Piper Sandler Companies (NYSE:PIPR) Q1 2022 Earnings Conference Call April 29, 2022 8:00 AM ET

Company Participants

Chad Abraham - Chairman and Chief Executive Officer

Deb Schoneman - Managing Director and President

Tim Carter - Managing Director and Chief Financial Officer

Conference Call Participants

Devin Ryan - JMP Securities

James Yaro - Goldman Sachs

Steven Chubak - Wolfe Research

Mike Grondahl - Northland Securities

Michael Brown - KBW

Operator

Good morning and welcome to the Piper Sandler Companies' Conference Call to discuss the financial results for the First Quarter of 2022. 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 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 not substitute for measures of financial performance prepared in accordance with GAAP. Please refer to the company's earnings release issued today for reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure.

The earnings release is available on the Investor Relations page on the company's website and at the SEC website. As a reminder, this call is being recorded.

And now I would like to turn the call over to Mr. Chad Abraham. Mr. Abraham, you may begin your call.

Chad Abraham

Good morning, and thank you for joining us. I am here with Deb Schoneman, our President and Tim Carter, our CFO. We will go through our prepared remarks and then open up the call for questions.

Financial markets experienced increased uncertainty during the quarter, including the war in Ukraine, persistent inflation, and expectations for continued tightening of monetary policy. Despite this quickly changing and a challenging backdrop, our diversified and resilient business model continues to generate strong results. While equity underwriting activity was soft across the industry, market conditions remained constructive across many of our industry and product verticals and our advisory business was a highlight during the quarter.

During the first quarter of 2022, we generated adjusted net revenues of $362 million, a 20.8%, operating margin and adjusted EPS of $3.12. I am pleased to report that we delivered strong performances across our advisory, debt financing, and brokerage businesses.