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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Piper Jaffray Companies | NYSE:PJC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 79.62 | 0 | 01:00:00 |
April 23, 2015 | ||||
Date of report (Date of earliest event reported) |
PIPER JAFFRAY COMPANIES | ||||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 1-31720 | 30-0168701 | ||||||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
800 Nicollet Mall, Suite 1000 | ||||||||
Minneapolis, Minnesota | 55402 | |||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
(612) 303-6000 | ||||||||
(Registrant’s Telephone Number, Including Area Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibit |
PIPER JAFFRAY COMPANIES | ||||
Date: | April 23, 2015 | By | /s/ Debbra L. Schoneman | |
Debbra L. Schoneman | ||||
Chief Financial Officer |
No. | Description | Manner of Filing | ||
99 | Press Release dated 4/23/2015 | Filed Electronically |
• | Adjusted net income(1) was $18.8 million, or $1.14 per diluted common share(1), in the first quarter of 2015, compared to $20.0 million, or $1.24 per diluted common share, in the first quarter of 2014, and $14.7 million, or $0.90 per diluted common share, in the fourth quarter of 2014. |
• | Adjusted net revenues(1) were $155.7 million in the first quarter of 2015, compared to $161.5 million and $148.4 million in the first and fourth quarters of 2014, respectively. |
• | Adjusted pre-tax operating margin(1) was 18.9% in the first quarter of 2015, compared to 19.3% and 15.9% in the first and fourth quarters of 2014, respectively. |
• | Assets under management were $11.4 billion at March 31, 2015, compared to $11.5 billion in the year-ago period and $11.5 billion at the end of the fourth quarter of 2014. |
• | Rolling 12 month return on average common shareholders' equity increased to 7.8% at March 31, 2015, compared to 7.2% at March 31, 2014. Our rolling 12 month return on average tangible common shareholders' equity(2) increased to 11.2% at March 31, 2015, compared to 10.9% at March 31, 2014. |
• | Book value per share increased 8% from March 31, 2014 to $55.40 a share at March 31, 2015. |
Three Months Ended | Percent Inc/(Dec) | ||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | 1Q '15 | 1Q '15 | |||||||||||||
(Amounts in thousands, except per share data) | 2015 | 2014 | 2014 | vs. 4Q '14 | vs. 1Q '14 | ||||||||||||
As Adjusted(1) | |||||||||||||||||
Net revenues | $ | 155,739 | $ | 148,394 | $ | 161,497 | 4.9 | % | (3.6 | )% | |||||||
Net income | $ | 18,819 | $ | 14,700 | $ | 20,035 | 28.0 | % | (6.1 | )% | |||||||
Earnings per diluted common share | $ | 1.14 | $ | 0.90 | $ | 1.24 | 26.7 | % | (8.1 | )% | |||||||
Pre-tax operating margin | 18.9 | % | 15.9 | % | 19.3 | % | |||||||||||
U.S. GAAP | |||||||||||||||||
Net revenues | $ | 161,871 | $ | 150,548 | $ | 168,133 | 7.5 | % | (3.7 | )% | |||||||
Net income | $ | 16,972 | $ | 12,543 | $ | 17,748 | 35.3 | % | (4.4 | )% | |||||||
Earnings per diluted common share | $ | 1.03 | $ | 0.77 | $ | 1.10 | 33.8 | % | (6.4 | )% | |||||||
Pre-tax operating margin | 19.3 | % | 14.3 | % | 19.5 | % |
(1) | A non-U.S. GAAP ("non-GAAP") measure. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information." We believe that presenting our results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of our operating results across periods. |
(2) | A non-GAAP measure. See the "Additional Shareholder Information" section for a detailed explanation of the adjustment made to the corresponding U.S. GAAP measure. We believe that the rolling 12 month return on average tangible common shareholders' equity is a meaningful measure of our return on tangible assets deployed in the business. |
• | Equity financing revenues of $36.5 million increased 3% and 58% compared to the first and fourth quarters of 2014, respectively. Revenues were favorable compared to both periods due to more completed transactions. |
• | Debt financing revenues were $21.7 million, up 61% and 11% compared to the year-ago period and the fourth quarter of 2014, respectively, due to more completed transactions. |
• | Advisory services revenues were $29.3 million, down 26% and 28% compared to the first and fourth quarters of 2014, respectively, due to fewer completed transactions. Also, revenues were unfavorable compared to the year-ago period due to lower revenue per transaction. |
• | Equity institutional brokerage revenues of $18.9 million decreased 22% and 17% compared to the year-ago period and the fourth quarter of 2014, respectively, due to lower client trading volumes. The decrease compared to the first quarter of 2014 was also attributable to lower revenues from block trades, which are more episodic in occurrence. |
• | Fixed income institutional brokerage revenues were $21.2 million, down 16% and 8% compared to the first and fourth quarters of 2014, respectively, due to lower trading gains. |
• | Management and performance fees earned from managing our alternative asset management funds were $1.4 million, compared to $1.7 million and $0.9 million in the year-ago period and the sequential quarter, respectively. |
• | Adjusted investment income, which includes realized and unrealized gains and losses on our investments in the merchant banking fund and the municipal bond fund that we manage for third party investors, and other firm investments, was $8.6 million, compared to $3.7 million in the year-ago period and $1.3 million in the fourth quarter of 2014. In the first quarter of 2015, we recorded higher gains on these investments. |
• | Long-term financing expenses, which primarily represents interest paid on the firm's variable rate senior notes, were $1.6 million, down 10% and 2% compared to the first and fourth quarters of 2014, respectively. |
• | Adjusted operating expenses for the first quarter of 2015 were $113.6 million, down 4% compared to the first quarter of 2014 and up 2% compared to the fourth quarter of 2014. The decrease compared to the year-ago period was due to lower compensation expenses. |
• | Adjusted segment pre-tax operating margin was 16.5% compared to 17.0% in the year-ago period and 13.9% in the fourth quarter of 2014. Adjusted pre-tax operating margin improved compared to the sequential quarter due to higher net revenues. |
• | Adjusted operating expenses for the current quarter were $12.7 million, essentially flat compared to the year-ago period and down 4% compared to the fourth quarter of 2014. |
• | Adjusted segment pre-tax operating margin was 35.8%, compared to 36.0% in the first quarter of 2014 and 29.9% in the fourth quarter of 2014. Adjusted segment pre-tax operating margin improved relative to the sequential quarter due to higher net revenues from investment income and lower non-compensation expenses. |
• | Assets under management (AUM) were $11.4 billion at the end of the first quarter of 2015, compared to $11.5 billion in the year-ago period and $11.5 billion at the end of the fourth quarter of 2014. |
For the Quarter Ended | |||||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Full time employees | 1,030 | 1,026 | 1,015 | ||
Equity financings | |||||
# of transactions | 35 | 18 | 31 | ||
Capital raised | $6.5 billion | $2.7 billion | $5.3 billion | ||
Negotiated tax-exempt issuances | |||||
# of transactions | 99 | 92 | 57 | ||
Par value | $2.9 billion | $1.9 billion | $1.6 billion | ||
Mergers & acquisitions | |||||
# of transactions | 15 | 22 | 17 | ||
Aggregate deal value | $1.6 billion | $2.5 billion | $2.8 billion | ||
Asset Management | |||||
AUM | $11.4 billion | $11.5 billion | $11.5 billion | ||
Common shareholders’ equity | $831.0 million | $819.9 million | $767.5 million | ||
Number of common shares outstanding (in thousands) | 15,000 | 15,265 | 14,916 | ||
Rolling 12 month return on average common shareholders’ equity * | 7.8% | 8.1% | 7.2% | ||
Rolling 12 month return on average tangible common shareholders’ equity † | 11.2% | 11.8% | 10.9% | ||
Book value per share | $55.40 | $53.71 | $51.45 | ||
Tangible book value per share ‡ | $39.35 | $37.82 | $34.81 |
* | Rolling 12 month return on average common shareholders' equity is computed by dividing net income applicable to Piper Jaffray Companies' for the last 12 months by average monthly common shareholders' equity. |
As of | As of | As of | |||||||||
(Amounts in thousands) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||||||||
Average common shareholders’ equity | $ | 803,670 | $ | 783,425 | $ | 732,386 | |||||
Deduct: average goodwill and identifiable intangible assets | 244,646 | 246,598 | 246,867 | ||||||||
Average tangible common shareholders’ equity | $ | 559,024 | $ | 536,827 | $ | 485,519 |
As of | As of | As of | |||||||||
(Amounts in thousands) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||||||||
Common shareholders’ equity | $ | 830,951 | $ | 819,912 | $ | 767,454 | |||||
Deduct: goodwill and identifiable intangible assets | 240,763 | 242,536 | 248,246 | ||||||||
Tangible common shareholders’ equity | $ | 590,188 | $ | 577,376 | $ | 519,208 |
• | market and economic conditions or developments may be unfavorable, including in specific sectors in which we operate, and these conditions or developments, such as market fluctuations or volatility, may adversely affect our business, revenue levels and profitability; |
• | net revenues from capital markets and corporate advisory engagements may vary materially depending on the number, size, and timing of completed transactions, and completed transactions do not generally provide for subsequent engagements; |
• | the volume of anticipated investment banking transactions as reflected in our deal pipelines (and the net revenues we earn from such transactions) may differ from expected results if there is a decline in macroeconomic conditions or the financial markets, or if the terms of any transactions are modified; |
• | interest rate volatility, especially if the changes are rapid or severe, could negatively impact our fixed income institutional business and the negative impact could be exaggerated by reduced liquidity in the fixed income markets; |
• | strategic trading activities comprise a meaningful portion of our fixed income institutional brokerage revenue, and results from these activities may be volatile and vary significantly, including the possibility of incurring losses, on a quarterly and annual basis; |
• | potential acquisitions targets or strategic hires may not be available on reasonable terms or at all, and we may not be able to effectively integrate any business or groups of employees we acquire or hire; and |
• | our stock price may fluctuate as a result of several factors, including but not limited to, changes in our revenues and operating results. |
Three Months Ended | Percent Inc/(Dec) | ||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | 1Q '15 | 1Q '15 | |||||||||||||
(Amounts in thousands, except per share data) | 2015 | 2014 | 2014 | vs. 4Q '14 | vs. 1Q '14 | ||||||||||||
Revenues: | |||||||||||||||||
Investment banking | $ | 87,077 | $ | 82,613 | $ | 88,474 | 5.4 | % | (1.6 | )% | |||||||
Institutional brokerage | 36,036 | 42,324 | 44,034 | (14.9 | ) | (18.2 | ) | ||||||||||
Asset management | 20,522 | 20,242 | 20,959 | 1.4 | (2.1 | ) | |||||||||||
Interest | 12,205 | 11,781 | 13,659 | 3.6 | (10.6 | ) | |||||||||||
Investment income | 12,591 | 434 | 6,768 | N/M | 86.0 | ||||||||||||
Total revenues | 168,431 | 157,394 | 173,894 | 7.0 | (3.1 | ) | |||||||||||
Interest expense | 6,560 | 6,846 | 5,761 | (4.2 | ) | 13.9 | |||||||||||
Net revenues | 161,871 | 150,548 | 168,133 | 7.5 | (3.7 | ) | |||||||||||
Non-interest expenses: | |||||||||||||||||
Compensation and benefits | 95,857 | 93,765 | 100,489 | 2.2 | (4.6 | ) | |||||||||||
Occupancy and equipment | 6,783 | 6,080 | 6,778 | 11.6 | 0.1 | ||||||||||||
Communications | 6,328 | 5,684 | 5,955 | 11.3 | 6.3 | ||||||||||||
Trade execution and clearance | 1,997 | 2,094 | 1,834 | (4.6 | ) | 8.9 | |||||||||||
Marketing and business development | 6,982 | 7,473 | 6,251 | (6.6 | ) | 11.7 | |||||||||||
Outside services | 8,184 | 9,218 | 8,768 | (11.2 | ) | (6.7 | ) | ||||||||||
Intangible asset amortization expense | 1,773 | 2,318 | 2,318 | (23.5 | ) | (23.5 | ) | ||||||||||
Other operating expenses | 2,675 | 2,427 | 3,027 | 10.2 | (11.6 | ) | |||||||||||
Total non-interest expenses | 130,579 | 129,059 | 135,420 | 1.2 | (3.6 | ) | |||||||||||
Income before income tax expense | 31,292 | 21,489 | 32,713 | 45.6 | (4.3 | ) | |||||||||||
Income tax expense | 9,490 | 7,514 | 9,827 | 26.3 | (3.4 | ) | |||||||||||
Net income | 21,802 | 13,975 | 22,886 | 56.0 | (4.7 | ) | |||||||||||
Net income applicable to noncontrolling interests | 4,830 | 1,432 | 5,138 | 237.3 | (6.0 | ) | |||||||||||
Net income applicable to Piper Jaffray Companies (a) | $ | 16,972 | $ | 12,543 | $ | 17,748 | 35.3 | % | (4.4 | )% | |||||||
Net income applicable to Piper Jaffray Companies’ common shareholders (a) | $ | 15,810 | $ | 11,700 | $ | 16,089 | 35.1 | % | (1.7 | )% | |||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 1.03 | $ | 0.77 | $ | 1.10 | 33.8 | % | (6.4 | )% | |||||||
Diluted | $ | 1.03 | $ | 0.77 | $ | 1.10 | 33.8 | % | (6.4 | )% | |||||||
Weighted average number of common shares outstanding | |||||||||||||||||
Basic | 15,294 | 15,241 | 14,612 | 0.3 | % | 4.7 | % | ||||||||||
Diluted | 15,332 | 15,293 | 14,657 | 0.3 | % | 4.6 | % |
(a) | Net income applicable to Piper Jaffray Companies is the total net income earned by the Company. Piper Jaffray Companies calculates earnings per common share using the two-class method, which requires the allocation of consolidated net income between common shareholders and participating security holders, which in the case of Piper Jaffray Companies, represents unvested restricted stock with dividend rights. |
Three Months Ended | Percent Inc/(Dec) | ||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | 1Q '15 | 1Q '15 | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | vs. 4Q '14 | vs. 1Q '14 | ||||||||||||
Capital Markets | |||||||||||||||||
Investment banking | |||||||||||||||||
Financing | |||||||||||||||||
Equities | $ | 36,489 | $ | 23,056 | $ | 35,301 | 58.3 | % | 3.4 | % | |||||||
Debt | 21,738 | 19,583 | 13,539 | 11.0 | 60.6 | ||||||||||||
Advisory services | 29,266 | 40,433 | 39,728 | (27.6 | ) | (26.3 | ) | ||||||||||
Total investment banking | 87,493 | 83,072 | 88,568 | 5.3 | (1.2 | ) | |||||||||||
Institutional sales and trading | |||||||||||||||||
Equities | 18,905 | 22,874 | 24,260 | (17.4 | ) | (22.1 | ) | ||||||||||
Fixed income | 21,217 | 23,140 | 25,238 | (8.3 | ) | (15.9 | ) | ||||||||||
Total institutional sales and trading | 40,122 | 46,014 | 49,498 | (12.8 | ) | (18.9 | ) | ||||||||||
Management and performance fees | 1,407 | 886 | 1,737 | 58.8 | (19.0 | ) | |||||||||||
Investment income | 14,705 | 3,446 | 10,378 | 326.7 | 41.7 | ||||||||||||
Long-term financing expenses | (1,560 | ) | (1,597 | ) | (1,740 | ) | (2.3 | ) | (10.3 | ) | |||||||
Net revenues | 142,167 | 131,821 | 148,441 | 7.8 | (4.2 | ) | |||||||||||
Operating expenses | 116,203 | 114,039 | 120,930 | 1.9 | (3.9 | ) | |||||||||||
Segment pre-tax operating income | $ | 25,964 | $ | 17,782 | $ | 27,511 | 46.0 | % | (5.6 | )% | |||||||
Segment pre-tax operating margin | 18.3 | % | 13.5 | % | 18.5 | % | |||||||||||
Asset Management | |||||||||||||||||
Management and performance fees | |||||||||||||||||
Management fees | $ | 19,107 | $ | 19,298 | $ | 19,136 | (1.0 | )% | (0.2 | )% | |||||||
Performance fees | 8 | 58 | 86 | (86.2 | ) | (90.7 | ) | ||||||||||
Total management and performance fees | 19,115 | 19,356 | 19,222 | (1.2 | ) | (0.6 | ) | ||||||||||
Investment income/(loss) | 589 | (629 | ) | 470 | (193.6 | ) | 25.3 | ||||||||||
Net revenues | 19,704 | 18,727 | 19,692 | 5.2 | 0.1 | ||||||||||||
Operating expenses | 14,376 | 15,020 | 14,490 | (4.3 | ) | (0.8 | ) | ||||||||||
Segment pre-tax operating income | $ | 5,328 | $ | 3,707 | $ | 5,202 | 43.7 | % | 2.4 | % | |||||||
Segment pre-tax operating margin | 27.0 | % | 19.8 | % | 26.4 | % | |||||||||||
Total | |||||||||||||||||
Net revenues | $ | 161,871 | $ | 150,548 | $ | 168,133 | 7.5 | % | (3.7 | )% | |||||||
Operating expenses | 130,579 | 129,059 | 135,420 | 1.2 | (3.6 | ) | |||||||||||
Pre-tax operating income | $ | 31,292 | $ | 21,489 | $ | 32,713 | 45.6 | % | (4.3 | )% | |||||||
Pre-tax operating margin | 19.3 | % | 14.3 | % | 19.5 | % |
Three Months Ended | Percent Inc/(Dec) | ||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | 1Q '15 | 1Q '15 | |||||||||||||
(Amounts in thousands, except per share data) | 2015 | 2014 | 2014 | vs. 4Q '14 | vs. 1Q '14 | ||||||||||||
Revenues: | |||||||||||||||||
Investment banking | $ | 87,077 | $ | 82,613 | $ | 88,474 | 5.4 | % | (1.6 | )% | |||||||
Institutional brokerage | 36,036 | 42,324 | 44,034 | (14.9 | ) | (18.2 | ) | ||||||||||
Asset management | 20,522 | 20,242 | 20,959 | 1.4 | (2.1 | ) | |||||||||||
Interest | 9,245 | 8,853 | 10,356 | 4.4 | (10.7 | ) | |||||||||||
Investment income | 8,452 | 125 | 2,581 | N/M | 227.5 | ||||||||||||
Total revenues | 161,332 | 154,157 | 166,404 | 4.7 | (3.0 | ) | |||||||||||
Interest expense | 5,593 | 5,763 | 4,907 | (2.9 | ) | 14.0 | |||||||||||
Adjusted net revenues (2) | $ | 155,739 | $ | 148,394 | $ | 161,497 | 4.9 | % | (3.6 | )% | |||||||
Non-interest expenses: | |||||||||||||||||
Adjusted compensation and benefits (3) | $ | 94,606 | $ | 92,552 | $ | 99,200 | 2.2 | % | (4.6 | )% | |||||||
Ratio of adjusted compensation and benefits to adjusted net revenues | 60.7 | % | 62.4 | % | 61.4 | % | |||||||||||
Adjusted non-compensation expenses (4) | $ | 31,647 | $ | 32,254 | $ | 31,115 | (1.9 | )% | 1.7 | % | |||||||
Ratio of adjusted non-compensation expenses to adjusted net revenues | 20.3 | % | 21.7 | % | 19.3 | % | |||||||||||
Adjusted income: | |||||||||||||||||
Adjusted income before adjusted income tax expense (5) | $ | 29,486 | $ | 23,588 | $ | 31,182 | 25.0 | % | (5.4 | )% | |||||||
Adjusted operating margin (6) | 18.9 | % | 15.9 | % | 19.3 | % | |||||||||||
Adjusted income tax expense (7) | 10,667 | 8,888 | 11,147 | 20.0 | (4.3 | ) | |||||||||||
Adjusted net income (8) | $ | 18,819 | $ | 14,700 | $ | 20,035 | 28.0 | % | (6.1 | )% | |||||||
Effective tax rate (9) | 36.2 | % | 37.7 | % | 35.7 | % | |||||||||||
Adjusted net income applicable to Piper Jaffray Companies’ common shareholders (10) | $ | 17,531 | $ | 13,712 | $ | 18,162 | 27.9 | % | (3.5 | )% | |||||||
Adjusted earnings per diluted common share | $ | 1.14 | $ | 0.90 | $ | 1.24 | 26.7 | % | (8.1 | )% | |||||||
Weighted average number of common shares outstanding | |||||||||||||||||
Diluted | 15,332 | 15,293 | 14,657 | 0.3 | % | 4.6 | % |
Three Months Ended | Percent Inc/(Dec) | ||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | 1Q '15 | 1Q '15 | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | vs. 4Q '14 | vs. 1Q '14 | ||||||||||||
Capital Markets | |||||||||||||||||
Investment banking | |||||||||||||||||
Financing | |||||||||||||||||
Equities | $ | 36,489 | $ | 23,056 | $ | 35,301 | 58.3 | % | 3.4 | % | |||||||
Debt | 21,738 | 19,583 | 13,539 | 11.0 | 60.6 | ||||||||||||
Advisory services | 29,266 | 40,433 | 39,728 | (27.6 | ) | (26.3 | ) | ||||||||||
Total investment banking | 87,493 | 83,072 | 88,568 | 5.3 | (1.2 | ) | |||||||||||
Institutional sales and trading | |||||||||||||||||
Equities | 18,905 | 22,874 | 24,260 | (17.4 | ) | (22.1 | ) | ||||||||||
Fixed income | 21,217 | 23,140 | 25,238 | (8.3 | ) | (15.9 | ) | ||||||||||
Total institutional sales and trading | 40,122 | 46,014 | 49,498 | (12.8 | ) | (18.9 | ) | ||||||||||
Management and performance fees | 1,407 | 886 | 1,737 | 58.8 | (19.0 | ) | |||||||||||
Investment income | 8,573 | 1,292 | 3,742 | 563.5 | 129.1 | ||||||||||||
Long-term financing expenses | (1,560 | ) | (1,597 | ) | (1,740 | ) | (2.3 | ) | (10.3 | ) | |||||||
Adjusted net revenues (2) | 136,035 | 129,667 | 141,805 | 4.9 | (4.1 | ) | |||||||||||
Adjusted operating expenses (12) | 113,601 | 111,682 | 117,721 | 1.7 | (3.5 | ) | |||||||||||
Adjusted segment pre-tax operating income (5) | $ | 22,434 | $ | 17,985 | $ | 24,084 | 24.7 | % | (6.9 | )% | |||||||
Adjusted segment pre-tax operating margin (6) | 16.5 | % | 13.9 | % | 17.0 | % | |||||||||||
Asset Management | |||||||||||||||||
Management and performance fees | |||||||||||||||||
Management fees | $ | 19,107 | $ | 19,298 | $ | 19,136 | (1.0 | )% | (0.2 | )% | |||||||
Performance fees | 8 | 58 | 86 | (86.2 | ) | (90.7 | ) | ||||||||||
Total management and performance fees | 19,115 | 19,356 | 19,222 | (1.2 | ) | (0.6 | ) | ||||||||||
Investment income/(loss) | 589 | (629 | ) | 470 | (193.6 | ) | 25.3 | ||||||||||
Net revenues | 19,704 | 18,727 | 19,692 | 5.2 | 0.1 | ||||||||||||
Adjusted operating expenses (13) | 12,652 | 13,124 | 12,594 | (3.6 | ) | 0.5 | |||||||||||
Adjusted segment pre-tax operating income (13) | $ | 7,052 | $ | 5,603 | $ | 7,098 | 25.9 | % | (0.6 | )% | |||||||
Adjusted segment pre-tax operating margin (6) | 35.8 | % | 29.9 | % | 36.0 | % | |||||||||||
Total | |||||||||||||||||
Adjusted net revenues (2) | $ | 155,739 | $ | 148,394 | $ | 161,497 | 4.9 | % | (3.6 | )% | |||||||
Adjusted operating expenses (12) | 126,253 | 124,806 | 130,315 | 1.2 | (3.1 | ) | |||||||||||
Adjusted pre-tax operating income (5) | $ | 29,486 | $ | 23,588 | $ | 31,182 | 25.0 | % | (5.4 | )% | |||||||
Adjusted pre-tax operating margin (6) | 18.9 | % | 15.9 | % | 19.3 | % |
Three Months Ended | |||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | |||||||||
(Amounts in thousands, except per share data) | 2015 | 2014 | 2014 | ||||||||
Net revenues: | |||||||||||
Net revenues – U.S. GAAP basis | $ | 161,871 | $ | 150,548 | $ | 168,133 | |||||
Adjustments: | |||||||||||
Revenue related to noncontrolling interests (11) | (6,132 | ) | (2,154 | ) | (6,636 | ) | |||||
Adjusted net revenues | $ | 155,739 | $ | 148,394 | $ | 161,497 | |||||
Compensation and benefits: | |||||||||||
Compensation and benefits – U.S. GAAP basis | $ | 95,857 | $ | 93,765 | $ | 100,489 | |||||
Adjustments: | |||||||||||
Compensation from acquisition-related agreements | (1,251 | ) | (1,213 | ) | (1,289 | ) | |||||
Adjusted compensation and benefits | $ | 94,606 | $ | 92,552 | $ | 99,200 | |||||
Non-compensation expenses: | |||||||||||
Non-compensation expenses – U.S. GAAP basis | $ | 34,722 | $ | 35,294 | $ | 34,931 | |||||
Adjustments: | |||||||||||
Non-compensation expenses related to noncontrolling interests (11) | (1,302 | ) | (722 | ) | (1,498 | ) | |||||
Amortization of intangible assets related to acquisitions | (1,773 | ) | (2,318 | ) | (2,318 | ) | |||||
Adjusted non-compensation expenses | $ | 31,647 | $ | 32,254 | $ | 31,115 | |||||
Income before income tax expense: | |||||||||||
Income before income tax expense – U.S. GAAP basis | $ | 31,292 | $ | 21,489 | $ | 32,713 | |||||
Adjustments: | |||||||||||
Revenue related to noncontrolling interests (11) | (6,132 | ) | (2,154 | ) | (6,636 | ) | |||||
Expenses related to noncontrolling interests (11) | 1,302 | 722 | 1,498 | ||||||||
Compensation from acquisition-related agreements | 1,251 | 1,213 | 1,289 | ||||||||
Amortization of intangible assets related to acquisitions | 1,773 | 2,318 | 2,318 | ||||||||
Adjusted income before adjusted income tax expense | $ | 29,486 | $ | 23,588 | $ | 31,182 | |||||
Income tax expense: | |||||||||||
Income tax expense – U.S. GAAP basis | $ | 9,490 | $ | 7,514 | $ | 9,827 | |||||
Tax effect of adjustments: | |||||||||||
Compensation from acquisition-related agreements | 487 | 472 | 501 | ||||||||
Amortization of intangible assets related to acquisitions | 690 | 902 | 819 | ||||||||
Adjusted income tax expense | $ | 10,667 | $ | 8,888 | $ | 11,147 | |||||
Net income applicable to Piper Jaffray Companies: | |||||||||||
Net income applicable to Piper Jaffray Companies – U.S. GAAP basis | $ | 16,972 | $ | 12,543 | $ | 17,748 | |||||
Adjustments: | |||||||||||
Compensation from acquisition-related agreements | 764 | 741 | 788 | ||||||||
Amortization of intangible assets related to acquisitions | 1,083 | 1,416 | 1,499 | ||||||||
Adjusted net income | $ | 18,819 | $ | 14,700 | $ | 20,035 | |||||
Three Months Ended | |||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | |||||||||
(Amounts in thousands, except per share data) | 2015 | 2014 | 2014 | ||||||||
Net income applicable to Piper Jaffray Companies' common shareholders: | |||||||||||
Net income applicable to Piper Jaffray Companies' common stockholders – U.S. GAAP basis | $ | 15,810 | $ | 11,700 | $ | 16,089 | |||||
Adjustments: | |||||||||||
Compensation from acquisition-related agreements | 712 | 691 | 714 | ||||||||
Amortization of intangible assets related to acquisitions | 1,009 | 1,321 | 1,359 | ||||||||
Adjusted net income applicable to Piper Jaffray Companies' common stockholders | $ | 17,531 | $ | 13,712 | $ | 18,162 | |||||
Earnings per diluted common share: | |||||||||||
Earnings per diluted common share – U.S. GAAP basis | $ | 1.03 | $ | 0.77 | $ | 1.10 | |||||
Adjustments: | |||||||||||
Compensation from acquisition-related agreements | 0.05 | 0.05 | 0.05 | ||||||||
Amortization of intangible assets related to acquisitions | 0.07 | 0.09 | 0.09 | ||||||||
Adjusted earnings per diluted common share | $ | 1.14 | $ | 0.90 | $ | 1.24 |
(1) | Selected Summary Financial Information are non-GAAP measures. Management believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods. |
(2) | A non-GAAP measure which excludes revenues related to noncontrolling interests (see (11) below). |
(3) | A non-GAAP measure which excludes compensation expense from acquisition-related agreements. |
(4) | A non-GAAP measure which excludes (a) non-compensation expenses related to noncontrolling interests (see (11) below) and (b) amortization of intangible assets related to acquisitions. |
(5) | A non-GAAP measure which excludes (a) revenues and expenses related to noncontrolling interests (see (11) below), (b) compensation from acquisition-related agreements and (c) amortization of intangible assets related to acquisitions. |
(6) | A non-GAAP measure which represents adjusted income before adjusted income tax expense as a percentage of adjusted net revenues. |
(7) | A non-GAAP measure which excludes the income tax benefit from (a) compensation from acquisition-related agreements and (b) amortization of intangible assets related to acquisitions. |
(8) | A non-GAAP measure which represents net income earned by the Company excluding (a) compensation expense from acquisition-related agreements, (b) amortization of intangible assets related to acquisitions and (c) the income tax expense/(benefit) allocated to the adjustments. |
(9) | Effective tax rate is a non-GAAP measure which is computed based on a quotient, the numerator of which is adjusted income tax expense and the denominator of which is adjusted income before adjusted income tax expense. |
(10) | Piper Jaffray Companies calculates earnings per common share using the two-class method, which requires the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of Piper Jaffray Companies, represents unvested stock with dividend rights. |
(11) | Noncontrolling interests include revenue and expenses from consolidated alternative asset management entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. |
(12) | A non-GAAP measure which excludes (a) expenses related to noncontrolling interests (see (11) above), (b) compensation from acquisition-related agreements and (c) amortization of intangible assets related to acquisitions. |
(13) | A non-GAAP measure which excludes (a) compensation from acquisition-related agreements and (b) amortization of intangible assets related to acquisitions. |
1 Year Piper Jaffray Companies Chart |
1 Month Piper Jaffray Companies Chart |
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