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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________________________________________________________________________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM    TO
Commission File Number: 001-39558
_____________________________________________________________________________________________________________________________________________________________________
PERELLA WEINBERG PARTNERS
(Exact Name of Registrant as Specified in its Charter)
_____________________________________________________________________________________________________________________________________________________________________
Delaware84-1770732
( State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
767 Fifth Avenue
New York, NY
10153
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 287-3200
_____________________________________________________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per sharePWPNasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of Class A common stockPWPPWNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of August 1, 2022, the registrant had 40,753,026 shares of Class A common stock, par value $0.0001 per share, and 45,689,988 shares of Class B common stock, par value $0.0001 per share, outstanding.



Perella Weinberg Partners
Table of Contents
Page
1


On June 24, 2021 (the “Closing Date” or the “Closing”), Perella Weinberg Partners (formerly known as FinTech Acquisition Corp. IV (“FTIV”)) consummated its previously announced business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020 (the “Business Combination Agreement”). As contemplated by the Business Combination Agreement, (i) FTIV acquired certain partnership interests in PWP Holdings LP (“PWP OpCo”), (ii) PWP OpCo became jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (“Professional Partners”) and certain existing partners of PWP OpCo, and (iii) PWP OpCo serves as Perella Weinberg Partners’ operating partnership as part of an umbrella limited partnership C-corporation (Up-C) structure (collectively with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). Unless the context otherwise requires, all references to “PWP,” the “Company,” “we,” “us” or “our” refer to Perella Weinberg Partners and its consolidated subsidiaries.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements made in this Quarterly Report on Form 10-Q 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:
any projected financial information, anticipated growth rate, and market opportunity of the Company;
the ability to maintain the listing of the Company’s Class A common stock and warrants on Nasdaq following the Business Combination;
our public securities’ potential liquidity and trading;
our success in retaining or recruiting partners and other employees, or changes related to, our officers, key employees or directors following the completion of the Business Combination;
members of our management team allocating their time to other businesses and potentially having conflicts of interest with our business;
factors relating to the business, operations and financial performance of the Company, including:
whether the Company realizes all or any of the anticipated benefits from the Business Combination;
whether the Business Combination results in any increased or unforeseen costs or has an impact on the Company’s ability to retain or compete for professional talent or investor capital;
global economic, business, market and geopolitical conditions, including the impact of public health crises, such as the ongoing rapid, worldwide spread of a novel strain of coronavirus and the pandemic caused thereby (collectively, “COVID-19”), as well as the impact of recent hostilities between Russia and Ukraine;
the Company’s dependence on and ability to retain working partners and other key employees;
the Company’s ability to successfully identify, recruit and develop talent;
risks associated with strategic transactions, such as joint ventures, strategic investments, acquisitions and dispositions;
2


conditions impacting the corporate advisory industry;
the Company’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 revenue 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 ability of the Company’s clients to pay for its services, including its restructuring clients;
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;
strong competition from other financial advisory and investment banking firms;
potential impairment of goodwill and other intangible assets, which represent a significant portion of the Company’s assets;
the Company’s successful formulation and execution of its business and growth strategies;
the outcome of third-party litigation involving the Company;
substantial litigation risks in the financial services industry;
cybersecurity and other operational risks;
the Company’s ability to expand into new markets and lines of businesses for the advisory business;
exposure to fluctuations in foreign currency exchange rates;
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);
other risks and uncertainties described under the section entitled “Risk Factors” included in Amendment No. 1 to our Annual Report on Form 10-K/A.
The forward-looking statements contained in this Quarterly Report on Form 10-Q 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. 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.
Website Disclosure
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains an internet site where reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC are available. Our SEC filings are available to the public over the Internet at the SEC’s website at www.sec.gov and on our website at https://investors.pwpartners.com/ free of charge as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. Our website is https://pwpartners.com/. Although we refer to our website in this report, the contents of our website are not included or incorporated by reference into this report. All references to our website in this report are intended to be inactive textual references only.
3


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Perella Weinberg Partners
Condensed Consolidated Statements of Financial Condition
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
June 30, 2022December 31, 2021
Assets
Cash and cash equivalents$150,286 $502,773 
Restricted cash2,738 2,002 
Investments in short-term marketable debt securities114,819  
Accounts receivable, net of allowance38,883 46,914 
Due from related parties3,638 4,225 
Fixed assets, net of accumulated depreciation and amortization12,711 10,362 
Intangible assets, net of accumulated amortization29,062 32,352 
Goodwill34,383 34,383 
Prepaid expenses and other assets24,395 24,313 
Right-of-use lease assets99,670 39,912 
Deferred tax assets, net29,582 21,091 
Total assets$540,167 $718,327 
Liabilities and Equity
Accrued compensation and benefits$98,375 $311,500 
Deferred compensation programs5,512 11,221 
Accounts payable, accrued expenses and other liabilities33,816 31,048 
Deferred revenue4,570 7,845 
Lease liabilities102,155 43,448 
Warrant liabilities5,706 27,805 
Amount due pursuant to tax receivable agreement21,220 14,108 
Total liabilities271,354 446,975 
Commitments and Contingencies (Note 18)
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 48,785,205 issued and 41,344,998 outstanding at June 30, 2022; 1,500,000,000 shares authorized, 43,649,319 issued and 42,649,319 outstanding at December 31, 2021)
5 4 
Class B common stock, par value $0.0001 per share (600,000,000 shares authorized, 45,689,988 issued and outstanding at June 30, 2022; 600,000,000 shares authorized, 50,154,199 issued and outstanding at December 31, 2021)
5 5 
Additional paid-in-capital203,861 158,131 
Retained earnings (accumulated deficit)(8,834)(18,075)
Accumulated other comprehensive income (loss)(5,334)(1,746)
Treasury stock, at cost (7,440,207 and 1,000,000 shares of Class A common stock at June 30, 2022 and December 31, 2021, respectively)
(57,287)(12,000)
Total Perella Weinberg Partners equity132,416 126,319 
Non-controlling interests136,397 145,033 
Total equity268,813 271,352 
Total liabilities and equity$540,167 $718,327 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
4

Perella Weinberg Partners
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues$151,104 $255,520 $302,980 $425,322 
Expenses
Compensation and benefits90,587 164,404 177,832 273,874 
Equity-based compensation36,427 7,065 77,317 13,222 
Total compensation and benefits127,014 171,469 255,149 287,096 
Professional fees7,419 12,220 17,722 17,948 
Technology and infrastructure7,521 7,141 15,077 14,097 
Rent and occupancy5,378 6,593 11,107 13,295 
Travel and related expenses3,641 1,215 5,935 1,876 
General, administrative and other expenses6,491 3,674 11,766 5,878 
Depreciation and amortization2,653 3,722 5,596 7,602 
Total expenses160,117 206,034 322,352 347,792 
Operating income (loss)(9,013)49,486 (19,372)77,530 
Non-operating income (expenses)
Related party income950 1,565 1,508 3,774 
Other income (expense)3,845 526 5,756 (1,328)
Change in fair value of warrant liabilities10,094 948 22,100 948 
Loss on debt extinguishment (39,408) (39,408)
Interest expense(69)(3,596)(137)(7,464)
Total non-operating income (expenses)14,820 (39,965)29,227 (43,478)
Income (loss) before income taxes5,807 9,521 9,855 34,052 
Income tax benefit (expense)(3,141)(521)(6,137)(2,545)
Net income (loss)2,666 9,000 3,718 31,507 
Less: Net income (loss) attributable to non-controlling interests(6,599)21,499 (14,441)44,006 
Net income (loss) attributable to Perella Weinberg Partners$9,265 $(12,499)$18,159 $(12,499)
Net income (loss) per share attributable to Class A common shareholders (1)
Basic$0.21 $(0.29)$0.40 $(0.29)
Diluted$0.00 $(0.32)$(0.01)$(0.32)
Weighted-average shares of Class A common stock outstanding (1)
Basic44,584,181 42,956,667 45,247,373 42,956,667 
Diluted90,688,871 94,013,583 91,953,077 94,013,583 
(1)For the three and six months ended June 30, 2021, net income (loss) per share of Class A common stock and weighted-average shares of Class A common stock outstanding is representative of the period from June 24, 2021 through June 30, 2021, the period following the Business Combination, as defined in Note 1—Organization and Nature of Business. For more information, refer to Note 15—Net Income (Loss) Per Share Attributable to Class A Common Shareholders.

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
5

Perella Weinberg Partners
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income (loss)$2,666 $9,000 $3,718 $31,507 
Foreign currency translation gain (loss)(5,177)316 (7,279)544 
Comprehensive income (loss)(2,511)9,316 (3,561)32,051 
Less: Comprehensive income (loss) attributable to non-controlling interests(9,228)21,807 (18,131)44,542 
Comprehensive income (loss) attributable to Perella Weinberg Partners$6,717 $(12,491)$14,570 $(12,491)





The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
6

Perella Weinberg Partners
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in Thousands)
   SharesAccumulated
Other
Comprehensive
Income (Loss)
 Partners’
Capital
Class A
Common
Stock
Class B
Common
Stock
Treasury
Stock
Class A
Common
Stock
Class B
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Retained
Earnings
(Accumulated
Deficit)
Non-
Controlling
Interests
Total
Equity
Balance at December 31, 2020
$76,509    $ $ $ $ $ $(2,326)$ $74,183 
Net income (loss)22,507 — — — — — — — — — — 22,507 
Equity-based compensation6,157 — — — — — — — — — — 6,157 
Distributions to partners(9,816)— — — — — — — — — — (9,816)
Other384 — — — — — — — — — — 384 
Foreign currency translation gain (loss)— — — — — — — — — 228 — 228 
Balance at March 31, 2021$95,741    $ $ $ $ $ $(2,098)$ $93,643 
Net income (loss) prior to Business Combination37,350 — — — — — — — — — — 37,350 
Equity-based compensation prior to Business Combination5,604 — — — — — — — — — — 5,604 
Foreign currency translation gain (loss) prior to Business Combination— — — — — — — — — 298 — 298 
Distributions to partners(37,573)— — — — — — — — — — (37,573)
Other(10)— — — — — — — — (10)
Effect of Business Combination(101,112)42,956,667 50,154,199  4 5  133,832  974 154,619 188,322 
Net income (loss) after Business Combination— — — — — — — — (12,499)— (15,851)(28,350)
Equity-based compensation after Business Combination— — — — — — — 1,461 — — — 1,461 
Foreign currency translation gain (loss) after Business Combination— — — — — — — — — 8 10 18 
Balance at June 30, 2021$ 42,956,667 50,154,199  $4 $5 $ $135,293 $(12,499)$(818)$138,778 $260,763 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
7

Perella Weinberg Partners
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in Thousands)
Shares
 Class A
Common
Stock
Class B
Common
Stock
Treasury
Stock
Class A
Common
Stock
Class B
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Non-
Controlling
Interests
Total
Equity
Balance at December 31, 2021
43,649,319 50,154,199 (1,000,000)$4 $5 $(12,000)$158,131 $(18,075)$(1,746)$145,033 $271,352 
Net income (loss)— — — — — — — 8,894 — (7,842)1,052 
Equity-based awards— — — 22,695 — 18,710 41,405 
Distributions to partners— — — — — — — — — (15,823)(15,823)
Issuance of Class A common stock for vested RSUs601,098 — — — — — — — — — — 
Withholding payments on vested RSUs— — — — — — (6,075)— — — (6,075)
Dividends declared ($0.07 per share of Class A common stock)
— — — — — — 116 (4,229)— — (4,113)
Foreign currency translation gain (loss)— — — — — — — — (1,040)(1,062)(2,102)
Other— — — — — — 734 — — 1,265 1,999 
Issuance of Class A common stock and exchange of PWP OpCo Units with corresponding Class B common stock for cash using Offering proceeds (Note 11—Stockholders' Equity)
3,502,033 (3,498,534)— 1 — — (538)— — — (537)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11—Stockholders' Equity)
337,048 (336,712)— — — — 17 — — — 17 
Treasury stock purchase— — (172,303)— — (1,598)— — — — (1,598)
Change in ownership interests— — — — — — 4,665 — — (4,665) 
Balance at March 31, 202248,089,498 46,318,953 (1,172,303)$5 $5 $(13,598)$179,745 $(13,410)$(2,786)$135,616 $285,577 
Net income (loss)— — — — — — — 9,265 — (6,599)2,666 
Equity-based awards— — — — — — 18,432 — — 18,525 36,957 
Distributions to partners— — — — — — — — — (2,856)(2,856)
Issuance of Class A common stock for vested RSUs66,116 — — — — — — — — — — 
Withholding payments on vested RSUs— — — — — — (359)— — — (359)
Dividends declared ($0.07 per share of Class A common stock)
— — — — — — 134 (4,689)— — (4,555)
Foreign currency translation gain (loss)— — — — — — — — (2,548)(2,629)(5,177)
Other— — — — (8)— — (6)(14)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11 - Stockholders’ Equity)629,591 (628,965)— — — — 263 — — — 263 
Treasury stock purchase— — (6,267,904)— — (43,689)— — — — (43,689)
Change in ownership interests— — — — — — 5,654 — — (5,654) 
Balance at June 30, 202248,785,205 45,689,988 (7,440,207)$5 $5 $(57,287)$203,861 $(8,834)$(5,334)$136,397 $268,813 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
8

Perella Weinberg Partners
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in Thousands)
Six Months Ended June 30,
20222021
Cash flows from operating activities
Net income (loss)$3,718 $31,507 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on debt extinguishment 39,408 
Equity-based awards vesting expense78,362 13,222 
Depreciation and amortization5,596 7,602 
Amortization of debt discounts and deferred financing costs74 2,247 
Change in fair value of warrant liabilities(22,100)(948)
Non-cash operating lease expense7,694 8,624 
Deferred taxes(1,217)(1,030)
Other1,176 (390)
Decrease (increase) in operating assets:
Accounts receivable, net of allowance4,691 (43,509)
Due from related parties587 (637)
Prepaid expenses and other assets1,336 (12,635)
Increase (decrease) in operating liabilities:
Accrued compensation and benefits(209,313)(1,383)
Deferred compensation programs(2,813)348 
Accounts payable, accrued expenses and other liabilities(1,246)1,063 
Deferred revenue(2,966)(6,676)
Lease liabilities(8,819)(8,984)
Net cash provided by (used in) operating activities(145,240)27,829 
Cash flows from investing activities
Purchases of fixed assets(3,959)(451)
Gross purchases of investments in short-term marketable debt securities(115,001) 
Other (978)
Net cash provided by (used in) investing activities(118,960)(1,429)
Cash flows from financing activities
Proceeds from Business Combination, including PIPE Investment 355,021 
Payment of Business Combination costs (20,570)
Principal payment on Revolving Credit Facility (27,690)
Redemption of Convertible Notes (160,930)
Redemption of partners’ interests (104,540)
Proceeds from the Offering, net of underwriting discount36,526  
Exchange of PWP OpCo Units and corresponding Class B common stock for cash using Offering proceeds(36,526) 
Payment of offering costs(798) 
Distributions to partners(18,679)(47,389)
Dividends paid on Class A and Class B common stock(6,569) 
Withholding payments for vested RSUs(6,434) 
Treasury stock purchases(44,740) 
Debt issuance costs (361)
Net cash provided by (used in) financing activities(77,220)(6,459)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,331)668 
Net increase (decrease) in cash, cash equivalents and restricted cash(351,751)20,609 
Cash, cash equivalents and restricted cash, beginning of period504,775 330,908 
Cash, cash equivalents and restricted cash, end of period$153,024 $351,517 
Supplemental disclosure of non-cash activities
Pending broker-to-broker trades$2,364 $ 
Non-cash paydown of Partner promissory notes$2,567 $ 
Lease liabilities arising from obtaining right-of-use lease assets$67,876 $5,215 
Accrued dividends and dividend equivalents on unvested RSUs$2,721 $ 
Deferred tax effect resulting from exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement$1,061 $ 
Accrued treasury stock purchases$547 $ 
Net assets of deconsolidated affiliate$ $394 
Supplemental disclosures of cash flow information
Cash paid for income taxes$8,925 $2,272 
Cash paid for interest$63 $5,452 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
9

Perella Weinberg Partners
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)

Note 1—Organization and Nature of Business
Perella Weinberg Partners and its consolidated subsidiaries, including PWP Holdings LP (“PWP OpCo”) (collectively, “PWP” and the “Company”), is a global independent advisory firm that provides strategic and financial advice to a wide range of clients. The Company’s activities as an investment banking advisory firm constitute a single business segment that provides a range of advisory services related to mission-critical strategic and financial decisions, mergers and acquisitions advice and execution, capital markets advisory, shareholder and defense advisory, capital structure and restructuring, underwriting, equity research and private capital raising.
Perella Weinberg Partners (formerly known as FinTech Acquisition Corp. IV (“FTIV”)) was incorporated in Delaware on November 20, 2018 as a special purpose acquisition company for the purpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business transaction, one or more businesses or assets. On June 24, 2021 (the “Closing Date” or “Closing”), the Company consummated a business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020, by and among FTIV, FinTech Investor Holdings IV, LLC, FinTech Masala Advisors, LLC (together with FinTech Investor Holdings IV, LLC, the “Sponsor”), PWP OpCo, PWP GP LLC, PWP Professional Partners LP (“Professional Partners”), and Perella Weinberg Partners LLC (“Professionals GP”) (the “Business Combination Agreement”). As contemplated by the Business Combination Agreement, (i) FTIV acquired certain partnership interests in PWP OpCo, (ii) PWP OpCo became jointly-owned by Perella Weinberg Partners, Professional Partners and certain existing partners of PWP OpCo, and (iii) PWP OpCo serves as the Company’s operating partnership as part of an umbrella limited partnership C-corporation (Up-C) structure (collectively with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). See Note 3—Business Combination for additional discussion related to the transaction.
The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP (“PWP Group”), and its subsidiaries which are consolidated in these financial statements. PWP GP LLC is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by Investor Limited Partners (the “ILPs”) and Professional Partners. The Company shareholders are entitled to receive a portion of PWP OpCo’s economics through their direct ownership interests in shares of Class A common stock of PWP. The non-controlling interest owners of PWP OpCo receive economics through ownership of PWP OpCo Class A partnership units (“PWP OpCo Units”). See Note 11—Stockholders' Equity for additional information.
Note 2—Summary of Significant Accounting Policies
Basis of Presentation
The unaudited condensed consolidated financial statements reflect the financial condition, results of operations and cash flows of the Company and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). All intercompany balances and transactions between the consolidated subsidiaries comprising the Company have been eliminated in the accompanying condensed consolidated financial statements.
The Business Combination was treated as a reverse recapitalization transaction between entities under common control, whereby PWP OpCo was considered the accounting acquirer and predecessor entity and therefore recognized the carrying value of the net assets of FTIV as an equity contribution with no incremental goodwill or intangible assets. The historical operations of PWP OpCo are deemed to be those of the Company. Thus, the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q reflect (i) the historical operating results of PWP OpCo prior to the Business Combination and (ii) the combined results of the Company following the Business Combination. See Note 3—Business Combination for additional discussion related to the transaction.
10

Perella Weinberg Partners
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)
These condensed consolidated financial statements and notes thereto are unaudited, and as permitted by the interim reporting rules and regulations set forth by the Securities and Exchange Commission (the “SEC”), exclude certain financial information and note disclosures normally included in annual audited financial statements prepared in accordance with U.S. GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in Amendment No. 1 to the Company’s Annual Report on Form 10-K/A. The condensed consolidated financial statements reflect all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods.
Consolidation
The Company’s policy is to consolidate entities in which the Company has a controlling financial interest and variable interest entities where the Company is deemed to be the primary beneficiary. The Company is deemed to be the primary beneficiary of a variable interest entity (“VIE”) when it has both (i) the power to make the decisions that most significantly affect the economic performance of the VIE and (ii) the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. PWP is the primary beneficiary of and consolidates PWP OpCo, a VIE. As of June 30, 2022 and December 31, 2021, the net assets of PWP OpCo were $260.0 million and $268.5 million, respectively. As of June 30, 2022 and December 31, 2021, the Company did not consolidate any VIEs other than PWP OpCo.
Use of Estimates
The preparation of the condensed consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.
In preparing the condensed consolidated financial statements, management makes estimates regarding the following:
measurement of amount due pursuant to the tax receivable agreement;
measurement and timing of revenue recognition;
adequacy of the allowance for credit losses;
measurement and realization of deferred taxes;
measurement of equity-based awards;
evaluation of goodwill and intangible assets;
fair value measurement of financial instruments; and
other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less from the date of purchase. As of June 30, 2022 and December 31, 2021, the Company had no cash equivalents. The Company maintains cash with banks and brokerage firms, which from time to time may exceed federally insured limits.
11

Perella Weinberg Partners
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts and Where Otherwise Noted)
Restricted cash represents cash that is not readily available for general purpose cash needs. As of June 30, 2022 and December 31, 2021, the Company had restricted cash of $2.7 million and $2.0 million, respectively, maintained as collateral for letters of credit related to certain office leases.
A reconciliation of the Company’s cash, cash equivalents and restricted cash as of June 30, 2022 and June 30, 2021 is presented below:
June 30,
20222021
Cash$150,286 $349,677 
Restricted cash2,738 1,840 
Cash, cash equivalents and restricted cash as shown on statements of cash flows$153,024 $351,517 
Investments in Short-Term Marketable Debt Securities
The Company invests in short-term marketable debt securities to manage excess liquidity. As of June 30, 2022, these investments consisted solely of U.S. Treasury securities held by a consolidated broker-dealer subsidiary and were carried at fair value with changes in fair value included in Other income (expense) on the Condensed Consolidated Statements of Operations, as is required for broker-dealers. In general, these investments are recorded on the Condensed Consolidated Statements of Financial Condition within Cash and cash equivalents for investments with an original maturity from the date of purchase of three months or less, and within Investments in short-term marketable debt securities for those longer than three months but less than one year.
Accounts Receivable
Accounts receivable are presented net of allowance for credit losses based on the Company’s assessment of collectability. The Company regularly reviews its accounts receivable for collectability and an allowance is recognized for credit losses, if required. As of June 30, 2022 and December 31, 2021, $7.7 million and $2.5 million, respectively, of accrued revenue was included in Accounts receivable, net of allowance on the Condensed Consolidated Statements of Financial Condition. These amounts represent amounts due from clients and recognized as revenue in accordance with the Company’s revenue recognition policies but unbilled at the end of the period.
Accounts receivable represent amounts due from clients from various industry and geographic backgrounds. As of June 30, 2022, certain accounts receivable in the aggregate amount of $14.3 million were individually greater than 10% of the Company’s gross accounts receivable and were concentrated with two clients. Of that amount, all was subsequently received after June 30, 2022. As of December 31, 2021, certain accounts receivable in the aggregate amount of $13.6 million, were greater than 10% of the Company̵