Perella Weinberg Partners · NASDAQ:PWP
Perella Weinberg Partners — FinTech Acquisition Corp. IV — SPAC Merger (December 2020)
29 slides from Perella Weinberg Partners's SPAC merger presentation, Dec 30, 2020
Slide 1: December 2020
1 December 2020
Slide 2: Forward-Looking Statements
2 Forward - Looking Statements This Presentation has been provided to you by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Pa rtn ers,” the “Firm” or “PWP”) for use by PWP and FinTech Acquisition Corp. IV (“FinTech,” “FinTech IV” or “FTIV”) in connection with their pro
Slide 3: Overview of FinTech Acquisition Corp. IV
3 Overview Of FinTech Acquisition Corp. IV Strong Strategic Partner ▪ Sponsor team brings deep expertise in the financial services sector ▪ Team has successfully navigated 13 companies in private - to - public transitions with a combined 150+ years experience in the financial services industry Impre
Slide 4: Transaction Overview
4 Transaction Overview ▪ Pro forma unlevered equity value of $977M (1) – Implied PF Equity Value / 2021E Adj. Net Income ~15.0x (2) – Implied PF Equity Value / 2022E Adj. Net Income ~13.0x (2) ▪ PWP to receive net cash proceeds of up to ~$325M (3) from SPAC and PIPE for: – Debt paydown – Liquidity t
Slide 5: Today's Presenters
5 Today’s Presenters FinTech IV PWP James McEntee President Betsy Cohen Chairwoman Daniel Cohen CEO Peter Weinberg Chief Executive Officer 14 years with PWP 39 years experience Dietrich Becker Co - President 14 years with PWP 29 years experience Andrew Bednar Co - President 14 years with PWP 26 year
Slide 6: PWP – A Leading Global Independent Advisory Firm Today
6 PWP – A Leading Global Independent Advisory Firm Today 2006 ▪ Founded by Joe Perella, Peter Weinberg and Terry Meguid ▪ Established in New York and London ▪ Objective to provide critical advice to clients, built upon relationships of trust and a reputation for expertise and independent thinking ▪
Slide 7: PWP At A Glance
7 Critical Mass And Momentum To Grow Exceptional Talent In Key Regions Deep Expertise And Broad Reach PWP At A Glance 54 Partners Avg. ~25 Years Experience ~560 Employees 10 Offices 5 Countries $502M in LTM Revenue 2016 PF 2019 15% CAGR (1) 2016 PF - 2019 Revenue 6 Industry Verticals 900+ Clients (2
Slide 8: Why PWP?
8 Why PWP? Our Market ▪ Demand for advisory services expanding in period of significant change ▪ Independent advisory model expected to continue to gain share Our People ▪ Independent thought leadership across industries, geographies and products ▪ Collaboration the cornerstone of our culture and ke
Slide 9: Common Dynamics Drive The Need For Independent Advice
9 Common Dynamics Drive The Need For Independent Advice Strategic Advisory Financing Advisory & Restructuring
Slide 10: Independent Advisors Are Well Positioned In A Large Addressable Market
10 Global M&A Fee Pool Independents’ M&A Fee Pool Independents in Top 25 Deals Independent Advisors Are Well Positioned In A Large Addressable Market 47% 72% L5Y 2005 L5Y 2019 $13.5B $26.1B L5Y 2005 L5Y 2019 Source: Dealogic Notes: L5Y denotes last five years, represented on an average annual basis
Slide 11: Resilience Of Independent Advisory Model Through The Pandemic
11 x Nimble, Asset Light Model Ideally Suited for Changing World Resilience Of Independent Advisory Model Through The Pandemic x x x Validated Independent Advisory Model Strategic Advisory Poised for Rebound Rx & Capital Structure Advisory a Counter - Balance In Times of Crisis ▪ Demand for critical
Slide 12: Our Expertise And Reach
12 Franchises Geographies Advisory Services Our Expertise And Reach North America ▪ New York ▪ San Francisco ▪ Houston ▪ Chicago ▪ Los Angeles ▪ Denver ▪ Calgary Europe ▪ London ▪ Paris ▪ Munich Industrials Financial Institutions Energy Healthcare Consumer & Retail Restructuring TMT
Slide 13: Substantial Opportunity To Grow Our Existing Franchises
13 Substantial Opportunity To Grow Our Existing Franchises Industrials Financial Institutions Energy Healthcare Consumer & Retail Restructuring Source: Dealogic , S&P Global Ratings, Moody’s Notes: (1) Sector volumes reflect annualized target M&A volume of deals over $100M from 2016 – 2019 (2) US re
Slide 14: Critical Mass In Prevailing Advisory Geographies
14 Critical Mass In Prevailing Advisory Geographies $1,750 $1,250 x 230 910 x 90 750 x 130 1,040 x 420 770 – 640 530 Source: Dealogic 2016 - 2019 Market PWP Focus Office Geography Collaborations Collaboration Coverage Effort Annualized M&A Volume ($B) Average Deal Size ($M) Our Focus Today 72% of M&
Slide 15: Lead Advisor Across Deal Size, Industry And Transaction Type
15 Lead Advisor Across Deal Size, Industry And Transaction Type $1.2B - $5.3B $1.4B $1.5B $775M €5B €4B $2B - $3.3B $3.2B $3.5B $608M $2.4B $12.5B $3.4B $9.2B $12B $26B $4B $8B $107B $12.8B $1.8B $9.5B $54B $24B $109B $43B Source: Press Releases, Public Information, Dealogic Capital Markets Capital
Slide 16: Experience And Runway To Build Longstanding Advisory Relationships
16 Experience And Runway To Build Longstanding Advisory Relationships Partner average years of experience Average age of Partners Partner average years of tenure at PWP plus prior firm Partners leading advisory franchises Partners with < 3 years at PWP Partners promoted internally 15 19 ~16 54 ~25 ~
Slide 17: A Focused Growth Strategy
17 A Focused Growth Strategy People Industries Advisory Services Grow The Core ▪ Strengthen teams ▪ Expand coverage ▪ Cultivate junior talent Expand Into Grey Space ▪ Add in adjacent sectors ▪ Extend advisory capabilities ▪ Leverage established infrastructure Enter White Spaces ▪ Pursue new sectors
Slide 18: Recent Track Record Of Strategic Expansion
18 Recent Track Record Of Strategic Expansion Footprint Expansion Franchise Expansion Partner Hires & Promotes Paris Office TPH Combination (1) (Houston / Denver) LA Office Mizuho Collaboration TMT Industrials (LA) EU Restructuring Healthcare Expansion 5 Hires 4 Promotes 3 Hires 1 Promotes 6 Hires 4
Slide 19: Careful, Methodical Approach To Growing Our Team
19 Careful, Methodical Approach To Growing Our Team Thought Leadership Deep industry insights Broad advisory experience Reputation of integrity Cultural Fit Team player Mentor and player / coach Committed to diversity and inclusion Optimizing The Base (Last 5 Years) How Do We Choose Our
Slide 20: Historical Financial Performance
20 Historical Financial Performance Gross Revenue (GAAP) Productivity (Revenue / Avg. Partner) Growth 19% 68% (24%) (9%) 19% $352 $418 $702 $533 $485 $575 2016 PF 2017 2018 2019 2020E 2021E CAGR: 14.8% CAGR: 10.3% Notes: 2016 PF revenue based on full year contribution of TPH (including 11 months pri
Slide 21: Key Measures To Track Our Performance
21 Key Measures To Track Our Performance 5 3 6 5 3 4 1 4 6 2 158 187 197 179 161 65 94 105 100 85 $2.0 $2.1 $3.5 $2.9 $2.7 35% 32% 37% 39% 36% 37 47 68 81 64 # Clients $1M+ Average Fee Paying Client ($M) # Fee Paying Clients # Repeat Clients # Partner Promotes # New Partner Hires Top 10 Deals % of T
Slide 22: Our Targets Going Forward
22 Our Targets Going Forward Partner Productivity Average of ~$10.2M in 2021 to ~$10.5M by 2023 Annual Partner Growth ~5 lateral & ~2 - 3 internal promotes Business Mix Steady mix across industries in M&A, Rx, Cap. Markets Adv. Adj. Comp Margin (1) Mid - 60%s through 2023 Adj. Non - Comp Margin (1)
Slide 23: A Conservative Baseline For Growth
23 A Conservative Baseline For Growth Revenue / Avg. Partner Revenue / Avg. Full - Time Employee ($ in millions) $11.3 $10.7 $9.1 $10.2 $10.2 $10.5 '17-'20E Avg. 2019 2020E 2021E 2022E 2023E $1.040 $0.983 $0.848 $0.968 $1.022 $1.085 '17-'20E Avg. 2019 2020E 2021E 2022E 2023E
Slide 24: Summary Historical And Forecasted Income Statement
24 Summary Historical And Forecasted Income Statement 2019 2020E 2021E 2022E 2023E '19-'23E CAGR Revenue $533 $485 $575 $644 $716 7.6% % Growth (9%) 19% 12% 11% Adj. Comp Expense ($349) ($339) ($368) ($412) ($458) 7.0% % of Revenue 65% 70% 64% 64% 64% Adj. Non-Comp Expense ($135) ($108) ($123) ($131
Slide 25: Why PWP?
25 Why PWP? Our Market ▪ Demand for advisory services expanding in period of significant change ▪ Independent advisory model expected to continue to gain share Our People ▪ Independent thought leadership across industries, geographies and products ▪ Collaboration the cornerstone of our culture and k
Slide 26: Appendix
P/W PEREL PART Appendix
Slide 27: Compelling Relative Valuation
27 Compelling Relative Valuation Source: Public Filings, FactSet, FinTech IV Proposal Notes: Peer data as of 12/24/20, all estimates calendarized to 12/31 year end (1) PWP market cap and P/E reflect equity value based on FinTech IV proposal at pricing; assumes 2021E Adj. Net Income of $65 .0 M; Adju
Slide 28: GAAP To Adjusted (Non-GAAP) Reconciliation
28 GAAP To Adjusted (Non - GAAP) Reconciliation Twelve Months Ended December 31, 2019 Total Compensation and Benefits - GAAP $543 Public company transaction related incentives (1) (1) Equity-based compensation (2) (193) Total Compensation and Benefits - Adjusted (Non-GAAP) $349 Total Non-Compensatio
Slide 29: Legal Disclosures
29 Legal Disclosures This Presentation has been provided to you by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Pa rtn ers,” the “Firm” or “PWP”) for use by PWP and FinTech Acquisition Corp. IV (“FinTech,” “FinTech IV” or “FTIV”) in connection wit h their proposed bus
FinTech Acquisition Corp. IV — SPAC Merger (December 2020) on 6ix