Perella Weinberg Partners (NASDAQ:PWP) Q1 2024 Earnings Conference Call May 3, 2024 9:00 AM ET
Company Participants
Taylor Reinhardt - Head of Communications & Marketing
Andrew Bednar - Chief Executive Officer
Alex Gottschalk - Chief Financial Officer
Conference Call Participants
Devin Ryan - Citizens JMP
Steven Chubak - Wolfe Research
Aidan Hall - KBW
James Yaro - Goldman Sachs
Operator
Good morning, and welcome to the Perella Weinberg First Quarter 2024 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 Perella Weinberg'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 Perella Weinberg'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. Perella Weinberg 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 first quarter revenues of $102 million, results that do not reflect the underlying strength of our business. We are the lead adviser in 3 of the 15 largest transactions announced year-to-date, and our announced and pending transaction revenue backlog stands today at a record high for the firm, nearly double the level last year at this time.
This quarter, we experienced an unusually large amount of transaction announcements with elongated closing time lines and where closing and revenue recognition are expected to occur in subsequent periods.