The following is a summary of the Perella Weinberg Partners (PWP) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Perella Weinberg Partners reported full year revenues in 2023 of $649 million, a 3% increase from a year ago, with Q4 revenues at $213 million, up by 16% compared to the same period last year.

• The company's revenue growth was seen despite a 30% decrease in global M&A market closing, this was attributed to the company's scale and diversified service offering.

• Perella Weinberg had adjusted compensation expenses comprising 70% of revenues in 2023, and non-compensation expenses for 2023 amounted to $144 million, a 17% increase from the previous year.

• The company maintains strong liquidity, with cash in short term investments totalling $338 million, and no debt. In 2023, the firm returned $65 million to investors through buybacks, dividends, and distributions.

Business Progress:

• All sectors of the company experienced year-on-year growth due to increased fees from large deals.

• The company's backlog reached a record high, however, recognition of this backlog into revenue is expected to be slower than historical norms.

• Perella Weinberg expanded its financing and capital solutions offerings in response to a complex financing market.

• The company added 14 new partners and managing directors in 2023 in order to enhance industry knowledge and coverage.

• For 2024, the company plans to recruit more senior bankers with the aim to reach a billion in revenue and achieve scale. The firm also plans on managing expenses while raising revenue and is expected to see a decrease in non-compensation costs as a percentage of revenue.

• The company demonstrated a commitment to return excess capital to shareholders while managing share count to combat dilution from stock-based compensation.

More details: Perella Weinberg Partners IR

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