Perella Weinberg Q1 Revenues Fall 30% to $149M with Adjusted Pre-Tax Loss
Perella Weinberg’s Q1 revenues dropped 30% to $148.9 million, producing a GAAP pre-tax loss of $11 million and an adjusted pre-tax loss of $3 million with adjusted EPS of $0.05. The firm bolstered its UK presence through the pending Gleacher Shacklock acquisition and added 13 senior executives year-to-date.
1. Financial Results
Perella Weinberg posted first quarter revenues of $148.9 million, down 30% from $211.8 million a year earlier. The firm recorded a GAAP pre-tax loss of $11 million, adjusted pre-tax loss of $3 million, GAAP diluted EPS of $0.02 and adjusted EPS of $0.05.
2. Expense Trends
Total compensation and benefits for Q1 were $122.1 million (82% of revenues) with adjusted compensation at $117.1 million (79% of revenues), reflecting lower discretionary bonuses alongside higher base salaries and RSU vesting timing. Non-compensation expenses fell to $39.8 million, driven by reduced professional fees and lower bad debt costs.
3. Acquisition and Talent Additions
Year-to-date the firm added two partners and eleven managing directors, with one additional MD set to join through the pending acquisition of Gleacher Shacklock. That deal will contribute five partners and three managing directors and strengthen Perella Weinberg’s advisory presence in the UK.
4. Capital Management
As of March 31, the firm held $77.7 million in cash with no debt and an undrawn revolver. It returned $63.8 million to equity holders via retirement of 2.7 million share equivalents at an average $20.14 per share and $8.6 million in dividends, while declaring a $0.07 quarterly dividend.