PJT Partners Inc.

Good day and welcome to the PJT Partners fourth quarter 2021 earnings conference 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.

Thanks very much, Cody. Good morning and welcome to the PJT Partners full year and fourth quarter 2021 earnings conference call. I'm Sharon Pearson, head of investor relations at PJT Partners. And joining me today is Paul Taubman, our Chairman and Chief Executive Officer, and Helen Mates, 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 will 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 2020 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.

Good morning. Thank you for joining us today. Full year 2021 revenues were $992 million, down modestly from 2020's record-setting performance. In 2020, our results were driven by an extraordinary run-up in restructuring revenues coupled with market-leading growth in strategic advisory. In 2021, all of our businesses away from restructuring delivered record performance. In restructuring, however, the story was very different. Our 2021 restructuring results retreated to levels below 2019 performance, a greater decline than we had previously anticipated. This sharp step down more than offset strong performance in all of our other businesses. The silver lining from this abrupt decline in restructuring activity is that the headwinds we experienced in 21 are pretty much behind us. And with our other businesses set to deliver strong performance in 2022, our firm is well positioned to resume its long-term growth march. After Helen reviews our financial results, I will speak about our businesses in more detail.