Perella Weinberg Partners · NASDAQ:PWP
Perella Weinberg Partners — Q3 2024 Earnings Presentation
16 slides from Perella Weinberg Partners's earnings presentation, Nov 8, 2024
Slide 1: Investor Presentation November 2024
INVESTOR PRESENTATION November 2024
Slide 2: Notices & Disclaimers
Notices & Disclaimers Disclaimers This document is “as is” and is based, in part, on information obtained from other sources. Our use of such information does not imply that we have independently verified or necessarily agree with any of such information and we have assumed and relied upon the accur
Slide 3: Perella Weinberg | Advisory-Focused Investment Bank
PERELLA WEINBERG | Advisory-Focused Investment Bank ADVISORY PRODUCT EXPERTISE Mergers & Restructuring Financing & Capital Shareholder Engagement, Acquisitions & Liability Management Markets Advisory Analytics, & Activism INDUSTRY COVERAGE Energy & Financial Services Consumer & Retail Energy Transit
Slide 4: Clients Rely on our Advice and Expertise
Clients Rely on our Advice and Expertise Exclusive financial advisor to Financial advisor to Holcim in Lead financial advisor to Robert Bosch in connection with connection with its planned BlackRock in connection with its its acquisition of residential and separation of its North American acquisitio
Slide 5: Our Business is Positioned for Long-Term Revenue Growth
Our Business is Positioned for Long-Term Revenue Growth Organic Broad Team With Experienced & & Inorganic Growth Long Runway Committed 31% of Partners < 3 Years in Role 65 26 Average Years of Advisory Partners Experience Globally 38% of Partners 51 17 Average Years of Internal Promotes Average age o
Slide 6: Multiple Drivers of Revenue Growth
Multiple Drivers of Revenue Growth Enter Open Spaces Pursue new sectors and coverage Expand range of advisory services Expand Into Grey Space Add in adjacent sectors within core industries Extend advisory capabilities Leverage established Firm infrastructure Grow The Core Strengthen team
Slide 7: Our Culture Attracts High Quality Clients and Talent
Our Culture Attracts High Quality Clients and Talent ENTREPRENEURIAL SPIRIT WE VS. ME MENTALITY COLLABORATIVE HIGH INTENSITY + INTEGRITY OWNERSHIP MENTALITY INCLUSIVE PARTNERSHIP CULTURE AMBITIOUS + CONSCIENTIOUS 7
Slide 8: Drivers of Shareholder Value Creation
DriversofofValue Drivers Shareholder Creation Value REVENUE GROWTH EXPENSE MANAGEMENT Grow Partnership & Invest Responsibly & Client Coverage Footprint Strategically in Growth Expand Existing Partner Demonstrate Balanced Comp Productivity Discipline Expand Advisory Drive Operating Leverage via Servi
Slide 9: Financial Overview
Financial Recent Overview financial results ADJUSTED NON-GAAP Q3 2024 YTD 2024 LTM Q3 2024 Revenue $278M $652M $865M YoY Growth 100% 50% 40% Pre-Tax Income $52M $97M $108M EPS $0.34 $0.69 $0.77 September 30, 2024 $335M Cash, Cash Equivalents and Short-Term Securities Balance Sheet No Debt 9
Slide 10: Prudent Capital Priorities and Strong Shareholder Alignment
Prudent Capital Priorities and Strong Shareholder Alignment CAPITAL PRIORITIES SHAREHOLDER ALIGNMENT Partners and Employees 1 Invest in our Business 1 Own ~40% of the Firm Maintain Strong, Asset Light Stock is a Significant 2 2 Balance Sheet Component of Compensation Senior Leadership Stock Return E
Slide 11: Over $450 Million Returned to Equity Holders
Over $450 Recent Million financial Returned to Equity Holders results $215M Unit Exchanges Net Settlements Open Market Repurchases $136M Dividends Distributions $67M $47M 2021 2022 2023 2024 YTD Shares & Share 1.7M 10.6M 4.0M 12.3M Equivalents Retired Avg. Price $12.84 $7.40 $9.77 $14.94 11
Slide 12: We Actively Manage Our Share Count
We Actively Manage Our Share Count Class A Shares Partnership Units (SHARES / UNITS IN MILLIONS) Partnership Exchanges 92.8 88.2 (5.6) 86.3 2.9 86.2 (0.9) (3.0) (10.4) 12.3 42.6 41.7 44.6 57.0 87.2 86.3 83.3 83.3 75.8 75.8 50.2 44.6 41.6 31.2 @12/21 Net Net @12/22 Net Net @12/23 Net Net @09/24 Partn
Slide 13: Compelling and Simple Investment Thesis
Compelling and Simple Investment Thesis 1 2 3 Growing Substantial Cash Revenue Earnings Power Generation Model Large addressable market As platform drives toward Business produces cash flow initial milestone of $1B+ in to support strategic growth Strength of brand and client annual revenue,
Slide 14: Consolidated Income Statement (GAAP)
Consolidated Recent financialIncome results Statement (GAAP) ($ IN MILLIONS) 9 Months Ended 9/30 3 Months Ended 9/30 Year Ended December 31, 2024 2023 2024 2023 2023 2022 2021 Revenues $652.4 $436.0 $278.2 $139.0 $648.7 $631.5 $801.7 Expenses Compensation and benefits 392.6 261.1 174.1 84.9 426.6 39
Slide 15: GAAP To Adjusted (Non-GAAP) Reconciliation
GAAP To Recent Adjusted financial (Non-GAAP) Reconciliation results ($ IN MILLIONS) 9 Months Ended 9/30 3 Months Ended 9/30 Year Ended December 31, 2024 2023 2024 2023 2023 2022 2021 Revenues $652.4 $436.0 $278.2 $139.0 $648.7 $631.5 $801.7 Compensation and Benefits Expense Total compensation and be
Slide 16: Notes to GAAP Reconciliation of Adjusted (Non-GAAP) Results
Recenttofinancial Notes GAAP Reconciliation results of Adjusted (Non-GAAP) Results (1) Equity-based compensation not dilutive to investors in PWP or PWP Holdings LP ("PWP OpCo") includes the amortization of legacy awards granted to certain partners prior to the business combination that closed on Ju
Perella Weinberg Partners — Q3 2024 Earnings Presentation on 6ix