Perella Weinberg Reports Second Quarter 2025 Results; Adds Private Funds Advisory Platform with Acquisition of Devon Park Advisors
Perella Weinberg Partners (NASDAQ:PWP) reported Q2 2025 financial results and announced the acquisition of Devon Park Advisors, a GP-led secondaries advisory firm. Q2 revenues were $155.3 million, down 43% from Q2 2024, with adjusted EPS of $0.09. First-half 2025 revenues reached $367.1 million, slightly down 2% year-over-year.
The Devon Park acquisition, expected to close in Q4 2025, adds 15 advisory professionals and expands PWP's services to alternative asset managers. Devon Park has advised on transactions worth over $4.5 billion since its founding in 2021.
PWP maintains a strong balance sheet with $145 million in cash and no debt. The company returned over $145 million to equity holders year-to-date through share repurchases and declared a $0.07 quarterly dividend. Additionally, PWP appointed Edwin Bennett and Houda Dabboussi as new Independent Directors.
Perella Weinberg Partners (NASDAQ:PWP) ha comunicato i risultati finanziari del secondo trimestre 2025 e ha annunciato l'acquisizione di Devon Park Advisors, una società di consulenza specializzata in secondari guidati da GP. I ricavi del secondo trimestre sono stati di 155,3 milioni di dollari, in calo del 43% rispetto al secondo trimestre 2024, con un utile per azione rettificato di 0,09 dollari. I ricavi del primo semestre 2025 hanno raggiunto 367,1 milioni di dollari, con una leggera diminuzione del 2% su base annua.
L'acquisizione di Devon Park, prevista per il quarto trimestre 2025, aggiunge 15 professionisti della consulenza e amplia i servizi di PWP ai gestori di asset alternativi. Devon Park ha consigliato su operazioni per oltre 4,5 miliardi di dollari dalla sua fondazione nel 2021.
PWP mantiene un bilancio solido con 145 milioni di dollari in liquidità e nessun debito. La società ha restituito oltre 145 milioni di dollari agli azionisti da inizio anno tramite riacquisti di azioni e ha dichiarato un dividendo trimestrale di 0,07 dollari. Inoltre, PWP ha nominato Edwin Bennett e Houda Dabboussi come nuovi Direttori Indipendenti.
Perella Weinberg Partners (NASDAQ:PWP) informó los resultados financieros del segundo trimestre de 2025 y anunció la adquisición de Devon Park Advisors, una firma de asesoría en secundarios liderados por GP. Los ingresos del segundo trimestre fueron de 155,3 millones de dólares, una disminución del 43% respecto al segundo trimestre de 2024, con una utilidad ajustada por acción de 0,09 dólares. Los ingresos del primer semestre de 2025 alcanzaron 367,1 millones de dólares, con una leve caída del 2% interanual.
La adquisición de Devon Park, que se espera cerrar en el cuarto trimestre de 2025, suma 15 profesionales de asesoría y amplía los servicios de PWP a gestores de activos alternativos. Desde su fundación en 2021, Devon Park ha asesorado en transacciones por más de 4,5 mil millones de dólares.
PWP mantiene un balance sólido con 145 millones de dólares en efectivo y sin deuda. La empresa ha devuelto más de 145 millones de dólares a los accionistas en lo que va del año mediante recompras de acciones y declaró un dividendo trimestral de 0,07 dólares. Además, PWP nombró a Edwin Bennett y Houda Dabboussi como nuevos Directores Independientes.
Perella Weinberg Partners (NASDAQ:PWP)는 2025년 2분기 재무실적을 발표하고 GP 주도 세컨더리 자문회사인 Devon Park Advisors를 인수한다고 발표했습니다. 2분기 매출은 1억 5,530만 달러로 2024년 2분기 대비 43% 감소했으며, 조정 주당순이익은 0.09달러였습니다. 2025년 상반기 매출은 3억 6,710만 달러로 전년 동기 대비 2% 소폭 감소했습니다.
2025년 4분기 마감 예정인 Devon Park 인수는 15명의 자문 전문가를 추가하며 PWP의 대체 자산 관리자 대상 서비스를 확장합니다. Devon Park는 2021년 설립 이후 45억 달러 이상의 거래를 자문했습니다.
PWP는 1억 4,500만 달러의 현금과 무부채로 견고한 재무구조를 유지하고 있습니다. 올해 들어 주식 환매를 통해 1억 4,500만 달러 이상을 주주에게 환원했으며, 분기 배당금으로 0.07달러를 선언했습니다. 또한 PWP는 Edwin Bennett와 Houda Dabboussi를 새로운 독립 이사로 임명했습니다.
Perella Weinberg Partners (NASDAQ:PWP) a publié ses résultats financiers du deuxième trimestre 2025 et annoncé l'acquisition de Devon Park Advisors, une société de conseil spécialisée dans les secondaires dirigés par des GP. Les revenus du deuxième trimestre se sont élevés à 155,3 millions de dollars, en baisse de 43 % par rapport au deuxième trimestre 2024, avec un BPA ajusté de 0,09 dollar. Les revenus du premier semestre 2025 ont atteint 367,1 millions de dollars, en légère baisse de 2 % sur un an.
L'acquisition de Devon Park, prévue pour le quatrième trimestre 2025, ajoute 15 professionnels du conseil et étend les services de PWP aux gestionnaires d'actifs alternatifs. Depuis sa création en 2021, Devon Park a conseillé sur des transactions d'une valeur de plus de 4,5 milliards de dollars.
PWP maintient un bilan solide avec 145 millions de dollars en liquidités et aucune dette. La société a reversé plus de 145 millions de dollars aux actionnaires depuis le début de l'année via des rachats d'actions et a déclaré un dividende trimestriel de 0,07 dollar. De plus, PWP a nommé Edwin Bennett et Houda Dabboussi en tant que nouveaux administrateurs indépendants.
Perella Weinberg Partners (NASDAQ:PWP) meldete die Finanzergebnisse für das zweite Quartal 2025 und gab die Übernahme von Devon Park Advisors bekannt, einer auf GP-geführte Secondaries-Beratung spezialisierten Firma. Die Einnahmen im zweiten Quartal beliefen sich auf 155,3 Millionen US-Dollar, was einem Rückgang von 43 % gegenüber dem zweiten Quartal 2024 entspricht, mit einem bereinigten Gewinn je Aktie von 0,09 US-Dollar. Die Einnahmen im ersten Halbjahr 2025 erreichten 367,1 Millionen US-Dollar, was einem leichten Rückgang von 2 % gegenüber dem Vorjahr entspricht.
Die Übernahme von Devon Park, die voraussichtlich im vierten Quartal 2025 abgeschlossen wird, bringt 15 Beratungsexperten hinzu und erweitert die Dienstleistungen von PWP für alternative Vermögensverwalter. Devon Park hat seit seiner Gründung im Jahr 2021 Transaktionen im Wert von über 4,5 Milliarden US-Dollar beraten.
PWP verfügt über eine starke Bilanz mit 145 Millionen US-Dollar in bar und keiner Verschuldung. Das Unternehmen hat bisher in diesem Jahr über 145 Millionen US-Dollar an die Aktionäre zurückgeführt durch Aktienrückkäufe und eine vierteljährliche Dividende von 0,07 US-Dollar angekündigt. Zusätzlich hat PWP Edwin Bennett und Houda Dabboussi als neue unabhängige Direktoren ernannt.
- Strategic acquisition of Devon Park Advisors expands services into GP-led secondaries market with $4.5B transaction experience
- Strong balance sheet with $145M cash and zero debt
- Returned $145.2M to equity holders through share repurchases and dividends
- First half 2025 revenues relatively stable at $367.1M (only 2% decline YoY)
- Added significant talent with 6 Partners and 6 Managing Directors YTD, with 9 more senior hires planned
- Q2 2025 revenues declined 43% YoY to $155.3M
- Q2 2025 Adjusted EPS decreased to $0.09 from higher year-ago levels
- Higher effective compensation margin versus Q2 2024
- Increased professional fees due to litigation spend in Q1 2025
Insights
PWP's Q2 revenue down 43% YoY amid challenging environment, but strategic Devon Park acquisition expands capabilities in growing secondaries market.
Perella Weinberg Partners (PWP) reported Q2 2025 revenues of
The firm's adjusted EPS came in at
The headline announcement is PWP's acquisition of Devon Park Advisors, a specialized GP-led secondaries advisory firm founded in 2021. This strategic move significantly expands PWP's service offerings to financial sponsors and alternative asset managers. Devon Park brings 15 advisory professionals and expertise in transactions related to GP-led secondaries, GP advisory, and fund secondaries, having advised on deals with over
This acquisition represents a calculated entry into the fast-growing secondaries market, providing PWP with complementary capabilities that address increasing liquidity needs among alternative asset managers. The transaction, expected to close in early Q4 pending regulatory approval, should create meaningful revenue opportunities across PWP's global platform.
From a capital management perspective, PWP maintains a strong balance sheet with
The firm has also invested significantly in talent, adding six partners and six managing directors year-to-date, with nine more senior hires expected in coming months. Additionally, two new independent directors have joined the board, bringing experience from Ernst & Young and Shell Marine.
CEO Andrew Bednar's comments suggest client activity has improved materially from the start of Q2, indicating potential revenue acceleration heading into the second half of 2025.
Acquisition of Devon Park Advisors
- Expands Product Offering to Financial Sponsors and other Alternative Asset Managers
- Immediately Positions Firm to Build Share in Large and Fast-Growing Secondaries Market
Financial Overview - Second Quarter
- Revenues of
$155 Million , Down43% From a Year Ago - Adjusted Pre-Tax Income of
$12 Million , GAAP Pre-Tax Income of$6 Million - Adjusted EPS of
$0.09 ; GAAP Diluted EPS of$0.04
Financial Overview - First Half
- Revenues of
$367 Million , Down2% From a Year Ago - Adjusted Pre-Tax Income of
$33 Million , GAAP Pre-Tax Income of$18 Million - Adjusted EPS of
$0.38 ; GAAP Diluted EPS of$0.29
Talent Investment
- Year-to-Date Added Six Partners and Six Managing Directors
- Six Additional Partners and Three Additional Managing Directors to Join Firm in Coming Months
- Edwin Bennett and Houda Dabboussi Join Board of Directors
Capital Management
- Strong Balance Sheet with
$145 Million of Cash and No Debt - Year-to-Date Retired More Than Six Million Shares and Share Equivalents through Purchase, Exchange and Net Settlement; Returning More than
$145 Million in Aggregate to Equity Holders - Declared Quarterly Dividend of
$0.07 Per Share
| “Our first half results were in-line with our prior year performance and we entered the third quarter with robust client activity in a materially improved market environment compared to the start of the second quarter. We accelerated our investments in talent to expand our client coverage and broaden our capabilities — including the Devon Park transaction announced this morning — a strategic investment that significantly expands the services we provide to alternative asset managers across private equity, credit, infrastructure, venture, and real estate,” stated Andrew Bednar, Chief Executive Officer. |
NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm,” “Perella Weinberg” or “PWP”) (NASDAQ:PWP) today reported financial results for the second quarter ended June 30, 2025.
Acquisition Announcement
Perella Weinberg has entered into an agreement to acquire Devon Park Advisors, a premier GP-led secondaries advisory firm founded in 2021. The transaction reinforces Perella Weinberg’s commitment to provide solutions to address the liquidity needs of alternative asset managers and their limited partners. The transaction is expected to be completed early in the fourth quarter, following regulatory approval.
Devon Park specializes in transactions related to GP-led secondaries, GP advisory, and fund secondaries. Since its founding, the firm has advised a wide range of alternative asset managers on transactions with over
Devon Park’s 15 advisory professionals, including one Partner and two Managing Directors, will form Perella Weinberg’s Private Funds Advisory business and it will be led by Jonathan Costello, Founder of Devon Park.
“This acquisition reflects our commitment to expand our service offering to financial sponsors and other alternative asset managers,” said Andrew Bednar, Chief Executive Officer. “Devon Park brings deep expertise in GP-led and private fund advisory, with strong alternative asset manager relationships, an extensive network of capital providers, and a track record of excellence in transaction execution. Their capabilities are highly complementary to our existing platform and will create meaningful revenue opportunities across our business globally. We’re excited to welcome the Devon Park team and together better serve the evolving needs of our clients.”
Jonathan Costello, Founder of Devon Park, said, “Today’s announcement marks an exciting new chapter for our team and for our clients. We share common values with Perella Weinberg — clients first, long-term relationships, execution excellence, and collaboration. Their platform, global reach, deep industry expertise, and reputation as a trusted advisor enables us to accelerate the next phase of our growth in private funds advisory. We’re proud to be a part of a firm that understands our business and is committed to investing in it for the long run.”
Revenues
For the second quarter of 2025, revenues were
Expenses
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||
| GAAP | Adjusted | GAAP | Adjusted | GAAP | Adjusted | GAAP | Adjusted | |||||||||||||||||||||||||
| Operating expenses | (Dollars in Millions) | (Dollars in Millions) | ||||||||||||||||||||||||||||||
| Total compensation and benefits | $ | 108.3 | $ | 104.0 | $ | 310.5 | $ | 168.3 | $ | 257.6 | $ | 246.0 | $ | 425.9 | $ | 254.4 | ||||||||||||||||
| % of Revenues | 70% | 67% | 114% | 62% | 70% | 67% | 114% | 68% | ||||||||||||||||||||||||
| Non-compensation expenses | $ | 38.0 | $ | 36.4 | $ | 43.8 | $ | 41.2 | $ | 88.9 | $ | 85.6 | $ | 84.1 | $ | 78.2 | ||||||||||||||||
| % of Revenues | 24% | 23% | 16% | 15% | 24% | 23% | 22% | 21% | ||||||||||||||||||||||||
Three Months Ended
GAAP total compensation and benefits were
GAAP non-compensation expenses were
Six Months Ended
GAAP total compensation and benefits were
GAAP non-compensation expenses were
Provision for Income Taxes
Perella Weinberg Partners currently owns
For purposes of calculating adjusted if-converted net income, we have presented our results as if all partnership units had been converted to shares of Class A common stock, and as if all of our adjusted results for the period were subject to U.S. corporate income tax. For the six months ended June 30, 2025, the effective tax rate for adjusted if-converted net income was (15)%. This tax rate includes
Balance Sheet and Capital Management
As of June 30, 2025, Perella Weinberg had
During the six months ended June 30, 2025, Perella Weinberg returned
At June 30, 2025, there were 62.6 million shares of Class A common stock and 25.0 million partnership units outstanding.
The Board of Directors has declared a quarterly dividend of
Board of Directors
Perella Weinberg has appointed two additional Independent Directors to its Board of Directors, Edwin Bennett and Houda Dabboussi. Their invaluable insights, perspectives, and experiences will benefit the Firm and its clients and help drive value for shareholders.
Mr. Bennett had a long and distinguished career as a partner and senior business leader at Ernst & Young, serving most recently as Chief Operating Officer from 2015-2021. Mr. Bennett currently serves on the Board of Directors for Atmus Filtration Technologies, Inc. (NYSE: ATMU) and as a strategic advisor and Advisory Board Member of Arkestro, Inc. Mr. Bennett earned a Bachelor of Science from the University of Georgia and is a graduate of the Executive Leadership Program of Kellogg School of Management and of the Global Executive Leadership Program from Harvard Business School. Mr. Bennett is a certified public accountant.
Ms. Dabboussi is President of Shell Marine, a subsidiary of Shell Plc. specializing in marine fuels and lubricants. Ms. Dabboussi has served in numerous positions at Shell Plc. during her more than a decade tenure, including as Global Head of Acquisitions, Divestments & NBD, Renewables & Energy Solutions. Prior to joining Shell Plc. in 2014, Ms. Dabboussi served in private equity and investment advisory roles. Ms. Dabboussi earned a Bachelor of Business Administration from American University of Beirut and a Master of Arts in Business Management from the Kingston Business School in London.
Conference Call and Webcast
Management will host a webcast and conference call on Friday, August 1, 2025 at 9:00 am ET to discuss Perella Weinberg’s financial results for the second quarter ended June 30, 2025.
A webcast of the conference call will be made available in the Investors section of Perella Weinberg’s website at https://investors.pwpartners.com/.
The conference call can also be accessed by the following dial-in information:
- Domestic: (800) 267-6316
- International: (203) 518-9783
- Conference ID: PWPQ225
Replay
A replay of the call will also be available two hours after the live call through August 8, 2025. To access the replay, dial (800) 723-0532 (Domestic) or (402) 220-2655 (International). The replay can also be accessed on the Investors section of the Company’s website at https://investors.pwpartners.com/.
For those who listen to the rebroadcast of the call, we remind you that the remarks made are as of August 1, 2025, and have not been updated subsequent to the initial earnings call.
About Perella Weinberg
Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Denver, and Calgary. The financial information of Perella Weinberg herein refers to the business operations of PWP Holdings LP and Subsidiaries.
Contacts
For Perella Weinberg Investor Relations: investors@pwpartners.com
For Perella Weinberg Media: media@pwpartners.com
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with GAAP, we monitor certain non-GAAP financial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We believe that these non-GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining these non-GAAP financial measures can provide useful supplemental information to help investors better understand the economics of our platform.
These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto included elsewhere in this press release.
Management compensates for the inherent limitations associated with using these non-GAAP financial measures through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.
Cautionary Statement Regarding Forward Looking Statements
Certain statements made in this press release, and oral statements made from time to time by representatives of PWP are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the expectations regarding the combined business are “forward looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include (but are not limited to): global economic, business and market conditions; the Company’s dependence on and ability to retain employees; the Company’s ability to successfully identify, recruit and develop talent; conditions impacting the corporate advisory industry; the Firm’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model; the high volatility of the Company’s revenues as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control; the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation; the Company’s successful formulation and execution of its business and growth strategies; substantial litigation risks in the financial services industry; cybersecurity and other operational risks; assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity; extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws (including the treatment of carried interest); and other risks and uncertainties described under “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K.
The forward-looking statements in this press release and oral statements made from time to time by representatives of PWP are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2025 and the other documents filed by the Firm from time to time with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
| Consolidated Statements of Operations (Unaudited) (Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 155,267 | $ | 271,998 | $ | 367,098 | $ | 374,125 | ||||||||
| Expenses | ||||||||||||||||
| Compensation and benefits | 80,280 | 149,973 | 203,279 | 218,563 | ||||||||||||
| Equity-based compensation | 28,034 | 160,498 | 54,279 | 207,305 | ||||||||||||
| Total compensation and benefits | 108,314 | 310,471 | 257,558 | 425,868 | ||||||||||||
| Professional fees | 6,899 | 11,743 | 26,095 | 22,803 | ||||||||||||
| Technology and infrastructure | 9,237 | 9,125 | 18,526 | 17,897 | ||||||||||||
| Rent and occupancy | 6,596 | 5,860 | 12,922 | 12,137 | ||||||||||||
| Travel and related expenses | 5,329 | 4,700 | 10,973 | 9,285 | ||||||||||||
| General, administrative and other expenses | 4,892 | 7,223 | 10,355 | 11,742 | ||||||||||||
| Depreciation and amortization | 5,052 | 5,108 | 10,053 | 10,188 | ||||||||||||
| Total expenses | 146,319 | 354,230 | 346,482 | 509,920 | ||||||||||||
| Operating income (loss) | 8,948 | (82,232 | ) | 20,616 | (135,795 | ) | ||||||||||
| Non-operating income (expenses) | ||||||||||||||||
| Other income (expense) | (2,700 | ) | 745 | (2,469 | ) | 3,402 | ||||||||||
| Total non-operating income (expenses) | (2,700 | ) | 745 | (2,469 | ) | 3,402 | ||||||||||
| Income (loss) before income taxes | 6,248 | (81,487 | ) | 18,147 | (132,393 | ) | ||||||||||
| Income tax expense (benefit) | 1,980 | (642 | ) | (7,494 | ) | 18,452 | ||||||||||
| Net income (loss) | 4,268 | (80,845 | ) | 25,641 | (150,845 | ) | ||||||||||
| Less: Net income (loss) attributable to non-controlling interests | 1,530 | (14,817 | ) | 5,564 | (48,973 | ) | ||||||||||
| Net income (loss) attributable to Perella Weinberg Partners | $ | 2,738 | $ | (66,028 | ) | $ | 20,077 | $ | (101,872 | ) | ||||||
| Net income (loss) per share attributable to Class A common shareholders | ||||||||||||||||
| Basic | $ | 0.04 | $ | (1.21 | ) | $ | 0.32 | $ | (1.96 | ) | ||||||
| Diluted | $ | 0.04 | $ | (1.21 | ) | $ | 0.29 | $ | (1.96 | ) | ||||||
| Weighted-average shares of Class A common stock outstanding | ||||||||||||||||
| Basic | 63,064,731 | 54,589,542 | 62,604,779 | 51,894,913 | ||||||||||||
| Diluted | 98,831,307 | 54,589,542 | 74,555,206 | 51,894,913 | ||||||||||||
| GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total compensation and benefits—GAAP | $ | 108,314 | $ | 310,471 | $ | 257,558 | $ | 425,868 | ||||||||
| Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1) | — | (130,039 | ) | — | (143,714 | ) | ||||||||||
| Public company transaction related incentives(2) | (4,285 | ) | (12,107 | ) | (11,603 | ) | (24,457 | ) | ||||||||
| Business realignment costs(3) | — | — | — | (3,249 | ) | |||||||||||
| Adjusted total compensation and benefits | $ | 104,029 | $ | 168,325 | $ | 245,955 | $ | 254,448 | ||||||||
| Non-compensation expense—GAAP | $ | 38,005 | $ | 43,759 | $ | 88,924 | $ | 84,052 | ||||||||
| TPH business combination related expenses(4) | (1,645 | ) | (1,645 | ) | (3,290 | ) | (3,290 | ) | ||||||||
| Business Combination transaction expenses(5) | — | (948 | ) | — | (2,570 | ) | ||||||||||
| Adjusted non-compensation expense(6) | $ | 36,360 | $ | 41,166 | $ | 85,634 | $ | 78,192 | ||||||||
| Operating income (loss)—GAAP | $ | 8,948 | $ | (82,232 | ) | $ | 20,616 | $ | (135,795 | ) | ||||||
| Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1) | — | 130,039 | — | 143,714 | ||||||||||||
| Public company transaction related incentives(2) | 4,285 | 12,107 | 11,603 | 24,457 | ||||||||||||
| Business realignment costs(3) | — | — | — | 3,249 | ||||||||||||
| TPH business combination related expenses(4) | 1,645 | 1,645 | 3,290 | 3,290 | ||||||||||||
| Business Combination transaction expenses(5) | — | 948 | — | 2,570 | ||||||||||||
| Adjusted operating income (loss) | $ | 14,878 | $ | 62,507 | $ | 35,509 | $ | 41,485 | ||||||||
| Income (loss) before income taxes—GAAP | $ | 6,248 | $ | (81,487 | ) | $ | 18,147 | $ | (132,393 | ) | ||||||
| Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1) | — | 130,039 | — | 143,714 | ||||||||||||
| Public company transaction related incentives(2) | 4,285 | 12,107 | 11,603 | 24,457 | ||||||||||||
| Business realignment costs(3) | — | — | — | 3,249 | ||||||||||||
| TPH business combination related expenses(4) | 1,645 | 1,645 | 3,290 | 3,290 | ||||||||||||
| Business Combination transaction expenses(5) | — | 948 | — | 2,570 | ||||||||||||
| Adjustments to non-operating income (expenses)(7) | 16 | 151 | 32 | 188 | ||||||||||||
| Adjusted income (loss) before income taxes | $ | 12,194 | $ | 63,403 | $ | 33,072 | $ | 45,075 | ||||||||
| Income tax expense (benefit)—GAAP | $ | 1,980 | $ | (642 | ) | $ | (7,494 | ) | $ | 18,452 | ||||||
| Tax impact of non-GAAP adjustments(8) | 866 | 13,799 | 4,681 | (10,528 | ) | |||||||||||
| Adjusted income tax expense (benefit) | $ | 2,846 | $ | 13,157 | $ | (2,813 | ) | $ | 7,924 | |||||||
| Net income (loss)—GAAP | $ | 4,268 | $ | (80,845 | ) | $ | 25,641 | $ | (150,845 | ) | ||||||
| Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1) | — | 130,039 | — | 143,714 | ||||||||||||
| Public company transaction related incentives(2) | 4,285 | 12,107 | 11,603 | 24,457 | ||||||||||||
| Business realignment costs(3) | — | — | — | 3,249 | ||||||||||||
| TPH business combination related expenses(4) | 1,645 | 1,645 | 3,290 | 3,290 | ||||||||||||
| Business Combination transaction expenses(5) | — | 948 | — | 2,570 | ||||||||||||
| Adjustments to non-operating income (expenses)(7) | 16 | 151 | 32 | 188 | ||||||||||||
| Tax impact of non-GAAP adjustments(8) | (866 | ) | (13,799 | ) | (4,681 | ) | 10,528 | |||||||||
| Adjusted net income (loss) | $ | 9,348 | $ | 50,246 | $ | 35,885 | $ | 37,151 | ||||||||
| GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Adjusted net income (loss) | $ | 9,348 | $ | 50,246 | $ | 35,885 | $ | 37,151 | ||||||||
| Less: Adjusted income tax expense (benefit) | (2,846 | ) | (13,157 | ) | 2,813 | (7,924 | ) | |||||||||
| Add: If-converted income tax expense (benefit)(9) | 3,434 | 20,499 | (4,948 | ) | 11,620 | |||||||||||
| Adjusted if-converted net income (loss) | $ | 8,760 | $ | 42,904 | $ | 38,020 | $ | 33,455 | ||||||||
| Weighted-average diluted shares of Class A common stock outstanding—GAAP | 98,831,307 | 54,589,542 | 74,555,206 | 51,894,913 | ||||||||||||
| Weighted average number of incremental shares from assumed vesting of RSUs and PSUs(10) | — | 9,133,806 | — | 7,205,942 | ||||||||||||
| Weighted average number of incremental shares from if-converted PWP OpCo units(11) | — | 36,332,846 | 26,305,163 | 38,825,961 | ||||||||||||
| Weighted-average adjusted diluted shares of Class A common stock outstanding | 98,831,307 | 100,056,194 | 100,860,369 | 97,926,816 | ||||||||||||
| Adjusted net income per Class A share—diluted, if-converted | $ | 0.09 | $ | 0.43 | $ | 0.38 | $ | 0.34 | ||||||||
| Key metrics: (12) | ||||||||||||||||
| GAAP operating income (loss) margin | 5.8 | % | (30.2 | )% | 5.6 | % | (36.3 | )% | ||||||||
| Adjusted operating income margin | 9.6 | % | 23.0 | % | 9.7 | % | 11.1 | % | ||||||||
| GAAP compensation ratio | 70 | % | 114 | % | 70 | % | 114 | % | ||||||||
| Adjusted compensation ratio | 67 | % | 62 | % | 67 | % | 68 | % | ||||||||
| GAAP effective tax rate | 32 | % | 1 | % | (41 | )% | (14 | )% | ||||||||
| Adjusted if-converted effective tax rate | 28 | % | 32 | % | (15 | )% | 26 | % | ||||||||
Notes to GAAP Reconciliation of Adjusted Results:
(1) Equity-based compensation not dilutive to investors in PWP or PWP OpCo includes the amortization of awards granted by PWP Professional Partners LP (the “Professional Partners Awards”), which were subject to the Vesting Acceleration in the second quarter of 2024. The vesting of these awards did not economically dilute PWP shareholders’ interests relative to the interests of other investors in PWP OpCo.
(2) Public company transaction related incentives includes equity-based compensation for transaction-related restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), which are directly related to milestone events that were part of the business combination that closed on June 24, 2021 (the “Business Combination”), as well as employment taxes for these RSUs and PSUs. These expenses were outside of PWP’s normal and recurring bonus and compensation processes.
(3) During the second quarter of 2023, we began a review of the business, which resulted in headcount reductions in order to improve compensation alignment and to provide greater flexibility to advance strategic opportunities. Costs were incurred through the first quarter of 2024 and included separation and transition benefits and the accelerated amortization (net of forfeitures) of certain equity-based awards, including certain Professional Partners Awards and transaction-related RSUs and PSUs, which would have been adjusted through adjustments (1) and (2) above notwithstanding the business realignment.
(4) On November 30, 2016, we completed a business combination with Tudor, Pickering, Holt & Co., LLC (TPH), an independent advisory firm focused on the energy industry. The adjustment reflects the amortization of intangible assets associated with the acquisition, and such assets will be fully amortized by November 30, 2026.
(5) Transaction costs that were expensed associated with the Business Combination, including (i) equity-based vesting for transaction-related RSUs issued to non-employees and (ii) costs incurred related to the partnership restructuring that was contemplated during the implementation of the up-C structure at the time of the Business Combination.
(6) See reconciliation below for the components of the consolidated statements of operations included in non-compensation expense—GAAP as well as Adjusted non-compensation expense.
(7) Includes the amortization of debt discounts and issuance costs for all periods presented and minimal charges related to the Vesting Acceleration for the three and six months ended June 2024.
(8) The adjusted income tax expense (benefit) represents the Company’s calculated tax expense (benefit) on adjusted non-GAAP results. It excludes the impact on income taxes of certain transaction-related items and other items not reflected in our adjusted non-GAAP results. It does not represent the cash that the Company expects to pay for taxes in the current periods.
(9) The if-converted income tax expense (benefit) represents the Company's calculated tax expense (benefit) on adjusted non-GAAP results assuming the exchange of all PWP OpCo units for PWP Class A common stock, resulting in all of the Company’s results for the period being subject to corporate-level tax.
(10) Represents the dilutive impact under the treasury stock method of unvested RSUs and PSUs.
(11) Represents the dilutive impact assuming the conversion of all PWP OpCo units to shares of Class A common stock.
(12) Reconciliations of key metrics from GAAP to Adjusted results are a derivative of the reconciliation of their components.
| GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands) | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||
| GAAP | Adjustments | Adjusted | ||||||||||
| Professional fees | $ | 6,899 | $ | — | $ | 6,899 | ||||||
| Technology and infrastructure | 9,237 | — | 9,237 | |||||||||
| Rent and occupancy | 6,596 | — | 6,596 | |||||||||
| Travel and related expenses | 5,329 | — | 5,329 | |||||||||
| General, administrative and other expenses | 4,892 | — | 4,892 | |||||||||
| Depreciation and amortization | 5,052 | (1,645 | ) | (1) | 3,407 | |||||||
| Non-compensation expense | $ | 38,005 | $ | (1,645 | ) | $ | 36,360 | |||||
| Three Months Ended June 30, 2024 | ||||||||||||
| GAAP | Adjustments | Adjusted | ||||||||||
| Professional fees | $ | 11,743 | $ | (948 | ) | (2) | $ | 10,795 | ||||
| Technology and infrastructure | 9,125 | — | 9,125 | |||||||||
| Rent and occupancy | 5,860 | — | 5,860 | |||||||||
| Travel and related expenses | 4,700 | — | 4,700 | |||||||||
| General, administrative and other expenses | 7,223 | — | 7,223 | |||||||||
| Depreciation and amortization | 5,108 | (1,645 | ) | (1) | 3,463 | |||||||
| Non-compensation expense | $ | 43,759 | $ | (2,593 | ) | $ | 41,166 | |||||
| Six Months Ended June 30, 2025 | ||||||||||||
| GAAP | Adjustments | Adjusted | ||||||||||
| Professional fees | $ | 26,095 | $ | — | $ | 26,095 | ||||||
| Technology and infrastructure | 18,526 | — | 18,526 | |||||||||
| Rent and occupancy | 12,922 | — | 12,922 | |||||||||
| Travel and related expenses | 10,973 | — | 10,973 | |||||||||
| General, administrative and other expenses | 10,355 | — | 10,355 | |||||||||
| Depreciation and amortization | 10,053 | (3,290 | ) | (1) | 6,763 | |||||||
| Non-compensation expense | $ | 88,924 | $ | (3,290 | ) | $ | 85,634 | |||||
| Six Months Ended June 30, 2024 | ||||||||||||
| GAAP | Adjustments | Adjusted | ||||||||||
| Professional fees | $ | 22,803 | $ | (2,570 | ) | (2) | $ | 20,233 | ||||
| Technology and infrastructure | 17,897 | — | 17,897 | |||||||||
| Rent and occupancy | 12,137 | — | 12,137 | |||||||||
| Travel and related expenses | 9,285 | — | 9,285 | |||||||||
| General, administrative and other expenses | 11,742 | — | 11,742 | |||||||||
| Depreciation and amortization | 10,188 | (3,290 | ) | (1) | 6,898 | |||||||
| Non-compensation expense | $ | 84,052 | $ | (5,860 | ) | $ | 78,192 | |||||
(1) Reflects an adjustment to exclude the amortization of intangible assets related to the TPH business combination.
(2) Reflects an adjustment to exclude transaction costs associated with the Business Combination.
* Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers. GAAP diluted net income (loss) per share attributable to Class A common shareholders and Adjusted net income (loss) per Class A share—diluted, if—converted will be referred to as “GAAP Diluted EPS” and “Adjusted EPS,” respectively.
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