Cowen Inc. COWN Income Statement

Cowen inc. (COWN)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Revenues
Investment banking
375,025	357,222	223,614	133,279	222,781	170,506	105,333	71,762	50,976	38,965	10,557
Brokerage
402,747	413,582	293,610	199,180	157,722	140,132	114,593	91,167	99,611	112,217	17,812
Management fees
-	-	-	-	41,906	40,627	37,303	38,116	52,466	38,847	-
Management fees
32,608	29,658	33,245	40,612	-	-	-	-	-	-	41,694
Incentive income
-	-	-	-	1,466	2,785	12,586	5,411	3,265	11,363	1,911
Incentive income
1,547	3,117	5,383	8,334	-	-	-	-	-	-	-
Interest and dividends
174,913	108,009	49,440	14,732	13,796	48,870	39,454	24,608	22,306	11,547	477
Reimbursement from affiliates
1,026	1,038	2,860	10,504	-	-	-	-	-	-	-
Reimbursement from affiliates
-	-	-	-	21,557	12,495	10,434	6,274	4,322	6,816	10,326
Aircraft lease revenue
0	1,852	3,751	4,161	0	0	-	-	-	-	-
Reinsurance premiums
46,335	38,096	30,996	32,459	0	0	-	-	-	-	-
Other revenues
5,433	4,504	8,561	22,355	3,726	9,446	5,418	-	-	-	-
Other revenues
-	-	-	-	-	-	-	3,668	1,583	1,936	4,732
Consolidated Funds
Interest and dividends
9,772	9,816	5,870	4,792	1,086	2,189	1,185	136	569	11,733	33,697
Other revenues
37	22	1,451	1,157	527	726	2,213	373	180	386	2,695
Total revenues
1,049,443	966,916	658,781	471,565	464,567	427,776	328,519	241,515	235,278	-	-
Interest and dividends expense
168,628	104,116	60,949	29,308	26,220	42,752	27,299	12,137	9,233	8,971	1,601
Total net revenues
880,815	862,800	597,832	442,257	-	-	-	-	-	-	-
Interest and dividends, Consolidated Funds
9,772	9,816	5,870	4,792	1,086	-	-	-	-	-	33,697
Other revenues, Consolidated Funds
37	22	1,451	1,157	527	-	-	-	-	-	2,695
Revenue, Net
-	-	-	-	-	-	-	-	-	233,810	-
Expenses
Total revenues
-	-	-	-	-	-	-	-	-	-	123,901
Employee compensation and benefits
535,772	512,627	404,087	310,038	321,386	305,483	207,248	194,034	203,767	194,919	96,592
Brokerage and trade execution costs
103,235	109,399	75,601	32,286	27,460	23,425	22,709	20,226	16,475	17,143	2,451
Underwriting expenses
15,067	15,282	0	0	-	-	-	-	-	-	-
Professional, advisory and other fees
48,385	40,957	31,942	23,190	25,578	18,724	14,625	16,339	33,702	14,547	20,140
Service fees
23,707	20,198	14,999	7,918	7,535	8,071	9,768	11,281	16,365	15,814	4,452
Communications
31,894	30,801	23,460	17,768	14,325	13,449	13,434	11,932	16,350	13,972	2,906
Occupancy and equipment
39,726	41,602	35,184	32,286	29,055	26,025	24,729	22,087	27,887	-	-
Occupancy and equipment
-	-	-	-	-	-	-	-	-	19,717	11,835
Depreciation and amortization
20,460	12,436	13,078	12,713	9,498	10,188	10,227	9,437	15,472	11,543	5,761
Client services and business development
50,371	35,927	28,327	27,828	25,413	22,897	17,353	14,069	16,725	14,470	7,804
Goodwill Impairment
4,100	0	0	-	-	2,334	0	0	7,151	0	0
Reinsurance claims, commissions and amortization of deferred acquisition costs
44,070	41,086	30,486	29,904	0	0	-	-	-	-	-
Restructuring Costs
0	0	8,763	0	0	-	-	-	-	-	-
Other expenses
23,114	22,014	18,196	14,815	15,594	15,209	11,486	13,682	9,746	20,725	12,868
Consolidated Funds
Interest and dividends
4,602	6,534	9,836	6,434	1,104	788	345	22	147	3,078	14,017
Professional, advisory and other fees
2,426	938	1,145	1,148	654	620	1,157	1,361	2,136	3,094	6,500
Brokerage and trade execution costs
122	256	318	431	51	16	285	0	0	995	-
Other expenses
1,813	887	1,227	1,051	501	210	252	293	499	954	2,357
Interest and dividends, Consolidated Funds
4,602	6,534	9,836	6,434	1,104	-	-	-	-	-	14,017
Professional, advisory and other fees, Consolidated Funds
2,426	938	1,145	1,148	654	-	-	-	-	-	6,500
Floor brokerage and trade execution, Consolidated Funds
-	-	-	-	-	-	-	-	-	-	707
Other expenses, Consolidated Funds
1,813	887	1,227	1,051	501	-	-	-	-	-	2,357
Total expenses
948,864	890,944	696,649	517,810	504,374	490,191	360,917	326,900	375,655	339,942	-
Other income (loss)
Net gains (losses) on securities, derivatives and other investments
80,409	68,043	76,179	23,381	36,789	104,928	39,651	54,630	15,128	21,980	-
Goodwill
0	0	6,914	-	-	-	-	-	22,244	0	0
Bargain purchase gain, net of tax
-	-	-	0	0	-	-	-	-	-	-
Gain (loss) on debt extinguishment
0	-556	-16,039	0	0	-	-	-	-	-	-
Consolidated Funds
Net realized and unrealized gains (losses) on investments and other transactions
59,384	46,656	19,660	7,085	12,517	12,890	10,678	6,376	4,925	33,116	55,908
Total expenses
-	-	-	-	-	-	-	-	-	-	189,991
Net gains (losses) on securities, derivatives and other investments
-	-	-	-	-	-	-	-	-	-	-2,154
Net realized and unrealized gains (losses) on investments and other transactions, Consolidated Funds
59,384	46,656	19,660	7,085	12,517	-	-	-	-	-	55,908
Net realized and unrealized gains (losses) on derivatives
-1,003	9,408	19,476	13,503	2,071	2,451	365	877	-583	-761	-31,750
Net gains (losses) on foreign currency transactions
-18	191	-411	97	-91	-18	1	-7	53	-1,293	-3,159
Total other income (loss)
138,772	123,742	105,779	44,066	51,286	120,251	50,695	61,876	41,767	53,042	18,845
Income (loss) before income taxes
70,723	95,598	6,962	-31,487	11,479	57,836	18,297	-23,509	-98,610	-	-
Income (loss) before income taxes
-	-	-	-	-	-	-	-	-	-53,090	-47,245
Income tax expense (benefit)
14,853	15,719	44,053	-19,092	-47,496	-124,944	457	448	-20,073	-21,400	-8,206
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
Net income (loss)
55,870	79,879	-37,091	-12,395	58,975	182,780	17,840	-23,957	-102,183	-31,690	-39,039
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and investment funds
-	-	-	6,882	15,246	15,564	13,193	-72	5,827	13,727	16,248
Net Income (Loss) Attributable to Noncontrolling Interest
31,239	37,060	23,791	-	-	-	-	-	-	-	-
Net income (loss) attributable to Cowen Inc.
24,631	42,819	-60,882	-19,277	43,729	167,216	4,647	-23,885	-108,010	-45,417	-55,287
Preferred stock dividends
6,792	6,792	6,792	6,792	4,075	0	0	-	-	-	-
Net income (loss) attributable to Cowen Inc. common stockholders
17,839	36,027	-67,674	-26,069	39,654	167,216	4,647	-	-	-	-
Weighted average common shares outstanding:
Basic (in shares)
29,525	29,545	29,492	26,857	27,522	28,731	116,703	114,400	95,532	73,149	41,001
Diluted (in shares)
31,286	30,735	29,492	26,857	29,043	29,871	121,117	114,400	95,532	73,149	41,001
Earnings (loss) per share:
Earnings Per Share, Basic (in dollars per share)
0.60	1.22	-2.29	-0.97	1.44	5.82	0.04	-0.21	-	-	-
Earnings Per Share, Diluted (in dollars per share)
0.57	1.17	-2.29	-0.97	1.37	5.60	0.04	-0.21	-	-	-
Income (loss) from continuing operations, basic (in dollars per share)
-	-	-	-	-	-	-	-	-0.88	-0.62	-1.35
Income (loss) from discontinued operations, basic (in dollars per share)
-	-	-	-	-	-	-	-	-0.25	0.00	0.00
Income (loss) from continuing operations, diluted (in dollars per share)
-	-	-	-	-	-	-	-	-0.88	-0.62	-1.35
Income (loss) from discontinued operations, diluted (in dollars per share)
-	-	-	-	-	-	-	-	-0.25	0.00	0.00