Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $335 million for Q3 2022, with an operating margin of 17.3% and adjusted diluted EPS of $2.32 [4][14] - For the first nine months of 2022, adjusted net revenues totaled $1 billion, with an operating margin of 18.6% and adjusted diluted EPS of $7.93 [4][14] - Compared to Q2 2022, net revenues decreased by 3%, while year-over-year, they decreased by 24% due to lower corporate investment banking revenues [14] Business Line Data and Key Metrics Changes - Advisory revenues for Q3 2022 were $175 million, a 3% increase sequentially but an 18% decline year-over-year [5] - Corporate financing revenues were $40 million, up 37% from the prior quarter but down 49% from the same quarter last year [6] - Equity brokerage generated record revenues of $53 million, benefiting from elevated trading volumes and the addition of Cornerstone Macro [10] - Fixed income revenues were $37 million, down 31% from Q2 2022 due to increased rate volatility and reduced client activity [12] Market Data and Key Metrics Changes - The public finance business generated $27 million in municipal financing revenues, down 25% from Q2 2022, with overall market issuance declining to approximately $94 billion [9] - The company ranked as the number two adviser for US M&A deals under $1 billion based on announced transactions during the first nine months of 2022 [5] Company Strategy and Development Direction - The company aims to grow its advisory business through sector and product expansion, with a focus on technology and private equity [3] - Recent acquisitions, including DBO Partners, are intended to enhance capabilities and scale in the technology investment banking sector [3][4] - The company is focused on building its tech business to match the size of its financial and healthcare sectors, with plans for geographic expansion in Europe [28] Management's Comments on Operating Environment and Future Outlook - Management noted that while market conditions remain challenging, client engagement is strong, and there are opportunities for growth [7] - The advisory pipeline is strong, but conversion is difficult due to cautious client behavior and longer deal timelines [35] - The company expects Q4 2022 to be stronger than the previous two quarters, despite ongoing market challenges [5] Other Important Information - The company repurchased approximately 199,000 shares for $22 million in Q3 2022, totaling 1.4 million shares for $186 million year-to-date [16] - A quarterly cash dividend of $0.60 per share was approved, to be paid on December 9, 2022 [16] Q&A Session Summary Question: Improvement in M&A conditions - Management indicated that while there was a small sequential pickup in advisory business, overall market conditions remain difficult, with longer timelines for deals [21] Question: Equity trading business performance - Management attributed the success in equity trading to the Cornerstone acquisition and the overall trading platform, benefiting from market volatility [23] Question: Fixed income brokerage outlook - Management expects continued softness in fixed income due to rate volatility and reduced liquidity among depository clients [25] Question: Advisory business growth and M&A opportunities - Management expressed optimism about future M&A opportunities, particularly in the technology sector, despite current market challenges [28] Question: Impact of rate hikes on client dialogues - Management noted that rising rates have made financing more expensive, affecting various business lines, particularly in financial services [30] Question: Key drivers for municipal financing - Management highlighted that refinancing activity has halted, impacting the governmental side of municipal financing, while new issues remain stable [32] Question: Advisory pipeline strength - Management clarified that while the advisory pipeline is strong, deals are taking longer to close, and the environment remains cautious [35] Question: DBO team's integration and potential - Management expressed excitement about the DBO team's capabilities and the potential for growth in private equity advisory services [39]

(Mark One) FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 800 Nicollet Mall, Suite 900 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 30-0168701 For the transition period from to PIPER SAND ...

Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $346 million for Q2 2022, with a 17.5% operating margin and adjusted diluted EPS of $2.47. For the first half of 2022, adjusted net revenues totaled $707 million, with a 19.2% operating margin and adjusted diluted EPS of $5.59, reflecting a decline compared to the record prior year period [10][30][31] - Net revenues decreased 4% from Q1 2022 and 30% from the exceptionally strong prior year quarter, primarily due to lower advisory revenues and historically low equity capital markets activity [26][27] Business Line Data and Key Metrics Changes - Advisory revenues for Q2 2022 were $170 million, down 20% sequentially and 32% year-over-year, impacted by market volatility and delayed transaction closings [11] - Corporate financing revenues were $29 million in Q2 2022, showing improvement from Q1 as the company underwrote 11 equity deals despite a largely shut equity capital market [14] - Municipal financing revenues increased by 29% from Q1 to $35 million, reflecting strong performance and market share gains [18] - Equity brokerage generated record revenues of $51 million, benefiting from the integration of Cornerstone Macro [21] - Fixed income revenues were $54 million, down modestly from Q1, with client activity strongest among municipal-centric clients [23] Market Data and Key Metrics Changes - The overall market issuance for municipal financing was slightly above $100 billion, down approximately 12% from the previous year due to higher interest rates and increased volatility [18] - The equity markets experienced approximately 20% decline year-to-date, impacting the fee pool for research and trading services [22] Company Strategy and Development Direction - The company is focused on expanding its advisory business through sector and product expansion, while also increasing market share in Financing and Brokerage businesses [5] - Recent acquisitions, including Stamford Partners and the pending acquisition of DBO Partners, are aimed at enhancing capabilities in the food and beverage and technology sectors, respectively [6][7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position and ability to execute growth strategies despite a challenging macroeconomic environment [5] - The advisory pipeline remains strong, but current macroeconomic conditions have introduced uncertainty, leading to longer deal timelines [13] - Management anticipates a typical summer slowdown in Q3 2022, with expectations for a rebound in Q4 [22][70] Other Important Information - The company repurchased approximately 418,000 shares for $50 million during Q2 2022, returning a total of $254 million to shareholders through buybacks and dividends in the first half of the year [31][32] - A quarterly cash dividend of $0.60 per share was approved, to be paid on September 9 [32] Q&A Session Summary Question: Corporate financing outlook - Management noted that the stronger-than-expected results in corporate financing were relative to very low levels in Q1, and while there are signs of improvement in healthcare ECM, overall levels remain muted [36][38] Question: Advisory side guidance - Management indicated that while historical trends suggest a stronger second half, the environment has become more challenging, and advisory results may be closer to flat [40] Question: Restructuring business outlook - Management observed a pickup in volume and new engagements in the restructuring business, indicating potential for revenue growth [41] Question: M&A advisory outlook - Management acknowledged a strong backlog but noted that deals are moving slower due to macroeconomic uncertainty, with financing becoming more difficult [45][46] Question: Capital allocation and liquidity - Management discussed the potential for lower dividend payouts to generate capacity for acquisitions and emphasized a balanced approach to capital deployment [49][51] Question: Financial institutions' willingness to transact - Management noted that while smaller deals are progressing, larger transactions have slowed, influenced by current market conditions [58] Question: Fixed income business resilience - Management attributed better performance in fixed income to diversification across clients and products, expecting this trend to continue [62]

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 March 31, 2022 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 Number: 001-31720 PIPER SANDLER COMPANIES (Exact Name of Registrant as specified in its Charter) (State or Other Jurisdiction of Incorporat ...

V cshares, Inc. Fixed Income Investor Presentation Fixed Income Investor Presentation [Month] [Day], 2019 First Quarter 2022 Earnings Presentation September 2019 Forward-Looking Statements and Non-GAAP Financial Measures | --- | --- ...

Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $362 million for Q1 2022, a decrease of 13% year-over-year and a 43% decline from the record Q4 2021, primarily due to low equity capital markets activity [29][35] - The operating margin for Q1 2022 was 20.8%, marking the seventh consecutive quarter with an operating margin above 20% [32][35] - Adjusted EPS for Q1 2022 was $3.12, with net income reported at $57 million [32][35] Business Line Data and Key Metrics Changes - Corporate investment banking revenues totaled $230 million, with M&A advisory contributing 74% and corporate debt business generating $55 million [9][10] - Advisory revenues increased by 38% year-over-year to $211 million, driven by larger transactions and higher average fees [10][11] - Equity brokerage business achieved record revenues of $50 million, benefiting from increased volumes and the acquisition of Cornerstone Macro [21][22] - Fixed income revenues were $55 million, up 9% compared to Q4 2021, driven by rising interest rates [25][26] Market Data and Key Metrics Changes - Municipal financing revenues were flat at $27 million, with market issuance down approximately 12% year-over-year due to fewer refinancing activities [18][20] - The 10-year treasury rate increased by 55% from December 31 to March 31, reflecting market expectations of future inflation and Federal Reserve tightening [25][26] Company Strategy and Development Direction - The company remains focused on long-term growth, with ongoing investments in talent and acquisitions to strengthen its platform [15][16] - The acquisition of Cornerstone Macro is expected to enhance the company's capabilities in equity brokerage and research [21][22] - The company anticipates strong advisory revenues for the first half of 2022, with potential growth in the second half if market conditions remain supportive [13][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty in financial markets due to geopolitical risks and inflation but emphasized the resilience of their diversified business model [7][35] - The company expects M&A activity to remain strong, with robust pipelines across various industry verticals [12][13] - Management noted that while equity capital markets have slowed, there is a backlog of companies looking to raise capital when market conditions improve [50][51] Other Important Information - The company returned $195 million to shareholders through buybacks and dividends in Q1 2022, repurchasing approximately 789,000 shares [33][34] - The Board approved a quarterly cash dividend of $0.60 per share to be paid on June 10 [34] Q&A Session Summary Question: Insights on M&A advisory business outlook - Management indicated that while some deals have been impacted by public stock prices, the sponsor business remains strong, with a good pace of new deals [40] - Energy and financial sectors showed strong performance, while technology and software sectors have seen some slowdown due to valuations [42] Question: Capital return strategy amidst stock price decline - Management expressed a commitment to being opportunistic with buybacks, especially given the current stock price levels [44][45] Question: Equity capital markets activity - Management noted no significant pickup in ECM activity in early Q2, with a backlog of companies wanting to finance when the market stabilizes [50][51] Question: Fixed income trading outlook - Management highlighted that fixed income activity is correlated with interest rates, and they expect continued strong activity as clients rebalance portfolios [56] Question: Operating margin expectations - Management believes they can maintain an operating margin in the low 20s, supported by diversified revenue streams [64][66] Question: Recruiting environment and MD additions - Management is optimistic about recruiting new Managing Directors and has seen momentum in hiring despite market challenges [68] Question: Impact of liquidity changes on fixed income brokerage - Management acknowledged potential declines in depository client activity as liquidity decreases but emphasized strategies to leverage financial advisory services [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 Commission File No. 001-31720 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) Delaware 30-0168701 800 Nicollet Mall, Suite 900 Minneapolis, Minnesota 55402 (Address of Principal Executive Of ices) (Zip Code) (612) 303-6000 (Registrant's Telephone Num ...

Financial Data and Key Metrics Changes - The company generated $634 million of adjusted net revenues in Q4 2021, a 29% increase from the previous quarterly record [7] - For the full year 2021, adjusted net revenues totaled $2 billion, reflecting a 60% increase over the prior year [46] - Operating margin for Q4 2021 was 30.7%, with adjusted EPS of $7.84, both quarterly records [7][50] - The full year operating margin was 27.8%, up from 20.3% in 2020, indicating significant margin expansion [51] Business Line Data and Key Metrics Changes - Corporate investment banking revenues reached $476 million in Q4 2021, up 62% sequentially and 85% year-over-year [13] - Advisory revenues exceeded $1 billion for the first time in history, driven by strong M&A activity [15] - Equity brokerage revenues for Q4 2021 were $42 million, a 23% sequential increase but down 5% year-over-year [31] - Municipal financing revenues for Q4 2021 were $59 million, up 39% from Q3 and 47% from the previous year [35] Market Data and Key Metrics Changes - The U.S. equity issuance fee pool surpassed $20 billion for the first time, more than double the last 10-year average [21] - Municipal issuance in 2021 was $475 billion, nearly reaching the 2020 record of $485 billion [36] - The healthcare team completed 97 transactions, raising over $20 billion in capital, ranking among the top three investment banks for healthcare IPOs [22] Company Strategy and Development Direction - The company aims to grow annual corporate investment banking revenues to $2 billion over the next five years, focusing on both organic and inorganic growth [29][82] - Strategic initiatives include expanding into technology, healthcare services, and renewable energy sectors [12] - The acquisition of Cornerstone Macro and Stanford Partners is expected to enhance research capabilities and advisory services [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects M&A activity to remain strong in 2022, although advisory revenues may decline in the first half compared to the second half of 2021 [19][20] - The company anticipates a continuation of strong demand for services, supported by economic growth and capital availability [20] - There is optimism regarding the energy sector's recovery and the potential for growth in European markets [91] Other Important Information - The company announced a special cash dividend of $4.50 per share, with total dividends for 2021 amounting to $9.45 per share, a three-fold increase over 2020 [55] - The company repurchased approximately 572,000 shares, totaling $70 million, to offset dilution from annual stock grants [57] Q&A Session Summary Question: Equity underwriting pipeline status - Management noted that many deals are on hold rather than canceled, and market stabilization is needed for clients to proceed with transactions [62] Question: Investment priorities amid cost inflation - The company is focused on growth and hiring, with the adjusted compensation ratio reflecting a balance of performance and investment considerations [64] Question: Trends in the M&A market - Management indicated that the factors driving strong advisory business in 2021 remain in place, with a healthy pipeline for the upcoming year [70] Question: Impact of interest rates on fixed income business - Higher rates are generally beneficial for the business, with expectations of increased client activity as they adjust to the changing rate environment [74] Question: Excess cash position and future plans - The company has seen an increase in excess cash year-over-year, allowing for continued investment in growth and corporate development [76]

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, 2021 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) (State or Other Jurisdiction of Incorporat ...

Piper Sandler Companies (NYSE:PIPR) Q3 2021 Earnings Conference Call October 29, 2021 10:00 AM ET Company Participants Chad Abraham - Chairman & Chief Executive Officer Deb Schoneman - President Tim Carter - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Michael Brown - Keefe Bruyette & Woods Mike Grondahl - Northland Securities Operator Good morning, and welcome to the Piper Sandler Companies Conference Call to discuss the financial results for t ...