Piper Sandler Companies (NYSE:PIPR) Q3 2023 Earnings Call Transcript

Chad Abraham: Yeah. So, we don’t break out sort of specific restructuring revenue. But just as a reminder, we had a very, very small business. We did the TRS transaction a few years ago. Since then, we’ve roughly doubled the number of head count there and frankly, growing revenues each year to the point where in certain of our quarters, it’s starting to matter to the total. So, we feel really good. Obviously, we were starting from a low base, every year, it’s growing. We’re seeing more and more impact across all of our industry teams. I think it will — given the low starting base we had it will still be a couple of years before we probably break out that mix. But while the timing didn’t seem good right when we did it in ’20 before ’21, now it’s really paying dividends, and we’re really excited about the team we have and the prospects of continuing to grow that into a significant business.

Mike Grondahl: Got it. Then just lastly, October, any comments there? It sounds like it was kind of continuing the, I’ll call it, slow recovery that you’ve kind of described. Anything else to call out about October?

Chad Abraham: Yeah. What I would say for us in October, we actually had a pretty good ECM month. People can see that from our dialogic. I mean we haven’t talked about ECM yet. But first nine months, we’ve definitely gained a lot of share, frankly, a lot of share in healthcare. I think that trends continued in October, I would say relative to our brokerage businesses, nothing materially changed in October. And then relative to our advisory business, we gave some guidance about, assuming we can get the big the planes landed on some of the larger fees, we see good sequential uptick in Q4. We had some of those deals in October and more in November, December. So, I guess that’s what I’d say about October.

Mike Grondahl: Got it. Thanks a lot.

Operator: Thank you. And at this time, we have no further questions. I’d like to turn the call back over to Mr. Abraham. Please go ahead.

Chad Abraham: Thank you, operator, and everyone that joined. We look forward to updating you on our fourth quarter and full year results. Have a great day.

Operator: Thank you. Ladies and gentlemen, that does conclude today’s conference. We appreciate your participation. Have a wonderful day.