In This Story
Perella Weinberg Partners (PWP-0.25%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $278.2 million from $139.0 million in the same quarter the previous year. This increase is attributed to higher mergers and acquisition activity.
Compensation and benefits expenses for the quarter were $202.3 million, up from $127.8 million in the previous year, primarily due to a higher bonus accrual.
Equity-based compensation expenses decreased to $28.2 million from $42.9 million, attributed to the Vesting Acceleration in the second quarter of 2024.
Non-compensation expenses increased slightly to $40.0 million from $37.9 million, driven by higher depreciation and consulting costs.
Operating income for the quarter was $35.9 million, compared to an operating loss of $26.7 million in the previous year.
Non-operating income was $0.5 million, down from $2.8 million in the previous year, with the decrease primarily due to a loss from foreign exchange rate fluctuations.
Net income for the quarter was $28.8 million, compared to a net loss of $23.7 million in the previous year.
Net income attributable to Perella Weinberg Partners was $16.4 million, compared to a net loss of $2.0 million in the previous year.
Cash provided by operating activities was $83.9 million, while cash used in investing and financing activities was $0.6 million and $74.4 million, respectively.
Perella Weinberg Partners had cash and cash equivalents of $240.1 million as of September 30, 2024. The company continues to monitor its liquidity position and believes it has sufficient resources to meet its obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Perella Weinberg Partners quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.