Cowen Inc. COWN Cash Flow

Cowen inc. (COWN)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Cash flows from operating activities:
Net income (loss)
55,870	79,879	-37,091	-12,395	58,975	182,780	17,840	-23,957	-	-	-
Net income (loss) from continuing operations
-	-	-	-	-	-	-	-	-78,537	-31,690	-39,039
Net income (loss) from discontinued operations, net of tax
-	-	-	-	-	-	-	-	-23,646	0	0
Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities:
Bargain purchase gain, net of tax
-	-	-	-	0	-	-	-	-	-	-
Business Combination, Bargain Purchase, Gain Recognized, Amount
-	-	-	0	-	-	-	-	22,244	0	0
Depreciation and amortization
20,460	12,436	13,078	12,713	9,498	10,188	10,227	9,437	-	-	-
Gain (Loss) on Disposition of Business
-	-	-	15,638	0	0	-	-	-	-	-
Amortization of debt issuance costs
1,129	1,153	1,261	1,208	1,163	692	-	-	-	-	-
Amortization of debt discount
4,598	5,473	7,435	6,885	6,302	4,685	0	0	-	-	-
Noncash lease expense
-2,148	0	0	-	-	-	-	-	-	-	-
Gain / (loss) on extinguishment of debt
0	-652	-10,551	0	-	-	-	-	-	-	-
Gain / (loss) on extinguishment of debt
-	-	-	-	0	-	-	-	-	-	-
Excess Tax Benefit from Share-based Compensation, Operating Activities
-	-	-	822	-3,806	-1,324	0	0	-	-	-
Depreciation and amortization
-	-	-	-	-	-	-	-	26,864	11,543	5,761
Share-based compensation
33,918	37,018	28,443	26,039	21,740	18,297	17,915	24,784	28,308	20,608	3,637
Change in deferred taxes
-13,295	-15,486	-45,856	21,274	17,966	130,724	0	0	-	-	-
Deferred rent obligations
0	-3,036	-2,192	-880	-2,333	-2,348	-3,770	-1,938	-4,061	-	-
Deferred rent obligations
-	-	-	-	-	-	-	-	-	-8,574	-543
Net loss (gain) on disposal of fixed assets
-233	-15,343	2,346	0	-54	-1,575	-410	-30	-103	-299	249
Payments for Hedge, Financing Activities
-	-	-	-	15,878	0	0	-	-	-	-
Net gain on disposal of capital lease
-	-	-	-	-	1,261	0	0	-	-	-
Goodwill Impairment
4,100	0	0	-	-	2,334	0	0	7,151	0	0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
-	-	-	2,139	-200	-2,055	0	0	-	-	-
Purchases of securities owned, at fair value
2,107,956	3,830,757	4,943,394	4,483,975	5,856,112	4,722,554	6,765,271	6,129,663	8,953,879	-	-
Proceeds from sales of securities owned, at fair value
2,042,946	4,032,937	5,131,938	4,447,094	6,039,719	4,272,785	7,057,506	6,204,613	8,726,114	-	-
Proceeds from sales of securities sold, not yet purchased, at fair value
1,360,075	2,794,434	2,455,876	3,016,934	2,730,939	1,992,965	2,740,372	4,253,982	4,690,844	-	-
Purchases of securities owned, at fair value
-	-	-	-	-	-	-	-	-	3,415,775	84,350
Proceeds from sales of securities owned, at fair value
-	-	-	-	-	-	-	-	-	2,943,376	97,299
Proceeds from sales of securities sold, not yet purchased, at fair value
-	-	-	-	-	-	-	-	-	2,678,922	-
Payments to cover securities sold, not yet purchased, at fair value
1,408,043	2,927,916	2,444,010	3,054,869	2,674,153	1,898,102	2,774,696	4,388,039	4,553,832	2,556,056	-
Proceeds from other investments
23,886	10,157	0	0	-	-	-	-	-	-	-
Net (gains) losses on securities, derivatives and other investments
74,284	54,032	78,303	28,878	34,495	97,013	44,741	43,443	3,128	20,339	-
Consolidated Funds
Purchases of securities owned, at fair value
2,725,439	887,728	385,544	113,653	25,000	0	298,220	-	-	-	-
Purchases of securities owned, at fair value
-	-	-	-	-	-	-	366,388	480,251	445,913	0
Net (gains) losses on securities, derivatives and other investments
-	-	-	-	-	-	-	-	-	-	-1,891
Purchases of securities owned, at fair value, Consolidated Funds
-	-	-	-	-	-	-	-	-	-	0
Proceeds from sales of securities owned, at fair value
2,618,200	835,002	338,268	73,011	0	0	287,412	369,209	482,630	437,147	0
Purchases of other investments
3,408	2,835	26,206	221,897	92,305	19,736	4,497	9,785	18,356	30,583	2,181
Proceeds from other investments
23,954	231,559	64,867	17,116	31,417	34,225	56,873	42,071	127,664	285,915	75,743
Purchases of other investments, Consolidated Funds
3,408	2,835	26,206	221,897	92,305	-	-	-	-	-	2,181
Proceeds from sales of other investments, Consolidated Funds
23,954	231,559	64,867	17,116	31,417	-	-	-	-	-	75,743
Net realized and unrealized (gains) losses on investments and other transactions
90,900	52,807	28,267	17,402	13,552	16,386	14,153	8,608	4,746	34,316	-39,506
(Increase) decrease in operating assets:
Cash at Deconsolidation entity
-	-	-	-	-	784	0	0	-	-	-
Cash acquired upon transaction
-	-	-	-	-	-	-	-	-	0	97,903
Net realized and unrealized (gains) losses on investments and other transactions, Consolidated Funds
90,900	52,807	28,267	17,402	13,552	-	-	-	-	-	-39,506
Cash collateral pledged
-	-	-	-	1,779	-2,601	-135	-625	25	8,132	203
Segregated Cash
-	-	-	-	1,253	-	-	-	-	-	-
Securities owned, at fair value, held at broker-dealer
990,356	57,732	102,137	17,005	-14,877	3,939	-20,080	-34,632	-152,080	-50,895	-34,133
Receivable on derivative contracts, at fair value
37,522	-44,053	46,277	-16,717	-10,259	4,092	-10,673	-35,828	-	-	-
Securities borrowed
346,646	-35,353	184,827	0	-676,100	-251,673	521,447	-121,528	0	0	-
Deposits with clearing organizations, brokers and banks
2,332	-4,573	32,460	1,874	6,965	-	-	-	-	-	-
Receivable from brokers, dealers and clearing organizations
-104,418	277,935	366,297	-31,795	20,785	15,533	-5,218	1,365	-127,995	63,619	13,279
Receivable from customers, net of allowance
67,789	-12,033	6,422	-	-	-	-	-	-	-	-
Receivable from customers, net of allowance
-	-	-	0	0	-	-	-	-	-	-
Fees receivable, net of allowance
7,143	6,401	29,669	12,632	-11,099	1,406	9,975	5,642	-9,041	9,035	1,686
Due from related parties
-7,120	-1,405	-4,815	176	13,344	109	5,888	3,570	-2,388	-	9,021
Due from related parties
-	-	-	-	-	-	-	-	-	1,510	-
Other assets
6,501	-6,017	33,454	10,048	-4,580	13,687	-2,818	-10,056	1,388	-5,040	-1,682
Consolidated Funds
Cash and cash equivalents
-7,299	19,501	4,227	3,827	13,433	-1,547	-1,511	2,326	-6,913	4,024	-92
Receivable on derivative contracts, at fair value
1,417	1,896	1,627	893	0	0	-	-	-	-	-
Receivable from brokers
17,636	2,684	-334	5,978	0	0	-	-	-	-	-
Other assets
159	538	-123	-152	-770	-4,187	5,528	-1,370	-469	-215	-645
Increase (decrease) in operating liabilities:
Other assets, Consolidated Funds
159	538	-123	-152	-770	-	-	-	-	-	-645
Securities sold, not yet purchased, at fair value, held at broker dealer
277,119	26,232	19,226	7,160	-11,747	-21,633	-10,994	8,322	-157,134	75,075	1,980
Securities sold under agreement to repurchase
23,244	0	0	-	-	-3,657	-162,288	-62,838	36,618	192,165	-1,425
Payable for derivative contracts, at fair value
44,679	2,305	-1,399	-421	-20,147	-2,055	-2,374	-34,356	-	-	-
Securities loaned
1,187,014	-41,979	170,472	0	-682,493	-236,084	509,605	-134,397	0	0	-
Payable to brokers, dealers and clearing organizations
42,287	-23,422	-32,440	78,520	-204,186	258,587	-113,023	-23,102	46,169	81,838	-1,304
Payable to customers
-94,929	172,686	340,666	0	0	-	-	-	-	-	-
Commission management payable
-23,650	24,819	-15,857	242	2,225	-	-	-	-	-	-
Compensation payable
-38,954	64,456	9,150	-60,279	5,540	78,264	-13,036	-29,047	-12,107	-4,248	4,425
Fees payable
-1,025	14,518	-639	-2,366	-693	-129	1,047	-985	-3,772	3,076	-2,394
Due to related parties
-5,320	1	-3	244	-145	92	-280	-1,252	-7,273	-	-2,446
Due to related parties
-	-	-	-	-	-	-	-	-	1,084	-
Accounts payable, accrued expenses and other liabilities
-3,148	17,723	13,046	-9,133	-5,337	7,375	-13,404	-12,954	6,652	-14,424	9,474
Consolidated Funds
Contributions received in advance
50	0	-2,000	1,150	850	0	0	-	-	-	-
Payable to brokers
-22,657	22,770	-2,949	3,699	0	0	1,030	0	0	-	-
Payable for derivative contracts, at fair value
3,106	-5,467	6,558	572	0	0	-	-	-	-	-
Due To Related Parties, Consolidated Funds
581	0	-189	453	3	0	0	25	0	0	-136
Accounts payable, accrued expenses and other liabilities
-129	369	-330	528	-98	-327	146	149	-1,582	1,652	-20
Net cash provided by / (used in) operating activities
-	-	-	-	-68,605	-63,781	150,582	-103,866	232,920	-	-
Due to related parties, Consolidated Funds
581	0	-189	453	3	-	-	-	-	-	-136
Accounts payable, accrued expenses and other liabilities, Consolidated Funds
-129	369	-330	528	-98	-	-	-	-	-	-20
Net Cash Provided by (Used in) Operating Activities
-179,910	324,176	3,398	-351,517	-	-	-	-	-	-51,553	110,298
Cash flows from investing activities:
Securities purchased under agreement to resell
-	-	-	-	-	-	-	166,260	-68,505	-97,755	0
Purchases of other investments
19,812	28,092	10,419	33,786	14,149	81,597	20,031	14,848	61,364	321,914	233
Purchase of business
48,581	0	55,049	6,258	38,416	0	0	10,853	0	0	-
Payments for Derivative Instrument, Investing Activities
-	-	-	-	-	35,710	0	-	-	-	-
Cash convertible note economic hedge transaction
-	-	-	-	-	-	-	0	-	-	-
Proceeds from sales of other investments
35,648	18,782	71,749	54,068	58,166	82,072	29,890	13,298	53,317	316,063	9,477
Payments to Acquire Loans Receivable
0	0	13,745	-	46,000	0	0	-	-	-	-
Proceeds from Divestiture of Businesses, Net of Cash Divested
-	-	-	17,303	0	0	-	-	-	-	-
Proceeds from loans held for investment
0	14	3,203	42,800	0	0	-	-	-	-	-
Cash paid to acquire net assets (contingent payable)
-	-	-	-	-	-	-	-	0	-	-
Purchase of fixed assets
14,882	8,586	5,986	15,613	7,030	2,224	1,141	1,902	6,539	5,853	399
Proceeds from Sale of Property, Plant, and Equipment
0	0	7,850	0	0	-	-	-	-	-	-
Net Cash Provided by (Used in) Investing Activities
-47,627	-17,882	-2,397	58,514	-	-	-	-	-	-109,459	8,845
Proceeds from Convertible Debt
0	0	135,000	0	0	149,500	0	0	-	-	-
Net cash provided by / (used in) investing activities
-	-	-	-	-47,429	-37,459	8,718	151,955	-83,091	-	-
Cash flows from financing activities:
Repayments on convertible debt
20,860	13,500	115,140	0	0	-	-	-	-	-	-
Deferred debt issuance cost
2,077	3,985	7,176	0	0	6,650	0	0	-	-	-
Proceeds from Issuance of Warrants
-	-	-	-	-	15,218	0	0	-	-	-
Borrowings on notes and other debt
87,365	102,382	171,148	30,638	7,140	65,392	2,044	0	493	8,059	-
Repayments on notes and other debt
10,263	16,601	-	29,800	3,299	3,627	3,613	1,518	26,576	25,663	203
Proceeds from Stock Options Exercised
-	-	-	-	394	116	0	0	-	-	-
Purchase of treasury stock
15,217	31,762	19,662	7,654	48,678	26,038	12,732	10,838	11,365	0	-
Cash conversion liability
-	-	-	-	-	35,710	0	0	-	-	-
Notes payable increase through asset acquisition
-	-	-	-	-	0	-	-	-	-	-
Preferred stock dividends
6,792	6,792	6,792	-	4,075	0	0	-	-	-	-
Contingent liability payment
1,234	797	393	2,358	-	-	-	-	-	-	-
Cash paid to acquire net assets (contingent liability payment)
-	-	-	-	-1,725	-800	-	-	-	-	-
Cash paid to acquire net assets (contingent liability payable)
-	-	-	-	-	-	779	0	-	-	-
Capital contributions by redeemable non-controlling interests in operating entities
11,110	941	0	10	5,644	705	501	0	0	-	-
Proceeds from issuance of common stock
-	-	-	-	-	-	-	-	-	-	80,607
Purchase of non-controlling interest (see Note 2)
-	-	-	-	-	-	-	-	-	-	10,370
Capital withdrawals to members
-	-	-	-	-	-	-	-	-	-	23,943
Capital withdrawals to redeemable non-controlling interests in operating entities
3,785	2,774	5,178	6,995	13,860	8,279	3,058	3,167	5,009	0	-486
Consolidated Funds
Capital contributions by redeemable non-controlling interests in Consolidated Funds
267,049	114,064	117,812	276,914	104,533	9,736	14,680	0	4,038	10,062	1,613
Capital withdrawals to redeemable non-controlling interests in Consolidated Funds
111,650	276,357	65,803	10,144	11,514	16,911	22,873	15,065	55,507	134,624	55,011
Repayments on line of credit, Consolidated Funds
-	-	-	-	-	-	-	-	-	-	10,207
Capital contributions by non-controlling interest in Consolidated Funds
267,049	114,064	117,812	276,914	104,533	-	-	-	-	-	1,613
Capital withdrawals to non-controlling interest in Consolidated Funds
111,650	276,357	65,803	10,144	11,514	-	-	-	-	-	55,011
Net Cash Provided by (Used in) Financing Activities
200,438	-128,389	137,851	249,789	-	-	-	-	-	49,999	-18,453
Net cash provided by / (used in) financing activities
-	-	-	-	143,757	176,029	-188,118	-93,426	-57,308	-	-
Change in cash and cash equivalents
-27,099	177,905	138,852	-43,214	-	-	-	-	-	-	-
Change in cash and cash equivalents
-	-	-	-	27,723	74,789	-28,818	-45,337	92,521	-111,013	100,690
Supplemental information
Purchase of treasury stock, at cost, upon close of acquisition (see Note 2)
-	-	-	-	-	-	-	-	1,906	0	-
Cash paid during the year for interest
145,877	90,843	26,632	17,540	-	-	-	-	-	-	1,277
Interest Paid
-	-	-	-	17,525	32,032	24,644	9,419	9,007	6,943	-
Cash paid during the year for taxes
4,310	3,881	2,172	5,085	4,161	547	72	611	871	1,310	-
Noncash Conversion Difference Between Discount and Derivative Liability
-	-	-	0	0	-	-	-	-	-	-
Purchase of treasury stock, at cost, through net settlement
15,217	12,310	11,889	8,835	8,907	5,649	3,649	3,988	3,631	0	-
Purchase of treasury stock, at cost, upon close of acquisition (see Note 21)
-	-	-	-	-	-	-	-	-	-	0
Purchase of treasury stock, at cost, through net settlement (see Note 21)
-	-	-	-	-	-	-	-	-	-	0
Net assets (liabilities) acquired upon acquisition (net of cash)
90,727	0	77,790	0	22,468	0	0	9,995	58,486	0	11,167
Noncash transfer of net assets from Unconsolidated Master Fund to Consolidated Fund
97,655	8,820	0	0	-	-	-	-	-	-	-
Net settlement of cash collateral pledged with repayments on the line of credit
-	-	-	-	-	-	-	-	-	6,746	-
Net decrease in redeemable non-controlling interests in Consolidated Funds due to deconsolidation of consolidated fund
0	32,559	-	73,042	-	-	-	-	-	-	-
Separately recognized conversion option reclassification from a derivative liability to equity
-596	28,974	-	0	-	-	-	-	-	-	-
Non compete agreements and covenants with limiting conditions acquired
-	-	-	-	-	-	-	167	2,310	0	0
Common stock issuance upon close of acquisition
14,446	0	47,607	0	3,008	0	6,240	0	156,048	0	114,497
ProceedsFromSecuritiesSoldNotYetPurchasedAtFairValue,ConsolidatedFunds
0	0	217	2,226	0	0	42,701	0	0	-	-
Payments to Acquire Securities Sold Not Yet Purchased at Fair Value, Consolidated Funds
0	0	899	1,799	0	0	42,387	0	0	-	-
Cash Acquired from Acquisition
0	0	159,587	0	0	-	10,747	290	117,496	-	-
Assets acquired under capital lease
-	-	-	-	-	4,075	0	0	-	-	-
Re-issuance of treasury stock for services provided
-	-	-	-	-	-	65	0	-	-	-
Re-issuance of treasury stock for services provided
-	-	-	-	-	-	-	-	0	-	-
Transfer from Investments
-	-	-	7,164	0	-	22,152	0	0	-	-
Net assets of consolidated entities
-	-	-	-	-	-	-	18,521	3,470	0	-
Net assets of deconsolidated entities
-	-	-	-	0	1,544	0	17,104	0	6,816	0
Conversion of redeemable non-controlling interest to loan receivable
-	-	-	0	0	-	-	-	-	-	-
Proceeds from Issuance of Preferred Stock, net of issuance costs
-	-	-	-	117,194	0	0	-	-	-	-
Excess Tax Benefit from Share-based Compensation, Financing Activities
-	-	-72,757	-822	3,806	1,324	0	0	-	-	-
Net settlement of cash collateral pledged with repayments on the line of credit
-	-	-	-	-	-	-	-	-	-	0
Fair Value of Assets Acquired
-	-	-	-	-	-	-	-	-	6,337	0
Common stock issuance to purchase noncontrolling interest (see Note 2)
-	-	-	-	-	-	-	-	-	-	20,490
Capital contributions made through REOP Program (See Note 15)
-	-	-	-	-	-	-	-	-	-	4,906