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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 SEPTEMBER 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
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 November 2, 2022, the registrant had 42,375,596 shares of Class A common stock, par value $0.0001 per share, and 44,925,877 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 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)
September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$142,854 $502,773 
Restricted cash2,659 2,002 
Investments in short-term marketable debt securities138,863  
Accounts receivable, net of allowance46,690 46,914 
Due from related parties3,572 4,225 
Fixed assets, net of accumulated depreciation and amortization20,517 10,362 
Intangible assets, net of accumulated amortization27,417 32,352 
Goodwill34,383 34,383 
Prepaid expenses and other assets26,398 24,313 
Right-of-use lease assets155,824 39,912 
Deferred tax assets, net32,422 21,091 
Total assets$631,599 $718,327 
Liabilities and Equity
Accrued compensation and benefits$130,136 $311,500 
Deferred compensation programs5,559 11,221 
Accounts payable, accrued expenses and other liabilities34,432 31,048 
Deferred revenue3,873 7,845 
Lease liabilities159,635 43,448 
Warrant liabilities 27,805 
Amount due pursuant to tax receivable agreement23,782 14,108 
Total liabilities357,417 446,975 
Commitments and Contingencies (Note 18)
Class A common stock, par value $0.0001 per share (1,500,000,000 shares authorized, 51,810,154 issued and 43,108,599 outstanding at September 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, 44,925,877 issued and outstanding at September 30, 2022; 600,000,000 shares authorized, 50,154,199 issued and outstanding at December 31, 2021)
4 5 
Additional paid-in-capital225,978 158,131 
Retained earnings (accumulated deficit)(12,209)(18,075)
Accumulated other comprehensive income (loss)(8,293)(1,746)
Treasury stock, at cost (8,701,555 and 1,000,000 shares of Class A common stock at September 30, 2022 and December 31, 2021, respectively)
(65,488)(12,000)
Total Perella Weinberg Partners equity139,997 126,319 
Non-controlling interests134,185 145,033 
Total equity274,182 271,352 
Total liabilities and equity$631,599 $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
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues$145,379 $177,427 $448,359 $602,749 
Expenses
Compensation and benefits86,260 113,322 264,092 387,196 
Equity-based compensation36,999 38,050 114,316 51,272 
Total compensation and benefits123,259 151,372 378,408 438,468 
Professional fees8,180 11,006 25,902 28,954 
Technology and infrastructure7,337 7,368 22,414 21,465 
Rent and occupancy6,404 6,773 17,511 20,068 
Travel and related expenses2,912 1,629 8,847 3,505 
General, administrative and other expenses3,648 6,127 15,414 12,005 
Depreciation and amortization2,457 3,479 8,053 11,081 
Total expenses154,197 187,754 476,549 535,546 
Operating income (loss)(8,818)(10,327)(28,190)67,203 
Non-operating income (expenses)
Related party income740 1,529 2,248 5,303 
Other income (expense)6,152 2,564 11,908 1,236 
Change in fair value of warrant liabilities(6,294)(3,006)15,806 (2,058)
Loss on debt extinguishment   (39,408)
Interest expense(69)(72)(206)(7,536)
Total non-operating income (expenses)529 1,015 29,756 (42,463)
Income (loss) before income taxes(8,289)(9,312)1,566 24,740 
Income tax benefit (expense)(4,570)(150)(10,707)(2,695)
Net income (loss)(12,859)(9,462)(9,141)22,045 
Less: Net income (loss) attributable to non-controlling interests(13,999)(12,938)(28,440)31,068 
Net income (loss) attributable to Perella Weinberg Partners$1,140 $3,476 $19,299 $(9,023)
Net income (loss) per share attributable to Class A common shareholders (1)
Basic$0.03 $0.08 $0.44 $(0.21)
Diluted$(0.19)$(0.09)$(0.19)$(0.40)
Weighted-average shares of Class A common stock outstanding (1)
Basic42,263,427 42,572,813 44,241,794 42,599,954 
Diluted87,745,776 92,727,012 90,535,232 92,754,153 
(1)For the nine months ended September 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 September 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
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income (loss)$(12,859)$(9,462)$(9,141)$22,045 
Foreign currency translation gain (loss)(6,129)(2,086)(13,408)(1,542)
Comprehensive income (loss)(18,988)(11,548)(22,549)20,503 
Less: Comprehensive income (loss) attributable to non-controlling interests(17,169)(14,068)(35,300)30,474 
Comprehensive income (loss) attributable to Perella Weinberg Partners$(1,819)$2,520 $12,751 $(9,971)





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 
Net income (loss)— — — — — — — — 3,476 — (12,938)(9,462)
Equity-based awards— — — — — — — 21,094 — — 17,133 38,227 
Foreign currency translation gain (loss)— — — — — — — — — (956)(1,130)(2,086)
Distributions to partners— — — — — — — — — — (7,007)(7,007)
Liability awards reclassification to equity— — — — — — — 3,912 — — — 3,912 
Issuance of Class A common stock for vested PWP Incentive Plan Awards— 535,831 — — — — — — — — — — 
Withholding payments on vested PWP Incentive Plan Awards— — — — — — — (7,983)— — — (7,983)
Dividends declared ($0.07 per share of Class A common stock)
— — — — — — — 113 (4,313)— — (4,200)
Other— — — — — — — 879 — — 940 1,819 
Treasury stock purchase— — — (1,000,000)— — (12,000)— — — — (12,000)
Change in ownership interests— — — — — — — (1,000)— — 1,000  
Balance at September 30, 2021
$ 43,492,498 50,154,199 (1,000,000)$4 $5 $(12,000)$152,308 $(13,336)$(1,774)$136,776 $261,983 


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 PWP Incentive Plan Awards601,098 — — — — — — — — — — 
Withholding payments on vested PWP Incentive Plan Awards— — — — — — (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 PWP Incentive Plan Awards66,116 — — — — — — — — — — 
Withholding payments on vested PWP Incentive Plan Awards— — — — — — (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 
Net income (loss)— — — — — — — 1,140 — (13,999)(12,859)
Equity-based awards— — — — — — 18,860 — — 18,748 37,608 
Foreign currency translation gain (loss)— — — — — — — — (2,959)(3,170)(6,129)
Distributions to partners— — — — — — — — — (10,052)(10,052)
Issuance of Class A common stock for vested PWP Incentive Plan Awards694,128 — 28,111 — — 337 (337)— — —  
Withholding payments on vested PWP Incentive Plan Awards— — — — — — (2,704)— — — (2,704)
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited)
8

Perella Weinberg Partners
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in Thousands)
Dividends declared ($0.07 per share of Class A common stock)
— — — — — — 137 (4,515)— — (4,378)
Other— — — — — — (11)— — (13)(24)
Exchange of PWP OpCo Units and corresponding Class B common stock for Class A common stock (Note 11 - Stockholders’ Equity)764,873 (764,111)— — (1)— 447 — — — 446 
Warrant exchange for Class A common stock1,565,948 — — — —