Good day, and welcome to the PJT Partners fourth quarter 2021 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Sharon Pearson, Head of Investor Relations. Please go ahead, ma'am. Thanks very much, Cody. Good morning and welcome to the PJT Partners full year and fourth quarter 2021 earnings conference call. I'm Sharon Pearson, Head of Investor Relations at PJT Partners. Joining me today is Paul Taubman, our Chairman and Chief Executive Officer, and Helen Meates, our Chief Financial Officer. Before I turn the call over to Paul, I want to point out that during the course of this conference call, we may make a number of forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements. We believe that these factors are described in the Risk Factors section contained in PJT Partners 2020 Form 10-K, which is available on our website at pjtpartners.com. I want to remind you that the company assumes no duty to update any forward-looking statements and that the presentation we make today contains non-GAAP financial measures, which we believe are meaningful in evaluating the company's performance. For detailed disclosures on these non-GAAP metrics and their GAAP reconciliations, you should refer to the financial data contained within the press release we issued this morning, which is also available on our website. With that, I'll turn the call over to Paul. Good morning. Thank you for joining us today. Full year 2021 revenues were $992 million, down modestly from 2020's record-setting performance. In 2020, our results were driven by an extraordinary run-up in Restructuring revenues coupled with market-leading growth in Strategic Advisory. In 2021, all of our businesses away from Restructuring delivered record performance. In Restructuring however, the story was very different. Our 2021 Restructuring results retreated to levels below 2019 performance, a greater decline than we had previously anticipated. This sharp step down more than offset strong performance in all of our other businesses. The silver lining from this abrupt decline in Restructuring activity is that the headwinds we experienced in 2021 are pretty much behind us. With our other businesses set to deliver strong performance in 2022, our firm is well-positioned to resume its long-term growth march. After Helen reviews our financial results, I will speak about our businesses in more detail. Good morning. Now beginning with revenues. Total revenues for 2021 were $992 million, down 6% year-over-year. As Paul mentioned, while we had record revenues in Strategic Advisory, PJT Park Hill and PJT CamberView, the very significant year-over-year decline in Restructuring revenues more than offset that growth. For the fourth quarter, total revenues were $313 million, down 3% year-over-year. In the fourth quarter, record revenues in Strategic Advisory were offset by a significant decline in Restructuring revenues. The magnitude of the year-over-year decline in Restructuring in the fourth quarter of 2021 was slightly less than the decline we experienced in the third quarter 2021. We also had record corporate placement activity in the fourth quarter. Turning to expenses. Consistent with prior quarters, we've presented the expenses with certain non-GAAP adjustments which are more fully described in our 8-K. First, adjusted compensation expense. Full year adjusted compensation expense was $625 million, down almost 7% year-over-year with a compensation ratio of 63%, down from 63.5% in 2020. As we did last year in determining the final compensation expense for the year, we looked at the totality of the year to reflect full year performance, full year recruiting activity as well as external factors such as the competitive landscape. Given we'd accrued compensation at 62.5% through the first nine months of the year, the resulting fourth quarter ratio was 64.2%. As we've done in the past, we'll communicate our accrual for compensation expense for 2022 when we report our first quarter results. Turning to adjusted non-compensation expense. Total adjusted non-compensation expense was $124 million for the full year 2021, up 11% year-over-year, and $31 million for the fourth quarter, up 13% year-over-year. As a percentage of revenues, 12.5% for the full year and 10% for the fourth quarter. For 2021, the year-over-year growth reflects increased senior advisor costs, higher recruiting costs as well as increased expense relating to the investments in information technology. We did experience a step up in travel and related expense in the fourth quarter as we started to return to more normal levels of business travel. Looking ahead to 2022, outside of travel and related expense, we expect our other non-comp expense to grow in aggregate in the low teens percent year-over-year with continued investment in talent, continued investment in IT, and increased business activity. We do expect travel and related expense to increase in 2022 although it's unclear at this stage by how much. As a point of reference, our pre-COVID travel expense was approximately $2 million per month. Turning to adjusted pre-tax income, we reported adjusted pre-tax income of $242 million for the full year 2021, down 11% year-over-year, and $81 million for the fourth quarter, down 19% year-over-year. Our adjusted pre-tax margin was 24.4% for the full year and 25.9% in the fourth quarter. The provision for taxes, as with prior quarters, we presented our results as if all partnership units had been converted to shares and that all of our income was taxed at a corporate tax rate. Our effective tax rate for the full year was 22.3%, down slightly from the 23% estimated rate we applied for the first nine months of the year. In 2022, we would expect our effective tax rate to be approximately 25%. This rate will move depending on the ultimate value of the tax benefit realized related to share deliveries, and we will refine our view at the end of the first quarter. Earnings per share are adjusted if converted earnings were $4.44 per share for the full year and $1.52 in the fourth quarter. Share count. For the year ending 2021, our weighted average share count was 42.4 million shares, up 2% year-over-year. During the year, we repurchased a record 3.2 million shares and share equivalents, and we are currently in receipt of exchange notices for an additional 103,000 partnership units. As we have done in the past, we will exchange these units for cash. The Board has approved an increase in our quarterly dividend from $0.05 per share to $0.25 per share. The dividend will be paid on March 23rd, 2022 to Class A common shareholders of record as of March 9th, 2022. Consistent with our capital priorities, we will continue to focus on investing in the business and use excess cash to reduce the dilutive impact of these investments. We continue to be mindful of our float and notwithstanding the record level of repurchases, the float grew modestly this past year and has grown by a third since spin. On the balance sheet, we ended the year with $200 million in cash equivalents, and short-term investments, and $261 million in net working capital, and we have no funded debt outstanding. I'll now turn back to Paul. Thank you, Helen. Beginning with Restructuring. The risk-on low interest rate environment that fueled markets in 2021 is increasingly under attack. As we have often said, more and more companies that have been severely disrupted by COVID-19 will need to address their capital structures as financing markets become more difficult. Recent supply chain disruptions and inflationary pressures have only increased the challenges for many of these companies. Higher levels of debt and leverage, less favorable financing markets, and mounting business dislocations will ultimately drive significantly increased restructuring activity. Our restructuring and advisory practices are working closely together to ensure that we are well-positioned to advise our clients as opportunities present themselves. Our current outlook for restructuring is for similar activity levels in 2022 relative to 2021. However, it is only a matter of time before we see a meaningful uptick in activity. Turning to PJT Park Hill. Our PJT Park Hill business delivered record performance in 2021 with strong year-over-year growth. PJT Park Hill is benefiting from the strong secular growth trends taking place in the alternative asset space. In light of the record pace at which capital has been deployed, sponsors are coming back to market earlier than previously anticipated and with larger fund sizes. Accordingly, we expect 2022 to be a very active fundraising year for alternative asset managers. Our firm-wide financial sponsor initiatives are increasingly benefiting from closer collaboration and coordination between PJT Park Hill and Strategic Advisory. PJT Park Hill's pipeline continues to grow and the business is expected to have a strong 2022. Turning to Strategic Advisory. In our Strategic Advisory business, we began 2021 with considerable momentum in most all of the leading indicators that we track. These include breadth and depth of footprint, brand recognition, level of client engagement, and number of active mandates. Even with such positive leading indicators, it often takes time for this momentum to be reflected in our financial results, and when it does, it frequently does so in a step function manner. This was the case in Q4, where we had a record quarter in Strategic Advisory by a significant margin. We previously spoke about 2021 Strategic Advisory results being back-end weighted, and this fourth quarter contribution helped us deliver strong year-over-year growth in Strategic Advisory. Even with all of our success to date, our Strategic Advisory business is still early in the build-out phase and remains very much an idiosyncratic growth story. Our success has been, and continues to be, far more closely linked to the pace and payoff of our many investments than it is to the health of the overall M&A market. On the investment front, we continue to make significant investments in our Capital Markets Advisory group, adding three partners to the practice since December. We are increasingly seeing the payoff from these investments and expect this business to generate significant growth for the foreseeable future. In Europe, we have consistently added talent at all levels. In 2021, our European Strategic Advisory headcount increased more than 25% and is now more than 3x the size it was six years ago. We continue to gain greater traction with European clients and have steadily increased our win rates and market share in the region. Our investment in PJT CamberView has enabled us to broaden our expertise in governance, say-on-pay, shareholder activism, strategic IR, and ESG, leading to more Strategic Advisory wins. Our overall Strategic Advisory mandate count has grown substantially these past two years, nearly doubling during that time. While we begin 2022 with activity levels up meaningfully across the board, we do not expect much of this momentum to be reflected in our financial results until later in the year. We continue to be an idiosyncratic growth story. Even though we expect 2022's M&A market to cool, we remain confident in our 2022 Strategic Advisory growth prospects. Allow me to talk about our capital priorities. Our capital priorities remain unchanged. Our number one priority is to attract highly talented professionals to our firm. We remain committed to further investment in all our businesses with the lion's share of that investment directed to Strategic Advisory. In 2021, Strategic Advisory headcount increased 19% with overall firm-wide headcount up 11% in the same period. Our second-highest capital priority is to offset the equity dilution from our substantial and sustained human capital investment. As Helen mentioned, we repurchased a record number of share equivalents in 2021, enabling us to end the year with fewer shares outstanding than when we began. Even with our steadfast focus on these two priorities, we are in a very strong financial position, enabling us to increase our shareholder dividends. We paid a $3 per share special dividend in October, and we announced this morning that we are increasing our quarterly dividend from $0.05 to $0.25 per share. Looking ahead, we begin 2022 with a firm that is demonstrably stronger and more powerful than a year ago. The headwinds we experienced in our Restructuring business in 2021 have subsided, and the business will, over time, capitalize on the enormous opportunities that will inevitably present themselves. Our biggest growth engine, Strategic Advisory, continues on its significant growth path, becoming an ever-increasing part of our firm-wide results. In Strategic Advisory, PJT Park Hill and PJT CamberView all are well positioned entering 2022, with the strength of these businesses increasingly shining through as the year progresses. Before I conclude, I would like to reflect on the passing of our Board Member, Dennis Hersch. Dennis joined our Board in 2015 and was our Lead Director. He served with great distinction, playing a critical role in our formative years. He was a big believer in the importance of culture and helped shape the unique work environment that makes our firm so special. We will continue to build a firm that Dennis would be proud of, and we are forever grateful for his guidance and support over the years. Thank you. Operator, we'll open it up for questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, that is star one if you would like to ask a question. We will take our first question from Devin Ryan with JMP Securities. Please go ahead. Thanks, good morning, everyone. Good morning, Devin. Just wanna unpack the outlook a bit more on the overall advisory business. You know, I hear the comments on Restructuring and the outlook there. I'm curious on Strategic Advisory, whether you know there was any push-out in revenues from the back half of 2021 into early 2022. I know you have some chunky deals and also some SPACs that have been taking longer to complete. Just wanna get a little perspective on kind of the back half relative to expectations or more specifically the fourth quarter. If it's possible to parse through on the Strategic Advisory side the outlook there into 2022 just with you know the I guess significant step up in partners that been on the platform for less than two years and how relevant and kind of the productivity of those and partner scaling is. Sure. Let me take a crack at this, and I'm sure I'll get to some but not all of your question in one bite, and then why don't you come back if I haven't hit all of your points. We still have a relatively undersized footprint, and as a result, when we make progress, it tends to be very much focused on where we've made investment and the payoff on that investment. When we step way back and look at the mandates that we have that are active, that we're pursuing, that number continues to grow, and it continues to grow at a very substantial pace, and it's continued to grow very significantly over the past two years. Now, when things hit and when they don't, that's just sort of the nature of the business, which is why it's such a lumpy business. As our footprint gets bigger and bigger, you'll see probably less variance quarter- to- quarter than you currently see, which is why we look at this on a one-year, two-year, three-year basis. If you look at how much we've grown our Strategic Advisory business over the last two years, it is, you know, very significant numbers. We were dramatically out of sync with the market in 2020 because we grew the business at a pace that no one really came close to. We continued to grow the business at a considerable clip in 2021, but on a relative basis, it did not look as compelling as it did the year prior. Over the two years, it was sort of, you know, top of the pack. I see those elements of our business continuing to present themselves into 2022. The way in which, you know, individual transactions hit as far as moving from a mandate to an announcement or an announcement to a closing, it's just lumpy. It's just sort of the way it is. Got it. Okay. Moving on a little bit here to Restructuring and the outlook there. I appreciate, you know, the expectation and activity levels, at least in the model, how you guys are thinking about it will be flattish. I guess, what are the risks to the downside, but also the upside there as we think about kind of this macro backdrop evolving? Are you seeing any signs of a pickup, or is it just more an indication that, if your rates move significantly higher, that could essentially be a catalyst to drive more activity there? Sure. Restructuring is a bit different. When I talk about the lumpiness in advisory, I think Restructuring has a different dynamic to it. What we saw at the beginning of COVID, and we were there early, and we were there in a leadership position, a record number of situations were resolved in an extraordinarily compressed period of time. As a result, traditional restructurings that might have extended into 2021, many of those resolved themselves in 2020. As this year went on, our Restructuring business, given the benign environment and the fact that there was less of an imperative to resolve some of these situations, those situations started to take longer and longer. We sort of had acceleration of the most immediate and pressing Restructuring situations into late 2020, and then we had a change in the cadence with things taking longer. I certainly see a meaningful change in the dialogues that we're having, but I will own the fact that I was perhaps, with hindsight, too optimistic about our Restructuring business in 2021. As a result, I'm gonna be cautious for now and say I see it to be pretty much the same, but, you know, we certainly are seeing increasing stress building in the system, and we're seeing companies having more difficulty in refinancing. We're seeing companies more nervous about their business prospects, and that, to me, is an essential element for a change in Restructuring. But I certainly think that the headwinds are behind us. When we get the tailwinds, it will happen. I'm just not yet prepared to say it's gonna happen soon. Yep. Okay, terrific context there, Paul. Then just last quick one here, if I can squeeze in on this shareholder advisory or PJT CamberView. Given that it's hard for us to kinda see the contribution there, I appreciate it's integrated with the overall business. Any way to kind of frame out how that business has been growing and contributing since it was acquired in late 2018 or size and scale today relative to then? Well, it's more than doubled its business since then in terms of resources that are committed to it and its results. But what we look at more than anything else is how that business integrates into our broader Strategic Advisory footprint. Because at the end of the day, they have a market-leading presence, they have enormous footprint, and the opportunity for us to provide an integrated opportunity is what really, you know, sort of squares the circle. It makes all of our businesses better. Increasingly, what you should see is, you know, as we continue our momentum in Strategic Advisory, that if you go back and look at where some of those relationships or introductions or initial relationship with our firm, you know, originated from, it'll be from the Shareholder Advisory side. Given what is going on in the broader environment with, you know, increase in shareholder activism, increase in shareholder engagement, the need to crisply and powerfully tell one story to investors, all of the ESG threads, as you put all of that together, our offering becomes of greater relevance, and it just helps us scale and get our message out to a much broader audience. So increasingly, it's just gonna be one integrated offering. Okay, great. I'll leave it there, but appreciate it. Thank you, Devin Ryan. Thank you. We'll take our next question from Richard Ramsden with Goldman Sachs. Okay, good morning, everyone. Paul, can you just expand a bit on your comment that you expect the M&A market to cool a bit in 2022? What are the factors that you think are gonna drive that? Is that interest rates? Is it this pickup in market volatility? Within that, are there any either product verticals or geographies that you think will see greater normalization than others? Thanks. Sure. Well, look, I think that the current market broadly remains quite hospitable to M&A. I think we're gonna continue to see elevated M&A activity by historic standards. If you're asking me, how does this year compare to last year, I think financing markets are a bit more challenging, but more to the point, what it does is it creates price volatility. When you have price volatility, it makes it more difficult for many parties to come to agreement on valuation. The whole valuation discovery process becomes elongated and a bit more complicated. I suspect that probably affects things a bit. I think we've already seen, you know, in the very large transactions, there have been, you know, a lot of self-editing where companies are not prepared to embark on quite ambitious transactions because of fear of antitrust review or very long reviews, which, you know, add to the risk. So I think we've already seen that trend. I suspect that trend continues and may, at the margin, increase. I think with just a little bit more uncertainty around the world with some European elections and the like, my sense is that you probably have lots of individual factors that probably will serve to cause activity levels to cool a bit from the year before. So if you had to ask me my crystal ball, I think it'll be quite active, but it will be less. Okay, that's helpful. Then look, secondly, just maybe it's just not possible at this point in the year to answer this, but I'm gonna just try anyway, which is, look, if you just take a step back, can you just frame what your revenue growth expectations are in totality for the business for this year? Obviously, there's a lot of different moving parts around what you think the market will do, the 19% growth that you talked about in headcount, in Strategic Advisory, different cost currents in the Restructuring business, and obviously strength in the Park Hill business. I mean, what do you think is a reasonable revenue growth rate for 2022? Is it gonna revert back to, you know, the longer-term average, or do you think it's gonna be below that level? I mean, look, that is very hard to give you a direct answer on because I just don't know. What I do know is we had three businesses that were growing handsomely and one enormous headwind, which sort of, you know, more than offset all of that. That headwind is gone, but I just don't know whether or not we're gonna get any lift in Restructuring this year. We may have one of our, you know, important businesses, clearly a much smaller percentage of our business today than it was a year ago, but it may be treading water this year, which obviously tamps down growth. Our Strategic Advisory business continues to grow at very significant rates, and the Park Hill and CamberView business grow, but they grow at lower rates. It's a little bit of, you know, how that all comes together in a consolidated manner. I certainly feel quite comfortable that we're gonna resume our growth march this year because when you look at 2020 and 2021, you need to look at them together. You can't really look at 2021 with the step-down in Restructuring without looking at 2020 with the step up. If you look at those two years together and see that in those two years, our Restructuring business actually retreated a bit, and then looked at the growth in our other businesses that took us from 2019 to 2021 levels, you start to get a sense of the underlying trajectory of our other businesses. Okay. All right, that's helpful. Thanks a lot, Paul. Thank you, Richard. Thank you. We'll take our next question from Steven Chubak with Wolfe Research. Hi, Good morning. Morning. Wanted to spend some time just talking about the expense outlook. The comp accrual for Q4 was a little bit higher than we were anticipating. How much did inflationary pressures impact the comp ratio? What comp accrual should we be contemplating for the coming year, given the combination of a better revenue outlook, some easier restructuring comps, but at the same time, just the headwinds from general wage inflation and intensifying competition? Sure. If you step way back, we made our initial comp accrual in the first quarter. We played out four quarters, and at the end of the year, our comp accrual for the year was 50 basis points off of what we accrued at the beginning of the year. I think we've been pretty clear that the restructuring environment was more negative than we had believed it to be at the beginning of the year and throughout the year. When I step way back, if our initial comp accrual can pretty much hold up within 50 basis points, given what we saw in one of our important businesses, I think we've just been exercising a bit of judgment to reflect the fact that revenues were a bit disappointing relative to our expectations. We're always cognizant of the competitive market, and our view is that we wanna make sure that we're always investing in our people, in our business, and we're always, you know, moving forward and not being overly tethered to a comp ratio for one quarter. The second thing I'd say is you need to look at 2020 and 2021 together, really as a pair trade because of what I said, the run up and the rundown in Restructuring. Over that period of time, we took our comp ratio from 64.1% to 63%. We continue to believe that over time, you're gonna see our comp ratio come down. How much it comes down in a given year is just gonna be a function of what our business performance is that year, the quantum of recruiting that we do and the competitive environment. I do believe it will continue to come down. The pace and exactly how that happens, we need to actually play out the years and the quarters to figure that out with exactitude. Thanks for that context, Paul. It's really helpful. Just for a follow-up on placement fees, it's interesting, you're talking about Strategic Advisory and some of the other top-line drivers may be growing more slowly, but your placement revenue is actually growing at a 25% CAGR over the last three years. You noted that the backdrop for alternative fundraising remains quite constructive. What do you see as a sustainable growth rate for that business? Could you provide some context on some of the other drivers there as well, recognizing that maybe SPAC related PIPE placements, things of that sort, might slow down in the face of what's still a pretty constructive fundraising backdrop for alternatives? Look, I think increasingly the way to look at this as on a total revenue basis, because when you talked about Strategic Advisory, there are a number of Strategic Advisory initiatives and revenues that show up in the placement line, when we do a SPAC underwriting or when we do a placement of a PIPE or a corporate private placement. We're increasingly seeing Strategic Advisory revenues show up in both lines. In a similar vein in our Park Hill business, as we continue to grow the secondary advisory business, some of the Park Hill revenues related to secondaries and GP solutions show up in advisory. It's not nearly as pure a distinction as it was six years ago. As a result, I think to best understand our firm is to rely on the commentary that I've given you and to look at the total revenue, because if you try and allocate it to business unit based on advisory or placement, I don't think you'll be getting at the underlying trends. Thanks for that, Paul. Maybe just if I could squeeze in one more just on this SPAC-related outlook. SPAC M&A, it's certainly been a big contributor to your results in 2021, and we even see a big contribution just in terms of the overall backlog composition. I was hoping you could help size the contribution from SPAC-related M&A since I know there's some imprecision in Dealogic-related forecasts, and your outlook given the drop-off in SPAC-related issuance and some of the poor performance we've seen in SPAC-related deals. Yeah. I think when I gave my outlook for Strategic Advisory, it was inclusive of SPAC. I think we certainly see the market to be more challenged this year than it was last year. You know, none of that is lost on us. You know, we're increasingly seeing you know, just the totality of our strategic dialogue across all products in all geographies and in industries continuing to expand. You know, we may or may not get to the levels we enjoyed last year. We just announced a significant SPAC transaction you know, a week or so ago, so we're gonna continue to do those. We're not relying on that market you know, staying anywhere near at the frenetic pace it was a year ago. I'll also point out that a year ago we said that the market was tolerating a lot of marginal, you know, transactions, and that we were only focused on the highest of high-grade situations, and that continues to be the case. To the extent there are transactions to do, they're more likely to be with companies that meet our underwriting standards and who we're prepared to commit time to. As a broader trend, we see enormous opportunities in capital markets advisory. I'm loathe to start talking about each one of these as their own business, 'cause at the end of the day, we're about relationships, we're about clients, we're about advice. If you're gonna have the best firm delivering the best advice, you need to have holistic conversations with clients. That starts sometimes with a capital markets issue, sometimes it starts with a strategic issue related to a particular industry, sometimes it relates to activist engagement. As we just build out the tools and as we have, you know, more ways to connect with clients and to serve clients, it'll ultimately manifest itself in our Strategic Advisory business. What the linchpin was is sort of beside the point. While we talk about these individual capabilities, what makes our firm unique is how integrated we are and how it's all about client relationships and solutions. SPACs have their place, but we're not a firm that's organized around how to just do SPACs or do, you know, one particular type of transaction. Yes, if it makes sense, and if there's a market opportunity, and we can move our clients further along by using that as an option, we will. We're sort of agnostic to, you know, the technology and much more focused on what's the right advice for our clients. No, that's great color, Paul. Thanks so much for taking my questions. Absolutely, Steven. Thank you. Thank you. We'll take our final question from Michael Brown with KBW. Great. Thank you, operator. I guess most of my questions have been touched on, but I did wanna dig in a little bit on Europe. You know, Paul, in your prepared remarks, you talked about the growth of the franchise there. Then in your commentary about 2022, you mentioned, you know, there's some uncertainty with elections there. There's also, you know, rising tensions on the Ukraine border. I just wanted to hear a little bit about what you've been seeing year to date. I know it's still early in the year, but how is activity performing right now? Is it generally kind of quieter in the region, or is it still? You know, is there still activity progressing at this time? Well, I appreciate the question 'cause you sort of really got to the heart of the matter, which is we are an idiosyncratic growth story. I think both of those things are correct, and they can both coexist, which is we continue to see enormous opportunities for our global franchise, and we see enormous opportunities for us to continue to build out our European presence. I'm not sure that Europe as a market will grow this year. It may be challenging to match last year's levels. I think there are some puts and takes. You'll probably continue to see more sponsor activity in Europe. I suspect that with French elections, with, as you said, rising tensions and just some, you know, unease amongst corporates, you may well have, you know, a less than record-setting year in Europe. We're still quite comfortable in our European prospects, no different than how we see the U.S. and the rest of the world. Our growth is very much a function of where resources are committed, how long those resources, you know, are out there, the capabilities that we can build around it. We're literally building our firm, you know, one client at a time from the bottom up, and we're mindful of the macro, but we're much less tethered to it. I think you've seen that the last two years, and I think you'll see it again this year. I suspect that we're just gonna continue to grow pretty much regardless of what the macro environment is. Okay, great. Just one last one from me on the talent front. Where's your partner headcount today? It looked like it ended the year at 97. If you could just give us that update. What is your outlook here in terms of hiring? How is the competitive landscape? Is it fair to assume that 2022 could be a bit better than 2021? Obviously, it's always kind of idiosyncratic, but would love some commentary there. Yeah. Let me start, and then I'll turn it over to Helen. Just some statistics to maybe help a bit. As we mentioned in our remarks, Strategic Advisory headcount grew 19% this year. From Strategic Advisory partner count, we expect sort of year in and year out, if you look at our experience, the net adds, if you will, you know, net additions, they've been about six or seven Strategic Advisory partners a year. I think this year that number will have been six. COVID has not helped our recruiting efforts. It is just more difficult to appreciate how special a place this is when you cannot walk the halls and engage with folks. For a significant part of the year, you know, a lot of the dialogues that we were having, we did not get as far as we would had we all been, you know, back in the office. It's interesting to note that with our return to office, how much the recruiting picked up, and we've added and will add, you know, four Strategic Advisory partners starting between the months of December and February. We see the way we ended the year from a recruiting perspective is much more indicative of what the partner growth will be in 2022. I think Zoom works for lots of things. If you're recruiting best in class individuals who are quite, you know, successful at their incumbent firm, the best way to get people to make that commitment is to have everybody back in the office. As we return to the office, not surprisingly, we've seen a big uptick in our partner onboardings. If there are other questions, Helen can give you more specifics. Just to confirm, that's correct, Michael. 97 partners as of 12/31, which includes 56 partners in advisory. As Paul said, since then we have gone through the promotion process. We've added some partners and also hired some partners. When we report Q1, all of that will be reflected in our updated headcount numbers. Okay, great. Thank you, Helen and Paul. Great. Thank you. Thank you. We have another question from Jeff Harte with Piper Sandler. Hey, good morning. A couple left from me. Thinking about kind of the alts fundraising and what's going on with Park Hill, can you talk a bit about kind of the longer term secular outlook, which I get investor demand for alts keeps rising, versus maybe any potential near term headwinds? I mean, the market's been awfully volatile. I'm not sure how big of an impact that has. Does higher interest rates, you know, provide more competition for capital, maybe slow things down? Do you have a kind of a near term versus long term perspective there? Yeah, well, I think. Look, the tailwind is a headwind, right? With everybody coming back to market, you're gonna have a crowded marketplace. Given the spectacular, you know, performance, you know, certainly in PE, you have a lot of LPs that are over-allocated to the asset class. One of the challenges to the fundraising environment will be everybody coming back. There's a lot of, you know, asks out there, and you've got to create the supply. Now, I think where that does dovetail nicely is that causes a lot of LPs to need to readjust their portfolios and create more liquidity, whether it's through sales of existing LP interests or working with GPs to create liquidity through, whether it's a continuation fund or SPVs or other technologies. I think the market is continuing to evolve because this has been such a successful asset class, and it's continuing to attract more and more capital. You need to be much more nimble as to how you manage all of this to ensure that you have successful fundraisers. I suspect that with everyone, not everyone, but with, you know, most everyone returning to the market, it's gonna be a highly competitive place to get the attention of LPs. We're gonna need to continue to attract additional capital to the space. I see that sort of yin and yang continuing for a long time. It could be that, you know, in order to create more opportunity on the primary side, you're gonna need to be more creative on the secondary side. Okay. On the dividend increase, I mean, that's a meaningful regular dividend increase. Should we read anything into that as far as kind of your confidence or the sustainability of cash flows? I know buybacks, you could turn on and off, especially you can do at will. I think that big increase in the kind of fixed dividend, does that kind of signal anything to us? I don't know what it signals, but I certainly wouldn't do it if we thought that we weren't in there creating a rock solid dividend at $0.25 a quarter. I would note that we introduced our firm with a, you know, $0.05 dividend. It's been six years plus, we haven't touched that dividend. We're a dramatically different firm today with different growth, you know, and just size, scale, etc. I think we're very, very comfortable that that dividend is a rock solid dividend. Otherwise we would not have gone to that level. You do need to look at it in the context of not having touched it for 6 plus years. Okay, good point. Thank you. Thank you. We'll now take a follow-up from Devin Ryan with JMP Securities. Yeah, thanks for the follow-up here. Just want to kind of dovetail on that and just capital return more broadly, you did touch on, but you know, as you think about The dividend, and just kind of the excess cash position today, I appreciate you still have to pay bonuses, but, yeah, you still are creating a lot of excess capital and, you know, a fair amount more than the dividend. So I'm curious how you guys are thinking about the stock and the buyback and, balancing, you know, the stock price here versus kinda liquidity and float and kinda how much you maybe wanna lean in on the stock here at these prices. Well, first thank you for giving me yet another opportunity to talk about our undervalued stock. I appreciate it. I appreciate that. Look, we have always been big believers in our prospects, and we have directed the vast majority of our free cash flow to buybacks as opposed to dividends. I think even moving the dividend to $1 a share, that's not gonna change, you know, that. If you go back to our priorities, priority one is to invest in the business. Priority number two is to, you know, buy back as much of that cheap stock as we can. Then if there's money left over, there's a dividend, and we're quite comfortable at $1 a share. I don't think those change much on a going forward basis. But we have to evolve, and we have to tweak it. When you think about how much additional capital we're generating to have none of it reflected in the dividend, and just to keep the dividend that we introduced ourselves with in October 2015, that's not the right balance either. We're gonna continue to buy back stock, and we're gonna continue to find ways to capitalize on these dislocations. Got it. Okay. Thanks, Paul. Absolutely. Thank you. That was today's final question. I would like to turn the conference back over to Mr. Taubman for any additional closing remarks. Just wanna thank everyone for joining us this morning, and thank you for your interest and your support, and we look forward to meeting again when we report our first quarter results. Thank you, and have a good day.