Perella Weinberg Partners (PWP) 2024 Q3 法說會逐字稿

Good morning and welcome to the Perella Weinberg Partners Q3 2024 Earnings Call.

早安，歡迎參加 Perella Weinberg Partners 2024 年第三季財報電話會議。

[Operator instructions].

[操作員說明]。

I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing.

我現在將把電話轉給傳播和行銷主管泰勒·萊因哈特 (Taylor Reinhardt)。

You may begin.

你可以開始了。

Thank you, operator, and welcome all.

謝謝您，接線生，歡迎大家。

Joining me today are Andrew Bednar, Chief Executive Officer and Alexandra Gottschalk, Chief Financial Officer.

今天與我一起出席的還有執行長安德魯貝德納爾 (Andrew Bednar) 和財務長亞歷山德拉戈特沙克 (Alexandra Gottschalk)。

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 outlook.

在我們開始之前，我想指出，本次電話會議可能包含前瞻性陳述，包括 Perella Weinberg 對未來財務和業務表現、狀況以及行業前景的預期。

The forward-looking statements are inherently subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those discussed in the forward-looking statements and are not guarantees of future events or performance.

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與前瞻性陳述中討論的結果有重大差異，並且前瞻性陳述不是對未來事件或業績的保證。

Please refer to Perella Weinberg's most recent SEC filings for a discussion of these risks and uncertainties.

請參閱 Perella Weinberg 最近向 SEC 提交的文件，以了解有關這些風險和不確定性的討論。

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.

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。

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.

也將討論一些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 has reconciled these items to the most comparable GAAP measures in the press release files of today, which can be found on the company's website.

Perella Weinberg 已將這些項目與今天的新聞稿文件中最具可比性的 GAAP 衡量標準進行了調整，這些文件可以在公司網站上找到。

I will now turn the call over to Andrew Bednar to discuss the results.

我現在將把電話轉給安德魯·貝德納爾討論結果。

Thank you, Taylor and Good morning.

謝謝你，泰勒，早安。

We are pleased to report another quarterly record for the firm.

我們很高興地報告該公司的另一個季度記錄。

In the 3rd Quarter, we reported revenues of $278 million up 100% year over year and our year-to-date revenues at $652 million are up 50% year over year and are the highest first nine months in the firm's history.

第三季度，我們的營收為 2.78 億美元，年增 100%，年初至今的營收為 6.52 億美元，年增 50%，是公司歷史上前 9 個月的最高收入。

With our 4th Quarter revenues tracking at a similar level to those seen in Q4 2023, we remain on pace to deliver strong results for the full year 2024.

由於我們第四季的營收與 2023 年第四季的水平相似，我們將繼續保持在 2024 年全年取得強勁業績的步伐。

Our results reported today reflect top-line growth across our businesses driven by an increase in larger fee events and this is an encouraging trend and reflects both our deliberate strategic positioning and business selection optimization as well as the deepening of trusted relationships with both new and existing clients.

我們今天公佈的業績反映了我們業務的營收成長是由較大費用事件的增加所推動的，這是一個令人鼓舞的趨勢，反映了我們深思熟慮的策略定位和業務選擇優化，以及與新舊客戶的信任關係的加深。

-- and the results speak for themselves.

——結果不言而喻。

I could not be prouder of our teammates and what they have achieved our business momentum signals that we are in the early stages of a multi-year growth cycle in the transaction markets, corporate activity which supported our franchise through the down cycle has accelerated while announced activity from sponsors continues to lag corporates, the desire to transact among sponsors is increasing.

我為我們的隊友感到無比自豪，他們所取得的業務勢頭表明我們正處於交易市場多年增長週期的早期階段，支持我們的特許經營權度過下行週期的企業活動已經加速，同時宣布贊助商的活動繼續落後於企業，贊助商之間的交易慾望正在增加。

At the same time, restructuring and liability management support and the need for creative financing solutions remain in high demand.

同時，重組和負債管理支援以及對創意融資解決方案的需求仍然很高。

We are seeing these trends across industries and geographies and believe we have increasingly strong tailwinds at our back.

我們看到了跨行業和跨地區的這些趨勢，並相信我們的支持力量越來越強大。

Across the firm, we are investing in growth.

在整個公司，我們正在投資成長。

Since our last call, we have added two partners with client coverage in consumer health, wellness, beauty, and personal care, and in transportation, leasing and logistics.

自上次通話以來，我們增加了兩家合作夥伴，其客戶涵蓋消費者健康、保健、美容和個人護理以及運輸、租賃和物流領域。

These investments plus others made in prior years; our investments in client relationships are already yielding results.

這些投資加上前幾年進行的其他投資；我們對客戶關係的投資已經產生了成果。

We have also continued to invest at the managing director level, bolstering that rank with two additional hires to deepen our client coverage and strengthen our internal partner pipeline.

我們也繼續在董事總經理層面進行投資，透過額外聘用兩名員工來加強這一級別，以加深我們的客戶覆蓋範圍並加強我們的內部合作夥伴管道。

Our performance to date in 2024 reflects an improving operating environment but even more so represents the underlying strength of our client focused franchise.

我們 2024 年迄今的業績反映了營運環境的改善，但更代表了我們以客戶為中心的特許經營的潛在優勢。

We are successfully executing on our strategy to achieve scale while simultaneously solidifying our position as a leader in providing independent advice, especially in larger and more complex situations.

我們正在成功執行我們的策略，以實現規模化，同時鞏固我們作為提供獨立建議的領導者的地位，特別是在更大、更複雜的情況下。

Simply put, we are achieving what we said we would, and we feel no constraint.

簡而言之，我們正在實現我們所說的目標，我們感到沒有任何限制。

Rather, we see an exceptional opportunity to drive long term growth.

相反，我們看到了推動長期成長的絕佳機會。

We look forward to continuing to deliver superior results for our clients and increase returns for our shareholders.

我們期待繼續為客戶提供卓越的業績，並為股東增加回報。

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.

謝謝你，安德魯。

Our adjusted compensation ratio for the first nine months was 68% and continues to represent our estimate for a full year.

我們前 9 個月的調整後薪資率為 68%，並且繼續代表我們對全年的估計。

Our adjusted non-compensation expense was $38 million for the 3rd Quarter and $116 million year-to-date.

第三季調整後的非薪資費用為 3,800 萬美元，年初至今為 1.16 億美元。

Adjusted non-compensation continues to trend approximately 10% above last year's level, entirely in line with our expectations.

調整後的非薪酬持續比去年的水準高出約 10%，完全符合我們的預期。

Our adjusted tax rate was 29% for the first nine months, and we now anticipate that our tax rate for the full year will be below 30%.

前九個月我們調整後的稅率為29%，現在我們預計全年稅率將低於30%。

At the end of the 3rd Quarter, we had 57.0 million shares of Class A common stock and approximately 31.2 million partnership units outstanding.

截至第三季末，我們擁有 5,700 萬股 A​​ 類普通股和約 3,120 萬股已發行合夥企業單位。

Compared to our share count on June 30, our public flow increased 9% while the total shares outstanding only increased 3%, resulting in part from the vesting of stock-based compensation units and from partnership units electing to exchange into Class A common stock.

與6 月30 日的股數相比，我們的公眾流通量增加了9%，而流通股總數僅增加了3%，部分原因是基於股票的補償單位的歸屬以及合夥單位選擇轉換為A 類普通股。

We remain committed to managing our share account to mitigate solution from stock-based compensation.

我們仍然致力於管理我們的股票帳戶，以減輕基於股票的薪酬的解決方案。

Year-to-date we have retired more than 12.3 million Shares and Share Equivalents to a combination of repurchase unit exchange for cash and net settlement.

年初至今，我們已透過回購單位換取現金和淨額結算的方式退役了超過 1,230 萬股股票和股票等價物。

We ended the quarter with $335 million of cash, cash equivalents, and short-term investments, and no debt.

截至本季末，我們擁有 3.35 億美元的現金、現金等價物和短期投資，沒有債務。

This morning, we declared a quarterly dividend of $0.07 per share.

今天早上，我們宣布派發每股 0.07 美元的季度股息。

With that operator, please open the line for questions.

請透過該接線生撥打電話提問。

Thank you.

謝謝。

At this time, if you wish to ask a question

這時候，如果你想問一個問題

[Operator instructions].

[操作員說明]。

Devin Ryan - Citizens JMP.

Devin Ryan - 公民 JMP。

Thanks.

謝謝。

Good morning, Andrew and Alex.

早上好，安德魯和亞歷克斯。

How are you?

你好嗎？

Good morning, Devin.

早上好，德文。

Hi.

你好。

Good morning.

早安.

I just want to start on big picture on revenues.

我只想從收入的大局開始。

Obviously, it's been a great start to 2024, up 50% year-to-date against the backdrop of pretty modest growth in M&A and that's obviously a pretty significant outperforming other independent investment bank.

顯然，這是 2024 年的一個良好開端，在併購成長相當溫和的背景下，今年迄今成長了 50%，這顯然明顯優於其他獨立投資銀行。

I want to just dig in a little bit around what you would attribute the degree of outperformance to.

我想稍微深入探討一下您將表現出色的程度歸因於什麼。

Then Andrew, you mentioned the business is hitting on -- but at the same time, we're kind of in the early of a recovery.

然後安德魯，你提到業務正在蓬勃發展，但同時，我們正處於復甦的早期階段。

So, just think about the growth algorithm from here and how you guys are feeling after what a great start to the year?

那麼，想想這裡的成長演算法，以及你們在今年的良好開局之後有何感受？

Thanks.

謝謝。

Thanks, Devin.

謝謝，德文。

Look, we're feeling good and certainly the event of this week gives us even more optimism that we're going to see continued increasing activity in the transaction markets that we're in.

看，我們感覺很好，當然本週的事件讓我們更加樂觀，我們將看到我們所在的交易市場的活動持續增加。

So, I think that's shared by the industry broadly and was reflected in some of the price moves in our in our stocks in our industry.

因此，我認為這是整個行業廣泛認同的，並且反映在我們行業股票的一些價格變動中。

On Wednesday. we're closing in on 3 trillion of announced M&A this year.

週三。今年我們宣布的併購金額即將達到 3 兆美元。

It's going to be up something like 20%.

將會上漲 20% 左右。

You are correct.

你是對的。

We are up more than double that in our business.

我們的業務成長了一倍以上。

It continues to reflect our growth story, the fact that, , we are a smaller scale and a faster growing participant in our industry, as I've mentioned in prior calls, we are really well positioned with where the activity has been, which has largely been dominated by Corporates rather than sponsors in this early part of the cycle.

它繼續反映了我們的成長故事，事實是，我們是行業中規模較小且增長較快的參與者，正如我在之前的電話會議中提到的，我們確實處於活動的有利位置，這已經在週期的早期階段，主要由企業而非贊助商主導。

I do think that will change over time.

我確實認為這會隨著時間的推移而改變。

We are a bit more weighted toward Corporates and we continue to benefit from that.

我們更偏重於企業，我們將繼續從中受益。

We've also broadened out our suite of services.

我們也擴大了我們的服務範圍。

Often people call them products, we refer to them as services to our, to our client base.

人們通常稱它們為產品，而我們稱它們為對我們的客戶群的服務。

By expanding the product and services set, we're able to capture more of that wallet and deepen our relationship with clients.

透過擴大產品和服務範圍，我們能夠贏得更多客戶的青睞並加深與客戶的關係。

So it's not any one thing, Devin, it's kind of everything. right now, as I mentioned, we're firing on all cylinders.

所以這不是任何一件事，德文，而是一切。現在，正如我所提到的，我們正在全力以赴。

That doesn't mean it will be a straight line up to the right.

這並不意味著它將是一條向右延伸的直線。

We all anticipate turbulence and volatility along the way the trends are right now, , very, very clear and very accommodative for future M&A activity, for sure.

我們都預期目前的趨勢會出現動盪和波動，非常非常明確，並且非常適合未來的併購活動，這是肯定的。

Great, thanks, Andrew.

太好了，謝謝，安德魯。

Then, just one on the contribution of the non-M&A businesses, maybe you can pick on restructuring and liability management.

那麼，單說非併購業務的貢獻，也許你可以選擇重組和負債管理。

It seems like you guys have gained some nice market share there, but that doesn't always get reflected in the data that we can track easily.

看起來你們已經在那裡獲得了一些不錯的市場份額，但這並不總是反映在我們可以輕鬆追蹤的數據中。

So, love to just maybe get some perspective around.

所以，也許只是想了解一些觀點。

How you would frame, how much those non-M&A businesses are contributing to the current environment, particularly restructuring liability management?

您如何看待這些非併購業務對當前環境的貢獻有多大，特別是重組負債管理？

You could frame that relative to maybe other periods and then just given how strong I think those businesses have been, your confidence or, thoughts around the ability to grow of these non-M&A advice businesses from here?

您可以相對於其他時期來建立這一點，然後考慮到我認為這些業務有多強大，您對這些非併購諮詢業務的成長能力的信心或想法？

Can that happen in conjunction with a M&A recovery?

這可以與併購復甦一起發生嗎？

Thanks.

謝謝。

Both businesses are growing and so both businesses are up as I've mentioned on prior calls.

這兩項業務都在成長，因此正如我在之前的電話會議中提到的那樣，這兩項業務都在成長。

We don't operate the businesses as business lines and as product or service lines.

我們不將業務作為業務線、產品或服務線來運作。

We are a client-centric firm.

我們是一家以客戶為中心的公司。

So, we think about clients, we think about coverage, and we think about within industry coverage as a model for how we operate the business.

因此，我們考慮客戶，考慮覆蓋範圍，並考慮行業覆蓋範圍作為我們營運業務的模式。

So, we don't look at product or service line P&L, we look at clients and how we're covering our clients.

因此，我們不關注產品或服務線的損益，我們關注客戶以及我們如何覆蓋客戶。

As I said earlier, expanding the capabilities of the firm when you already have a strong existing client relationship does lead to more revenue opportunities which we are seeing.

正如我之前所說，當您已經擁有強大的現有客戶關係時，擴大公司的能力確實會帶來我們所看到的更多收入機會。

So, I'm very pleased with the integrated approach that we have with our restructuring and liability management team, with our debt advisory team, with our shareholder analytics, and engagement and advisory team alongside our traditional M&A business.

因此，我對我們的重組和負債管理團隊、債務諮詢團隊、股東分析、參與和諮詢團隊以及傳統併購業務所採用的綜合方法感到非常滿意。

M&A is largely driving the increases that we're seeing.

併購在很大程度上推動了我們所看到的成長。

It's very much in with our other service lines and restructuring and liability management being a key one.

這與我們的其他服務線密切相關，而重組和責任管理是關鍵之一。

We don't make it easy.

我們不會讓事情變得容易。

I know neither does the industry on segmenting that provides exact detail.

我知道細分行業也沒有提供準確的細節。

I know that public data sources have trouble doing that.

我知道公共資料來源很難做到這一點。

Again, for us, we look at it as a client-centric model, not as a product or service line.

同樣，對我們來說，我們將其視為以客戶為中心的模型，而不是產品或服務線。

Okay, great.

好的，太好了。

Thanks, Andrew.

謝謝，安德魯。

--

--

Appreciate it.

欣賞它。

Thanks, Devin.

謝謝，德文。

[Operator instructions].

[操作員說明]。

Brendan O'Brien with Wolfe Research.

沃爾夫研究中心的布倫丹·奧布萊恩。

Good morning and thanks for taking my questions.

早安，感謝您提出我的問題。

To start, I want to touch on something you alluded to in your response to Devin's questions.

首先，我想談談您在回答德文問題時提到的一些事情。

Just on the corporate.

就公司而言。

The corporate M&A has obviously been leading over the past couple of years, leading to some beliefs that you're going to see a greater acceleration in sponsor activity from here.

在過去的幾年裡，企業併購顯然一直處於領先地位，這讓一些人相信，從這裡開始，您將看到贊助商活動的更大加速。

However, given the expectation for easier antitrust regime under the Trump administration, I was hoping you could help give us a sense as to how meaningful of an impact the tougher antitrust back backdrop has been over the past few years, and how meaningful of a tale that could be going forward.

然而，考慮到川普政府對更寬鬆的反壟斷制度的期望，我希望你能幫助我們了解過去幾年更嚴格的反壟斷背景所產生的影響有多大，以及這個故事有多大意義這可能會繼續下去。

Sure, we've been in an antitrust review environment, and I think it had two impacts.

當然，我們一直處於反壟斷審查環境中，我認為它有兩個影響。

One is that you've seen some transactions be challenged and some terminated.

一是您已經看到一些交易受到質疑，有些交易被終止。

Now in the context of several thousand M&A transactions a year in the United States, there have only been two dozen or so enforcement actions and probably under 20 transactions that have actually been terminated due to an antitrust challenge.

現在，在美國每年有數千筆併購交易的背景下，只有大約兩打左右的執法行動，而且可能不到 20 筆交易實際上因反壟斷挑戰而被終止。

You're well aware, there has been a number of court cases actually went in favor of the transaction participants against the FTC and the DOJ.

您很清楚，有許多針對聯邦貿易委員會和司法部的法庭案件實際上對交易參與者有利。

So overall, that part of it has not been the story to us.

總的來說，這部分對我們來說並不是故事。

The storyline has been the chilling impact that the timeline to closing has created through the antitrust regulators.

故事情節是關閉時間表通過反壟斷監管機構造成的令人不寒而慄的影響。

So, if you're in the transaction markets, as a participant trying to announce and then close the transaction, the longer timeline to close is a high-risk proposition because you don't know exactly what you're getting if it's going to take a year or more to get some of these transactions closed.

因此，如果您在交易市場中，作為試圖宣布然後完成交易的參與者，較長的完成時間是一個高風險的提議，因為您不知道如果交易發生的話您會得到什麼。或更長時間才能完成。

So, the risk-reward equation has changed and that's really the big impact over the last two years.

因此，風險回報方程式發生了變化，這確實是過去兩年的巨大影響。

It's put some transactions on the shelf that I do think will come back.

它把一些交易擱置了，我認為這些交易會回來。

It's again been costly in terms of timeline to get things signed and closed.

就簽署和關閉事宜的時間安排而言，成本再次高昂。

I do think that under a lighter-touch regulator will be an accelerant for the M&A business.

我確實認為，寬鬆的監管將促進併購業務的發展。

That's helpful context.

這是有用的背景。

For my follow up, I just wanted to touch on recruiting.

對於我的後續行動，我只想談談招募。

You've been running a bit below your recruiting target over the last couple of years.

在過去的幾年裡，您的招募目標略低於您的招募目標。

I understand part of that was a conscious choice to undergo the expense initiative last year.

我知道其中一部分是去年有意識地選擇進行費用計劃。

I want to get a sense as to what you're seeing in the recruiting environment today, and how we should be thinking about partner growth from here?

我想了解您在當今的招募環境中所看到的情況，以及我們應該如何考慮合作夥伴的成長？

We're running a little bit below trend.

我們的運行速度略低於趨勢。

We said when we went out as a public company back in June of 2021 that we have our targets, it will be a little bit uneven and, we're in an uneven period.

我們在 2021 年 6 月作為一家上市公司上市時就說過，我們有自己的目標，但目標會有點不平衡，而且我們正處於一個不平衡的時期。

We're seeing a lot of candidates and we're seeing some very good opportunities, but I think partly that people are so busy at their current firms that it is taking longer to initiate and to vet and then finally to execute and then transition to a different firm. so much like what's happened in the M&A closing pipeline that I just alluded to earlier because of an Irus activity.

我們看到了很多候選人，也看到了一些非常好的機會，但我認為，部分原因是人們在當前的公司非常忙碌，以至於需要更長的時間來啟動和審查，然後最終執行，然後過渡到另一家公司。這與我之前因 Irus 活動而提到的併購關閉管道中發生的情況非常相似。

We see a similar issue in the talent market where just taking longer, but the candidates are out there.

我們在人才市場上看到了類似的問題，只是需要更長的時間，但候選人就在那裡。

I think the proposition to, to move to a platform like ours is still compelling and I think offers an exciting opportunity for a certain segment of the advisory population that's out there. that's a very, very dynamic market.

我認為遷移到像我們這樣的平台的提議仍然很有吸引力，我認為這為諮詢人群中的某些部分提供了令人興奮的機會。這是一個非常非常有活力的市場。

So, it's not a winner takes all get it established today type of business, the labor markets and the talent markets are constantly changing, and we see new opportunities for talent acquisition coming up all the time we do, we, we agree with you.

因此，今天的業務類型並不是贏家通吃，勞動力市場和人才市場不斷變化，我們看到人才獲取的新機會一直在出現，我們同意你的觀點。

I agree with you that we're a little bit on the lighter side here in 2024 but we're picking that up, picking that pace up for 2025.

我同意你的觀點，即 2024 年我們的情況會稍微輕鬆一點，但我們會繼續努力，並在 2025 年加快步伐。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

Thanks.

謝謝。

[Operator instructions].

[操作員說明]。

Aidan Hall with KBW.

艾丹霍爾 (Aidan Hall) 與 KBW。

Great!

偉大的！

Thanks for taking my questions, maybe just to start following up there as you talked about broadening out Swedish services and then also the recruiting environment.

感謝您提出我的問題，也許只是為了開始跟進您談到擴大瑞典服務以及招募環境。

Can you just touch on some of the areas or put a finer point on it?

能簡單談談其中的一些方面，或是提出更具體的觀點嗎？

Where you still see some of the biggest needs for Perella capabilities to build out in white space.

您仍然會看到對 Perella 功能的一些最大需求是在白色空間中建造。

If you will like, where do you really focus on?

如果你願意的話，你真正專注的是哪裡？

If you had to give a couple priority spots?

如果您必須給予幾個優先位置？

I would say in the near to intermediate term, it's all about expanding our client footprint.

我想說，從近期到中期來看，這一切都是為了擴大我們的客戶足跡。

So, within our key industry groups, we just have an enormous amount of uncovered space.

因此，在我們的關鍵產業群體中，我們還有大量未開發的空間。

We have a fantastic brand.

我們有一個很棒的品牌。

Thanks to all the hard work of the team in the last 18 years and we just don't have enough team members to, to get the brand out into more Boardrooms and into more C-suites.

感謝團隊過去 18 年的辛勤工作，但我們只是沒有足夠的團隊成員來將品牌推廣到更多的董事會和更多的高階主管。

So, we've got a lot of uncovered areas still here in the United States, as well as in Europe, our two key markets.

因此，我們在美國和歐洲這兩個主要市場仍然有許多未涵蓋的領域。

We're going to continue to build out our team of client-coverage bankers, I would say it's probably less so on the service line or product capabilities and maybe some additions there we're very comfortable with how we've built out our capabilities.

我們將繼續建立我們的客戶覆蓋銀行家團隊，我想說的是，在服務線或產品能力方面可能不太如此，也許還有一些補充，我們對如何建立我們的能力感到非常滿意。

Now it's just a matter of getting more client coverage, bankers and expanding our client footprint.

現在的問題只是獲得更多的客戶覆蓋範圍、銀行家和擴大我們的客戶足跡。

Great, that's helpful context, maybe just taking that into consideration with the compa-ratio in your prepared remarks, talking about multi-year rebound and activity.

太好了，這是有用的背景，也許只是將其與您準備好的評論中的比較考慮在內，談論多年的反彈和活動。

Obviously, the growth has been strong and above peers to start the year, and recruiting has been below trend.

顯然，今年年初的成長強勁並高於同行，而招募卻低於趨勢。

How should we be thinking about the leverage in the system right now?

我們現在應該如何考慮系統中的槓桿作用？

Maybe just the way to be framing growth for 2025 as it relates to the compa-ratio.

也許這正是製定 2025 年成長的方式，因為它與比較比率相關。

Look, we're heading into the back, very back part of the year.

看，我們即將進入今年的最後階段。

We've said 68 is our best estimate today for the compa-ratio accrual.

我們說過 68 是我們今天對應計比較比率的最佳估計值。

That's two points down from last year.

比去年下降了兩個百分點。

It is below the peer group, and we are growing faster than the peer group as evidenced by today's results and the year-to-date results in particular.

它低於同行，而且我們的成長速度快於同行，今天的結果，特別是今年迄今為止的結果證明了這一點。

When we went out as a public company in 2021 again, we said we'd be in the mid 60s.

當我們在 2021 年再次上市時，我們說我們已經是 60 年代中期了。

I think we're not far off from the target.

我想我們距離目標已經不遠了。

We're getting closer to re-assessing our compa-ratio, but I think we don't try to pinpoint that to a revenue number because as I said, in prior calls, it is a multi-variable equation we're solving for building a world-class business.

我們越來越接近重新評估我們的比較比率，但我認為我們不會試圖將其精確到收入數字，因為正如我所說，在之前的電話會議中，這是我們正在求解的多變量方程式建立世界一流企業。

We're not solving for quarter-to-quarter.

我們不是逐季度解決問題。

In building world class business, and investment partially that investment is in new talent acquisition and people joining the firm in the near term also, as I've mentioned on prior calls as well, we do have a longer ramp up than we've seen historically.

在建立世界一流的業務和投資方面，部分投資是在新的人才獲取和短期內加入公司的人員方面，正如我在之前的電話會議中提到的那樣，我們的增長速度確實比我們看到的要長從歷史上看。

Partly as a result of market environment that hopefully consistent with my comments earlier about acceleration and M&A.

部分原因是市場環境的結果，希望與我之前關於加速和併購的評論一致。

We're hopeful that the ramp up also declines from what we've experienced certainly in over the last two or so years.

我們希望成長也能比過去兩年左右的經驗有所下降。

So, when we talk about investment, it's not just the current year talent acquisition, it's also new partner promotion and its prior talent that's joined the platform, that's just taking a bit longer to get up to peak performance.

因此，當我們談論投資時，不僅僅是當年的人才獲取，還有新的合作夥伴晉升以及加入平台的先前人才，只是需要更長的時間才能達到峰值績效。

As I've said, also, Aidan, employees and partners of this firm own a lot of stock.

正如我所說，艾丹，這家公司的員工和合夥人也擁有大量股票。

We are the largest group of shareholders, something over 40%.

我們是最大的股東群體，持股比例超過 40%。

Now, we're very aligned with our shareholders.

現在，我們與股東的立場非常一致。

We look very carefully at share count, very carefully at compa-ratio, return of capital, all the things that you'd want in good shareholder alignment we have, and compa-ratio is very much on that list to think about what's a balanced approach.

我們非常仔細地考慮股票數量，非常仔細地考慮比較率、資本回報率，以及我們擁有的所有你想要的良好股東協調性的東西，而比較率在這個列表中非常重要，以考慮什麼是平衡的方法。

I think we've struck the right balance between the growth and investment we're making and what we deliver to shareholders.

我認為我們在成長和投資以及為股東提供的服務之間取得了適當的平衡。

Appreciate the color.

欣賞顏色。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks.

謝謝。

[Operator instructions].

[操作員說明]。

James Yaro with Goldman Sachs.

高盛的詹姆斯·亞羅。

Please go ahead.

請繼續。

Good morning.

早安.

Just two quick ones on election-related impacts.

關於與選舉相關的影響，只有兩個簡短的內容。

I know you mentioned this a little bit earlier, Andrew, if we see a much steeper yield-curve, I think some of which has already happened in the past few days.

我知道你之前提到過這一點，安德魯，如果我們看到更陡峭的殖利率曲線，我認為其中一些已經在過去幾天發生了。

Does this impact M&A activity at all?

這會影響併購活動嗎？

Then, I think one of the key questions under the incoming administration is tariffs.

然後，我認為即將上任的政府的關鍵問題之一是關稅。

Maybe you could just speak to what the potential impact of these could be on your business if at all?

也許您可以談談這些對您的業務可能產生的潛在影響（如果有的話）？

Sure, thanks, James.

當然，謝謝，詹姆斯。

I may be a little bit in a minority on this.

在這一點上我可能屬於少數派。

I think sponsors will come back, but I do think it's going to be a bit slower than maybe we would all hope.

我認為贊助商會回來，但我確實認為這會比我們所有人希望的要慢。

I think the rate environment is probably going to be less accommodative than certainly that part of our market was used to several years ago.

我認為利率環境可能會比幾年前我們部分市場所習慣的更寬鬆。

So, rate picture has certainly changed, and we've gone from an increasing cycle to now a decreasing cycle, but my own view is that there are a lot of continued inflationary pressures you're going to have, a government that's going to borrow more and spend more.

因此，利率狀況肯定已經發生了變化，我們已經從上升週期變成了現在的下降週期，但我自己的觀點是，你將面臨很多持續的通膨壓力，政府將借錢更多並花費更多。

I think that's going to make it very, very challenging to actually bring down base rates.

我認為這將使實際降低基本利率變得非常非常具有挑戰性。

So, I think it's going to put some pressure on sponsors.

所以，我認為這會給贊助商帶來一些壓力。

They're not going to get the tailwind of financing costs and they're going to have to find value through just grinding through EBITDA expansion in order to drive valuation and drive exit.

他們不會獲得融資成本的順風車，他們將不得不透過 EBITDA 擴張來尋找價值，以推動估值並推動退出。

So, it's not a terrible story.

所以，這不是一個可怕的故事。

It's just not as good of a backdrop.

只是背景不太好。

I think as I see in the corporate world, which I do think will still continue driving the M&A markets.

我認為，正如我在企業界所看到的那樣，我確實認為這仍將繼續推動併購市場。

Okay, thank you.

好的，謝謝。

That's very helpful.

這非常有幫助。

Maybe just a near-term revenue question.

也許只是近期收入問題。

I think you noted that the Q4 2024 revenues expect to be closer to the 213 million.

我想您已經注意到，2024 年第四季的營收預計將接近 2.13 億美元。

I think you put up in Q4 2023.

我認為您是在 2023 年第四季提交的。

I think that suggests revenue would be down sequentially.

我認為這表明收入將連續下降。

Maybe you could just speak to whether there was any sort of pull forward into this quarter and separately, whether perhaps there was uncertainty ahead of the election that is impacting the revenue sequentially?

也許您可以單獨談談本季是否有任何形式的拉動，選舉之前是否存在影響收入的不確定性？

We all saw in the industry a little bit of a slowdown in just engagement and activity for a month or so, but not a tremendous lead up to the election where there was a cessation completely of activity.

我們都看到該行業的參與度和活動在一個月左右的時間裡略有放緩，但並沒有在選舉前出現大幅放緩，活動完全停止。

So, I think it's a minor speed bump on the election.

所以，我認為這是選舉的小障礙。

Now, as I mentioned earlier, you've got a very significant accelerant that we haven't seen in some time.

現在，正如我之前提到的，我們已經有一段時間沒有見過一種非常重要的促進劑了。

So, it will more than make up for that brief slowdown.

因此，這將足以彌補短暫的放緩。

We did pull forward based on our accounting policies, transactions that closed in the first two days of Quarter 4 were pulled forward to Q3.

我們確實根據我們的會計政策提前了，第四季前兩天結束的交易被提前到了第三季。

It was a little bit over $25 million.

金額略高於 2500 萬美元。

So, that has an impact on how we see the Q4 period feel very good about the overall strength of our year end and strength going into 2025.

因此，這會影響我們如何看待第四季的整體實力以及進入 2025 年的實力。

We do think that the Q4 period is looking more like a Q4 2023.

我們確實認為第四季看起來更像 2023 年第四季。

As I said earlier in comments, on a good trajectory overall with secular growth, but there'll be some unevenness and choppiness along the way that doesn't bother us.

正如我之前在評論中所說，長期成長總體上處於良好的軌道，但一路上會出現一些不平衡和波動，但這並不困擾我們。

It's sort of in the business we're in.

這有點像我們從事的行業。

Very clear.

非常清楚。

Just a really quick one here, I think in the press release, you noted that you have 57 million of Class A common stock and 31.2 million of partnership units.

我想在此簡單介紹一下，您在新聞稿中指出，您擁有 5,700 萬股 A​​ 類普通股和 3,120 萬股合夥單位。

Should we read that to mean that you have 88.2 million of End-of-Period share count?

我們是否應該將其理解為您擁有 8820 萬股期末股份？

That's the starting point for the Quarter 4 and any other nuances that we should be thinking about around the share count going forward?

這是第四季度的起點，以及我們應該圍繞未來的股數考慮的任何其他細微差別？

That's a good read.

這是一本好書。

Actually, I'll defer to Alex to address that question from James directly.

事實上，我會​​聽從亞歷克斯直接回答詹姆斯的問題。

So, that's correct.

所以，這是正確的。

The ending share count for the period was the 88.2 million.

該期間的期末股數為 8,820 萬股。

Well, that's very clear.

嗯，這很清楚。

Thank.

感謝。

Thank you.

謝謝。

[Operator instructions].

[操作員說明]。

I would now like to turn the call back over to Andrew Bednar for any additional or closing remarks?

我現在想將電話轉回安德魯貝德納 (Andrew Bednar)，請其發表任何補充或結束語？

Okay.

好的。

Thank you, operator.

謝謝你，接線生。

Thank you, everyone for joining us today.

謝謝大家今天加入我們。

We appreciate the opportunity to speak with you and we look forward to executing further on our strategic plan with support from our clients and from you, our investors, and also with the intense focus of our entire team here at Perella Weberg.

我們很高興有機會與您交談，並期待在我們的客戶和您（我們的投資者）的支持下，以及 Perella Weberg 整個團隊的高度關注下，進一步執行我們的策略計劃。

We hope you all have a successful end to 2024.

我們希望大家都能在 2024 年圓滿結束。

Wish you a wonderful holiday season and we look forward to connecting again on our February call.

祝您有個美好的假期，我們期待在二月的電話會議上再次聯繫。

Thank you.

謝謝。

This concludes the Q3 2024 Perella Weinberg Partners Earnings Call and webcast. [Operator instructions].

Perella Weinberg Partners 2024 年第三季財報電話會議和網路廣播到此結束。 [操作員說明]。