Stifel Financial Corp. (NYSE: SF) today reported net revenues of
$1.1 billion for the three months ended June 30, 2023, compared
with $1.1 billion a year ago. Net income available to common
shareholders was $125.0 million, or $1.10 per diluted common share,
compared with $151.5 million, or $1.29 per diluted common share for
the second quarter of 2022. Non-GAAP net income available to common
shareholders was $136.3 million, or $1.20 per diluted common share
for the second quarter of 2023.
Ronald J. Kruszewski, Chairman
and Chief Executive Officer, said, “Our results in the quarter
reflect the benefits of Stifel’s diverse business model. We were
able to leverage another record quarter in our Global Wealth
Management segment to partially offset the continued market
challenges faced by our Institutional Group. Although the outlook
remains uncertain, we are beginning to see signs of improvement as
our equity capital markets revenue improved both sequentially and
year-on-year and we anticipate a pickup in advisory revenue in the
second half of the year. As markets normalize, I expect that Stifel
will capitalize on its increased scale and continue the firm’s long
history of profitable growth.”
Highlights
- The Company reported net revenues of $1.1 billion as our
business navigated an environment that remains challenging.
- Non-GAAP net income available to common shareholders of
$1.20.
- Net interest income up $96.3 million, or 49%, over the year-ago
quarter.
- Recruited 46 financial advisors during the quarter, including
21 experienced employee advisors and 7 experienced independent
advisors.
- Bank loans up $1.3 billion, or 7%, from the prior year.
- Non-GAAP pre-tax margin of 19% as the Company maintained its
focus on expense discipline, while continuing to invest in the
business. In addition, the Company gained operating leverage as a
result of the composition of revenues compared to the prior
year.
- Annualized return on tangible common equity (ROTCE) (5) of 17%
in a volatile and uncertain market environment.
- Tangible book value per common share (7) of $30.64, up 6% from
prior year.
|
Financial Summary (Unaudited) |
|
(000s) |
2Q 2023 |
2Q 2022 |
6m 2023 |
6m 2022 |
|
GAAP Financial Highlights: |
|
|
|
|
Net revenues |
$1,050,721 |
|
$1,108,126 |
|
$2,157,514 |
|
$2,224,653 |
|
|
Net income(1) |
$125,032 |
|
$151,495 |
|
$273,251 |
|
$315,724 |
|
|
Diluted EPS(1) |
$1.10 |
|
$1.29 |
|
$2.38 |
|
$2.68 |
|
|
Comp. ratio |
58.6% |
|
58.9% |
|
58.7% |
|
59.6% |
|
|
Non-comp. ratio |
24.1% |
|
21.4% |
|
23.2% |
|
20.4% |
|
|
Pre-tax margin |
17.3% |
|
19.7% |
|
18.1% |
|
20.0% |
|
|
Non-GAAP Financial Highlights: |
|
|
|
|
Net revenues |
$1,050,721 |
|
$1,108,127 |
|
$2,157,511 |
|
$2,224,714 |
|
|
Net income(1)(2) |
$136,256 |
|
$163,853 |
|
$297,524 |
|
$339,440 |
|
|
Diluted EPS(1) (2) |
$1.20 |
|
$1.40 |
|
$2.59 |
|
$2.88 |
|
|
Comp. ratio(2) |
58.0% |
|
58.1% |
|
58.0% |
|
58.8% |
|
|
Non-comp. ratio(2) |
23.3% |
|
20.7% |
|
22.4% |
|
19.7% |
|
|
Pre-tax margin(3) |
18.7% |
|
21.2% |
|
19.6% |
|
21.5% |
|
|
ROCE(4) |
11.6% |
|
14.8% |
|
12.8% |
|
15.5% |
|
|
ROTCE(5) |
16.8% |
|
21.6% |
|
18.4% |
|
22.7% |
|
|
Global Wealth Management (assets and loans
in millions) |
|
|
Net revenues |
$758,190 |
|
$697,980 |
|
$1,515,376 |
|
$1,379,705 |
|
|
Pre-tax net income |
$299,904 |
|
$245,152 |
|
$616,013 |
|
$470,565 |
|
|
Total client assets |
$417,669 |
|
$377,591 |
|
|
|
|
Fee-based client assets |
$154,538 |
|
$141,223 |
|
|
|
|
Bank loans(6) |
$20,562 |
|
$19,272 |
|
|
|
|
Institutional Group |
|
|
|
|
|
Net revenues |
$276,244 |
|
$411,364 |
|
$608,857 |
|
$842,727 |
|
|
Equity |
$149,035 |
|
$241,063 |
|
$363,607 |
|
$492,327 |
|
|
Fixed Income |
$127,209 |
|
$170,301 |
|
$245,250 |
|
$350,400 |
|
|
Pre-tax net income/ (loss) |
($12,895) |
|
$72,992 |
|
$20,825 |
|
$169,620 |
|
Global Wealth Management
Global Wealth Management reported record net
revenues of $758.2 million for the three months ended June 30, 2023
compared with $698.0 million during the second quarter of 2022.
Pre-tax net income was $299.9 million compared with $245.2 million
in the second quarter of 2022.
Highlights
- Recruited 46 financial advisors during the quarter, including
21 experienced employee advisors, and 7 experienced independent
advisors, with total trailing 12 month production of $25
million.
- Client assets of $417.7 billion, up 11% over the year-ago
quarter.
- Bank loans of $20.6 billion, up 7% over the year-ago
quarter.
Net revenues increased 9% from a year
ago:
- Transactional revenues decreased 7% from the year-ago quarter
reflecting a decrease in client activity.
- Asset management revenues decreased 3% from the year-ago
quarter primarily due to declines in the markets.
- Net interest income increased 42% over the year-ago quarter
driven by higher interest rates and loan growth.
Total Expenses:
- Compensation expense as a percent of net revenues decreased to
46.7% primarily as a result of higher net interest income.
- Provision for credit losses was primarily impacted by reserve
reductions, partially offset by growth in the loan portfolio.
- Non-compensation operating expenses as a percent of net
revenues decreased to 13.7% primarily as a result of revenue
growth, expense discipline, and a decrease in the provision for
credit losses over the year-ago quarter.
|
Summary Results of Operations |
| (000s) |
2Q 2023 |
2Q 2022 |
| Net
revenues |
$758,190 |
|
$697,980 |
|
|
Transactional revenues |
157,958 |
|
170,470 |
|
|
Asset management |
320,238 |
|
331,243 |
|
|
Net interest income |
277,345 |
|
195,828 |
|
|
Investment banking |
4,065 |
|
5,056 |
|
|
Other income |
(1,416) |
|
(4,617) |
|
|
Total expenses |
$458,286 |
|
$452,828 |
|
|
Compensation expense |
354,086 |
|
349,368 |
|
|
Provision for credit losses |
7,824 |
|
12,785 |
|
|
Non-comp. opex |
96,376 |
|
90,675 |
|
|
Pre-tax net income |
$299,904 |
|
$245,152 |
|
|
Compensation ratio |
46.7% |
|
50.1% |
|
| Non-compensation ratio |
13.7% |
|
14.8% |
|
|
Pre-tax margin |
39.6% |
|
35.1% |
|
Institutional Group
Institutional Group reported net revenues of
$276.2 million for the three months ended June 30, 2023 compared
with $411.4 million during the second quarter of 2022.
Institutional Group reported pre-tax net loss of $12.9 million for
the three months ended June 30, 2023 compared with pre-tax net
income of $73.0 million in the second quarter of 2022.
Highlights
Investment banking revenues decreased 39%
from a year ago:
- Advisory revenues of $86.6 million decreased 57% from the
year-ago quarter driven by lower levels of completed advisory
transactions.
- Equity capital raising revenues increased 16% over the year-ago
quarter driven by higher volumes.
- Fixed income capital raising revenues increased 11% over the
year-ago quarter driven by an increase in our corporate debt
issuance business.
Fixed income transactional revenues
decreased 30% from a year ago:
- Fixed income
transactional revenues decreased from the year-ago quarter driven
by declines across most products as a result of lower volumes and
lower market volatility compared with elevated levels in the prior
year period.
Equity transactional revenues remained
relatively consistent with a year ago:
- Equity transactional
revenues declined slightly from the year-ago quarter driven by
declines in equity markets and lower client activity, partially
offset by lower trading losses.
Total Expenses:
- Compensation expense as a percent of net revenues increased to
70.3% primarily as a result of lower net revenues.
- Non-compensation operating expenses as a percent of net
revenues increased to 34.4% as a result of lower net revenues,
higher occupancy costs, and continued investments in technology,
partially offset by lower professional fees and clearing
expenses.
|
Summary Results of Operations |
|
(000s) |
2Q 2023 |
2Q 2022 |
|
Net revenues |
$276,244 |
|
$411,364 |
|
|
Investment banking |
161,481 |
|
266,019 |
|
|
Advisory |
86,595 |
|
199,556 |
|
|
Equity capital raising |
30,109 |
|
25,993 |
|
|
Fixed income capital raising |
44,777 |
|
40,470 |
|
|
Fixed income transactional |
67,508 |
|
96,200 |
|
|
Equity transactional |
45,592 |
|
45,614 |
|
|
Other |
1,663 |
|
3,531 |
|
| Total
expenses |
$289,139 |
|
$338,372 |
|
|
Compensation expense |
194,158 |
|
244,711 |
|
|
Non-comp. opex. |
94,981 |
|
93,661 |
|
|
Pre-tax net income/(loss) |
($12,895) |
|
$72,992 |
|
|
Compensation ratio |
70.3% |
|
59.5% |
|
| Non-compensation ratio |
34.4% |
|
22.8% |
|
|
Pre-tax margin |
(4.7%) |
|
17.7% |
|
Other Matters
Highlights
- Total assets increased $821.8 million, or 2%, over the year-ago
quarter.
- The Company repurchased $86.8 million of its outstanding common
stock during the second quarter.
- Weighted average diluted shares outstanding decreased as a
result of the Company’s lower share price and increase in share
repurchases over the comparable period.
- The Board of Directors declared a $0.36 quarterly dividend per
share payable on June 15, 2023 to common shareholders of record on
June 1, 2023.
- The Board of Directors declared a quarterly dividend on the
outstanding shares of the Company’s preferred stock payable on June
15, 2023 to shareholders of record on June 1, 2023.
|
|
2Q 2023 |
2Q 2022 |
|
Common stock repurchases |
|
|
|
Repurchases (000s) |
$86,821 |
|
$30,666 |
|
|
Number of shares (000s) |
1,492 |
|
505 |
|
|
Average price |
$58.21 |
|
$60.68 |
|
|
Period end shares (000s) |
104,889 |
|
106,166 |
|
|
Weighted average diluted shares outstanding (000s) |
113,864 |
|
117,400 |
|
|
Effective tax rate |
25.9% |
|
26.4% |
|
|
Stifel Financial Corp. (8) |
|
|
|
Tier 1 common capital ratio |
14.3% |
|
14.8% |
|
|
Tier 1 risk based capital ratio |
17.3% |
|
18.0% |
|
|
Tier 1 leverage capital ratio |
11.1% |
|
11.2% |
|
|
Tier 1 capital (MM) |
$3,999 |
|
$3,837 |
|
|
Risk weighted assets (MM) |
$23,165 |
|
$21,281 |
|
|
Average assets (MM) |
$36,041 |
|
$34,330 |
|
|
Quarter end assets (MM) |
$37,298 |
|
$36,476 |
|
|
Agency |
Rating |
Outlook |
|
Fitch Ratings |
BBB+ |
Stable |
|
S&P Global Ratings |
BBB- |
Positive |
Conference Call Information
Stifel Financial Corp. will host its
second quarter 2023 financial results conference call on Wednesday,
July 26, 2023, at 9:30 a.m. Eastern Time. The conference
call may include forward-looking statements.
All interested parties are invited to listen to
Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866)
409-1555 and referencing conference ID 4717221. A live audio
webcast of the call, as well as a presentation highlighting the
Company’s results, will be available through the Company’s web
site, www.stifel.com. For those who cannot listen to the live
broadcast, a replay of the broadcast will be available through the
above-referenced web site beginning approximately one hour
following the completion of the call.
Company Information
Stifel Financial Corp. (NYSE: SF) is a financial
services holding company headquartered in St. Louis, Missouri, that
conducts its banking, securities, and financial services business
through several wholly owned subsidiaries. Stifel’s broker-dealer
clients are served in the United States through Stifel, Nicolaus
& Company, Incorporated, including its Eaton Partners business
division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire &
Co., LLC; and Stifel Independent Advisors, LLC. The Company’s
broker-dealer affiliates provide securities brokerage, investment
banking, trading, investment advisory, and related financial
services to individual investors, professional money managers,
businesses, and municipalities. Stifel Bank and Stifel Bank &
Trust offer a full range of consumer and commercial lending
solutions. Stifel Trust Company, N.A. and Stifel Trust Company
Delaware, N.A. offer trust and related services. To learn more
about Stifel, please visit the Company’s website at www.stifel.com.
For global disclosures, please visit
www.stifel.com/investor-relations/press-releases.
A financial summary follows. Financial,
statistical and business-related information, as well as
information regarding business and segment trends, is included in
the financial supplement. Both the earnings release and the
financial supplement are available online in the Investor Relations
section at www.stifel.com/investor-relations.
The information provided herein and in the
financial supplement, including information provided on the
Company’s earnings conference calls, may include certain non-GAAP
financial measures. The definition of such measures or
reconciliation of such measures to the comparable U.S. GAAP figures
are included in this earnings release and the financial supplement,
both of which are available online in the Investor Relations
section at www.stifel.com/investor-relations.
Cautionary Note Regarding Forward-Looking
Statements
This earnings release contains certain
statements that may be deemed to be “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
in this earnings release not dealing with historical results are
forward-looking and are based on various assumptions. The
forward-looking statements in this earnings release are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements.
Factors that may cause actual results to differ materially from
those contemplated by such forward-looking statements include,
among other things, the following possibilities: the ability to
successfully integrate acquired companies or the branch offices and
financial advisors; a material adverse change in financial
condition; the risk of borrower, depositor, and other customer
attrition; a change in general business and economic conditions;
changes in the interest rate environment, deposit flows, loan
demand, real estate values, and competition; changes in accounting
principles, policies, or guidelines; changes in legislation and
regulation; other economic, competitive, governmental, regulatory,
geopolitical, and technological factors affecting the companies’
operations, pricing, and services; and other risk factors referred
to from time to time in filings made by Stifel Financial Corp. with
the Securities and Exchange Commission. For information about the
risks and important factors that could affect the Company’s future
results, financial condition and liquidity, see “Risk Factors” in
Part I, Item 1A of the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022. Forward-looking statements speak only
as to the date they are made. The Company disclaims any intent or
obligation to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
|
Summary Results of Operations (Unaudited) |
|
|
| |
Three Months Ended |
|
Six Months Ended |
|
(000s, except per share amounts) |
6/30/2023 |
6/30/2022 |
% Change |
3/31/2023 |
% Change |
6/30/2023 |
6/30/2022 |
% Change |
|
Revenues: |
|
|
|
|
|
|
|
|
| Commissions |
$165,358 |
$186,681 |
(11.4) |
$169,550 |
(2.5) |
$334,908 |
$382,590 |
(12.5) |
| Principal transactions |
105,700 |
125,603 |
(15.8) |
115,522 |
(8.5) |
221,222 |
284,873 |
(22.3) |
| Investment banking |
166,825 |
271,075 |
(38.5) |
211,879 |
(21.3) |
378,704 |
525,921 |
(28.0) |
| Asset management |
320,264 |
331,264 |
(3.3) |
315,569 |
1.5 |
635,833 |
672,900 |
(5.5) |
| Other income |
894 |
(1,917) |
146.6 |
(2,293) |
139.0 |
(1,399) |
6,971 |
(120.1) |
| Operating
revenues |
759,041 |
912,706 |
(16.8) |
810,227 |
(6.3) |
1,569,268 |
1,873,255 |
(16.2) |
| Interest revenue |
482,770 |
212,754 |
126.9 |
451,564 |
6.9 |
934,334 |
378,189 |
147.1 |
| Total
revenues |
1,241,811 |
1,125,460 |
10.3 |
1,261,791 |
(1.6) |
2,503,602 |
2,251,444 |
11.2 |
| Interest expense |
191,090 |
17,334 |
nm |
154,998 |
23.3 |
346,088 |
26,791 |
nm |
| Net
revenues |
1,050,721 |
1,108,126 |
(5.2) |
1,106,793 |
(5.1) |
2,157,514 |
2,224,653 |
(3.0) |
| Non-interest
expenses: |
|
|
|
|
|
|
|
|
| Compensation and benefits |
615,667 |
652,709 |
(5.7) |
651,190 |
(5.5) |
1,266,857 |
1,326,400 |
(4.5) |
| Non-compensation operating
expenses |
253,669 |
236,876 |
7.1 |
245,720 |
3.2 |
499,389 |
452,603 |
10.3 |
| Total non-interest
expenses |
869,336 |
889,585 |
(2.3) |
896,910 |
(3.1) |
1,766,246 |
1,779,003 |
(0.7) |
| Income before income
taxes |
181,385 |
218,541 |
(17.0) |
209,883 |
(13.6) |
391,268 |
445,650 |
(12.2) |
| Provision for income
taxes |
47,033 |
57,725 |
(18.5) |
52,344 |
(10.1) |
99,377 |
111,285 |
(10.7) |
| Net
income |
134,352 |
160,816 |
(16.5) |
157,539 |
(14.7) |
291,891 |
334,365 |
(12.7) |
| Preferred dividends |
9,320 |
9,321 |
(0.0) |
9,320 |
0.0 |
18,640 |
18,641 |
(0.0) |
| Net income available
to common shareholders |
$125,032 |
$151,495 |
(17.5) |
$148,219 |
(15.6) |
$273,251 |
$315,724 |
(13.5) |
| Earnings per common
share: |
|
|
|
|
|
|
|
|
| Basic |
$1.16 |
$1.39 |
(16.5) |
$1.36 |
(14.7) |
$2.52 |
$2.89 |
(12.8) |
| Diluted |
$1.10 |
$1.29 |
(14.7) |
$1.28 |
(14.1) |
$2.38 |
$2.68 |
(11.2) |
| Cash dividends
declared per common share |
$0.36 |
$0.30 |
20.0 |
$0.36 |
0.0 |
$0.72 |
$0.60 |
20.0 |
| Weighted
average number of common shares outstanding: |
|
|
|
|
|
| Basic |
107,944 |
109,083 |
(1.0) |
108,754 |
(0.7) |
108,360 |
109,144 |
(0.7) |
|
Diluted |
113,864 |
117,400 |
(3.0) |
115,390 |
(1.3) |
114,658 |
117,838 |
(2.7) |
|
Non-GAAP Financial Measures
(9) |
| |
Three Months Ended |
Six Months Ended |
|
(000s, except per share amounts) |
6/30/2023 |
6/30/2022 |
6/30/2023 |
6/30/2022 |
| GAAP net
income |
$134,352 |
$160,816 |
$291,891 |
$334,365 |
| Preferred dividend |
9,320 |
9,321 |
18,640 |
18,641 |
| Net income available
to common shareholders |
125,032 |
151,495 |
273,251 |
315,724 |
| |
|
|
|
|
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related(10) |
15,144 |
16,791 |
32,530 |
31,644 |
| Provision for income
taxes(11) |
(3,920) |
(4,433) |
(8,257) |
(7,928) |
| Total non-GAAP
adjustments |
11,224 |
12,358 |
24,273 |
23,716 |
| Non-GAAP net income
available to common shareholders |
$136,256 |
$163,853 |
$297,524 |
$339,440 |
| |
|
|
|
|
| Weighted average diluted
shares outstanding |
113,864 |
117,400 |
114,658 |
117,838 |
| |
|
|
|
|
| GAAP earnings per diluted
common share |
$1.18 |
$1.37 |
$2.55 |
$2.84 |
| Non-GAAP adjustments |
0.10 |
0.11 |
0.21 |
0.20 |
| Non-GAAP earnings per diluted
common share |
$1.28 |
$1.48 |
$2.76 |
$3.04 |
|
|
|
|
|
|
| GAAP earnings per diluted
common share available to common shareholders |
$1.10 |
$1.29 |
$2.38 |
$2.68 |
| Non-GAAP adjustments |
0.10 |
0.11 |
0.21 |
0.20 |
|
Non-GAAP earnings per diluted common share available to common
shareholders |
$1.20 |
$1.40 |
$2.59 |
$2.88 |
|
GAAP to Non-GAAP Reconciliation
(9) |
| |
Three Months Ended |
Six Months Ended |
|
(000s) |
6/30/2023 |
6/30/2022 |
6/30/2023 |
6/30/2022 |
| GAAP compensation and
benefits |
$615,667 |
$652,709 |
$1,266,857 |
$1,326,400 |
| As a percentage of net
revenues |
58.6% |
58.9% |
58.7% |
59.6% |
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related (10) |
(6,523) |
(9,174) |
(15,776) |
(18,485) |
| Non-GAAP compensation
and benefits |
$609,144 |
$643,535 |
$1,251,081 |
$1,307,915 |
| As a percentage of non-GAAP
net revenues |
58.0% |
58.1% |
58.0% |
58.8% |
| |
|
|
|
|
| GAAP non-compensation
expenses |
$253,669 |
$236,876 |
$499,389 |
$452,603 |
| As a percentage of net
revenues |
24.1% |
21.4% |
23.2% |
20.4% |
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related (10) |
(8,621) |
(7,616) |
(16,757) |
(13,098) |
| Non-GAAP
non-compensation expenses |
$245,048 |
$229,260 |
$482,632 |
$439,505 |
| As a percentage of non-GAAP
net revenues |
23.3% |
20.7% |
22.4% |
19.7% |
|
Total merger-related expenses |
$15,144 |
$16,791 |
$32,530 |
$31,644 |
|
Footnotes |
|
(1) |
|
Represents available to common shareholders. |
|
(2) |
|
Reconciliations of the Company’s GAAP results to these non-GAAP
measures are discussed within and under “Non-GAAP Financial
Measures” and “GAAP to Non-GAAP Reconciliation.” |
|
(3) |
|
Non-GAAP pre-tax margin is calculated by adding total
merger-related expenses (non-GAAP adjustments) and dividing it by
non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP
to Non-GAAP Reconciliation.” |
|
(4) |
|
Return on average common equity (“ROCE”) is calculated by dividing
annualized net income applicable to common shareholders by average
common shareholders’ equity or, in the case of non-GAAP ROCE,
calculated by dividing non-GAAP net income applicable to commons
shareholders by average common shareholders’ equity. |
|
(5) |
|
Return on average tangible common equity (“ROTCE”) is calculated by
dividing annualized net income applicable to common shareholders by
average tangible shareholders’ equity or, in the case of non-GAAP
ROTCE, calculated by dividing non-GAAP net income applicable to
common shareholders by average tangible common equity. Tangible
common equity, also a non-GAAP financial measure, equals total
common shareholders’ equity less goodwill and identifiable
intangible assets and the deferred taxes on goodwill and intangible
assets. Average deferred taxes on goodwill and intangible assets
was $64.6 million and $57.4 million as of June 30, 2023 and 2022,
respectively. |
|
(6) |
|
Includes loans held for sale. |
|
(7) |
|
Tangible book value per common share represents shareholders’
equity (excluding preferred stock) divided by period end common
shares outstanding. Tangible common shareholders’ equity equals
total common shareholders’ equity less goodwill and identifiable
intangible assets and the deferred taxes on goodwill and intangible
assets. |
|
(8) |
|
Capital ratios are estimates at time of the Company’s earnings
release, July 26, 2023. |
|
(9) |
|
The Company prepares its Consolidated Financial Statements using
accounting principles generally accepted in the United States (U.S.
GAAP). The Company may disclose certain “non-GAAP financial
measures” in the course of its earnings releases, earnings
conference calls, financial presentations and otherwise. The
Securities and Exchange Commission defines a “non-GAAP financial
measure” as a numerical measure of historical or future financial
performance, financial position, or cash flows that is subject to
adjustments that effectively exclude, or include, amounts from the
most directly comparable measure calculated and presented in
accordance with U.S. GAAP. Non-GAAP financial measures disclosed by
the Company are provided as additional information to analysts,
investors and other stakeholders in order to provide them with
greater transparency about, or an alternative method for assessing
the Company’s financial condition or operating results. These
measures are not in accordance with, or a substitute for U.S. GAAP,
and may be different from or inconsistent with non-GAAP financial
measures used by other companies. Whenever the Company refers to a
non-GAAP financial measure, it will also define it or present the
most directly comparable financial measure calculated and presented
in accordance with U.S. GAAP, along with a reconciliation of the
differences between the non-GAAP financial measure it references
and such comparable U.S. GAAP financial measure. |
|
(10) |
|
Primarily related to charges attributable to integration-related
activities, signing bonuses, amortization of restricted stock
awards, debentures, and promissory notes issued as retention,
additional earn-out expense, and amortization of intangible assets
acquired. These costs were directly related to acquisitions of
certain businesses and are not representative of the costs of
running the Company’s on-going business. |
|
(11) |
|
Primarily represents the Company’s effective tax rate for the
period applied to the non-GAAP adjustments. |
|
|
|
|
Media Contact: Neil Shapiro (212) 271-3447 |
Investor Contact: Joel Jeffrey (212) 271- 3610 |
www.stifel.com/investor-relations
Stifel Financial (NYSE:SF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stifel Financial (NYSE:SF)
Historical Stock Chart
From Apr 2023 to Apr 2024
