And then, we've also said there are other companies and industries that might not be on the collective radar screen in the near term, but are highly dependent upon companies that are more deeply affected and as all of this works its way through the system, there's likely to be yet another wave.
Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income; Adjusted Net Income, If-Converted, in total and on a per-share basis (referred to as “Adjusted EPS”); Adjusted Compensation and Benefits Expense and Adjusted Non-Compensation Expense. [email protected], Investor Relations: Sharon Pearson We have continued to experience a significant reduction in travel and entertainment expense as a consequence of the global pandemic. Appreciate the color there. But if you have enough dialogs with the right bankers calling on the right companies, inevitably you get calls to come to the boardroom and the next thing you know you're incredibly stretched. Sign up for email alerts. I'm just curious how you would frame some of the key drivers supporting activity right now and whether this is more an assumption of this business as usual as companies have now at least dealt with the immediate impacts of the virus or is there something else occurring, whether it'd be strategic decision making is accelerating because of the pandemic or something else?
Travel and Related decreased due to reduced travel and entertainment activity stemming from the global health crisis. Steven Chubak -- Wolfe Research -- Analyst. Just on the recruitment backdrop recognize... Steven, you're still glitchy. Interview.
[10], In 2015, before the firm began operations, Taubman hired a number of senior European bankers to lead PJT Partners' European operation.
I'm just curious if the public backlog obviously year-over-year or some of those trends are representative of what you're seeing given some of the constructive comments you made [Technical Issues] in strategic dialogues? Placement revenues were $106 million, up 37% year-over-year, driven by increases in both corporate private placement activity as well as fund placement activity. Is that just availability of financing? We are delighted Jim will remain with PJT Partners such that we can continue to benefit from his senior corporate leadership experience providing legal and regulatory advice around complex transactions.”, “It has been an honor to work with the entire team at PJT Partners since our earliest days,” said Mr. Cuminale. Turning to Strategic Advisory. So, just trying to think about how you guys are contemplating that building position today. Ihr Inhalt wird in Kürze angezeigt. Dr. Bruce Leuchter is a Partner at PJT Partners where he provides M&A and capital markets advisory services to companies in the life science industry with a focus on the biotechnology sector. So no one can really tie when the world shutdown, but March 31 is a pretty good rounded date of the second and third quarters. Advisory Revenues increased due to significant increases in both restructuring revenues and strategic advisory revenues. Thanks, Paul. I'm optimistic about the revenue outlook as we look out over years because we continue to build the business, we continue to attract talent, the brand is increasingly well known, and I think we have so much potential ahead of us. Nous avons reçu des activités suspectes venant de quelqu’un utilisant votre réseau internet. 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. Our team of senior professionals delivers a wide array of strategic advisory, strategic capital markets, restructuring and special situations, shareholder advisory, and private fund advisory and fundraising services to corporations, financial sponsors, institutional investors and governments around the world. Well, first, I have to confess, I don't look at the public database summary, so I don't even know what they say and I have no comment on it because I don't think I've ever asked to see a public database summary of backlog, That's not how I think about the business or manage the business.
to let us know you're having trouble. As with prior quarters, we've presented our results, as if all Partnership Units had been converted to shares and that all of our income was taxed at a corporate tax rate. Tel: +1 212.355.4449 Our specialization means we truly understand the needs of our clients and take a differentiated approach with strategic advice underpinning our often unconventional views. And that was an extraordinary number of mandates, which came to us and into the industry in the months of March, April, and May. The increase in Placement Revenues was principally driven by growth in fund placement activity for private equity clients. Just trying to think about what's driving kind of this resumption in activity that we're seeing very strong right now? Please enable Cookies and reload the page. PJT Partners Inc. Turning to expenses.
With the trends pre-pandemic are the same trends that significantly accelerated and that's what we see. [1][4] PJT Partners' first day of trading was on October 1, 2015;[4] on the same day, it became publicly traded, listing on the New York Stock Exchange (NYSE) under the symbol PJT. GAAP Condensed Consolidated Statements of Operations (unaudited), Reconciliations of GAAP to Non-GAAP Financial Data (unaudited), Summary of Shares Outstanding (unaudited), (Dollars in Thousands, Except Share and Per Share Data), Net Income Attributable to Non-Controlling Interests. . In Strategic Advisory, we enjoyed another strong quarter. And that backlog has consistently steadily built in the months of July, August, September, October, and presumably will continue if the trend persists into November and beyond, and we now sit in a better place than we did a year ago. Bitte warten Sie, während wir GAAP Non-Compensation Expense was $30.6 million for third quarter 2020 compared with $31.4 million for the prior year quarter. But if you look at the contribution of restructuring today, is it significantly different from the third that you talked about I think in 2016? These non-GAAP measures, presented and discussed in this earnings release, remove the significant accounting impact of: (a) transaction-related compensation expense, including expense related to Partnership Units with both time-based vesting and market conditions as well as equity-based and cash awards granted in connection with the spin-off from Blackstone and acquisition of CamberView Partners Holdings, LLC (“CamberView”); (b) intangible asset amortization associated with Blackstone’s initial public offering (“IPO”), the acquisition of PJT Capital LP, and the acquisition of CamberView; and (c) the amount the Company has agreed to pay Blackstone related to the net realized cash benefit from certain compensation-related tax deductions. We're pleased to report record results for the quarter and for the nine months. The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock. Beginning with revenues, total revenues for the quarter were $298 million, up 71% year-over-year. Represents taxes on Adjusted Pretax Income, considering both current and deferred income tax effects for the current ownership structure. Our pre-announced backlog continues to build and now is above year ago levels. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside the Company’s control. And if there were strategically advantaged by it, they were going to figure out how best to take advantage of their fortunate position and that's what we're seeing. Tel: +1 212.364.7120 During the quarter, we repurchased the equivalent of approximately 494,000 shares through open market share repurchases as well as the exchange of Partnership Units for cash. Total Revenues increased 56% to $730.3 million for the nine months ended September 30, 2020 from $469.0 million for the same period a year ago. The effective tax rate for Adjusted Net Income, If-Converted for the nine months ended September 30, 2020 was 25.6% compared with 25.5% for full year 2019. Adjusted Compensation and Benefits Expense was $193.4 million for the current quarter compared with $111.5 million for the prior year quarter. Joele Frank, Wilkinson Brimmer Katcher ET to discuss its third quarter 2020 results.
The increase in Compensation and Benefits Expense was principally the result of significantly improved operating performance during the current nine month period.
And the first were companies whose business model was essentially shut down by the pandemic; no revenues, no customers, no cash coming in dealing with extreme circumstances. You typically don't wake up in September and say, I'm now just going to go sell my business and run a compressed process just to get it done in this year. Many of those companies are continuing to restructure their balance sheets whether it's in court, out of court, liability management activities. Contact the source provider Comtex at [email protected].
Placement revenues were $32 million, up 24% year-over-year, driven by an increase in fund placement activity for private equity firms. That activity continues. Good morning. The following tables set forth information relating to the Company’s expenses for the three and nine months ended September 30, 2020 and 2019: GAAP Compensation and Benefits Expense was $196.9 million for third quarter 2020 compared with $123.0 million for the prior year quarter. 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. PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services and fund placement businesses. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements. So, you always need to look at those numbers really on a net basis. Strategic Advisory We offer big firm capabilities with a small firm feel, providing best-in-class expertise with high touch service. Steven, I'm going to take a shot here because you may not appreciate this, but your phone connection is quite garbled. I think you've seen that as our non-comps as a percentage of revenues have increasingly or -- I'm sorry, not increasingly, but have consistently come down. Intraday Data provided by FACTSET and subject to terms of use. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.
I'm reluctant to talk about normalization, where we're in the midst of an environment that is anything, but normal and a world where no one is traveling, everyone is remoting in, is not necessarily the place to start to then extrapolate as to where we go.