Perella Weinberg Partners (NASDAQ:PWP) Q3 2024 Earnings Call November 8, 2024 9:00 AM ET

Company Participants

Taylor Reinhardt - Head, Communications and Marketing
Andrew Bednar - Chief Executive Officer
Alex Gottschalk - Chief Financial Officer

Conference Call Participants

Devin Ryan - Citizens JMP
Brendan O’Brien - Wolfe Research
Aidan Hall - KBW
James Yaro - Goldman Sachs

Operator

Good morning and welcome to the Perella Weinberg Partners Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today’s call is being recorded. And I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing. You may begin.

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 files of 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. We are pleased to report another quarterly record for the firm. In the third quarter, we reported revenues of $278 million, up 100% year-over-year. And our year-to-date revenues at $652 million are up 50% year-over-year and are the highest first 9-months in the firm’s history. And with our fourth quarter revenues tracking at a similar level to those seen in Q4 2023, we remain on pace to deliver strong results for the full-year 2024. Our results reported today reflect top-line growth across our businesses driven by an increase in larger fee events. This is an encouraging trend and reflects both our deliberate strategic positioning and business selection optimization, as well as a deepening of trusted relationships with both new and existing clients. Our team is firing on all cylinders, and the results speak for themselves. I could not be more proud of our teammates and what they have achieved.