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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________________________________________________________________________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________________________________________________________________________
(Mark One)
| | | | | |
x | QUARTERLY 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)
_____________________________________________________________________________________________________________________________________________________________________
| | | | | |
Delaware | 84-1770732 |
( 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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 per share | | PWP | | Nasdaq 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 filer | o | Accelerated filer | o |
Non-accelerated filer | x | Smaller reporting company | x |
| | Emerging growth company | x |
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
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;
◦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.
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, 2022 | | December 31, 2021 |
Assets | | | |
Cash and cash equivalents | $ | 142,854 | | | $ | 502,773 | |
Restricted cash | 2,659 | | | 2,002 | |
Investments in short-term marketable debt securities | 138,863 | | | — | |
Accounts receivable, net of allowance | 46,690 | | | 46,914 | |
Due from related parties | 3,572 | | | 4,225 | |
Fixed assets, net of accumulated depreciation and amortization | 20,517 | | | 10,362 | |
Intangible assets, net of accumulated amortization | 27,417 | | | 32,352 | |
Goodwill | 34,383 | | | 34,383 | |
Prepaid expenses and other assets | 26,398 | | | 24,313 | |
Right-of-use lease assets | 155,824 | | | 39,912 | |
Deferred tax assets, net | 32,422 | | | 21,091 | |
Total assets | $ | 631,599 | | | $ | 718,327 | |
Liabilities and Equity | | | |
Accrued compensation and benefits | $ | 130,136 | | | $ | 311,500 | |
Deferred compensation programs | 5,559 | | | 11,221 | |
Accounts payable, accrued expenses and other liabilities | 34,432 | | | 31,048 | |
Deferred revenue | 3,873 | | | 7,845 | |
Lease liabilities | 159,635 | | | 43,448 | |
Warrant liabilities | — | | | 27,805 | |
Amount due pursuant to tax receivable agreement | 23,782 | | | 14,108 | |
Total liabilities | 357,417 | | | 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-capital | 225,978 | | | 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 equity | 139,997 | | | 126,319 | |
Non-controlling interests | 134,185 | | | 145,033 | |
Total equity | 274,182 | | | 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, |
| 2022 | | 2021 | | 2022 | | 2021 |
Revenues | $ | 145,379 | | | $ | 177,427 | | | $ | 448,359 | | | $ | 602,749 | |
Expenses | | | | | | | |
Compensation and benefits | 86,260 | | | 113,322 | | | 264,092 | | | 387,196 | |
Equity-based compensation | 36,999 | | | 38,050 | | | 114,316 | | | 51,272 | |
Total compensation and benefits | 123,259 | | | 151,372 | | | 378,408 | | | 438,468 | |
Professional fees | 8,180 | | | 11,006 | | | 25,902 | | | 28,954 | |
Technology and infrastructure | 7,337 | | | 7,368 | | | 22,414 | | | 21,465 | |
Rent and occupancy | 6,404 | | | 6,773 | | | 17,511 | | | 20,068 | |
Travel and related expenses | 2,912 | | | 1,629 | | | 8,847 | | | 3,505 | |
General, administrative and other expenses | 3,648 | | | 6,127 | | | 15,414 | | | 12,005 | |
Depreciation and amortization | 2,457 | | | 3,479 | | | 8,053 | | | 11,081 | |
Total expenses | 154,197 | | | 187,754 | | | 476,549 | | | 535,546 | |
Operating income (loss) | (8,818) | | | (10,327) | | | (28,190) | | | 67,203 | |
Non-operating income (expenses) | | | | | | | |
Related party income | 740 | | | 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) | | | | | | | |
Basic | 42,263,427 | | | 42,572,813 | | | 44,241,794 | | | 42,599,954 | |
Diluted | 87,745,776 | | | 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, |
| 2022 | | 2021 | | 2022 | | 2021 |
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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares | | | | | | | | | | | | Accumulated 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 compensation | 6,157 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,157 | |
Distributions to partners | (9,816) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9,816) | |
Other | 384 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 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 Combination | 37,350 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 37,350 | |
Equity-based compensation prior to Business Combination | 5,604 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 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 Awards | 601,098 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
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, 2022 | 48,089,498 | | | 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 Awards | 66,116 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
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, 2022 | 48,785,205 | | | 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 Awards | 694,128 | | | — | | | 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 stock | 1,565,948 | | | — | | | — | | | — | | | — | | | — | | | 11,999 | | | — | | | — | | | — | | | 11,999 | |