$PJT
PJT Partners Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018026518 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $140.1M $78.45M
YoY Change 78.64% -35.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $120.8M $87.10M
YoY Change 38.69% -21.88%
% of Gross Profit
Research & Development $2.781M $2.556M
YoY Change 8.8% 29.75%
% of Gross Profit
Depreciation & Amortization $1.700M $1.500M
YoY Change 13.33% 7.14%
% of Gross Profit
Operating Expenses $2.781M $2.556M
YoY Change 8.8% 29.75%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$5.000M -$5.000M
YoY Change 0.0% 31.58%
Pretax Income $12.08M -$15.61M
YoY Change -177.38% 696.63%
Income Tax -$197.0K -$13.26M
% Of Pretax Income -1.63%
Net Earnings $7.550M $3.343M
YoY Change 125.85% -134.42%
Net Earnings / Revenue 5.39% 4.26%
Basic Earnings Per Share
Diluted Earnings Per Share $315.4K $144.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.4M $102.3M
YoY Change 62.66% -34.8%
Cash & Equivalents $166.4M $102.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $191.8M $168.4M
Other Receivables $8.700M $0.00
Total Short-Term Assets $366.9M $270.7M
YoY Change 35.54% -20.15%
LONG-TERM ASSETS
Property, Plant & Equipment $35.50M $35.10M
YoY Change 1.13% -11.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $25.80M $55.10M
YoY Change -53.18%
Other Assets $54.90M $92.70M
YoY Change -40.78% 22.94%
Total Long-Term Assets $214.8M $291.3M
YoY Change -26.26% 31.93%
TOTAL ASSETS
Total Short-Term Assets $366.9M $270.7M
Total Long-Term Assets $214.8M $291.3M
Total Assets $581.7M $562.0M
YoY Change 3.51% 0.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.50M $22.80M
YoY Change -14.47% -3.8%
Accrued Expenses $101.4M $80.00M
YoY Change 26.75% -35.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $123.8M $103.9M
YoY Change 19.15% -29.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.40M $21.10M
YoY Change 34.6% -3.65%
Total Long-Term Liabilities $28.40M $21.10M
YoY Change 34.6% -3.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.8M $103.9M
Total Long-Term Liabilities $28.40M $21.10M
Total Liabilities $735.7M $699.2M
YoY Change 5.22% 311.03%
SHAREHOLDERS EQUITY
Retained Earnings -$176.1M
YoY Change
Common Stock $60.11M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$154.0M -$137.1M
YoY Change
Total Liabilities & Shareholders Equity $581.7M $562.0M
YoY Change 3.5% 0.39%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $7.550M $3.343M
YoY Change 125.85% -134.42%
Depreciation, Depletion And Amortization $1.700M $1.500M
YoY Change 13.33% 7.14%
Cash From Operating Activities $98.10M $75.60M
YoY Change 29.76% 13.51%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$300.0K
YoY Change 66.67% -92.68%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$20.20M
YoY Change -99.5%
Cash From Investing Activities -$700.0K -$20.50M
YoY Change -96.59% 412.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.50M -14.20M
YoY Change 86.62% 102.86%
NET CHANGE
Cash From Operating Activities 98.10M 75.60M
Cash From Investing Activities -700.0K -20.50M
Cash From Financing Activities -26.50M -14.20M
Net Change In Cash 70.90M 40.90M
YoY Change 73.35% -26.44%
FREE CASH FLOW
Cash From Operating Activities $98.10M $75.60M
Capital Expenditures -$500.0K -$300.0K
Free Cash Flow $98.60M $75.90M
YoY Change 29.91% 7.36%

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FiniteLivedTradeNamesGross
5700000
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
AllowanceForDoubtfulAccountsReceivableNoncurrent
0
CY2018Q3 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
26476000
CY2017Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
26476000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
138927000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
401722000
CY2018Q3 pjt Sublease Income And Other
SubleaseIncomeAndOther
1216000
pjt Sublease Income And Other
SubleaseIncomeAndOther
3133000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000
pjt Impairment Charges Related To Contract Receivables
ImpairmentChargesRelatedToContractReceivables
0
CY2018Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
5500000
CY2017Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
2500000
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
AllowanceForDoubtfulAccountsReceivableNoncurrent
0
pjt Share Based Compensation Arrangement By Share Based Payment Award Spin Off Pro Ratably Weighted Average Exercise Price One Achieved During Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSpinOffProRatablyWeightedAverageExercisePriceOneAchievedDuringPeriod
48
CY2017Q4 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
5700000
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
32176000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
32176000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
21632000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19881000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2300000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2300000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2300000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2300000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1400000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
53577000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
47357000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18079000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13568000
CY2018Q3 us-gaap Depreciation
Depreciation
1700000
us-gaap Depreciation
Depreciation
4600000
CY2017Q3 us-gaap Depreciation
Depreciation
1500000
us-gaap Depreciation
Depreciation
4300000
CY2018Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
25837000
CY2018Q3 pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2017Q3 pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.016
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.849
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.209
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.002
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q3 pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
8000
CY2017Q3 pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
20000
pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
92000
pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
68000
CY2018Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
36000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
50000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
110000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
51000
CY2018Q3 pjt Number Of Diluted Class A Common Shares Outstanding If Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfPartnershipUnitsExchanged
38661709
pjt Number Of Diluted Class A Common Shares Outstanding If Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfPartnershipUnitsExchanged
36900877
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
665301
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
53.78
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26372000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27689000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
90526000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
88379000
CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2057000
CY2017Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3600000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7513000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
11910000
pjt Share Based Compensation Arrangement By Share Based Payment Award Spin Off Pro Ratably Weighted Average Exercise Price Two Achieved During Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSpinOffProRatablyWeightedAverageExercisePriceTwoAchievedDuringPeriod
55
CY2018Q3 pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingNumber
14352311
pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Requisite Service Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingRequisiteServicePeriod
P10M24D
pjt Operating Lease Agreements Expiration Date Description
OperatingLeaseAgreementsExpirationDateDescription
various dates through 2030
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
18400000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6300000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
18400000
pjt Capital Lease Obligation Payable Maturity Year
CapitalLeaseObligationPayableMaturityYear
2022
pjt Weighted Average Interest Rate Of Capital Lease Obligations Payable
WeightedAverageInterestRateOfCapitalLeaseObligationsPayable
0.024
CY2018Q3 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
200000
CY2017Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
300000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
27000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
110000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
83000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
7000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
1000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
228000
CY2018Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
6000
CY2018Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
222000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
5998000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
23921000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
22807000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
22356000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
22241000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
90465000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
187788000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
15235000
CY2018Q3 pjt Net Minimum Operating Lease Payments
NetMinimumOperatingLeasePayments
172553000
CY2018Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
900000
CY2017Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
600000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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