v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 5,586 $ 25,641
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Equity-based awards vesting expense 67,438 54,618
Depreciation and amortization 11,658 10,053
Foreign currency revaluation 1,223 2,760
Non-cash operating lease expense 5,546 5,065
Deferred taxes (9,969) (9,146)
Other (126) 3,327
Decrease (increase) in operating assets:    
Accounts receivable, net of allowance 26,309 25,847
Prepaid expenses and other assets (3,622) (5,738)
Increase (decrease) in operating liabilities:    
Accrued compensation and benefits (155,017) (222,375)
Accounts payable, accrued expenses and other liabilities (2,963) (5,309)
Lease liabilities (6,946) (5,137)
Net cash provided by (used in) operating activities (60,883) (120,394)
Cash flows from investing activities    
Purchases of fixed assets (3,720) (1,831)
Maturities of investments in short-term marketable debt securities 0 74,911
Net cash provided by (used in) investing activities (3,720) 73,080
Cash flows from financing activities    
Exchange of PWP OpCo Units and corresponding Class B common stock for cash 0 (28,258)
Withholding tax payments for vested PWP Incentive Plan Awards (55,595) (71,965)
Distributions to partners (2,202) 0
Dividends paid on Class A and Class B common stock (14,885) (12,748)
Treasury stock purchases 0 (31,748)
Net cash provided by (used in) financing activities (72,682) (144,719)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,795) 5,452
Net increase (decrease) in cash, cash equivalents and restricted cash (140,080) (186,581)
Cash, cash equivalents and restricted cash, beginning of period 257,050 332,771
Cash, cash equivalents and restricted cash, end of period 116,970 146,190
Supplemental disclosure of non-cash activities    
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards 2,637 2,928
Non-cash paydown of Partner promissory notes 0 534
Deferred tax effect resulting from exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement 2,797 2,584
Supplemental disclosures of cash flow information    
Cash paid for income taxes $ 1,645 $ 9,243