← PIPER SANDLER COMPANIES

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $101.2m $99.0m $157.4m $294.0m
Net Income (Loss) Attributable to Parent ($22.0m) ($61.9m) $57.0m $111.7m $40.5m $278.5m $110.7m $85.5m $181.1m $281.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ($13.7m) ($59.6m) $55.8m $118.2m $49.4m $330.4m $101.2m $99.0m $157.4m $294.0m
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent — — — $87.9m $40.5m $278.5m — — — —
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent — — — $23.8m $0 $0 — — — —
Net Income (Loss) Attributable to Noncontrolling Interest $8.2m $2.4m ($1.2m) $6.5m $8.9m $51.9m ($9.5m) $13.5m ($23.7m) $12.6m
Depreciation, Depletion and Amortization $6.4m $7.3m $8.4m $9.3m $10.7m $12.6m $15.6m $17.9m $16.8m $17.4m
Amortization of Intangible Assets $21.2m $15.4m $10.5m $4.3m $44.7m $30.1m $15.4m $19.4m $10.3m $10.0m
Depreciation $6.4m $7.3m $8.4m $9.4m $10.7m $12.6m $15.6m $17.9m $16.8m $17.4m
Amortization Cash Flow — — — — — — $15.4m $19.4m $10.3m $10.0m
Amortization Of Intangibles — — — — — — $15.4m $19.4m $10.3m $10.0m
Depreciation Amortization Depletion — — — — — — $31.0m $37.4m $27.1m $27.4m
Deferred Income Tax Expense (Benefit) ($30.6m) ($3.0m) $1.2m $24.8m ($39.0m) ($53.9m) ($33.2m) $13.6m $17.1m $5.5m
Deferred Income Tax — — — — — — ($32.8m) $11.4m $17.6m $5.5m
Deferred Tax — — — — — — ($32.8m) $11.4m $17.6m $5.5m
Share-based Payment Arrangement, Noncash Expense $56.0m $39.8m $44.3m $32.0m $121.7m $171.4m $131.2m $93.8m $103.4m $123.9m
Share-based Payment Arrangement, Expense $53.7m $39.1m $43.3m $30.8m $120.8m $170.1m $129.9m $92.3m $101.9m $121.8m
Goodwill, Impairment Loss $82.9m $114.4m $0 $0 $0 — — $0 $0 $0
Impairment of Intangible Assets (Excluding Goodwill) $0 $0 $0 — — — — $0 $0 —
Income Tax Expense (Benefit) ($17.1m) $30.2m $19.0m $24.6m $19.2m $111.1m $33.2m $23.6m $61.0m $80.6m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Other Operating Assets $21.0m ($6.5m) $2.0m ($117k) ($4.0m) $34.9m $5.2m ($28.8m) $66.2m $22.1m
Distributions paid to shareholders — $18.9m $47.2m $35.6m $28.2m $99.3m $107.5m $84.4m $73.7m $114.1m
Goodwill $196.2m $81.9m $81.9m $87.6m $227.5m $227.5m $301.2m $301.8m $312.0m $319.3m
Proceeds from Stock Options Exercised $4.6m $1.7m $0 $0 — — — — $792k $4.2m
Beginning Cash Position — — — — — — $971.0m $365.6m $383.1m $482.8m
Cash Flow From Continuing Financing Activities — — — — — — ($250.1m) ($249.6m) ($180.6m) ($218.7m)
Cash Flow From Continuing Investing Activities — — — — — — ($127.1m) ($10.1m) ($31.8m) ($43.7m)
Change In Account Payable — — — — — ($5.3m) ($8.6m) — — —
Change In Other Current Assets — — — — — — ($5.2m) $28.8m ($66.2m) ($22.1m)
Change In Other Current Liabilities — — — — — — ($18.7m) $3.1m $5.4m $33.5m
Change In Other Working Capital — — — — — — ($388.9m) ($93.4m) $9.5m ($38.2m)
Change In Payable — — — — — — ($8.6m) ($3.6m) $4.9m $16.5m
Change In Payables And Accrued Expense — — — — — — ($8.6m) ($3.6m) $4.9m $16.5m
Change In Receivables — — — — — — ($43.4m) $88.5m $37.5m $120.9m
Change In Working Capital — — — — — — ($464.8m) $23.3m ($8.9m) $110.5m
Changes In Account Receivables — — — — — ($32.6m) ($43.4m) — — —
Changes In Cash — — — — — — ($602.1m) $16.0m $100.9m $324.2m
End Cash Position — — — — — — $365.6m $383.1m $482.8m $809.4m
Financing Cash Flow — — — — — — ($250.1m) ($249.6m) ($180.6m) ($218.7m)
Free Cash Flow — — — — — — ($255.5m) $265.6m $297.8m $552.0m
Investing Cash Flow — — — — — — ($127.1m) ($10.1m) ($31.8m) ($43.7m)
Net Business Purchase And Sale — — — — — — ($96.5m) $0 ($16.3m) ($9.0m)
Net PPE Purchase And Sale — — — — — — ($30.6m) ($10.1m) ($15.5m) ($34.7m)
Other Non Cash Items — — — — — — $9.3m $10.8m $16.6m $25.4m
Proceeds From Stock Option Exercised — — — — — — $0 $0 $792k $4.2m
Purchase Of Business — — — — — — ($96.5m) $0 ($16.3m) ($9.0m)
Purchase Of PPE — — — — — — ($30.6m) ($10.1m) ($15.5m) ($34.7m)
Repurchase Of Capital Stock — — — — — — ($187.3m) ($70.7m) ($66.4m) ($125.0m)
Stock Based Compensation — — — — — — $131.2m $93.8m $103.4m $123.9m
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax — — — $33.0m $0 $0 — — — —
Net Cash Provided by (Used in) Operating Activities $48.8m $232.1m $509.9m $67.8m $779.8m $707.1m ($224.9m) $275.6m $313.3m $586.6m
Cash flows from investing activities:
Capital Expenditure — — — — — — ($30.6m) ($10.1m) ($15.5m) ($34.7m)
Payments to Acquire Businesses, Net of Cash Acquired $72.7m $0 $0 $19.7m $417.4m $0 $96.5m $0 $16.3m $9.0m
Net Cash Provided by (Used in) Investing Activities ($83.7m) ($8.1m) ($15.9m) $26.7m ($435.0m) ($20.6m) ($127.1m) ($10.1m) ($31.8m) ($43.7m)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt — — — — $0 $0 — — — —
Net Issuance Payments Of Debt — — — — — — $0 ($95.0m) ($37.3m) $5.0m
Net Long Term Debt Issuance — — — — — — $0 ($125.0m) $0 $0
Net Short Term Debt Issuance — — — — — — $0 $30.0m ($37.3m) $5.0m
Repayments of Long-term Debt — — — — $0 $70.0m $0 $125.0m $0 $0
Long Term Debt Payments — — — — — — $0 ($125.0m) $0 $0
Repayment Of Debt — — — — — — $0 ($125.0m) $0 $0
Short Term Debt Payments — — — — — $0 $0 — — —
Net Common Stock Issuance — — — — — — ($187.3m) ($70.7m) ($66.4m) ($125.0m)
Payments for Repurchase of Common Stock $70.9m $25.5m $70.9m $50.6m $22.0m $69.9m $187.3m $70.7m $66.4m $125.0m
Payments of Ordinary Dividends, Common Stock — $18.9m $47.2m $35.6m $28.2m $99.3m $107.5m $84.4m $73.7m $114.1m
Common Stock Payments — — — — — — ($187.3m) ($70.7m) ($66.4m) ($125.0m)
Proceeds from (Payments to) Noncontrolling Interests $9.1m ($11.5m) $6.3m $15.8m $12.6m $16.1m $44.8m $538k ($2.4m) $11.2m
Cash Dividends Paid — — — — — — ($107.5m) ($84.4m) ($73.7m) ($114.1m)
Common Stock Dividend Paid — — — — — — ($107.5m) ($84.4m) ($73.7m) ($114.1m)
Net Other Financing Charges — — — — — — $44.8m $538k ($3.9m) $11.2m
Net Cash Provided by (Used in) Financing Activities ($111.6m) ($233.1m) ($476.8m) $104.7m ($87.6m) ($223.1m) ($250.1m) ($249.6m) ($180.6m) ($218.7m)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($2.0m) $1.5m ($651k) $508k $702k ($363k) ($3.3m) $1.5m ($1.1m) $2.3m
Effect Of Exchange Rate Changes — — — — — — ($3.3m) $1.5m ($1.1m) $2.3m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($2.0m) $1.5m ($651k) $508k $257.9m $463.0m ($605.3m) $17.5m $99.7m $326.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — $50.4m — — — $365.6m $383.1m $482.8m $809.4m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($605.3m) $17.5m $99.7m $326.6m
Interest Paid, Excluding Capitalized Interest, Operating Activities — — — — — $10.8m $9.5m $10.2m $5.7m $4.9m
Income Taxes Paid, Net $27.3m $31.9m $17.1m $9.6m $28.9m $165.9m $85.4m $19.4m $10.9m $41.1m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.