving a $79 volume-weighted average share price target over any consecutive 30-day trading period following the CamberView acquisition. A summary of the status of the Company’s unvested RSU awards in PJT Partners Inc. with both a service and market condition as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2017 — $ — Granted 253,152 26.19 Balance, December 31, 2018 253,152 $ 26.19 As of December 31, 2018, there was $5.1 million of estimated unrecognized compensation expense related to RSU awards in PJT Partners Inc. with both a service and market condition. The Company assumes a forfeiture rate of 4.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 3.8 years. The following table presents the assumptions used to determine the fair value of the RSU awards in PJT Partners Inc. with both a service and market condition granted on October 1, 2018: Risk-Free Interest Rate 2.9 % Dividend Yield 0.4 % Weighted-Average Volatility Factor 31.8 % Weighted-Average Expected Life (in years) 4.0 Weighted-Average Fair Value (in dollars) $ 26.19 Restricted Share Awards In connection with the acquisition of CamberView, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, equity-based compensation expense will be recognized over four years. For the year ended December 31, 2018, 5,100 restricted share awards were granted. As of December 31, 2018, no restricted shares have vested or have forfeited and there was $0.3 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 2.8 years. Partnership Units In connection with the spin-off, annual compensation process and ongoing hiring process, certain individuals were issued Partnership Units that, subject to certain terms and conditions, are exchangeable at the option of the holder for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis. These Partnership Units generally vest over a service life of three to five years. Additionally, in connection with the acquisition of CamberView, certain individuals were issued Partnership Units with a service life of four years. A summary of the status of the Company’s unvested Partnership Units as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 4,698,423 $ 21.54 Granted 300,340 49.35 Vested (1,674,815 ) 21.20 Balance, December 31, 2018 3,323,948 $ 24.23 As of December 31, 2018, there was $40.1 million of estimated unrecognized compensation expense related to unvested Partnership Units. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 0.9 years. Partnership Unit Awards with Both Service and Market Conditions In connection with the spin-off, the Company also granted Partnership Unit awards containing both service and market conditions. The effect of the market condition 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 generally five years with 20% vesting in the third year, 30% in the fourth year and 50% in the fifth year. The market condition requirement will be satisfied upon the publicly traded shares of Class A common stock achieving certain volume-weighted average share price targets over any consecutive 30-day trading period following the consummation of the spin-off, pro ratably at $48, $55, $63, $71 and $79 per share of Class A common stock. During the year ended December 31, 2018, the $48 and $55 share price targets were achieved. The market condition requirements must be met prior to the sixth anniversary of the consummation of the spin-off. No portion of these awards will become vested until both the service and market conditions have been satisfied. A summary of the status of the Company’s unvested Partnership Unit awards in PJT Partners Holdings LP with both a service and market condition as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 6,262,957 $ 5.72 Vested (1,134,696 ) 5.72 Forfeited (10,128 ) 5.72 Balance, December 31, 2018 5,118,133 $ 5.72 As of December 31, 2018, there was $5.2 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 0.8 years. Units Expected to Vest The following unvested units, after expected forfeitures, as of December 31, 2018, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 8,367,956 0.8 Restricted Stock Units 4,422,037 1.2 Restricted Share Awards 4,042 2.8 Total Equity-Based Awards 12,794,035 1.0 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 $8.8 million, $8.6 million and $2.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, there was $62.7 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 3.1 years. |
Stockholder's Equity (Deficit)
Stockholder's Equity (Deficit) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholder's Equity (Deficit) | 12 . STOCKHOLDERS’ EQUITY (DEFICIT) Class A and Class B Common Stock Holders of shares of the Company’s Class A common stock are (a) entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors; (b) entitled to receive dividends when and if declared by the Company’s board of directors out of funds legally available therefor; and (c) entitled to receive pro rata the Company’s remaining assets available for distribution upon any liquidation, dissolution or winding up of the Company. With respect to all matters presented to stockholders of the Company other than director elections and removals, each holder of Class B common stock is entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each partnership unit (including for this purpose, the number of Partnership Units that would be held by such holder assuming the conversion on such date of all vested and unvested LTIP Units held of record by such holder) in PJT Partners Holdings LP held by such holder. Shares of Class B common stock will initially entitle holders to only one vote per share in the election and removal of directors of PJT Partners Inc. However, all or a portion of the voting power of Class B common stock with respect to the election of directors of the Company may be increased to up to the number of votes to which a holder is then entitled on all other matters presented to stockholders. By written notice to the Company, each holder of Class B common stock may, at any time, request that such holder become entitled to a number of votes in the election and removal of directors of the Company not to exceed at any time the number of votes to which such holder is then entitled on all other matters presented to stockholders, or such lesser number of votes as may be specified in such holder’s request. The Company’s board of directors, in its sole discretion, may approve or decline any such request, and no such holder shall become entitled to such requested voting power in respect of such shares of Class B common stock unless and until the board of directors approves such request. Class B common stockholders have no economic rights in the Company, and do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of the Company. In connection with the acquisition of CamberView, the Company issued 1.4 million shares of its Class A common stock on the acquisition date, October 1, 2018. Non-Controlling Interests 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 December 31, 2018 and 2017, the non-controlling interest was 41.5% and 44.0%, respectively. The percentage of the Net Income (Loss) Attributable to Non-Controlling Interests will vary from this percentage primarily due to the differing level of income taxes applicable to the controlling interest. Partnership Units are exchangeable at the option of the holder for cash or, at the Company’s election, for shares of Class A common stock on a one-for-one basis. The election to exchange Partnership Units is entirely within the control of the Partnership Unitholder, although the Company retains the sole option to determine whether to settle the exchange in either cash or shares of Class A common stock. On October 1, 2017, certain of the restrictive covenants entered into in connection with the spin-off expired. Previously, the ability to settle exchanges of Partnership Units in shares of the Company’s Class A common stock was not entirely within the Company’s control. Consequently, the value of these interests was reclassified from Redeemable Non-Controlling Interests to Non-Controlling Interests at their redemption value as of October 1, 2017. This reclassification had the effect of reducing Redeemable Non-Controlling Interests and increasing Non-Controlling Interests each by $574.3 million as of October 1, 2017. PJT Partners Inc. operates and controls all of the business and affairs of PJT Partners Holdings LP and its operating subsidiaries indirectly through its equity interest in PJT Partners Holdings LP; therefore, the shares of Class A common stock outstanding represent the controlling interest. In connection with the acquisition of CamberView, the Company issued 0.1 million Partnership Units to certain CamberView employees. Such issuance has been reflected in Non-Controlling Interests in the Consolidated Statement of Changes in Equity (Deficit). Treasury Stock On October 26, 2017, the Company’s board of directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $100 million. Under this repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will 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 year ended December 31, 2018, the Company repurchased 1.3 million shares at an average price per share of $50.14, or $64.9 million in aggregate, pursuant to this share repurchase program. The result of these repurchases was an increase of $64.9 million in Treasury Stock in the Company’s Consolidated Statement of Financial Condition for the year ended December 31, 2018. With respect to repurchases of the Company’s Class A common stock during the year ended December 31, 2017, the Company recorded an increase of $2.3 million in Treasury Stock in the Company’s Consolidated Statement of Financial Condition. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 13 . Exchange Agreement The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, to exchange all or part of their Partnership Units for cash or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Further, pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. The price per Partnership Unit to be received in a cash-settled exchange will be equal to the fair value of a share of PJT Partners Inc. Class A common stock (determined in accordance with and subject to adjustment under the exchange agreement). In the event cash-settled exchanges of Partnership Units are funded with new issuances of Class A common stock, the fair value of a share of PJT Partners Inc. Class A common stock will be deemed to be equal to the net proceeds per share of Class A common stock received by PJT Partners Inc. in the related issuance. Accordingly, in this event, the price per Partnership Unit to which an exchanging Partnership Unitholder will be entitled may be greater than or less than the then-current market value of PJT Partners Inc. Class A common stock. The exchange agreement also provides that a holder of Partnership Units will not have the right to exchange Partnership Units in the event that PJT Partners Inc. determines that such exchange would be prohibited by law, or would result in any breach of any debt agreement or other material contract of PJT Partners Inc. or PJT Partners Holdings LP. Certain Partnership Unitholders exchanged 1.4 million and 1.2 million Partnership Units, respectively, for cash in the amounts of $68.9 million and $45.5 million, respectively, for the years ended December 31, 2018 and 2017. Such amounts are recorded as a reduction of Non-Controlling Interests in the Consolidated Statements of Financial Condition. During the fourth quarter of 2018, the Company was presented with 216,330 Partnership Units to be exchanged. The Company elected to settle the exchange of these Partnership Units on February 14, 2019 for cash for an aggregate payment of $9.4 million. The price per Partnership Unit paid by the Company was $43.63, which was equal to the volume-weighted average price of a share of the Company’s Class A common stock on February 11, 2019. 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 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 December 31, 2018 and 2017, the Company had amounts due of $8.5 million and $2.9 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. The Company expects to make the following payments with respect to the tax receivable agreement: $0.6 million for each of the years ending December 31, 2019, 2020, 2021, 2022 and 2023, and $5.6 million in years thereafter. Actual payments may differ significantly from estimated payments. Aircraft Lease On occasion, certain of the Company’s executive officers, employees and their families may make use of aircraft in which the Company owns a fractional interest (the “Aircraft”). Any such personal use of the Aircraft is charged to the executive officer or employee based on market rates and usage. The amount is not material to the consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14 . Commitments Line of Credit On October 1, 2018, PJT Partners Holdings LP, as borrower (“Borrower”) entered into an Amended and Restated Loan Agreement (the “Amended and Restated Loan Agreement”) and related documents with First Republic Bank, as lender (the “Lender”). The Amended and Restated Loan Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $40.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Amended and Restated Loan Agreement, to up to $60.0 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 October 1, 2020, subject to extension by agreement of the Borrower and Lender. As of December 31, 2018 and 2017, there were no borrowings under the revolving credit facility. Term Loan The Amended and Restated Loan Agreement also provides for a term loan with an aggregate commitment of $30.0 million (the “Term Loan”). The Term Loan matures on January 2, 2021. In addition to the payment of interest described below, Borrower shall pay to the Lender installment payments of principal in the amount of (a) $4.25 million on July 1, 2019 and quarterly thereafter to January 2, 2021, and (b) $4.5 million on January 2, 2021. The Amended and Restated Loan Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Borrowings under the Amended and Restated Loan Agreement are secured by the accounts receivable of Park Hill Group LLC and PJT Partners LP. Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%. Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%. During an event of default, overdue principal under both the revolving credit facility and Term Loan bear interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Amended and Restated Loan Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears. As of December 31, 2018 and 2017, the Company was in compliance with the debt covenants under the Amended and Restated Loan Agreement. As of December 31, 2018, the future scheduled principal payments on the Term Loan are as follows: Year Ending December 31, 2019 $ 8,500 2020 17,000 2021 4,500 $ 30,000 Leases The Company leases office space under non-cancelable lease agreements, which expire at various dates through 2030. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord and are recognized on a straight-line basis over the term of the lease agreement. Total rent expense was $24.9 million, $24.6 million and $24.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Rent expense is included in Occupancy and Related in the Consolidated Statements of Operations. These amounts include variable operating escalation payments, which are paid when invoiced. As of December 31, 2018 and 2017, the Company maintained an irrevocable standby letter of credit for operating leases of $4.7 million and $5.0 million, respectively. Capital lease obligations recorded are payable through 2022 at a weighted-average interest rate of 3.0%. The net book value of all assets recorded under capital leases aggregated $0.2 million and $0.3 million as of December 31, 2018 and 2017, respectively. As of December 31, 2018, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2019 $ 130 $ 26,877 2020 104 23,445 2021 9 22,305 2022 2 22,190 2023 — 22,227 Thereafter — 67,871 Total Minimum Lease Payments 245 184,915 Less: Amount Representing Interest 11 Capital Lease Obligation $ 234 Less: Sublease Proceeds 14,182 Net Minimum Lease Payments $ 170,733 Contingencies Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the consolidated financial statements of the Company. As previously disclosed, the Company terminated Andrew Caspersen on March 28, 2016 after learning of a number of unauthorized and unlawful transactions outside the scope of his employment with Park Hill Group. The Company recorded an expense of $8.9 million during the year ended December 31, 2016, which represented the amount that was considered to be probable and reasonably estimable, as well as a related insurance reimbursement of $5.6 million deemed probable of receipt. The Company made payments totaling $8.9 million related to the charge and also received a $5.6 million insurance reimbursement during the year ended December 31, 2016. With respect to actual and potential additional claims related to funds fraudulently obtained by Mr. Caspersen, the Company believes that any such claims are without merit and the Company will vigorously defend any such matters. With respect to the Company’s other litigation matters, the Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations. Guarantee The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $8.9 million and $9.7 million as of December 31, 2018 and 2017, 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, including contracts with Blackstone relating to the spin-off, which 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 During the year ended December 31, 2016, the Company recorded $8.6 million in non-cash contributions related to the ultimate settlement of balances due to and from 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 Consolidated Statements of Financial Condition. The Company will cash settle the liability to Blackstone quarterly as the forfeitures attributable to these employees crystallize. The accrual for these forfeitures was $0.9 million and $0.4 million as of December 31, 2018 and 2017, respectively. 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. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of December 31, 2018 and 2017, the Company had accrued $4.3 million and $3.1 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 units at the time of delivery. Tax Matters Agreement The Company entered into a Tax Matters Agreement with Blackstone that governs the respective rights, responsibilities and obligations of the Company and Blackstone after the spin-off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. The Company has joint and several liability with Blackstone to the Internal Revenue Service (“IRS”) for the consolidated U.S. federal income taxes of the Blackstone consolidated group relating to the taxable periods in which the Company was part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which the Company bears responsibility, and Blackstone agrees to indemnify the Company against any amounts for which the Company is not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the spin-off is determined not to be tax-free. Though valid as between the parties, the Tax Matters Agreement is not binding on the IRS. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15 . The Company contributes to employer sponsored defined contribution plans for certain employees, subject to eligibility and statutory requirements. The Company incurred expenses with respect to these defined contribution plans in the amounts of $1.2 million, $0.7 million and $0.6 million for the years December 31, 2018, 2017 and 2016, respectively, which are included in Compensation and Benefits in the Consolidated Statements of Operations. |
Regulated Entities
Regulated Entities | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulated Entities | 16 . Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom and Hong Kong, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which strategic advisory, shareholder engagement and restructuring and special situations services are conducted in the United States, and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3% of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. PJT Partners LP had net capital of $10.6 million and $96.6 million as of December 31, 2018 and 2017, respectively, which exceeded the minimum net capital requirement by $8.1 million and $96.4 million, respectively. Park Hill Group LLC is a registered broker-dealer through which private fund advisory and placement services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Park Hill Group LLC elected to adopt the alternative standard, which defines minimum net capital as the greater of $250 thousand or 2% of aggregate debit items computed in accordance with the reserve requirement. Park Hill Group LLC had net capital of $15.0 million and $15.9 million as of December 31, 2018 and 2017, respectively, which exceeded the minimum net capital requirement by $14.7 million and $15.7 million, respectively. PJT Partners LP and Park Hill Group LLC do not carry customer accounts and do not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, are both exempt from the SEC Customer Protection Rule (Rule 15c3-3). PJT Partners (UK) Limited is licensed with the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. As of December 31, 2018 and 2017, both of these entities were in compliance with local capital adequacy requirements. |
Business Information
Business Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Information | 17 . The Company’s activities providing strategic advisory, shareholder engagement, restructuring and special situations and private fund advisory and placement services constitute a single reportable segment. An operating segment is a component of an entity which conducts business, 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. Year Ended December 31, 2018 2017 2016 Revenues Domestic $ 468,754 $ 431,617 $ 465,046 International 111,494 67,665 34,384 Total $ 580,248 $ 499,282 $ 499,430 December 31, 2018 2017 Assets Domestic $ 628,437 $ 494,718 International 43,380 64,247 Total $ 671,817 $ 558,965 The Company is not subject to any material concentrations with respect to its revenues for the years ended December 31, 2018, 2017 and 2016, or credit risk with respect to its accounts receivable as of December 31, 2018 and 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on March 26, 2019 to Class A common stockholders of record on March 6, 2019. The Company did not identify any other subsequent events besides the exchange of Partnership Units described in Note 13. “Transactions with Related Parties—Exchange Agreement.” |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 19 . Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 134,042 $ 130,670 $ 140,143 $ 175,393 Expenses 131,423 120,532 128,061 158,719 Income Before Provision for Taxes $ 2,619 $ 10,138 $ 12,082 $ 16,674 Net Income $ 6,729 $ 11,020 $ 12,279 $ 12,530 Net Income Attributable to Non-Controlling Interests 1,493 4,075 4,729 5,091 Net Income Attributable to PJT Partners Inc. $ 5,236 $ 6,945 $ 7,550 $ 7,439 Net Income Per Share of Class A Common Stock Basic $ 0.27 $ 0.30 $ 0.34 $ 0.32 Diluted $ 0.24 $ 0.30 $ 0.33 $ 0.22 Dividends Declared Per Share of Class A Common Stock $ 0.05 $ 0.05 $ 0.05 $ 0.05 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 120,969 $ 109,310 $ 78,450 $ 190,553 Expenses 118,881 111,393 94,064 164,890 Income (Loss) Before Provision for Taxes $ 2,088 $ (2,083 ) $ (15,614 ) $ 25,663 Net Income (Loss) $ 2,959 $ (565 ) $ (2,356 ) $ (28,364 ) Net Income (Loss) Attributable to Non-Controlling Interests 1,626 (780 ) (5,699 ) 9,081 Net Income (Loss) Attributable to PJT Partners Inc. $ 1,333 $ 215 $ 3,343 $ (37,445 ) Net Income (Loss) Per Share of Class A Common Stock Basic $ 0.07 $ 0.01 $ 0.17 $ (1.98 ) Diluted $ 0.07 $ 0.01 $ 0.16 $ (1.98 ) Dividends Declared Per Share of Class A Common Stock $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | PJT Partners Inc. (Dollars in Thousands) Allowance for Doubtful Accounts Year Ended December 31, 2018 2017 2016 Balance, Beginning of Period $ 1,934 $ 4,374 $ 862 Additions: Bad Debt Expense 1,007 624 3,512 Deductions: Charge-offs of Uncollectible Balances (2,215 ) (3,064 ) — Balance, End of Period $ 726 $ 1,934 $ 4,374 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepared the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany transactions have been eliminated for all periods presented. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. In preparing the consolidated financial statements, management makes estimates regarding the adequacy of the allowance for doubtful accounts, evaluation of goodwill and intangible assets, realization of deferred taxes, measurement of equity-based compensation and other matters that affect the reported amounts and disclosures in the consolidated financial statements. |
Business Combinations | Business Combinations The purchase price allocations for acquisitions are based on estimates of the fair value of tangible and intangible assets acquired and liabilities assumed. The Company engages independent valuation specialists, when necessary, to assist with purchase price allocations and uses recognized valuation techniques, including the income and market approaches, to determine fair value. Management makes estimates and assumptions in determining purchase price allocations and valuation analyses, which may involve significant unobservable inputs. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed is allocated to goodwill. In certain circumstances, the allocations of the purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Assets acquired and liabilities assumed in business combinations are recorded in the Company’s Consolidated Statements of Financial Condition as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company are included in the Company’s Consolidated Statements of Operations from their respective dates of acquisition. |
Revenue Recognition | Revenue Recognition The services provided under contracts with customers include advisory and placement services, which are recorded as Advisory Fees and Placement Fees, respectively, in the Consolidated Statements of Operations. Additionally, the Company is typically reimbursed for certain professional fees and other expenses incurred that are necessary in order to provide services to the customer. These expenses are recorded in the relevant expense caption in the Consolidated Statements of Operations when incurred and recognized as revenue and recorded in accounts receivable when these amounts are invoiced to the customer. Such revenue amounts are recorded in Interest Income and Other in the Consolidated Statements of Operations. At contract inception, the Company assesses the services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or a bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Additionally, the Company allocates the transaction price to the respective performance obligation(s) by estimating the amount of consideration in which the Company expects to be entitled in exchange for transferring the promised services to the customer. Advisory Fees Strategic advisory services include a broad range of financial advisory and restructuring services, which includes providing financial advice regarding acquisitions, mergers, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, shareholder advisory, distressed sales, recapitalizations and restructurings, including raising various forms of financing, and portfolio liquidity solutions related to unfunded commitment relief and investments in secondary markets. With respect to contracts for which Advisory Fees are recognized, the Company’s primary performance obligation is to stand ready to perform a broad range of services the client may need over the course of the engagement For such engagements, the customer obtains a benefit from the assurance that the Company is available to it, when-and-if needed or desired. Fees related to these stand-ready performance obligations are recognized over time using a time-based measure of progress The Company may also be engaged to provide a fairness opinion to the client or . The Company has determined that the delivery of either of these services represents a separate performance obligation that is satisfied at a point in time when the opinion or interim financing is delivered to the client as the customer is able to direct the use of, and obtain substantially all of the benefits from, the service at that point. With respect to the transaction price for advisory services, the consideration to which the Company expects to be entitled is predominantly variable as the consideration is susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees The Company’s fund placement services are provided within Park Hill and primarily serve private equity, real estate and hedge funds. Park Hill advises on all aspects of the fundraising process including competitive positioning and market assessment, marketing materials and related documentation and partnership terms and conditions most prevalent in the current environment. The Company also provides private placement fundraising services to corporate clients and earns placement fees based on successful completion of the transaction. With respect to contracts for which Placement Fees are recognized, the Company has determined that the provision of overall capital advisory services in contemplation of a potential fund placement or capital raise is satisfied over time. Fees related to this performance obligation are recognized over time using a time-based method as the customer simultaneously receives and consumes the benefits of the capital advisory services as they are provided. With respect to the transaction price for placement services, the consideration to which the Company expects to be entitled is predominantly variable as the consideration is susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees are typically payable upon completion of a fund closing or may be Company has determined there is not a significant financing component related to such contracts. Placement fees earned for services to corporate clients are typically payable upon completion. Determining the Timing of Satisfaction of Performance Obligations For performance obligations that are satisfied over time, determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the methods described above provide a faithful depiction of the transfer of services to the customer. For performance obligations that are satisfied at a point in time, the Company has determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the output of the service at the time it is provided to the client. Additionally, the Company considers control to have transferred at that point because the Company has a present right to payment, the Company has transferred the output of the service and the customer has significant risks and rewards of ownership. Contract Balances The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The beginning and ending balances of Accounts Receivable, Net are included in the Consolidated Statements of Financial Condition. The Company may receive non-refundable up-front fees in its contracts with customers, which are recorded as revenues in the period over which services are estimated to be provided. Additionally, the Company may receive payment of certain announcement, retainer or milestone fees before the performance obligation has been fully satisfied. Such fees give rise to a contract liability and are recorded as Deferred Revenue in the Consolidated Statements of Financial Condition. The beginning and ending balances of Deferred Revenue are included in the Consolidated Statements of Financial Condition. The Company does not establish a provision for refunds or similar obligations. Additionally, the Company is the principal in the satisfaction of performance obligations. To obtain a contract with a customer, the Company may incur costs such as advertising, marketing costs, bid and proposal costs and legal fees. The Company has determined that these costs would have been incurred regardless of whether the contract with the customer was obtained. Additionally, the Company does not expect to recover any of these costs from the customer; therefore, the costs of obtaining contracts with customers are expensed as incurred. The compensation of employees assigned to provide services to customers are direct costs of fulfilling the contract. In addition, out-of-pocket expenses may be incurred as part of fulfilling the promised services under the contract. As these costs are related to performance obligations that are satisfied over time, the costs do not meet the criteria for capitalization. Interest Income and Other – Interest Income and Other represents interest typically earned on Cash and Cash Equivalents, U.S. Treasury securities and outstanding placement fees receivable; miscellaneous income; foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars; sublease income; and the amount of expense reimbursement invoiced to clients related to out-of-pocket expenses. Interest on placement fees receivable is earned from the time revenue is recognized and is calculated based upon the London Interbank Offered Rate (“LIBOR”) plus an additional percentage as mutually agreed upon with the receivable counterparty. Interest receivable is included in Accounts Receivable, Net in the Consolidated Statements of Financial Condition. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of financial instruments approximates fair value. Financial instruments held by the Company include Cash Equivalents, Investments, Accounts Receivable and Loan Payable. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. • Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. • Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Investments in common stock are measured based on quoted closing exchange prices and are categorized within Level I of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. In making an assessment of the fair value hierarchy classification of investments in U.S. Treasury securities, the Company considers the amount of trading activity, observability of pricing inputs as well as whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band). |
Cash and Cash Equivalents | 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 is primarily held at three major U.S. financial institutions. U.S. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Consolidated Statements of Financial Condition. These securities are recorded at fair value using broker quotes, reflecting inputs from auction yields. |
Accounts Receivable | Accounts Receivable Accounts Receivable includes placement fees, interest and advisory fee receivables. Accounts receivable are assessed periodically for collectibility and an allowance is recognized for doubtful accounts, if required. Included in Accounts Receivable are long-term receivables which relate to placement fees that are generally paid in installments over a period of three to four years. Additional disclosures regarding Accounts Receivable are discussed in Note 5. “Accounts Receivable and Allowance for Doubtful Accounts.” The Company charges interest on long-term receivables based upon LIBOR plus an additional percentage as mutually agreed upon with the receivable counterparty. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company performs periodic reviews of outstanding accounts receivable and its clients’ financial condition. The Company generally does not require collateral and establishes an allowance for doubtful accounts based upon factors such as historical experience, credit quality, age of the accounts receivable balances and the current economic conditions that may affect a counterparty’s ability to pay such amounts owed to the Company. After concluding that a reserved accounts receivable balance is no longer collectible, the Company will reduce both the gross receivable and the allowance for doubtful accounts. This is determined based on several factors, including the age of the accounts receivable balance and the creditworthiness of the counterparty. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill recorded arose from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to Blackstone’s initial public offering (“IPO”), the acquisition of PJT Capital LP that occurred on October 1, 2015 and the acquisition of CamberView Partners Holdings, LLC (“CamberView”) that occurred on October 1, 2018. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach and more frequently if circumstances indicate impairment may have occurred. Goodwill is tested for impairment at the reporting unit level. A reporting unit is a component of an operating segment for which discrete financial information is available that is regularly reviewed by management. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than its respective carrying value. If it is determined that it is more likely than not that the reporting unit’s fair value is less than its carrying value or when the quantitative approach is used, a quantitative assessment is performed to (a) calculate the fair value of the reporting unit and compare it to its carrying value, and (b) if the carrying value exceeds its fair value, to measure an impairment loss. The Company’s intangible assets are derived from (a) customer relationships that were established as part of Blackstone’s IPO and acquired as part of CamberView, (b) the value of the trade name as part of the acquisitions of PJT Capital LP and CamberView, and (c) the open customer backlog acquired as part of the PJT Capital LP acquisition. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives of four to fifteen years, reflecting the average time over which such intangible assets are expected to contribute to cash flows. Amortization expense is included in Depreciation and Amortization in the Consolidated Statements of Operations. The Company does not hold any indefinite-lived intangible assets. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements, Net consist primarily of leasehold improvements, furniture, fixtures and equipment and office equipment and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten to fifteen years, and five to seven years for other fixed assets. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation and amortization are included in Depreciation and Amortization in the Consolidated Statements of Operations. Fixed assets held under capital leases are recorded at the present value of the future minimum lease payments, less accumulated depreciation and amortization in Furniture, Equipment and Leasehold Improvements, Net in the Consolidated Statements of Financial Condition. Depreciation and amortization are calculated using the straight-line method over the life of the lease and are included in Depreciation and Amortization in the Consolidated Statements of Operations. The capital lease obligations are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. |
Foreign Currency | Foreign Currency In the normal course of business, the Company may enter into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded in Interest Income and Other in the Consolidated Statements of Operations. In addition, the Company consolidates a number of businesses that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing monthly average exchange rate on the dates they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income (Loss). |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive Income consists of Net Income (Loss) and Other Comprehensive Income (Loss). The Company’s Other Comprehensive Income (Loss) is comprised of foreign currency cumulative translation adjustments. |
Non Controlling Interests | Non-Controlling Interests Prior to October 1, 2017, the ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) were considered redeemable non-controlling interests. Redeemable Non-Controlling Interests were presented separately from Equity in the Consolidated Statements of Financial Condition and the portion of net income (loss) attributable to the redeemable non-controlling interests was presented separately in the Consolidated Statements of Operations. On October 1, 2017, certain of the restrictive covenants entered into in connection with the spin-off expired. Previously, the ability to settle exchanges of Partnership Units in shares of the Company’s Class A common stock was not entirely within the Company’s control. Consequently, the value of these interests was reclassified from Redeemable Non-Controlling Interests to Non-Controlling Interests at their redemption value as of October 1, 2017. The portion of net income (loss) attributable to the non-controlling interests is presented separately in the Consolidated Statements of Operations. The Company previously elected to recognize any changes in the redemption value immediately as they occurred and adjusted the carrying amount of the redeemable non-controlling interests to its redemption value at the end of each reporting period. Reductions in the carrying amount of the redeemable non-controlling interests were only recorded if the Company had previously recorded increases in the carrying amount of the redeemable non-controlling interests. The change in redemption value was recognized in Redeemable Non-Controlling Interests with a corresponding adjustment to permanent equity in the Consolidated Statements of Financial Condition. |
Repurchases of Common Stock | Repurchases of Common Stock 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 Company may structure such repurchases as either a purchase of treasury stock or a retirement of shares. The Company records its purchases of treasury stock at cost as a separate component of stockholders’ equity. The Company may re-issue treasury stock, at average cost. |
Compensation and Benefits | Compensation and Benefits Compensation and Benefits includes salaries, cash bonuses, benefits, employer taxes and equity-based compensation associated with the grants of equity-based awards to employees and partners. Compensation cost relating to the issuance of equity-based awards with a requisite service period to partners and employees is measured at fair value at the grant date, taking into consideration expected forfeitures, and expensed over the vesting period on a straight-line basis. Equity-based awards that do not require future service are expensed immediately. Cash settled equity-based awards are classified as liabilities and are remeasured at the end of each reporting period. In certain instances, the Company may grant equity-based awards containing both a service and a market condition. The effect of the market condition is reflected in the grant date fair value of the award. Compensation cost is recognized for an award with a market condition over the requisite service period, provided that the requisite service period is completed, irrespective of whether the market condition is satisfied. If a recipient terminates employment before completion of the requisite service period, any compensation cost previously recognized is reversed unless the market condition has been satisfied prior to termination. If the market condition has been satisfied during the vesting period, the remaining unrecognized compensation cost is accelerated. At the Company’s discretion, the Company may provide compensation to certain employees with repayment obligations and/or service provisions. Such payments are recorded in Compensation and Benefits in the Consolidated Statements of Operations. The Company assesses the potential risk of forfeiture and likelihood of recouping amounts paid, and if deemed necessary, records a provision for forfeitures in the financial statements. |
Income Taxes | Income Taxes PJT Partners Inc. is a corporation subject to U.S. federal, state and local income taxes in jurisdictions where it does business. The Company’s businesses generally operate as partnerships for U.S. federal and state purposes and as corporate entities in non-U.S. jurisdictions. In the U.S. federal and state jurisdictions, taxes related to income earned by these entities generally represent obligations of the individual members and partners. The operating entities have generally been subject to New York City Unincorporated Business Tax and to entity-level income taxes imposed by non-U.S. jurisdictions, as applicable. These taxes have been reflected in the Company’s consolidated financial statements . PJT Partners Inc. is subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from the operating partnership (PJT Partners Holdings LP) . Current tax liabilities are recorded in Taxes Payable in the Consolidated Statements of Financial Condition. The Company uses the asset and liability method of accounting for deferred tax assets and liabilities. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using the enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company records uncertain tax positions on the basis of a two-step process: (a) a determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (b) those tax positions that meet the recognition threshold described in the first step are recorded based on the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the tax authority. The effects of tax adjustments and settlements with taxing authorities are presented in the Company’s consolidated financial statements in the period to which they relate as if the Company were a separate tax filer in those years. The Company recognizes accrued interest and penalties related to uncertain tax positions in Other Expenses in the Consolidated Statements of Operations, as applicable. Unrecognized tax benefits are recorded in Taxes Payable in the Consolidated Statements of Financial Condition, as applicable. On December 22, 2017, the United States Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118, which allowed companies to report the income tax effects of the Tax Cuts and Jobs Act (the “Tax Legislation”) as a provisional amount based on a reasonable estimate, which would be subject to adjustment during a reasonable measurement period, not to exceed twelve months, until the accounting and analysis required under GAAP is complete. The Company has finalized its analysis of the impact of the Tax Legislation and no adjustments were recorded during the measurement period. |
Amount Due Pursuant to Tax Receivable Agreement | Amount Due Pursuant to Tax Receivable Agreement Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement), exchange their Partnership Units for cash or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. PJT Partners Holdings LP has made an election under Section 754 of the Internal Revenue Code effective for each taxable year in which an exchange of Partnership Units for cash or for shares of Class A common stock occurs, which is expected to result in increases to the tax basis of the assets of PJT Partners Holdings LP at the time of an exchange of Partnership Units. Stock-settled exchanges and certain of these cash-settled exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of PJT Partners Holdings LP. These increases in tax basis may reduce the amount of tax that PJT Partners Inc. would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets . 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. This payment obligation is an obligation of PJT Partners Inc. and not of PJT Partners Holdings LP. PJT Partners Inc. expects to benefit from the remaining 15% of cash tax savings, if any, in income tax it realizes. For purposes of the tax receivable agreement, the cash tax savings in income tax is computed by comparing the actual income tax liability of PJT Partners Inc. (calculated with certain assumptions) to the amount of such taxes that PJT Partners Inc. would have been required to pay had there been no increase to the tax basis of the assets of PJT Partners Holdings LP as a result of the exchanges and had PJT Partners Inc. not entered into the tax receivable agreement. The term of the tax receivable agreement continues until all such tax benefits have been utilized or expired, unless PJT Partners Inc. exercises its right to terminate the tax receivable agreement for an amount based on the agreed payments remaining to be made under the agreement or PJT Partners Inc. breaches any of its material obligations under the tax receivable agreement in which case all obligations generally will be accelerated and due as if PJT Partners Inc. had exercised its right to terminate the tax receivable agreement. The Company accounts for the effects of these increases in tax basis and associated payments under the tax receivable agreement arising from exchanges as follows: • the Company records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal, state and local tax rates at the date of the exchange; • to the extent the Company estimates that it will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, the Company’s expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance; and • the Company records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the Amount Due Pursuant to Tax Receivable Agreement and the remaining 15% of the estimated realizable tax benefit as an increase to Additional Paid-In Capital. The effects of changes in estimates after the date of the redemption or exchange as well as subsequent changes in the enacted tax rates are included in net income. |
Net Income (Loss) Per Share of Class A Common Stock | Net Income (Loss) Per Share of Class A Common Stock Basic Net Income (Loss) Per Share is computed using the weighted-average number of shares of Class A common stock outstanding; vested, undelivered restricted stock units (“RSUs”); and unvested RSUs that have met requisite service requirements. Diluted Net Income (Loss) Per Share is computed using the number of shares of Class A common stock included in the Basic Net Income (Loss) Per Share calculation, and if dilutive, the incremental common stock that the Company would issue upon the assumed vesting of RSUs using the treasury stock method. |
Contingencies and Litigation | Contingencies and Litigation The Company records loss contingencies if (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the consolidated financial statements, and (b) the amount of loss can be reasonably estimated. If one or both criteria for accrual are not met, but there is at least a reasonable possibility that a loss will occur, the Company does not record an accrual for a loss contingency but describes the contingency and provides detail, when possible, of the estimated potential loss or range of loss. If an estimate cannot be made, a statement to that effect is made. Costs incurred with defending matters are expensed as incurred. Accruals related to loss contingencies are recorded in Other Expenses in the Consolidated Statements of Operations. |
Insurance Reimbursements | Insurance Reimbursements Receipts from insurance reimbursements up to the amount of the losses recognized are considered recoveries. These recoveries are accounted for when they are probable of receipt. Insurance recoveries are not recognized prior to the recognition of the related loss. Any receivable for insurance recoveries is recorded separately from the corresponding liability, and only if recovery is determined to be probable and reasonably estimable. Insurance reimbursements are recorded in Other Expenses in the Consolidated Statements of Operations. |
Recent Accounting Developments | Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The Company adopted the guidance using the modified retrospective approach as of January 1, 2018 applied to those contracts that were not completed as of January 1, 2018. The Company recognized the cumulative effect of initially applying the new revenue guidance as an adjustment to the opening balance of Accumulated Deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. On an ongoing basis, the effect of the change in timing of revenue and expense recognition could be material to any given reporting period. The impact of the changes to the Company’s Consolidated Statement of Financial Condition for the adoption of the new revenue guidance was as follows: December 31, 2017 Adjustments January 1, 2018 Assets Accounts Receivable, Net $ 190,389 $ (5,681 ) $ 184,708 Liabilities Deferred Revenue 382 1,015 1,397 Equity (Deficit) Accumulated Deficit (185,991 ) (6,696 ) (192,687 ) In accordance with the new revenue guidance requirements, the disclosure of the impact of adoption in the Consolidated Statement of Financial Condition and Statement of Operations is as follows as of and for the year ended December 31, 2018: As of and Year Ended December 31, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 451,553 $ 451,279 $ 274 Interest Income and Other 17,660 9,425 8,235 Expenses Occupancy and Related 27,125 26,951 174 Travel and Related 23,374 15,255 8,119 Professional Fees 20,631 19,133 1,498 Communications and Information Services 12,539 12,154 385 Other Expenses 20,634 20,402 232 Income Before Benefit for Taxes 41,513 43,412 (1,899 ) Benefit for Taxes (1,045 ) (249 ) (796 ) Net Income 42,558 43,661 (1,103 ) Statement of Financial Condition Accounts Receivable, Net 217,768 225,921 (8,153 ) Taxes Receivable 6,911 6,115 796 Deferred Revenue 7,856 7,413 443 Total Equity 487,749 495,548 (7,799 ) The change between the balances as reported under new and previous accounting guidance is primarily related to the accounting for reimbursable expenses, which were previously reported net and are now reported on a gross basis in both revenues and expenses in the Consolidated Statement of Operations. Additionally, under the new revenue guidance, the Company has applied a measure of progress to certain fees that are recognized over time but were previously recognized in full at the time of the revenue event. In February 2016, the FASB issued new guidance regarding leases. The guidance requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases. The lease-related assets will be amortized to expense over the life of the leases and the liability, and related interest expense, will be reduced as lease payments are made over the life of the lease. , as discussed in Note 14. “Commitments and Contingencies—Commitments, Leases,” primarily relate to office space, and represent substantially all of the leases that will be subject to the new guidance. . In June 2016, the FASB issued guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In November 2016, the FASB issued guidance that requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Adoption required a retrospective approach. The Company adopted this guidance on January 1, 2018 with no material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of assisting entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. In May 2017, the FASB issued updated guidance on modifications to share-based payment awards. The updated guidance requires entities to account for the effects of a modification to a share-based payment award unless the following are all the same immediately before and after the modification: (a) the fair value of the award, (b) the vesting conditions of the award, and (c) the classification of the award as an equity instrument or a liability instrument. The guidance is applied on a prospective basis. The Company adopted this guidance on January 1, 2018 with no impact on its consolidated financial statements. In February 2018, the FASB issued guidance that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Legislation. The guidance is effective for annual and interim periods beginning after December 15, 2018, with an option to apply it in the period of adoption or on a retrospective basis for each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. Early adoption of the new guidance is permitted for reporting periods for which financial statements have not yet been issued. The Company will adopt this guidance on January 1, 2019 and does not expect the impact to be material on its consolidated financial statements. In August 2018, the FASB issued updated guidance that modifies the disclosure requirements on fair value measurements. The updated guidance removes and modifies various disclosures under current guidance and includes additional requirements. The updated guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Impact of Changes to Consolidated Financial Statements for Adoption of New Revenue Guidance | The impact of the changes to the Company’s Consolidated Statement of Financial Condition for the adoption of the new revenue guidance was as follows: December 31, 2017 Adjustments January 1, 2018 Assets Accounts Receivable, Net $ 190,389 $ (5,681 ) $ 184,708 Liabilities Deferred Revenue 382 1,015 1,397 Equity (Deficit) Accumulated Deficit (185,991 ) (6,696 ) (192,687 ) In accordance with the new revenue guidance requirements, the disclosure of the impact of adoption in the Consolidated Statement of Financial Condition and Statement of Operations is as follows as of and for the year ended December 31, 2018: As of and Year Ended December 31, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 451,553 $ 451,279 $ 274 Interest Income and Other 17,660 9,425 8,235 Expenses Occupancy and Related 27,125 26,951 174 Travel and Related 23,374 15,255 8,119 Professional Fees 20,631 19,133 1,498 Communications and Information Services 12,539 12,154 385 Other Expenses 20,634 20,402 232 Income Before Benefit for Taxes 41,513 43,412 (1,899 ) Benefit for Taxes (1,045 ) (249 ) (796 ) Net Income 42,558 43,661 (1,103 ) Statement of Financial Condition Accounts Receivable, Net 217,768 225,921 (8,153 ) Taxes Receivable 6,911 6,115 796 Deferred Revenue 7,856 7,413 443 Total Equity 487,749 495,548 (7,799 ) |
Business Combinations (Tables)
Business Combinations (Tables) - CamberView | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Summary of Preliminary Purchase Price | The preliminary purchase price as of December 31, 2018 is comprised of the following: Cash (a) $ 68,250 Common Stock (b) 69,534 Partnership Units (c) 3,563 Total Purchase Price $ 141,347 (a ) Reflects cash paid to selling unitholders and employees at closing and payoff of an existing term loan facility held by CamberView at closing. (b ) Reflects the value of 1.4 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders of CamberView at closing based on the Company’s closing stock price of $51.55 on October 1, 2018. (c ) Reflects the value of 0.1 million Partnership Units issued to certain CamberView employees at closing using a fair value of $47.53, which represents the closing stock price of $51.55 on October 1, 2018 discounted for holding period risk. Partnership Units shall be eligible for exchange in accordance with the Exchange Agreement starting on the first exchange date when the Partnership Units have been both outstanding and fully vested for at least six months as of the applicable exchange date. |
Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the total purchase price: Assets Cash $ 6,787 Accounts Receivable 2,602 Furniture, Equipment and Leasehold Improvements, Net 283 Other Assets 2,915 Identifiable Intangible Assets 40,600 Goodwill 103,745 Deferred Tax Asset 111 Total Assets 157,043 Liabilities Accrued Compensation and Benefits 192 Accounts Payable, Accrued Expenses and Other Liabilities 8,660 Deferred Rent Liability 230 Taxes Payable 54 Deferred Revenue 6,560 Total Liabilities 15,696 Net Assets $ 141,347 |
Supplemental Information on Unaudited Pro Forma Basis | Supplemental information on an unaudited pro forma basis, as if the acquisition had been consummated as of January 1, 2017 is as follows: Year Ended December 31, 2018 2017 Total Revenues $ 615,643 $ 531,990 Net Income (Loss) Attributable to PJT Partners Inc. $ 26,195 $ (36,825 ) |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Reconciliation of Revenues Recognized from Contracts with Customers to Total Revenues | The following table reconciles revenues recognized from contracts with customers to Total Revenues in the Consolidated Statement of Operations for the year ended December 31, 2018: Advisory Fees $ 451,553 Placement Fees 111,035 Interest Income from Placement Fees 4,906 Reimbursable Expenses 8,235 Revenues from Contracts with Customers 575,729 Sublease Income and Other 4,519 Total Revenues $ 580,248 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying value of goodwill consist of the following: December 31, 2018 2017 Balance, Beginning of Year $ 72,286 $ 72,286 Goodwill Acquired (a) 103,745 — Balance, End of Year $ 176,031 $ 72,286 (a) The change in carrying amount of goodwill was the result of the business combination disclosed in Note 3. “Business Combinations.” |
Schedule of Intangible Assets, Net | Intangible Assets, Net consists of the following: December 31, 2018 2017 Finite-Lived Intangible Assets Customer Relationships $ 62,876 $ 26,476 Trade Name 9,900 5,700 Total Intangible Assets 72,776 32,176 Accumulated Amortization (23,616 ) (19,881 ) Intangible Assets, Net (a) $ 49,160 $ 12,295 (a) Excludes fully amortized intangible assets. |
Schedule of Changes in Intangible Assets, Net | Changes in the Company’s Intangible Assets, Net consist of the following: Year Ended December 31, 2018 2017 2016 Balance, Beginning of Year $ 12,295 $ 14,713 $ 23,646 Additions 40,600 — — Amortization Expense (3,735 ) (2,418 ) (8,870 ) Translation Adjustments — — (63 ) Balance, End of Year $ 49,160 $ 12,295 $ 14,713 |
Furniture, Equipment and Leas_2
Furniture, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements, Net consists of the following: December 31, 2018 2017 Office Equipment $ 2,151 $ 1,758 Leasehold Improvements 38,745 33,713 Furniture and Fixtures 13,558 11,886 Total Furniture, Equipment and Leasehold Improvements 54,454 47,357 Accumulated Depreciation (19,649 ) (13,568 ) Furniture, Equipment and Leasehold Improvements, Net $ 34,805 $ 33,789 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: December 31, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,297 $ — $ 3,297 Common Stock 2,157 — — 2,157 Total Investments $ 2,157 $ 3,297 $ — $ 5,454 December 31, 2017 Level I Level II Level III Total U.S. Treasury Securities $ — $ 37,121 $ — $ 37,121 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Income Taxes | The Company’s pretax income is associated with activities in domestic and international jurisdictions, as follows: Year Ended December 31, 2018 2017 2016 Income (Loss) Before Provision (Benefit) for Taxes Domestic $ 6,579 $ 13,597 $ 38,360 International 34,934 (3,543 ) (23,860 ) Total $ 41,513 $ 10,054 $ 14,500 |
Summary of Income Tax Expense (Benefit) | The Provision (Benefit) for Income Taxes consists of the following: Year Ended December 31, 2018 2017 2016 Current Federal Income Tax $ 219 $ 5,083 $ 4,131 State and Local Income Tax 1,323 1,749 2,777 Foreign Income Tax 5,245 587 191 6,787 7,419 7,099 Deferred Federal Income Tax (5,220 ) 28,607 2,376 State and Local Income Tax (2,544 ) 2,354 (20 ) Foreign Income Tax (68 ) — (63 ) (7,832 ) 30,961 2,293 Provision (Benefit) for Taxes $ (1,045 ) $ 38,380 $ 9,392 |
Summary of Company's Tax Position | The following table summarizes the Company’s tax position: Year Ended December 31, 2018 2017 2016 Income Before Provision (Benefit) for Taxes $ 41,513 $ 10,054 $ 14,500 Provision (Benefit) for Taxes $ (1,045 ) $ 38,380 $ 9,392 Effective Income Tax Rate -2.5 % 381.7 % 64.8 % |
U.S Federal Statutory Tax Rate Reconciliation to the Effective Income Tax Rate | The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate: Year Ended December 31, 2018 2017 2016 Expected Income Tax Expense at the Federal Statutory Rate 21.0 % 35.0 % 35.0 % Remeasurement of Deferred Tax Assets Pursuant to Tax Legislation — 246.0 % — Permanent Differences for Compensation -18.6 % 56.5 % 33.4 % Accrual to Blackstone Related to Employee Matters Agreement 0.6 % 10.4 % 9.9 % Partnership (Income) Loss Not Subject to U.S. Corporate Income Taxes -9.3 % -18.1 % -21.2 % Foreign Income Taxes 5.4 % 3.1 % 0.9 % State and Local Income Taxes, Net of Federal Benefit 1.3 % 27.8 % 14.0 % Return to Provision — 24.0 % -6.4 % Change in Amount Due Pursuant to Tax Receivable Agreement Related to Tax Legislation — -5.4 % — Rate Change Impact -4.6 % — — Other 1.7 % 2.4 % -0.8 % Effective Income Tax Rate -2.5 % 381.7 % 64.8 % |
Summary of the Tax Effects of Temporary Differences | A summary of the tax effects of the temporary differences is as follows: December 31, 2018 2017 Deferred Tax Assets Tax Basis Step-Up from Blackstone $ 25,938 $ 28,646 Deferred Compensation 12,120 15,569 Net Operating Loss 10,514 3,715 Deferred Rent 2,186 2,177 Partner Exchange Basis Step-Up 10,071 3,261 Other 3,504 199 Deferred Tax Assets Before Valuation Allowance 64,333 53,567 Valuation Allowance (663 ) (3,715 ) Total Deferred Tax Assets $ 63,670 $ 49,852 Deferred Tax Liabilities Intangible Assets $ 1,264 $ 1,388 Fixed Assets 1,128 1,348 Other 2,427 3,114 Total Deferred Tax Liabilities 4,819 5,850 Deferred Tax Asset, Net $ 58,851 $ 44,002 |
Net Income (Loss) Per Share o_2
Net Income (Loss) Per Share of Class A Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Share of Class A Common Stock | Basic and diluted net income (loss) per share of Class A common stock for the years ended December 31, 2018, 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Numerator: Net Income (Loss) Attributable to PJT Partners Inc. $ 27,170 $ (32,554 ) $ (3,034 ) Less: Dividends on Participating Securities 128 88 140 Net Income Attributable to Participating Securities 143 — — Net Income (Loss) Attributable to Shares of Class A Common Stock — Basic 26,899 (32,642 ) (3,174 ) Incremental Net Income from Dilutive Securities 1,325 — — Net Income (Loss) Attributable to Shares of Class A Common Stock — Diluted $ 28,224 $ (32,642 ) $ (3,174 ) Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 21,879,574 18,858,010 18,292,717 Weighted-Average Number of Incremental Shares from Unvested RSUs 2,374,487 (a) (a) Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,254,061 18,858,010 18,292,717 Net Income (Loss) Per Share of Class A Common Stock Basic $ 1.23 $ (1.73 ) $ (0.17 ) Diluted $ 1.16 $ (1.73 ) $ (0.17 ) |
Summary of Anti-Dilutive Securities | The following table summarizes the anti-dilutive securities for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Weighted-Average Unvested RSUs (a) 3,767,622 2,087,696 Weighted-Average Participating RSUs 139,519 450,718 733,287 Weighted-Average Partnership Units 15,673,976 14,972,302 16,068,957 (a) These securities were determined to be dilutive. |
Equity-Based and Other Deferr_2
Equity-Based and Other Deferred Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity-Based Compensation Expense and Related Income Tax Benefit | The following table represents equity-based compensation expense and related income tax benefit for the years ended December 31, 2018, 2017 and 2016, respectively: Year Ended December 31, 2018 2017 2016 Equity-Based Compensation Expense $ 117,991 $ 115,928 $ 89,010 Income Tax Benefit $ 9,987 $ 8,664 $ 10,678 |
Summary of Unvested Restricted Stock Units | A summary of the status of the Company’s unvested RSUs in PJT Partners Inc. and PJT Partners Holdings LP as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Number of Grant Date Number of Fair Value Partnership Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2017 6,455,734 $ 25.00 244,000 $ 31.76 Granted 2,303,043 48.21 — — Vested (4,470,251 ) 21.65 (133,331 ) 26.86 Forfeited (49,340 ) 39.13 (12,374 ) 41.58 Dividends Reinvested on RSUs 15,019 41.93 — — Balance, December 31, 2018 4,254,205 $ 40.99 98,295 $ 37.17 |
Summary of Assumptions Used to Determine Fair Value of RSU Awards | The following table presents the assumptions used to determine the fair value of the RSU awards in PJT Partners Inc. with both a service and market condition granted on October 1, 2018: Risk-Free Interest Rate 2.9 % Dividend Yield 0.4 % Weighted-Average Volatility Factor 31.8 % Weighted-Average Expected Life (in years) 4.0 Weighted-Average Fair Value (in dollars) $ 26.19 |
Summary of Status of Company's Unvested Partnership Units | A summary of the status of the Company’s unvested Partnership Units as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 4,698,423 $ 21.54 Granted 300,340 49.35 Vested (1,674,815 ) 21.20 Balance, December 31, 2018 3,323,948 $ 24.23 |
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest | The following unvested units, after expected forfeitures, as of December 31, 2018, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 8,367,956 0.8 Restricted Stock Units 4,422,037 1.2 Restricted Share Awards 4,042 2.8 Total Equity-Based Awards 12,794,035 1.0 |
RSU Awards Containing Service and Market Conditions | |
Summary of Unvested Restricted Stock Units | A summary of the status of the Company’s unvested RSU awards in PJT Partners Inc. with both a service and market condition as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2017 — $ — Granted 253,152 26.19 Balance, December 31, 2018 253,152 $ 26.19 |
Partnership Unit Awards Containing Service and Market Conditions | |
Summary of Status of Company's Unvested Partnership Units | A summary of the status of the Company’s unvested Partnership Unit awards in PJT Partners Holdings LP with both a service and market condition as of December 31, 2018 and of changes during the period January 1, 2018 through December 31, 2018 is presented below: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 6,262,957 $ 5.72 Vested (1,134,696 ) 5.72 Forfeited (10,128 ) 5.72 Balance, December 31, 2018 5,118,133 $ 5.72 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Principal Payments on Term Loan | As of December 31, 2018, the future scheduled principal payments on the Term Loan are as follows: Year Ending December 31, 2019 $ 8,500 2020 17,000 2021 4,500 $ 30,000 |
Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases | As of December 31, 2018, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2019 $ 130 $ 26,877 2020 104 23,445 2021 9 22,305 2022 2 22,190 2023 — 22,227 Thereafter — 67,871 Total Minimum Lease Payments 245 184,915 Less: Amount Representing Interest 11 Capital Lease Obligation $ 234 Less: Sublease Proceeds 14,182 Net Minimum Lease Payments $ 170,733 |
Business Information (Tables)
Business Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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. Year Ended December 31, 2018 2017 2016 Revenues Domestic $ 468,754 $ 431,617 $ 465,046 International 111,494 67,665 34,384 Total $ 580,248 $ 499,282 $ 499,430 December 31, 2018 2017 Assets Domestic $ 628,437 $ 494,718 International 43,380 64,247 Total $ 671,817 $ 558,965 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data | Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 134,042 $ 130,670 $ 140,143 $ 175,393 Expenses 131,423 120,532 128,061 158,719 Income Before Provision for Taxes $ 2,619 $ 10,138 $ 12,082 $ 16,674 Net Income $ 6,729 $ 11,020 $ 12,279 $ 12,530 Net Income Attributable to Non-Controlling Interests 1,493 4,075 4,729 5,091 Net Income Attributable to PJT Partners Inc. $ 5,236 $ 6,945 $ 7,550 $ 7,439 Net Income Per Share of Class A Common Stock Basic $ 0.27 $ 0.30 $ 0.34 $ 0.32 Diluted $ 0.24 $ 0.30 $ 0.33 $ 0.22 Dividends Declared Per Share of Class A Common Stock $ 0.05 $ 0.05 $ 0.05 $ 0.05 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 120,969 $ 109,310 $ 78,450 $ 190,553 Expenses 118,881 111,393 94,064 164,890 Income (Loss) Before Provision for Taxes $ 2,088 $ (2,083 ) $ (15,614 ) $ 25,663 Net Income (Loss) $ 2,959 $ (565 ) $ (2,356 ) $ (28,364 ) Net Income (Loss) Attributable to Non-Controlling Interests 1,626 (780 ) (5,699 ) 9,081 Net Income (Loss) Attributable to PJT Partners Inc. $ 1,333 $ 215 $ 3,343 $ (37,445 ) Net Income (Loss) Per Share of Class A Common Stock Basic $ 0.07 $ 0.01 $ 0.17 $ (1.98 ) Diluted $ 0.07 $ 0.01 $ 0.16 $ (1.98 ) Dividends Declared Per Share of Class A Common Stock $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives of intangible assets | 6 years 9 months 18 days |
Finite-lived intangible assets amortization method | Straight-line basis |
Fixed assets depreciation method | straight-line method |
Tax Cuts and Jobs Act of 2017, Accounting Complete | true |
PJT Partners Holdings LP | |
Significant Accounting Policies [Line Items] | |
Percentage payment to exchanging holders of partnership units of benefits | 85.00% |
Percentage of benefit from remaining of cash tax savings, in income tax | 15.00% |
Percentage of estimated realizable tax benefit recorded as increase to amount due | 85.00% |
Percentage of remaining estimated realizable tax benefit recorded as increase to additional paid in capital | 15.00% |
PJT Partners Holdings LP | Class A Common Stock | |
Significant Accounting Policies [Line Items] | |
Basis of exchange of partnership units for cash or shares | Holders of Partnership Units (other than PJT Partners Inc.) may, subject to the terms and conditions set forth in the partnership agreement of PJT Partners Holdings LP, on a quarterly basis (subject to the terms of the exchange agreement), exchange their Partnership Units for cash or, at the Company’s election, for shares of Class A common stock of PJT Partners Inc. on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. |
Exchange of Partnership unit to shares, number of shares per each unit | 1 |
Minimum | |
Significant Accounting Policies [Line Items] | |
Placement fees installment period | 3 years |
Accounts receivable payment terms | 3 years |
Estimated useful lives of intangible assets | 4 years |
Estimated useful lives of fixed assets | 5 years |
Minimum | Leasehold Improvements | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives of fixed assets | 10 years |
Maximum | |
Significant Accounting Policies [Line Items] | |
Placement fees installment period | 4 years |
Accounts receivable payment terms | 4 years |
Estimated useful lives of intangible assets | 15 years |
Estimated useful lives of fixed assets | 7 years |
Maximum | Leasehold Improvements | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives of fixed assets | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Impact of Changes to Consolidated Statement of Financial Condition for Adoption of New Revenue Guidance (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | |||
Accounts Receivable, Net | $ 217,768 | $ 190,389 | |
Liabilities | |||
Deferred Revenue | 7,856 | 382 | |
Equity (Deficit) | |||
Accumulated Deficit | (169,836) | $ (185,991) | |
Accounting Standards Update 2014-09 | |||
Assets | |||
Accounts Receivable, Net | $ 184,708 | ||
Liabilities | |||
Deferred Revenue | 1,397 | ||
Equity (Deficit) | |||
Accumulated Deficit | (192,687) | ||
Accounting Standards Update 2014-09 | Adjustments | |||
Assets | |||
Accounts Receivable, Net | (8,153) | (5,681) | |
Liabilities | |||
Deferred Revenue | $ 443 | 1,015 | |
Equity (Deficit) | |||
Accumulated Deficit | $ (6,696) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Impact of Adoption on Consolidated Statement of Financial Condition and Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenues | ||||||||||||
Revenues | $ 575,729 | |||||||||||
Interest Income and Other | 17,660 | $ 10,234 | $ 6,852 | |||||||||
Expenses | ||||||||||||
Occupancy and Related | 27,125 | 26,889 | 25,815 | |||||||||
Travel and Related | 23,374 | 13,617 | 11,480 | |||||||||
Professional Fees | 20,631 | 19,276 | 18,925 | |||||||||
Communications and Information Services | 12,539 | 10,770 | 8,875 | |||||||||
Other Expenses | 20,634 | 19,019 | 24,809 | |||||||||
Income Before Benefit for Taxes | $ 16,674 | $ 12,082 | $ 10,138 | $ 2,619 | $ 25,663 | $ (15,614) | $ (2,083) | $ 2,088 | 41,513 | 10,054 | 14,500 | |
Benefit for Taxes | (1,045) | 38,380 | 9,392 | |||||||||
Net Income | 12,530 | $ 12,279 | $ 11,020 | $ 6,729 | (28,364) | $ (2,356) | $ (565) | $ 2,959 | 42,558 | (28,326) | 5,108 | |
Statement of Financial Condition | ||||||||||||
Accounts Receivable, Net | 217,768 | 190,389 | 217,768 | 190,389 | ||||||||
Taxes Receivable | 6,911 | 6,911 | ||||||||||
Deferred Revenue | 7,856 | 382 | 7,856 | 382 | ||||||||
Total Equity | 487,749 | $ 422,454 | 487,749 | 422,454 | ||||||||
Accounting Standards Update 2014-09 | ||||||||||||
Statement of Financial Condition | ||||||||||||
Accounts Receivable, Net | $ 184,708 | |||||||||||
Deferred Revenue | 1,397 | |||||||||||
Accounting Standards Update 2014-09 | Without Adoption of Revenue Standard | ||||||||||||
Revenues | ||||||||||||
Interest Income and Other | 9,425 | |||||||||||
Expenses | ||||||||||||
Occupancy and Related | 26,951 | |||||||||||
Travel and Related | 15,255 | |||||||||||
Professional Fees | 19,133 | |||||||||||
Communications and Information Services | 12,154 | |||||||||||
Other Expenses | 20,402 | |||||||||||
Income Before Benefit for Taxes | 43,412 | |||||||||||
Benefit for Taxes | (249) | |||||||||||
Net Income | 43,661 | |||||||||||
Statement of Financial Condition | ||||||||||||
Accounts Receivable, Net | 225,921 | 225,921 | ||||||||||
Taxes Receivable | 6,115 | 6,115 | ||||||||||
Deferred Revenue | 7,413 | 7,413 | ||||||||||
Total Equity | 495,548 | 495,548 | ||||||||||
Accounting Standards Update 2014-09 | Effect of Change | ||||||||||||
Revenues | ||||||||||||
Interest Income and Other | 8,235 | |||||||||||
Expenses | ||||||||||||
Occupancy and Related | 174 | |||||||||||
Travel and Related | 8,119 | |||||||||||
Professional Fees | 1,498 | |||||||||||
Communications and Information Services | 385 | |||||||||||
Other Expenses | 232 | |||||||||||
Income Before Benefit for Taxes | (1,899) | |||||||||||
Benefit for Taxes | (796) | |||||||||||
Net Income | (1,103) | |||||||||||
Statement of Financial Condition | ||||||||||||
Accounts Receivable, Net | (8,153) | (8,153) | (5,681) | |||||||||
Taxes Receivable | 796 | 796 | ||||||||||
Deferred Revenue | 443 | 443 | $ 1,015 | |||||||||
Total Equity | $ (7,799) | (7,799) | ||||||||||
Advisory Fees | ||||||||||||
Revenues | ||||||||||||
Revenues | 451,553 | $ 386,263 | $ 377,610 | |||||||||
Advisory Fees | Accounting Standards Update 2014-09 | Without Adoption of Revenue Standard | ||||||||||||
Revenues | ||||||||||||
Revenues | 451,279 | |||||||||||
Advisory Fees | Accounting Standards Update 2014-09 | Effect of Change | ||||||||||||
Revenues | ||||||||||||
Revenues | $ 274 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions | Oct. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 176,031 | $ 72,286 | $ 72,286 | |
Estimated remaining useful lives of intangible assets | 6 years 9 months 18 days | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Estimated remaining useful lives of intangible assets | 4 years | |||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Estimated remaining useful lives of intangible assets | 15 years | |||
CamberView | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, effective date | Oct. 1, 2018 | |||
Acquisition of ownership percentage | 100.00% | |||
Acquisition payment in cash | $ 68,300 | $ 68,250 | ||
Business combination related costs | $ 1,800 | |||
Escrow amount | 9,000 | |||
Securityholder Representative Funds which may be used to cover post-closing obligations of selling unitholders | 1,000 | |||
Goodwill | $ 103,745 | |||
Goodwill amortization over a period for tax purpose | 15 years | |||
Deferred tax assets recognized with respect to excess of tax goodwill | $ 111 | |||
CamberView | Minimum | ||||
Business Acquisition [Line Items] | ||||
Estimated remaining useful lives of intangible assets | 4 years | |||
CamberView | Maximum | ||||
Business Acquisition [Line Items] | ||||
Estimated remaining useful lives of intangible assets | 8 years | |||
CamberView | Class A Common Stock | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, shares issued of common stock | 1.4 | |||
CamberView | Partnership Units | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, shares issued of common stock | 0.1 |
Business Combinations - Summary
Business Combinations - Summary of Preliminary Purchase Price (Details) - CamberView - USD ($) $ in Thousands | Oct. 01, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Cash | $ 68,300 | $ 68,250 |
Common Stock | 69,534 | |
Partnership Units | 3,563 | |
Total Purchase Price | $ 141,347 |
Business Combinations - Summa_2
Business Combinations - Summary of Preliminary Purchase Price (Parenthetical) (Details) - CamberView shares in Millions | Oct. 01, 2018$ / sharesshares |
Partnership Units | |
Business Acquisition [Line Items] | |
Business acquisition, shares issued of common stock | shares | 0.1 |
Business acquisition, closing stock price/fair value | $ / shares | $ 47.53 |
Class A Common Stock | |
Business Acquisition [Line Items] | |
Business acquisition, shares issued of common stock | shares | 1.4 |
Business acquisition, closing stock price/fair value | $ / shares | $ 51.55 |
Business Combinations - Allocat
Business Combinations - Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Goodwill | $ 176,031 | $ 72,286 | $ 72,286 | |
CamberView | ||||
Assets | ||||
Cash | $ 6,787 | |||
Accounts Receivable | 2,602 | |||
Furniture, Equipment and Leasehold Improvements, Net | 283 | |||
Other Assets | 2,915 | |||
Identifiable Intangible Assets | 40,600 | |||
Goodwill | 103,745 | |||
Deferred Tax Asset | 111 | |||
Total Assets | 157,043 | |||
Liabilities | ||||
Accrued Compensation and Benefits | 192 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | 8,660 | |||
Deferred Rent Liability | 230 | |||
Taxes Payable | 54 | |||
Deferred Revenue | 6,560 | |||
Total Liabilities | 15,696 | |||
Net Assets | $ 141,347 |
Business Combinations - Supplem
Business Combinations - Supplemental Information on Unaudited Pro Forma Basis (Details) - CamberView - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Total Revenues | $ 615,643 | $ 531,990 |
Net Income (Loss) Attributable to PJT Partners Inc. | $ 26,195 | $ (36,825) |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Reconciliation of Revenues Recognized from Contracts with Customers to Total Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues from Contracts with Customers | $ 575,729 | ||||||||||
Sublease Income and Other | 4,519 | ||||||||||
Total Revenues | $ 175,393 | $ 140,143 | $ 130,670 | $ 134,042 | $ 190,553 | $ 78,450 | $ 109,310 | $ 120,969 | 580,248 | $ 499,282 | $ 499,430 |
Advisory Fees | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues from Contracts with Customers | 451,553 | 386,263 | 377,610 | ||||||||
Placement Fees | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues from Contracts with Customers | 111,035 | $ 102,785 | $ 114,968 | ||||||||
Interest Income from Placement Fees | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues from Contracts with Customers | 4,906 | ||||||||||
Reimbursable Expenses | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues from Contracts with Customers | $ 8,235 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Additional Information (Details1) - Advisory Services - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 $ in Millions | Dec. 31, 2018USD ($) |
Deferred Revenue Arrangement [Line Items] | |
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied | $ 14 |
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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 1,400 | |
Contract liabilities | 7,856 | $ 382 |
Accounts Payable, Accrued Expenses and Other Liabilities | ||
Deferred Revenue Arrangement [Line Items] | ||
Contract liabilities | $ 1,100 | $ 1,200 |
Advisory Services | ||
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 | $ 19,100 |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Long-term receivables more than 90 days past due | $ 7,500,000 | $ 2,500,000 |
Allowance for doubtful accounts | 0 | 0 |
Placement Fee Receivable | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Long-term receivables | $ 77,900,000 | $ 77,700,000 |
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 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance, Beginning of Year | $ 72,286 | |
Goodwill Acquired | 103,745 | [1] |
Balance, End of Year | $ 176,031 | |
[1] | The change in carrying amount of goodwill was the result of the business combination disclosed in Note 3. “Business Combinations.” |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Expected amortization of intangible assets, 2019 | 7,900,000 | |
Expected amortization of intangible assets, 2020 | 7,900,000 | |
Expected amortization of intangible assets, 2021 | 7,900,000 | |
Expected amortization of intangible assets, 2022 | 6,700,000 | |
Expected amortization of intangible assets, 2023 | $ 5,100,000 | |
Estimated useful lives of intangible assets | 6 years 9 months 18 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Finite-Lived Intangible Assets | ||||||
Customer Relationships | $ 62,876 | $ 26,476 | ||||
Trade Name | 9,900 | 5,700 | ||||
Total Intangible Assets | 72,776 | 32,176 | ||||
Accumulated Amortization | (23,616) | (19,881) | ||||
Intangible Assets, Net | $ 49,160 | [1] | $ 12,295 | [1] | $ 14,713 | $ 23,646 |
[1] | Excludes fully amortized intangible assets. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Balance, Beginning of Year | $ 12,295 | [1] | $ 14,713 | $ 23,646 | |
Additions | 40,600 | ||||
Amortization Expense | (3,735) | (2,418) | (8,870) | ||
Translation Adjustments | (63) | ||||
Balance, End of Year | $ 49,160 | [1] | $ 12,295 | [1] | $ 14,713 |
[1] | Excludes fully amortized intangible assets. |
Furniture, Equipment and Leas_3
Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 54,454 | $ 47,357 |
Accumulated Depreciation | (19,649) | (13,568) |
Furniture, Equipment and Leasehold Improvements, Net | 34,805 | 33,789 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 2,151 | 1,758 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | 38,745 | 33,713 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total Furniture, Equipment and Leasehold Improvements | $ 13,558 | $ 11,886 |
Furniture, Equipment and Leas_4
Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 6.2 | $ 5.7 | $ 5.2 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | $ 5,454 | |
Level I | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | 2,157 | |
Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | 3,297 | |
U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | 3,297 | $ 37,121 |
U.S. Treasury Securities | Level II | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | 3,297 | $ 37,121 |
Common Stock | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | 2,157 | |
Common Stock | Level I | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Investments | $ 2,157 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Transfers between Level I, Level II or Level III | $ 0 | $ 0 | $ 0 |
U.S. Treasury Securities | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Transfers between Level 1 and Level 2 | $ 0 | $ 0 | $ 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss ) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 6,579 | $ 13,597 | $ 38,360 | ||||||||
International | 34,934 | (3,543) | (23,860) | ||||||||
Income Before Provision (Benefit) for Taxes | $ 16,674 | $ 12,082 | $ 10,138 | $ 2,619 | $ 25,663 | $ (15,614) | $ (2,083) | $ 2,088 | $ 41,513 | $ 10,054 | $ 14,500 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal Income Tax | $ 219 | $ 5,083 | $ 4,131 |
State and Local Income Tax | 1,323 | 1,749 | 2,777 |
Foreign Income Tax | 5,245 | 587 | 191 |
Total Current | 6,787 | 7,419 | 7,099 |
Federal Income Tax | (5,220) | 28,607 | 2,376 |
State and Local Income Tax | (2,544) | 2,354 | (20) |
Foreign Income Tax | (68) | (63) | |
Deferred Income Tax Expense (Benefit) | (7,832) | 30,961 | 2,293 |
Provision (Benefit) for Taxes | $ (1,045) | $ 38,380 | $ 9,392 |
Income Taxes - Summary of Compa
Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income Before Provision (Benefit) for Taxes | $ 16,674 | $ 12,082 | $ 10,138 | $ 2,619 | $ 25,663 | $ (15,614) | $ (2,083) | $ 2,088 | $ 41,513 | $ 10,054 | $ 14,500 |
Provision (Benefit) for Taxes | $ (1,045) | $ 38,380 | $ 9,392 | ||||||||
Effective Income Tax Rate | (2.50%) | 381.70% | 64.80% |
Income Taxes - U.S Federal Stat
Income Taxes - U.S Federal Statutory Tax Rate Reconciliation to the Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected Income Tax Expense at the Federal Statutory Rate | 21.00% | 35.00% | 35.00% |
Remeasurement of Deferred Tax Assets Pursuant to Tax Legislation | 246.00% | ||
Permanent Differences for Compensation | (18.60%) | 56.50% | 33.40% |
Accrual to Blackstone Related to Employee Matters Agreement | 0.60% | 10.40% | 9.90% |
Partnership (Income) Loss Not Subject to U.S. Corporate Income Taxes | (9.30%) | (18.10%) | (21.20%) |
Foreign Income Taxes | 5.40% | 3.10% | 0.90% |
State and Local Income Taxes, Net of Federal Benefit | 1.30% | 27.80% | 14.00% |
Return to Provision | 24.00% | (6.40%) | |
Change in Amount Due Pursuant to Tax Receivable Agreement Related to Tax Legislation | (5.40%) | ||
Rate Change Impact | (4.60%) | ||
Other | 1.70% | 2.40% | (0.80%) |
Effective Income Tax Rate | (2.50%) | 381.70% | 64.80% |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets | ||
Tax Basis Step-Up from Blackstone | $ 25,938 | $ 28,646 |
Deferred Compensation | 12,120 | 15,569 |
Net Operating Loss | 10,514 | 3,715 |
Deferred Rent | 2,186 | 2,177 |
Partner Exchange Basis Step-Up | 10,071 | 3,261 |
Other | 3,504 | 199 |
Deferred Tax Assets Before Valuation Allowance | 64,333 | 53,567 |
Valuation Allowance | (663) | (3,715) |
Total Deferred Tax Assets | 63,670 | 49,852 |
Deferred Tax Liabilities | ||
Intangible Assets | 1,264 | 1,388 |
Fixed Assets | 1,128 | 1,348 |
Other | 2,427 | 3,114 |
Total Deferred Tax Liabilities | 4,819 | 5,850 |
Deferred Tax Asset, Net | $ 58,851 | $ 44,002 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Corporate income tax rate | 21.00% | 35.00% | 35.00% |
Increase in income tax expense | $ 24,700,000 | ||
Adjustment to amount due pursuant to tax receivable agreement | 1,600,000 | ||
Valuation allowance | $ 663,000 | 3,715,000 | |
Unrecognized tax benefits | 0 | 0 | |
Interest expense related to unrecognized tax positions | 0 | 0 | $ 0 |
Penalties accrued related to unrecognized tax positions | 0 | 0 | 0 |
Interest accrued in settlement of an audit of a subsidiary tax return for the year 2007 | 0 | $ 0 | $ 0 |
Foreign Country | |||
Income Taxes [Line Items] | |||
Operating loss | $ 2,700,000 |
Net Income (Loss) Per Share o_3
Net Income (Loss) Per Share of Class A Common Stock - Schedule of Net Income (Loss) Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net Income (Loss) Attributable to PJT Partners Inc. | $ 7,439 | $ 7,550 | $ 6,945 | $ 5,236 | $ (37,445) | $ 3,343 | $ 215 | $ 1,333 | $ 27,170 | $ (32,554) | $ (3,034) |
Dividends on Participating Securities | 128 | 88 | 140 | ||||||||
Net Income Attributable to Participating Securities | 143 | ||||||||||
Class A Common Stock | |||||||||||
Numerator: | |||||||||||
Net Income (Loss) Attributable to Shares of Class A Common Stock — Basic | 26,899 | (32,642) | (3,174) | ||||||||
Incremental Net Income from Dilutive Securities | 1,325 | ||||||||||
Net Income (Loss) Attributable to Shares of Class A Common Stock — Diluted | $ 28,224 | $ (32,642) | $ (3,174) | ||||||||
Denominator: | |||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding — Basic | 21,879,574 | 18,858,010 | 18,292,717 | ||||||||
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted | 24,254,061 | 18,858,010 | 18,292,717 | ||||||||
Net Income (Loss) Per Share of Class A Common Stock | |||||||||||
Basic | $ 0.32 | $ 0.34 | $ 0.30 | $ 0.27 | $ (1.98) | $ 0.17 | $ 0.01 | $ 0.07 | $ 1.23 | $ (1.73) | $ (0.17) |
Diluted | $ 0.22 | $ 0.33 | $ 0.30 | $ 0.24 | $ (1.98) | $ 0.16 | $ 0.01 | $ 0.07 | $ 1.16 | $ (1.73) | $ (0.17) |
Class A Common Stock | Weighted-Average Unvested RSUs | |||||||||||
Denominator: | |||||||||||
Weighted-Average Number of Incremental Shares from Unvested RSUs | 2,374,487 |
Net Income (Loss) Per Share o_4
Net Income (Loss) Per Share of Class A Common Stock - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Class A common shares outstanding if all Partnership Units exchanged | 37,553,550 |
Net Income (Loss) Per Share o_5
Net Income (Loss) Per Share of Class A Common Stock - Summary of Anti-Dilutive Securities (Details) - Class A Common Stock - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted-Average Unvested RSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of net income per share | 3,767,622 | 2,087,696 | |
Weighted-Average Participating RSUs | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of net income per share | 139,519 | 450,718 | 733,287 |
Weighted-Average Partnership Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the calculation of net income per share | 15,673,976 | 14,972,302 | 16,068,957 |
Equity-Based and Other Deferr_3
Equity-Based and Other Deferred Compensation - Additional Information (Details) $ / shares in Units, $ in Millions | Oct. 01, 2018$ / shares | Oct. 02, 2015 | Dec. 31, 2018USD ($)$ / sharesshares | Oct. 01, 2015shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share price one achieved | $ / shares | $ 48 | |||
Share price two achieved | $ / shares | $ 55 | |||
Class A Common Stock | PJT Partners Holdings LP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exchange of Partnership unit to shares, number of shares per each unit | 1 | |||
2015 Omnibus Incentive Plan | Class A Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 7,000,000 | |||
PJT Equity Awards at Spin-off | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of equity awards in Former Parent that were converted into PJT equity awards | 50.00% | |||
Vesting period for other than awards | 180 days | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ | $ 88.4 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 1 year | |||
Granted | 2,303,043 | |||
Vested | 4,470,251 | |||
Forfeited | 49,340 | |||
Restricted Stock Units | PJT Partners Holdings LP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vested | 133,331 | |||
Forfeited | 12,374 | |||
Restricted Stock Units | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Assumed forfeiture rate | 1.00% | |||
Restricted Stock Units | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Assumed forfeiture rate | 9.00% | |||
RSU Awards Containing Service and Market Conditions | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted | 253,152 | |||
RSU Awards Containing Service and Market Conditions | CamberView | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ | $ 5.1 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 3 years 9 months 18 days | |||
Awards with service condition requirement | 4 years | |||
Awards vesting percentage with service condition | 100.00% | |||
Awards target achieved weighted average exercise price | $ / shares | $ 79 | |||
Weighted-average share price targets on consecutive trading period | 30 days | |||
RSU Awards Containing Service and Market Conditions | Minimum | CamberView | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 4.00% | |||
RSU Awards Containing Service and Market Conditions | Maximum | CamberView | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Assumed forfeiture rate | 9.00% | |||
Restricted Share Awards | Class A Common Stock | CamberView | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Estimated unrecognized compensation expense related to unvested awards | $ | $ 0.3 | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 2 years 9 months 18 days | |||
Granted | 5,100 | |||
Vested | 0 | |||
Forfeited | 0 | |||
Partnership Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Estimated unrecognized compensation expense related to unvested awards | $ | $ 40.1 | |||
Assumed forfeiture rate | 4.00% | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 10 months 24 days | |||
Granted | 300,340 | |||
Vested | 1,674,815 | |||
Partnership Units | CamberView | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Partnership Units | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Partnership Units | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
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 | $ | $ 5.2 | |||
Assumed forfeiture rate | 4.00% | |||
Weighted-average period for recognition of compensation expense related to unvested awards | 9 months 18 days | |||
Awards with service condition requirement | 5 years | |||
Weighted-average share price targets on consecutive trading period | 30 days | |||
Consummation spin-off price one | $ / shares | $ 48 | |||
Consummation spin-off price two | $ / shares | 55 | |||
Consummation spin-off price three | $ / shares | 63 | |||
Consummation spin-off price four | $ / shares | 71 | |||
Consummation spin-off price five | $ / shares | $ 79 | |||
Partnership Unit Awards Containing Service and Market Conditions | Period Three | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards vesting percentage with service condition | 20.00% | |||
Partnership Unit Awards Containing Service and Market Conditions | Period Four | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards vesting percentage with service condition | 30.00% | |||
Partnership Unit Awards Containing Service and Market Conditions | Period Five | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards vesting percentage with service condition | 50.00% | |||
Partnership Unit Awards Containing Service and Market Conditions | PJT Partners Holdings LP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vested | 1,134,696 | |||
Forfeited | 10,128 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Equity-Based Compensation Expense | $ 117,991 | $ 115,928 | $ 89,010 |
Income Tax Benefit | $ 9,987 | $ 8,664 | $ 10,678 |
Equity-Based and Other Deferr_5
Equity-Based and Other Deferred Compensation - Summary of Unvested Restricted Stock Units (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Restricted Stock Units | |
Number of Units | |
Beginning Balance | shares | 6,455,734 |
Granted | shares | 2,303,043 |
Vested | shares | (4,470,251) |
Forfeited | shares | (49,340) |
Dividends Reinvested on RSUs | shares | 15,019 |
Ending Balance | shares | 4,254,205 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 25 |
Granted | $ / shares | 48.21 |
Vested | $ / shares | 21.65 |
Forfeited | $ / shares | 39.13 |
Dividends Reinvested on RSUs | $ / shares | 41.93 |
Ending Balance | $ / shares | $ 40.99 |
Restricted Stock Units | PJT Partners Holdings LP | |
Number of Units | |
Beginning Balance | shares | 244,000 |
Vested | shares | (133,331) |
Forfeited | shares | (12,374) |
Ending Balance | shares | 98,295 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 31.76 |
Vested | $ / shares | 26.86 |
Forfeited | $ / shares | 41.58 |
Ending Balance | $ / shares | $ 37.17 |
RSU Awards Containing Service and Market Conditions | |
Number of Units | |
Granted | shares | 253,152 |
Ending Balance | shares | 253,152 |
Weighted-Average Grant Date Fair Value | |
Granted | $ / shares | $ 26.19 |
Ending Balance | $ / shares | $ 26.19 |
Equity-Based and Other Deferr_6
Equity-Based and Other Deferred Compensation - Assumptions Used to Determine Fair Value of RSU Awards (Details) - RSU Awards Containing Service and Market Conditions | Oct. 01, 2017$ / shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-Free Interest Rate | 2.90% |
Dividend Yield | 0.40% |
Weighted-Average Volatility Factor | 31.80% |
Weighted-Average Expected Life (in years) | 4 years |
Weighted-Average Fair Value (in dollars) | $ 26.19 |
Equity-Based and Other Deferr_7
Equity-Based and Other Deferred Compensation - Summary of Status of Company's Unvested Partnership Units (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Partnership Units | |
Number of Units | |
Beginning Balance | shares | 4,698,423 |
Granted | shares | 300,340 |
Vested | shares | (1,674,815) |
Ending Balance | shares | 3,323,948 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 21.54 |
Granted | $ / shares | 49.35 |
Vested | $ / shares | 21.20 |
Ending Balance | $ / shares | $ 24.23 |
Partnership Unit Awards Containing Service and Market Conditions | PJT Partners Holdings LP | |
Number of Units | |
Beginning Balance | shares | 6,262,957 |
Vested | shares | (1,134,696) |
Forfeited | shares | (10,128) |
Ending Balance | shares | 5,118,133 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 5.72 |
Vested | $ / shares | 5.72 |
Forfeited | $ / shares | 5.72 |
Ending Balance | $ / shares | $ 5.72 |
Equity-Based and Other Deferr_8
Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 12,794,035 |
Weighted-average service period of unit expected to vest (in years) | 1 year |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 4,422,037 |
Weighted-average service period of unit expected to vest (in years) | 1 year 2 months 12 days |
Restricted Share Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 4,042 |
Weighted-average service period of unit expected to vest (in years) | 2 years 9 months 18 days |
PJT Partners Holdings LP | Partnership Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units expected to vest | 8,367,956 |
Weighted-average service period of unit expected to vest (in years) | 9 months 18 days |
Equity-Based and Other Deferr_9
Equity-Based and Other Deferred Compensation - Deferred Cash Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Compensation expense | $ 8.8 | $ 8.6 | $ 2.7 |
Unrecognized compensation expense related to deferred cash awards | $ 62.7 | ||
Weighted-average period over compensation cost is expected to be recognized | 3 years 1 month 6 days | ||
Minimum | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Vesting period | 1 year | ||
Maximum | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Vesting period | 4 years |
Stockholder's Equity (Deficit)
Stockholder's Equity (Deficit) - Additional Information (Details) $ / shares in Units, shares in Millions | Oct. 01, 2018shares | Oct. 01, 2017USD ($) | Dec. 31, 2018USD ($)Vote$ / sharesshares | Dec. 31, 2017USD ($) | Oct. 26, 2017USD ($) |
Class Of Stock [Line Items] | |||||
Effect of increasing non-controlling interests due to reclassification | $ 574,300,000 | $ 574,272,000 | |||
Effect of reducing redeemable non-controlling interests due to reclassification | $ (574,300,000) | (574,272,000) | |||
Treasury stock repurchased | shares | 1.3 | ||||
Treasury stock, average price per share | $ / shares | $ 50.14 | ||||
Aggregate amount of shares repurchased | $ 64,870,000 | 2,302,000 | |||
Treasury stock purchases | $ 64,870,000 | $ 2,302,000 | |||
PJT Partners Holdings LP | |||||
Class Of Stock [Line Items] | |||||
Voting power | 100.00% | ||||
Non-controlling interest percentage | 41.50% | 44.00% | |||
PJT Partners Holdings LP | Maximum | |||||
Class Of Stock [Line Items] | |||||
Economic interest | 100.00% | ||||
CamberView | |||||
Class Of Stock [Line Items] | |||||
Business acquisition, effective date | Oct. 1, 2018 | ||||
CamberView | Partnership Units | |||||
Class Of Stock [Line Items] | |||||
Business acquisition, shares issued of common stock | shares | 0.1 | ||||
Class A Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common stock, voting rights, votes per share | Vote | 1 | ||||
Class A Common Stock | Maximum | |||||
Class Of Stock [Line Items] | |||||
Share repurchase program, authorized amount | $ 100,000,000 | ||||
Class A Common Stock | CamberView | |||||
Class Of Stock [Line Items] | |||||
Business acquisition, shares issued of common stock | shares | 1.4 | ||||
Class B Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common stock, voting rights, votes per share | Vote | 1 |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 14, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |||||
Cash settled exchange of partnership units | $ 68,928 | $ 45,511 | $ 16,054 | ||
Amount due to tax receivable agreement | $ 8,456 | 8,456 | $ 2,857 | ||
Tax receivable agreement, 2019 | 600 | 600 | |||
Tax receivable agreement, 2020 | 600 | 600 | |||
Tax receivable agreement, 2021 | 600 | 600 | |||
Tax receivable agreement, 2022 | 600 | 600 | |||
Tax receivable agreement, 2023 | 600 | 600 | |||
Tax receivable agreement, Thereafter | $ 5,600 | $ 5,600 | |||
PJT Partners Holdings LP | |||||
Related Party Transaction [Line Items] | |||||
Exchange of partnership units settled | shares | 216,330 | 1,400,000 | 1,200,000 | ||
Percentage payment to exchanging holders of partnership units of benefits | 85.00% | ||||
PJT Partners Holdings LP | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Cash settled exchange of partnership units | $ 9,400 | ||||
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares | $ 43.63 | ||||
Class A Common Stock | PJT Partners Holdings LP | |||||
Related Party Transaction [Line Items] | |||||
Exchange of Partnership unit to shares, number of shares per each unit | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Oct. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies [Line Items] | ||||
Description of expiration date for operating leases | various dates through 2030 | |||
Rent expense | $ 24,900,000 | $ 24,600,000 | $ 24,300,000 | |
Capital lease obligations payable maturity year | 2,022 | |||
Weighted-average interest rate of capital lease obligations payable | 3.00% | |||
Net book value of capital lease obligations | $ 200,000 | 300,000 | ||
Loss contingency expense | 8,900,000 | |||
Payment related to loss contingency | 8,900,000 | |||
Insurance reimbursement received | 5,600,000 | |||
Due to and from ultimate settlement of non cash contributions | $ 8,566,000 | |||
Blackstone | ||||
Commitments And Contingencies [Line Items] | ||||
Loans held by employees for investments guaranteed | 8,900,000 | 9,700,000 | ||
Forfeiture accrual | 900,000 | 400,000 | ||
Tax benefit accrual | 4,300,000 | 3,100,000 | ||
Irrevocable Standby Letters of Credit | ||||
Commitments And Contingencies [Line Items] | ||||
Letter of credit | 4,700,000 | 5,000,000 | ||
Term Loan | ||||
Commitments And Contingencies [Line Items] | ||||
Term loan commitment | $ 30,000,000 | |||
Loan Agreement | ||||
Commitments And Contingencies [Line Items] | ||||
Loan agreement financial covenants maximum additional indebtedness | $ 20,000,000 | |||
Loan agreement, interest rate description | Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%. During an event of default, overdue principal under both the revolving credit facility and Term Loan bear interest at a rate 2.0% in excess of the otherwise applicable rate of interest. | |||
Loan Agreement | Term Loan | ||||
Commitments And Contingencies [Line Items] | ||||
Term loan commitment | $ 30,000,000 | |||
Term loan, maturity date | Jan. 2, 2021 | |||
Term loan, principal payments | $ 4,250,000 | |||
Term loan, commencement date | Jul. 1, 2019 | |||
Term loan, frequency of periodic payment | quarterly | |||
Notes payable, spread on variable prime rate | 0.75% | |||
Term loan bear interest equal to greater of per annum rate | 3.25% | |||
Term loan additional interest rate in event of default | 2.00% | |||
Loan agreement, interest rate description | Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%. | |||
Loan Agreement | Term Loan | Maturing on January 2, 2021 | ||||
Commitments And Contingencies [Line Items] | ||||
Term loan, principal payment of final settlement | $ 4,500,000 | |||
Revolving Credit Facility | ||||
Commitments And Contingencies [Line Items] | ||||
Revolving credit facility, amount outstanding | $ 0 | $ 0 | ||
Revolving Credit Facility | Loan Agreement | ||||
Commitments And Contingencies [Line Items] | ||||
Revolving credit facility, borrowing capacity before increase | 40,000,000 | |||
Increase revolving credit facility | $ 60,000,000 | |||
Revolving credit facility, maturity date | Oct. 1, 2020 | |||
Line of credit facility bear interest equal to greater of per annum rate | 3.00% | |||
Notes payable, spread on variable prime rate | 1.00% | |||
Line of credit facility revised interest rate in event of default | 2.00% | |||
Percentage of commitment fee | 0.125% | |||
Line of credit facility, interest rate description | Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%. | |||
Line of credit facility, frequency of commitment fee payment | quarterly |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Principal Payments on Term Loan (Details) - Term Loan $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Line Items] | |
2,019 | $ 8,500 |
2,020 | 17,000 |
2,021 | 4,500 |
Term loan commitment total | $ 30,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Minimum Capital Lease Payments | |
2,019 | $ 130 |
2,020 | 104 |
2,021 | 9 |
2,022 | 2 |
Total Minimum Lease Payments - Capital Leases | 245 |
Less: Amount Representing Interest | 11 |
Capital Lease Obligation | 234 |
Minimum Operating Lease Payments | |
2,019 | 26,877 |
2,020 | 23,445 |
2,021 | 22,305 |
2,022 | 22,190 |
2,023 | 22,227 |
Thereafter | 67,871 |
Total Minimum Lease Payments - Operating Leases | 184,915 |
Less: Sublease Proceeds | 14,182 |
Net Minimum Lease Payments - Operating Leases | $ 170,733 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Defined contribution plan, expenses incurred | $ 1.2 | $ 0.7 | $ 0.6 |
Regulated Entities - Additional
Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018HKD ($) | Dec. 31, 2017USD ($) |
United Kingdom | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | € | € 50 | |||
Hong Kong | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | $ 3 | |||
Park Hill Group LLC | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | $ 250 | |||
Percentage of aggregate indebtedness capital requirement | 2 | 2 | 2 | |
Net capital | $ 15,000 | $ 15,900 | ||
Net capital in excess of required net capital | 14,700 | 15,700 | ||
PJT Partners LP | ||||
Regulatory Authorities [Line Items] | ||||
Minimum net capital requirement | $ 100 | |||
Percentage of aggregate indebtedness capital requirement | 6.67 | 6.67 | 6.67 | |
Net capital | $ 10,600 | 96,600 | ||
Net capital in excess of required net capital | $ 8,100 | $ 96,400 | ||
Maximum | PJT Partners LP | ||||
Regulatory Authorities [Line Items] | ||||
Percentage of aggregate indebtedness capital requirement | 15 | 15 | 15 |
Business Information - Addition
Business Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||||||||||
Revenues | $ 175,393 | $ 140,143 | $ 130,670 | $ 134,042 | $ 190,553 | $ 78,450 | $ 109,310 | $ 120,969 | $ 580,248 | $ 499,282 | $ 499,430 |
Assets | |||||||||||
Assets | 671,817 | 558,965 | 671,817 | 558,965 | |||||||
Domestic | |||||||||||
Revenues | |||||||||||
Revenues | 468,754 | 431,617 | 465,046 | ||||||||
Assets | |||||||||||
Assets | 628,437 | 494,718 | 628,437 | 494,718 | |||||||
International | |||||||||||
Revenues | |||||||||||
Revenues | 111,494 | 67,665 | $ 34,384 | ||||||||
Assets | |||||||||||
Assets | $ 43,380 | $ 64,247 | $ 43,380 | $ 64,247 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||||||||
Dividend declared, description | The Board of Directors of PJT Partners Inc. has declared a quarterly dividend | ||||||||
Dividends Declared Per Share of Class A Common Stock | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |
Dividends payable, date to be paid | Mar. 26, 2019 | ||||||||
Dividends payable, date of record | Mar. 6, 2019 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Revenues | $ 175,393 | $ 140,143 | $ 130,670 | $ 134,042 | $ 190,553 | $ 78,450 | $ 109,310 | $ 120,969 | $ 580,248 | $ 499,282 | $ 499,430 |
Expenses | 158,719 | 128,061 | 120,532 | 131,423 | 164,890 | 94,064 | 111,393 | 118,881 | 538,735 | 489,228 | 484,930 |
Income Before Provision (Benefit) for Taxes | 16,674 | 12,082 | 10,138 | 2,619 | 25,663 | (15,614) | (2,083) | 2,088 | 41,513 | 10,054 | 14,500 |
Net Income (Loss) | 12,530 | 12,279 | 11,020 | 6,729 | (28,364) | (2,356) | (565) | 2,959 | 42,558 | (28,326) | 5,108 |
Net Income (Loss) Attributable to Non-Controlling Interests | 5,091 | 4,729 | 4,075 | 1,493 | 9,081 | (5,699) | (780) | 1,626 | 15,388 | 4,228 | 8,142 |
Net Income (Loss) Attributable to PJT Partners Inc. | $ 7,439 | $ 7,550 | $ 6,945 | $ 5,236 | $ (37,445) | $ 3,343 | $ 215 | $ 1,333 | $ 27,170 | $ (32,554) | $ (3,034) |
Class A Common Stock | |||||||||||
Net Income (Loss) Per Share of Class A Common Stock | |||||||||||
Basic | $ 0.32 | $ 0.34 | $ 0.30 | $ 0.27 | $ (1.98) | $ 0.17 | $ 0.01 | $ 0.07 | $ 1.23 | $ (1.73) | $ (0.17) |
Diluted | 0.22 | 0.33 | 0.30 | 0.24 | (1.98) | 0.16 | 0.01 | 0.07 | $ 1.16 | $ (1.73) | $ (0.17) |
Dividends Declared Per Share of Class A Common Stock | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance, Beginning of Period | $ 1,934 | $ 4,374 | $ 862 |
Bad Debt Expense | 1,007 | 624 | 3,512 |
Charge-offs of Uncollectible Balances | (2,215) | (3,064) | |
Balance, End of Period | $ 726 | $ 1,934 | $ 4,374 |