PJT Partners (PJT) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached a record $1,153.2M, up 12% YoY; Q4 revenue reached a record $329M, up 17%.

• The advisory-focused platform ended 2023 with 1,012 employees, including 115 partners, and served 381 clients.

Financial highlights

• FY GAAP pretax income was $177.6M vs. $201.5M; adjusted pretax income was $182.7M vs. $220.5M.

• FY GAAP diluted EPS was $3.12 vs. $3.51; adjusted EPS was $3.27 vs. $3.92. Q4 diluted EPS was $0.87 vs. $0.95; adjusted EPS was $0.96 vs. $1.08.

• FY GAAP net income was $145.7M vs. $164.8M; adjusted net income, if-converted, was $149.9M vs. $180.5M.

• Q4 GAAP pretax income was $51.7M vs. $60.0M; adjusted pretax income was $53.0M vs. $61.3M.

Outlook and guidance

• Management cited senior recruiting and expanded capabilities as drivers of future growth, while noting continued market uncertainty.

• Long-term priorities include increasing market share, integrating businesses, balanced capabilities and disciplined expense management; more than 25% of Strategic Advisory partners were new to the platform.