PJT Partners, Inc. (NYSE:PJT) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET

Company Participants

Sharon Pearson - Head, IR

Paul Taubman - Chairman & CEO

Helen Meates - CFO

Conference Call Participants

Devin Ryan - JMP Securities

James Yaro - Goldman Sachs

Steven Chubak - Wolfe Research

Jim Mitchell - Seaport Global Securities

Operator

Good day, and welcome to the PJT Partners Second Quarter 2023 Earnings 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.

Sharon Pearson

Thank you very much. Good morning, and welcome to the PJT Partners second quarter 2023 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' 2022 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.

And with that, I'll turn the call over to Paul.

Paul Taubman

Thank you, Sharon. Good morning, everyone, and thank you for joining us.

As our results indicate, our firm delivered stellar revenue performance for the three and six-month periods notwithstanding a very challenging backdrop. Second quarter revenue of $346 million was up 49% year-over-year and is the highest in our firm's history. This record setting result was driven by extraordinary performance in our restructuring business, combined with strong relative performance in strategic advisory.

For the six months firm-wide revenues increased 14% to $546 million compared to the prior year.