Piper Sandler Companies (NYSE:PIPR) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 09:00 am ET
Good morning and welcome to the Piper Sandler Companies conference call to discuss the financial results for the second quarter of 2020. [Operator Instructions] The company has asked that I remind you that the statements on this call that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements that involve inherent risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated are identified in the company's earnings release and reports on the file with the SEC, which are available on the company's website at www.pipersandler.com and on the SEC website at www.sec.gov. This call will also include statements regarding certain non-GAAP financial measures. The non-GAAP measures should be considered in addition to, and are not substitute for, measures of financial performance prepared in accordance with GAAP. Please refer to the company's earnings release issued today for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure. The earnings release is available on the Investor Relations page of the company's website or at the SEC website. Also as a reminder, this call is being recorded.
And now I'd like to turn the call over to Mr. Chad Abraham. Mr. Abraham, you may begin your call.
Good morning, everyone. Deb Schoneman, our President; and Tim Carter, our CFO; and I would like to thank you for joining our second quarter 2020 call. We will go through our prepared remarks and then open up the call for questions. I would like to start by thanking all of my employee partners. I continue to be impressed by your hard work, perseverance and determination during these challenging times. Your continued display of partnership with one another and dedication to our clients is remarkable. The vast majority of our workforce continues to work remotely using technology and ingenuity to provide access to the financial markets and innovative solutions to our clients. The resiliency of our employees and technology and unfettered dedication to delivering outstanding client service is driving financial results, benefiting our brand and driving shareholder value. Before I discuss the performance of the business, I would like to address our commitment to diversity and inclusion. A core tenet of our guiding principles is to attract, retain and develop a diverse group of the best people in a high-quality, inclusive environment. Piper Sandler is unequivocally committed to the principles of integrity, respect, diversity, inclusiveness and service to our communities. We know that what we do next is more important than what we say now. We have begun a number of initiatives to accelerate our goals of diversity and inclusion, and we are demonstrating our commitment to rebuilding our communities by seeding a special disaster relief fund dedicated to local efforts where we live and work.
Next, I'll provide some overall comments on our financial results before turning to our corporate investment banking businesses. After historic volatility in Q1, equity markets rebounded and fixed income markets stabilized, aided by record federal monetary and