Stifel Reports Third Quarter 2016 Financial Results
GAAP EPS of $0.21; Adjusted Non-GAAP EPS of $0.69
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ST. LOUIS, MO -- (Marketwired) -- 11/02/16 -- Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $16.3 million, or $0.21 per diluted common share on net revenues of $642.0 million for the three months ended September 30, 2016, compared with net income of $17.2 million, or $0.22 per diluted common share, on net revenues of $591.6 million for the third quarter of 2015.
The GAAP results for the three months ended September 30, 2016 were impacted by the following:
- Anticipated merger-related charges of approximately $46.7 million, primarily for the Barclays Wealth and Investment Management, Americas and Sterne Agee Group, Inc. transactions;
- Litigation-related expenses of approximately $11.8 million associated with previously disclosed legal matters; and
- The write-off of debt issuance costs and other acquisition-related items of approximately $3.8 million that reduced GAAP net revenues.
Taken together, these items impacted net income available to common shareholders by $36.9 million, or $0.48 per diluted common share.
Chairman's Comments
"I am pleased with our results as Stifel generated $642 million in GAAP net revenue in the quarter. Excluding the revenue tied to the Sterne Agee businesses that we sold at the beginning of the quarter, GAAP net revenue increased 2% sequentially driven by our Global Wealth Management and Advisory businesses. We continue to benefit from the growth in our balance sheet, which increased to more than $17 billion during the quarter. In addition, our bottom line was positively impacted by our recently implemented cost reduction initiatives as adjusted non-compensation expense came in below our guidance for the quarter," stated Ronald J. Kruszewski, Chairman and CEO of Stifel.
"Despite the progress we continue to make in our growth initiatives, the industry continues to face headwinds from lower trading volumes and subdued issuance markets as well as from heightened regulatory oversight. While these conditions can weigh on results from time to time, we remain focused on maximizing shareholder returns over the longer-term. Given our market position and our strong and growing balance sheet, I believe that Stifel remains well positioned to capitalize on near-term opportunities as well as long-term profitable growth."
Financial Highlights
(Unaudited) Three Months Ended
-------------------------------------------
Non-GAAP
(in 000s, except per share (1)
data) 9/30/2016 9/30/2015 6/30/2016 9/30/2016
--------- --------- --------- ---------
U.S. GAAP
Net revenues $ 641,986 $ 591,575 $ 652,145 $ 645,767
Compensation ratio 67.6% 68.3% 70.5% 62.5%
Non-compensation ratio 28.0% 27.9% 27.0% 23.5%
Pre-tax operating margin 4.4% 3.8% 2.4% 14.0%
Net income $ 17,814 $ 17,179 $ 9,771 $ 54,719
Preferred dividend 1,563 - - 1,563
--------- --------- --------- ---------
Net income available to
common shareholders $ 16,251 $ 17,179 $ 9,771 $ 53,156
Earnings per diluted common
share $ 0.23 $ 0.22 $ 0.13 $ 0.71
Earnings per diluted common
share available to common
shareholders $ 0.21 $ 0.22 $ 0.13 $ 0.69
(1) A reconciliation of the Company's GAAP results to these non-GAAP
measures is discussed under "Non-GAAP Financial Measures."
Brokerage Revenues
Brokerage revenues, defined as commissions and principal transactions, were $288.3 million, a 0.5% decrease compared with the third quarter of 2015 and a 6.6% decrease compared with the second quarter of 2016. Brokerage revenues generated by the Sterne Businesses that were sold on July 1, 2016 were $18.8 million during the third quarter of 2015 and $15.8 million during the second quarter of 2016, respectively.
Three Months Ended
------------------------------------------------
(in 000s) 9/30/16 9/30/15 % Change 6/30/16 % Change
--------- --------- -------- --------- --------
Global Wealth Management
brokerage revenues $ 165,476 $ 169,319 (2.3) $ 172,178 (3.9)
Institutional brokerage:
Equity 51,004 59,769 (14.7) 55,008 (7.3)
Fixed income 71,794 60,588 18.5 81,344 (11.7)
--------- --------- -------- --------- --------
Total institutional
brokerage 122,798 120,357 2.0 136,352 (9.9)
--------- --------- -------- --------- --------
Total brokerage revenues $ 288,274 $ 289,676 (0.5) $ 308,530 (6.6)
--------- --------- -------- --------- --------
- Global wealth management brokerage revenues were $165.5 million, a 2.3% decrease compared with the third quarter of 2015 and a 3.9% decrease compared with the second quarter of 2016. Excluding the revenues from the Sterne businesses, global wealth brokerage revenues for the third quarter of 2016 increased 8.7% compared to the third quarter of 2015 and increased 3.9% compared to the second quarter of 2016.
- Institutional equity brokerage revenues were $51.0 million, a 14.7% decrease compared with the third quarter of 2015 and a 7.3% decrease compared with the second quarter of 2016.
- Institutional fixed income brokerage revenues were $71.8 million, an 18.5% increase compared with the third quarter of 2015 and an 11.7% decrease compared with the second quarter of 2016.
Investment Banking Revenues
Investment banking revenues were $144.8 million, a 21.9% increase compared with the third quarter of 2015 and an 8.8% increase compared with the second quarter of 2016.
------------------------------------------------
Three Months Ended
------------------------------------------------
(in 000s) 9/30/16 9/30/15 % Change 6/30/16 % Change
--------- --------- -------- --------- --------
Investment banking:
Capital raising:
Equity $ 32,546 $ 36,615 (11.2) $ 37,638 (13.6)
Fixed income 25,931 32,382 (19.8) 28,774 (9.7)
--------- --------- -------- --------- --------
Capital raising 58,477 68,997 (15.2) 66,412 (11.9)
Advisory fees: 86,322 49,756 73.5 66,713 29.4
--------- --------- -------- --------- --------
Total investment banking $ 144,799 $ 118,753 21.9 $ 133,125 8.8
--------- --------- -------- --------- --------
- Equity capital raising revenues were $32.5 million, an 11.2% decrease compared with the third quarter of 2015 and a 13.6% decrease compared with the second quarter of 2016.
- Fixed income capital raising revenues were $26.0 million, a 19.8% decrease compared with the third quarter of 2015 and a 9.7% decrease compared with the second quarter of 2016.
- Advisory fee revenues were $86.3 million, a 73.5% increase compared with the third quarter of 2015 and a 29.4% increase compared with the second quarter of 2016.
Asset Management and Service Fee Revenues
Asset management and service fee revenues were $144.2 million, a 10.4% increase compared with the third quarter of 2015 and a 0.3% decrease compared with the second quarter of 2016. The increase from the comparative period in 2015 is primarily attributable to the growth in the value of fee-based accounts.
Net Interest Income
Net interest income was $55.5 million, a 65.3% increase compared with the third quarter of 2015 and a 14.4% increase compared with the second quarter of 2016.
- Interest income was $74.9 million, a 72.6% increase compared with the third quarter of 2015 and a 13.8% increase compared with the second quarter of 2016. Interest income was impacted by the continued growth of interest-earning assets.
- Interest expense was $19.4 million, a 97.9% increase compared with the third quarter of 2015 and a 12.3% increase compared with the second quarter of 2016. Interest expense was impacted by the Company's December 2015 issuance of $300.0 million of 3.50% senior notes and by the write-off of debt issuance costs as a result of the redemption of the Company's $150.0 million 5.375% senior notes in July 2016.
Compensation and Benefits Expenses
For the quarter ended September 30, 2016, compensation and benefits expenses were $434.2 million, which included $30.7 million of merger-related expenses. This compares with $404.2 million in the third quarter of 2015 and $460.0 million in the second quarter of 2016. Excluding merger-related expenses, compensation and benefits as a percentage of net revenues were 62.5% in the third quarter of 2016.
Non-Compensation Operating Expenses
For the quarter ended September 30, 2016, non-compensation operating expenses were $179.8 million, which included litigation and merger-related expenses of $27.8 million. This compares with $165.0 million in the third quarter of 2015 and $176.3 million in the second quarter of 2016. Excluding litigation and merger-related expenses, non-compensation operating expenses as a percentage of net revenues for the quarter ended September 30, 2016 were 23.5%.
Provision for Income Taxes
The GAAP effective income tax rate for the quarter ended September 30, 2016 was 36.3% compared with 38.1% for the second quarter of 2016. The adjusted non-GAAP effective income tax rate for the quarter ended September 30, 2016 was 39.4%.
Certain settlements or judgments associated with the Company's disclosed matters may not be deductible for tax purposes to the extent they constitute penalties. The Company has not established a provision for the non-deductibility of such amounts where the amounts are uncertain.
Assets and Capital
Assets
- Assets increased 84.0% to $17.2 billion as of September 30, 2016 from $9.4 billion as of September 30, 2015. The increase is attributable to growth of Stifel Bank, which as of September 30, 2016 has grown its assets to $11.2 billion from $4.6 billion as of September 30, 2015. Stifel Bank has increased its investment portfolio by 207.3% and its loan portfolio by 98.2% and since September 30, 2015.
- Non-performing assets as a percentage of total assets as of September 30, 2016 was 0.28%.
Capital
- Shareholders' equity as of September 30, 2016 increased 8.0% to $2.7 billion from $2.5 billion as of September 30, 2015.
- The Company issued $150.0 million of non-cumulative perpetual preferred stock during the third quarter of 2016.
- During the nine months ended September 30, 2016, the Company repurchased 3.4 million shares of the Company's common stock at an average price of $33.22 per share.
- At September 30, 2016, book value per common share was $40.65 based on 66.2 million common shares outstanding. This represents an 11.0% increase from September 30, 2015.
- At September 30, 2016, the Company's Tier 1 leverage capital and Tier 1 risk-based capital ratios were 11.8% and 22.0%, respectively, compared to 16.4% and 29.4%, respectively, at September 30, 2015.
Conference Call Information
Stifel Financial Corp. will host its third quarter 2016 financial results conference call on Thursday, November 3, 2016, at 8:30 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 (877) 876-9938 and referencing conference ID #89118403. 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; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. 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 & Trust offers 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 web site at www.stifel.com.
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. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. 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
-----------------------------------------------
(in 000s, except per share %
amounts) 9/30/16 9/30/15 % Change 6/30/16 Change
--------- --------- -------- --------- -------
Revenues:
Commissions $ 171,272 $ 194,083 (11.8) $ 182,104 (5.9)
Principal transactions 117,002 95,593 22.4 126,426 (7.5)
--------- --------- -------- --------- -------
Brokerage Revenues 288,274 289,676 (0.5) 308,530 (6.6)
Capital raising 58,477 68,997 (15.2) 66,412 (11.9)
Advisory fees 86,322 49,756 73.5 66,713 29.4
--------- --------- -------- --------- -------
Investment banking 144,799 118,753 21.9 133,125 8.8
Asset management and
service fees 144,206 130,636 10.4 144,567 (0.3)
Other income 9,209 18,930 (51.4) 17,405 (47.1)
--------- --------- -------- --------- -------
Operating Revenue 586,488 557,995 5.1 603,627 (2.8)
Interest Revenue 74,881 43,376 72.6 65,780 13.8
--------- --------- -------- --------- -------
Total Revenue 661,369 601,371 10.0 669,407 (1.2)
Interest Expense 19,383 9,796 97.9 17,262 12.3
--------- --------- -------- --------- -------
Net Revenue 641,986 591,575 8.5 652,145 (1.6)
--------- --------- -------- --------- -------
Non-interest Expenses:
Compensation and
benefits 434,236 404,205 7.4 460,023 (5.6)
Occupancy and equipment
rental 62,453 53,282 17.2 58,746 6.3
Communication and office
supplies 31,182 35,678 (12.6) 37,426 (16.7)
Commissions and floor
brokerage 10,777 12,430 (13.3) 12,145 (11.3)
Other operating expenses 75,356 63,632 18.4 68,012 10.8
--------- --------- -------- --------- -------
Total non-interest
expenses 614,004 569,227 7.9 636,352 (3.5)
Income before income taxes 27,982 22,348 25.2 15,793 77.2
Provision for income
taxes 10,168 5,169 96.7 6,022 68.8
--------- --------- -------- --------- -------
Net income 17,814 17,179 3.7 9,771 82.3
Preferred dividends 1,563 - nm - nm
--------- --------- -------- --------- -------
Net income available to
common shareholders $ 16,251 $ 17,179 (5.4) $ 9,771 66.3
========= ========= ======== ========= =======
Earnings per common share:
Basic $ 0.24 $ 0.25 (4.0) $ 0.15 60.0
Diluted $ 0.21 $ 0.22 (4.5) $ 0.13 61.5
Weighted average number of
common shares
outstanding:
Basic 66,482 69,633 (4.5) 66,792 (0.5)
Diluted 77,544 79,759 (2.8) 75,982 2.1
Nine Months Ended
-----------------------------
(in 000s, except per share %
amounts) 9/30/16 9/30/15 Change
---------- ---------- -------
Revenues:
Commissions $ 551,306 $ 562,249 (1.9)
Principal transactions 364,376 281,794 29.3
---------- ---------- -------
Brokerage Revenues 915,682 844,043 8.5
Capital raising 178,193 237,465 (25.0)
Advisory fees 200,389 162,837 23.1
---------- ---------- -------
Investment banking 378,582 400,302 (5.4)
Asset management and
service fees 433,305 364,442 18.9
Other income 33,804 44,471 (24.0)
---------- ---------- -------
Operating Revenue 1,761,373 1,653,258 6.5
Interest Revenue 203,488 129,964 56.6
---------- ---------- -------
Total Revenue 1,964,861 1,783,222 10.2
Interest Expense 50,756 32,914 54.2
---------- ---------- -------
Net Revenue 1,914,105 1,750,308 9.4
---------- ---------- -------
Non-interest Expenses:
Compensation and
benefits 1,305,372 1,169,896 11.6
Occupancy and equipment
rental 178,455 145,798 22.4
Communication and office
supplies 105,268 96,026 9.6
Commissions and floor
brokerage 34,653 31,623 9.6
Other operating expenses 202,669 176,480 14.8
---------- ---------- -------
Total non-interest
expenses 1,826,417 1,619,823 12.8
Income before income taxes 87,688 130,485 (32.8)
Provision for income
taxes 33,048 49,321 (33.0)
---------- ---------- -------
Net income 54,640 81,164 (32.7)
Preferred dividends 1,563 - nm
---------- ---------- -------
Net income available to
common shareholders $ 53,077 $ 81,164 (34.6)
========== ========== =======
Earnings per common share:
Basic $ 0.79 $ 1.18 (33.1)
Diluted $ 0.69 $ 1.04 (33.7)
Weighted average number of
common shares
outstanding:
Basic 66,950 68,675 (2.5)
Diluted 76,612 78,326 (2.2)
Summary Business Segment Results (Unaudited)
Three Months Ended
-------------------------------------------------
% %
(in 000s) 9/30/16 9/30/15 Change 6/30/16 Change
--------- --------- ------- --------- -------
Net revenues:
Global Wealth
Management $ 390,032 $ 357,306 9.2 $ 386,039 1.0
Institutional Group 258,800 232,125 11.5 260,920 (0.8)
Other (6,846) 2,144 (419.3) 5,186 (232.0)
--------- --------- ------- --------- -------
Total net revenues $ 641,986 $ 591,575 8.5 $ 652,145 (1.6)
Operating expenses:
Global Wealth
Management $ 280,953 $ 260,079 8.0 $ 280,986 0.0
Institutional Group 213,877 206,272 3.7 218,506 (2.1)
Other 119,174 102,876 15.8 136,860 (12.9)
--------- --------- ------- --------- -------
Total operating
expenses $ 614,004 $ 569,227 7.9 $ 636,352 (3.5)
Operating contribution:
Global Wealth
Management $ 109,079 $ 97,227 12.2 $ 105,053 3.8
Institutional Group 44,923 25,853 73.8 42,414 5.9
Other (126,020) (100,732) 25.1 (131,674) (4.3)
--------- --------- ------- --------- -------
Income before income
taxes $ 27,982 $ 22,348 25.2 $ 15,793 77.2
--------- --------- ------- --------- -------
As a percentage of net
revenues:
Compensation and
benefits
Global Wealth
Management 55.2 57.1 56.6
Institutional Group 61.1 62.0 58.8
Non-compensation
operating expenses
Global Wealth
Management 17.0 15.7 16.2
Institutional Group 21.5 26.9 25.0
Income before income
taxes
Global Wealth
Management 27.8 27.2 27.2
Institutional Group 17.4 11.1 16.2
Stifel Bank & Trust - a component of Global Wealth Management (Unaudited)
Key Statistical Information
---------------------------------------------------------------------------
(in 000s, except %
percentages) 9/30/16 9/30/15 % Change 6/30/16 Change
----------- ---------- -------- ---------- -------
Other information:
Assets $11,206,514 $4,619,093 142.6 $9,430,534 18.8
Investment
securities 5,376,550 1,749,590 207.3 4,579,752 17.4
Retained loans, net 5,363,890 2,706,074 98.2 4,588,600 16.9
Loans held for sale 217,316 179,588 21.0 250,725 (13.3)
Deposits 9,885,441 4,116,814 140.1 7,881,219 25.4
Net interest margin 2.40% 2.49% 2.35%
Allowance as a
percentage of
loans 0.76% 1.13% 0.86%
Non-performing
assets as a
percentage of
total assets 0.28% 0.03% 0.37%
Statistical Information
(in 000s, except per % %
share amounts) 9/30/16 9/30/15 Change 6/30/16 Change
------------ ------------ ------- ------------ -------
Statistical
Information:
Book value per
share $ 40.65 $ 36.63 11.0 $ 37.41 8.7
Financial advisors
(1)(2) 2,280 2,223 2.6 2,298 (0.8)
Locations 396 391 1.3 400 (1.0)
Total client
assets (1) $234,490,000 $193,444,000 21.2 $225,983,000 3.8
Fee-based client
assets $ 67,927,000 $ 55,811,000 21.7 $ 65,491,000 3.7
Client money
market and
insured product $ 18,478,000 $ 14,825,000 24.6 $ 17,674,000 4.5
Secured client
lending(3) $ 2,770,783 $ 1,515,540 82.8 $ 2,657,313 4.3
(1) On July 1, 2016, we sold the independent contractor business acquired
with the Sterne Agee transaction in June 2015. As of June 30, 2016,
there were 540 independent contractors included in the disposed business
unit and $11.5 billion of total client assets. As of September 30, 2015,
there were 623 independent contractors included in the disposed business
unit and $14.6 billion of total client assets. These numbers have been
excluded from the above table.
(2) Includes 125, 132, and 127 independent contractors at September 30,
2016, September 30, 2015, and June 30, 2016, respectively.
(3) Includes client margin balances held by our broker-dealer subsidiaries
and securities-based loans held at Stifel Bank.
Non-GAAP Financial Measures
The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company's financial results for the three months ended September 30, 2016. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company's core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company's results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company's current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.
A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company's business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company's financial performance should be considered together.
The following table provides details with respect to reconciling net income on a GAAP basis for the three months ended September 30, 2016 to net income on a non-GAAP basis for the same period.
(in 000s)
GAAP net income $ 17,814
Preferred dividend 1,563
----------
Net income available to common shareholders $ 16,251
Non-GAAP adjustments:
Acquisition-related (1) 46,665
Litigation related matters (2) 11,796
Write-off of debt issuance costs and other acquisition-related
(3) 3,781
----------
Total non-GAAP adjustments 62,242
Provision for income taxes (25,337)
----------
Non-GAAP net income available to common shareholders $ 53,156
----------
(1) Primarily related to charges attributable to integration-related
activities, signing bonuses, amortization of restricted stock awards and
promissory notes issued as retention, lease abandonment, and
professional fees. These costs were directly related to acquisitions and
dispositions of certain businesses and are not representative of the
costs of running the Company's on-going business. Includes $22.6 million
in unit amortization charges related to the removal of the service
requirement on restricted awards issued to certain employees of Barclays
in 2016.
(2) Primarily related to costs associated with the Company's previously
disclosed legal matters.
(3) Relates to the write-off of debt issuance costs as a result of the
redemption of our $150.0 million 5.375% senior notes in July 2016.
The SEC issued new interpretative guidance on the use of non-GAAP financial measures on May 17, 2016. Based on new SEC guidance, the Company will no longer report certain adjustments to non-GAAP EPS, such as duplicative acquisition expenses. While the Company did not have any duplicative expenses in its third quarter 2016 results, the table below illustrates the impact of excluding duplicative expenses on our adjusted non-GAAP EPS for the periods noted.
Nine Months
Three Months Ended Ended Year Ended
-------------------------------- ---------------- ----------
6/30/16 3/31/16 12/31/15 9/30/15 9/30/16 9/30/15 12/31/15
------- ------- -------- ------- ------- -------- ----------
Non-GAAP
dilutive EPS
(1) $ 0.57 $ 0.46 $ 0.33 $ 0.38 $ 1.74 $ 1.58 $ 1.90
(1) Excludes duplicative costs of $14.7 million, $13.3 million, $23.4
million, and $27.9 million for the three months ended June 30, 2016,
March 31, 2016, December 31, 2015, and September 30, 2015, respectively.
Excludes duplicative costs of $28.0 million, $46.8 million, and $70.2
million for the nine months ended September 30, 2016 and 2015 and the
year ended December 31, 2015, respectively.
The Company will continue to report GAAP and adjusted non-GAAP financial measures, and, in addition, the Company will separately report financial data that will permit investors to calculate measures comparable to our historical non-GAAP financial measures.
Investor RelationsJoel Jeffrey(212) [email protected]
Source: Stifel Financial Corp.
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