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November 4, 2025 Who We Are
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Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions. Notices and Disclaimers Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyber attacks, security vulnerabilities and internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions; (c) failures of the Company’s computer systems or communication systems, including as a result of a catastrophic event and the use of remote environments; (d) the impact of catastrophic events, including business disruptions, pandemics, reductions in employment and an increase in business failures on (1) the U.S. and the global economy and (2) our employees and our ability to provide services to our clients and respond to their needs; (e) the failure of third-party service providers to perform their functions; and (f) volatility in the political and economic environment, including as a result of inflation, changes to international trade policies, elevated interest rates and geopolitical and military conflicts. Any of these factors, as well as such other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the Company’s results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that the Company is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in the statements of operations, financial condition or cash flows of the company. These measures should not be considered substitutes for, or superior to, financial measures prepared in accordance with GAAP. Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income, If-Converted, in total and on a per-share basis (referred to as “Adjusted EPS”); Adjusted Compensation and Benefits Expense and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this presentation, remove the impact of: (a) acquisition- related compensation expense; (b) transaction-related intangible asset amortization; and (c) the net change to the amount PJT Partners has agreed to pay Blackstone (our “former Parent”) related to the net realized cash benefit from certain compensation-related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided on page 28 of this presentation. For additional information about our non-GAAP financial measures, see our filings with the SEC. Disclaimers This document is “as is” and is based, in part, on information obtained from other sources. Our use of such information does not imply that we have independently verified or necessarily agree with any of such information and we have assumed and relied upon the accuracy and completeness of such information for purposes of this document. Neither we nor any of our affiliates or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data it generates and expressly disclaim any and all liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information or any errors or omissions therein. Any views or terms contained herein are preliminary and are based on financial, economic, market and other conditions prevailing as of the date of this document and are subject to change. We undertake no obligations or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance. This document does not constitute an offer to sell or the solicitation of an offer to buy any security, nor does it constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies and does not constitute legal, regulatory, accounting or tax advice to the recipient. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This document is not a research report nor should it be construed as such. Presentation of Information All facts, metrics and other information provided herein are presented as of September 30, 2025, unless otherwise stated. Copyright © 2025, PJT Partners Inc. (and its affiliates, as applicable). 2
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PJT Partners is a Premier, Global, Advisory-Focused Investment Bank Note: Figures as of September 30, 2025, unless otherwise indicated. “LTM” represents “Last Twelve Months”. (1) Since October 1, 2015. 3 PJT Park Hill Strategic Advisory Restructuring & Special Situations $1.66bn Revenues LTM 3Q25 2015 NYSE: PJT Partners listing 25+ Years Avg. Partner experience 420+ Clients LTM 3Q25 60+ Countries where we advise clients 133 Partners globally 1,226 Firmwide headcount 15 Offices globally $7.8bn Market capitalization 1
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Our Global Office Presence 4 Note: As of September 30, 2025. Americas EMEA APAC > New York > Boston > Chicago > Houston > Los Angeles > San Francisco > London > Madrid > Frankfurt > Munich > Paris > Dubai > Riyadh > Hong Kong > Tokyo
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A Firm That's Resilient > Balanced business model allows for growth in most market environments > Breadth of capabilities Strong Future Growth Prospects > Significant market share growth opportunities > Collaborative culture drives better client solutions and contributes to sustainable growth Secular Tailwinds > Business disruption and dislocations increase need for strategic advice > Increased demand for advisory-focused firms Disciplined Management > Focused expense management > Consistent approach to capital priorities Proven Track Record > Success in attracting best-in-class talent > Significant revenue and earnings growth since we became a public company Aligned with Shareholders > Unwavering focus on the long term > ~40% employee ownership Why PJT Why Now 5
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(1) Non-GAAP adjustments to 2015 GAAP Pretax Income are described in our Form 8-K published on 2/11/16, which can be found here. (2) Figures are shown ‘as adjusted’; see reconciliations on page 28. (3)Adjusted EPS shown from 2016, as FY 2015 did not have a published adjusted EPS figure. Non-GAAP adjustments to 2016 GAAP EPS are described in our Form 8-K published on 2/9/17, which can be found here. What We're Building Partners Total Partner count Employees Firmwide headcount Clients Total number of clients 2015 3Q25 2015 3Q25 2015 LTM 3Q25 46 +189% +247% +102% 353 209 133 Revenues $ millions 2015 LTM 3Q25 +308% $406 $1,656 Adjusted EPS $ 2016 LTM 3Q25 +309% $1.55 $6.34 Adjusted Pretax Income $ millions 2015 LTM 3Q25 +704% $42 $3371,226 423 Our People & Our Relationships Our Financial Results 1 6 2 23
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Note: Figures are as of period end. 46 18 11 14 3Strategic Advisory Restructuring PJT Park Hill Corporate 51 20 13 15 3 61 27 13 17 4 71 37 13 16 5 473 590 678 749 833 907 Employees Partners 7 Premier Destination for Talent 353 419 81 45 14 15 7 88 52 13 16 7 97 56 15 18 8 105 66 15 18 6 2015 2016 2017 2018 2019 2020 2021 2022 1,143 115 73 18 19 5 2024 119 75 18 20 6 2023 1,012 1,226 3Q25 133 85 18 23 7
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8 Note: Figures are as of period end. Long-Term Growth Driven by a Growing Roster of Experienced Practitioners # of Strategic Advisory Partners with >2 years on the PJT platform Number of Strategic Advisory Partners Sustained growth in Strategic Advisory partner count ~25% of partners still new to the PJT platform 5 9 18 23 30 37 42 49 53 58 65 18 20 27 37 45 52 56 66 73 75 85 13 11 9 14 15 15 14 17 20 17 20 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 9/30/25 # of Strategic Advisory Partners with <2 years on the PJT platform
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Broad Suite of Capabilities The Importance of Every Client Strategic Advisory 9 Why Clients Choose Us > Liability Management > In-Court Bankruptcy and Out-of-Court Restructurings > Specialty Financings > Cross-border Reorganizations > Tort Liability Resolutions > Distressed M&A and Asset Sales > Private Equity > Private Capital Solutions > Real Estate > Alternative Credit/Hedge Funds > Direct/Co-investment Placement Restructuring & Special Situations PJT Park Hill Partners in success Advice is our North Star Trusted advisor Working better together Collaboration with impact > Mergers & Acquisitions (“M&A”) > Capital Markets Advisory > Complex Investor Matters > Board Advisory > Activism Defense > Corporate Governance Advisory > Geopolitical and Policy Advisory > General Partner (“GP”) Stakes Advisory
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PJT is Built From the Ground Up to Be Different 10 Big Firm Capabilities Small Firm Feel Global reach Collaboration & teamwork Brand recognition Complex transaction flow Cross-product capabilities Focus on talent development Concentration of top practitioners Partnership culture Entrepreneurial at all levels Opportunity for meaningful impact Advice is the main event Commitment to excellence
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11 Employer of Choice > Offer best qualities of a much larger organization combined with the energy of a smaller, entrepreneurial firm > Hire individuals with differentiated expertise, who enhance our collective capabilities and strengthen our culture > Culture of continuous improvement and growth mindset > Reward employees on commercial contribution and commitment to our values > Offer competitive employee benefits > Provide voice to employees through frequent engagement and regular surveys > Foster an inclusive culture and environment where employees feel valued, respected and empowered > Commitment to mentorship, development and career growth
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12 Note: Quotes sourced from our annual employee surveys in 2022 and 2023, as well as our Summer Internship surveys in 2024 and 2025. What Our Employees Are Saying About Us I enjoy being surrounded by smart, high-caliber professionals who row in the same direction, creating an environment where teamwork and excellence come naturally. I value the opportunities for talent development and for the chance to have a genuine voice in shaping our growth together. Having the “small firm feel” while still being on such a fast track of growth. In many ways, it’s the best of both worlds. The ability to have a seat at the table and have responsibilities way beyond your title. Being able to work directly with senior professionals, and how warm and welcoming every professional at PJT is. Seeing the camaraderie between the full-time analysts, then gradually experiencing the same camaraderie building up among the summer interns. The outstanding people with strong intellectual curiosity, passion, humor and empathy make this firm an incredible place to work. There’s an energy and way of working that I haven’t seen at other companies. PJT's collaborative culture and values are credible and reflect the views and values of senior leadership. I have enjoyed the ability to see progress in my qualitative and quantitative tool kit through increased responsibility over time while continuing to learn through exposure to a variety of transactions and industries. The humility of the people here. For a firm full of such impressive, high caliber individuals, it was amazing to see how the humility of our people makes everyone constantly strive to be better, learn, grow and support our culture. Doing the Right Thing Commitment to Excellence Culture of Collaboration Client Exposure
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PJT Partners Gives Back (1) Cumulative since 2020 through September 30, 2025. $12mm+ total firm giving1 515+ global organizations supported across our communities1 13
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Our Businesses 14
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M&A Advisory Capital Markets Advisory Shareholder Advisory Restructuring & Special Situations PJT Park Hill 15 Strategic Advisory Teams Work Collaboratively to Provide Innovative, High-Touch Advice on Transformative Strategic Actions Board Advisory Geopolitical & Policy Advisory Activism Defense Mergers & Acquisitions Every client is important, large and small Strategic Advisory $67 billion $26 billion $48 billion $63 billion $51 billion $34 billion $59 billion $17 billion $28 billion $50 billion $20 billion €10.1 billion $14.8 billion $8.3 billion $9 billion $8 billion GP Stakes Advisory
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16 Our Capital Markets Advisory Teams Partner With Companies to Deliver Bespoke, Product Agnostic and Differentiated Capital Raising Solutions M&A Advisory Capital Markets Advisory Shareholder Advisory Restructuring & Special Situations PJT Park Hill Debt Capital Markets Private Capital Markets Structured Products SPACs Equity Capital Markets Strategic Advisory Spin-Offs
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17 Note: Shareholder Advisory statistics are cumulative since 2013. Campaigns include activism, M&A, Say-on-Pay, shareholder proposals, and Director Against. Market Cap data reflects data for clients at the time of engagement with PJT. PJT Camberview Brings Decades of Investor Experience to Deliver Advice Like No Other 15,250+ Client engagements with 615+ Investors 300+ Global public company clients 60+ Fortune 100 clients $23tn+ Aggregate market cap of Shareholder Advisory clients 155+ Activism preparedness and defense mandates 470+ Complex proxy votes and campaigns Advised on: Complex & Contested Situations Develop strategies to proactively mitigate and navigate shareholder activism and other complex investor situations Governance Advisory Successfully build relationships and engage with voting teams at large institutional investors and proxy advisors Strategic Investor Relations Design strategies to deliver enhanced public market valuations and target the right shareholders M&A Advisory Capital Markets Advisory Shareholder Advisory Restructuring & Special Situations PJT Park Hill Strategic Advisory
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2020, 2021, 2022 & 2023IFR’s Restructuring Advisor of the Year #1 U.S. Announced & Completed restructurings1 #1 Worldwide Announced & Completed restructurings1 We Are the Go-To Trusted Advisor in Situations of Financial Distress 18 M&A Advisory Capital Markets Advisory Shareholder Advisory Restructuring & Special Situations PJT Park Hill Over 500 clients around the world have turned to PJT for restructuring and special situations advice (1) Based on LSEG’s Refinitiv Restructuring League Table for the period from 01/01/25 to 06/30/25.
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Private Capital Solutions Fundraising Private Equity, Real Estate, Alternative Credit/ Hedge Funds, Directs Primary funds represented Investor relationships 515+ 5,500+ $550bn+ Capital raised PJT Park Hill is a Leading Global Advisor and Placement Agent to Alternative Asset Managers 19 M&A Advisory Capital Markets Advisory Shareholder Advisory Restructuring & Special Situations PJT Park Hill LP Advisory1,2 $116bn+ LP portfolio sales GP Advisory2,3 $107bn+ GP-led secondary transactions Our platform is built on vast experience and deep expertise across asset classes Note: Statistics since 2005. (1) “LP” represents “Limited Partner”. (2) Advised volume includes volume at PJT and prior experience of current professionals. (3)GP Advisory includes Structured Solutions transactions.
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Market Leadership in Alternative Asset Management 20 (1) “NAV” represents “Net Asset Value”. Private Equity > Buyouts > Growth equity > Special situations > Infrastructure > Impact / energy transition > Direct investments > Private & public credit > Public equity > Structured credit / equity > Special situations > Distressed > Royalties > Quantitative strategies Alternative Credit / Hedge FundsReal Estate > Opportunistic & value-add > Core / core+ > Debt & credit > Programmatic Joint Ventures > Portfolio recaps & direct co-investments > Local operators & operating platforms > Real assets & Real estate-adjacent strategies > GP liquidity solutions ‒ Single & multi asset ‒ Asset strip sales ‒ Tender offers > LP portfolio solutions > NAV1 based financing > Preferred equity > Collateralized fund obligations Private Capital Solutions
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Our Financials 21
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22 Financials (1) Figures are shown ‘as adjusted’; see reconciliations on page 28. For reconciliation to GAAP EPS from 2016 through 2021 refer to the respective Form 8-K’s which can be found on the SEC Filings section of the Investor Relations website, here. Revenue $ millions Adjusted EPS1 $ per share 499 499 580 718 1,052 992 1,026 1,153 1,493 1,656 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25 1.55 1.54 1.91 2.41 4.93 4.44 3.92 3.27 5.02 $6.34 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25
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23 Note: % growth figures are YoY. (1) Figures are shown ‘as adjusted’; see reconciliations on page 28. (2) Represents sum of prior four quarters reported GAAP Diluted EPS. Financial Overview Revenue Pretax Income GAAP Diluted GAAP Adjusted¹ Adjusted¹ EPS Third Quarter 2025 $447mm +37% $91mm +84% $94mm +86% $1.47 +86% $1.85 +99% $323mm +47% $337mm +50% $6.50 +65% $6.34 +56% $1,656mm +23% Last Twelve Months 3Q25Nine Months 2025 $1,179mm +16% $220mm +31% $230mm +34% $4.70 +53% $4.43 +43% 2
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Shareholder Alignment > Significant stock based component of compensation ~40% employee ownership Capital Priorities > Invest in our business > Offset dilution > Maintain a dividend Operational Oversight > Disciplined expense management > Strong cash position > Senior management awards tied to shareholder value creation 24 Capital Priorities and Disciplined Financial Management
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Historical Share Repurchase Summary Dollars Spent on Share Repurchases $ millions Note: Includes open market repurchases, exchanges and net share settlements. 25 52 156 76 163 236 142 158 333 432 - 100 200 300 400 500 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25 # of Shares Repurchased millions of shares 1.4 3.2 1.9 2.9 3.2 2.2 2.2 3.1 2.8 - 1.0 2.0 3.0 4.0 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25
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26 Note: Share count in millions. (1) Assumes the conversion of all Partnership Units, including Partnership Units that achieved certain market conditions as of the date those conditions were achieved, to Class A common stock, as well as all unvested RSUs converted under the treasury stock method to Class A common stock. (2) Assumes all Partnership Units and unvested RSUs have been converted to shares of the Company’s Class A common stock. Included in Unvested RSUs are Vested, Undelivered Shares. Share Count Three months ended 9/30/24 9/30/25 Weighted-Average Shares Outstanding - If-Converted1 As of 9/30/24 9/30/25 Fully-Diluted Shares Outstanding2 Class A Common Shares Vested Partnership Units Unvested Partnership Units Unvested RSUs 44.5 43.8 5.0 1.3 14.4 23.8 4.3 1.2 14.0 24.3 47.0 45.8 7.4 1.4 14.4 23.7 6.4 1.2 13.9 24.3
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(1) Represents sum of prior four quarters reported GAAP Diluted EPS. GAAP Statements of Operations 3 Months Ended 9/30, 9 Months Ended 9/30, Last Twelve Months Ended 9/30, 12 Months Ended 12/31, 2025 2024 2025 2024 2025 2024 2024 2023 2022 Revenues Advisory Fees $389.8 $283.8 $1,026.5 $879.6 $1,461.0 $1,170.2 $1,314.0 $1,026.6 $823.5 Placement Fees $49.2 $32.5 $128.4 $113.8 $160.8 $142.2 $146.3 $102.6 $192.9 Interest Income and Other $8.1 $10.1 $23.6 $22.5 $34.0 $32.1 $32.9 $23.9 $9.1 Total Revenues $447.1 $326.3 $1,178.5 $1,015.9 $1,655.8 $1,344.5 $1,493.2 $1,153.2 $1,025.5 Expenses Compensation and Benefits $303.3 $226.8 $801.3 $706.0 $1,127.3 $938.3 $1,032.1 $805.4 $669.1 Non-Compensation Expense $52.8 $50.1 $157.2 $142.2 $205.6 $186.7 $190.5 $170.2 $154.9 Total Expenses $356.1 $276.9 $958.5 $848.2 $1,332.9 $1,125.1 $1,222.6 $975.6 $824.0 Income Before Provision for Taxes $91.0 $49.4 $220.0 $167.7 $322.9 $219.4 $270.6 $177.6 $201.5 Provision for Taxes $16.0 $8.3 $9.5 $20.2 $21.3 $26.4 $32.1 $31.9 $36.7 Net Income $75.0 $41.1 $210.6 $147.5 $301.6 $193.0 $238.5 $145.7 $164.8 Net Income Attributable to Non-Controlling Interests $35.1 $18.9 $83.8 $64.4 $123.5 $85.0 $104.1 $63.9 $74.2 Net Income Attributable to PJT Partners Inc. $39.8 $22.2 $126.8 $83.1 $178.1 $108.0 $134.4 $81.8 $90.5 Net Income Per Share of Class A Common Stock — Basic $1.55 $0.87 $4.93 $3.26 $6.95 $4.24 $5.28 $3.24 $3.61 Net Income Per Share of Class A Common Stock — Diluted $1.47 $0.79 $4.70 $3.08 $6.50(1) $3.94(1) $4.92 $3.12 $3.51 Weighted-Average Shares of Class A Common Stock Outstanding — Basic 25.7 25.4 25.7 25.5 25.6 25.5 25.5 25.3 25.1 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 28.6 44.6 43.9 43.8 44.1 41.9 26.6 Amounts in millions, except per share data 27
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Note: Respective non-GAAP adjustments are more fully described in the Company’s Earnings Releases on Form 8-Ks. Summary of GAAP to Adjusted Financial Information 3 Months Ended 9/30, 9 Months Ended 9/30, Last Twelve Months Ended 9/30, 12 Months Ended 12/31, 2025 2024 2025 2024 2025 2024 2024 2023 2022 Revenues Advisory Fees $389.8 $283.8 $1,026.5 $879.6 $1,461.0 $1,170.2 $1,314.0 $1,026.6 $823.5 Placement Fees $49.2 $32.5 $128.4 $113.8 $160.8 $142.2 $146.3 $102.6 $192.9 Interest Income and Other $8.1 $10.1 $23.6 $22.5 $34.0 $32.1 $32.9 $23.9 $9.1 Total Revenues $447.1 $326.3 $1,178.5 $1,015.9 $1,655.8 $1,344.5 $1,493.2 $1,153.2 $1,025.5 Compensation and Benefits Expense GAAP Compensation and Benefits Expense $303.3 $226.8 $801.3 $706.0 $1,127.3 $938.3 $1,032.1 $805.4 $669.1 Adjustments: Acquisition-Related Compensation Expense (1) ($1.6) - ($5.8) - ($7.9) - ($2.1) - ($11.8) Adjusted Compensation and Benefits Expense $301.7 $226.8 $795.5 $706.0 $1,119.4 $938.3 $1,030.0 $805.4 $657.4 Non-Compensation Expense GAAP Non-Compensation Expense $52.8 $50.1 $157.2 $142.2 $205.6 $186.7 $190.5 $170.2 $154.9 Adjustments: Amortization of Intangible Assets (2) ($1.4) ($1.2) ($4.3) ($3.7) ($5.7) ($4.9) ($5.1) ($4.9) ($6.5) Spin-Off-Related Payable(3) ($0.0) ($0.0) ($0.1) ($0.2) ($0.4) ($0.2) ($0.5) ($0.1) ($0.8) Adjusted Non-Compensation Expense $51.4 $48.9 $152.8 $138.3 $199.4 $181.6 $184.9 $165.1 $147.6 Pretax Income GAAP Pretax Income $91.0 $49.4 $220.0 $167.7 $322.9 $219.4 $270.6 $177.6 $201.5 Adjustments: Acquisition-Related Compensation Expense (1) $1.6 - $5.8 - $7.9 - $2.1 - $11.8 Amortization of Intangible Assets (2) $1.4 $1.2 $4.3 $3.7 $5.7 $4.9 $5.1 $4.9 $6.5 Spin-Off-Related Payable(3) $0.0 $0.0 $0.1 $0.2 $0.4 $0.2 $0.5 $0.1 $0.8 Adjusted Pretax Income $94.0 $50.6 $230.2 $171.6 $337.0 $224.5 $278.3 $182.7 $220.5 Adjusted If-Converted Taxes (4) $13.2 $9.4 $35.7 $36.0 $56.9 $47.7 $57.2 $46.3 $57.3 Adjusted Net Income, If-Converted $80.8 $41.2 $194.5 $135.5 $280.1 $176.8 $221.1 $136.4 $163.3 Adjusted Net Income, If-Converted Per Share $1.85 $0.93 $4.43 $3.10 $6.34 $4.06 $5.02 $3.27 $3.92 Weighted-Average Shares Outstanding, If -Converted 43.8 44.5 43.9 43.8 44.2 43.6 44.1 41.7 41.7 Amounts in millions, except per share data 28
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1. This adjustment adds back to GAAP Pretax Income acquisition-related compensation expense for equity based and cash awards granted in connection with the acquisition of CamberView on October 1, 2018 and the acquisition of deNovo Partners on October 1, 2024. 2. This adjustment adds back to GAAP Pretax Income amounts for the amortization of intangible assets that are associated with our former Parent’s IPO, the acquisition of PJT Capital LP on October 1, 2015, the acquisition of CamberView on October 1, 2018, and the acquisition of deNovo Partners on October 1, 2024. 3. This adjustment adds back to GAAP Pretax Income the net change to the amount the Company has agreed to pay its former Parent related to the net realized cash benefit from certain compensation-related tax deductions. Such amounts are reflected in Other Expenses in the Condensed Consolidated Statements of Operations. 4. Represents taxes on Adjusted Pretax Income, assuming all Partnership Units (excluding unvested Partnership Units in periods in which they had yet to satisfy market conditions) have been exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects as well as return to provision adjustments. This tax rate excludes a number of adjustments, including, but not limited to, the tax benefits of the adjustments for acquisition-related compensation expense and amortization expense. Amounts presented in tables above may not add or recalculate due to rounding. Notes to Financials 29