Perella Weinberg Partners · NASDAQ:PWP
Perella Weinberg Partners — SPAC Merger (February 2021)
36 slides from Perella Weinberg Partners's SPAC merger presentation, February 2021
Slide 1: Perella Weinberg Partners - February 2021
P/W PEREL PART BERG
Slide 2: Forward-Looking Statements
Forward-Looking Statements This Presentation has been provided to you by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Partners,” the “Firm” or “PWP”) for use by PWP and FinTech Acquisition Corp. IV (“FTIV”) in connection with their proposed business combination and th
Slide 3: FTIV And PWP Leadership
FTIV And PWP Leadership FTIV PWP Peter Weinberg Chief Executive Officer Daniel Cohen 15 years with PWP CEO 39 years experience Dietrich Becker Co-President 15 years with PWP 29 years experience Betsy Cohen Chairwoman Andrew Bednar Co-President 15 years with PWP 26 years experience Gary Barancik Jame
Slide 4: PWP – A Leading Global Independent Advisory Firm
PWP – A Leading Global Independent Advisory Firm 2006 Today ▪ Founded by Joe Perella, Peter Weinberg ▪ 15 years of significant investments to and Terry Meguid grow footprint and franchises ▪ Established in New York and London ▪ Expanded global footprint with 10 ▪ Objective to provide critical advice
Slide 5: PWP At A Glance
PWP At A Glance Critical Mass And Momentum To Grow Exceptional Talent In Key Regions 2016 PF 2020 57 Partners ~560 Employees $519M 10% CAGR(1) Avg. ~25 Years 10 Offices in 2020 Revenue 2016 PF – 2020 Revenue Experience 5 Countries Deep Expertise And Broad Reach $1T+ 6 900+ 40+ Transaction Industry V
Slide 6: Why PWP?
Why PWP? Our ▪ Demand for advisory services expanding in period of significant change Market ▪ Independent advisory model expected to continue to gain share Our ▪ Independent thought leadership across industries, geographies and products People ▪ Collaboration the cornerstone of our culture and key
Slide 7: Common Dynamics Drive The Need For Independent Advice
Common Dynamics Drive The Need For Independent Advice Strategic Advisory Financing Advisory & Restructuring 7
Slide 8: Independent Advisors Are Well Positioned In A Large Addressable Market
Independent Advisors Are Well Positioned In A Large Addressable Market Global M&A Fee Pool Independents In Top 25 Deals Independents’ M&A Fee Pool $26.2B 67% $4.8B $13.5B 47% $1.2B 9% 18% Share Share Avg.: L5Y 2005 L5Y 2020 L5Y 2005 L5Y 2020 L5Y 2005 L5Y 2020 Source: Dealogic Notes: As of 12/31/20;
Slide 9: Resilience Of Independent Advisory Model Through The Pandemic
Resilience Of Independent Advisory Model Through The Pandemic ✓ ✓ ✓ ✓ Rx & Capital Nimble, Asset Light Structure Advisory a Validated Independent Model Ideally Suited Counter-Balance In Strategic Advisory Advisory Model for Changing World Times of Crisis Poised for Rebound ▪ Demand for critical ▪ As
Slide 10: Our Expertise And Reach
Our Expertise And Reach Franchises Geographies Advisory Services Consumer & Retail North America ▪ New York Energy ▪ San Francisco ▪ Houston Financial Institutions ▪ Chicago ▪ Los Angeles Healthcare ▪ Denver ▪ Calgary Industrials Europe ▪ London TMT ▪ Paris ▪ Munich Restructuring 10
Slide 11: Substantial Opportunity To Grow Our Existing Franchises
Substantial Opportunity To Grow Our Existing Franchises US Europe Franchise Overall Volume(1) PWP Presence Overall Volume(1) PWP Presence Consumer & Retail ~$110B ~$70B Energy ~$260B ~$110B Financial Institutions ~$100B ~$90B Healthcare ~$270B ~$80B Industrials ~$200B ~$180B TMT ~$480B ~$200B (2) (3
Slide 12: Critical Mass In Prevailing Advisory Geographies
Critical Mass In Prevailing Advisory Geographies 2016 – 2020 Market PWP Focus Geography Annualized M&A Average Coverage Effort Office Volume ($B) Deal Size ($M) $1,680 $1,200 ✓ 240 990 ✓ Our Focus ✓ Today 90 840 72% of M&A Volume 120 1,040 ✓ 410 780 – Collaboration 650 540 Collaborations Source: Dea
Slide 13: Lead Advisor Across Deal Size, Industry And Transaction Type
Lead Advisor Across Deal Size, Industry And Transaction Type Large-Cap Advisory Mid-Cap Advisory Restructuring / Capital Markets $12.5B $1.2B Capital Markets $3.4B - Capital Markets $9.2B $5.3B Creditor $12B $1.4B Company $26B $1.5B Capital Markets $4B $775M Capital Markets $8B €5B Capital Markets $
Slide 14: Client Diversity Across Industries, Geographies And Profile
Client Diversity Across Industries, Geographies And Profile Consumer & Retail Energy Financial Institutions ` Healthcare Industrials TMT Represents International Client Represents Restructuring Assignment 14
Slide 15: Experience And Runway To Build Longstanding Advisory Relationships
Experience And Runway To Build Longstanding Advisory Relationships 57 ~25 ~50 Partners leading advisory franchises Partner average years of experience Average age of Partners 14 22 ~16 Partner average years of tenure at Partners with < 3 years at PWP Partners promoted internally PWP plus prior firm
Slide 16: A Focused Growth Strategy
A Focused Growth Strategy Enter White Spaces ▪ Pursue new sectors and capabilities ▪ Expand range of advisory services Expand Into Grey Space ▪ Add in adjacent sectors ▪ Extend advisory capabilities ▪ Leverage established infrastructure Grow The Core ▪ Strengthen teams ▪ Expand coverage ▪ Cultivate
Slide 17: Recent Track Record Of Strategic Expansion
Recent Track Record Of Strategic Expansion Footprint TPH Combination(1) Chicago Office Paris Office Mizuho Collaboration Munich Office Expansion (Houston / Denver) Itaú Collaboration KDB Collaboration TPH Calgary Office CICC Collaboration LA Office Franchise TMT TPH Europe UK Coverage EU Restructuri
Slide 18: Careful, Methodical Approach To Growing Our Team
Careful, Methodical Approach To Growing Our Team Optimizing The Base (Last 5 Years) How Do We Choose Our People? Thought Leadership Deep industry insights Broad advisory experience Grow & New Hires Reputation of integrity Promote Net: +18 Partners(1) Cultural Fit Team player Mentor and pla
Slide 19: Summary Of 2020 Results
Summary Of 2020 Results ($ in millions) P&L Year-Over-Year Commentary About 2020 Results 2019 2020 YoY ▪ 2020 revenue impacted by COVID-19 pandemic Revenue $533 $519 ($14) % Growth (3%) ▪ Most significantly impacted M&A activity in Q2 and Q3, (1) which was partially offset by a rise in activity acro
Slide 20: Summary Financial Performance
Summary Financial Performance ($ in millions) Gross Revenue (GAAP) Productivity (Revenue / Avg. Partner) $702 $15.8 $575 $533 $519 $10.7 $10.2 $418 $9.6 $9.6 $352 $8.5 CAGR: 10.3% 2016 PF 2017 2018 2019 2020 2021E 2016 PF 2017 2018 2019 2020 2021E % of Partners Growth 19% 68% (24%) (3%) 11% < 3 yrs
Slide 21: Key Measures To Track Our Performance
Key Measures To Track Our Performance 2016 PF 2017 2018 2019 2020 # New Partner Hires 5 3 6 5 3 # Partner Promotes 4 1 4 6 2 # Fee Paying Clients 158 187 197 179 175 # Clients $1M+ 65 94 105 100 99 Average Fee Paying Client ($M) $2.0 $2.1 $3.5 $2.9 $2.9 Top 10 Deals % Of Total Revenue 35% 32% 37% 39
Slide 22: Our Targets Going Forward
Our Targets Going Forward Partner Productivity Average of ~$10.2M in 2021 to ~$10.5M by 2023 Revenue Annual Partner Growth ~5 lateral & ~2-3 internal promotes Growth Business Mix Steady mix across industries in M&A, Rx, Cap. Markets Adv. Adj. Comp Margin(1) Mid-60%s through 2023 Operating Leverage A
Slide 23: A Conservative Baseline For Growth
A Conservative Baseline For Growth ($ in millions) Revenue / Avg. Partner Revenue / Avg. Full-Time Employee $11.4 $10.7 $1.054 $1.085 $10.2 $10.2 $10.5 $1.022 $9.6 $0.983 $0.968 $0.907 '17-'20 2019 2020 2021E 2022E 2023E '17-'20 2019 2020 2021E 2022E 2023E Avg. Avg. Notes: These financial projection
Slide 24: Summary Historical And Forecasted Income Statement
Summary Historical And Forecasted Income Statement 2020 – 2023E Summary Non-GAAP P&L ($ in millions) 2020 2021E 2022E 2023E '21E-'23E CAGR Revenue $519 $575 $644 $716 11.6% % Growth 11% 12% 11% (1) Adj. Comp Expense ($366) ($368) ($412) ($458) % of Revenue 70% 64% 64% 64% (1) Adj. Non-Comp Expense (
Slide 25: Why PWP?
Why PWP? Our ▪ Demand for advisory services expanding in period of significant change Market ▪ Independent advisory model expected to continue to gain share Our ▪ Independent thought leadership across industries, geographies and products People ▪ Collaboration the cornerstone of our culture and key
Slide 26: Appendix
P/W PEREL PART BERG
Slide 27: Overview Of FinTech Acquisition Corp. IV
Overview Of FinTech Acquisition Corp. IV ▪ Sponsor team brings deep expertise in the financial services sector Strong Strategic ▪ Team has successfully navigated 13 companies in private-to-public transitions with a combined Partner 150+ years experience in the financial services industry Leader in t
Slide 28: Transaction Overview
Transaction Overview Key Highlights Implied Sources & Uses ▪ Pro forma unlevered equity value of $978M(1) Sources ($M) Uses ($M) – Implied PF Equity Value / 2021E Adj. Net Income ~15.1x(2) FinTech IV Cash $230.0 Cash to Balance Sheet $15.9 (5) (7) – Implied PF Equity Value / 2022E Adj. Net Income ~1
Slide 29: Ownership At Closing
Ownership At Closing (shares in millions) No Redemptions Scenario(1) Max Redemptions Scenarios(2) Shares % of [A] % of [B] Adjustments (2) Shares % of [A] % of [B] Class A Common Stock Outstanding at Closing Voting Schedule (Assuming PWP OpCo Units Have Not FTIV Shareholders 23.0 24.4% 22.3% (15.5)
Slide 30: Highly Simplified Ownership / Vote Illustration At Closing
Highly Simplified Ownership / Vote Illustration At Closing Assuming No FTIV Shareholder Redemptions(1) Simplified PWP OpCo Economic Ownership Simplified Perella Weinberg Partners Voting Structure Legacy Firm Partners & PWP Management Class A FTIV PIPE All Non-PWP Working ILPs (4) ILPs Common Working
Slide 31: Quarterly Historical Revenue Summary
Quarterly Historical Revenue Summary ($ in millions) Revenue By Quarter – 2019 – 2020 $189 $170 $172 $123 $115 $100 $92 $92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 QoQ Growth (9%) 86% 1% (46%) 24% 7% 54% YoY Growth (8%) 25% (28%) 10% 31
Slide 32: Historical Consolidated Financial Statements (GAAP)
Historical Consolidated Financial Statements (GAAP) ($ in thousands) Year Ended December 31, 2020 2019 2018 2017 Statement of Operations Data Revenues $518,986 $533,297 $701,989 $418,443 Expenses Compensation and benefits 374,332 349,819 477,606 279,055 Equity-based compensation 24,815 193,299 199,0
Slide 33: GAAP And Adjusted (Non-GAAP) Income Statements
GAAP And Adjusted (Non-GAAP) Income Statements ($ in thousands) U.S. GAAP Adjusted (Non-GAAP) Year Ended December 31, 2020 2019 2018 2017 2020 2019 2018 2017 Revenues $518,986 $533,297 $701,989 $418,443 $518,986 $533,297 $701,989 $418,443 Operating Expenses Total compensation and benefits 399,147 54
Slide 34: GAAP To Adjusted (Non-GAAP) Reconciliation
GAAP To Adjusted (Non-GAAP) Reconciliation ($ in thousands) Year Ended December 31, Year Ended December 31, 2020 2019 2018 2017 2020 2019 2018 2017 Total compensation and benefits—GAAP $399,147 $543,118 $676,658 $485,904 Total non-operating income (expense)—GAAP ($6,293) ($6,477) ($15,798) ($17,225)
Slide 35: GAAP To Adjusted (Non-GAAP) Reconciliation (Cont.)
GAAP To Adjusted (Non-GAAP) Reconciliation (Cont.) Non-Compensation Expense ($ in thousands) Year Ended December 31, 2020 2019 2018 2017 GAAP Professional fees $42,880 $39,265 $38,778 $20,160 Technology and infrastructure 27,281 27,070 22,977 22,808 Rent and occupancy 27,958 27,802 20,922 20,217 Tra
Slide 36: Legal Disclosures
Legal Disclosures This Presentation has been provided to you by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Partners,” the “Firm” or “PWP”) for use by PWP and FinTech Acquisition Corp. IV (“FTIV”) in connection with their proposed business combination and the offerin
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