Fri, Aug 2, 12:08 PM (230 days ago)
Perella Weinberg Partners' Q2 2024 financial results show a significant increase in revenues to $272 million, up 64% from Q2 2023, driven by larger transactions and increased M&A and capital solutions activity. Total operating expenses rose sharply by 89% to $354 million, primarily due to a substantial increase in equity-based compensation expenses related to the acceleration of Professional Partners Awards. Consequently, the firm reported an operating loss of $82 million and a net loss of $81 million. Cash and cash equivalents decreased to $185 million from $247 million at the end of 2023, partly due to cash settlements for equity awards and discretionary bonuses. Despite the losses, the company maintains liquidity through its cash reserves and an available $50 million revolving credit facility. Future outlook includes managing compensation expenses and leveraging increased advisory activity.