PJT · PJT Partners, Inc. Q2 FY2026 earnings call record财报电话会记录

“We believe that these factors are described in the Risk Factors section contained in PJT Partners 2025 Form 10-K, which is available on our website at pjtpartners.com.”

“Adjusted pre-tax income was $106 million, up 32%, and adjusted EPS was $1.97, up 28% from year-ago levels.”

“For the first half of the year, revenues increased 24%, adjusted pre-tax income increased 39%, and adjusted EPS increased 36% compared to 2025 levels.”

“For the six months ended June 30, total revenues were $904 million, up 24% year-over-year.”

“We now expect our non-comp expense growth for the year to be slightly higher than previous guidance and closer to 14% year-over-year.”

“Our adjusted pre-tax margin was 21.7% for the second quarter, compared with 19.7% for the same period last year, and 20.9% for the first six months, compared with 18.6% for the same period last year.”

“During the quarter, we repurchased approximately 498,000 shares and share equivalents, primarily through open market repurchases.”

“We do, however, expect our revenue growth rate for the full year to be less than that achieved in the first half of the year.”

“Given that we've got maybe a bit of an acceleration in non-comp, how you think about adding another roughly 2 percentage points to the margin, similar to what you did in 2025?”

“Which is how robust our revenue growth ends up being for the full year.”

“I continue to believe we will continue on this journey of providing increasing operating margins for our shareholders.”

“Similarly, it would be helpful to hear a little bit more around how the secondaries business is being impacted here, just given the volume of software-related TVs in recent years.”