PJT Partners (PJT) FY2023 results: revenue $1.2 billion, up 12.5% on the year

PJT Partners Inc. (PJT) reported revenue of $1.2 billion for fiscal 2023, the year ended 31 December 2023, up 12.5% on the year before. Net income was $82 million, down 9.6%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.2 billion

+12.5% on the year

FY2016FY2023

Operating margin

15.4%

19.6% a year earlier

FY2016FY2023

Net income

$82 million

-9.6% on the year

FY2016FY2023

Diluted EPS

$3.12

-11.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,153	1,026	992	+12.5%
Operating income	178	201	219	-11.8%
Operating margin	15.4%	19.6%	22.1%
Pre-tax income	178	201	219	-11.8%
Income tax	31.9	36.7	29.5	-13.0%
Effective tax rate	18.0%	18.2%	13.4%
Net income	81.8	90.5	106	-9.6%
Net margin	7.1%	8.8%	10.7%
Diluted EPS	$3.12	$3.51	$3.99	-11.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	442	243	124	+81.9%
Capital expenditure	3.9	3.4	6.5	+14.4%
Free cash flow	438	239	118	+82.9%
Free cash flow margin	37.9%	23.3%	11.9%
Cash from investing	-34.3	-53.2	131
Cash from financing	-228	-210	-353
Depreciation and amortisation	14.0	15.5	15.8	-9.2%
Share-based compensation	179	166	109	+7.9%
Buybacks	117	109	103	+6.6%
Dividends paid	24.4	24.6	78.0	-0.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	245	185	120	+32.2%
Non-controlling interest	616	574	517	+7.3%
Debt	0.0	0.0	0.0
Other liabilities	574	291	350	+97.1%
Total liabilities and equity	1,435	1,051	988	+36.6%
Fixed assets	25.9	30.7	37.1	-15.6%
Goodwill	173	173	173	0.0%
Intangible assets	13.0	17.9	24.4	-27.5%
Cash and equivalents	356	173	200	+105.2%
Other assets	868	656	553	+32.3%
Total assets	1,435	1,051	988	+36.6%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.