PIPER SANDLER COMPANIES PJC Cash Flow

Piper sandler companies (PJC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating Activities:
Net income/(loss)
-22,255	40,034	40,395	18,939	18,806	18,249	22,270	4,692	10,619	-46,904	-50,813	14,961	23,204	-33,381	11,936	4,513	3,186	15,148	5,215	16,317	21,802	13,975	17,096	20,368	22,886	30,974	7,645	-182	12,047	11,619	20,329	7,420	4,366	-115,747	-3,376	11,147	7,419	9,435	6,766	7,219	510
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization of fixed assets
2,632	2,349	2,325	2,294	2,392	2,159	2,125	2,071	2,003	1,909	1,857	1,783	1,703	1,686	1,636	1,630	1,458	1,355	1,263	1,225	1,215	1,277	1,244	1,330	1,418	1,414	1,448	1,426	1,426	1,569	1,747	1,795	1,894	1,899	1,797	1,860	1,782	1,729	1,824	1,804	1,847
Deferred income taxes
11,325	6,674	-2,942	-1,200	-13,855	-1,430	4,510	3,182	-5,610	-44,612	56,285	5,615	-13,916	31,738	7,469	-1,748	-6,436	16,992	9,008	5,121	-10,162	8,356	6,185	4,444	-8,142	-3,303	-5,638	-499	12,070	-17,514	-9,993	7,066	8,983	248	-156	1,847	15,161	4,493	-2,695	-53	16,133
Stock-based compensation
21,795	13,039	8,052	6,562	4,350	12,239	12,819	10,257	8,970	13,372	13,578	8,205	4,676	12,138	17,955	15,820	10,064	17,862	8,159	8,977	13,756	7,697	7,178	8,514	5,375	10,586	6,122	4,095	795	6,109	9,047	5,647	-162	1,689	5,380	6,592	9,142	15,128	232	8,911	6,997
Amortization of intangible assets
9,878	1,563	1,229	4,859	2,112	2,615	2,615	2,615	2,615	3,934	3,822	3,822	3,822	5,814	8,010	4,094	3,296	2,343	1,773	1,773	1,773	2,318	2,318	2,318	2,318	1,772	2,899	1,661	1,661	1,918	1,917	1,917	1,917	2,069	2,069	2,069	2,069	2,183	2,183	2,204	976
Amortization of forgivable loans
1,068	1,317	1,715	104	1,503	1,349	1,303	1,188	1,298	1,533	1,490	1,897	1,820	1,891	2,327	2,516	2,051	1,878	1,836	1,383	1,280	1,355	1,347	1,287	1,327	1,473	1,601	1,501	1,725	1,980	2,192	1,940	1,945	2,430	1,584	2,275	2,076	2,268	2,091	2,005	1,315
Decrease/(increase) in operating assets:
Cash and cash equivalents segregated for regulatory purposes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,994	-5,014	-33,980	54,008	-5,013	5,008	2,008	-13,018	-5,991	-121	1,129	18,004	-2,009	-17,995	14,005	-2,004	16,002	1,003	-9,002	16,002	-21,000	23,000	-20,000	7,000	16,000	-6,000	1,000
Receivables:
Customers
-	-	-	-	-	-	-	-	-	0	-31,397	7,908	-8,428	-55,670	37,327	21,819	-12,748	-8,584	10,096	13,155	16,842	-16,011	-39,167	45,051	8,152	-19,742	11,020	2,852	3,708	-3,795	-34,589	-5,989	33,978	-23,597	-41,690	28,821	17,760	-37,741	24,069	8,356	-23,569
Receivables from brokers, dealers and clearing organizations
-458,821	107,774	75,112	51,589	-188,268	61,213	-45,566	173,329	-99,092	64,514	-106,555	-6,851	-18,444	43,303	68,789	-84,210	36,899	-177,459	158,797	-35,601	41,203	-130,181	132,700	-72,073	103,450	-115,190	119,866	-43,128	17,448	-21,338	14,311	8,550	21,929	-22,624	-69,079	39,071	-14,023	42,835	-104,302	37,945	-49,741
Securities purchased under agreements to resell
-	-	-	-	-	-	-	-	-	0	-147,015	-84,105	71,423	14,099	5,002	23,389	-17,899	-94,068	47,909	-202,565	77,542	44,485	107,357	-20,542	8,990	-59,548	79,351	-47,124	49,763	57,270	-24,628	-66,960	19,605	-35,513	-55,050	18,971	-27,259	-864	28,821	-135,244	216,602
Net financial instruments and other inventory positions owned
9,888	-1,938	17,774	-28,653	17,359	-93,740	100,928	-270,727	-270,816	242,557	127,419	420	-145,860	-64,923	67,333	-80,061	85,486	50,796	-274,749	6,833	90,662	163,634	-236,182	138,090	-38,500	-168,395	18,691	36,582	108,437	-29,174	-20,671	196,072	214,090	-281,939	210,371	76,014	-18,772	-30,163	159,944	-73,062	-12,519
Investments
-17,284	2,593	-19,924	23,524	62	-404	-3,242	-13,990	-6,473	-3,052	15,366	4,486	-8,382	6,114	-7,762	-349	12,878	6,513	-7,155	21,130	18,070	1,673	8,778	-13,866	18,212	6,896	-561	12,555	7,381	-383	3,298	6,418	8,111	9,197	-16,047	12,459	2,630	4,012	8,662	7,245	-418
Other assets
13,937	-38,832	14,020	20,759	3,936	-14,275	-7,314	2,091	23,256	3,248	-14,854	-6,501	14,170	12,094	-7,029	3,195	12,732	-12,335	-14,813	-2,386	25,932	-1,237	-6,153	4,397	-792	6,672	-9,694	3,238	3,511	-7,442	13,350	8,942	512	-15,866	3,220	-770	6,637	9,731	-2,226	-2,103	2,417
Increase/(decrease) in operating liabilities:
Payables:
Customers
-	-	-	-	-	-	-	-	-	0	-28,258	-13,336	12,242	-21,378	3,339	2,750	7,277	-11,985	17,961	-3,534	21,594	-22,616	-9,555	5,281	7,109	-7,669	8,092	-42,653	33,332	-9,396	15,561	852	5,575	-7,173	-32,643	3,805	13,185	-10,476	11,576	10,271	-7,681
Payables to brokers, dealers and clearing organizations
8,687	2,657	3,263	-4,678	-2,385	2,286	1,114	-28,325	14,190	-34,873	11,398	-161,196	163,221	-161,084	69,658	-38,663	122,800	-47,217	-236	-80,870	150,890	-58,780	-156,194	129,558	83,258	-98,630	-4,253	25,210	44,114	-91,147	-21,491	33,403	103,955	-48,181	64,450	-15,446	18,643	-56,860	28,948	9,281	-8,976
Securities sold under agreements to repurchase
-	-	-	-	-	-	-	-	-	0	-8,918	-5,648	-480	891	4,068	-8,895	2,809	3,864	14,186	0	0	-	-	-	-	-	-	0	0	-	-3,289	-4,563	7,852	-12,340	-39,757	21,367	22,149	-41,706	48,431	-14,243	-200
Accrued compensation
-222,256	91,871	-420	42,376	-163,104	70,696	60,501	55,975	-247,363	105,524	91,192	67,317	-153,843	81,965	54,288	27,381	-133,238	52,002	32,845	46,308	-128,977	41,506	40,463	49,794	-64,516	58,658	27,356	20,484	-74,265	30,508	27,747	17,687	-52,518	18,636	11,828	27,511	-85,200	46,007	18,135	23,350	-91,616
Other liabilities and accrued expenses
-2,912	-26,947	15,067	10,081	-8,318	-11,896	12,107	-3,507	-4,619	-1,214	9,269	588	-1,993	4,103	-16,458	1,528	-17,075	-110,176	131,586	-5,948	3,633	-10,657	-3,474	12,561	-13,646	21,212	-5,690	-7,665	-10,211	17,866	6,433	-6,948	1,594	-2,815	-28,035	26,121	-33,956	-12,633	34,808	452	-14,794
Increase in assets held for sale
0	-	-	-	383	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1,888	1,283	-1,991	2,175	-1,601	982	-	-	-	-	-	-	-	-
Decrease in liabilities held for sale
0	0	13,647	-12,950	7,218	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	220	-685	-2,414	2,810	153	-677	-	-	-	-	-	-	-	-
Net cash provided by operating activities
237,592	49,612	-26,048	15,713	28,521	149,439	67,728	146,180	146,448	-217,960	259,731	-2,579	163,809	-46,210	-18,364	135,653	-74,304	89,211	290,508	174,936	-175,131	-81,626	-67,104	145,631	-46,970	342,390	-177,082	60,382	-183,527	-9,997	83,762	-80,066	-205,481	315,838	-27,584	-108,418	25,497	-32,406	21,331	212,064	-227,261
Investing Activities:
Business acquisitions, net of cash acquired
371,369	-	-	-	0	-	-	-	-	-	-	-	-	1,690	0	789	70,230	3,002	8,737	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	56	4,748	0	199	181,906
Purchases of fixed assets, net
2,359	1,526	1,864	1,705	1,421	3,521	6,053	4,670	1,560	3,684	1,276	1,278	1,756	3,657	3,115	2,914	1,331	1,628	742	1,648	1,896	2,117	3,020	1,643	607	2,219	2,165	862	230	1,711	-1,256	-400	2,076	1,114	2,195	2,192	2,147	2,786	6,226	1,783	952
Net cash used in investing activities
-373,728	-2,583	32,400	-1,705	-1,421	-3,521	-6,053	-4,670	-1,560	-3,684	-1,276	-1,278	-1,756	-5,347	-3,115	-3,703	-71,561	-4,630	-9,479	-148	-1,896	-867	-2,270	-1,643	-607	-2,219	-26,891	-612	-230	-1,711	1,256	400	-2,076	-1,114	-2,195	-2,192	-2,203	-7,534	-6,226	-1,982	-182,858
Financing Activities:
Increase in short-term financing
50,002	16	0	6	3	-4	-1,749	-134,548	-103,683	213,140	-253,626	33,277	-121,686	-6,953	-76,061	42,803	12,853	30,443	-84,666	-17,109	139,755	38,972	-23,606	-73,408	-78,902	-148,578	120,481	133,790	-67,996	30,542	17,809	85,986	173,976	-22,285	-38,694	99,415	-68,376	86,293	49,948	-36,451	3,441
Decrease in bank syndicated financing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	146,512	-5,131	-20,131	-6,250	-2,500	-2,500	-2,500	-2,500	-	-	-	-
Decrease in securities loaned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-22,336	-3,652
Decrease in securities sold under agreements to repurchase
-	-	-	-	-	-	-	-	-	-	-	-	-	-5,977	-15,790	-10,918	5,416	-2,433	-38,434	-101,091	66,581	35,673	55,158	-40,231	47,649	-74,517	48,153	-151,536	132,297	0	-104,276	25,029	20,167	-241,116	33,991	26,657	58,249	-31,791	-58,175	-114,221	415,651
Payment of cash dividend
16,066	5,192	5,221	5,234	19,947	5,526	5,640	5,616	30,375	4,730	4,734	4,737	4,746	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in noncontrolling interests
-1,201	8,506	82	7,227	-5	5,703	-4,719	6,195	-904	214	4,455	-15	-16,154	-1,125	1,011	1,916	7,262	10,076	-127,199	8,524	1,805	7,401	-3,622	-9,871	-2,909	-6,073	9,324	31,306	50,562	11,128	6,784	2,000	2,296	-41	10,909	15,001	88	-	-	-	-
Payments for Repurchase of Common Stock
17,293	241	117	10,499	39,727	39,239	6,750	8,117	16,797	416	1,468	3,809	19,788	431	8,286	42,697	19,445	26,686	904	62,769	42,566	291	1,757	1,460	7,346	1,515	29,451	26,567	13,929	4,650	223	26,887	15,404	6,249	617	1,040	18,623	2,917	15,725	30,861	8,316
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	75	744	309	-47	8	-7	-9	55	0	0	0	0	-	-	-128	533	-	-	-	-
Reduced tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	782	-895	-	162	2,061	3,662	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock option exercises
-	-	-	-	-	-	-	-	-	0	0	0	1,703	4,438	37	82	0	0	134	160	1,562	1,808	2,322	1,049	273	0	0	0	0	-	-	-	-	0	0	9	31	0	0	0	98
Net cash provided by/(used in) financing activities
15,442	178,089	-5,256	-8,500	-59,676	-164,066	-18,858	-142,086	-151,759	208,208	-255,373	-25,284	-160,671	-9,744	-98,976	-8,032	5,191	61,373	-250,907	-170,224	170,799	83,638	29,239	-123,612	-41,282	-230,675	148,500	-13,016	100,989	78,532	-85,037	65,997	174,785	-272,191	2,684	137,414	-30,598	54,598	-23,899	-203,714	407,222
Currency adjustment:
Net decrease in cash and cash equivalents
-121,436	226,013	569	5,191	-32,119	-18,410	42,749	-1,617	-6,151	-13,139	3,697	-28,666	1,527	-62,019	-120,873	123,104	-140,770	145,862	29,951	4,715	-6,485	920	-40,274	20,386	-88,848	109,722	-55,313	46,759	-82,856	66,817	0	-13,695	-32,775	42,602	-27,265	26,810	-7,339	14,611	-8,341	6,362	-3,459
Effect of exchange rate changes on cash
-742	895	-527	-317	457	-262	-68	-1,041	720	297	615	475	145	-718	-418	-814	-96	-92	-171	151	-257	-225	-139	10	11	226	160	5	-88	-7	19	-26	-3	69	-170	6	-35	-47	453	-6	-562
Supplemental disclosure of cash flow information:
Interest
4,127	3,992	2,319	2,918	2,809	2,543	4,284	4,687	5,615	4,520	4,263	6,670	4,464	5,492	5,318	6,294	6,067	6,344	4,417	7,480	6,427	8,229	5,367	5,730	6,019	5,549	6,825	5,648	5,465	-1,399	7,120	6,593	7,043	-942	9,705	7,141	9,796	7,712	11,613	10,206	6,089
Income taxes
557	1,118	494	507	7,462	496	1,896	2,268	12,474	24,114	-62	133	7,710	5,150	589	1,732	19,827	7,601	2,442	6,036	15,871	13,315	22,711	2,601	19,972	-2,125	2,199	75	596	-3,177	43	-462	-1,365	-5,636	1,480	510	18,628	849	2,165	2,117	257
Non-cash investing and financing activities
25,525 shares for the nine months ended September 30, 2016
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,074	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
103,598 shares for the year ended December 31, 2014
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,156	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of common stock for retirement plan obligations: 103,598 shares and 96,049 shares for the nine months ended September 30, 2014 and 2013, respectively
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	3,939	-	0	0	3,814	0	0	0	3,814	0	0	0	3,634
Issuance of restricted common stock for acquisition of Advisory Research, Inc.: 893,105 shares for the three months ended March 31, 2010
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31,822
198,981 shares and 843,889 shares for the nine months ended September 30, 2017 and 2016, respectively
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	35,089	-	0	0	30,429	0	0	0	16,131	0	0	0	17,699	0	0	0	11,244	0	0	0	25,095	0	0	0	31,121