Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $306 million for Q3 2023, up 10% from the prior quarter but down 9% year-over-year [39] - Operating income for Q3 2023 was $47 million, with an operating margin of 15.3% [18] - For the first nine months of 2023, net revenues totaled $873 million, down 16% year-over-year [16] Business Line Data and Key Metrics Changes - Corporate investment banking revenues reached $192 million in Q3 2023, marking the best quarter of the year, with M&A and debt capital raises showing sequential increases [5] - Advisory services accounted for 50% of adjusted net revenues in Q3 2023, with revenues of $155 million reflecting a moderate improvement in M&A and debt markets [6][31] - The public finance business generated $20 million in municipal financing revenues, up modestly compared to Q2 2023 [36] - Equity brokerage revenues were flat at $50 million compared to Q2 2023, with trading volumes down 3% sequentially [37] Market Data and Key Metrics Changes - The company maintained its number one rank in US bank M&A transactions for the first nine months of 2023, advising on seven of the ten largest completed deals [7] - Economic fees from sub $5 billion market cap companies increased approximately 88% year-over-year, compared to a 26% increase in the fee pool for this market [9] Company Strategy and Development Direction - The company is focused on scaling industry groups, expanding reach and share, increasing transaction fee size, and adding new managing directors and verticals to its platform [35] - The outlook for advisory activity is positive, with expectations for sequential improvement in Q4 2023 [8] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions remain challenging, but there is optimism for a gradual recovery in M&A activity [30][78] - The company expects the fourth quarter to be historically strong, with several large announced deals anticipated to close by year-end [8] Other Important Information - The company returned an aggregate of $14 million to shareholders in Q3 2023, primarily through cash dividends [19] - A senior executive transition was announced, with Tim Carter retiring and Kate Clune set to succeed him as CFO [10] Q&A Session Summary Question: Advisory outlook and sponsor activity - Management indicated that while there is interest in transactions, activity from sponsors is likely to remain subdued in the near term [44][45] Question: Muni underwriting and market conditions - Management noted that higher rates could limit new project financing, impacting overall volumes [48][70] Question: Restructuring business growth - The restructuring business has seen growth, with revenues increasing each year from a low base [80] Question: Hiring trajectory for managing directors - Management expects to maintain a steady pace of hiring, focusing on productivity and performance [56] Question: Timeline for M&A recovery - Management anticipates a slow recovery in M&A activity, with visibility into Q4 and early next year [78]

☐ 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 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 June 30, 2023 OR (Exact Name of Registrant as specified in its Charter) (State or Other Jurisdiction of Incorporati ...

Piper Sandler Companies (NYSE:PIPR) Q2 2023 Earnings Call Transcript July 28, 2023 9:00 AM ET Company Participants Chad Abraham - Chairman and Chief Executive Officer Deb Schoneman - President Tim Carter - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Brendan O'Brien - Wolfe Research Mike Grondahl - Northland Securities Operator Good morning, and welcome to the Piper Sandler Companies' Conference Call to discuss the Financial Results for the Seco ...

(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, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ 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 ...

Piper Sandler Companies (NYSE:PIPR) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET Company Participants Chad Abraham - Chairman and Chief Executive Officer Deb Schoneman - President Tim Carter - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Brendan O'Brien - Wolfe Research Mike Grondahl - Northland Securities Operator Good morning, and welcome to the Piper Sandler Companies' conference call to discuss the financial results for the first ...

Cautionary notice regarding forward-looking statements These reports are available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov. Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Author ...

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, 2022 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, Minnesota 55402 (Address of Pri ...

Financial Data and Key Metrics Changes - In Q4 2022, the company generated adjusted net revenues of $391 million, with an operating margin of 19.3% and adjusted EPS of $3.33, marking a strong finish to the year [3][16] - For the full year 2022, adjusted net revenues totaled $1.4 billion, an 18.8% operating margin, and adjusted EPS of $11.26, representing the second strongest year on record [3][16] - Net revenues for Q4 2022 decreased 38% from the record fourth quarter of 2021, while full year revenues declined 28% from the exceptional prior year [16] Business Line Data and Key Metrics Changes - Corporate investment banking revenues for Q4 2022 were $258 million, up 20% sequentially, but full year revenues of $902 million declined 35% from 2021 [4][16] - Advisory services generated $221 million in Q4, up 26% sequentially, with full year advisory revenues of $776 million, the second strongest year in history [6][16] - Equity brokerage revenues reached $56 million in Q4, up 7% sequentially, and full year revenues totaled $210 million, exceeding the $200 million target set at the beginning of the year [13][16] - Fixed income revenues for Q4 were $50 million, up 34% sequentially, while full year revenues were $195 million, down 17% from the previous year [14][16] Market Data and Key Metrics Changes - The equity market fee pool for 2022 was the lowest in over 20 years, declining more than 60% from the average of the last 10 years [7] - Municipal financing revenues for Q4 were $19 million, down 30% sequentially, with full year revenues of $108 million, a 34% decline from the previous year [12][16] - The overall market issuance for 2022 declined approximately 20% from the prior year, with high yield new issuance decreasing about 40% [12] Company Strategy and Development Direction - The company aims to grow annual corporate investment banking revenues to over $2 billion in the coming years by scaling industry groups and increasing transaction sizes [10] - The acquisition of DBO Partners has doubled the technology banking platform, positioning the company for growth in this sector [3] - The company is focused on filling white spaces within investment banking and has added talent to strengthen its industry coverage [8] Management's Comments on Operating Environment and Future Outlook - Management expects a slow start to 2023 for the advisory business due to current economic conditions, but anticipates a potential pickup in the second half of the year [6][30] - The company remains cautious about hiring, focusing on senior hires that drive revenue while being selective with junior hiring [34] - The outlook for fixed income is positive, with expectations for increased client activity as higher nominal rates present attractive investment opportunities [14][40] Other Important Information - The company repurchased approximately 1.4 million shares for $187 million in 2022, returning a total of $295 million to shareholders through share buybacks and dividends [19] - A special cash dividend of $1.25 per share was approved, alongside a quarterly cash dividend of $0.60 per share [19] Q&A Session Summary Question: Advisory outlook and pipeline progression - Management noted a strong backlog but expects a slower start to the year, with many mandates ready but slow to launch due to market conditions [30] Question: Municipal finance normalization - Management indicated that normalization depends on market conditions, particularly the amount of refunding and inflows into high yield funds [31][32] Question: Appetite for acquisitions in 2023 - The company expressed a good appetite for continued tuck-in acquisitions, although it will be cautious in evaluating opportunities in the current market [56] Question: Corporate financing and healthcare ECM outlook - Management reported a slight improvement in ECM activity, particularly in healthcare, but noted that it is not yet at normalized levels [38] Question: Fixed income business outlook - Management expects fixed income activity to remain strong, driven by banks repositioning their balance sheets, but clarity on interest rates is needed for sustained demand [40] Question: Non-compensation expense trajectory - Management indicated that non-compensation expenses are expected to remain consistent with Q4 levels going forward [44]

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, 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 Incorp ...

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]