2021 Form 10-K Financial Statement

#000177783522000008 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $801.7M $0.00 $519.0M
YoY Change 54.47% -2.68%
Cost Of Revenue $96.33M
YoY Change
Gross Profit $705.3M
YoY Change
Gross Profit Margin 87.98%
Selling, General & Admin $624.3M
YoY Change
% of Gross Profit 88.51%
Research & Development $28.36M $27.28M
YoY Change 3.94% 0.78%
% of Gross Profit 4.02%
Depreciation & Amortization $6.700M $7.300M
YoY Change -8.22% -6.41%
% of Gross Profit 0.95%
Operating Expenses $735.1M $1.004M $533.6M
YoY Change 37.76% 75933.33% -22.49%
Operating Profit $66.58M -$14.60M
YoY Change -556.18% -90.59%
Interest Expense $7.606M $5.800K $15.74M
YoY Change -51.68% 2.25%
% of Operating Profit 11.42%
Other Income/Expense, Net -$43.63M -$4.085M -$6.293M
YoY Change 593.37% -2.84%
Pretax Income $22.95M -$5.083M -$20.89M
YoY Change -209.87% 384988.64% -87.07%
Income Tax $18.93M $0.00 $3.453M
% Of Pretax Income 82.47%
Net Earnings -$9.421M -$5.083M -$24.34M
YoY Change -61.3% 384988.64% -85.16%
Net Earnings / Revenue -1.18% -4.69%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$0.66 -$190.5K -$168.6K
COMMON SHARES
Basic Shares Outstanding 42.60M shares
Diluted Shares Outstanding 92.75M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.8M $1.159M $1.159M
YoY Change 43282.52% 10670.72% 10670.72%
Cash & Equivalents $329.1M
Short-Term Investments
Other Short-Term Assets $26.31M $275.8K $275.8K
YoY Change 9440.64%
Inventory
Prepaid Expenses
Receivables $46.91M
Other Receivables $4.225M
Total Short-Term Assets $580.2M $1.435M $1.435M
YoY Change 40340.7% 13234.2% 13234.2%
LONG-TERM ASSETS
Property, Plant & Equipment $50.27M $17.19M
YoY Change
Goodwill $34.38M
YoY Change
Intangibles
YoY Change
Long-Term Investments $230.0M $230.0M
YoY Change
Other Assets $21.09M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $138.1M $541.5M $230.0M
YoY Change -39.96% 986631.49% 419006.89%
TOTAL ASSETS
Total Short-Term Assets $580.2M $1.435M $1.435M
Total Long-Term Assets $138.1M $541.5M $230.0M
Total Assets $718.3M $543.0M $231.4M
YoY Change 210.37% 827067.89% 352490.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.05M
YoY Change
Accrued Expenses $322.7M $793.0K $793.0K
YoY Change 40597.24% 1785.35% 1785.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $353.8M $793.0K $793.0K
YoY Change 44512.6% 1747.15% 1747.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $93.21M $27.17M $27.17M
YoY Change 243.11%
Total Long-Term Liabilities $93.21M $27.17M $27.17M
YoY Change 243.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $353.8M $793.0K $793.0K
Total Long-Term Liabilities $93.21M $27.17M $27.17M
Total Liabilities $592.0M $468.8M $27.96M
YoY Change 2017.46% 1091840.37% 65025.6%
SHAREHOLDERS EQUITY
Retained Earnings $0.00
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $126.3M $74.18M $203.5M
YoY Change
Total Liabilities & Shareholders Equity $718.3M $543.0M $231.4M
YoY Change 210.37% 827067.89% 352490.83%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$9.421M -$5.083M -$24.34M
YoY Change -61.3% 384988.64% -85.16%
Depreciation, Depletion And Amortization $6.700M $7.300M
YoY Change -8.22% -6.41%
Cash From Operating Activities $234.9M -$475.3K $85.91M
YoY Change 173.44% 48401.02% -180.96%
INVESTING ACTIVITIES
Capital Expenditures $1.462M $5.522M
YoY Change -73.52% -25.55%
Acquisitions
YoY Change
Other Investing Activities $978.0K $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.440M $0.00 -$5.522M
YoY Change -55.81% -24.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$55.02M -260.0 -$21.99M
YoY Change 150.22% -102.21% -27.22%
NET CHANGE
Cash From Operating Activities $234.9M -475.3K $85.91M
Cash From Investing Activities -$2.440M 0.000 -$5.522M
Cash From Financing Activities -$55.02M -260.0 -$21.99M
Net Change In Cash $173.9M -475.6K $64.33M
YoY Change 170.29% -4519.8% -145.32%
FREE CASH FLOW
Cash From Operating Activities $234.9M -$475.3K $85.91M
Capital Expenditures $1.462M $5.522M
Free Cash Flow $233.4M $80.39M
YoY Change 190.41% -170.81%

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330908000 USD
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CY2021 us-gaap Nature Of Operations
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1—Organization and Nature of Business</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Perella Weinberg Partners and its consolidated subsidiaries, including PWP Holdings LP (“PWP OpCo”) (collectively, “PWP” and the “Company”), is a global independent advisory firm that provides strategic and financial advice to a wide range of clients. The Company’s activities as an investment banking advisory firm constitute a single business segment that provides a range of advisory services related to mission-critical strategic and financial decisions, mergers and acquisitions advice and execution, capital markets advisory, shareholder and defense advisory, capital structure and restructuring, underwriting, equity research and private capital raising.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Perella Weinberg Partners (formerly known as FinTech Acquisition Corp. IV (“FTIV”)) was incorporated in Delaware on November 20, 2018 as a special purpose acquisition company for the purpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business transaction, one or more businesses or assets. On June 24, 2021 (the “Closing Date” or “Closing”), the Company consummated a business combination pursuant to that certain Business Combination Agreement, dated as of December 29, 2020, by and among FTIV, FinTech Investor Holdings IV, LLC, FinTech Masala Advisors, LLC (together with FinTech Investor Holdings IV, LLC, the “Sponsor”), PWP OpCo, PWP GP LLC, PWP Professional Partners LP (“Professional Partners”), and Perella Weinberg Partners LLC (“Professionals GP”) (the “Business Combination Agreement”). As contemplated by the Business Combination Agreement, (i) FTIV acquired certain partnership interests in PWP OpCo, (ii) PWP OpCo became jointly-owned by Perella Weinberg Partners, Professional Partners and certain existing partners of PWP OpCo, and (iii) PWP OpCo serves as the Company’s operating partnership as part of an umbrella limited partnership C-corporation (Up-C) structure (collectively with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). See Note 3—Business Combination for additional discussion related to the transaction. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP (“PWP Group”), and its subsidiaries which are consolidated in these financial statements. PWP GP LLC is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by Investor Limited Partners (the “ILPs”) and Professional Partners. The Company shareholders are entitled to receive a portion of PWP OpCo’s economics through their direct ownership interests in shares of Class A common stock of PWP. The non-controlling interest owners of PWP OpCo receive economics through ownership of PWP OpCo Class A partnership units (“PWP OpCo Units”). See Note 11—Stockholders' Equity for additional information. </span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Historical Transactions</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">PWP OpCo was formed under Delaware law on November 30, 2016 in conjunction with a business combination between NoCo A L.P. and Tudor, Pickering, Holt &amp; Co., LLC (the “TPH Business Combination”). Prior to February 28, 2019, PWP OpCo owned and operated two distinct businesses: investment banking advisory (“Advisory business”) and asset management (“Asset Management business”).</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 28, 2019 (the “Separation Date”), a reorganization of the existing Advisory and Asset Management businesses of PWP Holdings LP was effected which resulted in the spin-off of its Asset Management business (the “Separation”). PWP Holdings LP was divided into (i) PWP OpCo, which holds the former Advisory business and (ii) PWP Capital Holdings LP, which holds the former Asset Management business. In connection with the Separation, the net assets primarily related to the Asset Management business were allocated to PWP Capital Holdings LP and the net assets primarily related to the Advisory business were allocated to PWP OpCo. Subsequent to the Separation, the ILPs and Professional Partners hold equity in both PWP OpCo and PWP Capital Holdings LP.</span></div>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements and related disclosures in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and the assumptions underlying these estimates are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the consolidated financial statements, management makes estimates regarding the following:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">measurement of amount due pursuant to the tax receivable agreement;</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">measurement and timing of revenue recognition;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">adequacy of the allowance for credit losses;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">measurement and realization of deferred taxes;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">measurement of equity-based awards;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">evaluation of goodwill and intangible assets;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">fair value measurement of financial instruments; and </span></div>•other matters that affect the reported amounts and disclosures of contingencies in the consolidated financial statements.
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
2000000 USD
CY2021Q4 us-gaap Cash
Cash
502773000 USD
CY2020Q4 us-gaap Cash
Cash
329063000 USD
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
2002000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
1845000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
504775000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
330908000 USD
CY2021Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
2500000 USD
CY2020Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
5100000 USD
CY2021 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Allowance for Credit Losses</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under the modified retrospective approach. This new standard replaces the incurred loss impairment methodology for financial instruments with the current expected credit loss (“CECL”) model which requires an estimate of future credit losses.</span></div>The Company maintains an allowance for credit losses that, in management’s opinion, provides for an adequate reserve to cover estimated losses on accounts receivable. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company’s historical credit loss experience of its client receivables and taking into consideration current market conditions and supportable forecasts that affect the collectability of the reported amount. The Company updates its average credit loss rates periodically and maintains a quarterly allowance review process to consider current factors that would require an adjustment to the credit loss allowance. In addition, the Company periodically performs a qualitative assessment to monitor risks associated with current and forecasted conditions that may require an adjustment to the expected credit loss rates. The Company also regularly reviews the age of the receivables, credit worthiness of the client and the current economic conditions that may affect a client’s ability to pay such amounts owed to the Company and as a result may recognize a specific credit loss reserve. Changes to expected credit losses during the period are included in General, administrative and other expenses in the Consolidated Statements of Operations. After concluding that a reserved accounts receivable is no longer collectible, the Company reduces both the gross receivable and the allowance for credit losses.
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
9100000 USD
CY2020Q2 pwp Previous Deferred Offering Costs Expensed
PreviousDeferredOfferingCostsExpensed
14800000 USD
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
900000 USD
CY2021Q4 pwp Tax Receivable Agreement Tax Savings Percentage
TaxReceivableAgreementTaxSavingsPercentage
0.85
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2021 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2018Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
8927000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
28959000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
801662000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
518986000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
533297000 USD
CY2021Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2900000 USD
CY2021Q2 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
27600000 USD
CY2021 pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
5000000 USD
CY2020 pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
6500000 USD
CY2019 pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
6700000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6400000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2021 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
313200000 USD
CY2019 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
217900000 USD
CY2020 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
177400000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7800000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10600000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10600000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1700000 USD
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1600000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1045000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
646000 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2991000 USD
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2270000 USD
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
710000 USD
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
0 USD
CY2019 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
0 USD
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
551000 USD
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
3588000 USD
CY2019 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
540000 USD
CY2021 pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
1000 USD
CY2020 pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
-282000 USD
CY2019 pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
6000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1851000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1045000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1736000 USD
CY2021 pwp Lessee Operating Sublease Option To Terminate Notice
LesseeOperatingSubleaseOptionToTerminateNotice
P90D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0245
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0407
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M3D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y11M26D
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
19006000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
19486000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
19657000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
4716000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
6145000 USD
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
5592000 USD
CY2021 us-gaap Sublease Income
SubleaseIncome
2957000 USD
CY2020 us-gaap Sublease Income
SubleaseIncome
3942000 USD
CY2019 us-gaap Sublease Income
SubleaseIncome
3366000 USD
CY2021 us-gaap Lease Cost
LeaseCost
20765000 USD
CY2020 us-gaap Lease Cost
LeaseCost
21689000 USD
CY2019 us-gaap Lease Cost
LeaseCost
21883000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
19858000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
21532000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
21545000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19119000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received Year One
LessorSubleaseRentalsPaymentsToBeReceivedYearOne
616000 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due Year One
OperatingLeaseLiabilitiesNetMinimumPaymentsDueYearOne
18503000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
13670000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received Year Two
LessorSubleaseRentalsPaymentsToBeReceivedYearTwo
307000 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due Year Two
OperatingLeaseLiabilitiesNetMinimumPaymentsDueYearTwo
13363000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4399000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received Year Three
LessorSubleaseRentalsPaymentsToBeReceivedYearThree
0 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due Year Three
OperatingLeaseLiabilitiesNetMinimumPaymentsDueYearThree
4399000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2864000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received Year Four
LessorSubleaseRentalsPaymentsToBeReceivedYearFour
0 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due Year Four
OperatingLeaseLiabilitiesNetMinimumPaymentsDueYearFour
2864000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2857000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received Year Five
LessorSubleaseRentalsPaymentsToBeReceivedYearFive
0 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due Year Five
OperatingLeaseLiabilitiesNetMinimumPaymentsDueYearFive
2857000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2141000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received After Year Five
LessorSubleaseRentalsPaymentsToBeReceivedAfterYearFive
0 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due After Year Five
OperatingLeaseLiabilitiesNetMinimumPaymentsDueAfterYearFive
2141000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
45050000 USD
CY2021Q4 pwp Lessor Sublease Rentals Payments To Be Received
LessorSubleaseRentalsPaymentsToBeReceived
923000 USD
CY2021Q4 pwp Operating Lease Liabilities Net Minimum Payments Due
OperatingLeaseLiabilitiesNetMinimumPaymentsDue
44127000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1602000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
43448000 USD
CY2021Q4 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount
0 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
65800000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
33448000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
32352000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
65800000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
26868000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38932000 USD
CY2021 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
6600000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
6600000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
6600000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
6600000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
6000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
82348000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
108012000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
71986000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
90823000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10362000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17189000 USD
CY2021 us-gaap Depreciation
Depreciation
6700000 USD
CY2020 us-gaap Depreciation
Depreciation
7300000 USD
CY2019 us-gaap Depreciation
Depreciation
7800000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
256000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-33803000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-176157000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
22694000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
2615000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
12914000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
14561000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22950000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-20889000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-161596000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6500000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4437000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1427000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1480000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
11641000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
252000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
22578000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4042000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1732000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1462000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
627000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-512000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
64000 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1677000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-589000 USD
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3651000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-589000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
691000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18927000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3453000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2423000 USD
CY2021Q4 pwp Deferred Tax Assets Due To Step Up And Difference In Basis
DeferredTaxAssetsDueToStepUpAndDifferenceInBasis
16100000 USD
CY2021Q4 pwp Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
14100000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2021Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
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CY2019 pwp Deferred Compensation Arrangement With Individual Forfeited Amount
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CY2021 pwp Deferred Compensation Arrangement With Individual Forfeited Amount
DeferredCompensationArrangementWithIndividualForfeitedAmount
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CY2021 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2021 us-gaap Defined Contribution Plan Cost Recognized
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4500000 USD
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4400000 USD
CY2020 us-gaap Severance Costs1
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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42595712 shares
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286000 USD
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612000 USD
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14100000 USD
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432000 USD
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757000 USD
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775000 USD
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791000 USD
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10607000 USD
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14108000 USD
CY2021Q4 pwp Related Party Transaction Partner Promissory Notes
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6000000.0 USD
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8000000.0 USD
CY2021Q4 us-gaap Debt Default Longterm Debt Amount
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0 USD
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0 USD
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1400000 USD
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4000000.0 USD
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1 Segment
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1 Segment
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801662000 USD
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CY2021Q4 us-gaap Assets
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542953000 USD

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