PJT Partners Inc.

Good day, everyone, and welcome to today's PJT Partners second quarter 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Sharon Pearson, head of investor relations. Ms. Pearson, please go ahead, ma'am.

Thank you very much. Good morning, and welcome to the PJT Partners second quarter and six months 2025 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 2024 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 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.

Good morning. Thank you for joining us today. This is a day that puts things like earnings calls in perspective. It's a sad and challenging day. as we mourn the loss of life from yesterday's senseless act of violence in Midtown Manhattan, just steps from our office. We grieve for those who lost their lives, pray for healing for those injured, and offer comfort to the families, friends, and colleagues of those impacted. And we express gratitude to our first responders who work tirelessly to keep us all safe. And now we'll turn to our earnings. This morning, we reported record-setting results as revenues, adjusted pre-tax income, and adjusted EPS all set record highs for both the three- and six-month periods. Second quarter revenues were $407 million, up 13%. Adjusted pre-tax income was $80 million, up 22 percent, and adjusted EPS was $1.54, up 29 percent from year-ago levels. For the six months, revenues increased 6 percent, adjusted pre-tax income increased 13 percent, and adjusted EPS increased 19 percent from year-ago levels. Since our last earnings report, the market backdrop has improved appreciably. Equity valuations have come up. Market volatility has come down. Business confidence has rebounded. Capital is more readily available. Last quarter's tariff uncertainties sparked concerns about the potential for such dislocations to chill investment, trigger an economic slowdown, and fan inflationary pressures. Today, market concerns regarding these risks are much diminished. Throughout all this tumult, we continue to invest for the long term. Our firm's commitment to investing is unshakable through bull and bear markets alike. Our North Star remains building the best advisory firm period, one built on excellence, integrity, and an unwavering commitment to client service. Nearly 10 years into this journey, we are ever closer to that goal. After Helen takes you through our financial results, I will review our business performance and outlook in greater detail. Helen?