$PJT
PJT Partners Inc.

2016 Q3 Form 10-Q Financial Statement

#000156459016028949 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $121.3M $103.8M $147.3M
YoY Change -17.63% -30.13% 85.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $111.5M $127.3M $93.20M
YoY Change 19.64% 43.19% 3.67%
% of Gross Profit
Research & Development $1.970M $2.824M
YoY Change -30.24%
% of Gross Profit
Depreciation & Amortization $1.400M $3.900M $1.200M
YoY Change 16.67% 129.41% -33.33%
% of Gross Profit
Operating Expenses $1.970M $131.4M $2.824M
YoY Change -30.24% 47.81% -96.92%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.800M -$1.100M -$2.500M
YoY Change 52.0% -77.55% 66.67%
Pretax Income -$1.960M -$28.67M $43.86M
YoY Change -104.47% -152.29% -421.47%
Income Tax $8.376M -$3.700M $1.971M
% Of Pretax Income 4.49%
Net Earnings -$9.711M -$11.18M $41.89M
YoY Change -123.18% -120.98% -395.06%
Net Earnings / Revenue -8.0% -10.77% 28.43%
Basic Earnings Per Share
Diluted Earnings Per Share -$530.1K -$586.4K $2.328M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.9M $82.30M $21.70M
YoY Change 623.04%
Cash & Equivalents $156.9M $82.32M $21.69M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $182.1M $169.6M $131.8M
Other Receivables $0.00 $0.00 $19.90M
Total Short-Term Assets $339.0M $251.9M $173.4M
YoY Change 95.5%
LONG-TERM ASSETS
Property, Plant & Equipment $39.53M $31.49M $41.80M
YoY Change -5.42% 516.12%
Goodwill $72.29M $75.77M
YoY Change 10.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.40M $69.50M $2.000M
YoY Change 3670.0%
Total Long-Term Assets $220.8M $215.4M $128.2M
YoY Change 72.23%
TOTAL ASSETS
Total Short-Term Assets $339.0M $251.9M $173.4M
Total Long-Term Assets $220.8M $215.4M $128.2M
Total Assets $559.8M $467.3M $301.6M
YoY Change 85.61% 34.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.70M $29.50M $24.80M
YoY Change -4.44%
Accrued Expenses $123.3M $81.20M $19.80M
YoY Change 522.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $148.2M $112.4M $44.70M
YoY Change 231.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.90M $12.90M $700.0K
YoY Change 3028.57%
Total Long-Term Liabilities $21.90M $12.90M $700.0K
YoY Change 3028.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.2M $112.4M $44.70M
Total Long-Term Liabilities $21.90M $12.90M $700.0K
Total Liabilities $170.1M $125.3M $45.40M
YoY Change 274.69% 701.72%
SHAREHOLDERS EQUITY
Retained Earnings -$23.76M -$11.18M
YoY Change
Common Stock $20.99M $43.13M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.329M $32.08M $256.2M
YoY Change
Total Liabilities & Shareholders Equity $559.8M $467.3M $301.6M
YoY Change 85.61% 34.29%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$9.711M -$11.18M $41.89M
YoY Change -123.18% -120.98% -395.06%
Depreciation, Depletion And Amortization $1.400M $3.900M $1.200M
YoY Change 16.67% 129.41% -33.33%
Cash From Operating Activities $66.60M -$25.20M $59.90M
YoY Change 11.19% -156.88% -590.98%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$30.20M -$4.400M
YoY Change -6.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.40M
YoY Change
Cash From Investing Activities -$4.000M -$19.80M -$4.400M
YoY Change -9.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.000M 105.7M -104.7M
YoY Change -93.31% -553.65% 1561.9%
NET CHANGE
Cash From Operating Activities 66.60M -25.20M 59.90M
Cash From Investing Activities -4.000M -19.80M -4.400M
Cash From Financing Activities -7.000M 105.7M -104.7M
Net Change In Cash 55.60M 60.70M -49.20M
YoY Change -213.01% 189.05% 165.95%
FREE CASH FLOW
Cash From Operating Activities $66.60M -$25.20M $59.90M
Capital Expenditures -$4.100M -$30.20M -$4.400M
Free Cash Flow $70.70M $5.000M $64.30M
YoY Change 9.95%

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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
66000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
256000
pjt Change In Parent Company Investment
ChangeInParentCompanyInvestment
-149922000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-8869000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-149922000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2108000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
74577000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-16842000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38533000
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21691000
us-gaap Income Taxes Paid
IncomeTaxesPaid
7195000
us-gaap Income Taxes Paid
IncomeTaxesPaid
3518000
CY2016Q3 pjt Finite Lived Client Backlog Gross
FiniteLivedClientBacklogGross
7600000
CY2015Q4 pjt Finite Lived Client Backlog Gross
FiniteLivedClientBacklogGross
7600000
CY2016Q3 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
5700000
CY2015Q4 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
5700000
CY2016Q3 pjt Finite Lived Client Mandates And Other Gross
FiniteLivedClientMandatesAndOtherGross
1344000
CY2015Q4 pjt Finite Lived Client Mandates And Other Gross
FiniteLivedClientMandatesAndOtherGross
1483000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25733000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17613000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000
CY2015Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
6000000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
6000000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9000000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2300000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2300000
CY2016Q3 pjt Transition Service Agreement Period
TransitionServiceAgreementPeriod
P24M
pjt Transition Service Agreement Period
TransitionServiceAgreementPeriod
P24M
CY2016Q3 pjt Transition Services Agreement Termination Minimum Notice Period
TransitionServicesAgreementTerminationMinimumNoticePeriod
P60D
pjt Transition Services Agreement Termination Minimum Notice Period
TransitionServicesAgreementTerminationMinimumNoticePeriod
P60D
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Diluted Earnings Per Share
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnDilutedEarningsPerShare
0
CY2016Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
2900000
CY2015Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
2200000
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
AllowanceForDoubtfulAccountsReceivableNoncurrent
0
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
AllowanceForDoubtfulAccountsReceivableNoncurrent
392000
pjt Allowance For Doubtful Accounts Long Term Additions Recoveries
AllowanceForDoubtfulAccountsLongTermAdditionsRecoveries
563000
CY2015 pjt Allowance For Doubtful Accounts Long Term Additions Recoveries
AllowanceForDoubtfulAccountsLongTermAdditionsRecoveries
-392000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-3483000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
26476000
CY2015Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
26476000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2300000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2300000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P8Y10M24D
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6495000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2832000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-4.273
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.437
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.045
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.175
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q3 pjt Number Of Diluted Class A Common Shares Outstanding If Holding Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfHoldingPartnershipUnitsExchanged
34511765
pjt Number Of Diluted Class A Common Shares Outstanding If Holding Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfHoldingPartnershipUnitsExchanged
34407364
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22897000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4421000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
65082000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44920000
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2745000
CY2015Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
27000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7835000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
123000
CY2016Q3 pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingNumber
16520038
pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Requisite Service Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingRequisiteServicePeriod
P2Y2M12D
CY2015Q3 pjt Percentage Of Advisory Fees Earned From Affiliates
PercentageOfAdvisoryFeesEarnedFromAffiliates
0.007
pjt Percentage Of Advisory Fees Earned From Affiliates
PercentageOfAdvisoryFeesEarnedFromAffiliates
0.019
CY2015Q3 pjt Percentage Of Placement Fees Earned From Affiliates
PercentageOfPlacementFeesEarnedFromAffiliates
0.107
pjt Percentage Of Placement Fees Earned From Affiliates
PercentageOfPlacementFeesEarnedFromAffiliates
0.188
CY2016Q3 pjt Forfeiture Accrual At Carrying Value
ForfeitureAccrualAtCarryingValue
600000
CY2015Q4 pjt Forfeiture Accrual At Carrying Value
ForfeitureAccrualAtCarryingValue
1300000
pjt Operating Lease Agreements Expiration Date Description
OperatingLeaseAgreementsExpirationDateDescription
various dates through 2030
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5900000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
18500000
pjt Capital Lease Obligation Payable Maturity Year
CapitalLeaseObligationPayableMaturityYear
2021
pjt Weighted Average Interest Rate Of Capital Lease Obligations Payable
WeightedAverageInterestRateOfCapitalLeaseObligationsPayable
0.023
CY2016Q3 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
400000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
25000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
102000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
102000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
102000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
78000
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
3000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
23018000
CY2016Q3 pjt Net Minimum Operating Lease Payments
NetMinimumOperatingLeasePayments
195913000
CY2016Q3 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
8100000
CY2016Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
600000
CY2015Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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