Perella Weinberg Partners (NASDAQ:PWP) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET

Company Participants

Taylor Reinhardt - Head, IR

Andrew Bednar - CEO

Gary Barancik - CFO

Conference Call Participants

Devin Ryan - JMP Securities

James Yaro - Goldman Sachs

Brendan O'Brien - Wolfe Research

Operator

Good morning and welcome to the Perella Weinberg Partners Second Quarter 2023 Earnings Conference Call. During today's discussion, all callers will be placed in a listen-only mode and following management's prepared remarks, the conference call will be open for questions from the research community. This conference call is being recorded.

At this time, I'd like to turn the conference over to Taylor Reinhardt, Head of Investor Relations. Please go ahead.

Taylor Reinhardt

Thank you, operator and welcome to our second quarter 2023 earnings call. Joining me today are Andrew Bednar, Chief Executive Officer; and Gary Barancik, Chief Financial Officer. A replay of this call will be available through the Investor's page on the company's website approximately two hours following the conclusion of this live broadcast through August 10, 2023.

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, August 3, 2023, and have not been updated subsequent to the initial earnings call.

Before we begin, I'd like to note that this call may contain forward-looking statements, including PWP's expectations of future financial and business performance and conditions and industry outlook.

Forward-looking statements are inherently subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those discussed in the forward-looking statements and are not guarantees of future events or performance. Please refer to PWP's most recent SEC filings for a discussion of certain of these risks and uncertainties.

The forward-looking statements are based on our current beliefs and expectations, and the firm undertakes no obligation to update any forward-looking statements. During the call, there will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business. PWP has reconciled these items to the most comparable GAAP measures in the press release filed with today's Form 8-K, which can be found on the company's website.

I will now turn the call over to Andrew Bednar to discuss our results.

Andrew Bednar

Thank you, Taylor and good morning. Today, we reported second quarter revenues of $166 million, up 10% from a year ago and up 26% from the prior quarter. Our first half revenues of $297 million were essentially flat year-over-year. This quarter is the first in five, where we delivered a year-over-year increase even as global M&A market volumes continue to decline year-over-year.