PJT Partners Inc-A 2024年度报告

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 levelscomparable 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 aconcomitant reduction in investment and capital flows. Unlike earlier dislocations however, capitalremains accessible, and transactions continue to get done, albeit at a more measured pace. Aftera 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, thisrecord performance was broad-based. PJT Park Hill, Strategic Advisory, and Restructuring allposted record results. Strong free cash flows facilitated record share repurchases while beginning2025 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 ofsustained, disciplined investment. It also speaks to the strength of our culture—one that prizescollaboration, client impact, and long-term thinking. Throughout the year, we continued to build. We made significant investments in talent acrossindustries, geographies, and capabilities. These investments are already contributing meaningfullyto our business. Of particular note, we expanded our geographic footprint by deepening ourcommitment to France and opening an office in Munich. These initiatives position us well tobenefit from the transformation underway across Europe’s largest economies as they seek todiversify and repurpose their industrial bases. We also completed our acquisition of deNovo, our longstanding partner in the Middle East. Thisfollows our highly successful CamberView acquisition in 2018. We have long admired deNovo’sdeep connectivity across the Gulf region and were attracted to their strong cultural alignmentwith PJT. We believe the combination of their regional relationships and our global capabilitieswill serve as a powerful catalyst for future growth. While today’s economic backdrop is most challenging, we take confidence from what 2024reaffirmed: that our firm is built not for quarters or even years, but for decades. Our enduringfocus on delivering seasoned, high-impact, independent advice—paired with high-touch clientservice—continues to set us apart. We remain focused on building the most differentiated advisory-focused investment bank inthe world—one that delivers sustainable, long-term value for our clients, our people, and ourshareholders. On behalf of all my partners and colleagues we thank you for your continued support. Sincerely, Paul J. Taubman ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Large Accelerated Filer☒Accelerated FilerNon-Accelerated Filer☐Smaller Reporting CompanyEmerging Growth Company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ As of June 30, 2024, the aggregate market value of the Registrant’s Class A common stock (based upon t