Skip to main content

Stifel Reports Fourth Quarter and Full Year Results

ST. LOUIS, Jan. 24, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.15 billion for the three months ended December 31, 2023, compared with $1.12 billion a year ago. Net income available to common shareholders of $153.2 million, or $1.38 per diluted common share, compared with $167.3 million, or $1.43 per diluted common share for the fourth quarter of 2022. Non-GAAP net income available to common shareholders of $166.6 million, or $1.50 per diluted common share for the fourth quarter of 2023.

Net revenues of $4.35 billion for the year ended December 31, 2023 compared to $4.39 billion a year ago. Net income available to common shareholders of $485.3 million, or $4.28 per diluted common share, compared with $624.9 million, or $5.32 per diluted common share in 2022. Non-GAAP net income available to common shareholders of $531.5 million, or $4.68 per diluted common share in 2023.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel’s strong 2023 results underscore the importance of our diversified business model as the operating environment was less than ideal. Given our position as a premier wealth management firm and middle market investment bank, as well as the increased scale of our business, we see significant opportunities for top and bottom line growth as market conditions improve.”

Full Year Highlights

  • The Company reported net revenues of $4.35 billion, the third highest year in its history, as our business navigated an environment that remains challenging.
  • Non-GAAP net income available to common shareholders of $4.68.
  • Record net interest income, up 28% over 2022.
  • Record asset management revenues, up 3% over 2022.
  • Recruited 171 financial advisors during the year, including 76 experienced employee advisors and 9 experienced independent advisors.
  • Non-GAAP pre-tax margin of 18% was negatively impacted by elevated provisions for legal and regulatory matters.
  • Return on average tangible common equity (ROTCE) (5) of 17%.

Fourth Quarter Highlights

  • Quarterly net revenues of $1.15 billion.
  • Non-GAAP net income available to common shareholders of $1.50.
  • Recruited 40 financial advisors during the quarter, including 12 experienced employee advisors and 1 experienced independent advisor.
  • Non-GAAP pre-tax margin of 19%.
  • Annualized ROTCE (5) of 21%.
  • Tangible book value per common share (7) of $31.28, up 2% from prior year.

Other Highlights

  • Board of Directors authorized a 17% increase in common stock dividend starting in the first quarter of 2024.
Financial Summary (Unaudited)
(000s)4Q 20234Q 2022FY 2023FY 2022
GAAP Financial Highlights:   
Net revenues$1,146,379 $1,121,647 $4,348,944 $4,391,439 
Net income(1)$153,164 $167,301 $485,255 $624,874 
Diluted EPS(1)$1.38 $1.43 $4.28 $5.32 
Comp. ratio 58.8%  57.8%  58.7%  58.9% 
Non-comp. ratio 23.2%  21.4%  25.1%  20.9% 
Pre-tax margin 18.0%  20.8%  16.2%  20.2% 
Non-GAAP Financial Highlights:   
Net revenues$1,146,419 $1,121,643 $4,348,958 $4,391,490 
Net income(1)(2)$166,587 $184,875 $531,524 $675,071 
Diluted EPS(1) (2)$1.50 $1.58 $4.68 $5.74 
Comp. ratio(2) 58.0%  56.5%  58.0%  58.0% 
Non-comp. ratio(2) 22.6%  20.6%  24.3%  20.3% 
Pre-tax margin(3) 19.4%  22.9%  17.7%  21.7% 
ROCE(4) 14.6%  16.0%  11.5%  15.0% 
ROTCE(5) 21.3%  22.9%  16.6%  21.8% 
Global Wealth Management (assets and loans in millions) 
Net revenues$766,028 $744,341 $3,049,962 $2,825,866 
Pre-tax net income$301,360 $317,071 $1,215,822 $1,067,571 
Total client assets$444,318 $389,818   
Fee-based client assets$165,301 $144,952   
Bank loans(6)$19,730 $20,622   
Institutional Group    
Net revenues$359,292 $353,882 $1,226,317 $1,536,017 
Equity$200,915 $220,033 $709,286 $935,507 
Fixed Income$158,377 $133,849 $517,031 $600,510 
Pre-tax net income$7,771 $44,512 $2,100 $254,132 

Global Wealth Management

Fourth Quarter Results

Global Wealth Management reported record net revenues of $766.0 million for the three months ended December 31, 2023 compared with $744.3 million during the fourth quarter of 2022. Pre-tax net income was $301.4 million compared with $317.1 million in the fourth quarter of 2022.

Highlights

  • Recruited 40 financial advisors during the quarter, including 12 experienced employee advisors and 1 experienced independent advisor with total trailing 12 month production of $8 million.
  • Client assets of $444.3 billion, up 14% over the year-ago quarter.
  • Fee-based client assets of $165.3 billion, up 14% over the year-ago quarter.

Net revenues increased 3% from a year ago:

  • Transactional revenues increased 2% over the year-ago quarter reflecting an increase in client activity.
  • Asset management revenues increased 14% over the year-ago quarter reflecting higher asset values.
  • Net interest income decreased 10% from the year-ago quarter driven by changes in deposit mix, partially offset by higher interest rates.

Total Expenses:

  • Compensation expense as percent of net revenues increased to 46.9% primarily as a result of higher compensable revenues.
  • Provision for credit losses decreased from a year ago as a result of reserve reductions in certain asset classes driven by an improved macroeconomic environment, partially offset by deteriorating conditions in the commercial real estate sector.
  • Non-compensation operating expenses as a percent of net revenues increased to 13.8% primarily as a result of higher litigation-related and insurance expenses, partially offset by revenue growth and a decrease in the provision for credit losses over the year-ago quarter.
Summary Results of Operations
(000s) 4Q 2023  4Q 2022 
Net revenues$766,028  $744,341  
Transactional revenues 169,471  165,557 
Asset management 330,498  289,445 
Net interest income 257,920  284,998 
Investment banking 4,562  4,814 
Other income 3,577  (473) 
Total expenses $464,668  $427,270  
Compensation expense 359,376  328,099 
Provision for credit losses (37)  6,028 
Non-comp. opex 105,329  93,143 
Pre-tax net income$301,360  $317,071  
Compensation ratio 46.9%  44.1% 
Non-compensation ratio 13.8%  13.3% 
Pre-tax margin 39.3%  42.6% 

Institutional Group

Fourth Quarter Results

Institutional Group reported net revenues of $359.3 million for the three months ended December 31, 2023 compared with $353.9 million during the fourth quarter of 2022. Pre-tax net income was $7.8 million compared with $44.5 million in the fourth quarter of 2022.

Highlights

Investment banking revenues decreased 8% from a year ago:

  • Advisory revenues of $129.4 million decreased 23% from the year-ago quarter driven by lower levels of completed advisory transactions.
  • Equity capital raising revenues increased 31% over the year-ago quarter driven by higher volumes.
  • Fixed income capital raising revenues increased 45% over the year-ago quarter driven by an increase in our public finance business.

Fixed income transactional revenues increased 32% from a year ago:

  • Fixed income transactional revenues increased from the year-ago quarter driven by improved market conditions and increased client activity.

Equity transactional revenues increased 9% from a year ago:

  • Equity transactional revenues increased from the year-ago quarter driven by higher trading gains.

Total Expenses:

  • Compensation expense as a percent of net revenues increased to 69.3% primarily driven by lower compensable revenues.
  • Non-compensation operating expenses as a percent of net revenues increased to 28.5% as a result of higher professional fees, travel-related expenses, and occupancy costs, as well as continued investments in technology.
Summary Results of Operations
 
(000s) 4Q 2023  4Q 2022 
Net revenues$359,292 $353,882 
Investment banking 201,102  218,891 
Advisory 129,378  166,935 
Equity capital raising 31,510  24,127 
Fixed income capital raising 40,214  27,829 
Fixed income transactional 102,019  77,320 
Equity transactional 56,501  51,850 
Other (330)  5,821 
Total expenses$351,521 $309,370 
Compensation expense 248,970  220,730 
Non-comp. opex. 102,551  88,640 
Pre-tax net income$7,771 $44,512 
Compensation ratio 69.3%  62.4% 
Non-compensation ratio 28.5%  25.0% 
Pre-tax margin 2.2%  12.6% 

 

Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $3.0 billion for the year ended December 31, 2023 compared with $2.8 billion in 2022. Pre-tax net income was $1.2 billion compared with $1.1 million in 2022.

Highlights

  • Recruited 171 financial advisors during the year, including 76 experienced employee advisors and 9 experienced independent advisors with total trailing 12 month production of $69 million.
  • Pre-tax margin of 40%, up from 38% in 2022.

Net revenues increased 8% from prior year:

  • Transactional revenues decreased 2% from prior year reflecting a decrease in client activity amid uncertainty in the markets.
  • Asset management revenues increased 3% from prior year reflecting higher asset values.
  • Net interest income increased 24% from prior year primarily driven by higher interest rates.

Total Expenses:

  • Compensation expense as a percent of net revenues decreased to 46.4% primarily as a result of higher net interest income.
  • Provision for credit losses was primarily impacted by a slightly better macroeconomic forecast, partially offset by a deterioration in certain asset classes.
  • Non-compensation operating expenses as a percent of net revenues decreased to 13.7% primarily as a result of revenue growth and expense discipline.

 

Summary Results of Operations
(000s) FY 2023  FY 2022 
Net revenues$3,049,962 $2,825,866 
Transactional revenues 654,231  668,912 
Asset management 1,299,361  1,262,841 
Net interest income 1,086,628  879,780 
Investment banking 16,680  19,515 
Other income (6,938)  (5,182) 
Total expenses$1,834,140 $1,758,295 
Compensation expense 1,415,210  1,368,576 
Provision for credit losses 22,699  33,506 
Non-comp. opex 396,231  356,213 
Pre-tax net income$1,215,822 $1,067,571 
Compensation ratio 46.4%  48.4% 
Non-compensation ratio 13.7%  13.8% 
Pre-tax margin 39.9%  37.8% 

 

 

Institutional Group

Full Year Results

Institutional Group reported net revenues of $1.2 billion for the year ended December 31, 2023 compared with $1.5 billion in 2022. Pre-tax net income was $2.1 million compared with $254.1 million in 2022.

Highlights

Investment banking revenues decreased 25% from prior year:

  • Advisory revenues of $465.6 million decreased 35% from prior year driven by lower levels of completed advisory transactions.
  • Equity capital raising revenues increased 4% from prior year driven by higher volumes.
  • Fixed income capital raising revenues increased 6% from prior year driven by an increase in our corporate debt issuance business.

Fixed income transactional revenues decreased 17% from prior year:

  • Fixed income transactional revenues decreased from prior year driven by declines across most products as a result of lower volumes and lower market volatility compared with elevated levels in the prior year, partially offset by higher trading gains.

Equity transactional revenues remained relatively consistent with prior year:

  • Equity transactional revenues increased slightly from prior year driven by an increase trading gains.

Total Expenses:

  • Compensation expense as a percent of net revenues increased to 68.6% primarily as a result of lower compensable revenues.
  • Non-compensation operating expenses as a percent of net revenues increased to 31.2% as a result of lower net revenues, higher travel-related expenses, and investments in technology, partially offset by lower investment banking expenses.
Summary Results of Operations
(000s) FY 2023  FY 2022 
Net revenues$1,226,317 $1,536,017 
Investment banking 714,575  951,970 
Advisory 465,588  714,623 
Equity capital raising 107,340  103,437 
Fixed income capital raising 141,647  133,910 
Fixed income transactional 308,393  370,198 
Equity transactional 201,413  200,512 
Other 1,936  13,337 
Total expenses$1,224,217 $1,281,885 
Compensation expense 841,671  929,606 
Non-comp. opex. 382,546  352,279 
Pre-tax net income$2,100 $254,132 
Compensation ratio 68.6%  60.5% 
Non-compensation ratio 31.2%  23.0% 
Pre-tax margin 0.2%  16.5% 

 

Other Matters

Highlights

  • Total assets increased $531.3 million, or 1%, over the year-ago quarter.
  • The Board of Directors approved a 17% increase in the quarterly dividend to $0.42 per common share starting in the first quarter of 2024.
  • The Company repurchased $141.1 million of its outstanding common stock during the fourth quarter. During 2023, the Company repurchased $441.3 million of its outstanding common stock.
  • Weighted average diluted shares outstanding decreased as a result of the increase in share repurchases over the comparable periods.
  • The Board of Directors declared a $0.36 quarterly dividend per share payable on December 15, 2023 to common shareholders of record on December 1, 2023.
  • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 15, 2023 to shareholders of record on December 1, 2023.
 4Q 20234Q 2022FY 2023FY 2022
Common stock repurchases   
Repurchases (000s)(8)$141,138 $75,164 $441,289 $105,831 
Number of shares (000s)(8) 2,345  1,252  7,175  1,757 
Average price$60.18 $60.06 $61.16 $64.50 
Period end shares (000s) 101,062  105,348  101,062  105,348 
Weighted average diluted shares outstanding (000s) 111,330  117,223  113,453  117,540 
Effective tax rate 21.1%  24.4%  26.1%  25.2% 
Stifel Financial Corp.(9)
Tier 1 common capital ratio 14.2%  14.6%   
Tier 1 risk based capital ratio 17.2%  17.6%   
Tier 1 leverage capital ratio 10.5%  11.1%   
Tier 1 capital (MM)$3,916 $4,048   
Risk weighted assets (MM)$22,738 $23,027   
Average assets (MM)$37,451 $36,479   
Quarter end assets (MM)$37,727 $37,196   
AgencyRatingOutlook  
Fitch RatingsBBB+Stable  
S&P Global RatingsBBB-Positive  

Conference Call Information

Stifel Financial Corp. will host its fourth quarter 2023 financial results conference call on Wednesday, January 24, 2024, 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 and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada 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 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 Year Ended
(000s, except per share amounts)12/31/202312/31/2022%
Change
9/30/2023%
Change
12/31/202312/31/2022%
Change
Revenues:        
Commissions$173,614$168,9452.8 $165,0755.2 $673,597$710,589(5.2) 
Principal transactions 154,377 125,78122.7  114,84134.4  490,440 529,033(7.3) 
Investment banking 205,664 223,706(8.1)  146,88740.0  731,255 971,485(24.7) 
Asset management 330,536 289,46214.2  333,127(0.8)  1,299,496 1,262,9192.9 
Other income 9,687 11,862(18.3)  459nm 8,747 19,685(55.6) 
Operating revenues 873,878 819,7566.6  760,38914.9  3,203,535 3,493,711(8.3) 
Interest revenue 516,213 416,73123.9  505,1982.2  1,955,745 1,099,11577.9 
Total revenues 1,390,091 1,236,48712.4  1,265,5879.8  5,159,280 4,592,82612.3 
Interest expense 243,712 114,840112.2  220,53610.5  810,336 201,387302.4 
Net revenues 1,146,379 1,121,6472.2  1,045,0519.7  4,348,944 4,391,439(1.0) 
Non-interest expenses:        
Compensation and benefits 674,437 647,9624.1  613,28710.0  2,554,581 2,586,232(1.2) 
Non-compensation operating expenses 265,947 239,98810.8  322,335(17.5)  1,087,671 920,09118.2 
Total non-interest expenses 940,384 887,9505.9  935,6220.5  3,642,252 3,506,3233.9 
Income before income taxes 205,995 233,697(11.9)  109,42988.2  706,692 885,116(20.2) 
Provision for income taxes 43,511 57,076(23.8)  41,2685.4  184,156 222,961(17.4) 
Net income 162,484 176,621(8.0)  68,161138.4  522,536 662,155(21.1) 
Preferred dividends 9,320 9,3200.0  9,321(0.0)  37,281 37,2810.0 
Net income available to common shareholders$153,164$167,301(8.5) $58,840160.3 $485,255$624,874(22.3) 
Earnings per common share:        
Basic$1.47$1.54(4.5) $0.55167.3 $4.55$5.74(20.7) 
Diluted$1.38$1.43(3.5) $0.52165.4 $4.28$5.32(19.5) 
Cash dividends declared per common share$0.36$0.3020.0 $0.36 $1.44$1.2020.0 
Weighted average number of common shares outstanding:     
Basic 103,934 108,344(4.1)  106,068(2.0)  106,661 108,848(2.0) 
Diluted 111,330 117,223(5.0)  113,195(1.6)  113,453 117,540(3.5) 

Non-GAAP Financial Measures(10)
 
 Three Months EndedYear Ended
(000s, except per share amounts)12/31/202312/31/202212/31/202312/31/2022
GAAP net income$162,484 $176,621 $522,536 $662,155 
Preferred dividend 9,320  9,320  37,281  37,281 
Net income available to common shareholders 153,164  167,301  485,255  624,874 
     
Non-GAAP adjustments:    
Merger-related(11) 16,921  23,497  63,222  67,099 
Provision for income taxes(12) (3,498)  (5,923)  (16,953)  (16,902) 
Total non-GAAP adjustments 13,423  17,574  46,269  50,197 
Non-GAAP net income available to common shareholders$166,587 $184,875 $531,524 $675,071 
     
Weighted average diluted shares outstanding 111,330  117,223  113,453  117,540 
     
GAAP earnings per diluted common share$1.46 $1,51 $4.61 $5,63 
Non-GAAP adjustments 0,12  0,15  0,40  0,43 
Non-GAAP earnings per diluted common share$1.58 $1,66 $5.01 $6,06 
     
GAAP earnings per diluted common share available to common shareholders$1.38 $1,43 $4.28 $5,32 
Non-GAAP adjustments 0,12  0,15  0,40  0,42 
Non-GAAP earnings per diluted common share available to common shareholders$1.50 $1,58 $4.68 $5,74 

GAAP to Non-GAAP Reconciliation (10)
   
 Three Months EndedYear Ended
(000s)12/31/202312/31/202212/31/202312/31/2022
GAAP compensation and benefits$674,437 $647,962 $2,554,581 $2,586,232 
As a percentage of net revenues 58.8%  57.8%  58.7%  58.9% 
Non-GAAP adjustments:    
Merger-related (11) (9,203)  (14,570)  (32,150)  (39,114) 
 Non-GAAP compensation and benefits$665,234 $633,392 $2,522,431 $2,547,118 
As a percentage of non-GAAP net revenues 58.0%  56.5%  58.0%  58.0% 
     
GAAP non-compensation expenses$265,947 $239,988 $1,087,671 $920,091 
As a percentage of net revenues 23.2%  21.4%  25.1%  20.9% 
Non-GAAP adjustments:    
Merger-related (11) (7,678)  (8,931)  (31,058)  (27,934) 
 Non-GAAP non-compensation expenses$258,269 $231,057 $1,056,613 $892,157 
As a percentage of non-GAAP net revenues 22.6%  20.6%  24.3%  20.3% 
Total merger-related expenses$16,921  $23,497  $63,222  $67,099  

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 $71.1 million and $60.4 million as of December 31, 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) Common stock repurchases for the years ended December 31, 2023 and 2022 exclude $77.0 million (1.3 million shares) and $86.6 million (1.2 million shares), respectively, of net-share settlements in connection with the Company’s equity compensation plan.

(9) Capital ratios are estimates as time of the Company’s earnings release, January 24, 2024.

(10) 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.

(11) 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.

(12) 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 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.