Earnings call transcript Q4 2022

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Operator

Good morning and welcome to the Perella Weinberg Partners' Full Year and Fourth Quarter 2022 Earnings Conference Call.

During today's discussion, all callers will be placed in listen-only mode and following managements' prepared remarks, the conference will be open for questions from the research community. This conference 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 call. full and quarter and operator earnings XXXX you, to year our fourth Thank

today Peter Barancik, me Chief Joining are Executive Andrew and Officer; Bednar, Chairman; and Gary Chief Officer. Weinberg, Financial Founding partner

this the website of of this of Investors the through broadcast hours company's call through approximately available Areeplay the be February page live following two conclusion will XXth, XXXX.

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

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

actual forward-looking results in differ those are discussed and or future from statements to subject Forward-looking uncertainties, statements and cause inherently materially the not risk, performance. events to guarantees are of assumptions could that

PWP's to beliefs undertakes risks to refer discussion these for filing of any no based Please our certain are The recent of statements. the forward-looking firm most statements update expectations and on uncertainties. a and obligation SEC forward-looking and current

website. will business. there these to call, in which which the in the with Form the be some comparable filed relevant today's discussion company's of believes be non-GAAP reconciled X-K, financial can the During measures, metrics, which on management performance financial measures GAAP assessing PWP are of has the are also most items the press release found

call over turn Peter the our will I to now to Weinberg discuss results.

Peter Weinberg

to XXXX and everybody over turn to I and take joining on to then discuss call. us and Taylor. our the respectively. will Good for results Gary morning moments few Andrew our Thank thank and financials and call all you you, outlook accomplishments a earnings review

member who his to just Before family. a reiterate wanted that passing colleagues a the our lost deepest I wanted a though, very I I his moment PWP acknowledge condolences one take passed to friend and away recently. of and was of to family our to prematurely He we start acknowledge and

$XXX So, million, of this morning, of $XX of income $X.XX revenues and EPS pre-tax million, adjusted share. a we reported full year adjusted

results, of to Our year's in environment and achievement prior down record which XXXX, tumultuous the backdrop. XX% our performance, tenacity strong market an of the context the of our the clients speaks topline a are of the commitment within team challenged while versus

in Within said, line That contraction healthcare performance. we M&A with a trends, and positive technology, and industrials, experienced our business broad activity market traditional represent levels across financial in base industries.

of from faced our a M&A absolute platform year-over-year. on revenue European stable While many few this the completion large year, supportive deals contribution headwinds this geography

advisory solutions were attributed further trend we global the our business invest clients the this private These this up our restructuring, shortly. importance hope includes solutions. continue placement capital capital as speak growth to more financing opportunity in to XXXX. markets and diversify in Andrew scope which see and and of we A business, to capital of will

a by few financial success shareholder, me the both I would than items, on quickly our to metrics. defined and To the like And the of during more our founder of franchise measured is just touch value these which as year.

the spin-offs. capabilities brand; for advisory. and traditional significant were M&A industries debt some our our suite of preeminent high and area we public These beyond history, both solidified restructuring bankruptcy, as advisor, US only and largest commitment ESG to in geographies. they competence XXXX, our deals private, are moving great [indiscernible] across our in Europe, our In not an focus the broadening showcase several also position and clients product trusted the a most the profile for largest and our of and advisor on completed a complex US were largest transactions We in involved

senior notch top from within. in invest to continue and talent We talent cultivate

and partners added XX XXXX had business. we XXXX, the as Managing to XX, who figures; XX both directors platform eight XX in hires managing Directors and These lateral were partners, advisory our internal December promotes. in include of As and

Through and begun potential the future partners across is broadened from synergies reach and these newly have we product business. tremendous. The external geographic realizing MVs sector have hiring, made and alone productivity our

time. And total February finally, XXXX. million commitment dollar approximately morning our XXXX, XX% share authorization. announced to an deployed announcing $XXX have a incremental we And we $XXX million authorization After on of north in return this a acted it a in million under of in capital returning in XXX year's we repurchase

Our new authorization our our reflects continued commitment capital objectives. return to

of RSUs. a dilution further paid of quarterly net also a consistent $X.XX We mitigated settlement share, via and out dividend employee have vesting

my the Board is best firm full and of Andrew call, an as will very Chairman strongly remain has this last the of believe I my as support earnings is partner. in ahead. days Well, and I active PWP lie Directors involved

I it turn note, you. On Andrew, that will over to

Andrew Bednar

partnership. Today with I'm speaking my be Hi your you excited for and and and Peter leadership thank as all you, honored continued dedication for on first your call to CEO. and of

and narrative headwinds accomplishments our in Peter us firm's our the from remarkable, quite are The XXXX. and just peers largely was Throughout faced we industry the given aligned. outlined structural year, the

there We significant increased remains timelines. risk completion are transaction operating challenging dialogue environment. in full, a active elongation and more backlogs but within gross is are Client and

in have we levels. to the confidence important yet see and subtle shift Over in behavior few client started past a months,

inflation, alluded happening their have transactions in before, is time of priorities. when and rates we pursuit real markets gain some strategic to parties as on explore As clarity

still uncertainty to. direction. from has announcement market the And narrowed. feel become the difficult, of range a and And financing But have in like sure be step more is transactions To comes that is cost close. it higher does right get to still turbulent, to a all at we need the is accustomed than

speak our Looking beyond this quarter, let me strategy. to

continue our most to to solutions connection across especially strategic providing be clients Our and challenges. singular focus complex in and with and financial is our will platform, strategic their financial

while already needs we've the also so our we built, expanding the serve client broadly footprint. clients, on franchise's our is Our current can scaling focus of

external performers our through our broaden who and ranks will as above be internally. industry the can rise to product expertise who key Senior well market growth, hires, top

MD respectively, reflects colleagues partner individuals integrity clients, the XX trust, a values, Our number our XXXX the count advisory and PWP well elevation of going who teamwork, who respected will contribute today and forward. by embody who of and line of are XX, top to

in XXXX. optimizing financing business a in and our and Expanding be capital priority was a solutions continue focus and to will XXXX

as has As ensure industry combined demand increased, financing independent the expertise and the the structure, advice this our complexity are of well will so We sector capital made context both in best area, leveraging their teams that and markets too of hires we our collaboration several important close as capital provide to M&A standalone. to transactions, the around of to in clients. with bankers advice has

leverage scale us more we larger operating As delivering to continuous platform from importance realize I and diversified, with goal further stakeholders for grow our our the have expand client our shareholders. our clients of and footprint our and internally our discussed improvement allowing and earnings. streams become revenue and setting, capabilities, team to

strategic as of efficiently of and in revenues value, profitability metric, all to our billion can drive we first revenue, have As well. $X priorities, team to Each billion. leverage our and senior excess revenue $X new shareholder create more continue financial execute objective we as now bankers individual we wide compensated in a have At attractively of but of in an achieving our as for infrastructure performance annual talent. a their our set firm to objective enhance well performance invest as us our ability against

to you over call the turn now detail. more in to will I Gary, our results discuss

Gary Barancik

you, Andrew. Thank

from timing how to quarter quarter the the to a once As large it seasonality quarter's pertains and surprise the to demonstrates experienced some be upside firm, in difficult be the events, well revenue, our performance few expectation as can versus business. our can across to as previous predict expect our We as fourth quarter the again seasonality of our fourth results first do it did. key our not to benefit attributed

will business. are financial assessing reminder, metrics, believe relevant non-GAAP of we focus which following comments a As the in on the performance my

adjusted be results in can reconciliation Our GAAP is our found and earnings GAAP on website. measures release press the of which our to

On of first we during the for margin expense XXXX accrued side, is months XX.X% the adjusted year. compensation of our the nine above where

was third full discussed the and call, mid and proven modest the margin key compensation levels the carefully As to we the increase. fourth retain considered talent a year, on quarter medium earnings for quarter the setting needed XXs market within XXXX. and But our for environment of our compensation guidance term attract and year our I performance, decided still and business

long platform We account our driven CapEx term in creation. which make view should team the we further and one business, important as this and our in can of investment our decision value type most

XX.X%, together at year As XX.X%. quarter at year-to-date of setting full our a was our effective compensation XX%.Our quarter margin fourth result third ratio with accruals

year-over-year adjusted million $XX $XXX fourth year. same compensation the million and for was the last flat for X% the non period quarter from Our expense down year full XXXX

lower at expectations of provided non-comp the earnings Our beginning came full year our expectations on and the below third call than well spend quarter XXXX. in

consulting reached initial from fourth savings to lower tenure reduce and XXXX, a we and of company realize and terms. able we locations and recruiting fees rent as lease legal our our cost were Specifically, expense legal benefited quarter end their D&A our insurance as lower professional than headquarter and had as public expense Throughout other D&O spend grew, forecast. the

realize increase related our an as non-comp spending operating related especially continued related pressures. New in this increase to technology talent continued As approximately GAAP and and to it overlapping and investment continue demonstrated, past in we XXXX we depreciation rents to to investments for a expect in That to some more look savings, assume of and of over and in challenging opportunities increase in to expenses legal due XX% anticipated an step in environments. in pertains up inflationary XXXX, headquarters XX% travel spend expense cost new said, year, York,

related our New projects. briefly London go new forward and London me XXXX office approximate headquarters will York this provide our run our that We Monday expense on into headquarters past rate. an and rent moved Let to update

it Our as the we swing approximately completed mitigate and quarters which In free three should by rent of have New cost York We both have that locations, fourth we in the of headquarters underway space build rent renovation renovate. our expect overlapping periods be and overlapping is quarter. cost. rents to we

increasing in material XXXX. terms, offices were those will both the non-comp work our depreciation attractive A XXXX approximately of increase in on overall mentioned rent beyond. expense, As leases new drive component and in expense no a or XXXX by our in previously, footage XX% XXXX increase square with construction secured versus expense

income and respectively. the and Adjusted margins operating reported X.X%, We for XXXX XX.X% million $XX quarter. of adjusted fourth million for operating $XX were

realizations. full $XX $X of income FX and approximately non-operating nearly for in to adjusted net million Our related million the year gains revaluation included

relative translated the quarter, fourth of weakening P&L the reversed dollar gains earlier some and of the losses quarterly FX year. unrealized FX for During our in net US into the the

we As payables result net foreign no intercompany noted by to as have majority receivables recorded in denominated they're gains subsidiaries. revaluation the and the of dollar XXXX of and FX in quarters, our US believe prior the business economic the cash substance our of held

Adjusted quarter. totaled XXXX income million and fourth for million the $XX net for $XX

if-converted our net all presents and million was the stock. common adjusted income Our $XX and have if results respectively, million, partnership shares converted of units as $XX

Adjusted full ended A $X.XX XX, Class December $XXX for months three diluted if-converted per and for share year income net XXXX. was the the

period, in line as-if-converted expectations our tax rate was approximately XX%, For September relatively our at with the adjusted XX. year-to-date

the allowed XXXX, tax In dividends open to of repurchase in to payment $XX.X obligations X issuances, through we net capital of pro-rata Class more million Turning the PWP of settlement $XX.X distributions A than management. in of million share approximately the shares the in limited and satisfy to X.X million pay returned shares its million to to market, which partners, million of lieu shareholders. $XXX

had to in of $X per as the XX, and deployed share an holders has additional share Year-to-date XXXX, XXXX. million record payable in quarterly and March Board remained active dividend XX, of repurchases. we market The declared XXXX $X.XX February a on open

short and XX, December million $XXX Treasury equivalents cash, of we US As investments of securities. in term held XXXX, cash

revolving facility. We had debt have an undrawn credit no and

turn now we’ll that, back to Operator to line for questions. With open the call the the

Operator

with JMP Thank We'll Ryan [Operator you, first Devin sir. take Instructions] our Securities. from question

open. line Your is

Devin Ryan

Hey, for the morning, Gary. Peter, Andrew questions. and good Thanks taking

Peter Weinberg

Good morning.

Andrew Bednar

Hi, Devin.

Devin Ryan

the environment. to maybe I start Hi. operating just on current want guess

hear the You uncertain. of think year sentiment. appreciate some point good of early the that in seeing turn to guys improvement recent environment And I that you're some were last remains out maybe to in But about sentiment. the

the trying activity, maybe how Whether versus that's to shoots maybe types Thanks. be blanket that context US of I'm get just maybe comment are kind So themes great little of add what bit emerging recent geographies a to are a some sponsors, you're either the different more or that's sense Europe of types? or some there amongst product or green just versus corporates -- geographically evolving. client seeing, on that in

Peter Weinberg

Devin. Yes, sure,

there So, peers, last as I I front, mentioned unconstructive consistent a and that XXXX. for was year, is our up backdrop very think, the alignment comments with relatively in macro

few has with. I It's the still will wouldn't the we headwinds peer improved. XX. weeks it's the that of I of at positive, sort and unconstructive, I'd macro think into that say but backdrop first that say in lot grapple We less that incredibly going have a XXXX, group

are opening, not think markets I financing they're but open.

credit. open And windows so, do you have of

very here wide in credit the different bit You've rallying and availability of couple but it's only not also where had very you had in attractive size, weeks. of first very, markets, rates. backdrop, XXXX open from the a But

does activity. tend financial and sponsors acquisition to credit-oriented that sort so, sideline of And

so, And think very bit for activity, And natural. we're that's of a a sponsor retrenchment seeing, sure. I

When you buyers have change than had such valuation resetting sellers. faster typically have, the in on environment, rate a you rapid

disruption. that is very so And natural

will that change. think I

think capital. years, to competing that That's and wish been I they're and seeing an is with with And to corporates. have assets respect come have deploy back find that sponsors less will will valuations. It job. environment their because flush many it PE interesting their see, on themselves list for cash decent for we do

actually hear corporate us why And corporate with of dialogue. attractive world, that base a our within client buyer so from environment. that's overall you And very from clients think especially it's I core our very, activity, in a perspective, the quite active it's

encouraged see market, to up ongoing. we're that that's So by level you're the And been of starting plumbing been unclog. that's some that dialogue in of backed

you pretty the balanced U.S. just lastly, seeing I versus in had of European the terms big not our of It's U.S. activity and rest then and contributions about really difference in think a question, from Europe both And a historic world the there. the

were range these outcomes a to in scenarios, I with significantly respect a We're do to Europe, of I invasion it to that outlined, the uncertainty of round think comments, out half the And than worst has said, uncertainty. Ukraine case post back rate I as the seems. which the worst takes be those case turned really respect increases, rates. think, better my upfront narrowed with in scenarios away lot have of again, of of

Devin Ryan

some great color. metrics give you, should you'll follow-up But appreciate, pay, how have could about, trend a revenue, If comp just the more dollar Okay, more contexts look I what the Thank as like? Andrew What potentially more like? maybe like, you on billion the profitability ratio to et are revenue to think cetera. look goal, there. we of that just

actually which also, just means meaningfully for non-GAAP larger and then dollars of you Thanks. profitability? get would what to costs, that And what think usually hired need to trying there, about kind infrastructure to billion imply

Andrew Bednar

Yeah. Sure.

long our historically, target. IPO calls So target and mid-XXs then all original margin in of move we our outlined on that I as with initial both comp quarterly don't term which think changes you we've process, through revenue our

I think have what in drive operating is bottom-line does non-comp. enormous that we earnings leverage

And so achieve I target. for consistent material in see a non-comp us increase revenue a don't billion-dollar required plus to

Devin Ryan

queue. it there. All I'll leave I hop very in much. Thanks right, back great.

Andrew Bednar

Devin. Thanks,

Operator

you. Thank

Yaro James from will next with Our come question Goldman Sachs.

is Your open. line

James Yaro

backdrop backdrop, think risk just restructuring? point, that about do you markets fully Good you're on to open. this markets, seeing opening but to And morning. fully I that Has being it's if reopen? financing the talked this wanted a touch not you restructuring restructuring at impacted

Andrew Bednar

question, James. the for thanks Yeah,

financing very business. We seen overall capital a in our solutions significant and increase have

financing management, continues our restructuring, markets and liability fourth that debt course and of within picked solutions QX. business that capital advisory generally business, and has capital the through includes up private significantly So in quarter quite

markets I going credit volatile. think remain are to

windows mentioned, we open opening I are a there As market. closing, are consistently upfront, have that and don't

client a with executives base, in to within us realized hanging that many of And CFOs type have much of Fed haven't have also the rise this number in such rapid really every of not on a seen and market of of so have fact, corporate rates, We many our and we finance word. market.

that's challenge that companies providing further be a healthy are market where involved that seeing assistance they in that it's need a beyond maturities. a you of a perfectly teams financing, XXX, think our able where not transactions help executives some call needs but are extends it’s know much about just and have bankruptcy, managing where in And to potential and accessing so markets and I that, we're their guidance and need to guidance

James Yaro

just capital from I clear. the on priorities to very want That's here. touch return

the million. authorization score You repurchase XXX increase share think by did I

cadence when from is of this should XQ just feel minimum there you increase ability So then operating could of contextualize operate cash that a we any here? capital think XXXX be expect think about -- you level, you buybacks about balance or a return, to sort the they comfortable to at? that decrease to And or

Gary Barancik

Gary. Hi, factors. of on What a the James, we've the said in those look cadence of don't number We at repurchases. take we really as do forward-looking true, I'll comment past, kind and it's questions. it's

when last You a second announcement, our much for the saw heaviest saw it was the in time lower stock price was if if year, the of cadence you at you from example, quarter, -- place. kind look which the at is

one is that obviously, So factor.

And we at want as overall of can the stock we sure that other name. investors liquidity needs, in We look well. that have mindful sufficient cash attract into our our balances, we're cash new for investment. We needs liquidity make to

cadence the consider those So it. about are we think that of things when we all

haven't on that In provided what explicit is. minimum again, target terms we of an cash balances,

been, comp accrued where of look seasonal at biggest if of of it. -- hovered can factor at at around sense net and have, the kind look that where has number You liability, historically you you we you get kind cash look which of some that we've is can quarter-by-quarter

At of million and $XXX year cash, of comp end, was for example, million number time. about liability, XXX those accrued marketable have at securities, net cash equivalents we and that that

needs, obviously, But changes of just opportunities keep so so the to end of kind some in for And we market capital the dry we both -- have forth. where and we that's condition have working powder year. want

James Yaro

Okay. Thank you for taking question. both my

Gary Barancik

you. Thank

Operator

Thank you.

Research. Chubak will question Wolfe come with next Our from Steven

open. is line Your

Steven Chubak

Hi, good morning.

might additional some full just was see would just store your that So, as Andrew, trying underpinning sound your you the partner target, $X on It just was speak to could for hoping earlier timetable color you support didn't could some revenue that of like target? assumptions and are to I around the partner, that question, industry sense underpinning you hoping dynamics get growth Devin's follow-up I productivity as new provide when you to explicit get there. a provided billion any like expectation versus same per that to and that growth that target. store

Andrew Bednar

sure. Yes,

something mentioned, we time post I as based on. working it's are And It here. it's not based we usually that around an objective, is set when So a target.

hope and specific not that time is But drive a expectation possible. we our So, quickly targets set to it. have against those we requirement as as

a for stakeholders, have evolved these though important to metrics our public we public own and important partnerships, think firm, it's I even enterprise, stakeholders. private of just cuts as and employees have XX% it's now, partnership from we the broad the of group and

objective. So that reason wanted set key a was to that we why

we productivity, improving we've think, the job select -- at terms non-partner our of but as there? continue And MD significantly we've I hires. over in made drive partner done also talent. to productivity, years has get been how will our developing better We think which I a also

can from that six you of billion we contribution have getting $X major if million our to and groups, those also each groups XXX about think industry see We target. plus

with client and those our view that consistent metrics revenue with as We to a respect does business upfront, opportunity us we big that tremendous on. talent and on I plan a help our And our coverage, small to can footprint. is a our add our adding have talent brand, and achieve about values ourselves platform I increasing said, acquire firm additional as hiring client with drive and to

Steven Chubak

guide context indication Andrew. bit what color, the and interestingly, It so. three around an to to year from some materialize for should And at here? maybe dynamics million maybe forecasts. follow-up, you how bogey helpful presentation to or this was that had a outlook for of Really about XXX look a for at that outlined comps frame just of And XXXX what provided. at And the original my I think better but management comp wanted the to Gary, revenue actually that like year, time, SPAC that the might it similar trajectory you in understand revenue or trying as we odd objective, wasn't some least the

And you growth. comp you of XX% and indicated sustain environment, could the moderate a in pace non-comp ratio, that

non-comps it's based clear So contemplated us to some targets. some you better those recognizing And both was limited original just the a versus backdrop, not it manage that your is of the tougher of comps. in just what inflationary bit factors to on ability the have what a provided, outlook

additional So hoping for was context there. I some

Gary Barancik

our We estimates time. had this see, illustrate of just best something in Yeah, very to was just point -- clarify is was to the were the when mid-XXs. guess we that that had kind comp it at clear prior for the ratio mid-term transaction the And for estimates pick that were one to time. targets to projections. providing some SPAC we sections. This were the we at view We I XXXX like point one

platform, the today that in like attract many know, people. kind what in a partners, and they We competitive market we're where kind we we're know environment around We today. are. it’s of we environment, new where actually how retain and it’s of are environment partners can in So to see

we that this past judgment made for so, And year. that

full the put stake And call. -- report see earlier, where results, is we'll basis, will as obviously, it's for today. On comment of environment quarter when view and we where reflect we We prospective Andrew we think our guidance, a But will but to the next need have best to at land first the on a not ground on our that obviously year. things. deviating time made to mid-XXs where that going don't be our going kind in I going on we're earnings the exactly from a we

Steven Chubak

guys. Thanks for color so Helpful much questions. my taking

Andrew Bednar

Thank you.

Gary Barancik

Thanks, Steve.

Operator

Thank you.

Our question from with come next will [ph] Matt Moon KBW.

is open. line Your

Unidentified analyst

Good morning, guys.

Andrew Bednar

morning. Good

Gary Barancik

Good morning.

Unidentified analyst

for the there's one the new and lower the Thinking just finish number this capital across obviously, And activity structure you've So me. about that cleaning of line. past making backdrop up environment, year of the a also and so spent behind having a lot you. or

from of potential willingness grow of inorganically? So should potentially kind inorganic growth? should of how to just about we think it And curious kind thinking respect potential with we focus here, maybe that your how areas be about to

Andrew Bednar

Sure, question. Matt. the for Thanks

organic So a growth, inorganic then and about couple of I'll just things growth. speak

have almost three is than we years. So one-third of on partnership platform our less the

of reason we firm the the that growth area And that's this within that ratio, took represents platform. already that's we embedded invest, the need it's is an our And CapEx. part And represents where comp we our significant future to revenue because think we so significant behind and think invest and teams today. we on our up

our Our drive outside we to productivity workforce look management continuous, footprint. the teams, expand to be of but will the as also again client our

here enhance clients' that's as product So it's footprint. And hire We'll groups, to also we in in six increases will industry both our capabilities. our in add the areas Europe. adjacent core that that our where in selectively industries US well as to talent continue

Unidentified analyst

kind for given on what environment the kind rent expense especially Okay. that's the just then kind I to duplicative Great. is just at higher a 'XX. be environment in baked Gary. curious should particular and appreciate growth And we're considering But the just guidance, backdrop that we of underlying in non-comp XX% I looking lot guidance, what assumption? D&A year-on-year of that growth one the that for and of wondering of operating build-outs. revenue XX know that of

Gary Barancik

a in we're we're is operating what dramatic assuming and that the in really invest not think to change to this I assuming, that, in with we very business we're in we're long-term business a environment, the be are mind. attractive is assuming over but the in that continuing

people So invest certainly moderate our not we that will our is we are there. technology actually for in of to some some that of expenses we've business, and driven while in -- growth things of some areas non-comp things that impact to in still tried the continuing support

that of Some is inflation.

some it of headcount significant invested we've And just business has been last is our which in the years. growth, over as here few reasonably

Unidentified analyst

Great. Okay. guys. Thanks,

Andrew Bednar

you Thank

Operator

Thank concludes over call to like or today's portion closing now I call. of would the Andrew This the you. Q&A back turn for to remarks. Bednar any additional

Andrew Bednar

our just operating hard and during to all and worked Great. continue rest stakeholders. for partners, thank operator. And the a deliver have recognize environment clients of very all also you all our our challenging extremely for you, Thank of joining. to performance that of I tremendous team, wanted teammates our all for the of our

talk So our you thank you, and to next on call. we'll

Operator

call and full Ladies Weinberg Perella and year earnings and the gentlemen, fourth Partners concludes this quarter webcast. XXXX

You at and this time wonderful may a have day. disconnect your line

Perella Weinberg Partners (PWP) 9 Feb 232022 Q4 Earnings call transcript