Perella Weinberg Partners (NASDAQ:PWP) Q4 2023 Earnings Conference Call February 8, 2024 9:00 AM ET

Company Participants

Taylor Reinhardt - Head od Communications

Andrew Bednar - Chief Executive Officer

Alex Gottschalk - Chief Financial Officer

Conference Call Participants

Devin Ryan - JMP securities

Brendan O'Brien - Wolfe Research

James Yaro - Goldman Sachs

Operator

Good morning and welcome to the Perella Weinberg Full Year and Fourth Quarter 2023 Earnings Conference Call. During today's discussion, all callers will be placed in listen only mode and following management's prepared remarks, the conference call will be open for question 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 Communications and Marketing. Please go ahead.

Taylor Reinhardt

Thank you operator and welcome all. Joining me today are Andrew Bednar, Chief Executive Officer and Alex Gottschalk, Chief Financial Officer.

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 2023 full year revenues of $649 million, up 3% from a year ago, with fourth quarter revenues of $213 million, up 16% from a year ago, and a large contributor to our strong full year performance.

We're pleased with how we navigated 2023's challenging market environment, growing our revenue while the M&A market globally saw closings down 30%. Three factors drove our outperformance compared to the broader market. Our relative scale, our weighting towards corporate clients and our broader service offering.