PJT Partners Inc. reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $326.3 million, an increase of $48.0 million from $278.4 million in Q3 2023. For the nine months, total revenues amounted to $1,015.9 million, up $191.3 million from $824.6 million in the prior year. The growth was primarily driven by higher advisory fees, which rose to $283.8 million in Q3 2024 from $244.1 million in Q3 2023, and for the nine months, advisory fees increased to $879.6 million from $736.0 million.
Net income for Q3 2024 was $41.1 million, compared to $31.2 million in Q3 2023, while net income attributable to PJT Partners Inc. increased to $22.2 million from $17.4 million. For the nine months, net income rose to $147.5 million from $100.2 million, with net income attributable to PJT Partners Inc. reaching $83.1 million, up from $56.9 million. The basic net income per share of Class A common stock for Q3 2024 was $0.87, compared to $0.69 in Q3 2023, and for the nine months, it increased to $3.26 from $2.26.
Total expenses for Q3 2024 were $276.9 million, an increase from $235.8 million in Q3 2023, while expenses for the nine months rose to $848.2 million from $698.7 million. The increase in expenses was attributed to higher compensation and benefits costs, influenced by the addition of senior-level employees to support growth.
As of September 30, 2024, PJT Partners reported total assets of $1,559.5 million, up from $1,434.9 million at the end of 2023. Cash and cash equivalents decreased to $148.8 million from $355.5 million, while investments at fair value increased significantly to $328.2 million from $81.4 million. Total liabilities also rose to $679.0 million from $573.8 million.
In terms of strategic developments, PJT Partners completed the acquisition of deNovo Partners on October 1, 2024, with the purchase price allocation still pending. The company also entered into a new revolving credit agreement in July 2024, providing a facility of up to $100 million, with no outstanding borrowings as of September 30, 2024. The company declared a quarterly dividend of $0.25 per share, payable on December 18, 2024.
Overall, PJT Partners Inc. demonstrated robust growth in revenue and profitability, supported by strategic initiatives and favorable market conditions in advisory services.
About PJT Partners Inc.
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