PIPER SANDLER COMPANIES

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

PIPR$66.75-1.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Financial Statements

Consolidated Statements of Financial Condition

	December 31,	December 31,
(Amounts in thousands, except share data)	2024	2023
Assets
Cash and cash equivalents	$482,834	$383,098
Receivables from brokers, dealers and clearing organizations	174,491	212,004
Financial instruments and other inventory positions owned:
Financial instruments and other inventory positions owned	351,178	341,780
Financial instruments and other inventory positions owned and pledged as collateral	74,550	92,777
Total financial instruments and other inventory positions owned	425,728	434,557
Investments (including noncontrolling interests of $187,624 and $211,096, respectively)	281,962	298,048
Fixed assets (net of accumulated depreciation and amortization of $106,944 and $91,378, respectively)	59,400	60,770
Right-of-use lease assets	66,618	69,387
Goodwill	312,024	301,760
Intangible assets (net of accumulated amortization of $160,775 and $150,487, respectively)	107,504	116,197
Net deferred income tax assets	161,583	179,207
Other assets	183,792	85,955
Total assets	$2,255,936	$2,140,983
Liabilities and Shareholders' Equity
Short-term financing	$10,000	$30,000
Payables to brokers, dealers and clearing organizations	5,862	979
Financial instruments and other inventory positions sold, but not yet purchased	76,982	148,980
Accrued compensation	563,088	486,145
Accrued lease liabilities	88,819	93,727
Other liabilities and accrued expenses	95,412	81,679
Total liabilities	840,163	841,510
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000;
Shares issued: 19,557,804 and 19,553,101, respectively;
Shares outstanding: 16,111,723 and 15,200,149, respectively	195	195
Additional paid-in capital	981,724	988,136
Retained earnings	561,746	454,358
Less: Common stock held in treasury, at cost: 3,446,081 shares and 4,352,952 shares, respectively	(314,656)	(356,297)
Accumulated other comprehensive loss	(1,179)	(894)
Total common shareholders' equity	1,227,830	1,085,498
Noncontrolling interests	187,943	213,975
Total shareholders' equity	1,415,773	1,299,473
Total liabilities and shareholders' equity	$2,255,936	$2,140,983

Consolidated Statements of Operations

	Year Ended December 31,
(Amounts in thousands, except per share data)	2024	2023	2022
Revenues
Investment banking	$1,105,135	$923,812	$1,009,509
Institutional brokerage	401,442	377,539	405,267
Interest income	32,908	26,723	20,365
Investment income/(loss)	(7,890)	30,039	(23)
Total revenues	1,531,595	1,358,113	1,435,118
Interest expense	5,681	10,146	9,480
Net revenues	1,525,914	1,347,967	1,425,638
Non-interest expenses
Compensation and benefits	1,004,173	897,034	983,524
Outside services	55,756	51,754	53,189
Occupancy and equipment	66,530	64,356	64,252
Communications	54,917	52,718	50,565
Marketing and business development	42,239	37,734	42,849
Deal-related expenses	30,491	28,189	31,874
Trade execution and clearance	19,836	19,972	20,185
Restructuring and integration costs	2,586	7,749	11,440
Intangible asset amortization	10,288	19,440	15,375
Other operating expenses	20,686	46,435	18,016
Total non-interest expenses	1,307,502	1,225,381	1,291,269
Income before income tax expense	218,412	122,586	134,369
Income tax expense	60,972	23,613	33,189
Net income	157,440	98,973	101,180
Net income/(loss) attributable to noncontrolling interests	(23,674)	13,482	(9,494)
Net income attributable to Piper Sandler Companies	$181,114	$85,491	$110,674
Earnings per common share
Basic	$11.44	$5.72	$7.92
Diluted	$10.24	$4.96	$6.52
Dividends declared per common share	$3.50	$3.65	$6.90
Weighted average number of common shares outstanding
Basic	15,838	14,958	13,982
Diluted	17,695	17,224	16,965

Consolidated Statements of Comprehensive Income

	Year Ended December 31,
(Amounts in thousands)	2024	2023	2022
Net income	$157,440	$98,973	$101,180
Other comprehensive income/(loss), net of tax — Foreign currency translation adjustment	(285)	1,605	(1,535)
Comprehensive income	157,155	100,578	99,645
Comprehensive income/(loss) attributable to noncontrolling interests	(23,674)	13,482	(9,494)
Comprehensive income attributable to Piper Sandler Companies	$180,829	$87,096	$109,139

Consolidated Statements of Changes in Shareholders' Equity

Accumulated · Total
Common · Additional · Other · Common · Total
(Amounts in thousands,	Shares	Common	Paid-In	Retained	Treasury	Comprehensive	Shareholders'	Noncontrolling	Shareholders'
except share amounts)	Outstanding	Stock	Capital	Earnings	Stock	Loss	Equity	Interests	Equity
Balance at December 31, 2021	14,129,519	$195	$925,387	$450,165	$(312,573)	$(964)	$1,062,210	$164,645	$1,226,855
Net income/(loss)	—	—	—	110,674	—	—	110,674	(9,494)	101,180
Dividends	—	—	—	(107,528)	—	—	(107,528)	—	(107,528)
Amortization/issuance of restricted stock (1)	—	—	176,645	—	—	—	176,645	—	176,645
Repurchase of common stock through share repurchase program	(1,245,221)	—	—	—	(161,811)	—	(161,811)	—	(161,811)
Issuance of treasury shares for restricted stock vestings	953,293	—	(58,254)	—	58,254	—	—	—	—
Repurchase of common stock from employees	(172,156)	—	—	—	(25,523)	—	(25,523)	—	(25,523)
Shares reserved/issued for director compensation	7,629	—	941	—	—	—	941	—	941
Other comprehensive loss	—	—	—	—	—	(1,535)	(1,535)	—	(1,535)
Fund capital contributions, net	—	—	—	—	—	—	—	44,804	44,804
Balance at December 31, 2022	13,673,064	$195	$1,044,719	$453,311	$(441,653)	$(2,499)	$1,054,073	$199,955	$1,254,028
Net income	—	—	—	85,491	—	—	85,491	13,482	98,973
Dividends	—	—	—	(84,444)	—	—	(84,444)	—	(84,444)
Amortization/issuance of restricted stock (1)	—	—	98,285	—	—	—	98,285	—	98,285
Issuance of treasury shares for restricted stock vestings	2,013,046	—	(156,036)	—	156,036	—	—	—	—
Repurchase of common stock from employees	(494,555)	—	—	—	(70,680)	—	(70,680)	—	(70,680)
Shares reserved/issued for director compensation	8,594	—	1,168	—	—	—	1,168	—	1,168
Other comprehensive income	—	—	—	—	—	1,605	1,605	—	1,605
Fund capital contributions, net	—	—	—	—	—	—	—	538	538
Balance at December 31, 2023	15,200,149	$195	$988,136	$454,358	$(356,297)	$(894)	$1,085,498	$213,975	$1,299,473
Net income/(loss)	—	—	—	181,114	—	—	181,114	(23,674)	157,440
Dividends	—	—	—	(73,726)	—	—	(73,726)	—	(73,726)
Amortization/issuance of restricted stock (1)	—	—	93,801	—	—	—	93,801	—	93,801
Issuance of treasury shares for options exercised	8,000	—	75	—	717	—	792	—	792
Issuance of treasury shares for restricted stock vestings	1,224,008	—	(105,384)	—	105,384	—	—	—	—
Issuance of treasury shares for acquisitions	21,835	—	4,016	—	1,966	—	5,982	—	5,982
Repurchase of common stock from employees	(346,972)	—	—	—	(66,426)	—	(66,426)	—	(66,426)
Shares reserved/issued for director compensation	4,703	—	1,080	—	—	—	1,080	—	1,080
Other comprehensive loss	—	—	—	—	—	(285)	(285)	—	(285)
Fund capital distributions, net	—	—	—	—	—	—	—	(2,358)	(2,358)
Balance at December 31, 2024	16,111,723	$195	$981,724	$561,746	$(314,656)	$(1,179)	$1,227,830	$187,943	$1,415,773

(1)Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

Consolidated Statements of Cash Flows

	Year Ended December 31,
(Amounts in thousands)	2024	2023	2022
Operating Activities
Net income	$157,440	$98,973	$101,180
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	16,783	17,932	15,639
Deferred income taxes	17,624	11,426	(32,802)
Stock-based compensation	103,363	93,768	131,203
Amortization of intangible assets	10,288	19,440	15,375
Amortization of forgivable loans	16,635	10,816	9,322
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	37,513	88,459	(43,392)
Net financial instruments and other inventory positions owned	(63,169)	(6,434)	(58,859)
Investments	16,086	(12,322)	(33,681)
Other assets	(66,171)	28,756	(5,216)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	4,883	(3,643)	(8,625)
Accrued compensation	56,604	(74,689)	(296,369)
Other liabilities and accrued expenses	5,376	3,147	(18,682)
Net cash provided by/(used in) operating activities	313,255	275,629	(224,907)
Investing Activities
Business acquisitions, net of cash acquired	(16,268)	—	(96,504)
Purchases of fixed assets, net	(15,498)	(10,051)	(30,600)
Net cash used in investing activities	(31,766)	(10,051)	(127,104)
Financing Activities
Net change in short-term financing	(37,342)	30,000	—
Repayment of long-term financing	—	(125,000)	—
Payment of contingent consideration	(1,550)	—	—
Payment of cash dividends	(73,726)	(84,444)	(107,528)
Increase/(decrease) in noncontrolling interests	(2,358)	538	44,804
Repurchase of common stock	(66,426)	(70,680)	(187,334)
Proceeds from stock option exercises	792	—	—
Net cash used in financing activities	(180,610)	(249,586)	(250,058)
Currency adjustment:
Effect of exchange rate changes on cash	(1,143)	1,482	(3,272)
Net increase/(decrease) in cash and cash equivalents	99,736	17,474	(605,341)
Cash and cash equivalents at beginning of year	383,098	365,624	970,965
Cash and cash equivalents at end of year	$482,834	$383,098	$365,624
Supplemental disclosure of cash flow information
Cash paid during the year for:
Interest	$5,691	$10,163	$9,481
Income taxes	$10,907	$19,446	$85,428

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.