On this page of StockholderLetter.com we present the latest annual shareholder letter from PJT Partners Inc. — ticker symbol PJT. Reading current and past PJT letters to shareholders can bring important insights into the investment thesis.

 •  4/29/2025 Letter Continued (Full PDF)
 •  4/10/2023 PJT Stockholder Letter
 •  4/29/2024 PJT Stockholder Letter
 •  More "Investment Brokerages" Category Stockholder Letters
 •  PJT Benford's Law Stock Score = 57

PJT Shareholder/Stockholder Letter Transcript:

To Our Shareholders,
As I write this letter, we continue to operate in an environment that remains uncertain, unsettled,
and without clear precedent. Nearly every measure of economic uncertainty reflects risk levels
comparable to those witnessed during the Global Financial Crisis and the COVID-19 pandemic.
This uncertainty comes at real cost. It weighs on business and consumer confidence, risking a
concomitant reduction in investment and capital flows. Unlike earlier dislocations however, capital
remains accessible, and transactions continue to get done, albeit at a more measured pace. After
a record year for PJT Partners, we are well equipped to navigate these uncertain times.
In 2024 we delivered record revenues, record pretax income, and record EPS. Importantly, this
record performance was broad-based. PJT Park Hill, Strategic Advisory, and Restructuring all
posted record results. Strong free cash flows facilitated record share repurchases while beginning
2025 with record cash, cash equivalents and short-term investments of $547 million.
This performance underscores the power of our platform and reflects the benefit of years of
sustained, disciplined investment. It also speaks to the strength of our culture   one that prizes
collaboration, client impact, and long-term thinking.
Throughout the year, we continued to build. We made significant investments in talent across
industries, geographies, and capabilities. These investments are already contributing meaningfully
to our business. Of particular note, we expanded our geographic footprint by deepening our
commitment to France and opening an office in Munich. These initiatives position us well to
benefit from the transformation underway across Europe   s largest economies as they seek to
diversify and repurpose their industrial bases.
We also completed our acquisition of deNovo, our longstanding partner in the Middle East. This
follows our highly successful CamberView acquisition in 2018. We have long admired deNovo   s
deep connectivity across the Gulf region and were attracted to their strong cultural alignment
with PJT. We believe the combination of their regional relationships and our global capabilities
will serve as a powerful catalyst for future growth.
While today   s economic backdrop is most challenging, we take confidence from what 2024
reaffirmed: that our firm is built not for quarters or even years, but for decades. Our enduring
focus on delivering seasoned, high-impact, independent advice   paired with high-touch client
service   continues to set us apart.
We remain focused on building the most differentiated advisory-focused investment bank in
the world   one that delivers sustainable, long-term value for our clients, our people, and our
shareholders.
On behalf of all my partners and colleagues we thank you for your continued support.
Sincerely,
Paul J. Taubman

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 4/29/2025 Letter Continued (Full PDF)