v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 28,876 $ 34,206
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Equity-based awards vesting expense 96,676 82,409
Depreciation and amortization 18,286 15,077
Foreign currency revaluation 1,079 1,294
Non-cash operating lease expense 8,391 7,790
Deferred taxes (6,137) (7,724)
Other 1,053 3,304
Decrease (increase) in operating assets:    
Accounts receivable, net of allowance (48,193) 33,074
Prepaid expenses and other assets 5,984 (6,431)
Increase (decrease) in operating liabilities:    
Accrued compensation and benefits (83,272) (197,983)
Accounts payable, accrued expenses and other liabilities 173 (18,137)
Lease liabilities (10,706) (8,115)
Net cash provided by (used in) operating activities 12,210 (61,236)
Cash flows from investing activities    
Purchases of fixed assets (5,857) (3,350)
Maturities of investments in short-term marketable debt securities 0 74,911
Payment for Gleacher Shacklock Acquisition, net of cash acquired (17,982) 0
Net cash provided by (used in) investing activities (23,839) 71,561
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 (59,936) (76,802)
Distributions to partners (3,603) (4,233)
Dividends paid on Class A and Class B common stock (22,716) (18,266)
Treasury stock purchases (2,002) (33,655)
Payments pursuant to tax receivable agreement (2,496) (1,426)
Net cash provided by (used in) financing activities (90,753) (162,640)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3,670) 6,220
Net increase (decrease) in cash, cash equivalents and restricted cash (106,052) (146,095)
Cash, cash equivalents and restricted cash, beginning of period 257,050 332,771
Cash, cash equivalents and restricted cash, end of period 150,998 186,676
Supplemental disclosure of non-cash activities    
Lease liabilities arising from obtaining right-of-use lease assets 4,309 3,353
Accrued capital expenditures 1,666 1,088
Accrued dividends and dividend equivalent units on unvested PWP Incentive Plan Awards 3,481 4,515
Forfeited dividend equivalents on PWP Incentive Plan Awards 1,708 0
Non-cash paydown of partner loans 0 534
Deferred tax effect resulting from changes in ownership and exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement 5,989 5,086
Supplemental disclosures of cash flow information    
Cash paid for income taxes $ 2,069 $ 8,848