PJT - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to the PJT Partners First Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Sharon Pearson, Head of Investor Relations. Please go ahead, ma'am.

Sharon Pearson

Alan. much, very you Thank Good morning XXXX Partners quarter the welcome Conference Call. to Earnings PJT first and

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

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

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

Paul Taubman

morning. joining results. this for Thank all Earlier we you, reported Sharon, thank and QX us today, our financial you

Measured of metrics, strongest ever our adjusted adjusted strength per $XX with and businesses. our quarter, we earnings each first pre-tax $XXX generated these $X.XX. income of broad-based the revenues of had quarter across million, For of we share million against

to revenues, and year significant Our strong just restructuring with ago compared slightly businesses in delivered PJT advisory levels. revenues Park down strategic growth year-over-year Hill

greater After we shine on Helen fourth in as the earnings, advisory momentum are increasingly progresses. to As year each we through financial of Helen? will results, expect strong I we mentioned businesses business quarter seeing review detail. reviews in strategic our the our our our

Helen Meates

Thank quarter Hill up you, slight in had year-over-year. mentioned, with restructuring increases morning. strategic Park PJT total and revenues, million, Paul And XXX we a for as the Good decline in XX% and Beginning significant advisory Paul. revenues revenues. revenue were

expenses. to prior the Consistent expenses in our certain more presented described these with adjustments with adjustments Turning and we've quarters, fully X-K. non-GAAP are

best full First, year a which accrued adjusted quarter, is adjusted XX% year expense revenues This and is We expense. compensation XXXX ratio. at full of for XXXX the the expectation flat. for our current ratio compensation represents first

adjusted same quarter, Turning non-compensation XX last to Total million adjusted expense. million in period non-compensation in XX from the first expense year. was up the

for year. of March, surprisingly, most prior and were a our costs although X.X As a travel of million expense first of saw with the remains activity the quarter, activity below related higher the same traveling-related up year. in in We was the significant pre-COVID quarter XX.X% non-comps levels. in compared the XXX,XXX Not driver revenues, in from period our non-compensation last increase meaningful in percentage XX.X%

With to our digit we non-compensation in double our expect to in quarter investment in continue first percentages and expenses, year-over-year. expenses year non-comp IT growth excluding up activity, in low traveling-related year-over-year. business XX% Excluding of the expenses, full increased continued the aggregate traveling-related, further were headcount, grow

progresses. are numbers In terms the grow of our likely traveling-related year to as expense, those

was income quarter adjusted the first XX.X% tax to We pre-tax had adjusted taxed rate. income as if of the we've quarters, and at as our pre-tax partnership to pre-tax all year-over-year. XX% was presented year. period converted with been margin provision first the XX% our adjusted million all taxes Turning of And for for shares last reported for corporate for up income. compared quarter, the XX our same The units with that results prior

Our We a amortized with to relating effective We tax XX.X% compared full rate last for of to for benefit year Earnings that our with full year. view first costs had compared XXXX. rate would take of first rate relative tax in full vested and lower their a shares be year effective was to the the quarter benefit expect quarter the year to share. XX.X% per delivery of line XX.X%. tax

quarter XX% were earnings quarter, if-converted with for in up adjusted the Our share per compared first per first the last share $X.XX $X.XX year.

count. share the For

quarter, average share shares. weighted count our was XX.X the For million

quarter, came balance equivalent the The in approximately the the repurchased the and of tax the employee approximately including of During units obligations. shares for open we settlement exchange the first cash repurchases from of shares, market. net XXX,XXX of X.X partnership million share

we In exchange XXXX. cash units on X, partnership to May for addition, plan XX,XXX

the has capital. Board which million the has Board repaid. Paul. as working June dividend net been X. to new to of And per share. On authorization $X.XX common equivalents left the quarter with repurchase quarter, now back million in approved stock $XXX cash modest for of prior I'll authorization. The cash, and dividend has XXXX had to ended The XX with We Class XXX we approved that, in of balance investments, in A common share revolver shareholders on it in of short-term draw And be XX, million on turn and a the our $XX the our program million in a June will repurchase addition record sheet, paid company's finally, the a

Paul Taubman

Beginning Helen. PJT Hill. you, Thank Park with

targets. In this positioned increasingly with and we to size capital become this constrained. struggle allocators record increasingly some XXXX managers of to are be marketplace, their fund business alternative back year backdrop, to asset another Hill Despite strong size fundraising may as quarter Many fundraising. compared record setting targets in busy out managers track are crowded for Park PJT our challenging fund first meet performance. Our to selective the continue and extremely but year, challenging up an strong performance shaping performance. prior toward the to is well delivered year continues

rigorous In leadership transactions, our highest enables bring and the to and process position to the of capital for us coupled strategies advising team's us with side, on redeployment fund advisory, selection allows records On demand quality deep increased complex our liquidity. the with facilitate large GP-led secondary managers the relationships, to institutional network LP differentiated track investors differentiated fundraising investors.

Turning to advisory. strategic

Given than the activity. early new stages overall of our of M&A the advisory we level build levered out, to rather disproportionately of relationships number developed are client the

clients the greatly of more cultivate resumption relationships meetings end, client business advisory To in best our new greatly we be Our that culture banking where personal over appreciated ability in-person differentiated person enhanced capabilities Zoom. and to and than strategic travel, when collaborative our rather meet is from engagement. is benefiting can

advisory practice strategic from PJT Our investor Camberview's in of benefit the also continues perspectives focus contribution to unique relation.

depth our client and appreciably. [indiscernible] to continue disciplines two relationships these of strengthens As

As XXXX's forecast previously have volumes we levels. global to M&A communicated, to decline consistently relative XXXX

our the the However, XXXX financial in another business record we increased for progresses. year in year strategic remain increasingly as and advisory be will reflected results client is our dialogues, mandates momentum our as that confident announced transactions

Turning to restructuring.

combination emerged by to in interest Europe. and build in that but system. leveraged Further chain we many impacting stress capital Although in having war companies caused pandemic companies in expect are structures. the impact supply restructuring XXXX particularly inflationary increasing levels the overall to are with from largely continue The disruptions on an COVID-XX Ukraine pressures the highly everywhere, activity to beginning XXXX, line of is with rates, be

it believe to a is continue in see overall of restructuring a before meaningful We activity. simply we matter that uptick time

ready Year to the named continues accolades IFR point. by practice Global of second in suggest receiving to for at restructuring the leader capabilities, including Our are market Restructuring be a year an Bank Not being we a yet numerous its row. best-in-class inflection for

have slightly our from restructuring uplift Accordingly, we XXXX mandates. will increase in We restructuring seen of levels. PJT's some believe revenues now that XXXX number

Turning capital to our priority.

caused continues a advisory investments the remains Our of priority compelling to last than XXXX at more to attracting close repurchases market in in of in trading At share us a previous in first market from and any human repurchases talent. our and developing the wait XX the capital dilution to grew priorities. Offsetting terms to strategic levels, headcounts quarter. Even opportunity committed investment double open COVID past We best-in-class digit year. non-partner our second in over environment, our open challenges resulting capital investment the the quarter shares recruiting partner dollars rates be recent months. earlier with both share

million. market authorization. significant As we approved of repurchase as share additional today $XX open only of authorization million the Consequently, left repurchases, $XXX repurchase our result have has share a of our previous an Board on

mindful our intend half we repurchases the remain activity to is to before, year continue float. of the to of as second slow but shares our in likely active we As of be that

to That XXXX. businesses our were our when this case. franchise performance leading hits. that restructuring well Looking wave ahead, continues for the in record of we earlier poised positioned be year to restructuring said restructuring continues outside And for of be the inevitable all

and unique your remain opportunities Our to growth. XXXX drive And follow. with businesses well confident significant prospects combination We in the we questions. significant to that, that now lie our and ahead of years position the expansion for will take us

Operator

our from Securities. [Operator sir. you, Thank Ryan first Instructions]. We'll question take Devin JMP with

Devin Ryan

morning, Good everyone. are Thanks. How you?

Paul Taubman

Devin. morning, Good

fine, are We you. thank

Devin Ryan

Great.

the of outlook. kind broader on just question First

the all the all call. appreciate similar the the been commentary guys macro since on backdrop It you Clearly, to guidance choppy sounded has the I across different quarter the So businesses. escalation. fourth pretty gave pretty Ukraine

the in number a been there's backdrop. So shifts of

advisory gives volatile in change Are of you of against kind curious, of kind there a So uncertainty? in strategic there shift you or in example? mix growth that's you an with there sectors lot advisory kind a backdrop around giving a on anything can a a activity be that are outlook, in pretty comfort side solid of the you of comfort the that I'm are more else that that as provide year outperforming, should is just seeing of

Paul Taubman

the is our being that. shuts previous bit businesses. a completely. of able which say [ph], volatile, And decoupled across variances, that the not to our constrained the by previously activity more board And really And slightly of to down, to, appreciate we're across XXXX variance, probably constructive, of more full the that's the is the benefit And business more overall it's world seeing more already but advisory is equal us of macro say if I is that think seeing it that think prospects thought. that that doesn't I'd planes, months large some shut unsettled world much the going was then, point challenging. for a a that year would baked was we if had more on at connectivity, down beginning and environment. really the good because our from is of than board. investment, a complex, year. relationships, at support And M&A for seeing it the and than strength the I more down, on more travel shuts assumption that the out if we expense lot it since is markets Clearly and our I it have question. further had a an are our view function view the the become three trains communicated benefited environment that all from of ago, enjoy people macro we business. one engaging I that automobiles I clients of But into

Devin Ryan

Yes.

side Okay, the terrific. now. increase slight around And commentary of to restructuring a the follow on expectation caught of Obviously, the just the business. is kind then up

obviously what revenues skis, in about kind Fed a thinking to you what want abrupt your big just don't normalization macro and too anecdotes, restructuring I appreciate backdrop But at the materialize. far get think markets and of for just question. restructuring activity. do the for any thinking I early about of policy the that mean take high could means to time just picture probably level then And out an

starts XXXX restructuring it might rates pick view the But on up. to of market recent has be changed a in even So more the story months. in if

stress of starting there that some helpful? is just so be in you to color see more the bigger some Thanks. driver And a function would pockets, it or is

Paul Taubman

little a it's of Sure, Devin. Look, think everything. bit I

it were have to substantive and yield, needed that the given normal that extraordinary think everyone no risk in sheets. stops, would was a certainly and those capital, or on on restructurings specs companies to sidestep having ago. more just were extent restructure to of risk way to lot markets clearly environment balance abundance I is to chasing mindset and were That companies marketplace, of there clearly in challenged present the XXXX. do mean year mentality longer able a the But

fresh can being and So were that blocked. equity, road, or companies kick do down the like to to the and amended is raise increasingly that sort able extends path the of

thin of some out they potential that we a see these a the Then the us that safe is thin the that dries with disruptions. will to of tries we'll to with can do with, And to interest companies. this demand rising So relatively tries is of up question it's a another true that, operate you liquidity point, costs, tamp and inflationary then costs, rates, all confluence begin some on there supply margins if you're way. macroeconomic relatively and for at a be, companies lot commodity that dealing Or If do of labor margins, pressures, Fed from and with chain puts the have see, And that. on to hit landing? have that, companies, pressure contraction to inflation, of as take top down to perspective? marketplace you'll going get

at ago credit in might comfortable seeing some to number we is We still move of our function and and think tenor lot year. quite to the but what a pressured terms you to I am think a firm that high sort more successful securing significant to you're with credits is wouldn't constructive step credits. I way than I suggest trading, when if of just three change. middle recently, troubled last But a today out we've of So not yield stress early them a mandates is just relative is And restructuring begin pressure look I the been certainly was enough really bottomed of it the see business have of the in as of and months activity. from

Devin Ryan

Great, okay. it. Good color. Thanks, appreciate Paul. I

Paul Taubman

Devin. you, Thank

Operator

come Yaro the James will question Sachs. from of Goldman next with line Your

James Yaro

Hi. for Thanks my a lot taking questions.

saw not, effect is at and moved of in this on So rates all, business? rates this you what dampening obviously advisory quarter. interest level dialogue? have rates of side impacting your How, the at expect more moves first sort of the in in the if that second we record become if of further would quarter strategic to a And

Paul Taubman

it's like. you're I seeing still I cost issue But that values really has historic And on rates And companies the the are is gone think amount quite finance enormous not whether same from going there's Look, any equity of think the or perspective. to the up. and the pressure at low marketplace. can capital -- in an just transactions? It's time, some

not all it's a one-way So trade.

at would at it some waiting when escalate looks signs are been in said bigger if in I think a various volatility. lot France, of elections is will just I of if the landscape, really political as continue additional -- in issue to there and points to with progress. France we attack uncertainty have think who broader been And look in there's Europe, elections time on with Ukraine there other the had you time, points the companies look and as previously be at hopeful

until of effect I going that is put world but don't it's secure or think to rates sort think ability the the to the of on bit a financing a out, level damper I a having of chilling today activity. settles

just on it's And quite to fact this last with a current a global me But down the of health way tell a it's just I'm that we're sizes, at across and the with volatility as down. raising near I to of the all think you we transactions And a the where of there M&A bit. of anywhere point shows I still the think bit so you're year this of shuts all companies strategic with a we last think year's welcoming But volume look was when rates, this system. really And find the volumes are bit sheer breather not and perspective But in market able transact from not might at and frenetic the going about at I activity we're to in year-to-date. ago. it, important uncertainty year time, industries, look XX% not formulaically that. have in the bar this pace. market geographies, it are to move who are little as a taken need -- environment who to lot exactly that

James Yaro

sense. makes a of that lot Okay,

more period So do of lot maybe weaker you And a we across we growth, XXXX. restructuring. have if business, play obviously enter your prolonged sort in of a economic this saw durability largely out of from

prolonged hiring? of enter you more sort -- just firms, would it given is strength an perhaps relative could quickly did it So we that skewed about, activity? terms make would of more in do maybe downturn, talk to opportunity that grow attractive your And versus you that if you advisory more for to then inorganic economic more type strategic if for

Paul Taubman

opportunities, are but the to on continue chase hiring look, company, growth see we're a we're enormous going to grow, side, we Well, going growth to growth. not

So we And we're all continue add for been are culture and of our never destination the we're to talent that in. and our can going grow. that's that issue the all a to capabilities, to fits talent,

the perspective that's work special how to and consistently, And get recruiting feel recruit said from and seen walk and far all the from difficult the than you're as from you we in-person, trying old locked we've and when us already more they're is people that. the back to let face COVID lockdown down we've everyone benefit to our really and is. home halls firm in home, and them when COVID going face normal, to and closer sequestration get As can a recedes it's a

activity, because deals extricate XXXX themselves individuals of The with when difficult investment is tsunami and all best-in-class the bankers talking entanglements. client you're from thing to those really is of their height for of a it's other to dealing they're

down conversations the slows we've their perversely, to go that little those what a catch bit the substantive if it's down. easier breath, also and switching for us costs and is bankers said market have So

of sight to quite about acquisitions, Park are really then that bring that the way with ones in There's to for you all be momentum always relates be in to right lines opportunities where businesses, And pick a because we of wonderful to amount strategic thing. add right best-in-class no it, to we our are find talent, as to is when been simpatico a So those there's that disproportionate restructuring can see events. add culture it's Hill firm. capabilities it across But we advisory. the think duplicative, which able and of find. And confluence the up us best-in-class very the it's our is doubt positioning I've difficult us recruiting can like individuals. if incremental the consistent, are just not They're going and

a bar those. have high We for

James Yaro

you. Thank Okay.

Paul Taubman

Thank you.

Operator

question from next Chubak Your the Research. line comes Wolfe Steven of with

Brendan O’Brien

This Good Brendan morning, for filling is Paul. Steven. in O’Brien

while firm suggests as sponsor speak should sponsors, current trends space we on lot is the the strategic sponsors. whether strategy Can viewed to more anticipate is there? provide of wins you've more recent winning large of color maybe the you a So your something growth your recent forward? success reliant among strength deals cash on within bit M&A, your that and for of franchise being the a on of And going had

Paul Taubman

and deals into are all, not able you I've There's are It And mean to do be There of just smaller not deals. clients. that and just new first technologies. be does of do that Well, want that firms have are do always to small follow deals you your reason do two may large large said why there insights to deals firms a do types always Sure. small because there firms. deals. you

generation definition, If you're a you're by banker at next the looking disruptors. FinTech

that's a people of sort a med-tech to life If company banker sciences the drug looking for the you're by you're be to discovery change of able definition, banker, a going next lives from perspective.

largest, we've by most to And to clients, find confidence complex on as every transactions. sponsors, firms occupy of going said complex, you companies be financial the able space that But to but firm is have consistently journey, transactions, opportunities to there that upon most to our most by we're is largest, also strengthen we called sophisticated be do to the to up we to are follow most goes what sophisticated transaction only adding seek So size. regardless be down. largest day of the the always need our and it to and And that and do and more the that's a relates capabilities. certain

have expertise. We domain more

have We more capabilities.

can we incumbent have We serve we of relates a have more to ways in as And financial lot strains sponsors. which it clients.

alternative Park Hill have enormous business touches We number an which GPs. of our

leading of a lot have a have who restructuring leveraged portfolio disproportionate spends sponsors of time dealing situations practice highly with capitalizations. companies leveraged We a with number and

for to in creates expertise domain deep a sponsors as to our bankers. talk have And compelling that We many to industries. want result a reason

do significant day initiative direct ever of part I've as being our that. And is of have part journey. goes a an practice. lending, which of reason. that another We every more we increasing the sponsors And in it's by, seen just always

too it quite between sponsors of the wouldn't and time, breakdown much look balance more monitor am way our corporates quarter-to-quarter. confident will that over But the like sponsors. is market lot and overall a I between business I corporates So

Brendan O’Brien

is all the you on more you're the standalone in like color. you conflict region within its impacted reliance having relative U.S. terms hoping of and to both strategic on a sponsor discuss in contrast well. a what follow And an and And maybe little can has both exports. compare Russian M&A. and closer of across bit I heavier on activity great construction the activity basis and noted, as side as the seeing a given Europe across Ukraine geographies. on up, a proximity That's severely it feels impact then as was been But

Paul Taubman

another it we whether being [indiscernible] look strongest. they're you And XX% always to. challenged about at year-to-date, reality business. the that statistics And in form of really But way is rest has down way, has market Europe look been we whether at clearly are Asia levels during down weaker. the this I'd much U.S. really if doubt look no because it that you activity as that time. different. questioned true IPO, the been that at that There's [indiscernible], transactions been we really be are Look, the the it's delighted of not it, measure I've globally, see and that the XX%. world most has if M&A not and

there think pockets Europe. real I are in of strength

I think significant a to continues the UK opportunity. be

I disconnect on think opportunities there there afford and valued sponsors strength. compelling way the and number U.S., smaller are continues UK. there to a focused in a way where companies the are is significant very increasingly the midsized investment the you're companies be the probably And and between valuation of valued and compelling in they in valuations the they're seeing that's UK because greatest

I end can election activity get the are in results going we upon whether to how escalation whether be there's I in think renewed out, all conflict And near in an some think very France. for any hopefully the much these strategic this term. dependent to sanctions or France positive it's play horrific of

So ready I outlook no you the that you I'm -- the are no no exactly from doubt But knows. what Europe, are. think doubt more not insulated one is, because but the to further tell you

macro trends about macro own when and point But also still there And Europe. significant think And optimistic that in our building be are dependent one progress quite on a a that's firm, to environment, and and continue truly so issues. really not so make firm our talk we about we client China and our special. our firm smaller activity Europe, franchise notwithstanding different firm at I certainly makes what we're We're the much pockets in themes. the its has or of time. overall our we're I'd

Brendan O’Brien

Thanks color. great that's my questions. Great, taking for

Paul Taubman

you. Thank

Operator

from will Your Piper come Jeff Harte with next question Sandler.

Jeff Harte

Good follow morning. works a growth lot to were kind maybe kind of of driving of looking in the from it? the think things right has coming advisory. When better revenues deals that revenues year-over-year A and to restructuring, been mentioned that quarter. are also little in couple completions new it you kind higher the I'm comes of higher to of as the revenues opposed lot good Is on way mandates. already Congrats of asked. a a the ups, a of assuming

Paul Taubman

Within of in was when the to that at our looking quarter, health relatively in there that, counts mandate business, the the think pipelines we're the quarter. executed I'm door in little our about why some and always of that came and There's was quarter do we like. but our sure the the and that's

So that is correct. came of some first that Most before, of not but it quarter before. in much the

Jeff Harte

think or on a Okay. better you XXXX up? revenues of little -- may you that's revenue XXXX, being about take talked And to maybe as we than a the and at are basis figure when levels while kind longer looking show activity

Paul Taubman

XXXX? in Sorry,

Jeff Harte

to for restructuring. Yes, kind activity XXXX mandates slightly of better you in referring sorry. XXXX referring guys levels? maybe for being you financial Are you to and Are revenues?

Paul Taubman

Revenues.

Jeff Harte

as we when be to floor going into it's a thinking keep is a tip as a on fixed keeps about? there finally, we of dollar It then If front, a look And the compensation should M&A portion at thought. of stop that's long recession and things like I actually growth expenses, great. really coming, kind kind what that's amount of seems Okay, we or coming.

Helen Meates

Because hard say Helen. expense. good more some cost would to relative we've grow, grows It's there variable think think the occupancy amount what said fixed where does than one roughly that But Jeff, but XX% as floor a it's always as like cost base being investment. fixed, of we dollar relatively it's example is. component be base the is small we and fixed fix or slowly of our

So we place. would that in assume stayed has

Jeff Harte

you. Thank Okay.

Operator

Michael KBW. the with Brown from Your of next line question comes

Michael Brown

on And maybe How Hi. contribute do as expect Chinese could taking to related new non-traditional Should the narrow in we to to the a in year. Thanks that been to cycle early see mandates wanted Good this Paul, China? a see will any up rise cycle just when we for lot cycle restructuring. come restructuring rise? a I of a anticipate sector? before working morning. on to you the start you Is perhaps activity perform? you in restructuring on the for to cycle bankruptcies would start here questions. property bankruptcies? start more part your business my the follow restructuring business to Have How officially guys through is the or your there that expect traditional of the

Paul Taubman

our talk we we -- specific small to office we in a that see if about What do at transactions, have an like China, very I don't of you presence have is while you'll mainland situations. say will Kong. I look in history Hong

do the significant the we region like. access represented and We in capabilities have have companies and

certainly experience like. So have has with lot obviously, mindful of that committed sort with a are have restructuring And in been of do have practice We've that where expertise. But this all then presence opportunity companies with leading an we global and the it significant we're But and done of you're dealing to. opportunity. working onshore enormous it situations really there offshore. a we've a side those that many of region the credit funds creditor to not

to best So probably talk about the way that. that's

in pockets it. the to was time of high at should companies folks early in environment, look how March of yield the in be, And we're and our when is trading shock think not just close broken that. stress a may getting trading able to restructure indicator to seeing spent of lot are that's financial close today, back I And is a and of best two point single XXXX. still more there. debt then have that. probably is the saw side, because a that What we that. to and think indicators some very because very, the were so to many more system, system, normal-normal, the in a they are so more to April And who a really is We're a capital, of not are levels there and credits. court what credits. environment to going. avoid about are restructuring looking that not few restructured there's facing more and traditional a just one XXXX normal-normal, true that the we growth in play. skills were the strengths and And you're been that best that's these seeing not pressured out we things. to we really early If but there's of companies At On are to that a yield companies what of everything use but of are number there where we is And trading do market market lot we lot is as And see many

because And plenty as U.S. manner. a of its really Chapter we of there have in of has but a situations the the region also to which other of So proceedings, unique balance then are XX resolve globe, negotiated a capabilities. function ways credit

another our then of are who in list in us prepared least a firm. should you that been when see a be companies pressing just whole liability And of a to And at brings year to from now elements. expect those to not have ago. capabilities have of all So on management lot are there deemed it a conversation would

but increasingly really And business. So in level activity. where take spikes XXXX suspect I COVID of was to top even the to I level. yet business, in the going of while Park the advisory to XXXX, experienced simmer and I because moment longer a strategic there'll think is pot no we appreciably. headwind, being what able in that businesses that strength you What's have by the near obscured on case floor seeing done not you're a strength We're under our as enormous we that, our the Camberview no important way I close now to have been to simply other really that's restructuring through, it in able last core we've retreat business, have put levels is underlying in us something headwinds, this which back time see, am that's and longer activity you're from the And more the our pre-COVID there and suggesting the And for not all activity potentially is the was our boil. to term. restructuring where the year restructuring Hill it's think the shining we to pullback a that be the

Michael Brown

on was color. Paul. And business. placement Thanks, for then really one it. the helpful last maybe one just me got Okay, That

us the This quarter, back that business next the the you I stock a follow business? looks that there real right reflection to Can placement I'm activity versus the the placement first slower stronger the of to and fair corporate it quarter was quarter and a look one lighter that couple of And that's of just that the versus placement other that off in you on like were year the When the then And a bit that. fact and remind year. about going the that's revenues of years usually up rest be a the you a of the is talked assuming about when year? contributor the with outlook It for for seasonality expect prior end fund XXXX? think bit year, outlook market second the the business. is

see to So about to to right the way revenue think just the that's wanted check if seasonality.

Paul Taubman

as both increasingly just placement And businesses not of Park representative this advisory understanding really is are because remind increasingly And a the either and strategic because our advisory. has booked spend time parts something of Well, continue it's folks, placement the relevant of firm both get less in therefore, in demarcation direct on. we those splits and it. I Hill less advisory got versus placement in to

closing closings in to about It's in not business, me have moment. have to bit because the function you there be or to Park extent the be there's this to Hill the tends it necessarily. really thing ask more seasonality no to from Hill QX at tends If observed is a forcing the it QX a to to Park QX business, more a have momentum QX, QX roll year. other there to closed in There's of one little

Michael Brown

Paul. Okay, for questions. my great. Thanks taking Thanks,

Paul Taubman

Mike. you, Thank

Operator

And that our was question. final

his turn now to to it back over remarks. Taubman closing like Mr. for I'd Paul So

Paul Taubman

this back And day, static speaking be you. been company. good apologize. which get our and really and may there wish it Thank in gather we soon. call, everyone's have And on interest three we'll time I at and everyone a will a attention months. I And I in appreciate again, I

Operator

thank conference. That We everyone participation. their again for today's does conclude

PJT Partners (PJT) 26 Apr 222022 Q1 Earnings call transcript