PJT Partners Inc. (NYSE:PJT) Q2 2020 Earnings Conference Call - Final Transcript
Jul 28, 2020 • 08:30 am ET
Good day, and welcome to the PJT Partners Second Quarter 2020 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 proceed.
Good morning, and thank you very much, Jake, and welcome to the PJT Partners second quarter 2020 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 is described in the Risk Factors section contained in PJT Partners' 2019 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, also available on our website.
And with that, I'll turn the call over to Paul.
Paul J. Taubman
Thank you, Sharon. Good morning, and thank you all for joining us today. Since the start of our firm, we have consistently spoken about an unwavering commitment to building our business through sustained, strategic and value-added investment. This quarter's strong financial performance resulted, in part, from this continuous investment.
In the second quarter, firm-wide revenues grew 40% to $233 million, while adjusted pretax income grew 97% and adjusted earnings per share grew 96% compared to a year ago. Our strong results were propelled by standout performance in our strategic advisory business, coupled with continued strong performance in restructuring. Year-to-date, firm-wide revenues grew 47% to $433 million, adjusted pretax income grew 119%, and adjusted earnings per share grew 118% from a year ago.
We have responded to these extraordinary times by seamlessly reorienting the way we conduct our business. The transition to a remote work environment has been greatly facilitated by our culture of teamwork, collaboration and creativity, as well as a shared sense of purpose. And we have worked diligently to enhance this environment through extensive employee engagement, ongoing training and wellness initiatives. During this remote period, we have also continued to recruit and onboard talented individuals at all levels, including a new full-time class of analysts and associates, and have welcomed summer interns from undergraduate and graduate programs around the world.
On the business front, while M&A activity has slowed considerably, we have used this time to broaden and deepen our relationships with both existing and new clients, ensuring