Perella Weinberg Partners (PWP) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $278 million, up 100% year-over-year, and nine-month revenue of $652 million, up 50%, driven by strong M&A and capital solutions activity in an improving environment.

• Added new partners and managing directors, strengthening the talent base and client coverage across industries and geographies.

• Completed significant internal reorganization and accelerated vesting of certain equity awards in 2024.

• Positioned for long-term growth through organic and inorganic strategies, with a broad, experienced partner base and global reach.

• Recent high-profile advisory roles include transactions for Holcim, BlackRock, Bosch, FTX, Cineworld, and Estée Lauder.

Financial highlights

• Q3 2024 revenue was $278 million, up 100% year-over-year; nine-month revenue was $652 million, up 50%; LTM Q3 2024 revenue reached $865 million, up 40% year-over-year.

• Q3 adjusted pre-tax income was $52 million; GAAP pre-tax income was $36 million; Q3 operating income was $35.9 million.

• Q3 adjusted EPS was $0.34; GAAP diluted EPS was $0.24; basic EPS was $0.29.

• Cash, cash equivalents, and short-term investments totaled $335 million at Q3 end, with no debt.

• Over $450 million returned to equity holders since 2021 via dividends, repurchases, and distributions.

Outlook and guidance

• Q4 2024 revenues are expected to be similar to Q4 2023, with some sequential decline due to $25 million in transactions pulled forward to Q3.

• Targeting $1 billion+ in annual revenue as a near-term milestone, with expectations of scale benefits and further earnings expansion.

• Management expects continued strong activity in advisory services, supported by improving market conditions and ongoing investments.

• Recruiting pace is expected to pick up in 2025 after running below trend in 2024.