PJT Partners Inc. (NYSE:PJT) Q4 2022 Earnings Call Transcript

Matt Moon: Okay. Great. And then last one for me, buybacks are relatively light in the quarter. So just given the M&A advisory outlook and kind of some of the uncertainty there, is it fair to think that there’s a general sense of conservatism as it relates to the buyback, I guess, near-term? Just wanted to think about that outlook over the course of the early parts of this year?

Paul Taubman: Yeah. I just — probably just the opposite. We said at beginning of last year that we were going to deliberately front-end load our share buybacks for the year and we were very clear that we were going to manage the dilution. We reduced the share count for the year, we increased our balance sheet strength and our view was if we are going to retire the shares, we would rather do it early in the year rather than wait until late in the year and that’s exactly what we did. And while I don’t think we have a committed cadence to what we are going to do in 2023. We intend to be very forward-leaning in buying back stock, and all else equal our bias has been, if we are going to do it, it will probably do more in the first half of the year than the second half of the year, as simple as that.

Matt Moon: Very clear. Thank you, guys.

Paul Taubman: Okay. Thank you.

Operator: That was our final question. We will now turn the call back to Paul Taubman for his closing remarks.

Paul Taubman: Well, once again, I want to thank everyone for joining us on this morning’s call and we very much appreciate the dialogue and the interest in our firm and we look forward to speaking with you when we report first quarter results in the spring. Thank you.