Perella Weinberg Partners (NASDAQ:PWP) Q2 2024 Earnings Conference Call August 2, 2024 9:00 AM ET
Company Participants
Taylor Reinhardt - Head, Communications & Marketing
Andrew Bednar - Chief Executive Officer
Alex Gottschalk - Chief Financial Officer
Conference Call Participants
Devin Ryan - Citizens JMP
Brendan O'Brien - Wolfe Research
James Yaro - Goldman Sachs
Aidan Hall - KBW
Operator
Good morning, and welcome to the Perella Weinberg Second 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 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 Communications & 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
Okay, thank you, Taylor, and good morning.
Today we reported second quarter revenues of $272 million, a record for our firm, up 64% year-over-year and more than doubling quarter-over-quarter. And our first half revenues of $374 million were up 26% versus a year ago. In the quarter, we experienced a material increase in large transaction closings with relatively larger associated fees compared to the first quarter. Included in the quarter was more than $40 million in revenue related to closings that occurred within the first few days of the third quarter and which, in accordance with relevant accounting principles, we were required to record in the second quarter.