PJT Partners Inc.

Good day and welcome to the PJT Partners full year and fourth quarter 2022 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.

Good morning and welcome to the PJT Partners full year and fourth quarter 2022 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 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 2021 Form 10-K, which is available on our website at pjtpartners.com. And I want to remind you that the company assumes no duty to update any forward-looking statements. The presentation we make today also 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.

Thank you, Sharon, and thank all of you for joining us. This morning, we reported 2022 full-year revenues of $1.026 billion. adjusted pre-tax income of $221 million, and adjusted EPS of $3.92 per share. We're pleased with how we navigated 2022's challenging market environment, with total revenues up 3% from year-ago levels. As PJT Park Hill again delivered record performance, our restructuring revenues grew meaningfully, and our strategic advisory business performed well on a relative basis, down significantly less than the declines in global M&A and capital markets activity would suggest. Our 2022 cadence of face-to-face client meetings and engagement returned closer to pre-COVID levels, which not only helped build new relationships, but strengthened existing ones. While this significant ramp in spending on travel and events drove our aggregate non-comp expense 19% higher. Our non-comp expenditures excluding these categories grew low single digits. Partner headcount was up 8% and total headcount was up 9% for the year as we continue to attract highly talented professionals to our firm. We remain focused on managing share dilution resulting from these investments and talent ending the year with a fully diluted share count below year-ago levels. All in all, we're pleased with how we navigated 2022's myriad of challenges. After Helen takes you through our financial results, I will review our business performance and outlook in greater detail. Helen?