PIPER SANDLER COMPANIES
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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Revenues and Business Information
NOTE 15| REVENUES AND BUSINESS INFORMATION
The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The Company is organized as one reportable segment in order to maximize the value provided to clients by leveraging the diversified expertise and broad relationships of its experienced professionals across the Company. Substantially all of the Company's net revenues and long-lived assets are located in the U.S.
Reportable financial results are as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (Amounts in thousands) | 2024 | 2023 | 2024 | 2023 |
| Revenues | ||||
| Investment banking: | ||||
| Advisory services | $188,047 | $154,560 | $529,144 | $424,999 |
| Corporate financing | 17,903 | 37,171 | 121,125 | 100,899 |
| Municipal financing | 35,520 | 19,935 | 81,506 | 54,139 |
| Total investment banking | 241,470 | 211,666 | 731,775 | 580,037 |
| Institutional brokerage: | ||||
| Equity brokerage | 52,480 | 50,243 | 154,043 | 154,509 |
| Fixed income services | 48,454 | 40,250 | 130,070 | 120,135 |
| Total institutional brokerage | 100,934 | 90,493 | 284,113 | 274,644 |
| Interest income | 7,831 | 6,980 | 22,813 | 19,421 |
| Investment income/(loss) | 10,693 | (17,108) | 7,510 | 9,804 |
| Total revenues | 360,928 | 292,031 | 1,046,211 | 883,906 |
| Interest expense | 1,356 | 2,546 | 4,404 | 7,790 |
| Net revenues | 359,572 | 289,485 | 1,041,807 | 876,116 |
| Total non-interest expenses | 303,957 | 292,935 | 905,524 | 839,376 |
| Pre-tax income/(loss) | $55,615 | $(3,450) | $136,283 | $36,740 |
| Pre-tax margin | 15.5% | (1.2)% | 13.1% | 4.2% |
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