0001628280-26-051238
SEC filingQ2营收增21.9%至$454.9M，投行业务强劲，但SARs费用拖累盈利，调整后EPS $4.27。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $454.9M | $373.2M | +21.9% |
| Net Income | $27.4M | $21.7M | +26.2% |
| Diluted EPS | $2.38 | $1.91 | +24.6% |
| Adjusted Net Income (Non-GAAP) | $45.7M | $27.8M | +64.5% |
| Adjusted Diluted EPS (Non-GAAP) | $3.98 | $2.45 | +62.4% |
Q2营收增长21.9%至$454.9M，主要受投资银行业务强劲驱动，其中Advisory fees同比+158.5%至$58.1M，Equities underwriting +46.0%。Wealth Management营收+10.7%，Advisory fees +15.9%受益于AUM增长，但Bank deposit sweep income下降12.9%因利率降低。
盈利质量方面，GAAP净利$27.4M，但受SARs费用$24.9M拖累（因股价上涨$16.35）。剔除该非现金费用后，调整后净利$45.7M，同比+64.5%，反映核心业务强劲。Q1还计提了$70M诉讼和解费用，导致上半年GAAP净利仅$6.8M，但调整后净利$93.2M。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Wealth Management | $272.7M | +10.7% | $55.7M | 20.4% | Advisory fees +15.9%，但SARs费用和sweep收入下降 |
| Capital Markets | $179.2M | +45.7% | $22.5M | 12.6% | 投行收入+87.9%，Equities sales & trading +37.8% |
| Corporate/Other | $3.0M | -19.4% | -$38.8M | — | 包含SARs费用和诉讼和解 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $38.5M | $38.4M |
| Total Assets | $4,230.7M | +13.7% |
| Bank call loans | $349.9M | +$273.1M |
| Operating Cash Flow (H1) | -$245.0M | -$51.7M |
| Capex (H1) | $2.0M | -$0.8M |
经营现金流为负，主要因$70M诉讼和解支付和营运资本变动。公司通过增加银行call loans融资$273.1M。