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Perella Weinberg Partners Reports Full Year and Fourth Quarter 2020 Results

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Perella Weinberg Partners Reports Full Year and Fourth Quarter 2020 Results NEWS RELEASE Perella Weinberg Partners Reports Full Year and Fourth Quarter 2020 Results 2/16/2021 Full year 2020 revenues of $519.0 million, down 3% from the prior period Fourth quarter 2020 revenues of $189.1 million, compared to fourth quarter 2019 revenues of $171.9 million, up 10% from the prior year period Continued to execute on the PWP growth strategy: Maintained strong pipeline of internal and external senior level talent Promoted three Managing Directors to Partners eective January 1, 2021 in addition to three Partner hires over the course of 2020 to strengthen PWP’s advisory franchises Announced business combination with FinTech Acquisition Corp. IV (“FTIV”) and, upon closing of the transaction, will become a public company In connection with the business combination, FTIV and PWP announced commitments of approximately $125 million in a PIPE transaction from leading institutional and strategic investors Transaction expected to close in the rst half of 2021 NEW YORK--(BUSINESS WIRE)-- Perella Weinberg Partners (“PWP”), a leading global independent advisory rm, today reported nancial results for the fourth quarter and full year ended December 31, 2020. The rm reported revenues of $519.0 million for the year ended December 31, 2020, compared with $533.3 million for the year ended December 31, 2019. GAAP net loss and adjusted net income were ($24.3) million and $34.6 million, respectively, for the year ended December 31, 2020, compared with GAAP net loss of ($164.0) million and adjusted net income of 1 $44.2 million, respectively, for the year ended December 31, 2019. (1) Revenues for the three months ended December 31, 2020 were $189.1 million compared with $171.9 million for the three months ended December 31, 2019. GAAP and adjusted net income were $2.9 million and $20.6 million, respectively for the fourth quarter of 2020, compared with a GAAP net loss of ($24.7) million and adjusted net income of $16.5 million, respectively, for the fourth quarter of 2019. “We are pleased with our quarterly and annual results in light of the historic uncertainty caused by the COVID-19 pandemic. Our resilience through 2020 reects accelerating demand for trusted, independent advice at a time when clients are facing unprecedented change, and the ability of our people to come together to deliver the highest quality advice when clients need it most. As we enter our next chapter of growth as a soon to be public company, I am condent that PWP is well-positioned to capitalize on these market opportunities and to continue to expand its footprint and capabilities. I would also like to take this opportunity to thank the PWP team for their relentless support and exceptional performance during this challenging period,” said Peter Weinberg, Chief Executive Ocer. (1) Throughout this release, adjusted gures 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) Year Ended December 31, 2020 2019 2020 2019 Revenues $ 518,986 $ 533,297 $ 518,986 $ 533,297 Operating expenses: Total compensation and benets 399,147 543,118 365,618 349,224 Non-compensation expenses 134,435 145,298 113,024 134,561 Operating income (loss) (14,596) (155,119) 40,344 49,512 Total non-operating expenses 6,293 6,477 2,329 2,842 Income (loss) before provision for income taxes (20,889) (161,596) 38,015 46,670 Income tax expense 3,453 2,423 3,453 2,423 Net income (loss) $ (24,342) $ (164,019) $ 34,562 $ 44,247 U.S. GAAP Adjusted (Non-GAAP) Three Months Ended December 31, 2020 2019 2020 2019 Revenues $ 189,145 $ 171,881 $ 189,145 $ 171,881 Operating expenses: Total compensation and benets 151,113 152,727 136,068 114,707 Non-compensation expenses 29,864 39,193 28,219 36,971 Operating income (loss) 8,168 (20,039) 24,858 20,203 Total non-operating expenses 4,317 3,222 3,301 2,282 Income (loss) before provision for income taxes 3,851 (23,261) 21,557 $17,921 I 935 1 424 935 1 424 2 Income tax expense 935 1,424 935 1,424 Net income (loss) $ 2,916 $ (24,685) $ 20,622 $ 16,497 Revenues 2020 revenues totaled $519.0 million, compared with $533.3 million for 2019, a decrease of 3%. For the fourth quarter 2020, revenues were $189.1 million, an increase of 10% from $171.9 million for the fourth quarter 2019. Our 2020 performance reects the signicant impact of the COVID-19 pandemic on M&A activity during the second and third quarters. This mid-year slowdown in M&A activity was partially oset by signicantly increased activity in the capital structure and restructuring advisory businesses in the second half of the year as well as a signicant increase in M&A advisory revenues in the fourth quarter of 2020. Expenses Full Year Ended December 31, 2020 versus December 31, 2019 U.S. GAAP Adjusted (Non-GAAP) Year Ended December 31, (In thousands) 2020 2019 2020 2019 Operating Expenses: Total compensation and benets $ 399,147 $ 543,118 $ 365,618 $ $349,224 % of Revenues 76.9% 101.8% 70.4% 65.5% Non-compensation expenses $ 134,435 $ 145,298 $ 113,024 $ 134,561 % of Revenues 25.9% 27.2% 21.8% 25.2% GAAP total compensation and benets were $399.1 million in 2020, compared with $543.1 million in 2019. This decrease was largely due to the absence in 2020 of stock-based compensation expenses relating to the re-vesting of certain partnership interests of an aliated partnership in connection with the 2016 TPH business combination (such interests became fully vested in November of 2019), oset in part by certain severance expenses incurred in connection with a restructuring in the spring of 2020 and increased bonus compensation including public company transaction-related incentive compensation. Adjusted compensation and benets were $365.6 million in 2020 as compared to $349.2 million in 2019. The increase in adjusted compensation and benets expenses in 2020 was due to the aforementioned severance expenses and increased bonus compensation. GAAP non-compensation expenses were $134.4 million for 2020, compared with $145.3 million in the prior year. The decrease was due largely to lower travel and entertainment expense in 2020 as a result of the COVID-19 pandemic. This decrease was partially oset by a write-o of capitalized delayed oering costs. Adjusted non- compensation expenses were $113.0 million for 2020, compared with $134.6 million for 2019. This decrease was due to lower travel and entertainment expenses in 2020 due to the COVID-19 pandemic as well as lower professional services fees. 3 Quarter Ended December 31, 2020 versus December 31, 2019 U.S. GAAP Adjusted (Non-GAAP) Three Months Ended December 31, (In thousands) 2020 2019 2020 2019 Operating Expenses: Total compensation and benets $ 151,113 $ 152,727 $ 136,068 $ 114,707 % of Revenues 79.9% 88.9% 71.9% 66.7% Non-compensation expenses $ 29,864 $ 39,193 $ 28,219 $ 36,971 % of Revenues 15.8% 22.8% 14.9% 21.5% GAAP total compensation and benets were $151.1 million in the fourth quarter of 2020, or essentially at compared to the fourth quarter of 2019. This year-over-year comparison beneted from the absence in 2020 of stock-based compensation expenses relating to the re-vesting of certain partnership interests of an aliated partnership in connection with the 2016 TPH business combination (such interests became fully vested in November of 2019), oset by increased bonus compensation including public company transaction-related incentive compensation. Adjusted compensation and benets expenses were $136.1 million for the fourth quarter of 2020 as compared to $114.7 million in the same period a year ago. The increase in adjusted compensation and benets in the fourth quarter of 2020 was due to increased bonus compensation. GAAP non-compensation expenses were $29.9 million for the fourth quarter of 2020, compared with $39.2 million in the prior year. Adjusted non-compensation expenses were $28.2 million for the fourth quarter of 2020, compared with $37.0 million for the same period a year ago. This decrease was due to lower travel and entertainment expenses due to the COVID-19 pandemic as well as lower general, administrative and other expense as a result of lower oce related expenses, bad debt and VAT related expenses as compared to the same period in 2019. Balance Sheet As of December 31, 2020, PWP had $329.1 million of cash and cash equivalents and total outstanding indebtedness of $147.0 million net of $30.7 million unamortized debt discounts and issuance costs. In connection with and subject to the closing of our pending business combination with FTIV, we expect to repay all outstanding indebtedness and have an undrawn credit facility which may provide for additional liquidity. Non-GAAP Financial Measures In addition to nancial measures presented in accordance with GAAP, we monitor certain non-GAAP nancial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We 4 believe that these non-GAAP nancial measures are key nancial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sucient to maintain and grow our business. We believe that the methodology for determining these non-GAAP nancial measures can provide useful supplemental information to help investors better understand the economics of our platform.
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