PIPR - Earnings call transcript Q2 2020

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Operator

Good morning, and welcome to the Piper Sandler Companies Conference Call to discuss the Financial Results for the Second Quarter of 2020. [Operator Instructions] The company has asked that I remind you that the statements on this call that are not historical or current facts including statements about beliefs and expectations, are forward-looking statements that involve inherent risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated are identified in the company's earnings release and reports on the file with the SEC, which are available on the company's website at www.pipersandler.com and on the SEC website at www.sec.gov. This call will also include statements regarding certain non-GAAP financial measures. The non-GAAP measures should be considered in addition to and are not substitute for measures of financial performance prepared in accordance with GAAP. company's non-GAAP issued most financial GAAP the reconciliation for directly to measure. these of measures refer earnings today release a comparable Please to the the the release website. Relations available earnings or on The page the is of company's SEC website at Investor a call is being reminder, this as recorded. Also to now, over the I'd turn to And like call Mr. Chad Abraham. Mr. may begin call. your you Abraham

Chad Abraham

quarter thank Tim and I CFO morning, Deb you joining Good for our everyone. Schoneman Carter our XXXX our second like President; to call. and would

our through call would to of go We your and the determination perseverance start continue remarks all hard will open up I and by during prepared for then thanking be partners. questions. like impressed these my work, to challenging I employee by times.

innovative technology results, one is our of dedication our brand to with another technology our and majority driving remotely financial of access Your driving clients. and remarkable. benefiting continues markets vast ingenuity dedication continued clients to work to and client is resiliency the outstanding workforce using value. shareholder unfettered of delivering and to The provide and The display solutions service to financial and our employees our to partnership

integrity, principles is We we high-quality is diversity, now. inclusive know of the next the our best I guiding people we committed of inclusion. and respect, of what than the the like to to would more attract, do a service address in environment. what is Sandler our principles that Before discuss core tenet I a develop Piper inclusiveness commitment group diverse performance say and to diversity important to communities. unequivocally our to business, A of retain and

and special and goals we of accelerate relief our live inclusion a fund demonstrating our to seeding commitment communities work. begun initiatives our disaster where a efforts we of number We rebuilding to and dedicated local have by are to diversity

historic businesses. and federal corporate equity volatility income to stabilized Next, record some financial results turning and support. before fixed banking our provide investment monetary markets I'll rebounded fiscal on After our markets in by overall comments aided QX,

generated for quarter, the months $XXX our made share activity. the we scale knew deep during by The our up driven our revenues to we well of the our revenues franchise we combination absolute challenging on robust terms sequential at declines the XX% raising second markets. with COVID-XX and corporate We in has been brokerage million strong brokerage basis, results believe, of broad our $X.XX across activity. first margin. We Sandler, and last well-positioned unclear. the to XX.X% resiliency the and well of remain The the which $XXX We leader. for basis. During quarter year-to-date equity first up strong as with active varying recognize business What from continue greatly and adjusted of half produced enhanced effects the certainly its durability services range year-over-year. expertise the exceeding in second challenges continues capital we generated raising per relative as are benefiting recovery exceeded timing, equally XX offset earnings franchise businesses. in impressive with in significant revenue very were on we a pre-tax of perform shareholders franchise share M&A benefited our million half second capabilities, and has an diversification relationships strength our is financial both over were Their been partnering Adjusted and Performance expectation firm. market XXXX. businesses, captured of strong and and from XX% net capital and clients, Record path of of Through duration have performance has half XXXX. the financial XXXX as diversity and income the XXXX presents, have many related model consistent market sector we moves fixed and gains group as to market cycles. provided the have has The development and through of for client the a

practice early of engagements on slowed advisory many became until were outbreak the Our as appreciably put the in hold clear. conditions business months more

pause effects to see expect quarter. the to third We continue this of in the

sentiment and gradual of trends we If these the in markets months. combined an launch debt However, improvement the economy assignments reopening resulted number a equity to with continue coming stabilization expect in the towards in has of in the M&A.

half on advisory total first public year-over-year. We look quarter corporate XX% strengthen their up to products Specific we corporate $XX to generated including banking for balance corporate quarter of XX% year of full sequentially. to and XXXX private quarter were to all-time an in second basis. now of corporate compared second The extremely half XXXX as financing sheets and million $XXX revenues the our of the in million banking record investment Capital XX% of million ballast and outlook. revenues investment and corporate banking the the banking range total in Turning XX% making services Revenues financing, the revenues XXXX, investment the active companies a results. markets up up $XXX for with generated of for million of first uncertain XXXX $XXX a XXXX. of year-to-date apparent the as against was were corporate of platform financings of both

sector active half equity fee companies raising strength been relative active market Valuations $X us are market of this versus sub basis, strong market. quarter, in franchise speed XX%. in be and strong especially care companies seeking has solutions. medical development a as are being allowed participant the the to accelerated. up in revenues has as to The were in XXX% this on XXXX capital ever on up more our than very of billion a cap capital companies are interest the our pool performance the Health also offerings the for first Our of for

deals the strength we companies of this equity sub firm, XX XXXX, underwrote billion ranking billion runner care served care with Highlighting follow-ons half capital. seventh $X.X booked for the XX% market year. raising of around as our first of health we and of and $X the IPOs over franchise across we on book health cap the For of

one into companies. XXX year-to-date We've important markets and care is our We in strongest of largest in broadening platforms industry have covering to strengthening this our health platform. banking analysts to over like of XX quarter result care for sub-sectors XX health and investments the the directors consistently franchise performance the and biopharma managing capital made continue a publishing including with professionals, and close equity XXX and

This quarter services will capital and continues completing the in third during for also preferred the in remain was financial group community the financial active other offerings another for Our market quarter, been bank very lead financing services the We strong has companies. stock markets and to markets believe as issuance. corporate XX team banks month. July that debt strong

Turning of million second down advised to XXXX, total, advisory. for of $XX XX% billion. with value we In revenues generated We of on sequentially. quarter an transactions $X.X the aggregate XX

in sequential in ranked several first the contributor second as the as the on announced value basis. of the one market-wide XXXX. bank M&A number team declined deals the on advisor services and deals both quarter significantly M&A significant completed was quarter. and for team thrift based the financial market a for largest The they in of number half Announced Our the activity M&A

advisory expect the our on outbreak. third pause engagements the the COVID reflecting early to We of revenues experienced in quarter, the decline in M&A months

of in our the ahead, challenges look of near-term are enduring building these has Despite clients. markets long-term franchises mindful strategy we not we our market-leading As our for and changed. challenges,

will turn the finance I over to discuss Deb public Now our brokerage call and businesses. to

Deb Schoneman

Chad. Thanks

which the we significant us. from full us of of a the The our cross impact, shares, revenues We up XX% first revenues for Year-to-date, half second first with of for conditions which quarter and allows cash year client XXXX equity $XX the equity brokerage to in the XXXX. to portion quarter clients. of breadth although on and and volatility success of by minimal these the trades drove placed in solid resulting in differentiator brokerage reputation XXXX, our our us performance quarter up remained market business. revenues. elevated begin volumes liquidity me of for million trusted the is the traded traded results generated update trust million execution Equity historical $XX base during of half volumes drove onto volatile find Let first half from second and the for significant as the XXXX. continue our trade our an for seek premier a platform Clients XXXX our in exceeding market to demonstrating relationships market quarter from out our XX% strong integrating levels, Weeden X.X billion our in results, were

seen We decline expect revenues have summer in to decline and our volatility we a brokerage equity and typically slowdown. as third experiences market volumes in the the July quarter,

the combination As research, and full the our our early indications capabilities market client about capabilities destination. improved. meaningfully platform of are are premier that we with demonstrating our creates account are excited the top look of and prospects And believe a base. ranked voting of share and of The we breadth ranks trading stages have clients ahead, we markets larger in across capital

markets Reserve the the services. end March, injected revenues turn into Let helped XX% Federal stabilize quarter up quarter. $XX XXXX, me of toward second in the in of the second to The million which fixed generated We of income massive market liquidity sequentially.

dividends. is analytics strategic also defined the on a more and expertise, with towards our focus product driving combined verticals, continued paying dynamic model. relationships advisory-centric strength This client a deep client Our shift is of

team dislocations sheets to they positioning. contributed maximize is risk, manage for reserve advise banking clients banks adept as providing while deleveraging increasing on strategies their to leveraged interest clients with yields helping managing market. balance reposition the bank at deep and Our services the financial revenues their group expertise in This strong

verticals structure We developing as given COVID-related of across many strength are well, on our client portfolio budget them with optimal clients our as other challenges. entity public work the including we seeing

continue We in expect a strong, our market. as fixed changing remain income revenues clients reposition to to

Turning to business. finance our public

$XX quarter, year-over-year. and municipal million of revenues, sequentially the up we XX% financing For generated XX%

for We especially benefited low negotiated transactions gains. public of the investor one quarter. XXX nationally which billion saw our is clients and share We $X.X districts, raising in business governmental finance market, the from Our for completed strength a franchise. market yield, the issuance demand strong school stabilizing issuer issuer number strong

health quarter low-rate in Additionally the municipal quality higher grade paper strong investor care demand for taxable space high remains were with active education the and the funds. in taking of Investor advantage higher refundings inflows into environment.

up an and private negotiated that of Through we to XX% highest value prior par was For year-over-year and of increase first market in an private demonstrating market year. the of XX% XXXX, generated aggregate clients, value placement negotiated half billion the issues aggregate placement activity as revenues relative our $XX we of over market gains. significant ranked $X.X rank transactions, drove for fifth the million, an improvement based we This our share par up XX%, position raised ever. on of

likely that could issuances these from from We the levels. half. issues noticeably expect market been will demand moderate revenues stability With absent the specialty have in higher-yielding higher-yielding sector provide Further upside. QX said, and for first

turn Now, an to over our provide financial Tim the capital results use. I'll on update call review and to

Tim Carter

Thanks Deb.

corporate was a non-GAAP financial performance XX% of sequentially driven of year-over-year. quarter revenues increase on activity the be financing. record generated adjusted The sequential million will $XXX As XX% municipal comments We for in by and reminder, our and up robust my XXXX, second financing focused results.

to brokerage moderated revenues during expected businesses remain services strong while from the advisory continue as quarter. Our

clients ways of the For in have $XXX the we first to revenues of XX% of results the and solid compared investments Sandler generate up business Weeden. XXXX, platform year, totaled multiple prior has serve The us the shareholders. our to through diversity our acquisitions combined our our made positioned reflecting for million, half and in

Turning to operating expenses.

of Our XX.X%, the compensation quarter sequential basis XXX was for the down second quarter. ratio XXXX from points

and for variable were million, manage the business second $X expenses clearing sequential down expenses a while as $XX is compensation of $XX to XXXX investments, due to quarter million continue for deal decline and Non-comp well XXXX ratio of Non-compensation employee we in reimbursed deal to million. retention expenses travel excluding and trade levels expenses outlook. execution were the our the considering as first on Although excluding largely revenues, comp basis expenses. significant entertainment, lower half

entertainment these and manage continue at we and we levels costs to actively As the expect to non-compensation travel expenses is near-term. in remain limited,

platform of levels. For Operating business of increase XXXX the we the This an the first XXX Weeden points of was was quarter, revenue scale generated scale the our half by challenging Sandler overall leverage the XX.X%, and margin margin realized XXXX. and the conditions. operating driven despite XX%, demonstrating half higher for of in through cost at first combinations synergies basis operating over our and of increase an

Our to provisions quarter was XXXX tax enacted second for recorded in related CARES first the income XX%. U.S. quarter of Act credits by in the in federal year. of government tax rate this We the March the

some which year-to-date our we basis, the increased of rate results, these XX.X%. On benefits second reduced improved in a quarter, our our Given rate. tax was tax

improved a expect margin. to half We driven the diluted of basis tax an on XX% XXXX, range sequential higher will $X.XX by second rate this targeted quarter We our generated of to XX% revenues our year. in increase second return EPS the an XX% of of of and for

accretion XX% year-over-year, our of acquisitions. our strong the half up first and diluted reflecting For XXXX, the results EPS was impact $X.XX, of

capital. turning Now to

remain capital leverage our continue low. and is Our and positions to strong liquidity

half first ability the million amounts cash XXXX, $XX of income, of from scale adjusted generated of generate to our For reflecting meaningful we operations. net and

We quarter, $XXX at million carrying have focused second the from the quarter. the XX% on end expertise. down where within inventory our of areas first need inventory We liquidity trading reduced clients to of only

Going these our remain forward, trading near we expect inventory to levels.

Turning to per XX, as of to September be to XX share of on XXXX approved August of a of business quarterly dividends. Board close dividend on record XXXX. the paid The shareholders $X.XX

quarterly compared a paid Although it XXXX. on dividend basis, to higher quarterly the is the is in sequential lower dividends

pleased to results business with for we optionality how to in we continue until in a and this believe see a to we preserving sustained recovery. the benefits environment deploy are capital will half our conservative first with continue is adopt the there posture we of our We Overall, XXXX.

ongoing shareholder to value business second continue the during continue affect adapt over expect and That to the focus the long-term. to the said, areas will will of of certain this maximizing year. We pandemic we half our environment on

turn going for Before Chad to like comments. a to Q&A, to call back few additional the I'd

Chad Abraham

and serve am Tim. through encouraged results half clients our I product Thanks ability broad offerings. first our ways by our in multiple to

environment for corporate very July look the As another we month strong also near-term will but expect challenging ahead, activity. to financing we was M&A continue for be

focus course just durability uncertainty. We now will positions intense our over strength through Our of our serving open communities our us XXX-year for history the call we and supporting for employees and and us our platform of done help over on the up the success as clients, this long-term. navigate broader our Thanks the have questions. can believe we

Operator

is Instructions] [Operator first line the with Your of Devin Ryan question from JMP.

Devin Ryan

Great. everyone. Good morning,

Chad Abraham

morning. Good

Deb Schoneman

Good morning.

Devin Ryan

quarter that, So to reasonable outlook. but M&A we play Chad best the the does are if completed continued of if of for through a imply get fourth appreciate about, slower there, actually deals more the the fee we slow know recovery third potentially commentary market quarter? scenarios lot so think I'm and scenario takes and the do back is really event? a I into kind as get that we something XXXX execute do wishful were fourth M&A a kind the I could reopening, just of that continued economies Or lot you trying the just to of here market? to of extent that mentioned see of to just play and and to to to out to the with come transactions that to of the To there's what start kind of thinking the because – some to and reopen a pushing extent, detailed the know deals there's start could are in maybe kind maybe time but here it quarter a a case on remarks, is and after announced ifs were

Chad Abraham

we tail to benefited of Yeah. some still have transactions, four time last in services particularly weeks, transactions Thanks the start we close. positive longer say of QX, I or financial seen the more closings What obviously Devin. would that more conversations. had Certainly, we've five

year of were deals year, in end beginning And QX. the some obviously the the so at of and announced that closed

So start get think as – transactions do in we've revenues be both I do for be to these will in down to new tough advisory. is we'll continue we we'll and we that get but QX, some QX started advisory QX. our said, of think QX still will expectation fairly

it full we're a While in clip. every to transactions it's starting be some a while to for take group, at industry going

Devin Ryan

maybe And was the themes the detail – period just the some gave there. and the kind and one overall Okay. underwriting Understood. It around in Thanks. public Deb on finance active trading. you of

about If volatility half in to has well you kind heading good. the has of market demand business the think could of remained as and into to back bit yet seems the and healthy subsided fixed pretty activity income the just a year, be

So I little elevated it guess maybe but around, a into more I like pandemic, helping quite just if of that to quarter. maybe calibrate is dig than not else as in feels business to heading just kind any bit want way as more was strong there's and what the same the it remains

be as kind little So a frame any to way if of that bit there's more helpful. well would that

Deb Schoneman

Yeah.

I in And of lot what we well continue seeing. And to while in strong see from characterized really pretty a volatility marketplace. Devin, think there down of you clients. we're is do the there's terms it uncertainty activity still

be strategy, seeking Sandler we're really as a into call in advice. repositioning a more delivery focus there's on continued who And clients, And to a portfolios. public platform, that we for advisory shift this of continued mentioned advice component a change and to we to are activity, seems of of driving others clients, continued of entity our delivery more bringing again the and O'Neill seeing so it have product from together

I thing, benefiting other of force and we the say product would Sandler of Piper. liquidity find clients, this the for with breadth larger ability the sales The to combination are from and is, and

So that's also, revenues. driving I continued think helpful in terms of

Devin Ryan

a a Terrific. just the extent Tim backdrop structure look there the appreciate in every here. remote has commentary about think I last ZIP better tone. in evolved But very just it be view here the opportunities just I Maybe there like also at it'd whether that structure expense evaluate difficult whether think be thoughts But I this we be things months company to the feel we virtually around revenue you're expense very thinking their on Okay. time been as and environment this are out, of a efficient virtual that as few expenses there's could I'm the of environment, kind looking to a or ago firm a real to over non-compensation. code have remain, curious, in had just that certain you're around do one estate just things expenses be expectations how to remain with historically the similar weren't the for period? in as could obviously footprint or out could that a work and difficult a coming things primarily is benefit structural be you ability if doing? just has any

Tim Carter

Devin. Yeah,

about space. of and space Outside New I Sandler real particularly locations those a got York I think already, path we've particularly that, and Piper longer-term we of lot some of obviously there the you moving integrating are previous space a leases. things on down obviously, types think space where of estate, with consolidating in and there's sort of were think that

the happens probably you performed but period that I to time that. will that over decisions, happened make in you of I how the have environment confidence term. different than gives we some think that could people continue think longer-term And here anything current sort remotely I a near over think all do and evaluate some

Chad Abraham

process sort appointments be the doing will it's tons structural we're will Yeah. two-week Chad. some now IPO still Boston – And expensive full long New a a I of sort way. think York three just to full fashion two and shows that. used And see Devin in fly in super there road add maybe of different of virtual be cities. show, in weeks I'll a that change. have I to road in-person An examples imagine quicker can't the but I probably

to road and Our spend that are we're and back, research things doing -- think the spent a of ton a of think in-person time heard analysts it while the of with I all we come conferences well. working ton lot that of on again investors. I events a virtual And investors certainly we've that events. of from will. some used some And will of last not the back on come while And money will

pretty think going And big there. to be so there's structural some I opportunities do

Devin Ryan

can Great. in if sneak Actually I Okay. here. more one

third revenue quarter. looking Just the in at of some already trends the

and of and is market what's you just curious gains look in in you're the does that at looks forward activity very investment overall feel of is uncertainty, a noted July and create just getting it ahead kind and capital the markets kind I'm there. just election, of driving market given So, thematically lot a activity started strong what about the like very, window strong second of outside? very the out quarter. trends from as think that's you the we're had like the back volatility which year very the there on could a least open has tone at that there's definitely the very banking equity half some of it kind just health strong obviously share we seeing obviously there's of And backlog note data terms of good pulled care

Chad Abraham

we're in just Yes. spectacular No, a time health obviously, care for -- investing.

lot of a investor There's just record have the inflows. would money. You've I interest. say funds seen dollars tremendous made

really really to been get raising frankly a good now. of was strong market time IPOs. a coming capital are up has with I companies of by companies. said lot advantage so expect July successful is strong. there's there's do agree that we QX. would just great. we started taking of And election like But I the because incredibly there lot QX to And the slow just So, the

So, many will of those as look to companies follow-ons well.

by we're care think very we're but time, obviously and we the a really seeing benefits market in in we've the is some encouraged we've for invest that. the gained we've seeing good recognize years long to also but health of business last So continued it's share. been we're This a what three market. We

Devin Ryan

Okay, speaks I terrific. of of Well, having streams. revenue number think a to well that the diversification

Deb Schoneman

Devin. Thanks

Chad Abraham

Thanks Devin.

Operator

next Brown Your is KBW. from Michael question of the line with

Michael Brown

you, Thank operator. morning good Hey everyone.

Chad Abraham

Good morning.

Michael Brown

just I parse yes, through of some your here. got kind of of wanted kind and comments So, to the just of make I've summarized sure kind outlook

not the surprising but the that second probably it's pretty quarter continues be volumes So, volatility advisory echoes able good softer to we're finance given bit sounds like like to from -- your and what really then that it'll expected seen. all to going sounds Public we've it be peers. and is is be as still a ECM in Brokerage little very certainly be lower all well hearing of that strong. to

out you've strength backdrop back tough the So, about got quarter. the against year? sequentially quarter how ratio we How kind the think for play a could second comp obviously in of given the that half next of the comp do

Tim Carter

I And tried likely second think retention sort higher that invest my some the business. the Yes, same in the through first seen that to we've the it consider of We've think to that XX%, XX% to half. think half Mike, as we've that and for we range outlook the come were XX.X% down view what first would in we're is quarter. guess, in about in about to we QX I is really done things

what the that's take sort a and in we of about outlook So, little the from that half. we've about second done how into first account what talked the think does we've business past still elevated in in but half

Chad Abraham

Yes. in to It's don't healthcare long-term our they're debt challenges the just five of four, as and very, our guess, three, we preferred business, and I I finance now one strong financing transactions be together. for is of business. is in thing very months' just continued visibility July. don't our one financials, we And the all come public -- Those business Mike, add businesses all much visibility. have strong would both Obviously, have the ECM

stays could that the the have M&A don't of clearly market we just financing -- but so strong, we shortfall, we up don't And have that if make visibility. all

Michael Brown

great. Okay, That's follow-up -- the this I'd quarter. just on fair. like to

kind keep following to not Board's So, as that certainly could drove the of then change? at reduction you essentially why cut kind forward just last as course -- special uncertain talked true-up just what just kind like environment it decision the not back we to of obviously, and kind pretty at not prior it bring but where do expand to to quarter reverse is back, on the of given do look Why Thanks. $X.XX -- and a you just of it the level that? was

Chad Abraham

returning said towards of that of end committed we'd XX%. Yes, we've the I bottom think very We XX%. this to be Mike we're the of to we range mentioned XX% on call had our last sort year

more anticipate has been And it bigger And a in special our or the much versus so, back yes, of we having having back preference give quarter. quarter to I in special. the our think always do more just giving

just find and conservative easy to we're balance that frankly, the trying So, to very was do. pretty

have raised quarterly just the as we think dividend at year well. so we and And the of end do we'll the the special

Michael Brown

it. Got

capital if just more one could of the that allocation. on on follow And Okay. kind up I

peaking grow look in now boutiques you case, out of the margin? could kind Valence on that interest looking you has opportunities on And of kind the been if be that's to Sandler you the there on acquire? seen there Are I continue side? that acquisition would the acquisition closed the So April to are any integrated. you Have to guess where your transaction and

Chad Abraham

Yes.

we think of that. integrate really I – We've had we I we've good success can a specialty expertise. proven with So lot think

mean there do six this a do certain I mean that advisory going be good row I in think creates focused it's certain products, only So to tough a are not doesn't advisory nine think environment on folks certainly it's continue. sector. intend month are geographies, that we And I to to opportunities. certain where in in sectors, but

a seeing in to us for in Relative are areas of consistent. certain we been we're have the products obvious So restructuring. underrepresented which pickup parts

where lot So underrepresented. being a in that Europe size expansion sense. about about tech still market. relative makes underrepresented we're the continued We've still in of talked to We've our talked

So there's to by and look encouraged places am recent continue of conversations. I lots we

Michael Brown

Great. Appreciate it. Thanks.

Operator

Instructions] with question you. from next of is Grondahl Thank the line Your Mike [Operator Northland.

Mike Grondahl

guys development other there anything call is asked in my and quarter. out or to Chad, industrial, you energy there? questions and any to consumer Thanks, of tech verticals, the the have But A congratulations update Yes. the on answered. want kind bunch been share maybe of

Chad Abraham

Yes. Yes.

heavily think about. that the the particular are Those there's and QX, care led advisory even of incredibly are came businesses slowed. all sort obviously transactions of way strong consumer. which sell-side strength and ECM, that Health private we I of health equity, advisory focused from has by our debt Most with verticals preferred all the other a the even was far talked issuance. in financial services and and where segments in lot of and industrials stuff across vast in our the of So majority care in business

as So much diversified product they have don't mix.

the than softer about talked certainly And segments. it's So energy. then you other way

tons obviously of sector. a of there's – of financings. seeing restructuring, lot recapitalizations, lot A in a energy the lot going are We on rescue

transactions so certain to see energy. get are types of in transactions are the we done of of It'll we in depend of those on opportunities mandates starting to And difficult green market. there. some how can a shoots but many It's we adding lots backlog

Mike Grondahl

a little it some an then think advisory, good is Is triggers stabilization Great. lastly, it. it's mandates or you And going next bit you're just month just discussions talked a – there's and going Got what you on about two? those? more to little macro-dependent. you get you Or can think do bit in think to? the you point anything Do there but

Chad Abraham

Yes.

So conversations I like really and a it I processes mean, said May, our to ground sort April, new of halt.

every more June. in but a stuff some started That's stuff we subsector. basis. relative not that's So on across still July We in started broadly

think just for continued I the so confidence you you need And strategics. –

the private firms. CEO for need You confidence equity continued

are that private the aren't lot and a do the seeing the the leveraged demand debt some getting pre-COVID need more A equity sales certainly and are were markets. deals. and same in You but interest improving markets private improvement starting certainly more Terms better continued debt they we're from debt – the from lot markets. to of firms as they're for equity

take it's be pause back there's QX, to people time. just be as we demand like pick-up think from going going the to get pent-up into I going QX, just going here snap all a just QX. it's I gradual I to certainly mean to activity. think it's So think don't in

Mike Grondahl

Thanks, That's congratulations it. guys. Got helpful and again.

Chad Abraham

Thank you.

Deb Schoneman

Thanks, Mike

Operator

turn the will Mr. no further are over back questions. call Abraham. There to I

Chad Abraham

Have everyone. Thanks, day. to again a Okay. look updating you quarter. great forward We next

Operator

This for concludes today's conference call. Thank participation. your you

You may now disconnect.

Piper Sandler Companies (PIPR) 31 Jul 202020 Q2 Earnings call transcript