Business
Perella Weinberg Partners Reports First Quarter 2023 Results
Financial Overview - First Quarter Revenues of $131 Million, Down 13% From a Year AgoAdjusted Operating Income Margin of 9%, GAAP Operating Loss Margin of
About this update from Perella Weinberg Partners
[{"type":"text","content":"Financial Overview - First Quarter Revenues of $131 Million, Down 13% From a Year AgoAdjusted Operating Income Margin of 9%, GAAP Operating Loss Margin of (17.3)%Adjusted EPS of $0.09; GAAP Diluted EPS of $(0.37) Talent Investment Continue to Add Senior Bankers to Expand Client Coverage FootprintThree Partners and Two Managing Directors Expected to Join Firm Within the Next Six MonthsYear-to-date have Promoted Two Partners and Six Managing Directors Capital Management Strong Balance Sheet with $130 Million of Cash and Short-Term Investments and No DebtRepurchased 2.6 Million Shares and Equivalents, Including 1.5 Million Shares in Open MarketDeclared Quarterly Dividend of $0.07 Per Share “Throughout this more challenging market environment we remained focused on our mission to scale the Firm while providing world-class strategic and financial advice to our clients. We continue to invest in talent to drive revenue growth by broadening our industry reach and expanding our product capabilities,” stated Andrew Bednar, Chief Executive Officer. NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm” or “PWP”) (NASDAQ:PWP) today reported financial results for the first quarter ended March 31, 2023. Selected Financial Data (Unaudited) U.S. GAAP Adjusted Three Months Ended March 31, 2023 2022 2023 2022 (Dollars in Thousands, Except Per Share Amounts)Revenues $131,426 $151,876 $131,426 $151,876 Operating income (loss) $(22,690) $(10,359) $11,506 $22,507 Net income (loss) attributable to Perella Weinberg Partners $(5,123) $8,894 n/a n/a Net income (loss) $(27,420) $1,052 $9,891 $20,507 GAAP diluted EPS / Adjusted EPS $(0.37) $0.00 $0.09 $0.19 Compensation ratio 90% 84% 65% 64%Operating income (loss) margin (17)% (7)% 9% 15%Effective tax rate (24)% 74% n/a n/a Adjusted if-converted effective tax rate n/a n/a 31% 30% Revenues For the first quarter of 2023, revenues were $131.4 million, a decrease of 13% from $151.9 million for the first quarter of 2022. Mergers and acquisition activity was largely flat year-over-year, while financing and capital solutions revenues decreased due to a large restructuring fee event in the first quarter of 2022. In the quarter, the geographic composition of revenue shifted to be even more weighted towards U.S. business activity versus the prior year. Relative to the first quarter of 2022,...