Perella Weinberg Partners · NASDAQ:PWP
Perella Weinberg Partners — FinTech Acquisition Corp. IV — SPAC Merger (May 2021)
31 slides from Perella Weinberg Partners's SPAC merger presentation, May 27, 2021
Slide 1: Perella Weinberg Partners, May 2021
P/W PEREL! u PART. May 2021 -
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: 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 offices in 5 countries § Objective to
Slide 4: PWP At A Glance
PWP At A Glance (1) Critical Mass And Momentum To Grow Exceptional Talent In Key Regions 2016 PF 2020 57 Partners ~550 Employees (2) $519M 10% CAGR Avg. ~25 Years 10 Offices in 2020 Revenue 2016 PF – 2020 Revenue Experience 5 Countries Deep Expertise And Broad Reach $1T+ Transaction 6 900+ 40+ Value
Slide 5: Why PWP?
Why PWP? Our§ Demand for advisory services expanding in period of significant change § Independent advisory model expected to continue to gain share Market Our § Independent thought leadership across industries, geographies and products § Collaboration the cornerstone of our culture and key to our s
Slide 6: Common Dynamics Drive The Need For Independent Advice
Common Dynamics Drive The Need For Independent Advice Strategic Advisory Financing Advisory & Restructuring 6Common Dynamics Drive The Need For Independent Advice Strategic Advisory Financing Advisory & Restructuring 6
Slide 7: 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 8: Our Expertise And Reach
Our Expertise And Reach Advisory Services Franchises Geographies North America Consumer & Retail § New York § San Francisco Energy § Houston § Chicago Financial Institutions § Los Angeles § Denver Healthcare § Calgary Industrials Europe § London TMT § Paris § Munich Restructuring 8Our Expertise And
Slide 9: Substantial Opportunity To Grow Our Existing Franchises
Substantial Opportunity To Grow Our Existing Franchises US Europe Franchise (1) (1) Overall Volume PWP Presence Overall Volume PWP Presence Consumer & Retail ~$110B ~$70B Energy ~$260B ~$110B Financial Institutions ~$100B ~$90B Healthcare ~$270B ~$80B Industrials ~$200B ~$180B TMT ~$480B ~$200B (2)
Slide 10: Critical Mass In Prevailing Advisory Geographies
Critical Mass In Prevailing Advisory Geographies 2016 – 2020 Market PWP Focus Geography Annualized M&A Average Coverage Effort Office Volume ($B) Deal Size ($M) $1,680 $1,200 ü 240 990 ü Our Focus Today 90 840 ü 72% of M&A Volume 120 1,040 ü 410 780 – Collaboration Collaborations 650 540 Source: Dea
Slide 11: 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 Company €29B $1.8B - $3.4B Capital Markets €25.9B $1.2B Capital Markets Creditor $12.5B - Company $3.4B $5.3B $9.2B $1.4B Capital Markets $26B $1.5B Capital Markets Capita
Slide 12: Client Diversity Across Industries, Geographies And Profile
Client Diversity Across Industries, Geographies And Profile Consumer & Retail Energy Financial Institutions ` Healthcare Industrials TMT Represents International Client Represents Restructuring Assignment 12Client Diversity Across Industries, Geographies And Profile Consumer & Retail Energy Financia
Slide 13: Experience And Runway To Build Longstanding Advisory Relationships
Experience And Runway To Build Longstanding Advisory Relationships 57 ~25 ~50 Partners leading advisory franchises Partner average years of experience Average age of Partners 16 22 ~16 Partner average years of tenure at Partners with < 3 years at PWP Partners promoted internally PWP plus prior firm
Slide 14: A Focused Growth Strategy
A Focused Growth Strategy Enter White Spaces § Pursue new sectors and capabilities § Expand range of advisory services Expand Into Grey Space § Add in adjacent sectors § Extend advisory capabilities § Leverage established infrastructure Grow The Core § Strengthen teams § Expand coverage § Cultivate
Slide 15: Recent Track Record Of Strategic Expansion
Recent Track Record Of Strategic Expansion Footprint (1) TPH Combination Chicago Office Paris Office Mizuho Collaboration Munich Office Expansion (Houston / Denver) Itaú Collaboration KDB Collaboration TPH Calgary Office CICC Collaboration LA Office Franchise TMT TPH Europe UK Coverage EU Restructur
Slide 16: Careful, Methodical Approach To Growing Our Team
Careful, Methodical Approach To Growing Our Team Optimizing The Base (Since December 31, 2016) How Do We Choose Our People? Thought Leadership þ Deep industry insights þ Broad advisory experience Grow & New Hires þ Reputation of integrity Promote Net: +13 (1) Partners Cultural Fit þ Team player þ Me
Slide 17: Summary Of Q1 2021 Results
Summary Of Q1 2021 Results ($ in millions) P&L Year-Over-Year Commentary About Q1 2021 Results Three Months Ended March 31, § Significantly higher advisory revenue in the first quarter of 2021 2020 Change ($) 2021 versus the same period in 2020 Revenue $170 $92 $77 § Year-over-year growth driven by
Slide 18: Summary Financial Performance
Summary Financial Performance ($ in millions) Gross Revenue (GAAP) Productivity (Revenue / Avg. Partner) $702 $15.8 $533 $519 $10.7 $418 $9.6 $9.6 $352 $8.5 CAGR: 10.2% 2016 PF 2017 2018 2019 2020 2016 PF 2017 2018 2019 2020 % of Partners Growth 19% 68% (24%) (3%) 23% 30% 24% 28% < 3 yrs at PWP Note
Slide 19: Key Measures To Track Our Performance
Key Measures To Track Our Performance 2016 PF 2017 2018 2019 2020 # New Partner Hires 53653 # Partner Promotes 41462 # 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 $2.9 Top 10 Deals % Of Total Revenue 35% 32% 37% 39% 33% #
Slide 20: Why PWP?
Why PWP? Our§ Demand for advisory services expanding in period of significant change § Independent advisory model expected to continue to gain share Market Our § Independent thought leadership across industries, geographies and products § Collaboration the cornerstone of our culture and key to our s
Slide 21: Appendix
P/W PEREL! u PART. Appendix -
Slide 22: Overview Of FinTech Acquisition Corp. IV
Overview Of FinTech Acquisition Corp. IV § Sponsor team brings deep expertise in the financial services sector Strong Strategic (1) § Team has successfully navigated 16 companies in private-to-public transitions with a Partner combined 150+ years experience in the financial services industry Leader
Slide 23: Transaction Overview
Transaction Overview Key Highlights Implied Sources & Uses Sources ($M) Uses ($M) (1) § Pro forma unlevered equity value ~$980M FinTech IV Cash $230.0 Cash to Balance Sheet $16.8 (6) (4) Equity to PWP 502.4 Debt Repayment 200.0 (2) § PWP to receive net cash proceeds of up to ~$325M from (5) (7) PIPE
Slide 24: Ownership At Closing
Ownership At Closing (1) (2) No Redemptions Scenario Max Redemptions Scenarios (shares in millions) (2) Shares % of [A] % of [B] Adjustments Shares % of [A] % of [B] Class A Common Stock Outstanding at Closing Voting Schedule (Assuming PWP OpCo Units Have Not (9) Been Exchanged) FTIV Shareholders 23
Slide 25: Highly Simplified Ownership / Vote Illustration At Closing
Highly Simplified Ownership / Vote Illustration At Closing (1) Assuming No FTIV Shareholder Redemptions Simplified PWP OpCo Economic Ownership Simplified Perella Weinberg Partners Voting Structure Firm Legacy PWP Class A Partners & Management FTIV PIPE All Non-PWP Working ILPs ILPs Common (4) (5) (6
Slide 26: Quarterly Historical Revenue Summary
Quarterly Historical Revenue Summary ($ in millions) Revenue By Quarter – 2019 – 2021 $189 $172 $170 $170 $123 $115 $100 $92 $92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 QoQ Growth (9%) 86% 1% (46%) 24% 7% 54% (10%) YoY Growth (8%) 25% (28%) 10% 84% 26Quarterly Historical Revenue Summary ($ in mill
Slide 27: Historical Consolidated Financial Statements (GAAP)
Historical Consolidated Financial Statements (GAAP) ($ in thousands) Year Ended December 31, Three Months Ended March 31, 2020 2019 2018 2017 2021 2020 Statement of Operations Data $518,986 $533,297 $701,989 $418,443 $169,802 $92,396 Revenues Expenses Compensation and benefits 374,332 349,819 477,60
Slide 28: GAAP And Adjusted (Non-GAAP) Income Statements
GAAP And Adjusted (Non-GAAP) Income Statements ($ in thousands) U.S. GAAP Adjusted (Non-GAAP) U.S. GAAP Adjusted (Non-GAAP) Year Ended December 31, Three Months Ended March 31, 2020 2019 2018 2017 2020 2019 2018 2017 2021 2020 2021 2020 Revenues $518,986 $533,297 $701,989 $418,443 $518,986 $533,297
Slide 29: GAAP To Adjusted (Non-GAAP) Reconciliation
GAAP To Adjusted (Non-GAAP) Reconciliation ($ in thousands) Year Ended December 31, Three Months Ended March 31, Year Ended December 31, Three Months Ended March 31, 2020 2019 2018 2017 2021 2020 2020 2019 2018 2017 2021 2020 Total compensation and benefits—GAAP $399,147 $543,118 $676,658 $485,904 $
Slide 30: GAAP To Adjusted (Non-GAAP) Reconciliation (Cont.)
GAAP To Adjusted (Non-GAAP) Reconciliation (Cont.) Non-Compensation Expense ($ in thousands) Year Ended December 31, Three Months Ended March 31, 2020 2019 2018 2017 2021 2020 GAAP Professional fees $42,880 $39,265 $37,118 $20,160 $5,728 $6,022 Technology and infrastructure 27,281 27,070 22,977 22,8
Slide 31: 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
FinTech Acquisition Corp. IV — SPAC Merger (May 2021) on 6ix