![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
Piper Jaffray Companies (NYSE: PJC) today announced its financial results for the quarter ended June 30, 2015.
In the second quarter, we generated strong performance as our businesses produced solid results, we made important progress on growth initiatives and returned a significant amount of capital through share repurchases.
Financial Highlights
%
(1.7 )% $ 319,618 $ 328,195 (2.6 )% Net income $ 18,634 $ 18,819 $ 20,494 (1.0 )% (9.1 )% $ 37,453 $ 40,529 (7.6 )% Earnings per diluted common share $ 1.19 $ 1.14 $ 1.25 4.4%
(4.8 )% $ 2.33 $ 2.49 (6.4 )% Pre-tax operating margin 17.8 % 18.9 % 19.2 % 18.4 % 19.3 % U.S. GAAP Net revenues $ 164,066 $ 161,871 $ 170,031 1.4%
(3.5 )% $ 325,937 $ 338,164 (3.6 )% Net income $ 16,999 $ 16,972 $ 18,213 0.2%
(6.7 )% $ 33,971 $ 35,961 (5.5 )% Earnings per diluted common share $ 1.08 $ 1.03 $ 1.11 4.9%
(2.7 )% $ 2.11 $ 2.21 (4.5)%
Pre-tax operating margin 15.8 % 19.3 % 17.9 % 17.5 % 18.7 %(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.
For the second quarter of 2015, on a U.S. GAAP basis, net revenues were $164.1 million, and net income was $17.0 million, or $1.08 per diluted common share.
“We continue to produce consistently strong results,” said Andrew S. Duff, Chairman and Chief Executive Officer, "with our public finance and advisory businesses leading the way this quarter. Our steady performance over the past few years has positioned us to take advantage of growth opportunities like the major expansion into FIG and the acquisition of BMO Capital Markets GKST we announced recently."
Second Quarter Results – Non-GAAP BasisThroughout the Adjusted Consolidated Results and Business Segment Results sections of this press release we present financial measures that are not prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The non-GAAP financial measures include adjustments to exclude (1) revenues and expenses related to noncontrolling interests, (2) amortization of intangible assets related to acquisitions and (3) compensation for acquisition-related agreements. 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. 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."
Adjusted Consolidated ResultsFor the second quarter of 2015, adjusted net revenues were $163.9 million, down 2% compared to $166.7 million in the second quarter of 2014. Adjusted net revenues increased 5% compared to the first quarter of 2015 due to strong debt financing and advisory services revenues, partially offset by investment losses.
For the second quarter of 2015, adjusted compensation and benefits expenses were $102.7 million, up slightly compared to the second quarter of 2014. Adjusted compensation and benefits expenses increased 9% compared to the first quarter of 2015 due primarily to higher revenues.
For the second quarter of 2015, adjusted compensation and benefits expenses were 62.6% of adjusted net revenues, compared to 61.0% and 60.7% for the second quarter of 2014 and the first quarter of 2015, respectively. The adjusted compensation ratio increased compared to both the year-ago period and the sequential quarter due to a change in our mix of business. The adjusted compensation ratio was also higher compared to both periods due to compensation expenses associated with significant hiring in our Capital Markets segment as we build a financial institutions group.
Adjusted non-compensation expenses were $32.0 million for the second quarter of 2015, down 3% compared to the year-ago period and up 1% compared to the first quarter of 2015.
Business Segment ResultsThe firm has two reportable business segments: Capital Markets and Asset Management. Consolidated net revenues and expenses are fully allocated to these two segments.
Capital MarketsFor the quarter, Capital Markets generated adjusted pre-tax operating income of $24.3 million, compared to $23.1 million and $22.4 million in the second quarter of 2014 and the first quarter of 2015, respectively.
Adjusted net revenues were $146.0 million, up 1% and 7% compared to the year-ago period and the first quarter of 2015, respectively.
Asset ManagementFor the quarter ended June 30, 2015, Asset Management generated adjusted pre-tax operating income of $4.9 million, down 45% and 31% compared to the second quarter of 2014 and the first quarter of 2015, respectively.
Net revenues were $17.9 million, down 19% and 9% compared to the second quarter of 2014 and the first quarter of 2015, respectively. The decrease compared to the year-ago period was due to lower management fees from our value equity product offerings, partially offset by increased management fees from our MLP product offerings. Also, investment loss was $0.7 million for the current quarter, compared with income of $1.1 million and $0.6 million in the second quarter of 2014 and the first quarter of 2015, respectively.
Other MattersIn the second quarter of 2015, we repurchased $59.4 million, or approximately 1,200,000 shares of our common stock, at an average price of $49.53 per share. We have $7.9 million remaining on our share repurchase authorization, which expires on September 30, 2016.
Additional Shareholder Information
For the Quarter Ended June 30, 2015 Mar. 31, 2015 June 30, 2014 Full time employees 1,100 1,030 999 Equity financings # of transactions 27 35 33 Capital raised $6.1 billion $6.5 billion $9.2 billion Negotiated tax-exempt issuances # of transactions 155 99 112 Par value $3.9 billion $2.9 billion $2.4 billion Mergers & acquisitions # of transactions 14 15 16 Aggregate deal value $3.5 billion $1.6 billion $3.7 billion Asset Management AUM $11.4 billion $11.4 billion $12.6 billion Common shareholders’ equity $789.6 million $831.0 million $787.8 million Number of common shares outstanding (in thousands) 13,904 15,000 14,995 Rolling 12 month return on average common shareholders’ equity * 7.5% 7.8% 9.2% Rolling 12 month return on average tangible common shareholders’ equity † 10.8% 11.2% 13.9% Book value per share $56.79 $55.40 $52.54 Tangible book value per share ‡ $39.60 $39.35 $36.06 * 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. † Rolling 12 month return on average tangible 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 less average goodwill and identifiable intangible assets. Management believes 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. Average common shareholders’ equity is the most directly comparable GAAP financial measure to average tangible shareholders’ equity. The following is a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity: As of As of As of (Amounts in thousands) June 30, 2015 Mar. 31, 2015 June 30, 2014 Average common shareholders’ equity $ 811,208 $ 803,670 $ 740,280 Deduct: average goodwill and identifiable intangible assets 242,824 244,646 249,096 Average tangible common shareholders’ equity $ 568,384 $ 559,024 $ 491,184 ‡ Tangible book value per share is computed by dividing tangible common shareholders’ equity by common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets. Management believes that tangible book value per share is a meaningful measure of the tangible assets deployed in our business. Shareholders’ equity is the most directly comparable GAAP financial measure to tangible shareholders’ equity. The following is a reconciliation of shareholders’ equity to tangible shareholders’ equity: As of As of As of (Amounts in thousands) June 30, 2015 Mar. 31, 2015 June 30, 2014 Common shareholders’ equity $ 789,635 $ 830,951 $ 787,848 Deduct: goodwill and identifiable intangible assets 238,990 240,763 247,172 Tangible common shareholders’ equity $ 550,645 $ 590,188 $ 540,676Conference Call
Andrew S. Duff, chairman and chief executive officer, and Debbra L. Schoneman, chief financial officer, will hold a conference call to review the financial results on Thur., July 23 at 9 a.m. ET (8 a.m. CT). The earnings release will be available on or after July 23 at the firm's Web site at www.piperjaffray.com. The call can be accessed via webcast or by dialing (888)810-0209 or (706)902-1361 (international) and referencing reservation #77675515. Callers should dial in at least 15 minutes prior to the call time. A replay of the conference call will be available beginning at approximately 12 p.m. ET July 23 at the same Web address or by calling (855)859-2056 and referencing reservation #77675515.
About Piper Jaffray
Piper Jaffray is an investment bank and asset management firm serving clients in the U.S. and internationally. Proven advisory teams combine deep industry, product and sector expertise with ready access to capital. Founded in 1895, the firm is headquartered in Minneapolis and has offices across the United States and in London, Hong Kong and Zurich. www.piperjaffray.com
Cautionary Note Regarding Forward-Looking Statements
This press release and the conference call to discuss the contents of this press release contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about general economic and market conditions (including the outlook for equity markets and the interest rate environment), the environment and prospects for corporate advisory transactions and capital markets (including our performance in specific sectors), anticipated financial results generally (including expectations regarding our non-compensation expenses, compensation and benefits expense, compensation ratio, revenue levels, operating margins, earnings per share, effective tax rate, and return on equity), current deal pipelines (or backlogs), the liquidity of fixed income markets and impact on our related inventory, our strategic priorities (including growth in public finance, asset management, and corporate advisory), potential acquisitions or strategic hires, the expected benefits of our acquisitions of River Branch Holdings, LLC and BMO Capital Markets GKST, Inc., or other similar matters.
Forward-looking statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the following:
A further listing and description of these and other risks, uncertainties and important factors can be found in the sections titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014 and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014, and updated in our subsequent reports filed with the SEC (available at our Web site at www.piperjaffray.com and at the SEC Web site at www.sec.gov).
Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.
© 2015 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000, Minneapolis, Minnesota 55402-7020
Piper Jaffray Companies
Preliminary Results of Operations (U.S. GAAP – Unaudited)
Three Months Ended Percent Inc/(Dec) Six Months Ended June 30, Mar. 31, June 30, 2Q '15 2Q '15 June 30, June 30, Percent (Amounts in thousands, except per share data) 2015 2015 2014 vs. 1Q '15 vs. 2Q '14 2015 2014 Inc/(Dec) Revenues: Investment banking $ 106,069 $ 87,077 $ 103,813 21.8%
2.2 % $ 193,146 $ 192,287 0.4%
Institutional brokerage 36,661 36,036 34,528 1.7 6.2 72,697 78,562 (7.5 ) Asset management 19,257 20,522 22,266 (6.2 ) (13.5 ) 39,779 43,225 (8.0 ) Interest 11,422 12,205 12,448 (6.4 ) (8.2 ) 23,627 26,107 (9.5 ) Investment income/(loss) (3,299 ) 12,591 2,921 N/M N/M 9,292 9,689 (4.1 ) Total revenues 170,110 168,431 175,976 1.0 (3.3 ) 338,541 349,870 (3.2 ) Interest expense 6,044 6,560 5,945 (7.9 ) 1.7 12,604 11,706 7.7 Net revenues 164,066 161,871 170,031 1.4 (3.5 ) 325,937 338,164 (3.6 ) Non-interest expenses: Compensation and benefits 103,554 95,857 103,076 8.0 0.5 199,411 203,565 (2.0 ) Outside services 8,885 8,184 9,914 8.6 (10.4 ) 17,069 18,682 (8.6 ) Occupancy and equipment 6,983 6,783 7,061 2.9 (1.1 ) 13,766 13,839 (0.5 ) Communications 5,088 6,328 5,432 (19.6 ) (6.3 ) 11,416 11,387 0.3 Marketing and business development 7,239 6,982 6,709 3.7 7.9 14,221 12,960 9.7 Trade execution and clearance 1,977 1,997 1,788 (1.0 ) 10.6 3,974 3,622 9.7 Intangible asset amortization expense 1,773 1,773 2,318 — (23.5 ) 3,546 4,636 (23.5 ) Other operating expenses 2,708 2,675 3,316 1.2 (18.3 ) 5,383 6,343 (15.1 ) Total non-interest expenses 138,207 130,579 139,614 5.8 (1.0 ) 268,786 275,034 (2.3 ) Income before income tax expense 25,859 31,292 30,417 (17.4 ) (15.0 ) 57,151 63,130 (9.5 ) Income tax expense 9,542 9,490 10,049 0.5 (5.0 ) 19,032 19,876 (4.2 ) Net income 16,317 21,802 20,368 (25.2 ) (19.9 ) 38,119 43,254 (11.9 ) Net income/(loss) applicable to noncontrolling interests (682 ) 4,830 2,155 N/M N/M 4,148 7,293 (43.1 ) Net income applicable to Piper Jaffray Companies (a) $ 16,999 $ 16,972 $ 18,213 0.2%
(6.7 )% $ 33,971 $ 35,961 (5.5 )% Net income applicable to Piper Jaffray Companies’ common shareholders (a) $ 15,699 $ 15,810 $ 16,717 (0.7 )% (6.1 )% $ 31,513 $ 32,806 (3.9 )% Earnings per common share Basic $ 1.08 $ 1.03 $ 1.12 4.9%
(3.6 )% $ 2.12 $ 2.22 (4.5 )% Diluted $ 1.08 $ 1.03 $ 1.11 4.9%
(2.7 )% $ 2.11 $ 2.21 (4.5 )% Weighted average number of common shares outstanding Basic 14,487 15,294 14,958 (5.3 )% (3.1 )% 14,888 14,786 0.7%
Diluted 14,513 15,332 15,013 (5.3 )% (3.3 )% 14,920 14,836 0.6%
(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.
N/M — Not meaningful
Piper Jaffray Companies
Preliminary Segment Data (U.S. GAAP – Unaudited)
Three Months Ended Percent Inc/(Dec) Six Months Ended June 30, Mar. 31, June 30, 2Q '15 2Q '15 June 30, June 30, Percent (Dollars in thousands) 2015 2015 2014 vs. 1Q '15 vs. 2Q '14 2015 2014 Inc/(Dec) Capital Markets Investment banking Financing Equities $ 35,755 $ 36,489 $ 44,058 (2.0 )% (18.8 )% $ 72,244 $ 79,359 (9.0 )% Debt 30,098 21,738 20,174 38.5 49.2 51,836 33,713 53.8 Advisory services 40,139 29,266 39,695 37.2 1.1 69,405 79,423 (12.6 ) Total investment banking 105,992 87,493 103,927 21.1 2.0 193,485 192,495 0.5 Institutional sales and trading Equities 20,407 18,905 18,366 7.9 11.1 39,312 42,626 (7.8 ) Fixed income 20,482 21,217 21,085 (3.5 ) (2.9 ) 41,699 46,323 (10.0 ) Total institutional sales and trading 40,889 40,122 39,451 1.9 3.6 81,011 88,949 (8.9 ) Management and performance fees 621 1,407 1,388 (55.9 ) (55.3 ) 2,028 3,125 (35.1 ) Investment income 215 14,705 4,998 (98.5 ) (95.7 ) 14,920 15,376 (3.0 ) Long-term financing expenses (1,553 ) (1,560 ) (1,705 ) (0.4 ) (8.9 ) (3,113 ) (3,445 ) (9.6 ) Net revenues 146,164 142,167 148,059 2.8 (1.3 ) 288,331 296,500 (2.8 ) Operating expenses 123,687 116,203 124,691 6.4 (0.8 ) 239,890 245,621 (2.3 ) Segment pre-tax operating income $ 22,477 $ 25,964 $ 23,368 (13.4 )% (3.8 )% $ 48,441 $ 50,879 (4.8 )% Segment pre-tax operating margin 15.4 % 18.3 % 15.8 % 16.8 % 17.2 % Asset Management Management and performance fees Management fees $ 18,436 $ 19,107 $ 20,600 (3.5 )% (10.5 )% $ 37,543 $ 39,736 (5.5 )% Performance fees 200 8 278 N/M (28.1 ) 208 364 (42.9 ) Total management and performance fees 18,636 19,115 20,878 (2.5 ) (10.7 ) 37,751 40,100 (5.9 ) Investment income/(loss) (734 ) 589 1,094 N/M N/M (145 ) 1,564 N/M Net revenues 17,902 19,704 21,972 (9.1 ) (18.5 ) 37,606 41,664 (9.7 ) Operating expenses 14,520 14,376 14,923 1.0 (2.7 ) 28,896 29,413 (1.8 ) Segment pre-tax operating income $ 3,382 $ 5,328 $ 7,049 (36.5 )% (52.0 )% $ 8,710 $ 12,251 (28.9 )% Segment pre-tax operating margin 18.9 % 27.0 % 32.1 % 23.2 % 29.4 % Total Net revenues $ 164,066 $ 161,871 $ 170,031 1.4%
(3.5 )% $ 325,937 $ 338,164 (3.6 )% Operating expenses 138,207 130,579 139,614 5.8 (1.0 ) 268,786 275,034 (2.3 ) Pre-tax operating income $ 25,859 $ 31,292 $ 30,417 (17.4 )% (15.0 )% $ 57,151 $ 63,130 (9.5 )% Pre-tax operating margin 15.8 % 19.3 % 17.9 % 17.5 % 18.7 %N/M — Not meaningful
Piper Jaffray Companies
Preliminary Selected Summary Financial Information (Non-GAAP – Unaudited) (1)
Three Months Ended Percent Inc/(Dec) Six Months Ended June 30, Mar. 31, June 30, 2Q '15 2Q '15 June 30, June 30, Percent (Amounts in thousands, except per share data) 2015 2015 2014 vs. 1Q '15 vs. 2Q '14 2015 2014 Inc/(Dec) Revenues: Investment banking $ 106,069 $ 87,077 $ 103,813 21.8%
2.2%
$ 193,146 $ 192,287 0.4%
Institutional brokerage 36,661 36,036 34,528 1.7 6.2 72,697 78,562 (7.5 ) Asset management 19,257 20,522 22,266 (6.2 ) (13.5 ) 39,779 43,225 (8.0 ) Interest 8,114 9,245 9,451 (12.2 ) (14.1 ) 17,359 19,807 (12.4 ) Investment income/(loss) (1,151 ) 8,452 1,666 N/M N/M 7,301 4,247 71.9Total revenues
168,950 161,332 171,724 4.7 (1.6 ) 330,282 338,128 (2.3 ) Interest expense 5,071 5,593 5,026 (9.3 ) 0.9 10,664 9,933 7.4 Adjusted net revenues (2) $ 163,879 $ 155,739 $ 166,698 5.2%
(1.7 )% $ 319,618 $ 328,195 (2.6 )% Non-interest expenses: Adjusted compensation and benefits (3) $ 102,650 $ 94,606 $ 101,660 8.5%
1.0%
$ 197,256 $ 200,860 (1.8 )% Ratio of adjusted compensation and benefits to adjusted net revenues 62.6 % 60.7 % 61.0 % 61.7 % 61.2 % Adjusted non-compensation expenses (4) $ 32,011 $ 31,647 $ 33,042 1.2%
(3.1 )% $ 63,658 $ 64,157 (0.8 )% Ratio of adjusted non-compensation expenses to adjusted net revenues 19.5 % 20.3 % 19.8 % 19.9 % 19.5 % Adjusted income: Adjusted income before adjusted income tax expense (5) $ 29,218 $ 29,486 $ 31,996 (0.9 )% (8.7 )% $ 58,704 $ 63,178 (7.1 )% Adjusted operating margin (6) 17.8 % 18.9 % 19.2 % 18.4 % 19.3 % Adjusted income tax expense (7) 10,584 10,667 11,502 (0.8 ) (8.0 ) 21,251 22,649 (6.2 ) Adjusted net income (8) $ 18,634 $ 18,819 $ 20,494 (1.0 )% (9.1 )% $ 37,453 $ 40,529 (7.6 )% Effective tax rate (9) 36.2 % 36.2 % 35.9 % 36.2 % 35.8 % Adjusted net income applicable to Piper Jaffray Companies’ common shareholders (10) $ 17,209 $ 17,531 $ 18,811 (1.8 )% (8.5 )% $ 34,743 $ 36,973 (6.0 )% Adjusted earnings per diluted common share $ 1.19 $ 1.14 $ 1.25 4.4%
(4.8 )% $ 2.33 $ 2.49 (6.4 )% Weighted average number of common shares outstanding Diluted 14,513 15,332 15,013 (5.3 )% (3.3 )% 14,920 14,836 0.6%
This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. 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."
N/M — Not meaningful
Piper Jaffray Companies
Preliminary Adjusted Segment Data (Non-GAAP – Unaudited)
Three Months Ended Percent Inc/(Dec) Six Months Ended June 30, Mar. 31, June 30, 2Q '15 2Q '15 June 30, June 30, Percent (Dollars in thousands) 2015 2015 2014 vs. 1Q '15 vs. 2Q '14 2015 2014 Inc/(Dec) Capital Markets Investment banking Financing Equities $ 35,755 $ 36,489 $ 44,058 (2.0 )% (18.8 )% $ 72,244 $ 79,359 (9.0 )% Debt 30,098 21,738 20,174 38.5 49.2 51,836 33,713 53.8 Advisory services 40,139 29,266 39,695 37.2 1.1 69,405 79,423 (12.6 ) Total investment banking 105,992 87,493 103,927 21.1 2.0 193,485 192,495 0.5 Institutional sales and trading Equities 20,407 18,905 18,366 7.9 11.1 39,312 42,626 (7.8 ) Fixed income 20,482 21,217 21,085 (3.5 ) (2.9 ) 41,699 46,323 (10.0 ) Total institutional sales and trading 40,889 40,122 39,451 1.9 3.6 81,011 88,949 (8.9 ) Management and performance fees 621 1,407 1,388 (55.9 ) (55.3 ) 2,028 3,125 (35.1 ) Investment income 28 8,573 1,665 (99.7 ) (98.3 ) 8,601 5,407 59.1 Long-term financing expenses (1,553 ) (1,560 ) (1,705 ) (0.4 ) (8.9 ) (3,113 ) (3,445 ) (9.6 ) Adjusted net revenues (2) 145,977 136,035 144,726 7.3 0.9 282,012 286,531 (1.6 ) Adjusted operating expenses (12) 121,651 113,601 121,675 7.1 — 235,252 239,396 (1.7 ) Adjusted segment pre-tax operating income (5) $ 24,326 $ 22,434 $ 23,051 8.4%
5.5 % $ 46,760 $ 47,135 (0.8 )% Adjusted segment pre-tax operating margin (6) 16.7 % 16.5 % 15.9 % 16.6 % 16.5 % Asset Management Management and performance fees Management fees $ 18,436 $ 19,107 $ 20,600 (3.5 )% (10.5 )% $ 37,543 $ 39,736 (5.5 )% Performance fees 200 8 278 N/M (28.1 ) 208 364 (42.9 ) Total management and performance fees 18,636 19,115 20,878 (2.5 ) (10.7 ) 37,751 40,100 (5.9 ) Investment income/(loss) (734 ) 589 1,094 N/M N/M (145 ) 1,564 N/M Net revenues 17,902 19,704 21,972 (9.1 ) (18.5 ) 37,606 41,664 (9.7 ) Adjusted operating expenses (13) 13,010 12,652 13,027 2.8 (0.1 ) 25,662 25,621 0.2 Adjusted segment pre-tax operating income (13) $ 4,892 $ 7,052 $ 8,945 (30.6 )% (45.3 )% $ 11,944 $ 16,043 (25.6 )% Adjusted segment pre-tax operating margin (6) 27.3 % 35.8 % 40.7 % 31.8 % 38.5 % Total Adjusted net revenues (2) $ 163,879 $ 155,739 $ 166,698 5.2%
(1.7 )% $ 319,618 $ 328,195 (2.6 )% Adjusted operating expenses (12) 134,661 126,253 134,702 6.7 — 260,914 265,017 (1.5 ) Adjusted pre-tax operating income (5) $ 29,218 $ 29,486 $ 31,996 (0.9 )% (8.7 )% $ 58,704 $ 63,178 (7.1 )% Adjusted pre-tax operating margin (6) 17.8 % 18.9 % 19.2 % 18.4 % 19.3 %This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. 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."
N/M — Not meaningful
Piper Jaffray Companies
Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited)
Three Months Ended Six Months Ended June 30, Mar. 31, June 30, June 30, June 30, (Amounts in thousands, except per share data) 2015 2015 2014 2015 2014 Net revenues: Net revenues – U.S. GAAP basis $ 164,066 $ 161,871 $ 170,031 $ 325,937 $ 338,164 Adjustments: Revenue related to noncontrolling interests (11) (187 ) (6,132 ) (3,333 ) (6,319 ) (9,969 ) Adjusted net revenues $ 163,879 $ 155,739 $ 166,698 $ 319,618 $ 328,195 Compensation and benefits: Compensation and benefits – U.S. GAAP basis $ 103,554 $ 95,857 $ 103,076 $ 199,411 $ 203,565 Adjustments: Compensation from acquisition-related agreements (904 ) (1,251 ) (1,416 ) (2,155 ) (2,705 ) Adjusted compensation and benefits $ 102,650 $ 94,606 $ 101,660 $ 197,256 $ 200,860 Non-compensation expenses: Non-compensation expenses – U.S. GAAP basis $ 34,653 $ 34,722 $ 36,538 $ 69,375 $ 71,469 Adjustments: Non-compensation expenses related to noncontrolling interests (11) (869 ) (1,302 ) (1,178 ) (2,171 ) (2,676 ) Amortization of intangible assets related to acquisitions (1,773 ) (1,773 ) (2,318 ) (3,546 ) (4,636 ) Adjusted non-compensation expenses $ 32,011 $ 31,647 $ 33,042 $ 63,658 $ 64,157 Income before income tax expense: Income before income tax expense – U.S. GAAP basis $ 25,859 $ 31,292 $ 30,417 $ 57,151 $ 63,130 Adjustments: Revenue related to noncontrolling interests (11) (187 ) (6,132 ) (3,333 ) (6,319 ) (9,969 ) Expenses related to noncontrolling interests (11) 869 1,302 1,178 2,171 2,676 Compensation from acquisition-related agreements 904 1,251 1,416 2,155 2,705 Amortization of intangible assets related to acquisitions 1,773 1,773 2,318 3,546 4,636 Adjusted income before adjusted income tax expense $ 29,218 $ 29,486 $ 31,996 $ 58,704 $ 63,178 Income tax expense: Income tax expense – U.S. GAAP basis $ 9,542 $ 9,490 $ 10,049 $ 19,032 $ 19,876 Tax effect of adjustments: Compensation from acquisition-related agreements 352 487 551 839 1,052 Amortization of intangible assets related to acquisitions 690 690 902 1,380 1,721 Adjusted income tax expense $ 10,584 $ 10,667 $ 11,502 $ 21,251 $ 22,649 Net income applicable to Piper Jaffray Companies: Net income applicable to Piper Jaffray Companies – U.S. GAAP basis $ 16,999 $ 16,972 $ 18,213 $ 33,971 $ 35,961 Adjustments: Compensation from acquisition-related agreements 552 764 865 1,316 1,653 Amortization of intangible assets related to acquisitions 1,083 1,083 1,416 2,166 2,915 Adjusted net income $ 18,634 $ 18,819 $ 20,494 $ 37,453 $ 40,529 Net income applicable to Piper Jaffray Companies' common shareholders: Net income applicable to Piper Jaffray Companies' common stockholders – U.S. GAAP basis $ 15,699 $ 15,810 $ 16,717 $ 31,513 $ 32,806 Adjustments: Compensation from acquisition-related agreements 510 712 794 1,221 1,508 Amortization of intangible assets related to acquisitions 1,000 1,009 1,300 2,009 2,659 Adjusted net income applicable to Piper Jaffray Companies' common stockholders $ 17,209 $ 17,531 $ 18,811 $ 34,743 $ 36,973 Earnings per diluted common share: Earnings per diluted common share – U.S. GAAP basis $ 1.08 $ 1.03 $ 1.11 $ 2.11 $ 2.21 Adjustments: Compensation from acquisition-related agreements 0.04 0.05 0.05 0.08 0.10 Amortization of intangible assets related to acquisitions 0.07 0.07 0.09 0.13 0.18 Adjusted earnings per diluted common share $ 1.19 $ 1.14 $ 1.25 $ 2.33 $ 2.49This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.
Piper Jaffray Companies
Notes to Non-GAAP Financial Schedules
(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723005228/en/
Piper Jaffray CompaniesInvestor Relations ContactTom Smith, 612-303-6336
1 Year Piper Jaffray Companies Chart |
1 Month Piper Jaffray Companies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions