PJT - Earnings call transcript Q4 2018

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Operator

Good day, everyone, and welcome to the PJT Partners Full Year and Fourth Quarter Earnings Call. My name is Sue. I'm your event manager.

During the presentation your lines will remain on listen-only. [Operator Instructions]. all conference advise being to like parties, is the recorded. I’d over I'd Sharon like now to to Relations. And Investor hand host of Pearson, Head ahead. go Please

Sharon Pearson

PJT fourth Thanks full call. much, Sue. morning welcome very Good year XXXX quarter to and earnings conference and Partners

Paul today Chairman our Meates, is Officer, and Officer. Chief Financial Joining Executive Helen Taubman, me Chief our

section These Before point call, the statements. during this actual conference statements out we from XX-K, pjtpartners.com. the We XXXX and of PJT these contains in materially which factors we the make forward-looking course and over presentation update contained number company's those you important believe to differ duty factors Paul, to the are in financial to these statements. and call to we turn that which that subject measures, make that I website believe I forward-looking at available could to any a may various meaningful described cause Form want are uncertainties evaluating to on I our in indicated want assumes are no of are that outcomes forward-looking remind statements Factors risks Partners' there company in non-GAAP the is Risk performance. that today the

I'll morning, these this on the also financial should call refer available data their our non-GAAP to turn disclosures detailed issued GAAP on For And the release over press contained and metrics reconciliations, that, with we you to within Paul. website. the

Paul Taubman

and of but articulated are with the you and our Secondary given results we performance Firmwide the benefits Advisory we revenues at Park the Estate million. year-over-year making grew our leading Restructuring in XXXX, by today, in reported year sustained to we Advisory results, benign grew well and XX% goals led businesses. you, strong began for the on a $XXX XX% of beginning progress Strategic across the Thank as of significant to environment. Earlier record Sharon. consistent are our than morning financial all all relative revenues modest year Real business the more of for us. credit our performed thank experienced achieved decline basis, reflect investments. backdrop joining Good we which full the realize and Hill a revenues,

Now to in our each of turning businesses more detail.

accelerating, Park performance was Park any growth was Park real increase this record in individual to a in XXXX Turning Hill having XXXX. continued estate note, is a Hill. business a substantial Hill increase Of our by achieved advisory. in in without Hill delivered and substantial underpinned strength year. Park record trajectory secondary results growth revenues backlog. by for This in The driven mandated

in made The have now Turning financial through and to business work Strategic hard our in to consistent Advisory. show we our Strategic has begun results. Advisory investment

Our Advisory principally Much involvement substantial clients revenue this activity our was of Strategic driven and/or complex larger transactions. European transactions. in by cross-border in growth and more involved

around advising transactions. Our the are expands. brand and globe industry of evidenced the role breadth by presence our our as in and geographic and leadership number blue-chip the companies depth to This of their growing continues grow is we

always, significantly to of addition levels. through As we talent at best-in-class remain expanding our committed footprint all the

partner XX% over in Strategic Advisory partner our year-ago and of almost by number XX% and is Advisory We XXXX increased levels is two of level years growth, ago. like doubled Strategic count by years. doubled Our the the this from nearly past increased professionals two the nearly

past received this In the in fact take we XXXX addition, for year, upcoming nearly applications internships. pride we summer that great

durable and sustainable focus to levels Our attracting key all on top is talent a at franchise. building

Restructuring. Turning to

relative restructuring was on market, solidify through worked five an performance is down Consistent in with increase our joint XXXX. powerful four reflecting XXXX, less-active market of commentary, significant position our with have restructuring its than in maintained restructuring by the largest restructuring leading competitive position business environment. Strategic of the a business strong to in evidenced our involvement. Strategic assignments. elimination number Ahead previous in downturn of closer This increasingly Advisory business restructuring any advising collaboration in a In transactions we conflicts. restructuring more collaboration our the and of modestly restructuring Strategic the transactions has of half Advisory Our Advisory year-over-year more

energy, in health have ourselves year how past pleased growth this beyond. progress including to restructuring financial the all, broad-based over our care. set a Helen in and to Our I all turn the our of remains business robust up and and with All call for number we businesses of activity across we XXXX TMT, results. are we then sectors review retail across now will achieved

Helen Meates

you, by up higher driven Thank revenues the XX% year-over-year. or with million XX% Beginning million, year-over-year million, Strategic were decrease real morning. total The breakdown revenues. were increase Strategic in Advisory an modest good the million, restructuring Placement revenues: significantly increase placement fund of estate were year Paul, partially fees. revenues Advisory revenues our offset with $XX up revenues a $XXX substantial by up for $XXX Advisory the And The was business. $XXX year-over-year X% in fees. from by growth in driven

in Advisory this quarter, X% down second last year quarter: fourth revenues a of $XXX down or million, the our company's $XX XX% revenues A The quarter revenues million fourth year. quarter were year-over-year. from the total breakdown million in the of best was history. For record $XXX were

the quarter million revenues from the XXXX. the by in year increased compared full period up also compared down fourth $XX with million year-over-year last in secondary driven from our And real with results in comparisons. private in restructuring significantly same revenues while fourth for XX% Placement advisory revenues quarter our strong to XXXX. were increased As indicated quarter quarter and year revenues restructuring we were were fourth estate equity. revenues fourth year-ago exceptionally fourth to quarter $XX an earnings call, almost relative difficult down due declined last Year-over-year, levels

prior adjustments. the certain presented expenses. with non-GAAP we expenses to Consistent quarters, Turning with

$XX.X Additionally are adjusted in adjustments more intangible there related and were compensation adjustments X-K described non-compensation compensation total historically expense. acquisition first is On to compensation for are And which amortization and change million acquisition. expense was for expense X% non-compensation $XXX.X expense XXXX. year million Full expense XXXX recorded and period an as assets. expense, primarily in impact fully to approximately These increased CamberView some year balance transaction-related the which of both expense $XXX headcount. the year-over-year million by turning revenues of included and The and year million for $X.X the billable XX.X% excluding accounting as of a $XX.X sheet. in and last to relating included million to a basis was up for the apples-to-apples of same expense as adjusted clients increase the year-over-year well compared was with $XXX was expense, on revenues, percentage million this was adjusted higher driven CamberView our non-compensation

For excluding expense reimbursable million operations. and non-compensation was of the million a fourth quarter quarter expense full CamberView our $XX.X of included $X.X adjusted

beginning are see non-compensation We leverage expense. to now operating in baseline our

basis XXXX. continue revenue leverage non-compensation in of increase. our Excluding leverage managing recognition the impact XXXX deliver representing as our with to the We expect of operating expense XXXX of XX.X% of compared in revenues standard operating points in we expense and generated to revenues focused XX.X% to non-compensation remain the new on XXX benefits

provision reported for income. in taxes. full the adjusted $XX.X quarter We pretax for to $XX.X XXXX year million adjusted year of The the with pretax XX.X% pretax fourth for fourth the and quarter. Turning income the an full margin million of in adjusted XX.X% and

shares, was full greater-than-anticipated prior account Earnings to so a of results at With estimate our As during tax a if quarters units higher of to slightly XX.X%. amortized quarter shares concentration effective tax and the the vested presented adjustments our states. was our relating income assumes rate those of converted year that business all of The higher into higher rate. partnership The we tax share. their at third was benefit than corporate year cost. delivery all taxed per been value the tax year the takes our end the also to due a as at rate full had rate of than tax

and $X.XX full quarter. per earnings Our year fourth the adjusted in share if-converted was $X.XX for the

count. share to Turning

was were share For quarter closed connection million the the beginning at inclusion weighted of in that average transaction fourth the shares issued full of reflects quarter. shares the XX.X and count quarter with which our the CamberView

partnership the the of units average During a of repurchased an cash. for equivalent repurchases shares quarter fourth we of X.X at through approximately price exchanges open and market $XX.XX million combination of

year XXXX we million X.X the For shares. the have approximately equivalent of full repurchased

The impact reduce on focus we will investing A cash with week. will but that units from quarter, exchange fourth notices priorities, And our use to we've for next shareholders the X. the the has sheet. We elected units. on received to diluted a million working in which per also flow quarters, during excess as partnership Board we on in Consistent XXX,XXX approximately of couple the and capital Paul. $XX share. and record A debt. approved of investments, with and $X.XX March And dividend cash in will of dividend to in the approximately million I'll net ended turn balance March common now Class settle to to continue these capital exchange XX notes finally, prior $XXX cash, on in to year back $XXX be million business, investment. any Additionally, short-term funded paid

Paul Taubman

Thank you, Helen.

outlook. XXXX our Turning to

our viewed advisory the and record these real Park strategy have a its expressed building always Hill from secondary repeatedly help growth results. Park and executing progress steadfastly of are large In confidence a our in in our verticals. through premier lens firm. sustaining in our achieve In We estate to multi-year and investments businesses we Hill, prospects, have year part on and resulting committed global XXXX, advisory

As is mostly Restructuring to were activity collaboration rates with offset Advisory. two again lower-market we for XXXX, through Strategic by impact Hill increased Park led to significant in growth in positioned businesses. these we of win able XXXX, the turn In

continued a broadly are credit prospects with our benign Assuming consistent XXXX. for environment, XXXX

potential activity while uptick In in constructive build-out XXXX, business. of the the year growth the persists, as sufficiently in in our we importance talked Advisory significant Advisory, delivered progresses. become realize days is of restructuring Strategic the We've if having in a recent the business. However, our revenue may more of always about base still we to it order our fully early tenured-partner Strategic

despite XXXX, partners two XXXX, set advisory in is than appreciably. our significantly only modestly. that our the Measured In XXXX of season-partner grew broad number years on more grew fact the to platform a increase revenue And position for of count against measure years Our are our range significantly XXXX we progress highly not in we a than ago. confident to leading always, in strategic better prospects. a our year indicators entered quarters. XXXX will advisory, in as Overall and we continue and

growth XXXX now our experience the by questions. should will that, trajectory fluctuations in we our performance, we While quarter-to-quarter take with will And be inevitable your evident reported mid-year.

Operator

Hello, everybody.

will session question-and-answer Your of Instructions] Please Your the ahead. go question Ryan, now first comes begin. JMP from [Operator Securities. Devin line

Devin Ryan

Great. Good everyone. you guys? How morning, are

Helen Meates

morning. Good

Paul Taubman

Devin. morning, Good

Devin Ryan

First on there. bit more momentum the just of in Paul finished be kind work question outlook that today a great Advisory here get to little you the where on and of just would and it just appreciate kind business highlighted of off expectations you the Strategic context some the

you XXXX. They've have nine mentioned then think on one year in up been from that's I years platform So for the ago partners. now XX and XX, two you just

that's pretty step-function growth. so kind And of significant

And on for trying expecting? kind think because that? business? senior orders smooth kind and know to kind about at last the Just should a what over that what of the follow in effectively to or I you're years today would such trying probably it's long potential we're significant just ever but guys is after be trying point. had are this seeing in just magnitude a of you so seeing platform couple Advisory growth have not of here – number been that of line ramp mandates of of Or the a to perfect directionally the have it productive outside producers you in think the the about And from

Paul Taubman

let Devin this different at two in Well, ways. come me

the with we is, to One said done need talented three Advisory You things. that, We've think always to bankers. accomplish about, the best-in-class we've business? Strategic what we most attract need

of penetrate number us. bankers is to sufficient third, the globe of for time, of generate bankers. need that be we we those Second tangible period for have to the scale And able around results they're a platform so the need sufficient real corporations and in terms to on those

on I working think was able of able differentiated clear bankers intent world-class one, were do the the first talent. And truly thing roster all together to clients. for a destination outset we to become assemble from best-in-class to we've a from day been serve

years about the where think to now were this which we get two business. Advisory double really of to sort beginning on operate is scale I to and XX minimum we're we have ago partners platform,

just is recalling a opportunities sought on of The those then third mandates enough after into clients, and is to have financial into for of relationships, time ideas, matter results. being translating their to advice, new transferring thing which for partners bringing all announcements, them

The first two are in firmly place.

matter it's progress I increase XXXX, simply want results, in the about look business. between a and in I of outstrip tenure correlation into just tenured think time. increase best in the think saw as at a And to is we the our third XXX% way revenues The this but don't we meaningfully the partners. to turn the And the

So, of one that's sort answer.

all based the of that ago, of year revenues years indicators constantly of advisory this and where indicators. today benefits all to how business we ago. mandates, clients the have we we results two it really at is I'm part fact strategic and this how months. of And with, we're then are we we've are And our number of that ago we have based for start look we And mandates reflect into other firm of now their transactions breath significant mandates translates won at relationships on to our as confident leading The at XXXX a quite the those progress. benefits which been I the of when look in about but when forward. or look of momentum lagging CamberView at, two year is, or we the many reporting And And we years which the ever period. number have and the has their about when pipeline, build-out from of financial family of gestation look quarter see four a reported because we on entered we ago moving always that am reporting results. the that, managing active we talked add as the

Devin Ryan

Great. Thanks business. Park Hill just a And for on all that Paul. here follow-up the color

records sub-businesses. You end individual then year without of mentioned any had the in and record individual of you nice really kind year the

And seasonality you the so in some mandates. mentioned new also but an there's I suspect acceleration in year-end,

driving the sense give the business maturing? of So, business Or maybe that just love more is to it around more just in little get advisory with is acceleration, perspective a today? teams how a it little what's maybe the within and environment? that just restructuring Park us more M&A interacting and And individuals Hill are

Paul Taubman

Well, always comes appreciate question. that Hill very also the those And advisory financial line parts most been expected emanates tangible results. that's said the of we've pleased results business. where is in Park that's two together. businesses we've our has always these business well that's businesses where much that early with knitting secondary together. pronounced knitting see said we've of quite And strategic the more most of closely businesses to where the with up focus investment of coverage estate And We've business. it to large of real most these been when which that And from in our and sponsors really intersection the

that the going capitalize confident future years. will momentum into side. highly out a And that mandates to ability estate that this advisory and quite have secondary to have As mandates significant those there be in we secured we results on have able produce the the and at XXXX in we'll in view pronounced look XXXX, both and uptick real that year we're momentum in we the we is on

I certainly been just I'm is and but we sense XXXX. Hill's of So, most Park XXXX, comfortable we're to that's for of the proof-of-concept in my initial And focus the really as power that into about beginning leaning quite has tap have where combination. performance think in

Devin Ryan

I'll the hop terrific. Okay, Thanks Paul. in back queue.

Paul Taubman

you, Thank Devin.

Operator

of line Richard ahead. Goldman Thank of from you. the comes next And Ramsden Please go Sachs. question your

Sal Saroni

should Good revenue quarter? about that think you advisory going Saroni existing we on any then this today. particularly, in relative CamberView's Can business? Richard growth to morning. forward, please to This the clarity provide for realized is And how growth Sal contribution filling

Helen Meates

say the breaking by we're growth from CamberView. year-over-year but our So, that performance, would was the contribution specifically, is not out impacted not CamberView what significantly I

If nine-month the which you post X-K look an were release results closing. to at the we first required

If we're to break you not very add CamberView, a business integrated full in million. that full have separately. year out would results XXXX been of from an $XXX year it's revenues much going But

Sal Saroni

you. then elaborate any And Was due comps? Or were Thank for bit to geographies restructuring there where quarter? forward broader called well, out difficult it were helpful. revenue please some then elaborate on industry of the please more could you going you think that on you particular a of some Okay. the on franchise? more franchise, you can the that the verticals the That's course just weakness had little predominantly you grow And the could just or if challenged? as of within

Paul Taubman

been restructuring consistent We to down. flat business the backdrop that throughout our roughly with think in about muted well Yes macro we've the ago, be year consistent year being I to restructuring activity. modestly expecting we've were it talked for given

than what year amongst revenue were we our Our more was fact for evenly the ago. line much four that quarters the this restructuring year year had expected. it in results right a is was the with The four in quarters dispersed

issues closings the Simple way the the of different little was just year. the next It's This had as no more it way year. -- flattish in our for and be where But So had very of it easy had to in the closings thought business comps. change timing some timing and did quarters quarters that. we quarter which happened it restructuring that comps some about should difficult the than more comps. difficult

Sal Saroni

Okay. Thank you.

Operator

Thank you.

of go Needham, of from line Michael comes question the America. Bank ahead. next Your Please

Michael Needham

Hey, good morning.

The question have the is I margin. operating first on

What Your decline? to of you revenue rapid with reach growth need the firm. to growth revenue for pretty is headcount the cap-up do roughly ratio compensation of level your

Paul Taubman

I to it's a next becomes attract how that talent the don't in lesser our that is an answer just to the we're investment platform. think function some there's base. clear of of percentage a years, couple over of But because that continue exact of talent pretty that making aggressively cost lesser we think and the to overall I

Point again a financial is, one. for a getting made I factors as having that's the investment the And operating percentage The One return be we've will And down. But we're just going I'm down. of form is, to to since start a as a it of cost come those of diminish. to the overly when good line in continue think will return the investment I on we're investment awful on business So been cost generate things the of of give the two there's point down, comes comes of two prescriptive that. lot going two going percentage and begins higher an not us revenues. helpful number have forward: lot the that the made. to leverage overall together base meaningfully sight investment in And think to

Michael Needham

year last looking then to includes -- the that is Advisory you at promotion then some I been a gave some these you time on Okay. at And hires? of move. the may Strategic level, Can the for make just headcount also you be probably hiring a dialogue year. -- external And of acquisition. people CamberView where for firms the partner had This how the in recently other wondering has growth think

Paul Taubman

at talent consistently, I Yes we're XXX looking we as said year. a days think

everyone all in we moving about year. early saw think the I

being moving traction are to of year of and nearly the to they increasing I draw our a banks, more One firm. end with bankers variety where out at firms versus as think deferred economic reasons: ours there severe a in compensation lot also a used pull as that's not be. of like to of paid world the are midyear the is consequences is really more at And big getting changed for

to deal able there we're a significant having banker more we're right creating move is than are to the it many the is client flow that without with the individual their So to make banker that calendar. for conversations where cadence to dialogue, dislocations time a And seeing base. the is be tied but interestingly is there waiting a

individuals. -- because come So, of to we're bunch great our our onto a but best not been We'll it's deal put in to when just in on press a in our individuals fanfare. most individuals, and those them let platform quite releases conversations. the practice think hire We number, advance without the not of it's respectful light continue to announce we

Michael Needham

it. Got

And the quarter? one up update in missed Okay. quarter for mandates was shadow last remarks, that last year-over-year. may language me. said Did of you prepared I have pipeline this your significantly you

Paul Taubman

in the but terms mandates didn't, Devin's pipeline. of I momentum from where that positive quarter question have ago I they're measured in or we fact and answering and make year did backlog ago our

had I So backdrop. macro we turbulent we the that fourth see think notwithstanding fact accelerating conditions quarter that against momentum, still a of

traction in from our gain a mandates and backlog and We we a from ago. ago year quarter have greater continued to security

Michael Needham

Thank Okay. you.

Paul Taubman

you. Thank

Operator

the final line is your question Research. Chris be Please go Your Chris, of Walsh, put mute. ahead. Buckingham on line from

Chris Walsh

about Hey, Paul. Hi, sorry that.

Paul Taubman

worries. Hello. No

Chris Walsh

give international Europe revenues APAC, et trending? U.S. the can partner be M&A might us impacting you a elections is bankers a roughly seems with how below but and the domestically, things. with of seen It little the just the the build-out opportunities of outside cetera sitting PJT's levels So per platform more is side of sense sort in like result Brexit, the of say bit that limited the the

bankers the Europe For M&A? versus hear just instance weighted growth love more thoughts really heavily right progress product specific Asia area to of in the those on towards any expecting are and guess secondly, you're your And we'd out Thanks. bankers. I restructuring and So are now?

Paul Taubman

ground of in of I consequence. sort just clarify a yeah, let things. me mean, just couple We bankers don't – Asia on first any Well the of have

break heavily out been Strategic don't within we So concentrated Europe. to Advisory. And footprint internationally our has

repeatedly European increase be that note elements strategic with but Europe of clients. between And in highlighted breakdown lot U.S., Europe I in been the cross-border to revenue we result Our because or and firm work that remarks did our has my have in flow that of three I've going of increased success our great before. the of advisory Europe, one is I the stories a was said

a We number bankers supremely and on extended platform have of sufficient traction. the talented time been seen we've of period real an who've for

roster component a If you there's at to our international look our and clients heavy of it. transactions actually

up of And bankers ability and pleased the around or also So up are progress lot domiciled the globe the expect is of been do U.S. differentiating desire covering to whether business differentiated that we're is significant. elements quite around our matter in with our and their in can there in that those in in for and serve way to and team in are industries of one a we're Europe. And Europe and to more connected the results our transactions. globe and that that or to that the who nature has in global them by industries announced a fact companies they're serve more show a in that Asia driven our we in the client

Chris Walsh

to Europe Got of expectations of heels your any it. night a seeing bit softer that softness be Europe? the you And are XX.XX One turmoil? little was going last some on of this in stated Brexit peers

Paul Taubman

when traction situation, haven't the and you in elements particularly expect also I gaining And Brexit a certainly Europe. growth and see idiosyncratic in those to opportunities. three revisions restructuring it create we're some may in be it softer quantity, environment. may place Europe, creates the we made we We've -- we view continuity. very the My GDP end hard up may if made challenges, of to that we own that for because Brexit seen business. the downward extent, quality in creates more a we investment our some Well that is don't

these You've knock-down-drag-out over in acquire the in a iconic seen U.K. to fought companies some Brexit midst being companies. battle also of

in So dissipating there to of around for and activity And environment said advantage parts borders sized, opportunity. almost as to world clients we're located in to best and serve think of is are us, differentiating still that any scale I teams our the I right right take increasingly, factor a advantage. the assemble different placed the the is seamlessly globe and ability the

and us over to continue time Asian expect traction in American I get markets. to European So the

Chris Walsh

and you thank congrats another solid year. for my taking Great, on questions

Paul Taubman

Thank you.

Helen Meates

you. Thank

Paul Taubman

very you Thank much.

Operator

the of Your Harte, comes Please from question line Sandler final Jeff O'Neill. go ahead.

Jeff Harte

you positive A kind from building heard differentiate question to of morning. are the you Good many couple last between at your all of us off One, versus for from operating -- kind be me. or we’ve Can some outlook for Advisory your the what positive able Europe peers, at differentiate in significant PJT to positive versus what pretty all -- between appears the environment businesses. of tailwinds momentum those two? in

Paul Taubman

and guess yes no. Well I

a story have we in time businesses and And to unlike market any story. idiosyncratic-growth share market-sized will So of a Advisory. we as are that opposed repeatedly, are Strategic of build-out our we said balance the a an be for of that long because we therefore peers days we've come is to a early

that as I to any have. we of businesses may ability in most us build-out the that the have, grow fact think the developed a tailwind we that environment. And gives lot not gives others of us So in are combination not our

this time, companies tool and we've in a time any has pursue in the increasing M&A reform, backdrop factors for the are which the world; have number the still, a about in secular endlessly, is environment to of of are friction cost fueling overall, globe specific it cost, never-changing businesses desire very continue broader same PJT. are and up; as talked the we not which we've strategic cycles toolkit. like. dislocation there level need slowdown talked for feel have around speeding tax activity, about seen to in reinvent the a change growth long-term standing technological And reduced the and macro to to M&A At we desire talk clear to of that's we and And the So initiatives.

time deeply to we're view to the macro not talked the going whether extremely shock will that, storm cyclical but way to we think So I having for M&A M&A over if gets the all it's at thrown But a business always reasons said that slow all business. about. well-positioned And and our be the we're inevitably that's of else slows, down. is that just anything there

situation So continuing on the we're on very we positive to constructive macro our be to us but not and goals. macro, feel achieve a our for about good relying we're

Jeff Harte

cash the I'm guys in of you low can history. coming cash are the talk period-end short-term little fourth quarter finally, perspective balance And our from Okay. sheet. your of position versus a investments relatively about I bit for kind and suppose,

got fairly maybe you've or are kind And cash buying debt, levels have you comfortable of and levels see going And didn't Now the should kind minimum of -- back of before here? cash million we more should how about stock. forward? you $XX with we you think

Paul Taubman

before payout that our we year-end making so finance quarter, cash mix an it the all-equity believe from Before our strongly so that you team and place is Helen acquisition, and when in believe financial in comes the came the extremely right currency. resources answers We of we the in when value fourth put it have say, believe combination It policy. the we I'll an which of in bonuses. CamberView And to a very financed of deeply very stock just undertook away the to we shied our strongly question, conservative in story because management and it we transaction. happens

of believe and now dip We a So comfortable time, forward. will very we're a going ability be very continuing levels basis. while the be may on a with quickly there whether strong for coffers financial when short their position replenish to in the period very very

Helen Meates

cash that Yes. I year. would The add is builds only the you know the as thing throughout

So we're with very position our comfortable now.

finish to we available quarter, into. that will As below, won't have build we And is have tap us operating that will revolver -- also but minimum we there cash we we first a a we the to go cash. continue to

with very So that have. cash of we're comfortable the we amount

Jeff Harte

Thank Okay. you.

Paul Taubman

day. good Thank much. look speaking you you to All quarter you very have all and after We right. all a first forward Thank our results. with

Helen Meates

you. Thank

PJT Partners (PJT) 7 Feb 192018 Q4 Earnings call transcript