佩雷拉威恩伯格 (PWP) 2026财年第三季度业绩电话会议: 营收激增53%, 储备业务扩大lg...

核心要点

• Perella Weinberg Partners (PWP) 报告 2026 年第三季度营收为2.51 亿美元，同比增长 53%，环比增长 61%。今年前三季度累计营收达5.57 亿美元，同比增长 5%。
• 并购（M&A）业务营收较 2025 年第三季度增长近一倍，今年前三季度累计增长超 40%，主要得益于消费品、工业、能源和金融机构板块的强劲表现。
• 截至本季度末，已宣布及待结事务储备接近上年同期的3倍。截至业绩电话会议召开时，已确认及已宣布和待结事务储备总额增长约30%。
• 第三季度营收中包含5500 万美元与第四季度前几天交割的交易相关的收入，根据适用会计准则，该笔收入已在第三季度予以确认。
• 今年前三季度调整后薪酬费用率为67%，符合管理层设定的全年目标。前九个月调整后非薪酬费用下降14%至1.06 亿美元。
• 截至本季度末，PWP 拥有1.5 亿美元现金且无债务。公司宣布派发季度股息每股 0.07 美元。

核心财务数据

业务与经营业绩

并购（M&A）业务是主要的增长驱动力。该业务营收同比近乎翻倍，今年前三季度累计增长超 40%。管理层特别强调了消费品、工业、能源和金融机构板块的强劲表现。

由于 2025 年对比基数处于历史新高，重组与负债管理业务营收同比有所下降。然而，公司表示仍积极参与大型及复杂的项目，且项目储备持续增长。

业务覆盖广度也有所提升。付费客户数量同比增长 50%，费用超过500 万美元的项目数量增长近 80%。年初至今已宣布交易数量超越上年同期水平，聘用协议下的总业务储备量增长 40%。

PWP 于 9 月 1 日完成了对 Gleacher Shacklock 的收购。并购整合后的英国业务在交割后已录得 6 起已宣布交易，管理层指出客户沟通加速，为该项战略收购提供了早期验证。

公司在 2026 年新增了14 位合伙人和 13 位董事总经理（包括 Gleacher Shacklock 团队）。合伙人团队中有超过 30% 是在过去三年内加入的，管理层表示，新入职银行家产能的持续提升正在为业务增长贡献动能。

管理层业绩指引

管理层维持了全年 67% 的调整后薪酬费用率目标，即便在考虑到部分交易可能顺延至 2027 年的情形下依然适用该目标。

PWP 继续预计全年调整后非薪酬费用将较 2025 年呈个位数百分比下降。剔除限制性股票单位（RSU）归属带来的收益后，管理层预计 2026 年剩余时间的标的调整后实际税率处于 30% 低段至中段区间。

管理层表示，部分已宣布和待结交易将顺延至 2027 年。其中绝大多数预计将在接下来的一至两个季度内转化为营收，交割风险有限，但存在具体交易交割时间的不确定性。

风险与关注事项

• 营收确认时点：计入第四季度初交割交易的 5500 万美元推高了第三季度营收，而其他已宣布的交易可能会顺延至 2027 年。
• 利率与估值：管理层表示，市场能够消化联邦基金利率再渐进加息 50 至 75 个基点，但若出现大幅变动，则可能对估值和高杠杆交易产生更为实质的影响。
• 私募股权敏感度：与战略买家相比，财务赞助商（私募股权机构）可能更容易受到更高融资成本和持续估值分歧的影响。
• 业务结构：重组与负债管理业务营收仍低于 2025 年创下的历史高位。
• 能源板块动态：管理层将 2026 年能源板块活动描述为存在波动，尽管其对未来几季度的客户参与度和项目储备趋势持积极看法。
• 资本配置：随着 PWP 优先考虑包括 Gleacher Shacklock 在内的战略投资，股票回购被暂时受限。

分析师问答环节亮点

管理层将业务储备的扩大更多归因于客户追求战略机遇、新入职员工能力成熟以及并购带来的贡献，而非宏观经济环境。PWP 预计部分已宣布和待结业务储备将在 2027 年初完成交割。

关于增长战略，管理层表示公司仍专注于通过选择性招聘、内部晋升以及偶发性并购来实现规模扩张。拓展客户覆盖面是首要目标，辅以选择性地增加产品品类。区域扩张将面临更高的门槛，因为客户通常希望顾问能随同他们出行，而不是在每个市场都设立本地机构。

在并购业务方面，管理层认为 10 亿至 50 亿美元 的交易细分市场极具吸引力。据估计，该市场每年可能包含近 1,000 起交易，而 2026 年超过 100 亿美元的交易仅约 70 起；同时该市场还能在卖方委托中提供丰厚的顾问费和基于交易结果的经济收益。

管理层表示，相比利率骤升，利率的渐进式上升更易于应对。战略买家的利率敏感度相对较低，因为与财务赞助商相比，许多战略买家拥有健康的资产负债表、潜在的协同效应以及更强的支付能力。

公司并未观察到有企业因美国中期选举而推迟或加快交易进程。管理层表示，客户并未花费大量时间讨论选举对战局与策略的影响。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, and welcome to the Perella Weinberg Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's call is being recorded. I will now turn the call over to Kendyl Corber, Head of Investor Relations. You may begin.

Kendyl Corber

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

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 included within today's Form 8-K, which can be found on the company's website.

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

Andrew Bednar

Thank you, Kendyl, and good morning. Today, we reported third quarter revenues of $251 million, up 53% from a year ago and up 61% from the second quarter, bringing our year-to-date revenues to $557 million, up 5% from last year. As we discussed last quarter, we anticipated that our revenue would be back half weighted, and that is exactly what we're seeing.

The momentum in our business has moved from pipeline into announcements and it is steadily converting into revenue. Our third quarter revenues were our highest since the third quarter of 2024, led by our M&A business, which nearly doubled from the third quarter of last year and is up over 40% year-to-date. We saw particular strength in our consumer, industrials, energy and financial institutions businesses.

In restructuring and liability management, revenues are down against a record 2025, but we remain engaged on large and complex situations, and that pipeline continues to build. The 2 metrics we previously highlighted as the strongest leading indicators of our business also continue to strengthen. Our announced and pending backlog at quarter end was up nearly 3x from a year ago. And our total booked plus announced and pending backlog as of today is up about 30% year-over-year.

Finally, the number of announcements year-to-date is up compared to last year, and our current gross backlog under engagement letters is up 40% versus this time last year. Importantly, our strong performance is broad-based. In the third quarter, our fee-paying client count was up 50% from a year ago, and the number of fee events exceeding $5 million was up nearly 80%. This reflects our investments in internal talent development and our relentless focus on expanding client coverage.

On September 1, we closed our acquisition of Gleacher Shacklock. Our combined U.K. business has experienced strong momentum out of the gate with 6 announced transactions since September, and we see accelerating client dialogue, both demonstrating early validation of our combination thesis.

Taken together, the strength of our backlog, the breadth of our client base and the level of activity across our business give us confidence heading into year-end and into 2027. Developing and attracting top talent remains central to how we grow the firm. This year, we have added 14 partners and 13 managing directors, including the Gleacher Shacklock team, and we intend to continue adding talent that broadens our client coverage and expands our product capabilities, consistent with our strategy and our brand.

We remain very excited about our path, and we recognize our duty to you, our shareholders, a responsibility that we take very seriously. Although we regularly evaluate ways to improve our position, we have never made a decision to sell the firm nor have we ever initiated any sale process. We have been building this firm for the long term. We are only 20 years in, and we continue to see tremendous opportunities in front of us.

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

Alexandra Gottschalk

Thank you, Andrew. Our third quarter revenues of $251 million included $55 million related to closings that occurred within the first few days of the fourth quarter, which in accordance with relevant accounting principles were recorded in the third quarter.

Our adjusted compensation margin for the first 9 months was 67%, in line with last year and with our full year target. The third quarter margin of 62.5% reflects bringing our year-to-date accrual in line with that target.

Our adjusted non-compensation expense of $37 million for the quarter was roughly flat with last year. The $6 million increase from last quarter largely reflects the insurance recovery that benefited the second quarter.

For the 9-month period, adjusted noncompensation expenses totaled $106 million, down 14% from last year, driven primarily by lower professional fees. We remain on track for a single-digit percent decrease in full year adjusted non-compensation expense versus 2025.

Our third quarter adjusted tax rate was 29.5% on a net converted basis. Excluding the benefit from RSU vesting, we continue to expect our underlying adjusted tax rate to be in the low to mid-30% range for the remainder of 2026.

Turning to capital management. Year-to-date, we have returned $88 million to equity holders through the net settlement of RSUs, dividends and distributions and open market repurchases. Share repurchase activity has been temporarily limited as we have prioritized deploying capital towards strategic investments, including the acquisition of Gleacher Shacklock.

At the end of the third quarter, we had 79.5 million shares of Class A common stock and 18 million partnership units outstanding. Finally, we closed the quarter with $150 million in cash and no debt. This morning, we announced a quarterly dividend of $0.07 per share.

With that, operator, please open the line for questions.

Operator

[Operator Instructions] Our first question today comes from Devin Ryan with Citizens Bank.

分析师问答

Devin Ryan

A quick question. You gave some good stats on kind of the backlog. And just trying to think about after obviously, a good quarter here and I think playing out as you guys have framed kind of back half weighted, the announced and pending backlog, I think you said is nearly 3x last year's level and total booked plus announced and pending backlog is up 30%.

So just trying to understand kind of the expected conversion of those 2 backlog in terms of length. Is it over 2 quarters, 3 quarters, 4 quarters? And then what gives you kind of the greater visibility into 2027 compared to this time last year?

Andrew Bednar

Sure. Thanks, Devin. So not all of that announced and pending will hit in 2026. So some of that will move into '27. There's not a whole lot in there that has any closing risk. It just has timing differences deal by deal. And we expect to take all of that into revenue over time.

I don't think there's much in there that will take 3 or 4 quarters, but there's certainly 1 to 2 quarters out for sure, which is why we have conviction going into '27 because some of that build in A&P, for sure, will close in the early part of '27.

Devin Ryan

Got it. And if you could just elaborate, Andrew, like what has been driving that build? Is it just a function of the specific corporate clients or sponsor clients you're working with? Or is it partners that have been on the platform that are becoming more productive? Or what would you -- or just the environment maybe getting better over the last 6 months, what would you attribute some of that build to?

Andrew Bednar

I don't think it's much on the macro backdrop. That's been quite positive outside of, I would say, energy, which is obviously for most of us has been a bit of a choppy year given things going on in the Middle East. And I think we're starting to see clearly now through the next couple of quarters look good in terms of the engagement and the pipeline. So we feel good about energy going into '27.

It's more just clients that are taking advantage of opportunities. I think we tend to be a little more strategic weighted. And although we've built with a number of more recent hires we've made, it is more about getting our bankers on the platform. It does take time to ramp. We still have more than 30% of our partnership that's here less than 3 years, and that just takes time to hit the stride and get into a rhythm and get into a transaction cadence with their group of clients.

So I think that's just something we continue to see as a natural evolution of the business when you're in the state that we're in where we're hiring, but also where we've made obviously 2 acquisitions in the last 2 years, and then we've got strong internal development. So all of that comes online over time, Devin.

Devin Ryan

Got it. Okay. That's great. And then this is kind of interconnected to that, but you reiterated that you're building Perella Weinberg for the long term and also regularly evaluate ways to improve the firm's position. I think most people on the call here were following the press over the last month or so. It sounds like from your comments without being explicit that it wasn't initiated on your side.

But maybe as you just think about the stand-alone platform over the next 3 to 5 years, how do you think about the current scale of the business, where you want to add additional scale or capability that you think could make the biggest difference and whether that's by product, geography or client channel. You just hit on a little bit of it, but just love to hear a little bit more about that. I appreciate you probably can't say too much more?

Andrew Bednar

Sure. So we're still in our scaling operation here. The first 10 years of the firm was really about starting a company and the second 10 years was about refining the business model. And in this decade, we're really focused on scaling what we know works and works well. And so it will be a combination of hiring and brick-by-brick development. We'll have internal development into partners from Managing Director. And we'll tend to look at some acquisitions from time to time as we have with both the Devon Park transaction and more recently with Gleacher, both of which are working very well for us.

In terms of the specific areas of growth and where we see opportunity, part of the attraction of our firm is the scale. We are small. We have a brand that is much, much larger than our business, and that has always represented the unique opportunity to be part of our building effort. It will come in the form of more client coverage. That's the primary goal we have is to expand our client coverage. But also, we have found that adding product capability selectively is very attractive and that our clients have embraced that.

I think geographically, is probably we'll be a bit more cautious, and that would have to be very compelling to meet our bar to do something geographically because our clients don't really ask us to be present in local markets. They ask us to travel with them. So more likely, we'll be including investments to, again, add client coverage and to add some product capability.

Devin Ryan

Got it. And can you just double-click a little bit into the recruiting conversations and kind of expectations for partner additions? I know everybody is focused on that and kind of where you are right now and what you expect over the next 12 to 18 months? And I'll pass it on after this.

Andrew Bednar

Yes. Look, 2 years ago, we hired 12 partners. Last year, it was 5. This year, we're at 14. It's a combination of promotion and single hires as well as acquisition. We will continue to look for opportunities, again, to expand our client coverage and expand our product capabilities. The hiring cycle, I think, is in a good place. I feel very good about the conversations we're having. And I would expect us to continue to add talent, again, where we think the bankers operating in a way that's consistent with our brand and our values and covering markets and clients that we don't currently cover. It has to be additive for us, not something that's going to be duplicative with other efforts that we have.

Operator

We'll go next to Alex Bond with KBW.

Alexander Bond

I wanted to start on the comp side. Positive to see the deleverage there in the quarter and you're now at the 67% target for the year-to-date accrual. But curious how sensitive that 67% target is for the full year, if you were to see some deal slippage into the first half of '27.

Earlier this week, I think one of the larger deals in your pipeline that the expected close on that moved to early '27 from was previously later this year. So I just wanted to double-click there and get some commentary on that?

Andrew Bednar

Sure. Based on all the modeling we're doing and our expectation about where we're going to land at year-end, we're still committed and very focused on 67% as our full year comp ratio.

Alexander Bond

Okay. Great. Very clear. And then, Andrew, just would be great to get your expectations around large-cap strategic activity in 2027. Obviously, the pipeline statistics that you gave very helpful and suggest some broadening momentum for the platform.

But just curious if you're still seeing a very healthy level of dialogue in that area specifically? And then maybe just taking a step further, do you think that the current or year-to-date activity levels in this area are sustainable?

Andrew Bednar

Yes. Look, in the mega cap above $10 billion level, there's going to be 70 transactions probably this year. So while it's a large market in terms of dollar volume and it takes up a lot of press time, in terms of number of transactions, it just isn't that many. And so that market is quite narrow. We do like participating in that market. But the bigger market for us is really $1 billion to $5 billion, where you're going to have probably close to 1,000 transactions and where we get very significant fees and we often have sell-side transactions where we have good alignment and incentives with our clients where we can earn additional fees for outcome-based projects.

And so those are the areas of the market that I think are most exciting. I think that has a lot of legs. I think we're sort of a natural hedge to asset inflation. So as you look at markets and moving up and valuations moving up, we're still seeing very healthy fee levels in that $1 billion to $5 billion segment where percentages are up pretty significantly in terms of sell-side fees versus where the market was in 2020, '21. So we're feeling very good about that particular market segment with respect to volume, but also with respect to fee realization.

Operator

[Operator Instructions] We'll go next to James Yaro with Goldman Sachs.

James Yaro

I was hoping you might be able to dig in on 2 different macro topics. I'll ask them, the first one, and then we can come back to the second one on the other. But the first one is just on the impact of higher rates on your business and in which parts of the franchise might those impacts be felt and in which ways?

Andrew Bednar

I think it depends on how we get to higher rates. I think that path is a very clear one that we will likely be in a higher rate environment in the next 12 months. Right now, we're sitting at a 3.75% to 4% Fed funds target. If you look back at a market like in 2007, which was a very robust M&A market, Fed funds were 4.5%. So I think you have still a lot of room to absorb higher rates. But what markets don't like and what will impact valuations more violently is if we have a gap step-up in rates.

And so I think as long as we're on a trajectory versus something that's more of a violent move up, I think the markets will absorb another 50 to 75 basis points of Fed funds increase. And that will mostly impact more highly levered transactions. In some cases, it will be private equity in not all cases, there are some corporates that also have more levered balance sheets. It's really though the combination of rates and the impact on valuation. It's not the availability of capital. There's a surfeit of capital in the marketplace. That's not really the issue. It's more of a valuation issue, and there are still gaps in valuation that I think need to be that need to be reduced in order for transactions to increase in a meaningful way within the private equity community.

Strategics are less sensitive. Most of our clients have very healthy balance sheets. They see a moment of market opportunity here. They have synergies. There's an ability to pay that usually will outstrip what a financial sponsor might be willing to pay. So for our business, again, a bit more weighted to corporates, we feel good.

But we have an increasing amount of our bankers that are very focused on target-rich areas for private equity. So we have some exposure there, again, if rates really gap up, but I don't see that as the path. I see a pretty healthy flow of activity within the PE world, both buy side and sell side as well as some amount of liquidity structuring transactions, including continuation vehicles in that arena.

James Yaro

Okay. That's helpful. On a separate bigger picture topic, how much are the midterms coming up in boardrooms or with sponsors? And what in your view could the result of these elections mean for deal activity?

Andrew Bednar

I've not heard really much at all other than personal conversations about midterms and impact and what could happen. We haven't seen any evidence of companies either accelerating or delaying because of midterms. I think there's a base case out there and most people are following that base case about rates.

If there's a surprise, then we'll have an adjustment that all of us will need to make if there's a surprise to the base case. But I haven't seen and we haven't seen of the firm or clients spending a lot of time on discussing midterms and the impact on their strategy.

Operator

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.

Andrew Bednar

Okay. Thank you, operator. Thank you, everyone, for joining today. I want to also extend my appreciation to my teammates around the world who have been working tirelessly with our clients and I think producing terrific results here this quarter. We will look forward to speaking to you on our fourth quarter call in 2027. Thank you.

Operator

Thank you. This concludes the Perella Weinberg Third Quarter 2026 Earnings Call and Webcast. You may disconnect your line at this time, and have a wonderful day.

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