Perella Weinberg Partners Reports First Quarter 2021 Results

Rhea-AI Summary

Perella Weinberg Partners reported Q1 2021 financial results with revenues of $169.8 million, a significant increase from $92.4 million in Q1 2020. The firm achieved a GAAP net income of $22.5 million and an adjusted net income of $31.5 million, compared to a GAAP net loss of ($4.1) million and adjusted net income of $4.7 million in the same period last year. The CEO highlighted strong advisory activity and a growing brand presence as key factors driving sustainable growth.

Positive

• Revenues increased by 83.8% year-over-year, from $92.4 million to $169.8 million.
• GAAP net income turned positive at $22.5 million compared to a net loss of ($4.1) million in Q1 2020.
• Adjusted net income rose significantly to $31.5 million, up from $4.7 million in Q1 2020.
• Strengthened brand presence in the advisory market indicated potential for long-term growth.

Negative

• None.

Perella Weinberg Partners (“PWP”), a leading global independent advisory firm, today reported financial results for the quarter ended March 31, 2021. The firm reported revenues of $169.8 million for the three months ended March 31, 2021, compared with $92.4 million for the three months ended March 31, 2020. GAAP net income and adjusted net income were $22.5 million and $31.5 million, respectively, for the three months ended March 31, 2021, compared with GAAP net loss of ($4.1) million and adjusted net income of $4.7 million, for the three months ended March 31, 2020.⁽¹⁾

“We were pleased to see advisory activity continue to accelerate in the first quarter of 2021. We believe we benefited from an overall rise in advisory activity, rising demand for independent advice and PWP’s strengthening brand in the marketplace. During the quarter, we saw robust activity across our industries and geographies of focus and in all of our advisory products. As we continue along our path towards becoming a public company, our team is focused on growing our coverage footprint and deepening our client relationship to drive sustainable growth and deliver long-term shareholder value,” stated Peter Weinberg, Chief Executive Officer. 

(1) 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.

Selected Financial Data (Unaudited)
		U.S. GAAP								Adjusted (Non-GAAP)
		Three Months Ended March 31,
		2021				2020				2021				2020
Revenues		$	169,802			$	92,396			$	169,802			$	92,396
Operating expenses:
Total compensation and benefits			115,627			64,696

FAQ

What were Perella Weinberg Partners' revenues in Q1 2021?

Perella Weinberg Partners reported revenues of $169.8 million for Q1 2021.

How did GAAP net income change for Perella Weinberg Partners in Q1 2021?

GAAP net income for Q1 2021 was $22.5 million, compared to a net loss of ($4.1) million in Q1 2020.

What is the adjusted net income for Perella Weinberg Partners in Q1 2021?

The adjusted net income for Q1 2021 was $31.5 million, up from $4.7 million in Q1 2020.

What factors contributed to the revenue growth for Perella Weinberg Partners?

The firm attributed its revenue growth to increased advisory activity and a strengthening brand in the marketplace.