SF - Earnings call transcript Q3 2024 | Stifel Financial Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and welcome to the Stifel Financial Third Quarter 2024 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Joel Jeffrey, Senior Vice President of Investor Relations. Please go ahead.

Joel Jeffrey

Thanks, operator. everyone Financial's welcome Earnings Quarter to Call. Conference like to Third Stifel XXXX I'd the by Jim call CEO, on joined I'm today our CFO, Marischen. Victor our Ron our Co-Presidents, Nesi and and Zemlyak; Jim Kruszewski; and Chairman

that non-GAAP earnings Relations Earlier and slide I page to website, at posted supplement found basis, be for non-GAAP note the a are release we presented which a throughout to this www.stifel.com. state financial issued can as and our on press to a presentation I we some release. our our and reconciliation of numbers morning, in an deck GAAP the would refer would Investor on of disclosed

and remind to Financial statements to Stifel refer forward-looking duplicated, Financial. also audio financial and the our non-GAAP would rebroadcast measures. supplement may of is and listeners reproduced Stifel information slide of for or copyrighted material without This on release, I be presentation not cast Corp earnings and other consent

now will Kruszewski. to turn and Chairman I over CEO, Ron the call our

Ronald J. Kruszewski

Thanks, thanks listen earnings to to taking time quarter the third our to call. and Good conference morning, everyone for Joel. XXXX

while more revenue doubled Group reflecting increases; management Banking year-on-year. Investment XX%, growth second than as Looking revenue Record quarterly billion was, Commissions and our double-digit third raising our generated XX% market both organic of Wealth Management revenue, revenue increased revenue $X.XX essentially at our our Institutional appreciation. history, up board quarter up our in and as increased XX% business in as follows: results. Net The XX% was increased was the growth highest capital across and asset advisory XX%. principal transactions

way, high coincided evidence quarter, we $XXX the XXXX, which since in thought and and had interest reached with end by that X% the rates. NII highlight the our to beginning quarter which third of the first earlier our of first nearly Fed the I'd was in bottomed deposit by this guidance. increase net raise noted increased we the by Sweep of income increased year, As million, also balances quarterly the providing

totaled reserves, earnings last Third and legal third share impacted in year. the were greater Jim by quarter later address XXX% quarter will per in last from quarter same which which year's $X.XX, Both period detail the this presentation. increased

these per the $X.XX from quarter would increase over represents quarter, adjusted XX% earnings year. Excluding reserves, EPS share have in been a third of the the which third last

through improving to the record Wealth of our in the results year and the up of Our market months driven the our illustrate by of Management franchise, stabilization of first of interest income. $X.X net and Year-to-date, capitalize strength on we conditions. in the XX%, ability billion, our Business Institutional continued our growth and quarter the revenue generated the X improvement franchise net

important It's in historical we to our environment for while that institutional an results generated business remains that, below norms. strong note improving,

revenue our increased sequentially X of the this history. and first net top of X Additionally, all quarters quarters the of these year, rank in in in each quarters

to business quarter the on looking we we upside believe we've there further expect and and that So in environment investments as and operating results our made is the capitalize our our in to continue to beyond, fourth the forward build, business. improves momentum we to

Street $X the net X% Wealth Banking line revenue in million ahead above above came margin of compare higher and surpassed revenue interest Transactional as and The management as by Investment we was above at $XX our approximately end X, expectations. Slide to came came or income raising. guidance Street stronger all to Net million On forecast consensus slightly items above in The our revenue consensus asset Street advisory accept estimate The results The of X% interest Net driven results. fixed Street high capital was Management income quarterly due estimates. in about expectations.

Asset suite, more Jim cash revenue from Street, primarily third-party presentation. was to lower The give slightly will detail below later which due management revenue in the

the by basis XXXX. continue accrue aforementioned we essentially above Noncomp as Street our expenses, excluding X On ratio to in with conservatively compensation Street The points reserves was expense XX%, the line estimates. legal were throughout side,

We've Turning to to business Slide each income times slide to of net X. natural our used a this how other. hedges interest and Institutional number show provide

over you the relationship said, should grow believe an forward. see point go has inflection years. stability That as our bottom can inverse the chart, provided this we we've past line that from we As hit increased to items X and both line

by our we improvement continued way, are troughs. Our forecast where add line. period driven is confidence net in a composition of our and bottom markets the and recent institutional capital from another entering Said of both the current income our interest will to business this balance sheet their

to on more current our just specifics are insensitive that While let details the of believe deploying returns. say capital growth changes that we rates Jim interest attractive in into today, in provides will give and relatively balance excess that we, the risk-adjusted environment, sheet, me asset

net from driven of in market as normalized last conditions meaningfully a same more is growing the income had we our and the by million business nearly modest income seen anticipate up period interest that in our of pretax improvement pretax XXXX income. We've substantial the scale return we Growth such, this business. increased the loss institutional As year. will of be over in $XXX

And generate are more below see we XX% However, in to we of business. XX.X% this upside well our meaningful pretax market the year-to-date conditions. normal margins as such, should

business Wealth in while upside be this analysis, environment agree improves. with continue that Management recognize that a And our the rebound our been important I driver. the our to think it's There's lot Global and growth we has of on as will focus Institutional long-term will generate business potential to a

recruitment entrepreneurial revenue. culture drive of the productivity. record and revenue Given service levels, asset and consecutive the net The which Global our record first is reach with both growth record together, the advisers' while of months to year our growth taken has of XXnd our and to providing likely through productive its Wealth our key the X products, retention advisers been client highly year

made we've into consecutive investments Wealth employee second service of named terms and the by validated has been adviser in Power Stifel being by satisfaction Management for the platform the firm #X year. Additionally, J.D. our

we client not will as improving $X adviser client on focused approach forward, in at to Looking our satisfaction continually of continue strive Stifel we core our levels, improved respecting target experience but remain their This experience. trillion importantly, better in our and values assets. only has resulted for of just as our advisers

our to Jim most the turn I'll CFO, over quarter. our now And call recent to Marischen, discuss

James Marischen

everyone. and good morning, Ron, Thanks,

of XX%. Looking was quarter of showed $X.X exception on third of items up of results operating line X. Slide Year-to-date, the quarterly XXXX period was NII. up with net the the our year-on-year. details revenue improvement from billion our Each of at XX% in revenue The $X.XX billion same

XXX% in was overall up the and XX% EPS quarter the year third expenses Our up drove higher improvement. lower as the from year-to-date prior and operating revenues

segment revenue Moving a totaled XX% million Global results. record revenue transactional was revenues X $XXX asset nearly our Wealth on and highest on years. management and Management in to our record pretax margins

bank asset earlier, sweep This lower-cost back estimates. came interest income. management into mentioned third-party due Ron bank, analyst lower sweep our to was positively As of move in impacted the deposits more which balances below as we net revenue

third-party excluding in impact the and asset -- I'm would of of impact in management charge sorry, third have Street with the party the suites, change estimates. the line the Excluding revenue been

with the quarter, our sequential $XX.X quarter production The digits. assets billion, XX-month in total we higher million. were XX and growth to of ] and new to single low client XX organic $XXX the ended and of respectively. markets included net added increases advisers advisers We During total assets grew assets billion equity as fee-based due $XXX record experienced This the platform. with trailing [

Slide bank X, I'll On results. our discuss

for beginning XXXX. As balances the and client increased levels time the Ron cash mentioned earlier, during sweep the quarter first of since cash increased

While as going into not that to more moving that we'll we be feel cash we're Program the seeing to and Sweep cash sorting the is continue normalize. done, rates that interest improve trends say

growth margin as end by X.XX%. primary interest was basis our range earning of million, interest by levels average driver interest the of points nearly to asset Net $XXX net The income increased increased $XXX and our million high X assets at C&I well of and was loans costs. security that yields increase residential than in in as deposit the increased in mortgages, as CLOs. NIM and increase more fund higher banking The was offset the loan interest-earning result of

XXX in rate should sensitivity, a neutral Additionally, This gotten coupled based deposits NII the sheet rate or we to of point balance for essentially movement, are quarters. with basis we've our on either result in Smart our percentage of stable-to-growing a point expectation growth, lack in Rate down. product, future where to up

be to $XXX range in expectation expect in our the $XXX cut with we for million Even million. quarter, NII fourth rate of another to a

totaled are asset that reserve quarter, Our profile relative stands and ratio balances million basis banking our in ratio risk types at mortgages, loss allowance points, Nonperforming credit XX metrics growth provision consolidated fund lower which basis for points, was and was $X.X loans our to total and by impacted XX in the carry loan reserves. strong. remained credit loan residential lower which

year-on-year. in for the in revenue raising up $XXX XX% transactional banking XX%, billion and was from Firm-wide to increases raising underwriting as the last was $X.XX year-on-year. both group. million Equity period $XX financials X% totaled quarter, up investment Revenue led XXXX of Institutional capital on in the quarter, second million to segment care, by that which and strong increased Moving revenue. contributors. Total same sequentially of was and revenue revenue our $XXX up industrials and the were and million. strongest Similar quarter was XXX% over capital advisory health

in X% strong as Year-to-date, XQ Stifel continue and XXX% Fixed finance as of underwriting #X revenue public more raising capital increased than the income in revenue IPOs. see 'XX number terms from XX%. increased we of improvement to sequentially ranks

business #X a We transactions XX% ranked market a negotiated municipal to as continue leader to underwriting of we share. number nearly the be in in

last industrial our next bank share has financials likely Year-to-date, from a This $XXX M&A we these indication and XXXX announcements revenue realized in good health a thrift as momentum revenue verticals. are We're as improve. in based was value. KBW from market on We heading of practice, advisory year our be levels an of build and have also in is results technology million, to transactions solid year. of XX% to announced seeing over into deal continue activity XX% care, had Advisory increase our practice. momentum the

quarter totaled X% transactional from million, Equity XXXX. revenue the up $XX second of

with gain was of in engagement offerings, the best-in-class continue continue our transactional income anticipated rates and million revenue result from client benefit and in traction see activity. we XX% increased we $XX has up business electronic to shift year-on-year as continued policy, which rebound in our our high-touch to of trading the a We Fixed as research. Fed

expenses. On the through next slide, we go

which XX%, high end we again guidance was continue quarter third as the in is at accrue ratio full year comp-to-revenue conservatively. Our to of our the

In quarter, XX%. terms of remain expectations for fourth the we estimate comp at the in will ratio it

call, and Ron expenses As at noncomp in impacted negatively the were by accruals. came $XXX in million additional mentioned legal earlier

Excluding of tax rate compensation. our the midpoint and charge, to noncomp the in credit also a fourth XX% associated quarter, essentially would full operating XX%. tax given XX% that year ratio was see provision excess the decline the to stock-based with we in legal I banking our gross-ups, note of expect effective at investment benefit our range our

We for the XX% rate XX% tax are effective quarter. currently forecasting and an between fourth

position. I'll our cap Slide XX, review On

capital basis well we ratio on that the balance $XXX XX $XXX XX.X%, capital leverage the income by generate basis Our target Tier to to nearly we sheet excess points significant Tier and million risk-based sequentially excess of continue and be GAAP XX.X%. increased X Based capital as in a XX% XX to third to Tier capital X of our increased have points net million by capitalized. X additional quarter. leverage of generated illustrated ratio, levels continues

July. also in common $XXX million we we've long-term of In $XX.XX XX.X price shares $XX.X $X.X shares increased and I of during quarter, highlight our of capital preferred retired stock. by assets we paid dividends I'd at debt quarterly deployment billion our roughly We billion. the an remaining roughly million average that with on repurchased current to that in authorization, XXX,XXX note terms bank

impact to and with more that, helps than $XX turn us the XXX.X back million. to doesn't diluted share me capital stock share a the this expense Although repurchases levels, reduce stable quarter annual price, fully Absent And count it call we'd let any interest assumption be million shares. assuming by additional fourth expect Ron. for

Ronald J. Kruszewski

Jim. Thanks,

expense guided that saying growth to The goals. XXXX operating to our by Let reach ] me and controls. conservative revenue conclude solid outlook on forecast a track longer-term with started we Street We for that are more environment and near- [ the than

the growth market Our pace good fourth XXXX the we've also strength at our billion normalized initial at turned our does guidance, on in performance just as fourth Look, that of we've discussed we experienced quarter. We of our that run the experienced quarter context, a continue from are revenue finish quarter. on is be the accurate anticipate will to revenue of $X.X in seasonality $X in and track trends the level believe high environment. our as factor and our a billion outlook so revenue within in realistic the note expenses rate billion put net strong we run to yet what out to a in to of not we to the as a than important fourth The rate end come well XXXX benefit year typical range. Street more guidance in is be our shy in To far of $X.X our

there current including uncertainty outcome elections geopolitical the said, there's of meaningful risks. to environment, are and upcoming still operating That meaningful still -- the the

As our we we give typically call. formal our guidance fourth conference quarter XXXX on do, for will

However, this at just point. XXXX let say we see about how me this

normalize strength in for achieve leverage, more expectation of what targets revenue to feel and EPS. ability revenue further growth a to and in our we and considered the confident markets than Given operating our year, our of billion increased as $X transition we our $X results of anticipated our continue

line With that, the questions. operator, open please for

Operator

Instructions] [Operator

Ryan question JMP. with we take And first can Devin our from Citizen

Devin Ryan

quarter. Obviously, quantify where opportunistic it's great And the growth of change. be can you and demand. or appreciate in from coming I Ron, still here First good it kind you'll incrementally? sounds help like conditions that you loan the more on lending. from you're expect question of pretty just also just level seeing demand But maybe if

here like as sounds still come you you rates net even interest And grow from it think down. then can guys income

I So well. as kind to just with that get of want the interplay

Ronald J. Kruszewski

let I'll some Jim details. Yes. give

gotten we've move a Sweep in point balance the said, versus with we've of our to margin, our And neutral that Rate As to forward going frankly. opportunity what sheet. see in basis is Smart to we position build we're essentially deposits terms the XXX our

sheet as know, growth during you have purpose rate We uncertain And see great opportunity. on balance environment. a we limited our more

basis, net as have income. a So we we ability we today, as look always an do, our to in grow interest risk-adjusted

James Marischen

the ] and market on captive general on we loan in would ability or audience base, dependent to the put loans and are I venture. Yes. say us mortgages that's [ and economy our less of for or fund a lot general securities-based banking our loans book whether given

We have that risk-adjusted said, very generate attractive. as returns Ron to amount, a the fair ability are

roughly growth fair saying with balance that billion available the You a a $XXX Sweep bank plus are to interest X% capacity deposits the of generate and million couple today have we at to that that capital, to rates about sheet $X liquidity talked sensitivity over we're essentially the excess the amount with of Ron in NIM.

Devin Ryan

a up on were think But And I second were quarter a year-over-year. fixed income just little a million then $XX softer And seemed had than I appreciate gain. for. revenues Terrific. brokerage. there still roughly looking Okay. the bit we follow-up

So I of year to were with as the look year of sense as there there. and just into any well. whether we then And this losses kind outlook, get wanted next particularly there later depositories just

Ronald J. Kruszewski

in business. any don't third the always see seasonality Little of slowing of real that bit quarter. I

clients mention second our actively the manage I'm continue business, about their did of rates down as portfolios. from and You was most both reason that normalize, to the But optimistic quarter. it that depository

James Marischen

risk clients, talk they're great The and curve happening environment and our rates an income activity interest and more cash for going like in be same trading normalizing. is in active the a our situation group. is rate We building to to here thing that that sit about because fixed presents

Operator

We'll from take with question next Alex Sachs. our Goldman Blostein

Unknown Analyst

you for This deposits the to that just third-party on $X guys a is Michael Alex. have. of Maybe billion follow-up

deposits how move the funding would that at if I could your discretion. like sounds double-click to the works. it be on into that the over we -- those wondering So and available rate was all maybe bank to

James Marischen

Yes.

deposits, remainder to And tiering on deposits. Sweep see the less known We're Rate you can on I at Sweep X.X% generally program. well they would speaking, that Smart are of on say, the Smart that's So rate. obviously, but are treasury primarily basis, The Smart fairly bit than our expensive blended rates. Rate. little a closer a

-- that also bit less with is only of deposit be relationship I'm Some sorry, it than it a or [indiscernible] depend will lending going relationship again, lending a relationship. Smart comes little Rate. if it's But to pure

Unknown Analyst

comp moving rate. on to Maybe quickly just the That's helpful.

And So the but the opportunity how both can for It's matters, rate range-bound the time? years. on talk would of about you been like Obviously, for guided but X play early the revenues maybe would leverage XX%. pretty of that last on plans quarter about kind you over it for mix side, sounds XXXX, you frame your into guys noncomp. fourth the also the comp how for

Ronald J. Kruszewski

growing in been that relatively comp billion, $X.X from [ think income said, of which that talked been I an year basis. on has Institutional last our and $X.X flat ] about because to Yes, billion with is annualizing billion. as conservative anticipate at $X.X we've positive our a of we billion 'XX keeping I've Couple a down interest annualized as normalization our billion flat. normalization have conservative $X.XXX-ish on we've in relatively $X.X And ratio. net business, that And from been item -- impact we today and interest has line been earning comp have assets up

ratio. positively occurs, As that also comp the that impacts

say, the comp the environment let's try to providing to of environment, high guidance answer range XX% end that as I leverage to your at this ratio. our the market XXXX question in see would, I be for So will

Operator

Our with Steven next Research. question from comes Wolfe Chubak

Steven Chubak

wanted I it's Ron. start question, -- to off So clarifying just a

more to Was normal actually the for $X is that that Or backdrop? to in where You could It's before a alluded operating you've environment. expectation something earnings target. normalized the XXXX that of in mentioned speaking context shake were a more a something you earnings out.

Ronald J. Kruszewski

I the what question. mean saying. I love understand you're I

I $X 'XX it was and prepared forward back about say we my not XXXX. because to look today that we said in think, question. what did get to I'm hasn't then of I go back as answer talk said. me in 'XX I But changed. really to Let was to that your what that saw $X.X billion that what ability 'XX. what I I [indiscernible] And to, the was That's view operating waiting said

Steven Chubak

Understood. And stock. I repurchases did just been your buyback, the a Historically, the see on moderation No, appreciate We ask no, for follow-up. share the quarter. in in I tactical want that, buyer my did also Ron. of to you've good

that trying it in you or square Just next for earnings outlook, with growth to buyback be M&A? bank relative message repurchase other whether on versus outlined growth that how year and positive you're thinking about that of the just the the potential alternatives, moderation attractiveness

Ronald J. Kruszewski

deploying terms lever X our we not coupled share I us always table, is manage market are Again, for and But but we growth, we lot note. capital, know, purchased Look, of bank levels that our our to we're with on more look the appears we stock levers stock do back I say the of are, an in to the primary return a that little capital on optimism the provide today, those of growth in and sure we a mean, been. buying investment you repaid and also attractive stock, that. $XX the that we financials. there's at buyback adequate. have average when we at bank and make -- levers, M&A returns dividends, X which

continue our to saying, against probably each of million most to continue back and and measured to perspective, I grow balance which And note our I think little I "hey, just Each But sheet, are more look, was I wiring by attractive. a never from position. we'll is other continue buy we'll stock about look acquisitions. little a we'll a at saying liquidity as bit paid to off was $XXX the cash." more liquidity

James Marischen

tie probably EPS, point. into bit about you original this your of little if $X repurchases And share at question had that a on more we emphasis

roughly remember, if got at it, to a of that's NIM call adding, we're interest-earning You assets $X.XX of X% billion EPS. $X

give to the $X the So buyback, there's take we impact of sheet as and get on versus obviously well. some per balance how share the the growth

Ronald J. Kruszewski

changed have since dynamics year, primarily stock price. our of the other And beginning the

Operator

comes question from next UBS. Our Brennan Hawken with

Unknown Analyst

Brennan. was on cash Rates. for as rate in up start sweep filling I obviously recently about although Ruben well with the $XXX deposits and by million trends Ben inflecting up million, on $XXX is positively nearly rates small Smart to wanted This and you cut the

have mean year? So if I the what back the any? type what for flows expectations you And rate client of as impact curious of growth was as on cash cuts, just does far towards the seen end of your on that

James Marischen

We've in sorting end inflows yesterday, inflows cut far. is say quarter. we've Sweep also cash say of seen $XXX the million program seen the Like quarter another both over. Rate we've deposit we're up And since since actually our in not I'll as fourth to rates. ready of thus -- Again, is Sweep and Smart the

normalization is and alternatives. the of impact minimal. bigger the cuts to curve the competitiveness a of the going impact forward of this So be yield has Again, going various on different been rate

Unknown Analyst

recovery then right M&A. about I in was your Obviously, are in the the hoping And direction. Great. sponsor advisory results coming ask to

you've rates So the circle seen down? not improvement as borrowing any hoping come and kind just conditions whether as was I back if or market you improve and can sponsor of in costs

Ronald J. Kruszewski

can any governor could in least and to relates I as the say it across activity. But see sponsor the regulatory it which the regulatorily But provide If on still the some overall, around it M&A think election, it, see could maybe you'll better conditions see the yes. on it M&A are I I is street, a election to burdened tailwinds is or side for mean the the -- more results. environment Certainly, uncertainty worse, Generally, would I would the M&A, current would is that it market there's good. perspective. conducive environment, that's M&A don't at say, from I getting real getting more continue. I

Operator

our will from Katz next TD And Bill with question come Cowen.

William Katz

count seasoned how the a little good more relatively growth some trailing FA. you the flat and Can contribution platform and backdrop folks sort bit was profit and FA despite about of you see it with incremental talk back the So to production. means what adding competitive step net for per maybe

Ronald J. Kruszewski

Yes.

been we've more with think see sort the of we're you balancing adding that growth, a while net per dealing seen productive with adviser recruiting pair is I productivity for and advisers. retain although muted. channel net we is retirements, we've because basis, and a on and clients increased What

I'm optimistic transition seen probably Look, I relative landscape I've as our overall, side, relative more being say, it been I've especially competitive. being offering, position would recruiting both about the our on the as

rates many teams with seeing to talking think we're have. probably that I had ever as we And something that productive trend. to as at do we're least or

advisers at is And of I'm primarily high-quality business fourth really always you us, to our a the the December. early of really the we're talking as growth quarter of muted because window trends quarter to, I good look who so people I in platform. our addition optimistic transition number and But about the is feel both visiting continued and the closed that

William Katz

sort to into see get start in what actually is what to of think -- or the might both nice. balance real of follow-up, just you do need you level And higher Obviously, do while. need question. rates That's just rates? to to always rates, But the up you get a we different Okay. for think cash money awareness a fourth It there or helpful. been we sheet drop conceptual to again structurally a It's which are is here higher a like Smart. sounds thing in level it quarter, this towards At mix is migration then to a sharp out that change would migrate a haven't time? in back you to at of dangerous say

Ronald J. Kruszewski

has was the we of back first say not it's will where in effective the Well, okay? spread different that the that treasury X Sweep -- get balances this and all, are of different Yes. a question the really terms you I'm don't it X-year environment, mean time be do rate in between incentive. I that have narrow so so sure to

rates, question, real by at to which I X.XX% X% X.X%. So me Fed settling. I there to X.X%. X% X% settling be where would rate, thinking to to see answer kind funds and probably be going of than is normalization get That's a closer inflation have so your even interest And to a should rates to of

X, we'll And as normal In there really you cash, be and a because Smart rates cash and still matter. provide still what get differential yield transactional didn't will curve, that clients savings were with Rate it will will rate happen the between that choice. contrast, when

we're different environment. rate it back think because I don't time? a this is going to And Yes, X so

see evidenced on investment drives positioned retained loans, return I point take us funds. credit our I cash, think our and and having well are -- neutrality to do so. feel we which NIM, have XXX And risk basis we've changes appropriate in by as Fed a we actually changes which cash don't excessive to on growing to I

will wouldn't be cash to normal. in go be is are So always baking that I Sweep something to transactional going for are Sweep, into because there people savings but new that cash, back -- NIM the drive says we're going

James Marischen

had roughly it of beta XXX% was essentially -- Rates. Smart We've

alternative of -- in the some attractiveness to start decreases as decline, rates point significantly. fairly So at that

a well. high continue thing that cash I operational alternative, say add to back would continue coming increase Smart treasuries money other recruiting, seen the more of have amount also to we come of as just into and/or money level, of is going if Sweep. You out less And attractive level as fair that a recruiting to becomes at to balance the a

William Katz

in a sneak I third my was ] question, against clarifying Can for so question? apologize Great. That I rate goodwill. [ tax

we think more terms that in this is particular should about beyond? into fourth this now baking as 'XX the we a quarter? new this Or of the rate just to is and start upcoming Just idiosyncratic prospectively tax development quarter, in

James Marischen

The This happens normal is of larger because year. the price. in impact every stock than increase the

benefit So grant difference rate. when a as is runs as the through stock-based price your of a date the or basically, in increase a stock negative the related as get this to excess it you compensation. tax your And fair stock vests. benefit, effective larger tax which between decline value value fair and

You'll normal. see for a in than just the most it historically is This in fourth impact quarter larger quarters us.

Operator

you. the Thank Mr. any you turn It additional call I'll for there questions at time. appears closing are back no Kruszewski, this to or further remarks.

Ronald J. Kruszewski

all you. name. Great appreciate we recapping bet on our on be talking and XXXX. you our that, will into your pronouncing you And everyone time. to shareholders, a I forward fourth about for XXXX, Thank and to that, updates what with giving great job views we look quarter good of a the I some day. Thank anticipate

Operator

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

You may disconnect. now

Stifel Financial (SF) 23 Oct 242024 Q3 Earnings call transcript