PWP - Earnings call transcript Q3 2021 | Perella Weinberg Partners

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Operator

Good morning, and welcome to the Perella Weinberg Partners Third Quarter 2021 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 Investor Relations. Please go ahead.

Taylor Reinhardt

welcome third and call. XXXX operator, you, to quarter our earnings Thank

call through me Chief Company’s of Officer. live Chief this Weinberg, are website A XXXX. broadcast be Officer; of Joining following Peter this Barancik, approximately Executive two today the of Investors’ the page and hours Gary replay through will the XX, available conclusion Financial November

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

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

SEC assumptions Forward-looking those statements and to update guarantees expectations recent Please firm that materially to most statements. beliefs filings in actual discussed of performance. and no are and certain from differ and discussion results future forward-looking inherently cause of on forward-looking subject are current and refer forward-looking based to uncertainties, obligation could statements, the The or PWP’s are undertakes uncertainties. not these our events a to risks risks, any the for of statements

filed X-K Weinberg has metrics will these with a the also Peter the most can PWP the Form our over turn release I found management measures During there discuss items call, non-GAAP results. discussion which of today’s to Company’s call press GAAP to website. financial are on in reconciled now be of assessing will comparable the in be which business. performance the the to some relevant are believes which measures the financial

Peter Weinberg

our joining XXXX and all for third call. Good thank Taylor. us morning, you, quarter Thank earnings you for

that into get for the tone observations quarter. set a Before like overall I share our our would few to I results,

attraction of as structural our ever will enormous super-cycle”, sourced the what the First are capital and “liquidity all, time. increasing our to support amounts model macroeconomic factors, by The and continued financial active advisory activity velocity for seen continue as of is clients be that the them. the markets of we I’ve a system of to activity calling independent some across

company. the both and Perella and as clear a very professionals scope clients and growth talented of work, Partners size is to place into world industry sectors our grow see the respectively. platform opportunities and We now products not we are embracing to which Second, and participate; firm Weinberg hire around the sub do a in

than back-to-the-office. people while extremely our of people. Third, our as our more will we for of is And in-person more achieving firm be work to the allowing performed office well The our together benefit team record this results flexibility will amongst remotely, past interaction while our Monday, firm, certainly from life, center the pre-pandemic.

pleased that raise again evaluating companies in growth are in Separately, capital, they use markets, through and both companies. with are interest from grappling might market on from contribute their and will anticipate mid-cap liability the records I balance our and rates, by prior from were we larger changes to dynamics strategic of active seeking Commensurate market, such both sectors. market, healthy to was million and where transformation. sell considering by balance for by fee on management are what has to in and begin The importance how was continue am long-term, particularly restructuring platform, our public wide interest activity Furthermore, $XXX the in end saw we across $XXX in the Activity availability cyclicality experienced their It we and by services strong drivers continue activity, our private side with of or we increase dropped some sheets and Now, be companies seeing record decline pre-pandemic revenues across quarter pandemic. line financing performance. to landscape in of corporates buy both, to on we meaningfully management relative activity financing universe our peak flow, stimulus. has and a see These dialogue government amounts with XXXX. revenue while its of transaction low M&A the how technology very The turn. continues and activity companies, to emerging the with coming are array significantly investing M&A term tempered resulting respond levels large of out strategic respective until across growth technical the our has possible to largely Both to markets are and grow management management across of these are crisis every by driven realizations of the industry market their transactions. seen fees healthcare, factors robust, contracted and liability energy notably periods. private platform results driven the liability advice the emerging scale, our our restructuring nine that that and of to respective the the or an the been levels of the XX% restructuring the and the experienced to and and liability Diving for of M&A increase business clients, equity ending to industrials versus XXXX. to in September capital reflective activity, report firm months sector. the and the of community driven will a periods XX% million, the a activity coverage is impact XXth in over deeper expanded and cap medium the showing recorded to believe financial for revenues an levels. but spanning Despite market robust of in bit large from proactive activity cap to the

a record results generated we geographic healthy. European management in liability and business restructuring XXXX our of months nine the Our first pipeline perspective, for for is From XXXX.

believe we branding advisory business is at performance us strong and significant While basis, and with look position peers, our to regional our differentiates presence we that in a compared when commensurate Europe differentiation. not attractive do our on

We of region recent activity of in are the to well-positioned to we acceleration support behind growth. that take to future continue and advantage business invest the

Although revenues of we continued historic quarter strategic saw levels third the heightened by quarter, record of level nonetheless unusually realizations high of we reach experienced and standards, a transaction did not an fee the flow. level where completions and dialogue second

activity currently trajectory healthy, fluctuate slowdown to macroeconomic we overall numerous Across revenue M&A that with can and factors of leaders that financing environment, is yet favorable quite any and sign dialogue of in recognize mindset the quarter-over-quarter the of market we positive. is results see have While clients. and business affect could the our participants, a

an and Our backlog close extremely remained to of all-time at high. strong was the end QX

at to our continue strategic all to add levels talent growth. We support

X of an figure to partner recruiting XXth, the XXXX, not had As additional XX our who advisory and reflect have strong. has in September partners. we pipeline we agreed This partners, year-to-date does remains added and join firm

in as and significant X internal industrials new healthcare fintech the partners, both U.S. institutions, as in tech expertise financial Europe. bring and including XX broadly, well and promotes, Our

geography individuals a will deem product partner collaborative is who base challenging. more We standpoint expand market well our franchise-enhancing. and with In from the busy a we coverage those for our further certainly help as expertise and strengthening are who and environment, focused as on talent sector,

that and professionals. attract to We culture confident company with exceptional growth along our are momentum a with platform collaborative being will continue

our are experience seeing that encouraged we feel up, by interest successfully third level the needs strategic to culture. ability we our and to who our about quarter. of the fit the To very are individuals good in continued and we We in confident feel momentum wrap attract

opportunities. well-positioned providing note, advantage Gary, will and environment high-quality and and We our delivering to to to On of favorable support advice clear, long-term that I and model our are to continue future take We to remain simple, to committed shareholders to you. turn strategic clients will client-centric value we over trusted invest financial currently behind it the growth

Gary Barancik

Peter. Thank you,

of million the quarter, As for revenues the an third period. Peter increase generated prior-year XX% of mentioned, we over $XXX

million, the revenues year. from prior for XX an September of Our months were $XXX increase the nine XX% ended

see financial and The liability XXXX strong, year. management the fee number year in the three-month to diversified, can nine-month advice, across increase both as results size in as was transaction in periods. M&A third in to an The revenue activity advisory particularly partially and quarter acquisitions advisory compared per levels continue restructuring for of and client, revenues a the the prior offset reduction translated prior and mergers increase and revenue We increase both the into of compared to in which our by business, be fees to completions high attributed average periods.

This communicated comp for compensation adjusted accrued with we quarter, of is third points private the in previously than at when a in as ratio lower third side, guidance. revenues, XXXX XXX our adjusted our line partnership. expense the we of basis operated quarter On expense XX% the medium-term

expense non-compensation for with quarter the $XX.X million, was million a period the year ago. third same $XX.X adjusted compared for Our

expenses fees an and public was for in primarily increased increase last as increase expenses the percentage ease. As dollar in adjusted third consulting period non-compensation a costs driven insurance, was restrictions related travel by down modest the including professional XX% to increase related D&O XX% and overall in on an from The adjusted a of recruiting, year. company our non-compensation and pandemic-related revenues, travel expense quarter, basis in same

higher on As year. second at that XXXX a expense half last discussed earnings results, of our our will for we QX expect the adjusted half seen the of and non-compensation as in first the be than level call

including of second public modest XX% development timing D&O transition IT higher adjusted likely higher fees temporarily the expenses the certain half our insurance be half projects the professional million including to increased first For $XX.X support and and than as non-comp the that professional well expect assumed a to some year. factors in several approximately to company are increase as public XX% This to recorded we related to of XXXX, expenses costs due tax legal travel. to and is in company, our

to to other items non-compensation look beyond XXXX, As attention. want we your I two call

and expense expenses and non-compensation the to XXXX due year-to-date of benefited adjusted First, low levels the pandemic. entertainment travel from XXXX of effects

business this trend will continue. We modest a expect in that and increase begun have travel see to

remotely continue or our business travel at of While and of not the will business the the spend, that be saw virtually, a we conduct in levels and that earlier. we client-focused meaningful albeit allow banker XXXX to to much during that our a non-compensation anticipate expect per are again us business portion we pandemic quite experience will

Second, given square our expanding our footage expire in and September London and our locations. respectively, XXXX for XXXX, in we significant meaningfully our of York anticipate of growth, December leases New and headquarters projected both

GAAP for some requirements, rent Although we free existing allowances overlap expense non-cash on lease will and of mitigate expenditure purposes between that we recorded leases. improvement accounting expect expect new tenant capital our and period

provide current are we able amounts will subsequent at quantify not call. to time, the an earnings on update Although these we

to component expirations, much of productive our to $XX $XXX are important more XXXX. with that and income are the for a new reimagine workspaces. and efficient, and ended we We colleagues due have our do largest the collaborate allow quarter our third to totaled and timing us highly so we environment Environment, near-future clients in offices. our the excited XX, designing million opportunity the work how how of to nine post-pandemic September feel two for the net to Technology months we space has and and interact in fortunate a work able with create lease we become will the Adjusted in million our effective

record net XXXX if-converted Class Stock. Adjusted shares adjusted if $X.XX diluted, ended income results to as our balance XXXX. partnership million for Our sheet, no was $XXX.X third debt of and of flow income and and to dilution, combination dividends. and of to a X, The the XX, of we A With return Common to facility. cash open payable call Board operator questions. to expect excess of back shareholders of of to to credit has share XXXX. the that, through September if-converted, September turning million was net cash months Class dividend quarter XX, $XX $X.XX a XXXX we’ll line per all for December three repurchases, to revolving equivalents, And on finally, as now units Stock the Common moderate the the cash we XX, holders had an December converted as time, had Operator? Over for presents declared turn undrawn A share the

Operator

[Operator Instructions] Your from Devin Thank the JMP comes first line question you. Securities. Ryan from of

Your line is open. now

Devin Ryan

Peter great. Hey, Good morning, Gary. and

firm mentioned it the the know to I and the the a about partners space of just white Obviously, I think now. a is some bit competitive And kind but First question year. tailwinds a here, got external was additional for I to idiosyncratic recruiting talk want you rough target right outlook. lot five there's you've of

XXXX. How you think able You're of to about guess, in and already five doing near-term forward, today. mentioned at enter products of And the that whip better recruiting? may you're are then, thinking seven little that currents or for what you're number across you are mentioned? this Do some, going year. in some just that you like the a also not I term, through What you intermediate you do you the over be industries bit, are priorities maybe areas may that kind Peter, than

Peter Weinberg

people specific it compensation, cover that fair and it's regions the suggest, very our can at it hiring and were on advantage firm. hiring from the competitive with of the about to be, because we view rate partners fit, get on positions. the future hire to respect We compensation, groups. of their firm seven partners going reason or business With also to the that of year, value they last of have that as is what a who -- people. partner partners to than because And believe respect meaning areas, that really what culture, will best across to And or areas indeed firm. and this product positive attractive prospects incumbent create on to your year, outside hired because and you competitive product we The of platform our that industry to to clear we comment we very able that We group for and Devin. foregone want exactly morning, the the is forward. feel for Good but more hires, areas, hire was fair equity come

who each partners in know market potentially could we in position, people internally For sit the and those we the know people seats.

going also While the that in in people partner elevated and technology, financial in is disclose hired hired in in XX% that in and year this Europe. that we this technology people don't last we that and healthcare, We of both we people our and indication the best forward, technology, U.S. year. to the were of industrials,

Devin Ryan

is to-date. having back peaks Okay. Terrific. record European of recovering I I a a over on a to know still touch kind Europe year so historical broadly to go if XXXX decade want M&A you're bit is here, there but in you cycle. well below or that prior

recovery perspective? about where would upside the from that a Perella think we seeing we're you're success, the in lot here, to do With of kind in how banker a of or productivity upside recovery you there is the more the from you productivity how but European maybe having Europe, are lot frame

Peter Weinberg

an I which fact to because evaluate ago, always over that's XX started start the the U.S. we framework about important Europe started a years the in firm reference in Europe there. conversation with at same to time that that the the we in

in Europe in business And about in or environment liquidity elevated, are referenced as record in overall activity forces a creating mergers, also we're earlier, record going to the Europe, to Half important the really matching those that our partners we our bases clients terms year, said serving similar terms our USA this partners applies in but this I forward. are Munich. and We're and had mention optimistic and Europe. the resident year metrics. U.S. Europe, the it's hired for Paris from that productivity London, of to Europe, in in we the very you in the of available, three very As of of

Devin Ryan

squeeze that there about firm kind a one could just guys that capital. capital, of question capacity capital-light potential I you are and we of How And around guys your how Gary, would the us clients from at that? If in thinking your then at, you get for more opportunity our recommend looking for great. of well? and buybacks quantification is just Okay, as quantification excess clearly building

Gary Barancik

the still of I repurchases, very our past at well as We'll gave Yes. ordinary of as Thanks messaging a mix the be potentially a in returning capital. much we Devin. think is as specials means case. Look, both the that dividends looking

I impact cash company. occasional towards on we bias think one a the cash structure, a between out purchases know probably share-based for to the of you specials as the have balance dilution do but excess we to need the comp, because held bias that's hand, the moderate cash free for public want create from Up-C our at also can

this not is any the of for it So, year. But balance to it'll mix. to anticipating specials new something expect or quarter. in We're repurchases the be we turn

Devin Ryan

great. it I’ll there. Thanks leave for Okay, Thank the color. you guys.

Gary Barancik

you. Thank

Operator

of comes Ramsden question the from next from Your Goldman Richard line Sachs.

Your line now is open.

Richard Ramsden

Peter Good Gary. and Okay. morning,

year, to activity, between on financial to there's and So, would on you business and question history? sponsors. in a from know sponsor financial about a as that I you financial serving you sponsors to and and sustainability the see the back And risks sponsors the versus this we your ask into wanted consider the disproportionate corporate Thanks. take you to continuum I the touch contribution a think step to But, it run XXXX. if franchise corporates relative be head can perhaps rate

Peter Weinberg

phone Sure. it we Richard. and that financial at me in a shock all. of Good calculation reasons had explain our number at referenced morning, didn't for second, I'll XX% the of way said really number sponsors, a A but touched analysts business that the don't Dealogic sell-side on look that that

what what That's coverage industry attracted Our product engagement will sponsors are regional say coverage and that's every partner, with is provide. I partners, sponsors have sponsors want partners, and we how the entire directly. ubiquitous, we that that's make much of and very business. when with sponsors firm. of those we And our to sponsor our connections. think integral It’s relationships large corporates appropriate deep about the world part an partners around

Richard Ramsden

And constraints broadly. biggest obviously out just on you seeing of lot. a minutes Can Peter robust interest run have Thanks closed? are rates, more on you on that also what you Are activity? just of rate get which to the next we're that think enforcement takes around as what Okay. helpful. impact then inflation, deal So, type you risks the into That's do to seeing, is capacity think a And accountants couple we spend turning the antitrust of head and curious will I'm the the it side. hitting micro lawyers issues year? a any the time environment higher

Peter Weinberg

Sure.

been would many very multinational that with, they been. On that of the side, have supply say shortage cetera. correctly are and that certainly always companies dislocations have there think you that the X, tax we shortages, XX, horizon, policy, the past on chain, more you clouds resilient and adaptive large of others, I so antitrust, ever et I state, over they have inflation, macro clouds than any interest work years, XX today all we today, and shown labor no rates, through have as points market mentioned, and

So, market on is know. they're M&A. expectations, not about wishing these make and them you corporate don't risks significant all caveat, or of markets changes they the accommodate in I and macro risks away, companies as shocks side would think react but The they well or versus to one include how that spikes and these terms strategy

or very view interest in that's and markets that expectations, And so, think would think I rates, I of working but my problem would in significant also With as that's very sudden or on significant is I activity. across change ecosystem don't a dislocate, how sudden very any the change a but world it's and likely might others lawyers system. respect we’ve slow think restraint not micro, or it very market to to, a felt delays relates and busy, whole with unnecessary the the busy transactional the happen. and inflationary

Richard Ramsden

Okay. lot. That's a very helpful. Thanks

Operator

Research. the question from Steven comes next of Your from Chubak Wolfe line

open. is now line Your

Steven Chubak

Good Good morning, Gary. morning, Peter.

start the to commentary I to relating off, a of some just wanted question first So, backlog. on the

fundamentals hoping hiring noted you end You that by I mean levels full confidence and as dialogue won't given just ability that near your you've still for of level strategics your done record operating productivity revenues, noted your be XQ. looming you remains both year, at the could is as I grow just but backlog and the to are XXXX. recognizing they -- speak What this granted the the about was is with sponsors? clouds stronger Peter, could not run broadly, that necessarily of overhead incredibly earlier the some M&A rate be the there active space

Peter Weinberg

Steven. morning, Good

as reason roadmap our are for and mentioned The state. you very growth as We earlier that I clear. growth for indeed to committed is is so correctly that

the XX feel sight grow. only the approximately We have seek on business work areas different clear to and that with we or that -- want in which and in to also a the of hiring we of line partners add constraint with. terms clients have of I'll XX don't we work to

for think that is approximately at years. less firm regard. do so, And who’ve compelling three of I the our the partners We than a in have that quarter been backdrop

partners so, in hire to dynamic gaining will productivity and And that have going we continue people those as forward. are

Steven Chubak

heading great can I going the commentary But, potential next exclusive color, spoke to about a That's just a of thinking just of we the trajectory first non-comp clean-up for growth you in Peter. about And as T&E -- the year. expense just into you was of puts takes questions headwind, about couple just cost you the some next some dollar think with think through non-comps guys. associated try public, hoping or not so help quantify frame for appropriately just to certainly of and we Okay. could and trajectory year, the the being the on normalization around Gary, maybe

Gary Barancik

Yes.

to a public went will where elevated to -- we company be pretty are. for to specific just a just probably flagged just to is of our I'm a of an relative they I get us ones, peers going through the we're not of D&O and you, because able larger sense I'm I a a of that's kind that's public too but a to remain but think few Largely, not expense, point it. for before, well, years, for component -- of to few so kind Steven, is transaction, and because only big give

the relating nine couple relating capital the it are forth. outside of financial example, ones tax ordinary additional -- advisors of to there months folks and and Qs months some other have of the are run items to to of additional and for fees I'll in us but which audit of the rate from public like that around periods, combination, reporting needing first as some reference shorter-term, is additional and company the referenced, as various, it The prior business just somewhat main comparison types in And then, course, elevated. really is transactions, are just costs our markets sort and some things that, support date more we of a those from tax call six the so legal And to also some things. some, what

Steven Chubak

final position I on as could just just constructive was more cleanup, with look liquidity to when buyback. set expire the And not the they're around you maybe Gary, update, and Understood. speak to comments hoping to remarks? bit get earlier a Why here just on lockups, excess strength given was the for an one in of commentary the regards your the little that to cited aggressive and outlook the you noted of the the a call

Gary Barancik

on first of excuse lockups. on I'll buybacks your -- me, the question the part take

time shares groupings of to one targets. to really which price speak also those two kind So, or the straight either of case there there are are are of a from is the six-month lockup subject transaction to, in stock some sponsor

of released. anniversary coming those December, so, And up in be six-month some the will late

partnership there's investors. we the our partners, have certain be that to units of milestone That's In for order of legacy partners that million but a to either or will be or which legacy sale combination too on our targets million price sort certain additional potentially at our meeting question where up. On be very We'll your as still frankly units for it’s that just year. pieces. we this the And into anniversary subject in be absolutely quarter be And because That's just have next our would buybacks, lockup relating and that of to a aside from would working at kind focused a it getting one-year year really some XX founding shares with addition, available, partners, XX again or through released not would moving of that would company doing so. Board's of the on part on anniversary the ballpark. public We're lot six-month first next come exchange for something frame. the not we just be approval, compensation.

We of be mix repurchase special we to given and versus tax in for the have the distributions, overlay want how very that. prudent need just the we manage

And as so, quarter. that's why I'm saying it's opposed something to this year that to next we expect to turn

Steven Chubak

my taking Helpful questions. color. much for so Thanks

Gary Barancik

Thank you.

Operator

comes Brown KBW. line of Michael from next the from Your question

Your line open. is now

Michael Brown

Gary, are Hey, how you. Thank guys? Great. you Peter,

Peter Weinberg

thanks. Mike, Good

Gary Barancik

morning. Good

Michael Brown

to has Pickering, space. for up of on positioned been just really very the So, the energy business yes, Tudor, is I well wanted Obviously, that. market that follow the part your comments on strong, Holt

more just outlook the segment you activity that that about could fair it to high here could accelerate the of from is M&A market? just given energy a the bit little And talk for prices, assume broadly? oil So, and

Peter Weinberg

energy and not With going transition, it's right enormous business, energy Sure, of and to are And that midstream, away into downstream, client themes companies. in are the very our including prominent the I these energy world, each the hydrocarbons an the business And and now sustainability. services very course, are much of say industry is Mike. that would energy focus tomorrow, technology, around those of while respect ecosystem, upstream, areas extend our that discussions. of whole the

Michael Brown

just then, And quick two great. Gary. Okay, cleanups for maybe

forward, right think should the if-converted that missed the it, in forecast to sure way here? if used EPS we method XX%, about adjusted Gary, is rate tax I that going under rate was is the but that using So, that not tax was the be our

Gary Barancik

in it's best private our some is obviously a anticipated theoretical obviously, it the guide not that for but best not reasons. but if leading excludes compensation of higher tax that should which converted longer bit is point, higher I'm this in sort Yes. GAAP basis, than a to a mention, year a higher were the and really is leading our are anticipated, of non-GAAP expense, at somewhat also the the the an Michael, I year term year position deductibility to only right limited deductions. because view a in least it now also we were rate which and some We're of it current year, tax for is but revenues for its year. of which that's number trying for we on in probably number in than a model items, to view company, are a is for to laws. where our half that out lot obvious construct of current the the

so, far tax net going can all numbers lower. be our cash rate, is to And actually see as of far, is the expected this for GAAP year our that you from

that disconnect do this taxes to -- can it’s is I XX% but the do under there reflective, assumptions we non-GAAP, the the to reflective be point that So, of want from going cash out still it’s year. is I think best of

Michael Brown

accounting appreciate last third understand to very the the quarter, but complicated rules? fourth quarter that? And those. there, quantify can revenue any and did pull-forward takes from due Those if And then one maybe recognition include the so, the Yes, Okay. just puts color. you are just one,

Gary Barancik

the from had deals second million quarter, $XX $XX from follows that transaction. from two and pull-forward one about of was million where there We Sure. on

Michael Brown

you for Okay, questions. taking great. Very Thank helpful. my

Gary Barancik

Sure thing.

Operator

line the Ken Morgan. from comes question of next Worthington JP from Your

now Your line open. is

Ken Worthington

Good morning. Hi.

others think restructuring extent to down management from To likely conditions and and the quarter we message of that economic sort we've were one indicated is prepared as traditional say for to market apparent? this broadly. the resilient on restructuring restructuring, good in liability liability the is than remarks management for really and similar would part both cycle be to what that of the resiliency what me, about is more traditional most you heard Just

Peter Weinberg

business M&A our tied Yes. that provide of Ken. advisory quite the that capital firm markets to it's in we sense is clients. within part morning, Good the the The advice to business

case that's much part and our so, I dialogue in companies distress. that but it's with are who this say financial And of much very also been year, very would the a

the One of manage by so product clients is really client by area, our but we the and groups. don't that about firm more things business

the them of And not an client that an have quite would advisory person merger, expertise in capital with who and course of relevant to be dialogue have or who industry transaction to may restructuring a associated so, be markets seamless to would a a be would it's closer area may person, our actually, that that all might a bankers. actual with

Ken Worthington

Thank Great. very much. you

Operator

And now, over the I would like Reinhardt call to remarks. to for closing Taylor turn

Taylor Reinhardt

everyone thank and operator, you, us. you, joining for Thank Great.

additional any have you us. with feel If questions, up please to follow free

Operator

today's gentlemen, call. ladies conference your this for concludes And Thank and you participation.

You may now disconnect.

Perella Weinberg Partners (PWP) 6 Nov 212021 Q3 Earnings call transcript