The following is a summary of the Perella Weinberg Partners (PWP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Perella Weinberg Partners reported a significant increase in Q3 revenue of $278 million, marking a 100% year-over-year rise.

• Year-to-date revenues have reached $652 million, representing a 50% increase over the same period last year, setting a record for the firm.

• The adjusted compensation ratio for the first nine months was 68%, while the adjusted non-compensation expense stood at $38 million for Q3 and $116 million year-to-date.

• The firm forecasts a full-year adjusted tax rate below 30%.

• Perella Weinberg Partners declared a quarterly dividend of $0.07 per share.

Business Progress:

• The firm is experiencing early stages of a multi-year growth cycle in transaction markets, with significant corporate activity driving growth.

• The addition of two partners in consumer health, wellness, beauty, and personal care, and transportation, leasing, and logistics sectors, along with two managing director level hires, is enhancing client service and internal capability.

• The firm continues to see an increasing interest from sponsors in transactions, despite current lagging behind corporates.

Opportunities:

• Perella is positioned to leverage corporate-driven M&A activity and has expanded its suite of services to capture more client spending.

• The firm is also seeing demand for restructuring, liability management, and the need for creative financing solutions.

• Targeted recruiting and expansion into uncovered geographical and sector areas in the U.S. and Europe present additional growth opportunities.

Risks:

• The recovering M&A environment may still experience volatility affected by regulatory, economic, or market conditions.

• The longer timelines imposed by a tough antitrust review environment overlap with a higher-risk market for completing transactions.

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