PJT Partners Inc. Goodwill & Intangibles Disclosure
Changes in the carrying value of goodwill consist of the following:
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Beginning Balance |
|
$ |
191,614 |
|
|
$ |
172,725 |
|
Goodwill Acquired |
|
|
— |
|
|
|
18,889 |
|
Ending Balance |
|
$ |
191,614 |
|
|
$ |
191,614 |
|
As of December 31, 2025 and 2024, the Company’s assessment did not result in any impairment of goodwill.
Intangible Assets, Net consists of the following:
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Finite-Lived Intangible Assets |
|
|
|
|
|
|
||
Customer Relationships |
|
$ |
66,376 |
|
|
$ |
66,376 |
|
Trade Name |
|
|
9,900 |
|
|
|
9,900 |
|
Total Intangible Assets |
|
|
76,276 |
|
|
|
76,276 |
|
Accumulated Amortization |
|
|
|
|
|
|
||
Customer Relationships |
|
|
(58,924 |
) |
|
|
(53,846 |
) |
Trade Name |
|
|
(9,900 |
) |
|
|
(9,397 |
) |
Total Accumulated Amortization |
|
|
(68,824 |
) |
|
|
(63,243 |
) |
Intangible Assets, Net |
|
$ |
7,452 |
|
|
$ |
13,033 |
|
Changes in the Company’s Intangible Assets, Net consist of the following:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Beginning Balance |
|
$ |
13,033 |
|
|
$ |
12,960 |
|
|
$ |
17,880 |
|
Additions |
|
|
— |
|
|
|
5,200 |
|
|
|
— |
|
Amortization Expense |
|
|
(5,581 |
) |
|
|
(5,127 |
) |
|
|
(4,920 |
) |
Ending Balance |
|
$ |
7,452 |
|
|
$ |
13,033 |
|
|
$ |
12,960 |
|
Amortization of Intangible Assets held at December 31, 2025 is expected to be $4.0 million for the year ending December 31, 2026 and $0.7 million for each of the years ending December 31, 2027, 2028, 2029 and 2030. The intangible assets as of December 31, 2025 are expected to amortize over a weighted-average period of 3.6 years.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.