Perella Weinberg Partners (the “Firm” or “PWP”) (NASDAQ:PWP)
today reported financial results for the first quarter ended
March 31, 2023.
Selected Financial Data
(Unaudited)
|
|
U.S. GAAP |
|
Adjusted |
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Dollars in Thousands, Except Per Share
Amounts) |
Revenues |
|
$ |
131,426 |
|
|
$ |
151,876 |
|
|
$ |
131,426 |
|
|
$ |
151,876 |
|
Operating income (loss) |
|
$ |
(22,690 |
) |
|
$ |
(10,359 |
) |
|
$ |
11,506 |
|
|
$ |
22,507 |
|
Net income (loss) attributable to Perella Weinberg Partners |
|
$ |
(5,123 |
) |
|
$ |
8,894 |
|
|
n/a |
|
|
n/a |
|
Net income (loss) |
|
$ |
(27,420 |
) |
|
$ |
1,052 |
|
|
$ |
9,891 |
|
|
$ |
20,507 |
|
GAAP diluted EPS / Adjusted EPS |
|
$ |
(0.37 |
) |
|
$ |
0.00 |
|
|
$ |
0.09 |
|
|
$ |
0.19 |
|
Compensation ratio |
|
|
90 |
% |
|
|
84 |
% |
|
|
65 |
% |
|
|
64 |
% |
Operating income (loss) margin |
|
(17) |
% |
|
(7) |
% |
|
|
9 |
% |
|
|
15 |
% |
Effective tax rate |
|
(24) |
% |
|
|
74 |
% |
|
n/a |
|
|
n/a |
|
Adjusted if-converted effective tax rate |
|
n/a |
|
|
n/a |
|
|
|
31 |
% |
|
|
30 |
% |
Revenues
For the first quarter of 2023, revenues were
$131.4 million, a decrease of 13% from $151.9 million for the first
quarter of 2022. Mergers and acquisition activity was largely flat
year-over-year, while financing and capital solutions revenues
decreased due to a large restructuring fee event in the first
quarter of 2022. In the quarter, the geographic composition of
revenue shifted to be even more weighted towards U.S. business
activity versus the prior year. Relative to the first quarter of
2022, the first quarter of 2023 saw a decrease in average fee size
per client as well as fewer transactions with outsized fee events,
despite a modest increase in the number of advisory transaction
completions.
Expenses
|
|
U.S. GAAP |
|
Adjusted |
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating expenses |
|
(Dollars in Thousands) |
Total compensation and benefits |
|
$ |
117,634 |
|
|
$ |
128,135 |
|
|
$ |
85,408 |
|
|
$ |
97,201 |
|
% of Revenues |
|
|
90 |
% |
|
|
84 |
% |
|
|
65 |
% |
|
|
64 |
% |
Non-compensation expenses |
|
$ |
36,482 |
|
|
$ |
34,100 |
|
|
$ |
34,512 |
|
|
$ |
32,168 |
|
% of Revenues |
|
|
28 |
% |
|
|
22 |
% |
|
|
26 |
% |
|
|
21 |
% |
GAAP total compensation and benefits were $117.6
million for the first quarter of 2023, compared to $128.1 million
for the first quarter of 2022. Adjusted total compensation and
benefits were $85.4 million for the first quarter of 2023 as
compared to $97.2 million for the same period a year ago. The
decrease in both GAAP total compensation and benefits and adjusted
total compensation and benefits was due to a smaller bonus accrual
on an absolute dollar basis associated with lower revenues, despite
a higher compensation margin. On both a GAAP and adjusted basis,
the smaller bonus accrual amounts were partially offset by the
accelerated vesting of certain awards based on plan terms, with a
large percentage tied to retirement eligible individuals whose
expense was fully recognized at the time of grant.
GAAP non-compensation expenses were $36.5
million for the first quarter of 2023, compared with $34.1 million
for the first quarter of 2022. Adjusted non-compensation expenses
were $34.5 million for the first quarter of 2023, compared with
$32.2 million for the same period a year ago. The increase
experienced in both GAAP non-compensation expenses and adjusted
non-compensation expenses was largely driven by an increase in
travel and related expenses, higher rent and occupancy costs
primarily related to overlapping rent in New York and London due to
headquarters renovations, and an increase in technology spend,
partially offset by a moderation in professional fees and a
reduction in co-advisory fees versus the prior year period.
Provision for Income Taxes
Perella Weinberg Partners currently owns 49.24%
of the operating partnership (PWP Holdings LP) and is subject to
U.S. federal and state corporate income tax. Income earned by the
operating partnership is subject to certain state and foreign
income taxes.
For purposes of calculating adjusted
if-converted net income, we have presented our results as if all
partnership units had been converted to shares of Class A Common
Stock, and as if all of our adjusted income for the period was
subjected to U.S. corporate income tax. For the three months ended
March 31, 2023, the effective tax rate for adjusted
if-converted net income was 31%.
Balance Sheet and Capital
Management
As of March 31, 2023, PWP had $129.9
million of cash and short-term investments in U.S. Treasury
securities. The Firm has no outstanding indebtedness and has an
undrawn revolving credit facility.
During the three months ended March 31,
2023, PWP returned $32.8 million through the repurchase of
1,457,304 shares at an average price per share of $10.12 in open
market transactions pursuant to PWP’s Class A common stock
repurchase program, the net settlement of 1,121,494 share
equivalents to satisfy tax withholding obligations at an average
price per share of $10.13 and the payment of $6.6 million in pro
rata distributions to limited partners which allowed PWP to pay its
dividends on Class A common stock of $3.5 million.
The Board of Directors has declared a quarterly
dividend of $0.07 per share of Class A common stock. The dividend
will be paid on June 9, 2023 to Class A common stockholders of
record on May 26, 2023.
Conference Call and Webcast
Management will host a webcast and conference
call on Thursday, May 4, 2023 at 9:00 am ET to discuss PWP’s
financial results for the first quarter ended March 31,
2023.
The conference call will be made available in
the Investors section of PWP’s website at
https://investors.pwpartners.com/.
The conference call can also be accessed by the
following dial-in information:
- Domestic: (800) 225-9448
- International: (203) 518-9708
- Conference ID: PWPQ123
Replay
A replay of the call will also be available two
hours after the live call through May 11, 2023. To access the
replay, dial (800) 839-3011 (Domestic) or (402) 220-7231
(International). The replay can also be accessed on the investors
section of PWP’s website at https://investors.pwpartners.com/.
About PWP
Perella Weinberg Partners is a leading global
independent advisory firm, providing strategic and financial advice
to a broad client base, including corporations, institutions,
governments, sovereign wealth funds and the financial sponsor
community. The firm offers a wide range of advisory services to
clients in the most active industry sectors and global markets.
With more than 650 employees, PWP currently maintains offices in
New York, Houston, London, Calgary, Chicago, Denver, Los Angeles,
Paris, Munich, and San Francisco. The financial information of PWP
herein refers to the business operations of PWP Holdings LP and
Subsidiaries.
Additional Information
For additional information that management
believes to be useful for investors, please refer to the latest
presentation posted on the Investors section of PWP’s website at
https://investors.pwpartners.com/.
Contacts
For Perella Weinberg Partners Investor
Relations: investors@pwpartners.comFor Perella Weinberg Partners
Media: media@pwpartners.com
Non-GAAP Financial Measures
In addition to financial measures presented in
accordance with GAAP, we monitor certain non-GAAP financial
measures to manage our business, make planning decisions, evaluate
our performance and allocate resources. We believe that these
non-GAAP financial measures are key financial indicators of our
business performance over the long term and provide useful
information regarding whether cash provided by operating activities
is sufficient to maintain and grow our business. We believe that
the methodology for determining these non-GAAP financial measures
can provide useful supplemental information to help investors
better understand the economics of our platform.
These non-GAAP financial measures have
limitations as analytical tools and should not be considered in
isolation from, or as a substitute for, the analysis of other GAAP
financial measures. These non-GAAP financial measures are not
universally consistent calculations, limiting their usefulness as
comparative measures. Other companies may calculate similarly
titled financial measures differently. Additionally, these non-GAAP
financial measures are not measurements of financial performance or
liquidity under GAAP. In order to facilitate a clear understanding
of our consolidated historical operating results, you should
examine our non-GAAP financial measures in conjunction with our
historical consolidated financial statements and notes thereto
included elsewhere in this press release.
Management compensates for the inherent
limitations associated with using these non-GAAP financial measures
through disclosure of such limitations, presentation of our
financial statements in accordance with GAAP and reconciliation of
such non-GAAP financial measures to the most directly comparable
GAAP financial measures. See “Non-GAAP Financial Measures” and the
tables at the end of this release for an explanation of the
adjustments and reconciliations to the comparable GAAP numbers.
Cautionary Statement Regarding Forward
Looking Statements
Certain statements made in this press release,
and oral statements made from time to time by representatives of
PWP are “forward-looking statements” within the meaning of the
federal securities laws, including the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements regarding the expectations regarding
the combined business are “forward looking statements.” In
addition, words such as “estimates,” “projected,” “expects,”
“estimated,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,”
“target,” “goal,” “objective,” “outlook” and variations of these
words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the control of the
parties, that could cause actual results or outcomes to differ
materially from those discussed in the forward-looking
statements.
Important factors, among others, that may affect
actual results or outcomes include (but are not limited to): global
economic, business and market conditions; the Company’s dependence
on and ability to retain employees; the Company’s ability to
successfully identify, recruit and develop talent; conditions
impacting the corporate advisory industry; the Firm’s dependence on
its fee-paying clients and fluctuating revenues from its
non-exclusive, engagement-by-engagement business model; the high
volatility of the Company’s revenues as a result of its reliance on
advisory fees that are largely contingent on the completion of
events which may be out of its control; the Company’s ability to
appropriately manage conflicts of interest and tax and other
regulatory factors relevant to the Company’s business, including
actual, potential or perceived conflicts of interest and other
factors that may damage its business and reputation; the Company’s
successful formulation and execution of its business and growth
strategies; substantial litigation risks in the financial services
industry; cybersecurity and other operational risks; assumptions
relating to the Company’s operations, financial results, financial
condition, business prospects, growth strategy and liquidity;
extensive regulation of the corporate advisory industry and U.S.
and foreign regulatory developments relating to, among other
things, financial institutions and markets, government oversight,
fiscal and tax policy and laws (including the treatment of carried
interest); and other risks and uncertainties described under “Part
I—Item 1A. Risk Factors” in our Annual Report on Form 10-K.
The forward-looking statements in this press
release and oral statements made from time to time by
representatives of PWP are based on current expectations and
beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that future developments
affecting the Company will be those that the Company has
anticipated. These risks and uncertainties include, but are not
limited to, those factors described in the section entitled “Risk
Factors” in our Annual Report on Form 10-K filed with the SEC on
February 28, 2023 and the other documents filed by the Firm from
time to time with the SEC. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.
Consolidated Statements of Operations
(Unaudited)(Dollars in Thousands, Except Per Share
Amounts)
|
|
Three Months EndedMarch 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
$ |
131,426 |
|
|
$ |
151,876 |
|
Expenses |
|
|
|
|
Compensation and benefits |
|
|
69,963 |
|
|
|
87,245 |
|
Equity-based compensation |
|
|
47,671 |
|
|
|
40,890 |
|
Total compensation and benefits |
|
|
117,634 |
|
|
|
128,135 |
|
Professional fees |
|
|
7,553 |
|
|
|
10,303 |
|
Technology and infrastructure |
|
|
8,512 |
|
|
|
7,556 |
|
Rent and occupancy |
|
|
7,414 |
|
|
|
5,729 |
|
Travel and related expenses |
|
|
4,774 |
|
|
|
2,294 |
|
General, administrative and other expenses |
|
|
5,394 |
|
|
|
5,275 |
|
Depreciation and amortization |
|
|
2,835 |
|
|
|
2,943 |
|
Total expenses |
|
|
154,116 |
|
|
|
162,235 |
|
Operating income (loss) |
|
|
(22,690 |
) |
|
|
(10,359 |
) |
Non-operating income (expenses) |
|
|
|
|
Related party income |
|
|
273 |
|
|
|
558 |
|
Other income (expense) |
|
|
283 |
|
|
|
1,843 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
12,006 |
|
Total non-operating income (expenses) |
|
|
556 |
|
|
|
14,407 |
|
Income (loss) before income taxes |
|
|
(22,134 |
) |
|
|
4,048 |
|
Income tax benefit (expense) |
|
|
(5,286 |
) |
|
|
(2,996 |
) |
Net income (loss) |
|
|
(27,420 |
) |
|
|
1,052 |
|
Less: Net income (loss) attributable to non-controlling
interests |
|
|
(22,297 |
) |
|
|
(7,842 |
) |
Net income (loss) attributable to Perella Weinberg
Partners |
|
$ |
(5,123 |
) |
|
$ |
8,894 |
|
Net income (loss) per share attributable to Class A common
shareholders |
|
|
|
|
Basic |
|
$ |
(0.12 |
) |
|
$ |
0.19 |
|
Diluted |
|
$ |
(0.37 |
) |
|
$ |
0.00 |
|
Weighted-average shares of Class A common stock
outstanding |
|
|
|
|
Basic |
|
|
42,317,827 |
|
|
|
45,917,935 |
|
Diluted |
|
|
86,611,018 |
|
|
|
93,231,332 |
|
U.S. GAAP Reconciliation of Adjusted
Results (Unaudited)(Dollars in Thousands, Except
Per Share Amounts)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Total compensation and benefits—GAAP |
|
$ |
117,634 |
|
|
$ |
128,135 |
|
Equity-based compensation not dilutive to investors in PWP or PWP
OpCo (1) |
|
|
(20,334 |
) |
|
|
(18,710 |
) |
Public company transaction related incentives (2) |
|
|
(11,892 |
) |
|
|
(12,224 |
) |
Adjusted total compensation and benefits |
|
$ |
85,408 |
|
|
$ |
97,201 |
|
|
|
|
|
|
Non-compensation expense—GAAP |
|
$ |
36,482 |
|
|
$ |
34,100 |
|
TPH business combination related expenses (3) |
|
|
(1,645 |
) |
|
|
(1,645 |
) |
Business Combination transaction expenses (4) |
|
|
(325 |
) |
|
|
(287 |
) |
Adjusted non-compensation expense (5) |
|
$ |
34,512 |
|
|
$ |
32,168 |
|
|
|
|
|
|
Operating income (loss)—GAAP |
|
$ |
(22,690 |
) |
|
$ |
(10,359 |
) |
Equity-based compensation not dilutive to investors in PWP or PWP
OpCo (1) |
|
|
20,334 |
|
|
|
18,710 |
|
Public company transaction related incentives (2) |
|
|
11,892 |
|
|
|
12,224 |
|
TPH business combination related expenses (3) |
|
|
1,645 |
|
|
|
1,645 |
|
Business Combination transaction expenses (4) |
|
|
325 |
|
|
|
287 |
|
Adjusted operating income (loss) |
|
$ |
11,506 |
|
|
$ |
22,507 |
|
|
|
|
|
|
Non-operating income (expense)—GAAP |
|
$ |
556 |
|
|
$ |
14,407 |
|
Change in fair value of warrant liabilities (6) |
|
|
— |
|
|
|
(12,006 |
) |
Amortization of debt costs (7) |
|
|
37 |
|
|
|
37 |
|
Adjusted non-operating income (expense) |
|
$ |
593 |
|
|
$ |
2,438 |
|
|
|
|
|
|
Income (loss) before income taxes—GAAP |
|
$ |
(22,134 |
) |
|
$ |
4,048 |
|
Equity-based compensation not dilutive to investors in PWP or PWP
OpCo (1) |
|
|
20,334 |
|
|
|
18,710 |
|
Public company transaction related incentives (2) |
|
|
11,892 |
|
|
|
12,224 |
|
TPH business combination related expenses (3) |
|
|
1,645 |
|
|
|
1,645 |
|
Business Combination transaction expenses (4) |
|
|
325 |
|
|
|
287 |
|
Change in fair value of warrant liabilities (6) |
|
|
— |
|
|
|
(12,006 |
) |
Amortization of debt costs (7) |
|
|
37 |
|
|
|
37 |
|
Adjusted income (loss) before income taxes |
|
$ |
12,099 |
|
|
$ |
24,945 |
|
|
|
|
|
|
Income tax benefit (expense)—GAAP |
|
$ |
(5,286 |
) |
|
$ |
(2,996 |
) |
Tax impact of non-GAAP adjustments (8) |
|
|
3,078 |
|
|
|
(1,442 |
) |
Adjusted income tax benefit (expense) |
|
$ |
(2,208 |
) |
|
$ |
(4,438 |
) |
|
|
|
|
|
Net income (loss)—GAAP |
|
$ |
(27,420 |
) |
|
$ |
1,052 |
|
Equity-based compensation not dilutive to investors in PWP or PWP
OpCo (1) |
|
|
20,334 |
|
|
|
18,710 |
|
Public company transaction related incentives (2) |
|
|
11,892 |
|
|
|
12,224 |
|
TPH business combination related expenses (3) |
|
|
1,645 |
|
|
|
1,645 |
|
Business Combination transaction expenses (4) |
|
|
325 |
|
|
|
287 |
|
Change in fair value of warrant liabilities (6) |
|
|
— |
|
|
|
(12,006 |
) |
Amortization of debt costs (7) |
|
|
37 |
|
|
|
37 |
|
Tax impact of non-GAAP adjustments (8) |
|
|
3,078 |
|
|
|
(1,442 |
) |
Adjusted net income (loss) |
|
$ |
9,891 |
|
|
$ |
20,507 |
|
|
|
|
|
|
Less: Adjusted income tax benefit (expense) |
|
|
2,208 |
|
|
|
4,438 |
|
Add: If-converted tax impact (9) |
|
|
(3,785 |
) |
|
|
(7,557 |
) |
Adjusted if-converted net income (loss) |
|
$ |
8,314 |
|
|
$ |
17,388 |
|
|
|
|
|
|
Weighted-average diluted shares of Class A common stock
outstanding |
|
|
86,611,018 |
|
|
|
93,231,332 |
|
Weighted average number of incremental shares from assumed vesting
of RSUs and PSUs (10) |
|
|
1,727,070 |
|
|
|
295,216 |
|
Weighted-average adjusted diluted shares of Class A common stock
outstanding |
|
|
88,338,088 |
|
|
|
93,526,548 |
|
|
|
|
|
|
Adjusted net income (loss) per Class A share—diluted,
if—converted |
|
$ |
0.09 |
|
|
$ |
0.19 |
|
|
|
|
|
|
Key metrics: (a) |
|
|
|
|
GAAP operating income (loss) margin |
|
(17.3)% |
|
|
(6.8) |
% |
Adjusted operating income (loss) margin |
|
|
8.8 |
% |
|
|
14.8 |
% |
GAAP compensation ratio |
|
|
90 |
% |
|
|
84 |
% |
Adjusted compensation ratio |
|
|
65 |
% |
|
|
64 |
% |
GAAP effective tax rate |
|
(24) |
% |
|
|
74 |
% |
Adjusted if-converted effective tax rate |
|
|
31 |
% |
|
|
30 |
% |
|
|
|
|
|
(a) Reconciliations of key metrics from U.S. GAAP to Adjusted
results are a derivative of the reconciliation of their components
above. |
|
|
Notes to U.S. GAAP Reconciliation of
Adjusted Results:
(1) Equity-based
compensation not dilutive to investors in PWP or PWP Holdings LP
(“PWP OpCo”) includes amortization of legacy awards granted to
certain partners prior to the Business Combination and PWP
Professional Partners LP (“Professional Partners”) alignment
capital units and value capital units awards. The vesting of these
awards does not dilute PWP shareholders relative to Professional
Partners as Professional Partners’ interest in PWP OpCo does not
change as a result of granting those equity awards to its working
partners.
(2) Public company
transaction related incentives includes equity-based compensation
for transaction-related restricted stock units (“RSUs”) which are
directly related to milestone events that were part of the Business
Combination process and reorganization. These payments were outside
of PWP’s normal and recurring bonus and compensation processes.
(3) On November 30,
2016, we completed a business combination with Tudor, Pickering,
Holt & Co., LLC (TPH), an independent advisory firm focused on
the energy industry. TPH business combination related expenses
include intangible asset amortization associated with the
acquisition.
(4) Transaction
costs expensed associated with the Business Combination include
equity-based vesting for transaction-related RSUs issued to
non-employees.
(5) See
reconciliation below for the components of the consolidated
statements of operations included in non-compensation expense—GAAP
as well as Adjusted non-compensation expense.
(6) Change in fair
value of warrant liabilities is non-cash and we believe not
indicative of our core performance.
(7) Amortization of
debt costs is comprised of the amortization of debt discounts and
issuance costs, which is included in other income (expense).
(8) The non-GAAP
tax expense represents the Company’s calculated tax expense on
adjusted non-GAAP income. It excludes the impact on income taxes of
certain transaction-related items and other items not reflected in
our adjusted non-GAAP results. It does not represent the cash that
the Company expects to pay for taxes in the current periods.
(9) The
if-converted tax expense represents the Company's calculated tax
expense on adjusted non-GAAP income assuming the exchange of all
partnership units for PWP Class A common stock, resulting in all of
the Company’s income being subject to corporate-level tax.
(10) Assumed
vesting of RSUs and performance restricted stock units (“PSUs”) as
calculated using the treasury stock method and to the extent
dilutive to Adjusted net income (loss) per Class A share—diluted,
if-converted.
U.S. GAAP Reconciliation of Adjusted
Results (Unaudited)(Dollars in
Thousands)
|
|
Three Months Ended March 31, 2023 |
|
|
U.S. GAAP |
|
Adjustments |
|
Adjusted |
Professional fees |
|
$ |
7,553 |
|
$ |
(325 |
)(1) |
|
|
$ |
7,228 |
Technology and infrastructure |
|
|
8,512 |
|
|
— |
|
|
|
8,512 |
Rent and occupancy |
|
|
7,414 |
|
|
— |
|
|
|
7,414 |
Travel and related expenses |
|
|
4,774 |
|
|
— |
|
|
|
4,774 |
General, administrative and other expenses |
|
|
5,394 |
|
|
— |
|
|
|
5,394 |
Depreciation and amortization |
|
|
2,835 |
|
|
(1,645 |
)(2) |
|
|
|
1,190 |
Non-compensation expense |
|
$ |
36,482 |
|
$ |
(1,970 |
) |
|
$ |
34,512 |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
|
|
U.S. GAAP |
|
Adjustments |
|
Adjusted |
Professional fees |
|
$ |
10,303 |
|
$ |
(287 |
)(1) |
|
|
$ |
10,016 |
Technology and infrastructure |
|
|
7,556 |
|
|
— |
|
|
|
7,556 |
Rent and occupancy |
|
|
5,729 |
|
|
— |
|
|
|
5,729 |
Travel and related expenses |
|
|
2,294 |
|
|
— |
|
|
|
2,294 |
General, administrative and other expenses |
|
|
5,275 |
|
|
— |
|
|
|
5,275 |
Depreciation and amortization |
|
|
2,943 |
|
|
(1,645 |
)(2) |
|
|
|
1,298 |
Non-compensation expense |
|
$ |
34,100 |
|
$ |
(1,932 |
) |
|
$ |
32,168 |
|
|
|
|
|
|
|
(1) Reflects an adjustment to exclude transaction
costs associated with the Business Combination.
(2) Reflects an adjustment to exclude the
amortization of intangible assets related to the TPH business
combination.
* Throughout this release, adjusted figures
represent Non-GAAP information. See “Non-GAAP Financial Measures”
and the tables at the end of this release for an explanation of the
adjustments and reconciliations to the comparable GAAP numbers.
GAAP diluted net income (loss) per share attributable to Class A
common shareholders and Adjusted net income (loss) per Class A
share—diluted, if—converted will be referred to as “GAAP Diluted
EPS” and “Adjusted EPS,” respectively.
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