$PJT
PJT Partners Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019028405 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $166.7M $130.7M
YoY Change 27.58% 19.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $142.8M $114.1M
YoY Change 25.15% 8.67%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.700M $1.500M
YoY Change 13.33% 7.14%
% of Gross Profit
Operating Expenses $146.5M $116.2M
YoY Change 26.08% 3971.48%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$6.600M -$4.300M
YoY Change 53.49% -2.27%
Pretax Income $13.59M $10.14M
YoY Change 34.07% -586.7%
Income Tax $3.566M -$882.0K
% Of Pretax Income 26.24% -8.7%
Net Earnings $4.826M $6.945M
YoY Change -30.51% 3130.23%
Net Earnings / Revenue 2.89% 5.31%
Basic Earnings Per Share
Diluted Earnings Per Share $195.1K $281.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.20M $95.50M
YoY Change -11.83% 56.81%
Cash & Equivalents $84.21M $95.53M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $221.9M $211.8M
Other Receivables $0.00 $10.60M
Total Short-Term Assets $306.1M $317.9M
YoY Change -3.71% 12.93%
LONG-TERM ASSETS
Property, Plant & Equipment $35.91M $36.70M
YoY Change -2.15% 1.66%
Goodwill $170.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.400M $25.40M
YoY Change -94.49% -27.22%
Other Assets $58.30M $50.00M
YoY Change 16.6% -33.42%
Total Long-Term Assets $495.4M $215.8M
YoY Change 129.58% -16.39%
TOTAL ASSETS
Total Short-Term Assets $306.1M $317.9M
Total Long-Term Assets $495.4M $215.8M
Total Assets $801.5M $533.7M
YoY Change 50.19% -1.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.40M $20.10M
YoY Change -8.46% 9.84%
Accrued Expenses $216.0M $68.30M
YoY Change 216.25% -7.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $237.1M $90.50M
YoY Change 161.99% -3.21%
LONG-TERM LIABILITIES
Long-Term Debt $30.10M $0.00
YoY Change
Other Long-Term Liabilities $14.90M $25.40M
YoY Change -41.34% 25.74%
Total Long-Term Liabilities $45.00M $25.40M
YoY Change 77.17% 25.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.1M $90.50M
Total Long-Term Liabilities $45.00M $25.40M
Total Liabilities $282.0M $695.7M
YoY Change -59.46% 0.93%
SHAREHOLDERS EQUITY
Retained Earnings -$166.3M
YoY Change
Common Stock $278.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.58M -$162.0M
YoY Change
Total Liabilities & Shareholders Equity $801.5M $533.7M
YoY Change 50.19% -1.09%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $4.826M $6.945M
YoY Change -30.51% 3130.23%
Depreciation, Depletion And Amortization $1.700M $1.500M
YoY Change 13.33% 7.14%
Cash From Operating Activities $63.10M $73.20M
YoY Change -13.8% 134.62%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$2.900M
YoY Change 0.0% 1350.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.900M -$2.800M
YoY Change 3.57% -72.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.20M -31.20M
YoY Change -9.62% -7.96%
NET CHANGE
Cash From Operating Activities 63.10M 73.20M
Cash From Investing Activities -2.900M -2.800M
Cash From Financing Activities -28.20M -31.20M
Net Change In Cash 32.00M 39.20M
YoY Change -18.37% -403.88%
FREE CASH FLOW
Cash From Operating Activities $63.10M $73.20M
Capital Expenditures -$2.900M -$2.900M
Free Cash Flow $66.00M $76.10M
YoY Change -13.27% 142.36%

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CY2018Q2 pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
pjt Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13592000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10138000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13505000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12757000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3566000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
73000
CY2019Q2 pjt Number Of Diluted Class A Common Shares Outstanding If Holding Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfHoldingPartnershipUnitsExchanged
40523710
pjt Number Of Diluted Class A Common Shares Outstanding If Holding Partnership Units Exchanged
NumberOfDilutedClassACommonSharesOutstandingIfHoldingPartnershipUnitsExchanged
40130115
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-882000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2542000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4992000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.087
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.391
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
4826000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
6945000
us-gaap Net Income Loss
NetIncomeLoss
5927000
us-gaap Net Income Loss
NetIncomeLoss
12181000
CY2019Q2 pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
6000
CY2018Q2 pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
73000
pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
11000
pjt Dividends On Participating Securities
DividendsOnParticipatingSecurities
83000
CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7000
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
39000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
639204
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
40.15
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25700000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30676000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27092000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
65649000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
64154000
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2895000
pjt Finance Lease Cost
FinanceLeaseCost
72000
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
913000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
109000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
225000
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2217000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
6274000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5456000
CY2019Q2 pjt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestOutstandingNumber
12688494
CY2019Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
6100000
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
12700000
CY2018Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
2100000
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
5900000
CY2019Q2 pjt Deferred Compensation Arrangement With Individual Unrecognized Compensation Expense Not Yet Recognized
DeferredCompensationArrangementWithIndividualUnrecognizedCompensationExpenseNotYetRecognized
48400000
pjt Deferred Compensation Arrangement With Individual Compensation Expense Not Yet Recognized Period For Recognisation
DeferredCompensationArrangementWithIndividualCompensationExpenseNotYetRecognizedPeriodForRecognisation
P2Y7M6D
CY2019Q2 pjt Operating Lease Agreements Expiration Date Description
OperatingLeaseAgreementsExpirationDateDescription
various dates through 2030
pjt Operating Lease Agreements Expiration Date Description
OperatingLeaseAgreementsExpirationDateDescription
various dates through 2030
CY2019Q2 pjt Operating Lease Agreements Sublease Portion Expiration Date Description
OperatingLeaseAgreementsSubleasePortionExpirationDateDescription
various dates through 2025
pjt Operating Lease Agreements Sublease Portion Expiration Date Description
OperatingLeaseAgreementsSubleasePortionExpirationDateDescription
various dates through 2025
pjt Finance Leases Agreements Expiration Date Description
FinanceLeasesAgreementsExpirationDateDescription
various dates through 2022
CY2019Q2 pjt Finance Leases Agreements Expiration Date Description
FinanceLeasesAgreementsExpirationDateDescription
various dates through 2022
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6300000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
69000
CY2019Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000
CY2019Q2 pjt Finance Lease Cost
FinanceLeaseCost
32000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
719000
us-gaap Variable Lease Cost
VariableLeaseCost
1293000
us-gaap Sublease Income
SubleaseIncome
1823000
CY2019Q2 us-gaap Lease Cost
LeaseCost
6247000
us-gaap Lease Cost
LeaseCost
11874000
us-gaap Operating Lease Payments
OperatingLeasePayments
10015000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
70000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
150020000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.030
CY2018Q2 us-gaap Payments For Rent
PaymentsForRent
6000000.0
us-gaap Payments For Rent
PaymentsForRent
12300000
CY2019Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
73000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12461000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
119000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
22878000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
12000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
24839000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
24672000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
24638000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
79638000
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
205000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
189126000
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
4000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
33147000
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
201000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
155979000
CY2019Q2 us-gaap Revenues
Revenues
166704000
CY2018Q2 us-gaap Revenues
Revenues
130670000
CY2019Q2 us-gaap Assets
Assets
801544000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
130000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
26877000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
104000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
23445000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
9000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
22305000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
2000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
22190000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
22227000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
67871000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
245000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
184915000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
11000
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
234000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
14182000
CY2018Q4 pjt Net Minimum Operating Lease Payments
NetMinimumOperatingLeasePayments
170733000
pjt Payment For Units Exchanged
PaymentForUnitsExchanged
10100000
pjt Payment For Units Exchanged
PaymentForUnitsExchanged
30900000
CY2019Q2 pjt Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
8900000
CY2018Q4 pjt Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
8500000
CY2019Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
900000
CY2018Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
600000

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