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Share Name | Share Symbol | Market | Type |
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Piper Jaffray Companies | NYSE:PJC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 79.62 | 0 | 01:00:00 |
Piper Jaffray Companies (NYSE:PJC) today announced its financial results for the quarter ended March 31, 2016.
Financial Highlights
For the first quarter of 2016, on a U.S. GAAP basis, net revenues were $153.6 million, and net income was $2.4 million, or $0.16 per diluted common share.
(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 an explanation of the calculation of this non-GAAP measure. We believe that the adjusted rolling 12 month return on average common shareholders' equity provides a meaningful measure of our return on the core operating results of the business.
"Our Advisory business got off to an exceptional start this year" said Andrew Duff, chairman and CEO of Piper Jaffray. "The strength in Advisory was in contrast to the challenging markets confronted by the industry in the first quarter."
First 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, (3) compensation for acquisition-related agreements and (4) restructuring and acquisition integration costs. Management believes that presenting results and measures on this adjusted basis alongside 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 first quarter of 2016, adjusted net revenues were $152.2 million, down 2% compared to $155.7 million in the first quarter of 2015, as higher advisory services revenues were more than offset by declines in equity financing revenues, asset management revenues and investment gains. Adjusted net revenues decreased 22% compared to $195.1 million in the fourth quarter of 2015 due primarily to lower investment banking revenues, as well as lower fixed income institutional brokerage revenues.
For the first quarter of 2016, adjusted compensation and benefits expenses were $101.1 million, up 7% compared to the first quarter of 2015. The increase was due to incremental compensation expenses associated with the significant hiring in 2015 to expand our financial institutions group and our acquisitions of Simmons & Company International ("Simmons"), BMO Capital Markets GKST Inc. ("BMO GKST"), and River Branch Holdings LLC ("River Branch"), which closed on February 26, 2016, October 9, 2015, and September 30, 2015, respectively. Adjusted compensation and benefits expenses decreased 19% compared to the fourth quarter of 2015 due to lower revenues.
For the first quarter of 2016, adjusted compensation and benefits expenses were 66.4% of adjusted net revenues, compared to 60.7% and 64.0% for the first and fourth quarters of 2015, respectively. The adjusted compensation ratio increased compared to both periods due to a change in our mix of business. Also, the compensation ratio was higher compared to the year-ago period due to compensation expenses associated with the expansion of our financial institutions group.
Adjusted non-compensation expenses were $35.0 million for the first quarter of 2016, up 11% compared to the year-ago period due to the incremental costs associated with the acquisitions of Simmons, BMO GKST and River Branch. Adjusted non-compensation expenses were down 5% compared to the sequential quarter due primarily to lower travel expenses resulting from decreased business activity.
On an adjusted basis, our effective tax rate was 34.0% for the first quarter of 2016, compared to 36.2% and 36.9% for the first and fourth quarters of 2015, respectively.
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 ended March 31, 2016, Capital Markets generated adjusted pre-tax operating income of $14.0 million, compared to $22.4 million and $31.0 million in the first and fourth quarters of 2015, respectively.
Adjusted net revenues were $140.3 million, up 3% compared to the year-ago period and down 23% from the fourth quarter of 2015.
Asset ManagementFor the quarter ended March 31, 2016, Asset Management generated adjusted pre-tax operating income of $2.0 million, compared to $7.1 million and $2.5 million in the first and fourth quarters of 2015, respectively.
Net revenues were $11.9 million, down 40% and 15% compared to the first and fourth quarters of 2015, respectively.
Other MattersOn February 26, 2016, we completed our previously announced acquisition of Simmons, a Texas-based employee-owned investment bank and broker dealer focused on the energy industry. The acquisition supports our strategy to expand our investment banking business into the energy sector and grow our advisory business.
In the first quarter of 2016, we incurred $6.8 million of restructuring and integration charges. These charges principally resulted from severance benefits, contract termination fees and transaction costs related to our acquisition of Simmons.
In the first quarter of 2016, we granted $35.1 million, or 844,000 shares, of restricted stock to our employees as part of their 2015 earned compensation at a weighted average grant date fair value of $41.58 per share.
We issued approximately 1.2 million shares of restricted stock valued at $49.3 million as equity consideration for Simmons. Nearly all of these shares cliff vest after three years, and the employees must fulfill service requirements in exchange for the rights to the shares.
During the first quarter of 2016, we repurchased $19.5 million, or 521,000 shares of our common stock, at an average price of $37.32 per share.
Additional Shareholder Information
For the Quarter EndedMar. 31,
Dec. 31,
Mar. 31,
2016 2015 2015 Full time employees 1,283 1,152 1,030 Equity financings # of transactions 7 12 35 Capital raised $1.2 billion $1.9 billion $6.5 billion Municipal negotiated issuances # of transactions 103 180 142 Par value $2.6 billion $2.6 billion $3.7 billion Advisory transactions # of transactions 36 25 16 Aggregate deal value $5.9 billion $10.0 billion $1.8 billion Asset Management AUM $7.5 billion $8.9 billion $11.4 billion Common shareholders’ equity $805.2 million $783.7 million $831.0 millionNumber of common shares outstanding (in thousands)
13,268 13,311 15,000 Rolling 12 month return on average common shareholders’ equity * 4.7% 6.4% 7.8% Adjusted rolling 12 month return on average common shareholders’ equity † 7.2% 8.1% 8.8% Book value per share $60.69 $58.87 $55.40 Tangible book value per share ‡ $35.69 $40.20 $39.35 * 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. † Adjusted Rolling 12 month return on average common shareholders' equity is computed by dividing adjusted net income for the last 12 months by average monthly common shareholders' equity. For a detailed explanation of the components of adjusted net income, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information." Management believes that the adjusted rolling 12 month return on average common shareholders' equity provides a meaningful measure of our return on the core operating results of the business. ‡ 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 ofMar. 31,
Dec. 31,
Mar. 31,
(Amounts in thousands) 2016 2015 2015 Common shareholders’ equity $ 805,180 $ 783,659 $ 830,951 Deduct: goodwill and identifiable intangible assets 331,707 248,506 240,763 Tangible common shareholders’ equity $ 473,473 $ 535,153 $ 590,188Conference CallAndrew 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., Apr. 28 at 9 a.m. ET (8 a.m. CT). The earnings release will be available on or after Apr. 28 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 #85616338. 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 Apr. 28 at the same Web address or by calling (855)859-2056 and referencing reservation #85616338.
About Piper JaffrayPiper 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, Aberdeen, Hong Kong and Zurich. www.piperjaffray.com
Cautionary Note Regarding Forward-Looking StatementsThis 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, capital markets and public finance transactions (including our performance in specific sectors and the outlook for future quarters), anticipated financial results generally (including expectations regarding our noncompensation 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), financial results for our asset management segment (including our performance in specific sectors, e.g. energy-based MLPs), 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), the expected benefits of our expansion into the financial institutions and energy sectors, including the expected benefits of the integration of Simmons and Company International, 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, 2015 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, 2015, 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.
© 2016 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) Mar. 31, Dec. 31, Mar. 31, 1Q '16 1Q '16 (Amounts in thousands, except per share data) 2016 2015 2015 vs. 4Q '15 vs. 1Q '15 Revenues: Investment banking $ 103,938 $ 129,332 $ 87,077 (19.6 )% 19.4 % Institutional brokerage 32,049 48,010 36,036 (33.2 ) (11.1 ) Asset management 13,848 16,287 20,522 (15.0 ) (32.5 ) Interest 8,829 8,802 12,205 0.3 (27.7 ) Investment income 937 613 12,591 52.9 (92.6 ) Total revenues 159,601 203,044 168,431 (21.4 ) (5.2 ) Interest expense 6,045 5,680 6,560 6.4 (7.9 ) Net revenues 153,556 197,364 161,871 (22.2 ) (5.1 ) Non-interest expenses: Compensation and benefits 104,436 126,190 95,857 (17.2 ) 8.9 Outside services 8,451 9,833 8,184 (14.1 ) 3.3 Occupancy and equipment 7,718 7,510 6,783 2.8 13.8 Communications 7,330 6,112 6,328 19.9 15.8 Marketing and business development 7,004 8,804 6,982 (20.4 ) 0.3 Trade execution and clearance 1,762 1,838 1,997 (4.1 ) (11.8 ) Restructuring and integration costs 6,773 9,156 — (26.0 ) N/M Intangible asset amortization expense 3,296 2,343 1,773 40.7 85.9 Other operating expenses 3,344 3,094 2,675 8.1 25.0 Total non-interest expenses 150,114 174,880 130,579 (14.2 ) 15.0 Income before income tax expense 3,442 22,484 31,292 (84.7 ) (89.0 ) Income tax expense 256 7,336 9,490 (96.5 ) (97.3 ) Net income 3,186 15,148 21,802 (79.0 ) (85.4 ) Net income applicable to noncontrolling interests 749 1,875 4,830 (60.1 ) (84.5 ) Net income applicable to Piper Jaffray Companies (a) $ 2,437 $ 13,273 $ 16,972 (81.6 )% (85.6 )% Net income applicable to Piper Jaffray Companies’ common shareholders (a) $ 2,124 $ 12,147 $ 15,810 (82.5 )% (86.6 )% Earnings per common share Basic $ 0.16 $ 0.88 $ 1.03 (81.8 )% (84.5 )% Diluted $ 0.16 $ 0.88 $ 1.03 (81.8 )% (84.5 )% Weighted average number of common shares outstanding Basic 13,160 13,775 15,294 (4.5 )% (14.0 )% Diluted 13,172 13,782 15,332 (4.4 )% (14.1 )%(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) Mar. 31, Dec. 31, Mar. 31, 1Q '16 1Q '16 (Dollars in thousands) 2016 2015 2015 vs. 4Q '15 vs. 1Q '15 Capital Markets Investment banking Financing Equities $ 6,566 $ 19,847 $ 36,007 (66.9 )% (81.8 )% Debt 15,972 22,113 20,988 (27.8 ) (23.9 ) Advisory services 81,629 87,510 30,498 (6.7 ) 167.7 Total investment banking 104,167 129,470 87,493 (19.5 ) 19.1 Institutional sales and trading Equities 19,669 19,246 18,905 2.2 4.0 Fixed income 17,054 34,347 21,217 (50.3 ) (19.6 ) Total institutional sales and trading 36,723 53,593 40,122 (31.5 ) (8.5 ) Management and performance fees 965 716 1,407 34.8 (31.4 ) Investment income 2,086 2,274 14,705 (8.3 ) (85.8 ) Long-term financing expenses (2,292 ) (2,713 ) (1,560 ) (15.5 ) 46.9 Net revenues 141,649 183,340 142,167 (22.7 ) (0.4 ) Operating expenses 138,855 161,823 116,203 (14.2 ) 19.5 Segment pre-tax operating income $ 2,794 $ 21,517 $ 25,964 (87.0 )% (89.2 )% Segment pre-tax operating margin 2.0 % 11.7 % 18.3 % Asset Management Management and performance fees Management fees $ 12,883 $ 15,571 $ 19,107 (17.3 )% (32.6 )% Performance fees — — 8 — (100.0 ) Total management and performance fees 12,883 15,571 19,115 (17.3 ) (32.6 ) Investment income/(loss) (976 ) (1,547 ) 589 (36.9 ) N/M Net revenues 11,907 14,024 19,704 (15.1 ) (39.6 ) Operating expenses 11,259 13,057 14,376 (13.8 ) (21.7 ) Segment pre-tax operating income $ 648 $ 967 $ 5,328 (33.0 )% (87.8 )% Segment pre-tax operating margin 5.4 % 6.9 % 27.0 % Total Net revenues $ 153,556 $ 197,364 $ 161,871 (22.2 )% (5.1 )% Operating expenses 150,114 174,880 130,579 (14.2 ) 15.0 Pre-tax operating income $ 3,442 $ 22,484 $ 31,292 (84.7 )% (89.0 )% Pre-tax operating margin 2.2 % 11.4 % 19.3 %N/M — Not meaningful
Piper Jaffray Companies Preliminary Selected Summary Financial Information (Non-GAAP – Unaudited) (1) Three Months Ended Percent Inc/(Dec) Mar. 31, Dec. 31, Mar. 31, 1Q '16 1Q '16 (Amounts in thousands, except per share data) 2016 2015 2015 vs. 4Q '15 vs. 1Q '15 Revenues: Investment banking $ 103,938 $ 129,332 $ 87,077 (19.6 )% 19.4 % Institutional brokerage 32,336 47,350 36,036 (31.7 ) (10.3 ) Asset management 13,848 16,287 20,522 (15.0 ) (32.5 ) Interest 8,362 8,564 9,245 (2.4 ) (9.6 ) Investment income/(loss) (412 ) (839 ) 8,452 (50.9 ) N/M Total revenues 158,072 200,694 161,332 (21.2 ) (2.0 ) Interest expense 5,865 5,598 5,593 4.8 4.9 Adjusted net revenues (2) $ 152,207 $ 195,096 $ 155,739 (22.0 )% (2.3 )% Non-interest expenses: Adjusted compensation and benefits (3) $ 101,130 $ 124,802 $ 94,606 (19.0 )% 6.9 % Ratio of adjusted compensation and benefits to adjusted net revenues 66.4 % 64.0 % 60.7 % Adjusted non-compensation expenses (4) $ 35,009 $ 36,798 $ 31,647 (4.9 )% 10.6 % Ratio of adjusted non-compensation expenses to adjusted net revenues 23.0 % 18.9 % 20.3 % Adjusted income: Adjusted income before adjusted income tax expense (5) $ 16,068 $ 33,496 $ 29,486 (52.0 )% (45.5 )% Adjusted operating margin (6) 10.6 % 17.2 % 18.9 % Adjusted income tax expense (7) 5,459 12,349 10,667 (55.8 ) (48.8 ) Adjusted net income (8) $ 10,609 $ 21,147 $ 18,819 (49.8 )% (43.6 )% Effective tax rate (9) 34.0 % 36.9 % 36.2 % Adjusted net income applicable to Piper Jaffray Companies’ common shareholders (10) $ 9,247 $ 19,354 $ 17,531 (52.2 )% (47.3 )% Adjusted earnings per diluted common share $ 0.70 $ 1.40 $ 1.14 (50.0 )% (38.6 )% Weighted average number of common shares outstanding Diluted 13,172 13,782 15,332 (4.4 )% (14.1 )%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) Mar. 31, Dec. 31, Mar. 31, 1Q '16 1Q '16 (Dollars in thousands) 2016 2015 2015 vs. 4Q '15 vs. 1Q '15 Capital Markets Investment banking Financing Equities $ 6,566 $ 19,847 $ 36,007 (66.9 )% (81.8 )% Debt 15,972 22,113 20,988 (27.8 ) (23.9 ) Advisory services 81,629 87,510 30,498 (6.7 ) 167.7 Total investment banking 104,167 129,470 87,493 (19.5 ) 19.1 Institutional sales and trading Equities 19,669 19,246 18,905 2.2 4.0 Fixed income 17,054 33,531 21,217 (49.1 ) (19.6 ) Total institutional sales and trading 36,723 52,777 40,122 (30.4 ) (8.5 ) Management and performance fees 965 716 1,407 34.8 (31.4 ) Investment income 737 822 8,573 (10.3 ) (91.4 ) Long-term financing expenses (2,292 ) (2,713 ) (1,560 ) (15.5 ) 46.9 Adjusted net revenues (2) 140,300 181,072 136,035 (22.5 ) 3.1 Adjusted operating expenses (12) 126,276 150,053 113,601 (15.8 ) 11.2 Adjusted segment pre-tax operating income (5) $ 14,024 $ 31,019 $ 22,434 (54.8 )% (37.5 )% Adjusted segment pre-tax operating margin (6) 10.0 % 17.1 % 16.5 % Asset Management Management and performance fees Management fees $ 12,883 $ 15,571 $ 19,107 (17.3 )% (32.6 )% Performance fees — — 8 — (100.0 ) Total management and performance fees 12,883 15,571 19,115 (17.3 ) (32.6 ) Investment income/(loss) (976 ) (1,547 ) 589 (36.9 ) N/M Net revenues 11,907 14,024 19,704 (15.1 ) (39.6 ) Adjusted operating expenses (13) 9,863 11,547 12,652 (14.6 ) (22.0 ) Adjusted segment pre-tax operating income (13) $ 2,044 $ 2,477 $ 7,052 (17.5 )% (71.0 )% Adjusted segment pre-tax operating margin (6) 17.2 % 17.7 % 35.8 % Adjusted segment pre-tax operating margin excluding investment income/(loss) * 23.4 % 25.8 % 33.8 % Total Adjusted net revenues (2) $ 152,207 $ 195,096 $ 155,739 (22.0 )% (2.3 )% Adjusted operating expenses (12) 136,139 161,600 126,253 (15.8 ) 7.8 Adjusted pre-tax operating income (5) $ 16,068 $ 33,496 $ 29,486 (52.0 )% (45.5 )% Adjusted pre-tax operating margin (6) 10.6 % 17.2 % 18.9 %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."
* Management believes that presenting adjusted segment pre-tax operating margin excluding investment income/(loss) provides the most meaningful basis for comparison of the operating results for the Asset Management segment across periods.
N/M — Not meaningful
Piper Jaffray Companies Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited) Three Months Ended Mar. 31, Dec. 31, Mar. 31, (Amounts in thousands, except per share data) 2016 2015 2015 Net revenues: Net revenues – U.S. GAAP basis $ 153,556 $ 197,364 $ 161,871 Adjustments: Revenue related to noncontrolling interests (11) (1,349 ) (2,268 ) (6,132 ) Adjusted net revenues $ 152,207 $ 195,096 $ 155,739 Compensation and benefits: Compensation and benefits – U.S. GAAP basis $ 104,436 $ 126,190 $ 95,857 Adjustments: Compensation from acquisition-related agreements (3,306 ) (1,388 ) (1,251 ) Adjusted compensation and benefits $ 101,130 $ 124,802 $ 94,606 Non-compensation expenses: Non-compensation expenses – U.S. GAAP basis $ 45,678 $ 48,690 $ 34,722 Adjustments: Non-compensation expenses related to noncontrolling interests (11) (600 ) (393 ) (1,302 ) Restructuring and integration costs (6,773 ) (9,156 ) — Amortization of intangible assets related to acquisitions (3,296 ) (2,343 ) (1,773 ) Adjusted non-compensation expenses $ 35,009 $ 36,798 $ 31,647 Income before income tax expense: Income before income tax expense – U.S. GAAP basis $ 3,442 $ 22,484 $ 31,292 Adjustments: Revenue related to noncontrolling interests (11) (1,349 ) (2,268 ) (6,132 ) Expenses related to noncontrolling interests (11) 600 393 1,302 Compensation from acquisition-related agreements 3,306 1,388 1,251 Restructuring and integration costs 6,773 9,156 — Amortization of intangible assets related to acquisitions 3,296 2,343 1,773 Adjusted income before adjusted income tax expense $ 16,068 $ 33,496 $ 29,486 Income tax expense: Income tax expense – U.S. GAAP basis $ 256 $ 7,336 $ 9,490 Tax effect of adjustments: Compensation from acquisition-related agreements 1,286 540 487 Restructuring and integration costs 2,635 3,562 — Amortization of intangible assets related to acquisitions 1,282 911 690 Adjusted income tax expense $ 5,459 $ 12,349 $ 10,667 Net income applicable to Piper Jaffray Companies: Net income applicable to Piper Jaffray Companies – U.S. GAAP basis $ 2,437 $ 13,273 $ 16,972 Adjustments: Compensation from acquisition-related agreements 2,020 848 764 Restructuring and integration costs 4,138 5,594 — Amortization of intangible assets related to acquisitions 2,014 1,432 1,083 Adjusted net income $ 10,609 $ 21,147 $ 18,819 Net income applicable to Piper Jaffray Companies' common shareholders: Net income applicable to Piper Jaffray Companies' common stockholders – U.S. GAAP basis $ 2,124 $ 12,147 $ 15,810 Adjustments: Compensation from acquisition-related agreements 1,761 776 712 Restructuring and integration costs 3,607 5,120 — Amortization of intangible assets related to acquisitions 1,755 1,311 1,009 Adjusted net income applicable to Piper Jaffray Companies' common stockholders $ 9,247 $ 19,354 $ 17,531 Earnings per diluted common share: Earnings per diluted common share – U.S. GAAP basis $ 0.16 $ 0.88 $ 1.03 Adjustments: Compensation from acquisition-related agreements 0.13 0.06 0.05 Restructuring and integration costs 0.27 0.37 — Amortization of intangible assets related to acquisitions 0.13 0.10 0.07 Adjusted earnings per diluted common share $ 0.70 $ 1.40 $ 1.14This 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 CompaniesNotes 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), (b) restructuring and integration costs and (c) 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, (c) restructuring and integration costs and (d) 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, (b) restructuring and integration costs and (c) 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) restructuring and integration costs, (c) amortization of intangible assets related to acquisitions and (d) 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, (c) restructuring and integration costs and (d) 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/20160428005230/en/
Piper Jaffray CompaniesInvestor Relations:Tom Smith, 612-303-6336
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