PIPR - Earnings call transcript Q1 2021

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Operator

Good morning, and welcome to the Piper Sandler Companies Conference Call to discuss the financial results for the first quarter of 2021.

During the question-and-answer session, securities industry professionals may ask questions of management. The company has asked that I remind you that 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 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. be measures addition in of GAAP. should a and accordance measures for, substitute financial non-GAAP considered to in not with The performance prepared refer most directly today GAAP measure. release these Please financial comparable company’s reconciliation non-GAAP the a of issued to measures the to for earnings The is the available Investor the page of earnings website website. and release company’s at on Relations the SEC

you turn Chad is As recorded. And Abraham, to this Abraham. like Mr. to call being begin the reminder, call. over a I’d call your may Mr. now

Chad Abraham

Good Thank our and our everyone. with I you morning, Carter, call for Shannon to first am joining review our Deb results. Tim the President; and quarter XXXX CFO. here

remarks of we delivered We to quarter, during we up then as the open for our be execute the evident quarter remain priorities. first will continue our our the in strength franchise to supportive go on and prepared continues diversity and And results. questions. through record call Market conditions strategic

environment we office, and operating to the increasingly with meeting the open, are to the face-to-face. clients are process bringing back we continues As of employees accelerating

of quarter first EPS XX.X% $X.XX. adjusted adjusted generated margin, we $XXX million, the During a net revenues operating of and record of XXXX,

all to the Our was strong results of the our impressive broad-based quarter. start had as businesses year during

banking Turning banking is This the to generated revenues in We the our investment of quarter corporate with excess of XXXX. second investment investment total of corporate in corporate revenues banking $XXX business. quarter first $XXX million. million consecutive

our quarter an with group, by by also activity, from we have strong driven interest a clients which continues generate technology as in quarter to broad had team, who performance included assist raising. this consumer space. Our which by our capital strong them connect active record M&A and contributions was equity was our which from The record in market-leading practice, led healthcare sector to results investors

advisory activity and XX% the contributed investment and banking quarter, M&A corporate capital XX% engagements of revenues. financings total produced revenues. generated During equity XX% debt of

We and shift banking corporate mix to revenues pipeline advisory built capital expect equity activity of begins to our investment markets as our moderate.

generating and during of business Our activity XX M&A deals. well across verticals. advisory all continue M&A XX our build XXXX. advisory capital to transactions industry performed of first services pipelines the and $XXX We quarter of revenues completed million

As and for pace bank PE economic activity. seven an of advised transactions example, we on investors businesses confidence a the has recovery strong of rates, and a along driving largest have low Demand access landscape. picked vaccine year. post-pandemic this liquidity, from with quickly are XX and ample up repositioning The and COVID-XX are valued announced M&A M&A SPACs CEO

breadth With made and our we and strength of are we have to the positioned strength market. the believe of capitalize on business, the we accelerating the investments advisory well

financing. Turning to corporate

activity spectacular a centered companies advantage to of on market, issuance continue take where SPACs. and healthcare We was new equity

During our the $XX and of $XXX completed first quarter for XX raising clients. capital revenues of XXXX, million financings in new we generated billion a equity record

fund expertise offerings on to IPO raise healthcare innovative levels of during the We ranked healthcare technologies, and robust top our as assist and in book space with quarter. to reputation drove clients runner of combined performance. to us capital markets Our follow strong record which three our the a allowed

the Our to momentum have marketplace very success been in continue effective. and our efforts resonate and recruiting

months. last the six Over

financial culture. our our services, looking as strengthening continue client-centric We our plan well our to and strengthened growing capabilities. diversified MDs penetration by industrials, restructuring as by and presence have embrace We adding adding technology, healthcare, sector talent, to

Markets. Investment as of Vice role has and of Deb, call named Banking Before I the turn over Chairman the Capital Scott we like Investment highlight Dillahunt Co-Head In a to I’d recent transition. transitioned March, to Banking. LaRue leadership of to Mike

Banking and as Investment was Scott decade, a Co-Head advisor. trusted my partner has a over continued For steadfast of as

Group, Vice group development Dillahunt most corporate culture. and Co-Head our seeking and Markets important As Banking, since as initiatives, James connecting out identifying growth as its Piper served where oriented of Baker, consistent the banker, Co-Head our served $X revenues years. of team accomplish many remain Investment the Mike Mike including of business Industrials in and a firm. and investment billion near carrier private Diversified corporate as and it veteran our lead of who will who Capital for opportunities Banking Mike goals, fit Global many will am banking culture has James that expansion growing Investment Scott long-term the coverage. plus is in with equity will and involved the and XX-year its to sector as growth Sandler exceptional he recently alongside including builder XXXX. co-lead growth and annual led and Chairman I a talented successfully a confident people to of of coming well Mike Services

call the turn Deb. to Now, over I will

Deb Schoneman

to brokerage access measures with are repositioning reopening on policies benefit I’ll providing growth and liquidity from accommodative the equity participants, Equity economic metrics. or that first from Market quarter shift an expected market. and of to market improving stocks. stocks elevated and a the additional value driven business. to Federal higher ample activity and the Federal COVID-XX Chad, securities begin our the by in Client with vaccination Thanks, catalyst into economy stimulus traded saw Reserve update volumes. volatility markets indices increased

clients brokerage quarter We quarter, XX% sequentially business XXXX, from billion volatility of set and for the repositioned as the as revenues premier quarter trade the of up execution we and capabilities. clients saw the portfolios first million X equity our during $XX where down unprecedented world trade Our X% first pandemic. the assisted shares generated faced

with on research clients We the number execution increase products monthly an basis scale increasing of transacting capabilities. clients as us to and gravitate continue a of to enhanced number

on premier ever-changing to investing We clients value-added April, the market decline capabilities consolidation volumes focused providing navigate participants from product volatility a in seen an remain in and have landscape. meaningfully forward, Looking entered assist lower we resulting as research have phase. execution

financing. municipal to Turning

business up the and last quarter XX% Our financing public the strong quarter of to of with finance $XX from strong the of year. year compared down XXXX million started revenues fourth first

issuance rates. We continued low to from strong new took as clients advantage benefit of

quarter first districts a in decline the school from space. robust especially governmental saw quarter, issuance the in fourth The

marked a demand increase saw provide sector offer we for us fees. specialty yields However, can in higher and issuances, with which higher investors

in activity specialty able XX% and the deals two senior continue grow sector were We assist which retained in project XXXX. first schools, this our differentiator of living, these raise the finance charter We XXX issuances of municipal And we number in clients specializations our based market. on nationwide. We in the capitalize to sectors is a offerings, number to underwrote strength negotiated ranking specialty our on to quarter representing marketplace. capital approximately of in

Looking market expect remain ahead, issuance strong. to we

We expect governmental issuance continue to to moderate.

with higher team sector strong, special we offerings, pipeline including Colorado increased specialty based for our However, see recently specializing in yielding where is our added demand district financings.

to income. fixed Turning

XXXX, from at X.XX% For fixed quarter, The Volatility the up at the reopening market of levels, expectations the market activity in first fed million drove government uncertainty fourth uncertainty has strength to reflects respect the December debt we inflation. the the of economy. yields policies treasury with very $XX X.XX% to in increased March revenues activity. XX-year from XX% free client treasury first saw rates quarter which from the future of in stimulus, generated impacts of in record rate in government XXXX. and from income increased The and of market yields the increase quarter in XX. XX interest the been risk increase economic accommodative by of The driven

over to center sheets repositioning driven see The client verticals, product to rates outlook. for client our advice by differentiated rates transitory. to securitizations. anticipate in to tremendous fixed our of business. as benefited volumes income include client clients strategies to and We the direction the an in of aim the analytics some other that rates expertise while business We define beyond front our future providing and have serving an far the uncertainty end bonds higher and those higher, rates which with evolving has seen clients momentum economic we clients goes perspective, loan tailored From retain derivatives, interest traditional remain flow-based balance react direction portfolios outlook the increase as interest in has clients uncertainty

to We breadth of clients new the also our with access issue, exempt products. provide tax taxable and

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

Tim Carter

Thanks, Deb.

will quarter of from a be as well generated we’ve for quarter comments significant business each on and benefited the robust of increased As results. my by sequentially including activity. reminder, our the trading for Revenues corporate of from the XXXX, revenues quarter contributions investment first driven financial XX% the financing revenues. non-GAAP of X% $XXX increase banking, recovery of adjusted record of We strong XXXX focused as million current from the first as lines, our

margin. Turning to operating expenses and

XX.X% of ratio the full compensation for was the quarter to XX.X% year. to XXXX, start performance our year reflecting Our the strong of for XXXX, first compared

outlook. returned deal We near Non-compensation current non-comp will strong XXXX. continue increase continued excluding to reimbursed expect quarter million fourth travel-related gradually expenses our be deal and and expenses growth more reimbursed XX% normalized we level expenses. of levels $XX considering costs pipeline is business ratio employee pause as on XXXX And to investments, compensation the This the retention, compensation of and on opportunities. to consistent expenses, to expenses continue first our the reflects estimate were for quarter manage travel-related of market our while with based We outlook levels. excluding

quarter million XXXX, income the XX.X%. operating operating For an $XXX of of of margin we first generated and

the $XXX the quarter second income of third an quarter and and of operating lower scale expenses. the our These increased excess with margin benefit reflect consecutive and operating results integration built the we consecutive with acquisitions represent income strong the operating XX%. of of Our travel-related over margin million in have successful

operating our while drive generate demonstrate ability to excess from continue to of cash growing operations. significant and We revenues levels expansion margin

to first prices price. rate than $X.X vesting date of related Our the quarter million adjusted a tax XX.X% which tax their benefit at for stock XXXX, grant was higher restricted included

for Excluding rate this was benefit, tax our XX.X% quarter. adjusted the

year expect to will XX% our adjusted tax going full of within forward. rate XX% continue our targeted range to be We

to earnings. Turning

$X.XX on quarter first quarter rate. tax of higher the and EPS quarter income the $X was record per our For driven net quarter over first second up second by generated highest lower sequentially with of revenues a $XX share. consecutive Diluted and EPS XXXX, for representing we million

Let me on update with capital. an finish

and that positions shareholders’ our deployment priorities capital Our believe our capital low. leverage and our with for remained aligned remains We liquidity are strong interests.

Over our by the TRS product banking investment XX European capabilities we acquisition Group expand advisory completing of presence. to acquisition of invested through strengthening offset and annual have approximately million a while restructuring or shares XXX,XXX completing order broadened our industry our by in opportunistic an annual months, $XX shareholders the firm, an our to million our advisory and paid stock last on from repurchased coverage Valence grants. of aggregate, the and $XX basis special business to our the dividends, quarterly Diversified advisors, the stock common dilution in

$X.XX an to on on shareholders business In May as be XX, dividend XX. to addition, close record, per the quarterly the approved share of to of increase to board our XXXX paid of June

continuing Given with first anticipate to of remix and we we our earnings quarter pleased Overall, in our power are favor dividend annual quarterly record and our our special cash results. capacity, dividends. generation start XXXX to

can positioned to we to now on deliver for confident our questions. exceptionally our the well for long-term call business ability we continues in be growth, up strategic Thanks. objectives. and are And Our

Operator

[Operator Instructions] Devin is of Your Ryan Securities. first JMP question from

Devin Ryan

morning Good everyone. Great.

Chad Abraham

Good morning, Devin.

Deb Schoneman

morning. Good

Devin Ryan

$X redundant apologies look now, appreciate, late, right we’re in get but investment minute this over if couple is, hopped of the million to strong you’ve on which Director past $X substantially here. in of a the been I the to up ahead, at outlook banking I but million per pretty revenues very backdrop is call the on Managing kind from, it wanted and, if recent obviously a $X kind generating Hi, million last to of start quarters

with mix maybe you backdrop how a what even should just lot the how kind question? kind really slightly, I’m or with the shifting the have the you a is considering of backdrop expectation look guys moving or baseline of the So, a curious think of I are strong this. productivity, in But range there’s and an guys thinking like just about, like. And is productivity is for about appreciate baseline higher

Chad Abraham

we’re $X take million I’ll mean, don’t of good capital I Devin. number. obviously Thanks. in that our sort think we these markets changed really a robust Yes. or, think do rate, outlook that we’ve I we that ahead. to is I run going we’re but have, predicting $X had quarters million significant levels, when have certainly not where revenue we’ve that, times at we consistently operated above where operate

we’re said, do deals product continue as and, as being efficiency, bankers say continue would of products sort with groups to with. work to add that restructuring we SPACs I we build to more just the platform, offers that more all doing of the All larger the clearly more work

level continue overtime should go to that productivity so And up.

Devin Ryan

or we’re we guess, then this But because of that. beyond like the strong sheets of and, of and the kind synergies, of repositioning like well. great. been then lot investment I of [ph]higher, Okay, as there’s there punching you’re similar the kind is to kind trading, that, now, to one what unusual opportunities backdrop maybe feeling they’re move is are term moving of kind as clearly securities of as appreciate the And a fixed quite well. parse with Sandler and very And are I I environment getting on in it’s intermediate guess I’m some normalized in of banking right good banks the over level balance baseline a activity very I business, a especially income you’re business yields know that through kind maybe kind trying the outlook. with

Deb Schoneman

of, Yes, particularly the excess driving, both the interest would actually positioning you to Devin, liquidity with in there’s and some say spoke depositories I that. is probably it’s rates of marketplace. as uncertainty Clearly

we’re nice capabilities as an benefit pure is have seeing that the so said that with a but loan trading, And of derivatives us firms capabilities, that tailwinds more mentioned, together with the platform. business, bringing all the a you these goes ability So providing things to and and broader beyond combining of strategic analytic these legacy Piper our Sandler two definitely our bonds. much like securitizations, breadth the product to now given being has

both combination say. those, of So some of I would

Devin Ryan

in the last is just on which right capital then of great. And one return this color. lot you capital great clearly now Okay, a are and opportunities creating environment,

is just liquidity M&A and love as but to liquid, some a thoughts around in lot are interesting also incredibly for repurchase, appetite stock, better the the on If anything moment, get seeing you’re there’s more seeing can stock there’s opportunities. of not then but clearly around or a potentially Just flow to bit put well. capital you opportunities the maybe buybacks what guys that feels at in into environment

both of Thank Just love you. some thoughts on those.

Chad Abraham

I Yes. just income need on cash think mean, we as the and go been Devin, then I’ll calls. multiple and we’ve last consistent we’re mean I sort need, first. I several operating we with of avenues. generating, the flow

with just of to great as our that grown then internal a see ideas, for to we M&A, the more a we see boutiques green on continue are interesting that M&A been opportunity to bring platform, in more space, I and have overlap opportunities. areas see, in it talented Simmons investing has So, of with in are to of we of to growth smaller, continue producers, to obviously, perfectly sort we’ve own and lot we’ve terms just more – make consistently them the good able access producers, products. and think And do Sandler, but

And so optimistic. we’re, yes,

just will continue to transactions on I’ll and those see over turn Tim And, find continue We do. to rest. we’ll some the to to it

Tim Carter

continue of, XX% cash the to development generation, through certainly all corporate we’ll at about back XX% our there’s think, we just here got of the given income of Chad that. Yes. which, adjusted use We’ve that look the levers, three the quarterly we deploying to dividend. Devin, balance, like to feel dividends target increased we this talked we I need and, that

the specific has then We there of think And our focused backs. stay that to stock. of active the yes, that. the buy to been the about on focused on goal We’ve to stay offset done grants. And I liquidity quarter. got always first annual want we we’ll in dilution in the half So from are

it using balance with three cash levers of those some So, but there buyback really generation. the is aspect, given the all is

Devin Ryan

Yes.

Appreciate great the momentum. questions Terrific. to you Okay. taking and the see

Deb Schoneman

you. Thank

Operator

Securities. Grondahl question is next from Mike of Northland Your

Mike Grondahl

but fourth is quarter almost a in first for cool. you It’s have like it quarter Congratulations. pretty the guys, to

a you M&A for of related you then kind the forward? and maybe advisory back Chad, Chad, of revenues think being to do XXX% question, going First percentage is that, would say advisory what business of as

Chad Abraham

I teams, as advisory in our Yes, backlogs level. so a it’s our record all after clearly, mean we industry QX at said the are say really, And and business, really almost advisory strong. M&A would backlogs for I

million, we So, we see reminder, revenues mean, momentum just the I a And then majority advisory think that’s it just least of underwritings not where our, on doing quarters going to still capital continue the mix, in name some sector, clearly across but to to quarter on our quite advisory, can and advisory you we’re have the placements financing but but half But we as goal stated I well. I vast in activity excited of the financing, always as all, about the when backlogs think a strong tougher that make they’re the this, that’s really come that the goal industry have corporate debt M&A, M&A, the as strong. really advisory also to stated be $XXX like build team. obviously and have and some north the is going was of line have a the backlogs we’re business. at

mix healthy. stay to pretty So, expect that we

Mike Grondahl

every but it. call it vertical out Is it robust. all after or specific healthcare vertical Got sounds there about them? calling out just is to healthcare, just like any And, pretty you’re of is

Chad Abraham

very a record in strongest the strongest those we quarter, our of three in an verticals consumer transactions. of diversified healthcare example and were as had advisory has our would three we’ve industrials a advisory Yes, say lots QX, services business. QX, and but were but gotten good a backlog business, said our momentum so, really quarters, I good in financial Valence

we’ll those see and announced been on deals XX year. M&A largest mix then we’ve forward. services release, obviously roll we the depository of from we take that lot through, of deals And did M&A in to that So, shift seven seen bank haven’t we this the revenue a but mention as announced financial all move while close, a the

financials of lots momentum in So well. as

Mike Grondahl

days or know you on new fixed Great. Great. administration And and the horizon? you the whatnot, for opportunities incremental or for opportunities policies Deb. income XXX group with any maybe Deb some administration, around at tax the the and see

Deb Schoneman

it’s Mike that’s, the I many talking right infrastructure don’t of spending, There which, will so about. We people borrowing know or of would the require now just that is funding level say just replaces really that just unknowns there borrow. how much to of uncertain. are additional to outside are going be a take need lot federal

just say our how So, this I of exactly business. a and will at would uncertainty that lot point, impact

Mike Grondahl

Got it.

Hey, Okay. thanks guys.

Deb Schoneman

Mike. Thanks

Operator

Michael [Operator of Instructions] question from is next Brown KBW. Your

Michael Brown

Okay, great. hi Chad, Hi, Tim.

Chad Abraham

Hi Mike.

Tim Carter

Hi Mike.

Michael Brown

to So, start the SPAC I with market. wanted

to the banking roughly? that kind more invest Just and a kind IPO just you’re growth was year this that you quarter continue guess be follow investment want and to the is to the, focusing trends space? of think business Is onto for the And about an of I to on of SPACs out, hear there the the, advisory the little there on for on, capabilities side would kind in how contribution both here. area related in just need bit to a play in there could your what of

Tim Carter

revenues have, SPACs others, going Yes, sort that that value of into million, long-term we’re hop we’ve us, Mike, the of participating a we be so where would QX add for of was we’re – fairly with unless got $XX value around of expertise areas expertise strategy I’ve market can we’re SPAC has seen SPAC to took are market sets the the really of both we not I to sector. sort a clients. not entire we just really from strategy I so obviously would IPO our across we driving results in say, certain selective the under been in say where

approach. our but we’re All you’ll side, being backlog line side, the going the that in of and to know grow, investors? take holistic years to confident see especially building, the continue on say, It’s we’ve again road the down be to year we going SPAC And not markets I we the really said, in the would a teams? think participate know that for advisory a I delivered two where that where pipe or everything sector? revenue Where we’re

Michael Brown

certain business, for a about obviously, makes that great. And are are incremental this potential the more, more That a you’re business wanted it’s other activity about think of really just you term, more brokerage dependent, the at looking to there that much sense. really potentially growth to invest how or grow longer Okay, little is hear point? capabilities regions businesses to bit that on it focused very but much on market and investment or dollars

Deb Schoneman

on some and there what of is all less organic around investment as and investments, of think Yes, have that. to I’ll income, the growth take with result a spoke that. goes some now but realizing that But Sandler, with a I around being income across And see and which expanding right synergies it incrementally opportunity fixed significant and combination additive equities more I lot earlier we and fixed about leveraging products. the really is

with On business day. middle in much XXXX, of of growth the stronger every and continuing the equity of average after brokerage clients now that side, to obviously acquisition we’re Weeden a are the trading in we see number the have

I Chad to earlier banking add looking opportunity, perspective, like of potentially of those again, look And will sense to of capabilities acquisitions either where and there that to So opportunistically but trading product verticals. think different at or don’t there a some feel an spoke are relative we’re realized terms that even from area areas the our that’s a fully large dollars research we’ve growth yet. perspective we the makes in

Michael Brown

Okay, great.

bit release, against funds, course, income, in up Just up a those Just that color? you investments? some little just a which the you would that maybe what of last banking give the of one investment Can us of banking – it press What merchant which make ticky-tacky is up gains the quarter, line? understanding first worked question what at was quarter. What in to some merchant better of looking line? makes here, to points this Thanks. just have

Tim Carter

take Mike, Yes, that. I’ll

we’re a merchant those in, funds, aligned from lot with that and which align cover banking of sort two the there’s invested of we sectors banking investments So a perspective. various

we So, make of different as in part a funds those investments those companies.

think can healthcare you investments. space, the in those consumer those last in the mean, of I tech space, and need So, that year, to space. look And right, at you’re we obviously, mark

actually from acquisition fund that may might cases this related go early one into through, unrealized year, seen events We of of that either year they sort through went get some an valuation those half the public. it liquidity last have some even losses of that a those second saw in does underlying We’ve to just go back and in companies. the of couple we come to the or some of

investments So, within fund. it’s those really that the valuation the underlying of

Chad Abraham

sort portfolio. And Mike, concentrated, that only pretty a some positions have the fund investor guess, I our in for broad an would to I the realized is, and it’s of us, big we’re competitors add thing some of I

sort like there’s two one not of make massive a investments of it’s So part them that that. or

Michael Brown

my questions. a color. for information it more that’s small for makes sense. That’s taking And fits line bit a it. Okay. looking little helpful Yes. there. Thanks just, That And

Deb Schoneman

you. Thank

Operator

from is JMP question of Securities. Ryan follow-up a next Devin Your

Devin Ryan

Okay, thanks.

in obviously and on gains clients, potential to to for is important rates business code you out an and wanted consideration. appreciate, tax to is is conversations but going of the a come starting capital that gains follow to advisory changes the to up this into have Just selling it yet kind get negotiated, worked this and capital back

higher move So, talk helpful, gains in I’m it’s with and going that about obviously it, of owned are forward if start progress and the sponsors a it’s then something driving just real business to they’re way. conversations, substantially really it bigger that so a issue rate, extent too happened. And going capital maybe regardless any sense, whether about we early a, figure this kind so think a of my it’s to family is what to curious you’re out to or your is if

So it’s a of kind love on and what the and business are still bit perspective guys maybe for just to thoughts very of you focused early. of that around just little implications appreciating

Chad Abraham

about some part Yes, would of on know been I clients’ driving relative thinking; situations, where transactions. client part some is, I’ve of certainly guess say timing minds that Devin, its I the what I to I it’s know of

big higher where more on that of that end come the transactions. to driver that it’s, on a side If that. Probably ends and to continues then think if My of for what transact, obviously not say a I to get this pretty finish up. you year And are rush going Can ahead ends up here proposed, I long view yet? significant a why there’s negotiation not. personal do you’ll is see potentially

Devin Ryan

in sponsor agree. what – your Yes, know like break out I I to your like the on agree percentage considerations there’s it will there, I don’t or, family-owned? held terms it’s your probably in if I business guess but I’m be of would possible and – but negotiation, versus helpful. backed be nuance privately just some or I the assuming specifically, And mean, is that

Chad Abraham

of a Yes, strategic a strategic our equity that definitely two say very that’s industry active depository, I lot categories. is a really sort business, are corporate private certainly grow. I obviously much business business, we private of all involved, healthcare definitely family-owned mean, business. bank that of of transactions a our especially the continued other it’s business where would mix being but of has across there’s All equity sponsor M&A now, parts said, those much to say very teams not corporate and compared – do on outside to I would businesses, transactions of for our minority

Devin Ryan

it. Really Okay. appreciate

Deb Schoneman

you. Thank

Operator

other in questions no the turn to call remarks. queue. are Abraham back I’d Mr. There like to any closing for

Chad Abraham

everyone operator. that a second and Have updating all for my results. of to close look by great our I’d employee weekend. very our on forward dedication their hard joined. to much a Thanks partners you to Okay. like clients. day thank and to quarter I’d work thanking like We good

Operator

today’s Ladies concludes gentlemen, call. participation. and for your this Thank conference you

now may disconnect. You

Piper Sandler Companies (PIPR) 30 Apr 212021 Q1 Earnings call transcript