Perella Weinberg Partners (PWP) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Perella Weinberg Second Quarter 2024 earnings conference call. In today's discussion, all callers will be placed in listen-only mode and following management's prepared remarks, the conference call will be open for questions from the research community. This conference call is being recorded. At this time, I'd like to turn the conference over to Taylor Reinhart, Head of Communications and Marketing. Please go ahead.

早安，歡迎參加 Perella Weinberg 2024 年第二季財報電話會議。在今天的討論中，所有來電者都將處於只聽模式，在管理層準備好的講話之後，電話會議將開放供研究界提問。本次電話會議正在錄音中。這次，我想將會議轉交給傳播和行銷主管泰勒·萊因哈特 (Taylor Reinhart)。請繼續。

Thank you, operator, and welcome all. Joining me today are Andrew Benson, our Chief Executive Officer, and Alex Scott shop, Chief Financial Officer. Before we begin, I'd like to note that this call may contain forward-looking statements, including Perella Weinberg, expectations of future financial and business performance and conditions and industry outlooks. Forward-looking statements are inherently subject to risks, uncertainties and assumptions that could cause actual results could differ materially from those discussed in the forward-looking statements and are not guarantees of future events or performance. Please refer to Perella Weinberg most recent SEC filings for a discussion of certain of these risks and uncertainties. The forward-looking statements are based on our current beliefs and expectations, and The firm undertakes no obligation to update any forward-looking statements during the call. And there will also be a discussion of some metrics, which are non-GAAP financial measures, which management believes are relevant in assessing the financial performance of the business. Perella Weinberg has reconciled these items to the most comparable GAAP measures in the press release filed with today's Form eight K, which can be found on the company's website.

謝謝您，接線生，歡迎大家。今天與我一起出席的有我們的執行長安德魯·本森 (Andrew Benson) 和首席財務官亞歷克斯·斯科特·肖普 (Alex Scott shop)。在開始之前，我想指出，本次電話會議可能包含前瞻性陳述，包括 Perella Weinberg 對未來財務和業務業績及狀況的預期以及行業前景。前瞻性陳述本質上受到風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果可能與前瞻性陳述中討論的結果有重大差異，並且不能保證未來事件或績效。請參閱 Perella Weinberg 最近向 SEC 提交的文件，以了解其中某些風險和不確定性的討論。前瞻性陳述基於我們目前的信念和期望，本公司不承擔在電話會議期間更新任何前瞻性陳述的義務。也將討論一些指標，這些指標是非公認會計準則財務指標，管理階層認為這些指標與評估企業的財務表現有關。Perella Weinberg 已將這些項目與今天的 8 K 表格一起提交的新聞稿中最具可比性的 GAAP 衡量標準進行了調整，該新聞稿可在公司網站上找到。

I will now turn the call over to Andrew Benergy, discuss our results.

我現在將把電話轉給安德魯·本能源，討論我們的結果。

Okay.

好的。

Thank you, Taylor, and good morning. Today we reported second quarter revenues of $272 million, a record for our firm, up 64% year over year and more than doubling quarter over quarter. And our first half revenues of $374 million were up 26% versus a year ago. In the quarter, we experienced a material increase in large transaction closings with relatively larger associate fee compared to the first quarter included in the quarter was more than $40 million of revenue related to closings that occurred within the first few days of the third quarter and which in accordance with relevant accounting principles we were required to record in the second quarter. We are very pleased with our results, but one quarter doesn't define our business. We are still very hard at work building a world-class franchise. We recognize that both the timing of certain transaction closings and the favorable positioning of our platform were factors in our outperformance this quarter and our forward progress continues now with the distinct market tailwinds that we have not enjoyed in over two years. Contribution in collaboration across our business drove our results with revenue from M&A as well as restructuring and liability management up significantly year over year. The momentum we are seeing across our business is in part a reflection of putting the right partners in the right place over the past few years, both from a strategic and geographic perspective. These teams continue to deliver for our clients, both for new clients and more and more for repeat clients who view us not just as a fee for service provider, but as a key partner as they tackle strategic and financial challenges, the game has changed and high-stakes complex transactions in that market today, the boutique firm that I go to advisor, not simply a second opinion provider, be the go-to advisor.

謝謝你，泰勒，早安。今天，我們報告第二季度營收為 2.72 億美元，創下了我們公司的記錄，年增 64%，季度環比增長了一倍多。我們上半年的營收為 3.74 億美元，比去年同期成長 26%。在本季度，我們的大型交易成交量大幅增加，與第一季度相比，聯營費用相對較高，本季度包含的與第三季度頭幾天內發生的成交相關的收入超過 4000 萬美元，其中根據相關會計原則，我們需要在第二季進行記錄。我們對我們的結果非常滿意，但四分之一並不能定義我們的業務。我們仍在努力打造世界一流的特許經營權。我們認識到，某些交易完成的時間和我們平台的有利定位都是我們本季表現出色的因素，並且我們的前進步伐現在仍在繼續，並且我們在兩年多來從未享受過的明顯市場順風的作用下繼續前進。我們整個業務的協作貢獻推動了我們的業績，來自併購、重組和負債管理的收入同比大幅增長。我們在整個業務中看到的勢頭在一定程度上反映了過去幾年從戰略和地理角度來看，將正確的合作夥伴放在正確的位置。這些團隊繼續為我們的客戶提供服務，無論是新客戶還是越來越多的回頭客，他們不僅將我們視為服務提供者的費用，而且將我們視為他們應對策略和財務挑戰的關鍵合作夥伴，遊戲已經發生了變化，當今市場上的高風險複雜交易，我尋求顧問的精品公司，而不僅僅是第二意見提供者，成為首選顧問。

You need the talent.

你需要人才。

And year to date, we have added three advisory partners and have another two slated to join the firm later this year. We are confident that they will increase our client touch points and add revenue both by introducing new clients to our firm as well, servicing our current client relationships with expanded expertise. As we look ahead, we see signs of better conditions on the ground inflation receding, large pools of undeployed capital and benchmark rates now declining in anticipation of the next Fed move. So risks remain especially around elections, global conflicts and other geopolitical uncertainty. Our clients are navigating through the fog, taking advantage of the conditions as they are and leaning in rather than shying away, especially in the larger deal market. We see these dynamics reflected in our announced and pending backlog, which alongside a record revenue quarter continues to build. The M&A rebound we are experiencing has been led more by corporates than funds, but we did see an increase in sponsor activity this quarter, representing a potential source of revenue growth long term, the return to a more normal level of sponsor activity is a matter of when not if across our financing and capital solutions business. We continue to see elevated activity and strong engagement with clients. While we don't see a watershed event and bankruptcies on the horizon more and more, we see opportunities to assist clients with complex and stressed financing situations as well as with more proactive maturity management. And we are extremely proud of our restructuring team for their recent awards and distinctions highlighted in publication re-org. Congratulations on 16. Before I turn the call over to Alex, let me reflect for a moment. We recently Mark three years since our public listing and while this represents only a portion of the firm's rich history, we have accomplished quite a lot in that time. To date, our shares have risen over 80%. We have returned more than $400 million equity holders.

今年迄今為止，我們已經增加了三位諮詢合作夥伴，另外兩位計劃在今年稍後加入該公司。我們相信，他們將透過向我們公司介紹新客戶、以擴展的專業知識為我們當前的客戶關係提供服務來增加我們的客戶接觸點並增加收入。展望未來，我們看到有跡象表明，實際通膨正在消退，大量未動用資本和基準利率正在因聯準會下一步行動的預期而下降。因此，風險仍然存在，尤其是圍繞選舉、全球衝突和其他地緣政治不確定性的風險。我們的客戶正在穿越迷霧，充分利用現有條件，傾向於而不是迴避，尤其是在較大的交易市場。我們看到這些動態反映在我們宣布和待處理的積壓訂單中，隨著創紀錄的季度收入的增加。我們正在經歷的併購反彈更多是由企業而不是基金主導的，但我們確實看到本季度贊助商活動有所增加，這是長期收入增長的潛在來源，贊助商活動恢復到更正常的水平是一個問題我們的融資和資本解決方案業務何時不是。我們繼續看到活動的增加和與客戶的密切互動。雖然我們沒有看到越來越多的分水嶺事件和破產即將出現，但我們看到了幫助客戶應對複雜和緊張的融資情況以及更積極主動的到期管理的機會。我們為我們的重組團隊感到非常自豪，他們最近在出版物重組中獲得了突出的獎項和榮譽。恭喜16號。在我把電話轉給亞歷克斯之前，讓我先思考一下。最近，我們迎來了公開上市三週年，雖然這僅代表了公司豐富歷史的一部分，但我們在這段時間裡取得了相當多的成就。迄今為止，我們的股價已上漲80%以上。我們已向股東返還超過 4 億美元。

And we have managed our share count down while simultaneously increasing our publicly traded float, allowing new long-term investors to enter our shareholder roster. We have invested in growth by expanding our partnership, increased the visibility, recognition and reputation of our brands and diversified our advisory offerings to support our clients whenever and wherever they need us most importantly, we continue to add new clients. These are world-class companies, investors who we are proud and honored to work with through thick and thin.

我們在減少股票數量的同時增加了公開交易的流通量，允許新的長期投資者進入我們的股東名單。我們透過擴大我們的合作夥伴關係來投資成長，提高我們品牌的知名度、認可度和聲譽，並使我們的諮詢服務多樣化，以便隨時隨地為需要我們的客戶提供支持，最重要的是，我們不斷增加新客戶。這些都是世界一流的公司和投資者，我們為能與他們共事而感到自豪和榮幸。

We remain always on for our clients and for our teammates here at Pro Weinberg as we continue on our mission to scale our business, thank you to all our loyal clients, and thank you to all our teammates for an excellent quarter and importantly for your exceptional business building that positions our firm to deliver for our clients and our shareholders.

我們將始終為我們的客戶和Pro Weinberg 的團隊成員服務，繼續履行擴大業務規模的使命，感謝我們所有忠實的客戶，感謝我們所有的團隊成員度過了一個出色的季度，更重要的是感謝你們出色的表現業務建設使我們公司能夠為我們的客戶和股東提供服務。

Alex, I'll now turn the call over to you to review our financial results and capital management in more detail.

亞歷克斯，我現在將電話轉給您，以更詳細地審查我們的財務表現和資本管理。

Thank you, Andrew. For our adjusted compensation ratio for the first half of the year was 60% and represents our current estimate for our full year accrual for adjusted non-compensation expense was $41 million for the second quarter and $78 million for the first half. Adjusted noncompensation grew 10% in the first half compared to the same period last year. We will continue to aggressively manage our expenses consistent with prudently operating our business. Our adjusted tax rate for the second quarter was 32% and was 26% for the first half. We anticipate that our tax rate for the full year will be approximately 30% at the end of the second quarter, we had 52.5 million shares of Class A. common stock and 33.3 million partnership units outstanding. This includes the impact of a 5.75 million share offering in March, the proceeds from which were used with cash on hand to retire 7.5 million units in May. We remain committed to actively managing our share count. Not only have we fully offset dilution from our new vesting. But as Andrew just mentioned, our share count is lower than when we first, listen, traditionally, we have increased our publicly traded float by more than 20%. We ended the quarter with $185 million in cash and no debt in the first six months of this year, we returned $162 million to equity holders while still investing for future growth.

謝謝你，安德魯。我們上半年的調整後薪酬比率為 60%，這代表我們目前對全年調整後非薪酬費用應計額的估計為第二季度 4,100 萬美元和上半年 7,800 萬美元。上半年調整後的非薪酬與去年同期相比成長了 10%。我們將繼續積極管理我們的開支，並謹慎經營我們的業務。我們第二季調整後的稅率為32%，上半年調整後稅率為26%。我們預計第二季末全年稅率約為 30%，我們擁有 5,250 萬股 A​​ 類普通股和 3,330 萬股已發行合夥企業單位。這包括 3 月發行 575 萬股股票的影響，募集資金與手頭現金一起用於 5 月註銷 750 萬股股票。我們仍然致力於積極管理我們的股份數量。我們不僅完全抵消了新歸屬帶來的稀釋。但正如安德魯剛才提到的，我們的股票數量比我們第一次聽到的時候要少，傳統上，我們已經將公開交易的流通量增加了 20% 以上。本季結束時，我們擁有 1.85 億美元現金，今年前六個月沒有債務，我們向股東返還了 1.62 億美元，同時仍在為未來成長進行投資。

This morning, we declared a quarterly dividend of $0.07 per share. With that, operator, please open the line for questions.

今天早上，我們宣布派發每股 0.07 美元的季度股息。那麼，接線員，請開通提問線路。

Thank you. And at this time, if you would like to ask a question, please press the star and one on your telephone keypad. You may remove yourself from the queue at any time by pressing star into you, and we will pause for a moment to allow questions to queue.

謝謝。此時，如果您想提問，請按電話鍵盤上的星號和一。您可以隨時按星號將自己從佇列中刪除，我們將暫停一會兒，以便讓問題排隊。

And our first question comes from Devin Ryan with Citizen's GMP.

我們的第一個問題來自西鐵城 GMP 的 Devin Ryan。

Hey, good morning, Andrew.

嘿，早上好，安德魯。

Good morning, Alex, how are you?

早安，亞歷克斯，你好嗎？

Morning, David.

早安，大衛。

Morning, Tom.

早上好，湯姆。

Just wanted to start on the our backlog. So obviously record quarter, I believe I heard the announced and pending backlog is still at a record in building. So two-part question on that. I'd love to just get on a little bit of color around where you feel like you're gaining market share in the backdrop, you clearly were not in a record M&A market were far from that. So to the extent you're driving these types of results where the market share is coming from. And then as you look at the backlog, it also appears the speed to move deals through process is accelerating. So just want to get some color on what's driving that as well. Thank you.

只是想從我們的積壓工作開始。因此，顯然是創紀錄的季度，我相信我聽說已宣布和待處理的積壓訂單仍處於創紀錄水平。所以這個問題分成兩個部分。我很樂意在您感覺自己正在獲得市場份額的背景下添加一點顏色，您顯然沒有處於創紀錄的併購市場，離這一點還很遠。因此，就您推動這些類型的結果而言，市場佔有率就來自於此。然後，當您查看積壓的訂單時，您會發現，處理交易的速度似乎也在加快。因此，我也想了解是什麼推動了這個趨勢。謝謝。

Yes, sure, Devin. But I don't want to get too excited about the period over period changes. There's a lot of nuance and idiosyncratic issues that come about in these transactions exactly when they close. So we were fortunate in the current period that we had some very large fee closings, and that's great. I think what we're seeing, as I said on the last call, is that we're very focused on our corporate clients. We've got a bit more weighting toward corporate clients versus our sponsor and fund clients.

是的，當然，德文。但我不想對一段時期內的變化過於興奮。這些交易在結束時會出現很多細微差別和特殊問題。因此，我們很幸運，在當前時期，我們完成了一些非常大的費用結算，這很棒。正如我在上次電話會議中所說，我認為我們看到的是我們非常關注我們的企業客戶。與我們的贊助商和基金客戶相比，我們對企業客戶的權重更大一些。

They're both important clients to us, but we're just a bit more indexed on the corporate side. And I think everyone's been reporting. And we've said the same that corporates are really leading us out of the trough in M&A and recovering quite and nicely out of that trough. I do think we'll see sponsor activity coming back. As I said in my opening remarks, it's just a matter of when not if we are a beneficiary of the weighting toward corporate activity number one in terms of transactions and generally the time line from engagement to announcement and the announcement of closing, not really seeing a material difference to what we've reported in the last few quarters. It's still taking more time to get engagement and taking more time to announce and taking more time to close. And there are many factors that drive that some of which is related to the regulatory regimes, both here in the United States as well as in Europe and around the world for that matter, that is just taking longer and is putting some have no time constraints on these transactions between signing close, but also the period from engagement to assigning. I think people are just more careful and and taking their time there's less sense of urgency, but I actually think that's quite healthy. And I think leads to a bit to a bit less of remorse as people sometimes Russia transactions and have second thoughts, I think actually the engagement to announcement time lines, even though they're elongated, I think it leads to healthier transactions.

他們都是我們的重要客戶，但我們只是在企業方面索引更多一些。我認為每個人都在報告。我們也說過同樣的話，企業確實帶領我們走出了併購的低谷，並且很好地從低谷中恢復過來。我確實認為我們會看到贊助商活動回來。正如我在開場白中所說，這只是一個時間問題，而不是我們是否成為交易方面排名第一的企業活動權重的受益者，而且一般來說，從參與到宣布和宣布結束的時間線，並沒有真正看到與我們過去幾個季度的報告有重大差異。仍然需要更多的時間來獲得參與，需要更多的時間來宣布，並需要更多的時間來完成。有許多因素導致，其中一些與美國、歐洲和世界各地的監管制度有關，這只是需要更長的時間，並且使一些沒有時間限制就這些交易而言，簽約之間也存在著從訂婚到轉讓的時期。我認為人們只是更加小心，慢慢來，緊迫感也減少了，但我實際上認為這是相當健康的。我認為這會減少一些悔恨，因為人們有時會在俄羅斯進行交易並重新考慮，我認為實際上對公告時間線的參與，即使它們被拉長，我認為這會帶來更健康的交易。

That's great color. Thank you. And then just a follow-up probably for Alex, just on the comp ratio. So 68% for the first half is still above the normal target in the mid 60s. I'm just trying to think through kind of how to read that for what that implies for the rest of the year, how much is conservatism versus giving that the backlogs are? Is there anything else that's keeping elevated? And then just within that kind of what you're targeting for and for new hires in the back half of the year, that would be helpful. Thank you.

那顏色真棒。謝謝。然後可能是亞歷克斯的後續行動，只是關於補償比率。因此，上半年的 68% 仍高於 60 年代中期的正常目標。我只是想思考如何解讀這一點，這對今年剩餘時間意味著什麼，保守主義與積壓的情況相比有多少？還有什麼東西一直在升高嗎？然後，在您下半年的目標和新員工的目標範圍內，這將會有所幫助。謝謝。

Yes, Devin.

是的，德文。

So as you know, that's a bit of a multi-variable equation for all of us because we're thinking about not only what we need to compensate our teams so that they are firmly in their seat and are being fairly and properly rewarded for their efforts.

如您所知，這對我們所有人來說都是一個多變量方程，因為我們不僅考慮需要為我們的團隊提供什麼補償，以便他們牢牢佔據自己的席位，並因他們的貢獻而得到公平和適當的獎勵努力。

Number one.

第一。

Number two, we do have investments that we continue to be very deliberate and steady about it we will continue to grow our firm with the addition of talent. We have to factor that in. And lastly, we have to look at where the competitive set is and what's happening in the marketplace. So those three variables will come together as we head toward third and fourth quarter. We'll make adjustments as we see as needed. Right now, what we've accrued for the first half is our best estimate, and that's what we put out as our account margin today. But that is subject to some change. We do like to stay within our target range. We indicated in our public listing, which was mid 60s. We've been at the outer bounds of that more recently. I think for good reason, as you know, I've said this many times, a lot of our comp is in effect CapEx and I lose the battle with account of time on that. But we have to look at some of that comp ratio as really investing for the future and driving revenue going forward.

第二，我們確實有投資，我們將繼續非常謹慎和穩定地投資，我們將繼續透過增加人才來發展我們的公司。我們必須考慮到這一點。最後，我們必須了解競爭環境以及市場上正在發生的事情。因此，當我們進入第三季和第四季時，這三個變數將匯集在一起。我們將根據需要進行調整。目前，我們上半年的累積金額是我們的最佳估計，這就是我們今天公佈的帳戶保證金。但這可能會發生一些變化。我們確實希望保持在目標範圍內。我們在公開上市時指出，那是 60 年代中期。最近我們已經處於這個範圍的外部。我認為有充分的理由，正如你所知，我已經說過很多次了，我們的許多補償實際上都是資本支出，而我在時間方面輸掉了這場戰鬥。但我們必須將其中一些補償比率視為真正對未來的投資並推動未來的收入成長。

That's great. And then I guess just the other part of that is, is there any flavor you can give around what that CapEx in terms of just bringing in focus on Vendor of the Year, like how the recruiting pipeline looks. I would assume that does that's one of the variables that you just suggested, Andrew?

那太棒了。然後我想另一部分是，您是否可以圍繞資本支出提供任何風格，將重點放在年度供應商上，例如招聘管道的外觀。我認為這是否是您剛才建議的變數之一，安德魯？

Yes, we're seeing good opportunities in the pipeline. I would say that much like the transaction time lines, the recruiting timelines are a bit more elongated.

是的，我們看到了良好的機會。我想說，就像交易時間軸一樣，招募時間線也更長一些。

I think that's a function of people being busy a little bit now time of year. But generally, we have still more people interested in our firm than we will probably admit to our firm, which is a good dynamic. And I also think much like I said earlier about transactions. I think the more deliberate as people are the more thoughtful before they rush into a job change or the better off both parties are. So again, I think that's a pretty healthy dynamics. We're still on track with what we said on average we probably add five or six partners a year, and we probably have one or two retirements every year or two. I don't see much aberration from that time this year. So we're still on that pace. And every once in a while, we may have one-off opportunity where we have a little bit more investing. But I think generally we're still on pace with what we've indicated that early on in our public listing that will grow the partnership five or six people and then probably have one or two retirements occur between year over year periods?

我認為這是人們一年中這個時候有點忙的結果。但總的來說，對我們公司感興趣的人比我們可能承認的要多，這是一個很好的動態。我對交易的看法也很像我之前所說的。我認為，人們越是深思熟慮，在倉促換工作之前就越深思熟慮，或者雙方的境況都越好。再說一次，我認為這是一個非常健康的動態。我們仍然按照我們所說的那樣進行，平均每年可能會增加五到六個合夥人，而且每一兩年我們可能會有一到兩個合夥人退休。與今年的那個時候相比，我沒有看到太大的異常。所以我們仍然保持這個速度。每隔一段時間，我們可能會遇到一次性的機會，我們可以進行更多的投資。但我認為總的來說，我們仍然按照我們在公開上市初期所表明的步伐，將合作夥伴關係增加到五到六人，然後可能會在逐年期間發生一到兩次退休？

Yes.

是的。

Okay.

好的。

That's great color. Thanks, Andrew.

那顏色真棒。謝謝，安德魯。

I'll leave it.

我會留下它。

There are some things saying here.

這裡有一些話要說。

And we will take our next question from Brendan O'Brien with Wolfe Research.

我們將回答沃爾夫研究中心的布倫丹·奧布萊恩提出的下一個問題。

This morning and thank you for taking my questions. Just to start, I just want to touch on Europe, and I just want to get a sense as to how you would compare activity in Europe relative to the US. You've heard some of your peers indicate that trends there have lags and specifically with sponsors.

今天早上，感謝您回答我的問題。首先，我只想談談歐洲，我只是想了解如何比較歐洲與美國的活動。您聽說您的一些同行表示那裡的趨勢存在滯後性，特別是贊助商方面。

I want to see if you've seen any pickup in activity following the recent moves by the ECB,

我想看看在歐洲央行最近的舉措之後，您是否看到了經濟活動的回升，

I think Europe is lagging on announcements on the immediate value that you can see that from the publicly available data and our mix shifted a little bit down between Europe and the US, the US leading more in terms of our announced revenue today, I think in terms of the other metrics, we look at in our dashboard, you would think that they are much more aligned in terms of activity. So when we look at things like new business reviews, engagement letters generally well, our time activities with clients. Both sides of the Atlantic are quite robust. And I think for different reasons, I think there are different pressure points in Europe, different areas of growth opportunities and different desires, for example, for a lot of European companies, too, to rethink their global footprint and particularly their exposure to the US, which many, many, many, many European companies are looking to increase their exposure to the United States, which I think does play well into where we have boots on the ground to know we are largely a US and European business in terms of the M&A market sits at 75% of announced activity, probably a greater percentage of the fee pool. So we feel very well positioned for that type of activity, there are different drivers of type of transactions. And I think you're seeing that play out in the types of transactions that you see from Europe versus the United States I think in terms of because I think the revenue over time does start to catch up. Usually you have that lag effect that you're referencing, which I think you're absolutely right about, but to his activity where it is, I do expect that European revenue for our business as well as the sector will likely improve as we head over into the back half of 24 and 25.

我認為歐洲在公佈直接價值方面落後了，你可以從公開數據中看到，我們的組合在歐洲和美國之間有所下降，我認為就我們今天公佈的收入而言，美國領先更多。其他指標而言，我們在儀表板中查看，您會認為它們在活動方面更加一致。因此，當我們查看新業務評論、訂婚信函、我們與客戶的時間活動等內容時，通常都很好。大西洋兩岸都相當強勁。我認為出於不同的原因，我認為歐洲存在不同的壓力點、不同的成長機會領域和不同的願望，例如，對於許多歐洲公司來說，也重新考慮他們的全球足跡，特別是他們在美國的業務，許多、許多、許多、許多歐洲公司正在尋求增加在美國的業務，我認為這確實有助於我們了解我們在很大程度上是一家美國和歐洲企業併購市場佔已公佈活動的75%，可能佔費用池的更大比例。因此，我們感覺非常適合此類活動，交易類型有不同的驅動因素。我認為你會看到歐洲與美國的交易類型正在發生這種情況，我認為這是因為我認為隨著時間的推移，收入確實開始迎頭趕上。通常你會遇到你所提到的滯後效應，我認為你是絕對正確的，但就他的活動而言，我確實預計我們業務以及該行業的歐洲收入可能會隨著我們的發展而改善進入24和25的後半部。

I think in terms of sponsor activity come not a material change because the ECB moves and I don't expect a material change because of that likely Fed moves now in September?

我認為就贊助商活動而言，不會因為歐洲央行的行動而發生重大變化，而且我預計不會因為聯準會在 9 月可能採取行動而發生重大變化？

I think generally, we see a very significant backlog of have assets that sponsors will need to monetize in some way, either through continuation of vehicles or through sales or through IPOs. And that supply chain in the sponsor community just needs to get flowing a little bit more. And that will naturally lead to more deployment of capital to work in the early days here, I think of a sponsor as recovery. I think they're abnormally low as a proportion of overall activities again up, say, three times then I do think it's a matter of when not if sponsors come back and they're very sophisticated pools of capital. They're very sophisticated investors. I've mentioned three or $4 trillion worth of dry powder between private equity and credit unions yet in infrastructure, it's even more than that. And so I do see a lot of activity coming from that community over time.

我認為總的來說，我們看到大量積壓的資產，贊助商需要以某種方式貨幣化，無論是透過繼續車輛、透過銷售或透過首次公開發行。贊助商社群的供應鏈只需要多一點流動即可。這自然會導致更多的資本部署在這裡的早期工作，我認為贊助商是復甦。我認為它們在整體活動中所佔的比例異常低，比如說，三倍，然後我確實認為這只是一個時間問題，而不是讚助商回來，而且他們是非常複雜的資本池。他們是非常老練的投資者。我已經提到私募股權和信用合作社之間價值三、四萬億美元的乾火藥，但在基礎設施領域，它的價值甚至更多。因此，隨著時間的推移，我確實看到該社區開展了許多活動。

That's great color.

那顏色真棒。

And I just for my follow-up, kind of touching on a few the GMs there, just on the election, you know, on the one hand, at the end specifically the puts and takes of a potential change in regime in the US. On the one hand, you might have a more accommodative STC., which should be somewhat of a benefit. But on the other hand, potentially higher tariffs may be a headwind or tailwind activity. I would just like to get a sense of say how you see the potential puts and takes of my it's not the FTC, but I guess on the tariff side and the potential tailwind from a more accommodative FTC?

我只是為了我的後續行動，有點觸及那裡的幾位總經理，只是關於選舉，你知道，一方面，最後特別是美國政權潛在更迭的影響。一方面，您可能有一個更寬鬆的 STC，這應該是有一定好處的。但另一方面，潛在的更高關稅可能是逆風或順風活動。我只是想了解您如何看待我的潛在看跌期權和期權，這不是聯邦貿易委員會，但我想在關稅方面以及更寬鬆的聯邦貿易委員會的潛在推動作用？

Yes, I'll just start with the public service announcement that I'm not a politician and I'm not a macro economist, some just a banker. So giving my my view and for what it's worth now in my career, have Windows seven elections in my 30-year career, Tom, I like many people Apotheek really oversaw what the implications of elections will mean for markets and other parts of our lives. I think they're really important and they do have consequences. And I think that Tom, probably the effects have been overstated on to least in my lifetime. And I think that for M&A, specifically it seems now given the commentary that both to both party leaders are interested in having some change to antitrust review and antitrust regulations. So on balance, I think that will be a positive. And I think you have set in motion now to begin looking at lowering rates. I think that is an important pivot, some signal and I do think that helps markets broadly. But we also have two candidates that kind of seem to be best focused and have less of a priority on our national debt and probably place a high emphasis on spending. So I do think we'll probably be in in a higher rate than we have normally had over long-term periods. I don't see rates going down to zero the way they did during COVID or the financial crisis. So I think we're going to live with just higher rates for for a really long time. That's not not painfully high, but just above the crisis levels that you probably wouldn't want to be in anyway because it signals a troubled economy. So we're not hearing from any clients that they're stopping processes because of the election. We're not hearing from clients that they're accelerating anything because of the election. But I do think once that is settled, it does remove that uncertainty out of people's thinking and their models and generally post election periods are good time for and then planning out your next time horizon and taking appropriate actions. So that's generally a good time for us.

是的，我首先要宣佈公共服務，我不是政治家，也不是宏觀經濟學家，有些只是銀行家。因此，給出我的觀點以及它在我職業生涯中的價值，在我30 年的職業生涯中進行Windows 7 選舉，湯姆，我和許多人一樣Apotheek 真正監督了選舉對市場和我們生活其他方面的影響。我認為它們非常重要並且確實會產生影響。我認為湯姆，在我的一生中，這種影響可能被誇大了。我認為，對於併購，特別是現在看來，兩黨領導人都有興趣對反壟斷審查和反壟斷法規進行一些改變。所以總的來說，我認為這將是積極的。我認為你們現在已經開始考慮降低利率。我認為這是一個重要的支點，一些訊號，我確實認為這對市場有廣泛幫助。但我們也有兩位候選人，他們似乎最關注我們的國家債務，而不太重視我們的國家債務，可能高度重視支出。因此，我確實認為，從長期來看，我們的成長率可能會高於正常情況。我不認為利率會像新冠疫情或金融危機期間那樣降至零。所以我認為我們將在很長一段時間內忍受更高的利率。這並不是高得令人痛苦，但只是高於你可能不想陷入的危機水平，因為這表明經濟陷入困境。因此，我們沒有聽到任何客戶說他們因為選舉而停止流程。我們沒有從客戶那裡聽到他們因為選舉而加速任何事情。但我確實認為，一旦解決了這個問題，它確實消除了人們思維和模型中的不確定性，並且通常選舉後的時期是規劃下一個時間範圍並採取適當行動的好時機。所以這對我們來說通常是一個好時機。

People in our business.

我們企業裡的人。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

And we will take our next question from James Yara with Goldman Sachs.

我們將回答高盛詹姆斯·亞拉 (James Yara) 提出的下一個問題。

But good morning and thanks for taking my questions that are more than halfway into the year and results came in somewhat stronger this quarter. How are you thinking about the go-forward revenue here? Just trying to Andrew between the goalposts over the past few quarters. Is it conceivable for revenue to continued rise of this level in the back half? Or should we expect revenue to be likely more between the road, the average or between 1Q and 2Q? And then relatedly, how should we think about the impacts of the typical summer slowdown?

但早上好，感謝您在今年過半時提出了我的問題，本季的結果有所加強。您如何看待這裡的未來收入？在過去的幾個季度裡，我只是試圖讓安德魯在門柱之間。下半年收入能否持續維持這個水準？或者我們應該預期收入可能會在道路、平均或第一季和第二季之間更高？與此相關的是，我們應該如何考慮典型的夏季經濟放緩的影響？

We sometimes see for deal-making and that well, just I'll yes, hi, James.

我們有時會考慮進行交易，那麼好吧，我會的，嗨，詹姆斯。

Good morning. An extra question on.

早安.一個額外的問題。

We don't give any kind of revenue guidance, as you know.

如您所知，我們不提供任何類型的收入指導。

So I'll just really stay far away from that and I think that what we've reported here in the first two quarters, we weren't overly excited on the downside in the first quarter, and we're not getting overly excited about the upside in the second quarter. There's given our scale, there's going to be a bit more volatility and some mean reversion. So we've got to expect that when I look at more is not trying to predict what what revenue is going to be quarter over quarter. It's an impossible task, but just looking at Paul knows, important condition of a really successful and strong franchise and how many clients are calling us, how many clients are engaging us on the fact that we're not seeing a lot of fee pressure, for example, a particularly larger complex transactions that we see people paying for the value we bring. And I think that's a sign of a really healthy market and a healthy franchise. And so we're it will be an unsatisfying answer to you and your job teams. But we're just not in the business of trying to think quarter to quarter. We're just trying to build this world-class franchise and we've got a great trajectory to do that. But we will have volatility. And I think most people don't simply take a quarter and multiply it by four.

因此，我會遠離這一點，我認為我們在前兩個季度所報告的內容，我們並沒有對第一季度的下行趨勢過於興奮，而且我們也沒有對第一季度的下行趨勢過於興奮。季度的上漲空間。考慮到我們的規模，波動性將會更大，並且會出現一些均值回歸。因此，我們必須預期，當我關注更多內容時，我不會試圖預測每季的營收狀況。這是一項不可能的任務，但只要看看保羅就知道，真正成功和強大的特許經營權的重要條件，以及有多少客戶給我們打電話，有多少客戶與我們合作，因為我們沒有看到很大的費用壓力，例如，一個特別大的複雜交易，我們看到人們為我們帶來的價值付費。我認為這是一個真正健康的市場和健康的特許經營權的標誌。因此，對於您和您的工作團隊來說，這將是一個令人不滿意的答案。但我們並不是要逐季度進行思考。我們只是想建立這個世界級的特許經營權，並且我們有一個很好的軌跡來做到這一點。但我們會出現波動。我認為大多數人不會簡單地將四分之一乘以四。

Just trying to understand that because I think that's super clear. And maybe just on the non-comp dollars, I think they did rise a little bit more than the full year, 7% year on year growth number that you'd previously given it, maybe you could just help us think about the noncomp trajectory as we look ahead. And I think especially in light of the inflationary pressures that have been cited by many of your peers?

只是想理解這一點，因為我認為這是非常清楚的。也許僅就非補償美元而言，我認為它們確實比您之前給出的全年 7% 的同比增長數字要高一些，也許您可以幫助我們考慮非補償軌跡當我們展望未來時。我認為特別是考慮到許多同行提到的通膨壓力？

Sure. Alex, do you want to take that one?

當然。亞歷克斯，你想買那個嗎？

Yes, sure. Thanks, James. And look, our non-comp for the first half. Does reflect some what I would characterize as irregular items and a bit episodic to this year. In particular, we had a very unfortunate bad debt item and also have ongoing litigation costs which are substantially higher relative to the prior period. And I do think that those results are generally and generally in line with what we expect to see for the year. But I would I wouldn't think of those on on a long-term basis. We're doing very well with our controllable costs. And over time with scale, we should we should see more leverage and improvement on that margin.

是的，當然。謝謝，詹姆斯。看，我們上半場的非比賽。確實反映了一些我認為不規則的項目，並且今年有點偶發。特別是，我們有一個非常不幸的壞帳項目，並且正在進行的訴訟成本相對於上一時期要高得多。我確實認為這些結果總體上符合我們今年的預期。但我不會長期考慮這些。我們在可控成本方面做得很好。隨著時間的推移，隨著規模的擴大，我們應該會看到更多的槓桿作用和利潤率的提高。

So just to be clear, when you're talking about the dollars of non-covered, the comp ratio in terms of the near term, that's a tough comp in terms of the near term?

因此，需要明確的是，當您談論未承保的美元時，近期的補償比率，就近期而言，這是一個艱難的補償？

Yes.

是的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Then just last one, I think the share count was notably higher, which I think that was reflective of a difference in how you calculated this versus historically, I guess, is this the right way to think about the share count going forward? And then any update on any near term potential share on what can excuse me, unlocks and triggers we need to be thinking about over the next few quarters.

然後就最後一個，我認為股份數量明顯更高，我認為這反映了您計算這一數字與歷史數據的差異，我想，這是考慮未來股份數量的正確方法嗎？然後，任何近期潛在份額的更新都可以原諒我，解鎖並觸發我們在接下來的幾個季度需要考慮的事情。

Yes, Alex, when you take us through the current share count within on the forecast a little bit of what we're expecting?

是的，亞歷克斯，當您向我們介紹目前的股票數量時，預測是否與我們的預期相差甚遠？

Yes, sure. So look, I think the number to focus on is the outstanding count as of June 30th, which is just under 86 million. Obviously, that 100 million that you're seeing is really a function of the timing of when we effected the offering in Q1 relative to our very aggressive buybacks in Q2. So from a forward-looking perspective, you know, obviously we do issue share-based comp. All of that's reflected in our public filings. And for this year, we're anticipating an additional 2 million shares. That's on a net settle basis. And consistent with our past practice, we intend to net settle those shares and that would enter our account by the end of the year and again, this is before any retirement of units or open market repurchases if we choose to do that over the course of Q3 and in Q4.

是的，當然。因此，我認為值得關注的數字是截至 6 月 30 日的未償還數量，略低於 8,600 萬。顯然，你看到的 1 億實際上是我們在第一季進行發行的時間相對於我們在第二季非常積極的回購的時間的函數。因此，從前瞻性的角度來看，顯然我們確實發行了基於股票的補償。所有這些都反映在我們的公開文件中。今年，我們預計將增發 200 萬股。這是在淨額結算的基礎上。根據我們過去的做法，我們打算對這些股票進行淨額結算，並將在年底前進入我們的帳戶，而且，如果我們選擇在整個過程中這樣做，那麼這是在單位退役或公開市場回購之前進行的。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Aidan hall with KBW.

我們的下一個問題來自 KBW 的 Aidan Hall。

Bert, thanks for taking my question and good morning, everyone from morning.

伯特，感謝您提出我的問題，大家早安。

M&a is starkly, but a part of future growth position of CPH., although it's really for going public three years ago. So Andrew, I'd be curious to get your thoughts on kind of inorganic growth opportunities and if there's any complementary businesses, whether it's primary fundraising, secondary advisory or any other strategies where we think it would make more sense to buy versus build for PWP?

併購是赤裸裸的，但也是CPH未來成長定位的一部分，雖然三年前確實是為了上市。安德魯，我很想知道您對無機成長機會的看法，以及是否有任何互補業務，無論是主要籌款、二級諮詢還是我們認為購買而不是為 PWP 構建更有意義的任何其他策略？

Yes.

是的。

Good question.

好問題。

Regarding the M&A business. So we constantly think about ways to materially change the nature of our business rather than doing the job brick-by-brick, which is what we've been doing other than TPH., as you correctly point out, we haven't found something that would be strategically and financially and culturally compelling. We've looked at some things over time. There are some adjacencies that are interesting. We have been a core M&A and restructuring liability franchise. We've added now a terrific shareholder advisory and Actavis team. We've added a terrific debt advisory team. We have not had to go to the Sun acquisition markets where that we've acquired talent that not companies, and that's always a little more challenging on a full-on company deals or large King Deals. We're open minded that we just haven't seen anything that makes sense for us on. And so we will continue to build, you know, by direct design, as I mentioned, which Tom has worked very well for us. And I think on extending our backlog excuse me, product line, we're not going to stray off course from being an advisory only firm and that's not something that we're actively looking at, but there are some additional capabilities outside of the core that are lucrative and attractive adjacencies. And we just have to keep looking for the right people and capabilities. And that is something that we have a team that actively ties. We've got actively reviews.

關於併購業務。因此，我們不斷思考如何從根本上改變我們業務的性質，而不是一磚一瓦地開展工作，這是我們除了TPH 之外一直在做的事情。東西這在策略上、財務上和文化上都具有吸引力。隨著時間的推移，我們已經研究了一些事情。有一些鄰接關係很有趣。我們一直是核心的併購和重組責任特許經營商。我們現在增加了一支出色的股東諮詢和阿特維斯團隊。我們增加了一支出色的債務諮詢團隊。我們不必去Sun收購市場，在那裡我們收購的是人才而不是公司，而這對於全面的公司交易或大型King交易來說總是更具挑戰性。我們思想開放，只是沒有看到任何對我們有意義的東西。因此，正如我所提到的，我們將繼續透過直接設計進行構建，湯姆為我們提供了非常好的工作。我認為，在擴展我們的積壓工作（對不起，產品線）時，我們不會偏離純諮詢公司的軌道，這不是我們正在積極考慮的事情，但在核心之外還有一些額外的功能這些都是利潤豐厚且有吸引力的鄰近地區。我們只需要不斷尋找合適的人才和能力。我們有一個團隊積極致力於這一點。我們已經收到了積極的評論。

Got it. That's very helpful. Appreciate the color.

知道了。這非常有幫助。欣賞顏色。

Thank you for being here.

感謝您來到這裡。

And it appears that we have no further questions at this time. I will now turn the program back to our presenters for any additional or closing remarks.

目前看來我們沒有其他問題了。現在，我將把節目交還給我們的主持人，請他們發表補充或結束語。

Okay.

好的。

Thank you, Madison, and thank you, everyone, for joining the call today. I really hope you have a relaxing and reflective end of summer. We really appreciate your continued support, especially for those of you who have believed in our firm since day one and continue to believe as we all do inside the firm and the unique potential of the Perella Weinberg franchise.

謝謝麥迪遜，也謝謝大家今天加入電話會議。我真心希望你能度過一個輕鬆而沉思的夏天。我們非常感謝您持續的支持，特別是對於那些從第一天起就相信我們公司並像我們在公司內部所做的那樣繼續相信 Perella Weinberg 特許經營權的獨特潛力的人。

So thank you again for joining us. Have a nice summer.

再次感謝您加入我們。祝你有個愉快的夏天。

Thank you. This does conclude today's Perella Weinberg Second Quarter 2024 earnings conference call. Thank you for your participation. You may disconnect at any time.

謝謝。今天 Perella Weinberg 的 2024 年第二季財報電話會議到此結束。感謝您的參與。您可以隨時斷開連線。