Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Revenues: | ||||
Investment banking | $ 234,132 | $ 387,147 | $ 491,634 | $ 683,221 |
Institutional brokerage | 104,942 | 95,830 | 209,504 | 205,318 |
Interest income | 4,536 | 1,673 | 8,392 | 3,730 |
Investment income/(loss) | 10,936 | 26,694 | (2,138) | 50,462 |
Total revenues | 354,546 | 511,344 | 707,392 | 942,731 |
Interest expense | 2,355 | 2,696 | 4,556 | 5,476 |
Net revenues | 352,191 | 508,648 | 702,836 | 937,255 |
Non-interest expenses: | ||||
Compensation and benefits | 239,917 | 325,252 | 487,816 | 605,580 |
Outside services | 14,429 | 10,593 | 25,605 | 18,268 |
Occupancy and equipment | 15,562 | 13,720 | 30,098 | 27,742 |
Communications | 13,215 | 10,026 | 25,640 | 21,834 |
Marketing and business development | 12,238 | 5,114 | 20,870 | 7,181 |
Deal-related expenses | 8,308 | 8,710 | 13,852 | 21,141 |
Trade execution and clearance | 5,891 | 4,207 | 9,926 | 8,387 |
Restructuring and integration costs | 1,609 | 3,433 | 2,856 | 3,568 |
Intangible asset amortization | 3,393 | 7,520 | 6,314 | 15,040 |
Other operating expenses | 469 | 6,013 | 7,062 | 11,587 |
Total non-interest expenses | 315,031 | 394,588 | 630,039 | 740,328 |
Income before income tax expense | 37,160 | 114,060 | 72,797 | 196,927 |
Income tax expense | 9,385 | 27,066 | 20,364 | 44,340 |
Net income | 27,775 | 86,994 | 52,433 | 152,587 |
Net income/(loss) applicable to noncontrolling interests | 6,385 | 17,173 | (5,608) | 33,307 |
Net income applicable to Piper Sandler Companies | $ 21,390 | $ 69,821 | $ 58,041 | $ 119,280 |
Earnings per common share | ||||
Basic | $ 1.53 | $ 4.86 | $ 4.07 | $ 8.30 |
Diluted | 1.26 | 4.12 | 3.39 | 7.14 |
Dividends declared per common share (in dollars per share) | $ 0.60 | $ 0.45 | $ 5.70 | $ 2.70 |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 14,018 | 14,358 | 14,248 | 14,366 |
Diluted (in shares) | 16,920 | 16,951 | 17,106 | 16,709 |
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- Definition Deal-related expenses include costs we incurred over the course of a completed investment banking deal, which primarily consist of offering expenses, travel and entertainment costs and market data services. No definition available.
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- Definition Includes (1) commissions received from customers for the execution of brokerage transactions in over-the-counter equity, fixed income and convertible debt securities; (2) trading gains and losses; and (3) fees received for equity research. No definition available.
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- Definition Includes realized and unrealized gains (losses) recorded on the Company's merchant banking and other firm investments. Additionally includes mgmt fees on the Company's internally managed funds. No definition available.
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- Definition Amount of the cost of borrowed funds and interest expense related to cash instruments, collateralized securities transactions, borrowings and other financial liabilities. No definition available.
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- Definition Costs incurred to effect a business combination or other restructuring event, which has been expensed during the period. Such costs could include business integration costs, contract termination costs, expenses for vacating leased office space, systems integration and conversion costs, and severance and other employee-related costs. No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Business development involves the development of products and services, their delivery, design and their implementation. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense in the period for communications and data processing expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees. No definition available.
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Includes (1) underwriting revenue (the spread between the resale price received and the cost of the securities and related expenses) generated through the purchasing, distributing and reselling of new issues of securities (alternatively, could be a secondary offering of a large block of previously issued securities); and (2) fees earned for mergers, acquisitions, divestitures, restructurings, and other types of financial advisory services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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