Company Quick10K Filing
Piper Jaffray
Price72.46 EPS7
Shares14 P/E10
MCap1,021 P/FCF56
Net Debt-24 EBIT130
TEV997 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
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8-K 2020-10-30
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8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-03
8-K 2020-02-21
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8-K 2019-12-20
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8-K 2019-05-29
8-K 2019-05-17
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8-K 2019-02-25
8-K 2019-02-01
8-K 2018-10-26
8-K 2018-09-12
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8-K 2018-05-17
8-K 2018-04-27
8-K 2018-02-06
8-K 2018-02-01
8-K 2018-01-01

PJC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 Organization and Basis of Presentation
Note 2 Accounting Policies and Pronouncements
Note 3 Acquisitions
Note 5 Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, But Not Yet Purchased
Note 6 Fair Value of Financial Instruments
Note 7 Variable Interest Entities ("VIES")
Note 8 Receivables From and Payables To Brokers, Dealers and Clearing Organizations
Note 9 Investments
Note 10 Other Assets
Note 11 Goodwill and Intangible Assets
Note 12 Short - Term Financing
Note 13 Long - Term Financing
Note 14 Legal Contingencies
Note 15 Leases
Note 16 Restructuring and Integration Costs
Note 17 Shareholders' Equity
Note 18 Compensation Plans
Note 19 Earnings per Share ("Eps")
Note 20 Revenues and Business Information
Note 21 Net Capital Requirements and Other Regulatory Matters
Note 22 Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 pscq32020ex311.htm
EX-31.2 pscq32020ex312.htm
EX-32.1 pscq32020ex321.htm

Piper Jaffray Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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See Note 3 for further discussion.three97.5354.1112016.1176.5one 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to                     

Commission File No. 001-31720
PIPER SANDLER COMPANIES
(Exact Name of Registrant as specified in its Charter)
Delaware 30-0168701
(State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.)
800 Nicollet Mall, Suite 900 
Minneapolis,Minnesota55402
(Address of Principal Executive Offices) (Zip Code)
(612)303-6000
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Stock, par value $0.01 per sharePIPRThe New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   No  

As of October 30, 2020, the registrant had 17,868,182 shares of Common Stock outstanding.



Piper Sandler Companies
Index to Quarterly Report on Form 10-Q
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



Table of Contents
PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS.

Piper Sandler Companies
Consolidated Statements of Financial Condition
September 30,December 31,
20202019
(Amounts in thousands, except share data)(Unaudited)
Assets
Cash and cash equivalents$371,826 $250,018 
Receivables from brokers, dealers and clearing organizations151,912 283,108 
Financial instruments and other inventory positions owned258,452 434,088 
Financial instruments and other inventory positions owned and pledged as collateral191,484 205,674 
Total financial instruments and other inventory positions owned449,936 639,762 
Fixed assets (net of accumulated depreciation and amortization of $73,590 and $65,991, respectively)38,991 29,850 
Goodwill215,309 87,649 
Intangible assets (net of accumulated amortization of $73,986 and $40,864, respectively)156,164 16,686 
Investments171,248 158,141 
Net deferred income tax assets87,217 68,035 
Right-of-use lease asset84,931 40,030 
Other assets93,640 55,440 
Total assets$1,821,174 $1,628,719 
Liabilities and Shareholders' Equity
Short-term financing$74,966 $49,978 
Long-term financing195,000 175,000 
Payables to brokers, dealers and clearing organizations13,008 7,514 
Financial instruments and other inventory positions sold, but not yet purchased152,190 185,425 
Accrued compensation355,820 300,527 
Accrued lease liability102,366 57,169 
Other liabilities and accrued expenses69,449 46,578 
Total liabilities962,799 822,191 
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000 at September 30, 2020 and December 31, 2019;
Shares issued: 19,532,686 at September 30, 2020 and 19,526,533 at December 31, 2019;
Shares outstanding: 13,751,430 at September 30, 2020 and 13,717,315 at December 31, 2019195 195 
Additional paid-in capital826,719 757,669 
Retained earnings234,055 258,669 
Less common stock held in treasury, at cost: 5,781,256 shares at September 30, 2020 and 5,809,218 shares at December 31, 2019(290,440)(284,378)
Accumulated other comprehensive loss(1,035)(872)
Total common shareholders' equity769,494 731,283 
Noncontrolling interests88,881 75,245 
Total shareholders' equity858,375 806,528 
Total liabilities and shareholders' equity$1,821,174 $1,628,719 
See Notes to the Consolidated Financial Statements
3

Table of Contents
Piper Sandler Companies
Consolidated Statements of Operations
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Amounts in thousands, except per share data)2020201920202019
Revenues:
Investment banking$203,235 $151,192 $562,060 $410,992 
Institutional brokerage86,764 46,814 265,246 113,983 
Interest income2,095 6,481 11,225 20,911 
Investment income/(loss)15,080 (1,575)4,987 17,622 
Total revenues307,174 202,912 843,518 563,508 
Interest expense3,455 2,177 11,193 7,813 
Net revenues303,719 200,735 832,325 555,695 
Non-interest expenses:
Compensation and benefits209,660 126,868 611,344 346,471 
Outside services9,395 7,842 27,733 24,864 
Occupancy and equipment13,849 9,594 39,356 26,368 
Communications11,169 7,885 33,899 22,599 
Marketing and business development537 6,528 13,164 21,355 
Deal-related expenses13,543 6,387 29,687 17,840 
Trade execution and clearance3,666 3,770 15,129 6,593 
Restructuring and integration costs1,592 6,143 7,218 12,538 
Intangible asset amortization11,607 1,229 33,122 2,735 
Other operating expenses4,052 3,454 23,656 9,235 
Total non-interest expenses279,070 179,700 834,308 490,598 
Income/(loss) from continuing operations before income tax expense/(benefit)
24,649 21,035 (1,983)65,097 
Income tax expense/(benefit)5,674 6,717 (1,400)10,729 
Income/(loss) from continuing operations18,975 14,318 (583)54,368 
Discontinued operations:
Income from discontinued operations, net of tax
 26,077  23,772 
Net income/(loss)
18,975 40,395 (583)78,140 
Net income/(loss) applicable to noncontrolling interests
7,358 (2,847)1,073 5,087 
Net income/(loss) applicable to Piper Sandler Companies
$11,617 $43,242 $(1,656)$73,053 
Net income/(loss) applicable to Piper Sandler Companies' common shareholders
$11,617 $42,442 $(1,656)$69,529 
Continued on next page
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Table of Contents
Piper Sandler Companies
Consolidated Statements of Operations – Continued
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Amounts in thousands, except per share data)2020201920202019
Amounts applicable to Piper Sandler Companies
Net income/(loss) from continuing operations
$11,617 $17,165 $(1,656)$49,281 
Net income from discontinued operations
 26,077  23,772 
Net income/(loss) applicable to Piper Sandler Companies
$11,617 $43,242 $(1,656)$73,053 
Earnings/(loss) per basic common share
Income/(loss) from continuing operations
$0.84 $1.23 $(0.12)$3.46 
Income from discontinued operations
 1.87  1.69 
Earnings/(loss) per basic common share
$0.84 $3.09 $(0.12)$5.15 
Earnings/(loss) per diluted common share
Income/(loss) from continuing operations
$0.78 $1.20 $(0.12)$3.37 
Income from discontinued operations
 1.82  1.64 
Earnings/(loss) per diluted common share
$0.78 $3.01 $(0.12)$5.01 
Dividends declared per common share$0.30 $0.38 $1.63 $2.14 
Weighted average common shares outstanding
Basic13,778 13,708 13,789 13,502 
Diluted14,853 14,085 14,580 13,882 

See Notes to the Consolidated Financial Statements
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Table of Contents
Piper Sandler Companies
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Amounts in thousands)2020201920202019
Net income/(loss)$18,975 $40,395 $(583)$78,140 
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment577 (179)(163)(65)
Comprehensive income/(loss)19,552 40,216 (746)78,075 
Comprehensive income/(loss) applicable to noncontrolling interests
7,358 (2,847)1,073 5,087 
Comprehensive income/(loss) applicable to Piper Sandler Companies
$12,194 $43,063 $(1,819)$72,988 

See Notes to the Consolidated Financial Statements

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Table of Contents
Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)

AccumulatedTotal
CommonAdditionalOtherCommonTotal
(Amounts in thousands,SharesCommonPaid-InRetainedTreasuryComprehensiveShareholders'NoncontrollingShareholders'
 except share amounts)
OutstandingStockCapitalEarningsStockLossEquityInterestsEquity
Balance at December 31, 2019
13,717,315 $195 $757,669 $258,669 $(284,378)$(872)$731,283 $75,245 $806,528 
Net loss— — — (14,727)— — (14,727)(7,528)(22,255)
Dividends
— — — (16,066)— — (16,066)— (16,066)
Amortization/issuance of restricted stock (1)
— — 44,195 — — — 44,195 — 44,195 
Repurchase of common stock through share repurchase program
(128,865)— — — (9,225)— (9,225)— (9,225)
Issuance of treasury shares for restricted stock vestings
254,111 — (12,551)— 12,551 —  —  
Issuance of treasury shares for deal consideration
34,205 — 1,049 — 1,674 — 2,723 — 2,723 
Repurchase of common stock from employees
(94,615)— — — (8,068)— (8,068)— (8,068)
Shares reserved/issued for director compensation
1,779 — 116 — — — 116 — 116 
Other comprehensive loss
— — — — — (672)(672)— (672)
Fund capital distributions, net
— — — — — —  (1,201)(1,201)
Balance at March 31, 2020
13,783,930 $195 $790,478 $227,876 $(287,446)$(1,544)$729,559 $66,516 $796,075 
Net income— — — 1,454 — — 1,454 1,243 2,697 
Dividends
— — — (2,753)— — (2,753)— (2,753)
Amortization/issuance of restricted stock (1)
— — 17,654 — — — 17,654 — 17,654 
Issuance of treasury shares for restricted stock vestings
17,778 — (890)— 890 —  —  
Repurchase of common stock from employees
(3,521)— — — (189)— (189)— (189)
Shares reserved/issued for director compensation
5,738 — 299 — — — 299 — 299 
Other comprehensive loss
— — — — — (68)(68)— (68)
Fund capital distributions, net
— — — — — —  (3)(3)
Balance at June 30, 2020
13,803,925 $195 $807,541 $226,577 $(286,745)$(1,612)$745,956 $67,756 $813,712 
Net income— — — 11,617 — — 11,617 7,358 18,975 
Dividends
— — — (4,139)— — (4,139)— (4,139)
Amortization/issuance of restricted stock (1)
— — 19,689 — — — 19,689 — 19,689 
Repurchase of common stock through share repurchase program
(59,454)— — — (3,905)— (3,905)— (3,905)
Issuance of treasury shares for restricted stock vestings
10,829 — (544)— 544 —  —  
Repurchase of common stock from employees
(4,420)— — — (334)— (334)— (334)
Shares reserved/ issued for director compensation
550 — 33 — — — 33 — 33 
Other comprehensive income— — — — — 577 577 — 577 
Fund capital contributions, net
— — — — — —  13,767 13,767 
Balance at September 30, 2020
13,751,430 $195 $826,719 $234,055 $(290,440)$(1,035)$769,494 $88,881 $858,375 
(1) Includes amortization of restricted stock issued as part of deal consideration. See Note 3 for further discussion.
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Table of Contents
Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)

AccumulatedTotal