Perella Weinberg Partners (PWP) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Perella Weinberg third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. I will now turn the call over to Taylor Reinhardt, Head of Communications and Marketing. You may begin.

早安，歡迎參加佩雷拉溫伯格公司2025年第三季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。現在我將把電話交給傳播與行銷主管泰勒·萊因哈特。你可以開始了。

Thank you, operator, and welcome, all. Joining me today are Andrew Bednar, Chief Executive Officer; and Alex Gottschalk, Chief Financial Officer.

謝謝接線員，歡迎各位。今天和我一起出席的有執行長安德魯·貝德納和財務長亞歷克斯·戈特沙爾克。

Before we begin, I'd like to note that this call may contain forward-looking statements, including Perella Weinberg's expectations of future financial and business performance and conditions and industry outlook. 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. Please refer to Perella Weinberg's 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.

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 對未來財務和業務表現及狀況以及行業前景的預期。前瞻性陳述本身存在風險、不確定性和假設，可能導致實際結果與前瞻性陳述中所討論的結果有重大差異，並且不保證未來事件或績效。有關這些風險和不確定性的討論，請參閱 Perella Weinberg 最新提交給美國證券交易委員會的文件。這些前瞻性陳述是基於我們目前的信念和預期，本公司不承擔更新任何前瞻性陳述的義務。

During the call, 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 8-K, which can be found on the company's website.

電話會議期間，也將討論一些非GAAP財務指標，管理階層認為這些指標與評估公司的財務表現有關。Perella Weinberg 已在今天隨 8-K 表格提交的新聞稿中將這些項目與最可比較的 GAAP 指標進行了核對，該新聞稿可在公司網站上找到。

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

現在我將把電話交給安德魯·貝德納，讓他來討論我們的結果。

Thank you, Taylor, and good morning. Today, we reported third quarter revenues of $165 million and year-to-date revenues of $532 million. While not records as we reported last year at this time, the underlying fundamentals of our business remain strong and continue to strengthen. The number of active engagements is at a record, our overall pipeline is at a record and our European business is up over 50% from last year.

謝謝你，泰勒，早安。今天，我們公佈了第三季營收為 1.65 億美元，年初至今營收為 5.32 億美元。雖然沒有達到去年同期創下的紀錄，但我們業務的基本面依然強勁，而且還在持續增強中。活躍客戶數量創歷史新高，整體銷售管道也創歷史新高，歐洲業務較去年成長超過 50%。

In addition, the number of fees above our target has increased meaningfully, and both our average fee and median fee across engagements are up as well. We've been deliberate in pursuing clients and assignments where we can add the most value, focusing our teams on complex, consequential transactions where our advice to clients matters the most.

此外，高於我們目標的費用數量顯著增加，而且我們所有項目的平均費用和中位數費用也都有所上升。我們一直有意識地選擇能夠為我們創造最大價值的客戶和項目，將團隊集中在複雜、影響深遠的交易上，在這些交易中，我們為客戶提供的建議最為重要。

Year-to-date, we have made the most significant annual investment in our firm's history, adding 25 senior bankers across sectors and regions. The partners who joined us in 2025 alone represent 18% of our total partner base, a clear signal of our commitment to scale and a large source of potential future revenue. On October 1, we closed our acquisition of Devon Park, and the impact has been both immediate and notable. This transaction brought us a new capability, new capital relationships, and new sponsor clients overnight, meaningfully expanding our addressable market and revenue potential. The timing of our acquisition could not have been better, with the secondaries market expected to exceed $200 billion this year as sponsors increasingly turn to continuation vehicles and other creative solutions to manage liquidity needs.

今年以來，我們進行了公司歷史上最重大的年度投資，在各個行業和地區新增了 25 名高階銀行家。僅在 2025 年加入我們的合作夥伴就占我們合作夥伴總數的 18%，這清楚地表明了我們對規模化的承諾，也是未來潛在收入的巨大來源。10 月 1 日，我們完成了 Devon Park 的收購，其影響立竿見影且十分顯著。這次交易一夜之間為我們帶來了新的能力、新的資本關係和新的贊助商客戶，顯著擴大了我們的潛在市場和收入。我們此次收購的時機再好不過了，預計今年二級市場規模將超過 2,000 億美元，因為發起人越來越多地轉向延續工具和其他創新解決方案來管理流動性需求。

Additionally, we are seeing private equity moving off the sidelines with a substantial exit backlog building for 2026. The business building we've done this year is significant, expanding our client coverage and capabilities in strategically active industries for both corporates and private equity. We remain confident in our scaling strategy and believe these investments will drive significant revenue growth for our firm and create value for our shareholders.

此外，我們看到私募股權公司不再袖手旁觀，2026 年的退出訂單積壓量龐大。今年我們在業務拓展方面取得了顯著成就，擴大了我們在策略活躍產業（包括企業和私募股權投資）的客戶覆蓋範圍和能力。我們對公司規模擴張策略仍充滿信心，並相信這些投資將推動公司收入大幅成長，為股東創造價值。

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

接下來，我將把電話交給 Alex，讓他更詳細地回顧我們的財務表現和資本管理。

Thank you, Andrew. Our third quarter revenues of $165 million included $8.5 million related to a closing that occurred within the first few days of the fourth quarter, in which in accordance with relevant accounting principles, was recorded in the third quarter. Consistent with the first two quarters, our adjusted compensation margin remained at 67% of revenues. Our adjusted non-compensation expense of $37 million for the quarter was down from last year and roughly flat with Q2.

謝謝你，安德魯。我們第三季的營收為 1.65 億美元，其中包括 850 萬美元，這筆款項與第四季初幾天內完成的一筆交易有關，根據相關會計原則，這筆款項已計入第三季。與前兩個季度一致，我們調整後的薪資利潤率保持在收入的 67%。本季調整後的非薪資支出為 3,700 萬美元，低於去年同期水平，與第二季基本持平。

For the nine-month period, noncompensation expenses totaled $122 million, up 5% from last year. Given our continued expense discipline, we are lowering our guidance further to a low-single-digit increase for the full year 2025. Our adjusted tax rate for the first nine months was 4%. Excluding the benefit from stock-based compensation vesting at a higher price than the grant date, the adjusted tax rate would have been 32%.

前九個月，非薪資支出總計 1.22 億美元，比去年成長 5%。鑑於我們持續嚴格控製成本，我們將 2025 年全年的業績預期進一步下調至個位數成長。前九個月的調整後稅率為 4%。如果排除以高於授予日價格歸屬的股票選擇權所帶來的收益，調整後的稅率將為 32%。

Turning to capital management. In the third quarter, we returned an additional $12 million to equity holders, primarily through the net settlement of RSUs and through dividends. Share repurchase activity during this quarter was limited as we prioritize deploying capital towards strategic investments, including the Devon Park acquisition. Year-to-date, we have returned more than $157 million to equity holders through dividends, the net settlement of RSUs, open market repurchases and unit exchanges.

轉向資本管理。第三季度，我們向股東額外返還了 1,200 萬美元，主要透過 RSU 的淨結算和股息支付。本季股票回購活動有限，因為我們優先將資金投入策略性投資，包括收購德文公園。今年迄今為止，我們已透過股利、限制性股票單位淨結算、公開市場回購和單位交換，向股東返還了超過 1.57 億美元。

In 2025, we have retired more than 6 million shares, and our commitment to proactively managing our share count remains unchanged. At the end of the third quarter, we had 65 million shares of Class A common stock and 23.5 million partnership units outstanding. Finally, we closed the quarter with $186 million in cash and no debt. And this morning, we declared a quarterly dividend of $0.07 per share.

到 2025 年，我們將註銷超過 600 萬股股份，我們積極管理股份數量的承諾仍然不變。第三季末，我們已發行6,500萬股A類普通股和2,350萬份合夥單位。最後，我們以1.86億美元的現金餘額結束了本季度，並且沒有負債。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.

接線員，請開啟提問頻道。

(Operator Instructions) Devin Ryan, Citizens Bank.

（操作員指示）Devin Ryan，Citizens Bank。

Thanks. Good morning, Andrew and Alex. How are you?

謝謝。安德魯和亞歷克斯，早安。你好嗎？

We're doing well. Hi, Devin.

我們一切順利。嗨，德文。

Good. First question, kind of a two-parter here. Just on, Andrew, some of the pipeline commentary, so obviously heard kind of the record point. We're seeing a lot of non-M&A activity that doesn't seem to be getting picked up in the public data sources like debt advisory, et cetera. Can you talk about the mix of the pipeline?

好的。第一個問題，其實包含兩個部分。剛才，安德魯，一些關於管道的評論，顯然聽到了某種記錄點。我們看到很多非併購活動似乎沒有被債務諮詢等公共資料來源所捕捉。您能談談管道的組成嗎？

Is it more geared toward non-M&A right now? Or maybe it's just the M&A is less visible? And that's kind of the point -- part one of the question.

目前是否更著重於非併購活動？或許只是因為併購活動不太引人注目？這就是問題的關鍵所在——問題的第一部分。

And part two is on the timing of the pipeline, should we expect normal fourth quarter seasonality, positive? Or is it more geared toward 2026?

第二部分是關於管道建設的時間安排，我們是否應該預期第四季會出現正常的季節性波動，即正面影響？或者，它的目標更側重於 2026 年？

Yeah. Thanks, Devin. I think on the look back, the mix is a bit more in the non-traditional M&A. So if you look back in the last three quarters, our liability management business, our capital raising business, Rx business are all showing very good growth through the course of the year.

是的。謝謝你，德文。回顧過去，我認為併購組合中非傳統併購的比例較高一些。所以回顧過去三個季度，我們的負債管理業務、融資業務和處方藥業務在年內都表現出非常好的成長。

The pipeline, however, continues to show a significant increase in traditional M&A business. And as you know, it's really challenging to predict when transactions will get announced and closed. And as you also know, we are very much still early innings in scaling our business. But when I look at those indicators that you guys don't see in terms of new business reviews, engagement letters, the mandates, the announcements that we expect in the course of the next several weeks and months, those all look very positive. And they're all much more weighted to traditional M&A versus our other products and services that we provide.

然而，交易管道顯示，傳統併購業務持續顯著成長。如您所知，預測交易何時宣布和完成是非常具有挑戰性的。如您所知，我們目前仍處於業務規模擴張的初期階段。但是，當我看到你們看不到的那些指標，例如新業務審查、合作函、委託事項、我們預計在未來幾週和幾個月內發布的公告時，這些指標看起來都非常積極。而且，與我們提供的其他產品和服務相比，它們都更專注於傳統的併購。

Okay. Great. And then just a follow-up on the recruiting environment, but then also the success you've had today, both external recruiting in 2025, but then also the acquisition as well. So 25 bankers, obviously, is a lot to digest in a year, but great for kind of forward momentum. Can you just talk about how these bankers are ramping on the platform? Are they going to be additive to 2026? Or is it further out than that?

好的。偉大的。然後，我想跟進一下招聘環境，以及你們目前的成功，包括 2025 年的外部招聘和收購。所以，很顯然，一年內吸收 25 位銀行家是一個很大的數字，但這對於推動公司向前發展來說是一件好事。你能談談這些銀行家是如何在這個平台上快速發展的嗎？它們會累加到 2026 年嗎？或比那更遠？

And then just more broadly, kind of the momentum in recruiting, can you do another kind of big year in 2026? Is that the expectation?

更廣泛地說，就招募動能而言，2026 年能否再次迎來一個豐收年？這就是預期嗎？

Yeah. Of the 25 senior banker adds, nine are already on the platform. So they will just continue to grow and expand their client base and hopefully contribute to revenue more near term. The external hires are the remainder, so we've got 16, including Devon Park. And we're very excited about those adds.

是的。在新增的 25 位資深銀行家中，有 9 位已經進駐該平台。因此，他們將繼續發展壯大，擴大客戶群，並有望在短期內為公司帶來更多收入。其餘部分是外聘人員，所以我們有 16 人，包括德文公園隊。我們對新增這些產品感到非常興奮。

They're in terrific industries and in areas where we have a right to win. And we think that they will be contributing to our business during the course of '26. I think with seven weeks left of '25, it will be a bit of a high bar to have them announce and close transactions by the end of the year.

他們身處非常優秀的行業，而且在我們有權獲勝的領域。我們認為，在 2026 年期間，他們將為我們的業務做出貢獻。我認為，距離 2025 年結束還有七週，要在年底前宣布並完成交易，這個目標可能有點高。

But again, looking at the forward indicators, these new partners where we have about now, 25% of our partners are here less than two years, that cohort seems to be hitting the ground running. And with the addition of Devon Park, as I said, that's different because that provides us with a new product category and a new group of clients that we didn't have prior to the acquisition. So that, for us, is a game changer because you get nonlinear growth and synergy out of that type of transaction where that product capability now is across 75 partners.

但再看看未來的指標，這些新合作夥伴，目前我們大約有 25% 的合作夥伴加入我們不到兩年，這群合作夥伴似乎已經迅速進入狀態。正如我所說，收購 Devon Park 後​​情況就不同了，因為這為我們帶來了一個新的產品類別和一群我們在收購之​​前沒有的新客戶。因此，對我們來說，這是一個改變遊戲規則的舉措，因為這種交易類型可以帶來非線性成長和協同效應，現在產品能力已涵蓋 75 個合作夥伴。

So we're really excited about Devon Park and that capability. Our clients have been very excited that we have that capability. And that's, as I said in my upfront comments, Devin, that the timing of that feels quite good.

所以我們對德文公園及其發展能力感到非常興奮。我們的客戶對我們具備這種能力感到非常興奮。正如我之前所說，德文，時機感覺非常好。

Alex Bond, KBW.

Alex Bond，KBW。

I just wanted to ask on the restructuring backdrop. Can you just maybe update us on what you're seeing in terms of the broader backdrop here in overall client engagement levels? Some of your peers have sounded a little bit more upbeat around restructuring volumes, while others have noted they've seen somewhat of a slowdown in new activity recently. Maybe have you seen any slowdown in recent weeks? And also, has there been any shift in terms of the mix between in-quarter, more traditional restructurings versus LME activity?

我只是想了解一下重組的背景。能否請您介紹一下，就整體客戶參與度而言，您觀察到的更廣泛背景情況？有些同業對重組規模表示較為樂觀，而有些同業則指出，他們最近發現新業務活動放緩。最近幾週你有沒有感覺到增速放緩？此外，季度內更傳統的重組與倫敦金屬交易所（LME）的活動之間的比例是否發生了任何變化？

Yeah. Thanks, Alex. We're seeing just a very steady pace of activity in our broad liability management business. I know there's been a lot of press reported about some cracks in credit markets and a couple of high-profile bankruptcies. We don't see that as something that's systemic. Those feel more isolated.

是的。謝謝你，亞歷克斯。我們看到，我們的綜合責任管理業務正保持著非常穩定的成長動能。我知道媒體報導了很多關於信貸市場出現裂縫以及幾起備受矚目的破產事件。我們認為這不是系統性問題。這些人會感到更加孤立。

But there are still a large amount of clients, a large number of clients that need assistance with managing balance sheet, in some cases, managing liquidity, and in some cases, going through a traditional workout or bankruptcy. So for us, that business continues to grow. That will be a higher contributing business this year than last year, and that team continues to generate increasing revenue. We feel very, very good about our setup for '26.

但仍有大量的客戶，許多客戶需要協助管理資產負債表，在某些情況下需要管理流動性，在某些情況下需要經歷傳統的債務重組或破產程序。所以對我們來說，這項業務持續成長。今年該業務的貢獻將比去年更高，而且該團隊的收入也持續成長。我們對2026年的備戰情況感到非常非常滿意。

Okay. Great. That's helpful. And then maybe just on the private capital side, now that the Devon Park deal has closed and those folks are on the platform, just trying to think about how soon or maybe how quickly we should expect that area of the business to meaningfully contribute to the revenue base? And maybe if there's any way to size up the potential contribution from that team relative to the M&A and restructuring sides once that team is fully up and running?

好的。偉大的。那很有幫助。然後，就私人資本方面而言，既然德文公園的交易已經完成，那些人也已經入駐平台，我們不妨思考一下，我們應該多久或多快才能期待這部分業務對收入基礎做出實質貢獻？或許我們可以想辦法評估一下，一旦團隊全面運作起來，它相對於併購和重組方面可能做出的貢獻？

Yeah. So we're doing our planning in terms of looking at targets and what our expectations will be for our groups heading into 2026, and we are going to treat the Devon Park business now fully part of Perella Weinberg as a group in terms of the expectations we have. And we think this will be a significant contributor, much like our other groups.

是的。因此，我們正在製定計劃，研究目標以及我們對各集團到 2026 年的期望，我們將把 Devon Park 業務視為 Perella Weinberg 集團的一部分，並按照我們的期望進行管理。我們認為這將像我們的其他團隊一樣，成為一個重要的貢獻者。

We have six groups that are across our platform, plus our restructuring business. So we're expecting that we just do the simple math on our revenue, and we expect Devon Park business to be that kind of contributor to our overall franchise. And as I said earlier, we have 75 partners, all of whom have private equity relationships and relationships with private credit, infrastructure, and real estate, which is where we really cover in the Devon Park business.

我們的平台共有六個業務部門，此外還有重組業務部門。因此，我們預計只需對收入進行簡單的計算，就能得出德文公園的業務將為我們的整體特許經營權做出這樣的貢獻。正如我之前所說，我們有 75 位合作夥伴，他們都與私募股權、私募信貸、基礎設施和房地產領域有合作關係，而這正是我們在德文公園業務中真正關注的領域。

So we're very excited about the product capability, which, again, a couple of months ago, we didn't have. And last year, we had zero revenue in this area. So we're very excited about the setup there.

所以我們對該產品的功能感到非常興奮，而幾個月前，我們還沒有這項功能。去年，我們在這個領域的收入是零。所以我們對那裡的佈置感到非常興奮。

This concludes the Q&A portion of today's call. I would now like to turn the call back over to Andrew Bednar for any additional or closing remarks.

今天的電話會議問答環節到此結束。現在我想把電話轉回給安德魯·貝德納，讓他補充或作總結發言。

Okay. Thank you, Leo, and thanks, everyone, for joining us today. I also want to specifically thank our exceptional team. They have been working tirelessly, both in recruiting top talent for our firm this year, but also of course, in covering our clients and their unwavering and very enthusiastic dedication and commitment to our mission, as these are the things that make our firm great. So we look forward to updating you on our progress next quarter, and thank you for your continued support.

好的。謝謝你，Leo，也謝謝各位今天能來參加我們的節目。我還要特別感謝我們優秀的團隊。他們一直孜孜不倦地工作，不僅在今年為我們公司招募頂尖人才，當然也為我們的客戶提供服務，他們堅定不移、熱情洋溢地致力於我們的使命，因為正是這些因素使我們公司變得偉大。因此，我們期待在下個季度向您報告我們的進展情況，並感謝您一直以來的支持。

This concludes the Perella Weinberg third-quarter 2025 earnings call and webcast. You may now disconnect your line at this time, and have a --.

佩雷拉溫伯格公司2025年第三季財報電話會議和網路直播到此結束。現在您可以斷開線路了，然後—。