The following is a summary of the Perella Weinberg Partners (PWP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Perella Weinberg reported Q1 revenues of $102 million, less than expected due to a delay in transaction announcements.

• Adjusted compensation expense was 84% of revenues, reflecting a low-revenue denominator for the quarter.

• Adjusted non-compensation expenses increased to $37 million, up 7% from the previous year.

• The firm achieved an effective tax rate below 30% for Q1.

• The company ended the quarter with $157 million in cash and no debt.

• $32 million was returned to shareholders through various means, including a $0.07 per share quarterly dividend.

Business Progress:

• The firm served as the lead advisor in 3 of the 15 largest transactions announced year to date, and has a record high revenue backlog from pending transactions.

• Perella Weinberg's services have been successful in aligning with market trends for complex transactions and the need for independent advice.

• Recruiting is a priority to support the firm's growth strategy, with a Managing Director for Financial Institutions onboarded, and a new partner for media and interactive entertainment.

• The company maintains a focus on offering high-quality advice, building relationships, operating efficiently, and returning value to shareholders.

More details: Perella Weinberg Partners IR

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