$PWP
Perella Weinberg Partners

2024 Q3 Form 10-Q Financial Statement

#000177783524000187 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $278.2M
YoY Change 100.17%
Cost Of Revenue $28.23M
YoY Change -34.21%
Gross Profit $250.0M
YoY Change 160.16%
Gross Profit Margin 89.86%
Selling, General & Admin $209.0M
YoY Change 75.48%
% of Gross Profit 83.59%
Research & Development $8.852M
YoY Change 10.03%
% of Gross Profit 3.54%
Depreciation & Amortization $3.400M
YoY Change 70.0%
% of Gross Profit 1.36%
Operating Expenses $242.3M
YoY Change 46.26%
Operating Profit $35.89M
YoY Change -234.47%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $457.0K
YoY Change -83.46%
Pretax Income $36.35M
YoY Change -251.91%
Income Tax $7.508M
% Of Pretax Income 20.65%
Net Earnings $16.37M
YoY Change -898.93%
Net Earnings / Revenue 5.88%
Basic Earnings Per Share $0.29
Diluted Earnings Per Share $0.24
COMMON SHARES
Basic Shares Outstanding 55.51M shares
Diluted Shares Outstanding 69.80M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $335.1M
YoY Change 70.47%
Cash & Equivalents $260.2M
Short-Term Investments $74.95M
Other Short-Term Assets $37.49M
YoY Change -10.96%
Inventory
Prepaid Expenses
Receivables $87.45M
Other Receivables $3.633M
Total Short-Term Assets $463.7M
YoY Change 49.06%
LONG-TERM ASSETS
Property, Plant & Equipment $88.97M
YoY Change 7.93%
Goodwill $34.38M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.22M
YoY Change 59.96%
Total Long-Term Assets $347.2M
YoY Change 7.47%
TOTAL ASSETS
Total Short-Term Assets $463.7M
Total Long-Term Assets $347.2M
Total Assets $810.9M
YoY Change 27.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.65M
YoY Change 88.96%
Accrued Expenses $249.9M
YoY Change 109.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $334.6M
YoY Change 104.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $234.6M
YoY Change 14.17%
Total Long-Term Liabilities $234.6M
YoY Change 14.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $334.6M
Total Long-Term Liabilities $234.6M
Total Liabilities $569.2M
YoY Change 54.1%
SHAREHOLDERS EQUITY
Retained Earnings -$246.4M
YoY Change 523.75%
Common Stock $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$360.8M
YoY Change
Total Liabilities & Shareholders Equity $810.9M
YoY Change 27.87%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $16.37M
YoY Change -898.93%
Depreciation, Depletion And Amortization $3.400M
YoY Change 70.0%
Cash From Operating Activities $200.3M
YoY Change 422.89%
INVESTING ACTIVITIES
Capital Expenditures $993.0K
YoY Change -90.72%
Acquisitions
YoY Change
Other Investing Activities -$74.91M
YoY Change 284.16%
Cash From Investing Activities -$75.90M
YoY Change 151.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.41M
YoY Change 394.33%
NET CHANGE
Cash From Operating Activities 200.3M
Cash From Investing Activities -75.90M
Cash From Financing Activities -51.41M
Net Change In Cash 72.95M
YoY Change -3271.78%
FREE CASH FLOW
Cash From Operating Activities $200.3M
Capital Expenditures $993.0K
Free Cash Flow $199.3M
YoY Change 622.0%

Facts In Submission

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<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note 1—Organization and Nature of Business</span></div><div style="margin-bottom:12pt;margin-top:12pt;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:100%">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, including advice related to strategic and financial decisions, mergers and acquisitions (“M&amp;A”) execution, shareholder and defense advisory, financing and capital solutions advice with resources focused on restructuring and liability management, capital markets advisory, private capital placement, as well as specialized underwriting and research services primarily for the energy and related industries. </span></div><div style="margin-bottom:12pt;margin-top:12pt;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:100%">On June 24, 2021, the Company consummated a business combination pursuant to a Business Combination Agreement that resulted in PWP OpCo becoming jointly-owned by Perella Weinberg Partners, PWP Professional Partners LP (together with its successors (including pursuant to the Division and Merger (each as defined below)) and assigns, as applicable, “Professional Partners”) and certain existing partners of PWP OpCo as part of an umbrella limited partnership C-corporation (Up-C) structure (the “Business Combination”).</span></div><div style="margin-bottom:12pt;margin-top:12pt;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:100%">On December 31, 2023, as part of an internal reorganization, Professional Partners was divided into three partnerships pursuant to a plan of division (the “Division”), which, among other things, provided that (i) all of its limited partnership interests in PWP OpCo were allocated to one of the divided partnerships, PWP AdCo Professionals LP (“AdCo Professionals”), (ii) all of its shares of Class B-1 common stock of the Company were allocated to another divided partnership, PWP VoteCo Professionals LP (“VoteCo Professionals”) and (iii) PWP Professional Partners LP changed its name to PWP AmCo Professionals LP. On April 1, 2024, as part of this internal reorganization, AdCo Professionals merged with and into PWP OpCo (the “Merger”). At the time of the Merger, (i) the original capital units (“OCUs”), value capital units (“VCUs”), and alignment capital units (“ACUs”) of AdCo Professionals were converted into an equivalent number of newly created OCUs, VCUs and ACUs of PWP OpCo, (ii) the net assets of AdCo Professionals became the net assets of PWP OpCo and (iii) PWP OpCo adopted an amended and restated limited partnership agreement (the “PWP OpCo LPA”) that permits the Company to settle quarterly exchanges in cash or shares at the Company’s discretion. The principal purpose of the internal reorganization was to simplify the structure for the partners in Professional Partners with respect to their indirect interests in PWP OpCo. There was no consideration exchanged in connection with the Division or the Merger, and neither the Division nor the Merger affected the respective rights or economic interests of the Company, PWP GP LLC (“PWP GP”), or any limited partner with respect to PWP OpCo. Refer to Note 9—Stockholders’ Equity and Redeemable Non-Controlling Interests and Note 11—Equity-Based Compensation for additional information on the Merger and related transactions.</span></div><div style="margin-bottom:12pt;margin-top:12pt;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:100%">The operations of PWP OpCo are conducted through a wholly-owned subsidiary, Perella Weinberg Partners Group LP, and its subsidiaries which are consolidated in these financial statements. PWP GP is the general partner that controls PWP OpCo. The limited partner interests of PWP OpCo are held by the Company and certain current and former working 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”).</span></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Use of Estimates</span></div><div style="margin-bottom:12pt;margin-top:12pt;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:100%">The preparation of the condensed 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 condensed 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:12pt;margin-top:12pt;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:100%">In preparing the condensed consolidated financial statements, management makes certain estimates regarding the measurement of amounts due pursuant to the tax receivable agreement, measurement and timing of revenue recognition, assumptions used in the provision for income taxes, measurement of equity-based compensation, expected insurance reimbursements related to litigation costs, evaluation of goodwill and intangible assets, fair value measurement of financial instruments, and other matters that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements and notes thereto.</span></div>
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
1300000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
2900000 usd
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
20100000 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2700000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2400000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1900000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-300000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
278242000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
139003000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
652367000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
435974000 usd
CY2024Q3 pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
2500000 usd
pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
5900000 usd
CY2023Q3 pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
1300000 usd
pwp Reimbursable Expenses Recorded As Revenue
ReimbursableExpensesRecordedAsRevenue
3700000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
400000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2024Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
140200000 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
405600000 usd
CY2023Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
30000000.0 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
211000000.0 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6900000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
900000 usd
CY2024Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
700000 usd
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000 usd
CY2024Q3 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
12200000 usd
CY2023Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
7100000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1200000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2021000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2198000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1143000 usd
CY2024Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1737000 usd
CY2023Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1053000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5281000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2118000 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1550000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
853000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
6086000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1134000 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
314000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
0 usd
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
314000 usd
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
82000 usd
CY2024Q3 pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
16000 usd
CY2023Q3 pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
-21000 usd
pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
10000 usd
pwp Allowance For Doubtful Accounts Receivable Foreign Currency Translation
AllowanceForDoubtfulAccountsReceivableForeignCurrencyTranslation
-9000 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1717000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2200000 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1717000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2200000 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y6M
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y3M18D
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4758000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
5363000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
14187000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
16135000 usd
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
752000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
812000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2256000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2756000 usd
CY2024Q3 us-gaap Sublease Income
SubleaseIncome
0 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
106000 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
425000 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
5510000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
6069000 usd
us-gaap Lease Cost
LeaseCost
16443000 usd
us-gaap Lease Cost
LeaseCost
18466000 usd
CY2024Q3 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
1883000 usd
CY2023Q3 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-1222000 usd
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
1134000 usd
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-1688000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1620000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19563000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
21212000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
20953000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
19165000 usd
CY2024Q3 pwp Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
176814000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
259327000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
70928000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
188399000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
65800000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
51543000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14257000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
65800000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
46608000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19192000 usd
CY2024Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4900000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4900000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6600000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
6600000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6000000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
125957000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
120439000 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
36990000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
26787000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
88967000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93652000 usd
CY2024Q3 us-gaap Depreciation
Depreciation
3400000 usd
us-gaap Depreciation
Depreciation
10300000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
2000000.0 usd
us-gaap Depreciation
Depreciation
5000000.0 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36351000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-23929000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-96042000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-68876000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7508000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-191000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25960000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
552000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.008
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.270
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5000000.0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3700000 usd
CY2024Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.00
CY2024Q3 pwp Distribution Rate
DistributionRate
0.001
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28225000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42892000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
235530000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
132775000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4420000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4092000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
138600000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2024Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1800000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
16370000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-2049000 usd
us-gaap Net Income Loss
NetIncomeLoss
-85502000 usd
us-gaap Net Income Loss
NetIncomeLoss
-6813000 usd
CY2024Q3 pwp Dilutive Securities Effect On Basic Earnings Per Share Other Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareOtherUnits
0 usd
CY2023Q3 pwp Dilutive Securities Effect On Basic Earnings Per Share Other Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareOtherUnits
-21721000 usd
pwp Dilutive Securities Effect On Basic Earnings Per Share Other Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareOtherUnits
0 usd
pwp Dilutive Securities Effect On Basic Earnings Per Share Other Units
DilutiveSecuritiesEffectOnBasicEarningsPerShareOtherUnits
-65579000 usd
CY2024Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
607000 usd
CY2023Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16977000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-23770000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-85502000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-72392000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55513159 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43123465 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53115490 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42731252 shares
CY2024Q3 pwp Incremental Common Shares Attributable To Exchange Of Other Units
IncrementalCommonSharesAttributableToExchangeOfOtherUnits
0 shares
CY2023Q3 pwp Incremental Common Shares Attributable To Exchange Of Other Units
IncrementalCommonSharesAttributableToExchangeOfOtherUnits
43524232 shares
pwp Incremental Common Shares Attributable To Exchange Of Other Units
IncrementalCommonSharesAttributableToExchangeOfOtherUnits
0 shares
pwp Incremental Common Shares Attributable To Exchange Of Other Units
IncrementalCommonSharesAttributableToExchangeOfOtherUnits
43862329 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
14282497 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69795656 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86647697 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53115490 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86593581 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.84
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32695707 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2682303 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45240135 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1561627 shares
CY2024Q3 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
74900000 usd
CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
89300000 usd
CY2023Q3 us-gaap Debt Securities Gain Loss
DebtSecuritiesGainLoss
800000 usd
us-gaap Debt Securities Gain Loss
DebtSecuritiesGainLoss
1500000 usd
CY2024Q3 pwp Tax Receivable Agreement Tax Savings Percentage
TaxReceivableAgreementTaxSavingsPercentage
0.85
CY2024Q3 pwp Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
46200000 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement Remainder Of Fiscal Year
EstimatedPaymentsUnderTaxReceivableAgreementRemainderOfFiscalYear
0 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement Year One
EstimatedPaymentsUnderTaxReceivableAgreementYearOne
1420000 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement Year Two
EstimatedPaymentsUnderTaxReceivableAgreementYearTwo
2450000 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement Year Three
EstimatedPaymentsUnderTaxReceivableAgreementYearThree
2677000 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement Year Four
EstimatedPaymentsUnderTaxReceivableAgreementYearFour
2712000 usd
CY2024Q3 pwp Estimated Payments Under Tax Receivable Agreement After Year Four
EstimatedPaymentsUnderTaxReceivableAgreementAfterYearFour
36971000 usd
CY2024Q3 pwp Amount Due Pursuant To Tax Receivable Agreement
AmountDuePursuantToTaxReceivableAgreement
46230000 usd
CY2024Q3 pwp Related Party Transaction Partner Promissory Notes
RelatedPartyTransactionPartnerPromissoryNotes
1200000 usd
CY2023Q4 pwp Related Party Transaction Partner Promissory Notes
RelatedPartyTransactionPartnerPromissoryNotes
2100000 usd
pwp Non Cash Paydown Of Partner Promissory Notes
NonCashPaydownOfPartnerPromissoryNotes
900000 usd
pwp Non Cash Paydown Of Partner Promissory Notes
NonCashPaydownOfPartnerPromissoryNotes
1500000 usd
CY2015 pwp Number Of Former Partners
NumberOfFormerPartners
3 partner
CY2015 pwp Number Of Former Employees
NumberOfFormerEmployees
1 employee
CY2024Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
400000 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
6300000 usd
CY2023Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
278242000 usd
CY2024Q3 us-gaap Assets
Assets
810917000 usd
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

Name View Source Status
0001777835-24-000187-index-headers.html Edgar Link pending
0001777835-24-000187-index.html Edgar Link pending
0001777835-24-000187.txt Edgar Link pending
0001777835-24-000187-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pwp-20240930.htm Edgar Link pending
pwp-20240930.xsd Edgar Link pending
pwpq3202410-qexx101.htm Edgar Link pending
pwpq3202410-qexx102.htm Edgar Link pending
pwpq3202410-qexx311.htm Edgar Link pending
pwpq3202410-qexx312.htm Edgar Link pending
pwpq3202410-qexx321.htm Edgar Link pending
pwpq3202410-qexx322.htm Edgar Link pending
R1.htm Edgar Link pending
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R11.htm Edgar Link pending
pwp-20240930_cal.xml Edgar Link unprocessable
pwp-20240930_def.xml Edgar Link unprocessable
pwp-20240930_lab.xml Edgar Link unprocessable
pwp-20240930_pre.xml Edgar Link unprocessable
pwp-20240930_htm.xml Edgar Link completed
R12.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable