PIPER SANDLER COMPANIES (PIPR) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
Revenues	1,425.6	2,031.1	1,238.2	834.6	741.0	823.6	747.3	672.9
Revenue growth	-29.8%	64.0%	48.4%	12.6%	-10.0%	10.2%	11.1%	3.8%
Cost of goods sold	1,047.8	1,362.1	931.5	552.9	522.7	621.6	545.4	450.0
Gross profit	377.9	668.9	306.7	281.7	218.3	202.0	201.9	222.9
Gross margin	26.5%	32.9%	24.8%	33.8%	29.5%	24.5%	27.0%	33.1%
Selling, general and administrative	96.0	66.8	51.8	65.0	63.5	62.7	69.7	66.2
Research and development	50.6	44.0	44.4	30.8	28.7	26.4	29.6	23.8
General and administrative	53.2	45.9	38.4	36.2	36.5	34.0	39.3	36.2
EBITA	159.2	482.3	127.7	104.2	64.9	40.9	95.8	128.1
EBITA margin	11.2%	23.7%	10.3%	12.5%	8.8%	5.0%	12.8%	19.0%
Amortization of intangibles	15.4	30.1	44.7	9.8	10.5	15.4	21.2	7.7
EBIT	143.8	452.2	83.0	94.4	54.4	25.5	74.6	120.5
EBIT margin	10.1%	22.3%	6.7%	11.3%	7.3%	3.1%	10.0%	17.9%
Pre-tax income	134.4	441.5	68.5	119.0	72.5	79.3	-30.9	86.4
Income taxes	33.2	111.1	19.2	24.6	18.0	53.8	-17.1	27.9
Tax rate	24.7%	25.2%	28.0%	20.7%	24.9%	67.8%	55.5%	32.3%
Earnings from continuing ops	110.7	278.5	40.5	107.2	50.0	-64.9	-22.0	48.1
Earnings from discontinued ops					0.0	0.0
Net income	110.7	278.5	40.5	107.2	50.0	-64.9	-22.0	48.1
Net margin	7.8%	13.7%	3.3%	12.8%	6.7%	-7.9%	-2.9%	7.1%

Diluted EPS	$6.52	$16.43	$2.72	$7.69	$3.72	($5.00)	($1.72)	$3.34
Shares outstanding (diluted)	17.0	17.0	14.9	13.9	13.4	13.0	12.8	14.4

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.